Compliance work is decreasing, cloud based technology is allowing customers to be set up to minimise any end of year questions and journals.
Compliance work is cyclical which is hard to manage, big end of year peak workloads. Finding additional recurring work/revenue streams can help solve this.
Technology is changing. In the past, it was only large business that could fund major investment into developing technology. Now, Apps are relatively cheap on a subscription basis and the integration tools are also numerous. This tech is also developing at a fast rate because it is so valuable to your customers - Real time detailed information on their KPIs. These Apps and tools are all heavily linked to the core Financial Systems (Invoicing, Expenses, Payroll, Bank Rec, Dr Management, P&L & Cashflow reporting etc).
Business Owners are wanting to have an Accountant that can work with them as they develop their own systems and reporting not just re-do everything in their own systems. Working with Cloud tools is allowing accountants & bookkeepers to reduce the price and workload in compliance but of course substituting (and increasing) this revenue with new revenue streams.
Change = Opportunity. For a small business to keep up with all the changes - new apps, upgrades, buyouts of app developers - all sucks up hours of time. This is an opportunity for you as they will gladly pay for someone else to do it for them so they can focus on their business.
You are already in this space
Your business is no doubt already invested in some of these tools. Even if it is just the basic receipting and expense management tools. Some of you will be into your own Project/Job management tools, CRMs, Proposal Apps etc etc.
There is opportunity to earn revenue from those existing skills. What you need is the process and support to implement those streams.
One of the big complaints I hear is Accountants and Bookkeepers not being able to attract staff. Increasing technology adoption and finding other revenue streams provides opportunity for staff. They will see the opportunity to do something different, have varied work and be an even bigger help to their customers.
Businesses are adopting these apps and tools at a rapid rate due to the value they provide. Realtime management and operational information as well as efficiences, cost savings and increased revenue. You will have experienced the same in adopting them in your business. The more you work with your customers in their financial and business systems the stronger your relationship will be.
Spread the Tech knowledge in your business
Are you Single Point of Failure in your business? Is there one tech/app guru and not much else.
Engage with a Specialist
Have a read through the next blog What services can an Accountant or Bookkeeper deliver but having an experienced partner to help you on this cloud journey can save you a lot of time and energy (cost) and increase your revenue. How do we know? We have done it already with No Fuss Business and their customers. Now with No Fuss Cloud we are out to spread that skill and knowledge to Accountants and Bookkeepers in NZ.