Windows 8 is here, Android smartphones and tablets explode into competitive positioning; the internet will be probably more of the same (bring on the NBN); the MYOB SQL upgrade is finally underway but not all there yet (bring on Premier, M-Powered payments and Super); Reckon is soon to be Reckon and not QuickBooks, while Intuit brings us QuickBooks (I truly hope that the confusion doesn’t remain so significant); Xero goes from strength to strength and development to development.
The Australian Tax Office gives us part of our portal wish list; not to be understated we finally have access to the Running Balance Account, and the ATO endorses SBR online lodgement as the only way forward. GovReports brings us effective EMPDUPE (financial reports), activity statement and tax file number declaration lodgement and management using the SBR gateway; bring on improved SBR and better electronic interaction.
Technology remains a tool to be used by those who know what they are doing.
In 2013 the cloud hasn’t evaporated; it has consolidated and is now bringing us better technology and improved processes. Examples include electronic payment gateways, website based order and sales generation and internet banking.
Xero cut the noisiest and most progressive drive into domestic/commercial everyday use of bank feeds within their solution. They weren’t the first but they have brought it to the forefront of the bookkeeping process.
Remote accessibility is another paradigm shift that is going to become the norm during 2013. Whether it is browser based, hosted, desktop, synched desktop, remote desktop (RDP), LogMeIn, etc., the change to remotely accessing and producing work is likely to be “just the way it is done”.
Another concept becoming more obvious is electronic document scanning and identification. Also known as dissection, this process breaks down a PDF invoice into transaction data which can be entered automatically into the accounting program. Direct business-to-business transfer of the transaction data via electronic means is likely to become commonplace.
A great improvement in process and record keeping will be the attachment of source documents to the transaction record within the accounting program. Where does this leave the bookkeeper? In a far better spot, integral to the process and to accuracy.
I quote “Bookkeeping focus should be accuracy, not speed”, a report coming out of the state of Indiana in the US. The report said Indiana misplaced or misallocated $526 million within one year due to “a system deemed geared for haste instead of accuracy”. As a consequence of the audit and review the US state is focusing its bookkeeping and accounting systems on accuracy and control.
Technology remains a tool to be used by those who know what they are doing.
Professional bookkeepers are the most advanced in taking these changes on and knowing how and when to implement them with businesses. Unfortunately many have equated the technology of bank feeds, the process of autocoding and the improvement in remote access with the death of bookkeeping. They simply do not understand what bookkeeping is nor what a bookkeeper does.
Unfortunately many have stated that the only way for a bookkeeper to retain their income is to have fixed fees. While I don’t mind the concept of fixed fees, I don’t like its potential to “cheapen” what a professional bookkeeper does. Fixed fees could start a price war for all bookkeeping services.
Professional bookkeepers are known to improve the survival of business!
Professional bookkeepers are known to work with businesses that are more likely to be compliant with law.
Professional bookkeepers are involved, integral, efficient and better for business.
Bring on 2013 and all the technology changes that will mean bookkeepers are seen for their value.
2013 is again the year for bookkeeping to remain efficient, cutting edge, professional and useful.
2013 is the year that bookkeeping won’t be the same as it has in the past.
This article first appeared on the Institute of Certified Bookkeepers website.