How Are Bookkeeping Jobs Evolving With Technology?

From retail shops to construction firms, bookkeepers have a role to play in almost every industrial sector on the face of the planet.

No matter the type of employment you are seeking after qualifying for an accounting certification, you can expect an exceptionally wide scope of career opportunities for bookkeepers, across businesses of all types and sizes, including government entities and non-profits.

Although the classic definition of a bookkeeper refers to a professional whose job is to maintain the financial affairs of a business by keeping records, a lot has changed In terms of bookkeeping applications in the last decade.

With almost every company trying their best to grow quickly and win new clients every second, integrating accounting processes with the right technology is the new norm for businesses worldwide.

Reading this blog will give you a deeper insight into the future of accounting 2022, enabling you to get a sneak peek of the emerging accounting technologies and bookkeeping and accounting skills that will help you become successful in bookkeeping.

The Future Of Bookkeeping Jobs: Demand And Evolution

With the rise of technology, the accounting industry is rapidly changing for the greater good.

No matter how far the field of business advances, bookkeeping and accounting skills tend to remain relevant and in demand, mainly involving responsibilities including accounting tasks and processes that leverage intelligent technology.

According to data published on the US News Rankings website, accounting jobs such as bookkeeping and auditing are ranked 11th in the list of best business jobs and 42nd in the top 100 best jobs!

As the repetitive work is left to be handled by the advanced systems, the demand for bookkeepers and accountants is currently shifting towards tasks that have more to do with data analysis and understanding clients personally.

What Are The Emerging Accounting Technologies?

Accounting today isn’t what it used to be, thanks to the changing nature of international business.

The huge influx of new clients automatically calls for the implementation of accounting and bookkeeping technology to provide an improved consumer experience, which in turn, provides bookkeepers with the flexibility to work from pretty much anywhere!

In the following pointers, we will take you through the individual technologies that are reshaping the future of the accounting and bookkeeping profession.

1. Cloud computing

Cloud-based accounting is known to provide instant access to client resources that allows bookkeepers to update information, analyse client data with precision and make business decisions based on cutting edge technology.

2. Automated accounting tasks

This refers to the machine learning programmes which can automatically reconcile and keep track of transactions, including software such as OneUp, Xero, Sage and Intuit. These accounting technologies provide high-level services and increased efficiency by reducing the processing time for contracts or audits to a few hours, instead of weeks.

3. Blockchain technology

The application of blockchain within the accounting sector allows bookkeepers to develop a more distributed ledger that is immutable, auditable, transparent and cryptographically secure.

4. Data analytics

With the improvement in accounting business technology and its swift progression within the accounting sector, a majority of accounting firms are implementing statistical data modelling and methods to identify trends, patterns and insights to ultimately increase profitability on every transaction and product, as well as generate customer feedback and sales in the process.

Required Skills For Future Bookkeeping Professionals

The role of bookkeepers has consistently evolved and expanded, with their duties remaining a key part of all business organisations.

Here we have listed some of the fundamental bookkeeping skills that are unnecessary regardless of the business industry that you want to kick start your career in.

• Know how to maintain “books”

To obtain a direct entry into the bookkeeping division, you must obtain substantial experience in maintaining files up to date, to help your company stay competitive.

• Obtain know-how of business software applications

The current bookkeeping software offerings will help you keep up with the advanced accounting trends and navigate effectively through the complex world of accounting firms to recommend the most suitable solutions for the business’s needs.

• Develop a specialisation

To establish yourself as a bookkeeping expert, you must study an accounting course that emphasises the administrative, managerial and analytical tasks associated with bookkeeping.

Demand For Accountants In The Future

The outlook for bookkeeping professionals is often tied to the global economic health, and with its expected improvement in the coming years, the demand for recruiting bookkeepers and other accounting professionals on board is projected to grow.

Opting to study an online AAT preparatory course from the London School of Business and Finance (LSBF) will help you become a pro at handling further developments in accounting automation and artificial intelligence, which are more likely to have a significant impact on the accounting sector in the near future.

Establish a career in emerging accounting technologies and help make it easier for entrepreneurs and business owners to manage and grow their businesses, by serving global consumers better than ever before.