Accountants and bookkeepers often seem like they have the most secure jobs in the world. Their training puts them in positions of considerable power in the workplace. That’s especially so if they are able to connect that power with other roles. The nature of bookkeeping is changing, though. It turns out that professionals in this industry are as likely as anyone else to see robots take over their job.
Busy Season is Getting Less Busy
The first way that bookkeeping is changing is subtle. One of the effects of the most recent round of tax reform was a simplification of the tax code. This resulted in less time working during the industry’s traditional busy season. That’s between January and April when taxes are due.
That means that firms are more flexible during the first trimester of the year. They also need more work during the rest of the year to pick up the slack. This can result in greater job stability for temporary employees. That’s only true if the firm is successful at rebalancing, though.
Increasing Specialization Cements Success
One of the ways firms start that rebalancing effort is by doubling down on what they’re best at. Rather than offering clients from every industry the same services, they’re specializing.
Bookkeeping is changing so that each firm has the opportunity to focus on a single vertical. They can become the best option for every possible client firm in that vertical. That may reduce the number of possible customers they could earn. It also reduces their competition for the ones that remain. Firms that are able to use this kind of laser-focus tend to do better.
Automation vs. Outsourcing in the Race to Cut Costs
What about the tug-of-war between increasing automation and outsourcing bookkeeping services? This is the trend that could wind up making the biggest difference.
Both sub-trends aim at cutting costs for client firms, but in distinct ways. Automation focuses on removing the human element as much as possible. That way no one has to pay people to do repetitive or non-intuitive tasks. Outsourcing focuses on using scale and lower labor costs to reduce the same expenses.
The future of bookkeeping and accounting will involve a combination of these trends. SyncLedgers prefers to stay on the cutting edge. That’s so we can provide our clients with the best possible service. Contact us if you’re in the market! We are a reliable outsourced bookkeeping partner. We also use the best tools available to serve our clients.