Will technology in 2018 be a friend or foe to Australian bookkeepers?
Technology is absolutely going to be a friend to bookkeepers in 2018. We are seeing some much-needed product improvements and also some pricing tweaks which, for those bookkeepers embracing technology, is going to assist them be even more efficient and effective.
What do you think will be the biggest challenge for Australian bookkeepers in 2018?
Pricing will be an ongoing issue for bookkeepers. With value pricing still being the flavour of the moment and many bookkeepers incorporating the cost of accounting software and add-ons into their pricing models it’s challenging to prove ‘value’ to those clients who still don’t value bookkeeping or its efficiencies. Add to that products are still evolving or aren’t moving fast enough means bookkeepers are having to consider moving their clients to other accounting systems and/or add-ons to keep their pricing competitive.
What do you think the biggest opportunity for Australian bookkeepers will be in 2018?
Single touch payroll is a huge opportunity for bookkeepers to -
- expand their service offerings to incorporate STP
- expand their client base
- move some of their laggard clients onto products that are compliant and more efficient using STP as the catalyst for having to move
How do you see the business of bookkeeping evolving in 2018?
I believe as simple bookkeeping becomes increasingly automated and commoditised we will see many simple bookkeeping jobs going to tax agents especially as more and more tax agents start embracing technology. Bookkeepers will move towards the bigger clients assisting in the systemisation of processes and introducing technology and the efficiencies that come with it. Bookkeeping will continue its evolution towards advisory and systems implementations.