Digital progress is changing the way industries conduct business, and the finance sector is feeling this change. Manual processes are getting a facelift with programs and software that can automate data entry, calculations, and reports generation.
While some are justifiably worried about automation rendering their jobs obsolete, those in the bookkeeping industry can rest easy with the knowledge that artificial intelligence still has a long way to go before it can fully take over their job.
Simply put, bookkeeping businesses and franchises can still thrive in the age of automation.
Automation as an Asset
Bookkeeping is a mix of repetitive (i.e., data entry) and specialized (i.e., reconciliation of discrepancies in financial records) steps. The former is easy to automate; the latter, however, still requires a critical mind that understands how a business works.
So, instead of looking at software and programs in an adversarial light, the bookkeeping industry ought to consider it as a tool they can use and control. In this respect, automation becomes an asset that enables bookkeepers to do their work better.
Enhanced Services Become Possible
An increase in the efficiency of the bookkeeping process produces one more benefit: time savings. Instead of spending eight hours a day crunching numbers in a client’s office, bookkeepers can cut their work time in half. This also means that bookkeeping franchises can cater to more customers or even offer additional services without increasing their manpower.
Furthermore, bookkeeping staff can scale up to higher-value tasks and bring in more revenue for the business.
A bookkeeping franchise that embraces the automation trend and adapts accordingly has no reason to regard it with fear. It should even be the opposite, because, as presented in the arguments above, automation can enhance its services and increase its income potential.
Based on this information, it’s safe to say that now is a good time to be looking out for a bookkeeping franchise for sale. The improving labor market of the US will boost the demand for bookkeeping services and, with software integration, franchises can improve and gain higher returns.