6 ways to gain a competitive edge in a changing bookkeeping landscape

Alex Alexandrou, General Manager of Reckon, chats about emerging trends in bookkeeping and how to get a genuine edge. In an industry that’s being rapidly shaped by technology and changing practices, keeping yourself sharp and competitive is key to thriving. Here, Alex breaks down his 6 top tips for staying relevant in the bookkeeping and accounting industry in 2023…

1) Expand your services into advisory offerings and software advice

With many of the simple aspects of the role now being assumed by accounting software, there’s more room than ever for modern bookkeepers to expand their service offerings and provide value in other ways.

The scope for you to offer advisory services that align with your bookkeeping business has evolved significantly. Today, modern bookkeepers are not limited to accounting – in fact, with the right education, you can facilitate everything from strategic client engagement and compliance to offering professional advice about leadership, cloud software adoption and automation technologies.

Bookkeepers are often well-suited to undertake these critical advisory services due to familiarity with business processes, expertise in accounting software, and your comprehensive understanding of your clients’ businesses. It might be time to seize the opportunity to offer setup services, training, ongoing support, and valuable process advice.

2) Double down on data-led advice

With such rich sets of financial data available, it’s imperative that the next generation of bookkeepers and advisors are adept at using it to create the most value for clients. If you offer professional advice about cash flow forecasting, warnings about impending financial issues, advanced budgeting, and ways to cut down on overheads, you become an oracle of valuable information and business advice.

With your clients having likely adopted at least basic accounting and bookkeeping software by now, a lot of billable value now lies in your ability to interpret the accumulated data into insights that inspire action.

Clients that handle extensive volumes of data require efficient processing of that information to extract valuable insights for informed decision-making.

Having an individual in your practice who is proficient in IT and data analysis is highly advantageous in achieving this new service offering.

3) Continually educate yourself

Bookkeepers should continuously deepen their knowledge and expertise while staying updated on industry trends, best practices, and emerging technologies. This can be achieved through attending conferences, workshops, and webinars, and pursuing relevant certifications or advanced education.

For example, you could become BAS certified, do courses on software technology and data analysis, or expand into accounting roles through further training and certification.

4) Build trust by becoming a thought leader

Becoming a thought leader, even in a relatively small way, helps builds your credibility—and demonstrates your capabilities to the market. In turn, this helps you become more appealing to clients and potential clients.

Thought leaders actively share their knowledge and insights with others. As a bookkeeper, you can write articles, blog posts, or whitepapers on relevant topics, contribute to industry publications or websites, participate in panel discussions or podcasts, and deliver presentations at conferences or events. Sharing your expertise helps you establish (and cultivate) a trusted voice while gaining recognition.

Bookkeepers can leverage social media platforms to engage with their peers, clients, and the wider community. They can participate in industry-related discussions, share informative content, and provide valuable insights through posts and comments. Active engagement on platforms like LinkedIn, Twitter, or specialized bookkeeping forums helps build a strong online presence and positions them as thought leaders.

Hot Tip: Learn more about becoming a thought leader.

5) Expand your partner services

One effective approach to broaden your range of services and strengthen revenue streams is to establish partnerships with companies offering supplementary services. Think about engaging with providers of small business loans for example.

By collaborating with various small business loan organisations, you can not only provide your clients with enhanced business services but also earn commissions. Many businesses often require short-term loans during challenging times, and you can become their trusted vendor.

Another excellent source of revenue lies in legal documentation. Businesses frequently need assistance with tasks like entity formation, trademark registration, trust establishment, and employee contracts. You can be that source.

6) Attend live events and partake in some old-school networking

Whether you’re starting out, or looking to remain relevant, it’s important to understand the value of attending proper networking events and live conferences. For the bookkeeping and accounting industry, many high-quality industry-organised events across the country involve leaders in their fields, industry partners, and field experts.

To keep your finger on the pulse, while importantly, having conversations with real bookkeeping peers from a variety of backgrounds, you can naturally absorb up-to-date knowledge and perspectives.

Some of the best education you’ll ever get is listening to peers and industry leaders who have done things differently. By learning from people in person, you can take a shortcut past issues and gain the hard-won knowledge of others in a similar position.

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We invite you to join us for the 2023 Reckonnect Partner Conference!
We are thrilled to announce the triumphant return of our highly requested, long-awaited conference, and we couldn’t be more excited to reconnect with our Reckon Partners in beautiful Sydney.