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A New Challenge to You and How You Can Respond

Cathy Roth
Posted by Cathy Roth on Oct 7, 2021 2:46:21 PM

As a bookkeeper, you face quite a few challenges. You've heard about so many of these already, from technology disruptions to clients who devalue accounting and bookkeeping services. But there is a new challenge on the horizon. 

Profit is an online business bank for minorities that provides accounting software within the banking platform. The company website says they offer a "free bank account with accounting software that does your bookkeeping and accounting for FREE." 

The announcement about Profit came just weeks after US Bank announced plans to acquire Bento Technologies, a small business payments software company. 

According to Joe Woodard, "Banks are going to start playing more of the bookkeeper's role with their small business customers, creating a massive evolutionary leap from the bank feeds we use in products like QuickBooks. This trend represents a significant, and unfortunately imminent, disruptive force for bookkeepers who support small businesses."

So, with yet another challenge facing you and your practice, how can you respond and not just endure but even thrive? 

Note: This is NOT going to be an encouragement for you to become an advisor. Keep reading. 

As a bookkeeper, you curate an absolute treasure trove of information and are well-suited to provide deep, high-impact, and data-driven insights into your clients' businesses. Even if you have no interest in providing advisory services, you can build a distinctive practice that adds value to your clients well above what any hyper-commoditized service could do.

Instead of providing advisory services, you can provide additional products - visibility, analysis and actionable information. These three products can all be produced through tools already available to you; with them, you will be able to begin offering what Joe calls "Bookkeeping Plus" services immediately.

Here are three specific services that can increase wealth for your clients and protect their businesses' health. At the same time, these services can help you earn hundreds of dollars of monthly billings and, more importantly, create a distinctive practice far safer from the threat of commoditized services. 

  • Accounts Receivable Management
  • Cash Flow Management
  • Financial Measurements Essentials

So, how do you get started with Bookkeeping Plus services? Woodard Power Days are one-day workshops that equip you to offer new, value-infused services. Power Days are currently scheduled for November and December with two choices of dates for each class. You may choose one or more Power Days from Accounts Receivable Management, Cash Flow Management and Financial Measurements Essentials.

Topics: Financial Advisory


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