As businesses continue to find their way through the pandemic-defined landscape, it seems that new challenges and opportunities pop up every day. According to Bill.com’s third annual survey— “2021 State of Bookkeeping Practices: Bookkeeping Rebooted” — the new landscape is prompting a turning point for bookkeepers to accelerate their digital services and expand offerings outside of traditionally closing the books.
The study, which surveyed nearly 600 accountants and bookkeepers, showed that not only did bookkeepers step outside their traditional roles to help clients navigate through the pandemic, but that an expansion of services has led to increased digital transformation and revenue opportunities.
These areas are being influenced by three key areas: demand for new client services; digital transformation; and delivery of new services for a new future.
1. Demand for new client services (including advisory and real-time insights)
According to accountants and bookkeepers surveyed, new services are needed to help address their top challenges:
- 30% — Keeping businesses open
- 27% — Increasing costs
- 17% — Employee recruitment and retention
New services also are needed to help navigate the Paycheck Protection Plan (PPP) and Coronavirus Aid, Relief and Economic Security (CARES) Act:
- 44% say they are closing the books faster than pre-COVID
- 84% expect a revenue increase this year
- 37% are forecasting significant revenue increases
2. Digital transformation (increased demand is driving high-growth possibilities)
- 80% who expect high growth have already undergone digital adoption
- Despite digital acceleration in the past year, 40% of bookkeepers are still printing and mailing paper checks; ample opportunities lay ahead for those that eliminate paper-based processes
3. Delivery of new services for a new future (staffing for growth is a high priority)
- Bookkeepers are seeing return on investment from service expansion, but the need for staffing remains both a challenge and an area of opportunity
- 69% plan to add to their teams despite staff shortages
For the full report, click here.