Bookkeepers and accountants have added more services to their business clients to respond to the ongoing COVID-19 pandemic, according to a new survey.
the investigationfrom Bill.com, surveyed 600 accountants and bookkeepers and found that the top three challenges cited by clients were keeping their business open (30%), dealing with rising costs (27%) and recruit and retain employees (17%).
During the pandemic, bookkeepers and bookkeepers have helped clients by providing advice on the Paycheck Protection Program and other facets of the CARES Act. Technology has helped accountants and bookkeepers as many have transitioned to working remotely from home. Automation also helped, with 44% of accountants surveyed saying they were closing the books for clients faster than before COVID-19. The increase in revenue has been a boon, with 84% of accountants expecting an increase in revenue this year and 37% predicting significant increases in revenue.
“Last year called on accountants to step in like never before, acting as advisors, business stabilizers and even therapists for their clients,” Kevin Au, senior director of product marketing at Bill.com said in a statement. Tuesday. “As demand continues and client needs evolve, accountants will have more opportunities to demonstrate their value, increase efficiency and meet new expectations. Fortunately, accountants are more than up to the task.
To drive their growth, 80% of respondents who expect high growth said they have already experienced high digital adoption. But despite all the technological improvements over the past year, 40% of accountants surveyed continue to print and send paper checks.
Staffing has been a major challenge in the accounting and bookkeeping industry, although 69% of survey respondents plan to strengthen their teams despite staffing shortages. Remorse work isn’t going away anytime soon, with 34% of respondents expecting more remote work in the future, driving the need to hire, retain and develop their staff with more technology offerings, training and non-traditional roles.