Tax season is a whirlwind. Between juggling client communications, managing deadlines, and ensuring compliance, the last thing you need is a cumbersome e-signature process. Enter Knowledge-Based Authentication (KBA) e-signatures—a secure, IRS-compliant method for obtaining electronic signatures on critical tax documents like Form 8879.​

At Keeper, we've seamlessly integrated KBA e-signatures into our Tax Suite, eliminating the need for third-party tools and streamlining your workflow.​

What is KBA, and why does it matter?

KBA is a security measure that verifies a signer's identity by prompting them to answer questions based on public records (think previous addresses or loan details). This method ensures that the person signing the document is indeed who they claim to be.

For tax professionals, KBA is a legal requirement. The IRS mandates KBA for electronically signed Forms 8878 and 8879, which exist to authorize the e-filing of an individual’s tax returns.

The old way:

Historically, incorporating KBA into your tax workflow meant relying on separate platforms, leading to:​

• Manual data transfers between systems
• Increased risk of errors
• Additional costs for standalone KBA services
• Disjointed client experiences​

These inefficiencies can obviously slow down your operations and increase the likelihood of compliance issues or overwhelm for tax teams, which is exactly why we built a KBA feature into our Tax Suite. Now, your firm can securely manage and verify signatures without leaving the platform.

The Keeper way:

Keeper’s e-signature features makes sending, signing, and verifying documents simple. The highlights include:

• Uploading documents directly from a client’s tax return page in Keeper.
• Adding multiple signers and customize the signing order easily.
• Customizing fields with various types (text, signature, date, etc.), ensuring all necessary information is clearly requested. Make templates so you don’t have to reinvent the wheel each tax season.
• Optional KBA verification enhances security, verifying the signer’s identity through personal information and public records.

How it works:

1. Enable KBA verification simply by selecting "KBA signature required" from the Role drop-down when adding recipients.
2. Pay per signature: affordable pricing ($1 per signature in the US) covers the cost of verification.
3. Pre-fill optional client details (such as Name, Address, Date of Birth, and SSN) or let clients provide this information during the verification process.
4. Signers complete verification by answering KBA questions before being redirected seamlessly to sign their document.

Put simply: clients get a link, they answer a few simple questions, and they sign. They’ll automatically receive confirmation, and so will you. That’s it!

Stay organized and compliant

Once completed, signatures and related documents are auto-organized within Keeper’s Files tab, accessible anytime. Both you and your client receive notifications confirming the completed signatures.

Keeper’s integrated KBA e-signatures simplify your firm’s workflow, ensuring secure, compliant, and stress-free tax seasons. Ready to get started?

The post Simplify IRS Compliance with KBA e-Signatures in Keeper appeared first on Keeper.

Ever get stuck waiting on missing receipts or scrambling to reconcile uncategorized transactions at month’s end? Most accounting professionals have been there, juggling multiple apps, and sending clients endless follow-up emails. But what if a single, integrated tool could streamline every stage of your monthly close—from task management to real-time collaboration with clients?

In a recent Earmark Expo, Andy from Keeper demonstrated how one cloud-based practice management platform can tackle the monthly close in a streamlined, client-friendly way.

1. Streamlined Task and Project Management

A smooth month-end close starts with effective planning. Instead of juggling spreadsheets or generic project tools, Keeper lets you create recurring monthly tasks alongside ad-hoc projects (e.g., onboarding, payroll processing, sales tax). You can:

• Set Custom Frequencies: Weekly, bi-weekly, monthly, or quarterly tasks with specific due dates.
• Create Checklists & SOPs: Store all the instructions, links, and passwords your team needs.
• View Firm-Wide Progress: A central dashboard shows each client’s close status, from pre-close tasks to account reconciliations.

From an owner’s perspective, this holistic view helps ensure junior staff follow standardized procedures. No more scattered checklists; everything is tracked and auditable in one place.

2. Intelligent Review: Direct Ledger Integration

Keeper integrates with QuickBooks Online or Xero, analyzing the general ledger for anomalies and inconsistencies. It flags potential issues, such as:

• Vendors with Inconsistent Categories: If a vendor was previously coded to “Software " but ended up in “Advertising " this month, the system notifies you.
• Missing Payees or Transactions: Instantly spot missing or incomplete vendor info.
• Auto-Added Bank Rules: Verify that automated rules are accurate, reducing errors.

Changes can be made from Keeper itself—no toggling between platforms. When you recode a transaction or add a vendor, it updates QuickBooks or Xero in real-time. This ensures everyone from the bookkeeper to the reviewer is working with up-to-date financials.

