If you’re looking to invest in a bookkeeping franchise in 2023, it’s important to be aware of the industry trends that will likely impact your business. In this article, we’ll discuss six bookkeeping industry trends that are worth keeping an eye on. From the rise of automation to the growth of cloud-based bookkeeping services, these trends will surely impact the bookkeeping landscape in the years ahead.
Bookkeeping Industry Trends: A Look Ahead
The actual size of the global bookkeeping industry is hard to quantify, but current estimates suggest the bookkeeping industry in the United States to be worth around $12 billion, with annual growth of around 2% in recent years. The industry is expected to continue its growth trajectory in the coming years as more businesses adopt cloud-based bookkeeping solutions and as the demand for bookkeeping services continues to rise.
As the bookkeeping industry continues to grow and evolve, it’s crucial to stay informed of the latest trends and developments. Understanding these trends can help you make informed decisions about buying a bookkeeping franchise and position your business for success.
These six bookkeeping industry trends are likely to have the most impact on the industry in 2023 and beyond.
- Increased demand for cloud-based bookkeeping services: As more businesses adopt cloud technology, there will be a growing demand for bookkeepers who are proficient in cloud-based bookkeeping solutions.
- Greater focus on automation and AI: Automation and AI technology will continue to play a larger role in the bookkeeping industry, reducing the time and effort required for manual data entry and providing more accurate financial reporting.
- Growth of freelancers and virtual bookkeepers: The trend towards remote work will lead to a growth in the number of freelancers and virtual bookkeepers, as well as increased demand for their services; however, we see this as potentially problematic since most freelance bookkeepers do not provide the same level of services guarantees when it comes to accuracy and accountability. We predict this trend will actually push more customers to established brands like BooXkeeping and away from hiring amateurs to handle their most critical tasks.
- Expansion of services offered by bookkeepers: As the role of bookkeepers evolves, they will likely expand their services beyond traditional bookkeeping to include areas such as financial planning, tax preparation, and business consulting.
- Increased use of mobile technology: The adoption of mobile devices and apps for bookkeeping purposes will continue to grow, making it easier for bookkeepers to access client information and perform their duties while on the go.
- The increased importance of data security: As businesses become more reliant on digital technologies, the importance of protecting sensitive financial information will become even more critical, leading to a greater focus on data security measures by bookkeepers.
Staying Ahead Of The Curve
As the bookkeeping landscape continues to evolve, it’s important for franchisees to be aware of the trends that will likely impact their business. From the rise of automation to the growth of cloud-based bookkeeping services, these six bookkeeping industry trends are worth keeping an eye on in the years ahead. By being aware of these trends and understanding how they might impact your business, you’ll be better prepared to adapt and succeed in an ever-changing marketplace.
