Bookkeepers play a vital part in every sector of the business world, as well as in government and non-profits. Newly qualified accountants can find a vast range of career opportunities in bookkeeping–but the actual job has changed dramatically in the past decade.
The classic definition of bookkeeping is maintaining an organisation’s financial affairs by keeping records. However, those records are now more likely to be found in the cloud than in books–and much of the work of keeping them can now be done by new technologies.
Read on to discover the emerging technologies that are changing the world of bookkeeping, and what human bookkeepers can do to stay relevant.
Emerging bookkeeping technologies
1. Cloud computing
Cloud-based accounting technologies allow bookkeepers to work from anywhere. They offer instant access to clients’ records, enabling bookkeepers to update financial information, analyse data, and make data-driven business decisions.
2. Automated accounting
Machine learning software can reconcile and track transactions automatically. Automated accounting tools offer high-level accounting services and cut the time it takes to process contracts and audits from weeks down to hours.
Blockchain accounting technologies enable bookkeepers to create a distributed ledger that’s auditable but immutable, and transparent but cryptographically secure.
4. Data analytics
Statistical data modelling enables bookkeepers to identify patterns and trends, and to use those insights to boost the profitability of every product and transaction.
Top skills for tomorrow’s bookkeepers
1. Know how to maintain “books”
Newly qualified accountants looking to build a career in bookkeeping still need to start by gaining plenty of experience in keeping financial records up to date–including mastery of the tools and systems used.
2. Understand business software applications
A thorough knowledge of bookkeeping software tools like OneUp, Xero, Intuit and Sage will help you stay up to date with trends in the sector and recommend the best solutions for your organisation’s needs.
3. Develop a specialism
To build a career as a bookkeeping expert, you’ll need to take an accounting course with an emphasis on the analytical, administrative and managerial tasks associated with bookkeeping.
Despite the increasing importance of AI and automation, demand for human bookkeepers is set to keep growing, and there’s never been a better time to build a career in the sector. Get in touch today to discover how we can help you take your next step.