Buckle up! This is a rebuttal to the global warning of bookkeeper extinction. You ready to rock your role?
It is true that our industry is changing with the evolution of cloud accounting. But for those worrying, allow me to explain how this movement has created more demand for my services.
New programs aren’t replacing me; they’re helping me be better at what I do. Cloud technology enables me to provide real-time data to my clients. And clients still need someone to listen to what they want and need, and to provide feedback, and before cloud accounting, we were too busy being inefficient to listen as well as we could.
By leveraging cloud accounting solutions, I can streamline the pain-in-the-butt, mundane, low-value tasks like data entry and focus on how the cloud portal is fed with bank feeds. These bank feeds help me catch issues before the bank reconciliations process. I’m able to communicate better with my clients now, instead of 60 days after the transaction has been made and I’m reviewing a paper bank statement.
What sort of feedback are clients asking for? They want to know how they are doing. What cash flow is like. Where their business is going. What would happen if they expanded sales. Really, anything. Leveraging cloud accounting boils down to one main benefit your clients are craving: better, more efficient and immediate communication from someone in the know to whom they can outsource the job.
So basically, I’m telling you to jump on the cloud accounting bandwagon rather than see it as a threat.
Need more proof? Let’s look at my past for a sec.
Two years ago, I was a traditional bookkeeper. I had only five clients because that’s how many weekdays there are. My average hourly rate was a whopping $25/hour. So let’s do the math.
$25/hour x 8 hours/day x 5 days/week x 52 weeks/year = $52,000 per year
Let’s keep looking at that number for a minute and review how it entrapped me. Ron Baker the author of Implementing Value Pricing would call that “my ceiling.” Because no matter how fast my ninja-style data entry skills were, there was no way I was going to make any more than that! Ouch. That struck a chord. Especially with the old minivan needing to be replaced. I had to think of a better way to do business.
Because I was an hourly mobile bookkeeper, I had to travel to clients. Most of them were a 45-minute commute. Then there are my three children. That meant dropping them off at daycare. Another 45 minutes, if I was lucky—and could find Brown Bear Brown Bear What Do You See? (their favourite book). So here’s the breakdown of my schedule in that business model.
8 hours/day on-site + 1.5-hour round trip commute + 1.5 -hour daycare commute = 11 hours per day
11 hours/day x 5 work days/week = 55 hours
Now, what if I told you that I currently have a virtual team to manage demand for my services, that gross revenue is consistently growing due to value pricing principles, that I have negative receivables, I work from home, put my kids on and off the bus, and work only…
26 hours per week!
Stop and think. How is this evolution and growth in my business possible if bookkeepers are facing extinction?
As I’ve been saying, the truth is, we’re not! What’s becoming extinct is a type of workflow. How we do bookkeeping is changing and evolving. Businesses are so much more advanced now, too. That’s why bookkeepers need better tools. We need cloud accounting eco-systems to give our clients the feedback they need.
So, no. I’m tenacious enough to tell you that I’m not facing extinction. However, I’m blunt enough to say that if you are refusing to embrace the cloud, then yes, be prepared to be studied by the Smithsonian as an extinct species.
How I Make This Work
Now, I know there are a few of you asking: How the heck do you do what you do in 26 freakin’ hours per week?
I get the same response when I’m chatting with my pals at Intuit. It confounds everyone. Recall I do have a virtual team. All of them are Canadian-based. There’s the copy editor who polishes my posts and makes sure I say what I want, the virtual assistant who keeps my tight schedule manageable, the CPA who cranks out the T2s, and the powerhouse bookies that regulate bank feeds, monitor Hubdoc, and reconcile.
By leveraging a virtual team with technology, I have found my Zen.
Then it’s all about workflow and leveraging it with technology. Here are my top two productivity boosters when using an awesome cloud accounting solution like QuickBooks Online.
Hubdoc: It’s the golden retriever of the office and also eliminates the need for paper! Imagine taking a two-week vacation and not having to return to a mountain of paperwork. That’s right. I travel. Lots! Hubdoc keeps my data moving.
What kind of data? They fetch my clients’ bank and credit statements. But these energetic pups don’t stop there. They fetch bills, too! My clients love the mobile application that enables them to snap photos of their point of sale receipts while on the go at their favourite coffee shop or office supply store. I love it because it lets me be paperless!
As an added bonus, you are entitled to receive a free Hubdoc account to use for your own practice. Yip. That’s one nice #Hubdog.
Wagepoint – Eliminate your payroll pain. Talk about working smarter, not harder! This powerhouse application is your one-stop shop for payroll! Don’t believe me? Here are my favourite features: Direct Deposit, Employee Portal for Paystubs & T4’s, Service Canada integration for Record of Employment forms, and automatic remittance to the Receiver General for payroll withholding amounts including EHT! The auto-run feature for salary organizations is a huge timesaver. And my personal favourite: WSIB remittances withheld and source and automatically remitted to the board. Can I hear a woot, woot!
But don’t take my word for it. Call them. Test it. Oh, and don’t you know? The payroll processing fees for your practice’s employees are free!
Click here to know more about Jennie-Approved Applications.