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Bookkeeping refers to maintaining and recording the financial transactions of a firm. It is not just restricted to posting receipts and performing data entries. It is an important business need as it helps manage the cash flow and allows us to gain insights on the financial performance of the business in great detail. With advancements in technology and cloud-integrations in the financial services sector, many cloud-based and time-saving applications have been implemented with the aim of introducing automation to manual, repetitive tasks like expense management, data entries, and many more. These tasks were performed traditionally by the bookkeepers and accountants.
Bookkeepers in Dubai were expected to perform tasks related to data entries, compliance, reconciliation, etc. in the near past. The accountant’s tasks included performing analytics and reporting, which was done on a quarterly or an annual basis. The reports hence were based more on historical data of documents rather than some useful insights.
In today’s era, most of these tasks have been automated, and this trend is on a continuous rise. The question here is, are all the new technologies aiming for more automation replacing the jobs created for the bookkeepers and accountants? Not really. In fact, we can say that they have eventually made them much more valuable additions to firms and partners to the businesses of their clients.
What is the value-addition by a bookkeeper today?
Today, the traditional bookkeeping tasks have experienced a paradigm shift, and many of them are performed using cloud-based software technologies. But this is enabling the bookkeepers in Dubai to have access to every real-time financial transaction of the company, which happens on a daily basis. Combined with the information insights and their industry experience, they are becoming more efficient consultants to their client’s business by helping the organizations to analyze their financial performances and making informed decisions based on the results. They are strengthening their positions as great strategic advisors in an organization who leverage their knowledge to make good decisions.
Let us see how can we add value to a client’s bookkeeping accounts:
- Understanding the client and their needs clearly
Ask questions about the client’s current processes in the business and the ways in which they are managed. How they see your service helping them out and finding out the exact problems they are facing regarding bookkeeping. After understanding this, create a specific plan on how you can add value to their firm through your services and giving solutions to their bookkeeping problems. This proves to be a great way to give clarity to yourself as well as the business owner that how much of their time was consumed in managing bookkeeping and how you will taking over this task to help them focus more on other activities required to grow the company.
- Reviewing your processes for managing bookkeeping
Just performing data entries, compiling purchase, and sales ledgers, creating VAT returns, income statements, and finally, month-end invoices are not enough. It surely completes the basic task of a bookkeeper, but to add value there are somethings which can be done to provide your services with recognition of value like keeping the accounts updated regularly and not working them just by the month-end, analyze the financial reports and to give suggestions on where the spending can be decreased, and the earnings can be increased, checking up with the debtors on their due dates and offering cash flow forecasting services.
- More networking
Networking can prove to be extremely beneficial both for your own professional growth and can help you get in touch with other potential clients. Meeting businesses from different domains like IT, marketing agencies, banking professionals, etc. can help you and your clients growth. You can pitch yourself if you are searching for a new client or you can pitch your current client’s business and their offerings (products or services) to the people who may be interested for the same or put both of them in touch with each other and let them take the relevant decisions.
- Improving your own professional development
The business world is constantly changing; the top skills in demand for the year can change the following year or even post six months. Hence, it is never enough to be equipped with all the top skills, and it requires a professional working in any domain, to constantly keep learning and updating oneself with the skills in trend at the moment. Learning the relevant skills can not only get you better clients but also understand the new businesses better when it comes to their finances and operations. The knowledge you have can also be passed on to the clients so that they can also make better and informed decisions.
- Embracing new technologies
Cloud technologies are actually the ones that will be adopted by the maximum number of businesses in the near future due to the convenience and efficiency it brings to the table. Cloud software has many advantages; some of them are:
- Ease of connecting with clients and collaborating with them. The files are stored online on the cloud and can be updated and saved on a real-time basis.
- Automation comes along with the integration of cloud-based technologies. Automating redundant tasks can make the whole process of bookkeeping extremely efficient and faster. Hence, the hours put up for value-added services can be increased as a result.
- It also helps in better time management and cost management.
Changing with the introduction of new technologies can require businesses to revamp their business models. Bookkeeping service providers should focus more on using value-based pricing to provide their services through their expertise instead of considering a community-based pricing model to consider hours or services.
Bookkeeping in UAE has become a specialized profession with good accountants being valued for their expertise in their technological domain as well as business acumen. It is important today to become more than just a bookkeeper in Dubai by advising clients on their key performing indicators and key decision-making areas.