Bookkeeping Industry Facts that Aspiring Franchise Owners Should Know

Bookkeeping has come a long way and has undergone many innovations and changes to the business. Individuals aspiring to become bookkeeping franchise owners should take the time to learn about the bookkeeping industry. These facts can help hopeful individuals become familiar with the trends and changes in the industry.

Desktop Bookkeeping is Becoming Extinct

Before the emergence of powerful new technologies, bookkeepers would merely use an offline desktop bookkeeping program to get the job done. Today, however, there’s a paradigm shift in bookkeeping methodology. More business owners are moving their processes online, especially since mobile technology is becoming increasingly available and intuitive. Additionally, they want to be able to log in to their accounts anytime, anywhere.

Meeting these demands is now possible thanks to cloud-based bookkeeping software. These cloud-based programs are making bookkeeping increasingly automated. Thus, there’s little call for manual book balancing or data entry.

Cloud Technology Helps, Not Hurts, the Industry

The idea of cloud-based software replacing bookkeepers can be quite scary – especially when their business model has focused on data entry for so long. Instead of worrying about the effect of cloud technology, bookkeepers should be looking forward to it. Cloud-based technology can increase bookkeeping efficiency. Therefore, bookkeepers should not see it as a harbinger of doom, but a tool used to enhance processes.

If bookkeepers still need more convincing, they should think about the benefits that cloud technology offers. One such advantage is that they can access their data any time of the day or night. Additionally, they can run their business from any place and work with clients from any point of the globe. Having easy access to the information eliminates the need to travel across the city to deliver files or print out screeds of paper. With cloud technology automating the bookkeeping processes, bookkeepers will be able to free up a considerable portion of their time. It means they can attract more clients and bring in more revenue.

There’s Still a Demand for Bookkeepers Today

As small businesses thrive in the aftermath of the global recession, many will require bookkeeping services. Cloud-based software will never take away the need for bookkeepers, as an individual requires the financial knowledge to understand what’s going on with these programs. Most business owners would rather outsource bookkeeping to someone who has the skills than to learn it themselves.

Real-time Bookkeeping is Propelling the Growth of the Bookkeeping Industry  

An element driving the growth of the bookkeeping industry is real-time bookkeeping. A survey of the members of the Institute of Professional Bookkeepers of Canada (IPBC) found that more clients want real-time bookkeeping. The survey respondents stated that 60 percent of their clients want their books done either monthly or weekly, leading to them conferring with clients more regularly. Updating books quarterly or annually is a declining practice as the market responds more to real-time bookkeeping.

Staying on top of the bookkeeping industry can be a big help to individuals looking to start their very own bookkeeping franchise. Apart from learning about the industry, it’s also important to learn how one can take advantage of the increasing demand for bookkeeping. Fortunately, Supporting Strategies is here to provide you with the bookkeeping franchise opportunity you need. When you join our team, you’ll have access to our turnkey, scalable business model, team recruiting support and training programs, our proprietary technology platform, and much more.

For more information on franchising with Supporting Strategies, contact us today to speak with a representative.