Now is one of the best times to be a bookkeeper. The trends these days can open many doors to take your career to a higher level, like running your own business. Here’s why it’s worth getting into bookkeeping this year:
1. Small businesses will continue to grow.
Small businesses don’t earn much. Their revenues are below $5 million annually, but they make up over 95% of all types of enterprises in the United States. In fact, they’ve achieved some success in 2017. More than 55% reported earning a profit from October to December 2017. This percentage was higher during the same period in 2016, which was 52%. For this year, experts believe that revenue will grow to 9.1%. It’s significantly higher than the 8.7% in 2016.
For bookkeepers, this is a source of celebration since small businesses will make up a huge bulk of your clientele.
2. Cloud accounting will also flourish.
Cloud computing figures its way beyond IT and into trade and commerce. More businesses are now embracing it as a way to improve both efficiency and operations costs. One of its biggest advantages is in performing analytics. Companies can now have a more centralized approach to organizing, accessing, and analyzing data. This creates a more cohesive, accurate, and even timely business-related reports.
What does this mean for bookkeepers? It compels you to adopt such technology as well. It’s not enough to know accounting, as you also need to have some IT skills.
How to Mix Both and Form a Business
Bookkeepers can use these opportunities to start well in the business. They can consider getting a bookkeeping franchise that specializes in cloud services, for instance. You can then offer different scalable packages to small businesses. This way, your service is not only affordable, but also reliable as these enterprises grow.
It’s high time to strike while the iron is piping hot, but also keep in mind that proper positioning is the key to longevity. Unless you’ve forgotten, competition is difficult these days.