BOOKKEEPING AND ACCOUNTANCY IN A GLOBALISED WORLD

 

Changes to accountancy and bookkeeping are happening at such a fast rate that it is hard to keep up with them. Bookkeeping is fast finding its place in the digital revolution. In order to adapt to the changes and ensure businesses thrive bookkeeping & accounting professionals need to fast track keeping up-to-date with changes.

Key changes that will affect the bookkeeping industry

The modern workplace is evolving in such a way that it is having a major impact on the bookkeeping and financial advice given to industries all around the world. As newer technology platforms enable more access to shorter-term and on-demand contractor work the bookkeeping and accountancy industries are now serving a more mobile workforce, who choose when and where they work. With more and more access to communication tools like Zoom, Mobile 5G, and Slack, the rise of digital nomads means the accountancy and bookkeeping services are serving a different type of customer. For any bookkeeping practice to thrive in this more complex environment, it will require workflow management software that can account for this rise in mobility. This is because businesses are not after face-to-face accountancy and bookkeeping services but want advice on using software in their businesses and accessing Cloud services. Practices that do not adapt to the differing needs of their clients may soon lose
customers.

New roles for bookkeeping and accountancy practices

The new roles that need to be considered are described below:

1. The Advisor

The advisor role has recently expanded and this person should embrace cloud and automation technology so that there can be more strategic engagement taking place with clients. This is the time for accountancy and bookkeeping services to offer cloud advisors as they are in so much demand.

2. The Specialist

Specialist services today are involved in a niche market, which includes employees who have specialized expertise like financial planners and experts in giving advice on business tax.

3. The Data Expert

Data analysis isn’t a new concept but its recent influence on a business’s success has been on the increase due to a rise in financial technology. For those organizations that collect and accommodate huge amounts of data, that information needs to be processed so that useful insights can be gained to help with future decision-making. Any bookkeeping and accountancy business needs IT savvy experts to manage clients’ cloud and software accumulated world.

4. New Partners

A good way to diversify an accountancy and bookkeeping service and increase revenue streams is to organize to partner with a company that can provide useful services.

5. Legal Documentation

Another useful stream of revenue for accountancy and bookkeeping businesses is handling legal documentation. Many businesses are required to register their trademarks, install trusts and offer employee contracts. The accountancy and bookkeeping industries can become involved in providing advice on these sorts of transactions.