Bill.com (NYSE:BILL), a leading provider of cloud-based software that simplifies and automates complex back-office financial operations for small and midsize businesses (SMBs), announced today the results of the third annual survey 2021 State of Bookkeeping Practices: Bookkeeping Rebooted. The findings indicate that clients' needs are evolving due in large part to challenges faced during the pandemic, prompting a turning point for bookkeepers to accelerate their digital services and expand offerings outside of traditionally closing the books.
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(Graphic: Business Wire)
According to Bill.com’s survey of nearly 600 accountants and bookkeepers, findings revealed that not only did bookkeepers step outside their traditional roles to help clients navigate through the pandemic, but that an expansion of services has led to increased digital transformation and revenue opportunities.
More growth and opportunity is anticipated ahead for bookkeepers, influenced by three key areas:
1. Demand for new client services - including advisory and real-time insights
According to accountants and bookkeepers surveyed, new services are needed to help address their top challenges:
- 30 percent: keeping businesses open
27 percent: increasing costs
17 percent: employee recruitment and retention.
New services are also needed to help navigate the Paycheck Protection Plan (PPP) and Coronavirus Aid, Relief and Economic Security (CARES) Act:
- 44 percent of bookkeepers say they are closing the books faster than pre-COVID
84 percent of bookkeepers expect a revenue increase this year
37 percent are forecasting significant revenue increases.
2. Digital transformation - increased demand is driving high-growth possibilities
- 80 percent of respondents who expect high growth have already undergone digital adoption
- Despite digital acceleration in the past year, 40 percent of bookkeepers are still printing and mailing paper checks; ample opportunities lay ahead for those that eliminate paper-based processes
3. Delivery of new services for a new future - staffing for growth is a high priority
Bookkeepers are seeing return on investment from service expansion, but the need for staffing remains both a challenge and an area of opportunity.
- 69 percent of respondents plan to add to their teams despite staff shortages
“The past year called on bookkeepers to step up to the plate like never before, acting as advisors, business stabilizers, and even therapists to their clients,” says Kevin Au, Senior Director of Product Marketing at Bill.com. “As demand continues and client needs evolve, bookkeepers will have more opportunities to demonstrate their value, increase effectiveness, and deliver against new expectations. Fortunately, bookkeepers are more than up to the task.”
Designed as a follow-up to the State of Bookkeeping Practices Surveys conducted by Bill.com in 2016 and 2020, this third installment of Bill.com’s research polled nearly 600 accountants and bookkeepers to identify growth objectives, digital adoption, service expansion, key challenges and future priorities.
Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates complex, back-office financial operations for small and midsize businesses. Customers use the Bill.com platform to manage end-to-end financial workflows and to process payments. The Bill.com AI-enabled, financial software platform creates connections between businesses and their suppliers and clients. It helps manage cash inflows and outflow. The company partners with several of the largest U.S. financial institutions, the majority of the top 100 U.S. accounting firms, and popular accounting software providers. Bill.com has offices in Palo Alto, California and Houston, Texas. For more information, visit www.bill.com.