In spite of all the talk going around about the perils and promises of automation, Bookkeeping is still a growth industry. Many commentators claim that bookkeepers will all be out of work soon. Algorithmic programs are becoming smart enough to do their jobs. We’re bracing ourselves for that possibility, but also, we’ll believe it when we see it. If history is any clue, we need to prepare for even more bookkeeping growth. That’s because automation makes it easier for more people to access these services.
Anticipating Bookkeeping Growth
California’s Economic Development Department helps low-skilled workers retrain to become middle-skilled. That means they have more training than a high school diploma, but not a four-year college degree. Many bookkeepers do have a bachelor’s degree. Bookkeeping is nonetheless one of the skills that falls into this middle classification.
That makes it an important way for many people to advance in their careers. It enables them to do more and greater things to support their families. We like that, and it makes us feel great to be a part of something so impactful.
The California EDD released a report in celebration of Labor Day 2019. What they announced gives us a lot of optimism about the future of our industry. Although SyncLedgers is based in Utah, we are able to serve clients everywhere. Besides that, there’s the saying that “as California goes, so goes the nation.”
The report shows that bookkeeping, accounting, and auditing clerks are among the most in-demand workers currently. It also indicates that bookkeeping growth should continue at least into the near future. In some regions, the data shows that this industry sector is leading new job growth!
The Implications of More Bookkeepers
The pessimists are anticipating widespread disruption as a result of automation. They would say that this growth is setting many more people up for a hard fall when the machines finally take over. We say that at the worst, we have a lot more people who know how to get useful skills, and who know how to retrain.
What do we expect as a more likely outcome? Bookkeeping growth will result in greater access to professional bookkeeping services. More businesses will find it easier to hire a bookkeeper. These businesses can expect greater success in their financial management. There should be greater economic growth as a whole.
Even with automation, at least at first that will mean that it’s easier to become a bookkeeper! Personal bookkeeping services may soon become accessible at the level of low-income families. We can imagine the life-changing effects that could have.
Every business needs bookkeeping. The tricky part is when you’re stuck between DIY bookkeeping and the salary cost of a full-time, in-house clerk. SyncLedgers helps businesses bridge that gap. Managers and owners don’t have to spend huge chunks of their time balancing the ledgers anymore. Contact us today to review your business’s financial and accounting needs!