As automation continues to reshape various sectors, the bookkeeping and accounting industry stands to gain immensely from these technological advancements. By adopting cloud-based tools, bookkeepers can achieve greater efficiency and accuracy while also enhancing client interactions. The integration of automated tools not only streamlines daily operations but also opens up new avenues for generating revenue.
The value of a cloud technology specialist in bookkeeping
Automation is disrupting all industries, not only finance – your clients need to stay up to date on technology just as much as you. But every business has different needs, ambitions and budgets, so when it comes to deciding on what tools to invest in, they can find it overwhelming.
In bookkeeping (and accounting!), the cloud technology specialist can have a conversation with each client to identify the problems they face and recommend solutions that will best fit them – whilst staying in line with the processes your practice follows. If the client already uses a certain tool, they can assess whether that’s the best option for everybody. After all, you will want streamlined systems between your practice and your clients.
The cloud technology specialist can also assist with the implementation and integration of these tools, as most clients might not know how to properly do that. They can help during the client onboarding process, set up the software and train the client (and their employees, where needed) on how to use it. This is especially useful for clients who have never used automated tools or cloud technologies and might need a bit of convincing.
For example, if a client doesn’t know how to use an accounting software such as Xero or QuickBooks, they can explain why that’s important and give them tips to make it easier. Or if they’re still collecting receipts on a shoebox (or often losing them), they can recommend an app like Dext to easily extract and safely store data from invoices and expenses.
“Bookkeepers have a prime opportunity to expand their services from traditional bookkeeping to becoming ‘cloud advisors’. As businesses increasingly adopt cloud technology, they will need ongoing support to navigate this transition – bookkeepers can assist these businesses by helping them build their app stacks and streamline their processes. Your expertise in business processes and accounting software, combined with your deep understanding of clients’ operations, makes you ideal for this role. Offer setup services, training, and ongoing support, charging for these services as needed.” – Paul Lodder, VP of Accounting & Product Strategy at Dext
Ongoing support such as running software updates, evaluating and implementing new features and even training for new employees can also be arranged. Extra tools can be recommended if and when necessary, based on the changes in their accounts and concerns. Such services can of course be chargeable either as one-offs or recurring, opening up a new revenue stream (more on this below!).
But it doesn’t end there. With technology and automation to increase efficiency, both business owners and bookkeepers have more time to focus on important conversations that add more value to the business. In this sense, the cloud technology specialist is also an enabler of better communication and stronger relationships – essential for any practice’s reputation and growth. The compliance work won’t disappear, but it will take less time to complete because software is making it easier.
It’s the main reason why bookkeeping automation won’t replace bookkeepers.
“Automating tools are not there just for compliance. Clients want to grow their business, they want to understand the numbers. And to be able to analyse the numbers, the information needs to be correct.” – Alice Mason, Founder and Managing Director of Biking Bookkeeper Ltd
In summary, the cloud technology specialist is an ally to both the bookkeeping practice and its clients. They can help businesses take full advantage of the technology available to easily manage their finances, save time, stay on top of their cash flow and plan the next move. It takes time and skills to be this kind of advisor, and clients can see the added value a cloud specialist brings.
Leveraging cloud technology to generate revenue in bookkeeping
Having a cloud technology specialist in your team – or becoming one, if you work solo – is not only an investment in long-term strategies to future-proof your practice. It also represents a great opportunity to generate new revenue in a variety of ways. For example:
1. Automating processes. It all starts with this. By helping the practice to automate processes such as data entry, payroll and invoicing, the cloud specialist helps the whole team free up time to focus on more interesting work – including new revenue-generating activities.
2. Offering new value-added services. In bookkeeping, cloud technology specialists can identify opportunities for new value-added services such as introducing and implementing automation for clients too, which can be charged as one-offs or ongoing support.
3. Enhancing client experience. With access to smart dashboards and real-time data, cloud specialists can provide clients with real-time financial information and insights, and enable them to communicate with their bookkeeper more easily. Clients appreciate this service and are more likely to continue to use your services, improving retention.
4. Implementing cost-saving technologies. Cloud technology specialists can help bookkeeping practices implement cost-saving technologies that can reduce operating costs and increase profit margins, which in turn generates more revenue.
5. Virtual services: The COVID-19 pandemic normalised online solutions even more. With knowledge and experience of the technology available, cloud specialists can offer services such as virtual bookkeeping and virtual consulting, which can help practices reach new clients regardless of where they’re located.
“Leveraging technology to shift towards a business health consultant role allows bookkeepers to provide real-time analysis and insights into short-term cash flow and working capital management. Regular data entry gives them a unique perspective to identify improvement areas and make valuable suggestions, enhancing both their role and service offerings.” – Paul Lodder, VP of Accounting & Product Strategy at Dext
Securing your competitive edge
Embracing bookkeeping automation and cloud technology isn’t just about improving efficiency – it’s a smart business move that can significantly boost your bottom line. Cloud technology specialists can unlock new revenue streams by automating tedious processes, offering new value-added services, and enhancing the overall client experience. From implementing cost-saving technologies to providing virtual services, these advancements create numerous opportunities for generating additional income.
Interested in find out more? We recently published an article on how bookkeeping automation can help you generate revenue.
Incorporating bookkeeping automation and cloud technology into your practice is more than just a trend – it’s a strategic move towards future-proofing your business, setting the stage for sustainable growth and profitability.
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Now that you know the importance of cloud technology and how bookkeeping automation can help you generate revenue, it’s time to get started. Dext helps you deliver consistent, quality bookkeeping work without manual data entry – so there’s more time for you to provide business-changing advice that allows you to scale your own business at the same time. Find out more here!
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