3. Consolidated Client Communication

If you dread sending 40 emails to a single client each month, modern platforms offer a better way. Keeper consolidates client questions—uncategorized expenses, missing statements, etc.—into a single, branded portal. When you’re ready, you notify the client.

“Rather than sending the client 40 messages throughout the month, we wait until all our questions are ready and then let them know they have new items,” explained Andy from Keeper.

Clients click a magic link—no password needed—and land in a portal with your firm’s branding. There, they see only the transactions or questions that need attention. They can respond by typing an explanation or uploading documents. Communication remains organized with a clear audit trail, so your team can finalize the books faster.

4. Proactive W-9 Collection & 1099 Prep

The year-end 1099 season can be a scramble when you haven’t collected W-9s in advance. Keeper automates the process by:

• Tracking Thresholds: Once a vendor exceeds $600 of reportable spend, the system flags them.
• Sending Branded W-9 Requests: Vendors get a link to fill out or upload their W-9 electronically.
• Syncing Data: Submitted forms are attached to the vendor record in QuickBooks Online (or Xero).

By converting 1099 tracking into a recurring monthly task, you can avoid the January rush of incomplete or missing vendor details. Firms can even export data directly to a 1099-filing solution, turning W-9 collection into a year-round routine.

5. Receipt Management on Your Client's Terms

Receipts are one of the most common pain points in bookkeeping. Keeper’s receipt capture tools offer multiple ways for clients to submit documents:

• Dedicated Phone Number for Texting: Clients can snap a picture and text it directly.
• Magic Link Portal: They drag and drop files from a desktop or mobile device.
• Email Upload: Optionally forward digital receipts to a dedicated inbox.

Once in the system, OCR technology extracts key data and either creates new transactions or matches receipts to existing ones. This eliminates redundant steps like re-keying or reconciling bank feed entries separately.

6. Additional Features: Time Tracking, KPIs, and More

Beyond communication and transaction reviews, Keeper offers tools to centralize your entire CAS practice:

• Time Tracking & Budgeting: Set budgets per client or project. Track time with built-in timers.
• Advanced Reporting & KPIs: Customize monthly financial reports with real-time variance analysis, graphs, and even non-financial metrics (e.g., headcount).
• Inter-Company Transfers: For multi-entity clients, Keeper can sync due-to/due-from accounts across different QuickBooks or Xero files.

The result is a single source of truth for all monthly close tasks, collaboration, and data oversight.

A New Era of Month-End Efficiency

Platforms like Keeper reimagine not just client communication but the entire month-end process—reducing the back-and-forth between email threads, spreadsheets, and accounting files. From automated anomaly detection to text-based receipt collection, these solutions let accountants focus on higher-value advisory work.

Ready to streamline your month-end and client collaboration? Watch the complete Earmark Expo session featuring Keeper. You can also earn continuing professional education (CPE) credit for learning how integrated software simplifies your workflow—giving you time back to serve your clients at a higher level.

The post Earmark Expo - Keeper: Transforming Client Communication in Accounting appeared first on Keeper.

The thing is, if you want to stand out as a professional bookkeeper, then your credentials need to be in tip-top shape. And, a certification can help with that.

Here’s the lowdown on the subject, including the best bookkeeping certificate programs worth pursuing.

Do You Need a Bookkeeping Certificate?

The quick answer is “no.” You don’t actually need a bookkeeping certificate to be successful. And, you’re not legally required to have one, either.

That’s not to say that becoming a certified bookkeeper isn’t worth it, though.

Having a bookkeeping certification will definitely boost your prospects and give you a competitive edge. Especially if you’re just starting out and want a way to jumpstart your career.

If you’re applying for a job and you’re up against bookkeepers with similar experience, employers will likely pick the one who has the best credentials. So, if you have a certification, it’s going to help you stand out.

This is especially true if you want to work within certain industry niches.

For instance, the healthcare industry has complex billing systems and compliance regulations. Having a certification shows you know how to handle sensitive data properly.

In all, we recommend looking at the industries you want to work in and researching how valuable a certificate will be in helping you land your perfect bookkeeping job.

Even an experienced bookkeeper who has racked up a few years in the industry can benefit from a bookkeeping certification (though it matters less if they don’t have one).

Common Bookkeeping Certifications

Two professional bodies provide what are considered the best online bookkeeping certificate programs.

First is the National Association of Certified Public Bookkeepers (NACPB).

This bookkeeping certificate program (each with a certification exam) is split into five parts:

1. Accounting Fundamentals
2. Bookkeeping Certification
3. QuickBooks Online Fundamentals
4. Payroll Fundamentals

Once you have completed the above courses and have at least a year’s worth of bookkeeping experience, you can then go for the Certified Public Bookkeeper License – The leading license in the US.

The total cost is $1,400 with a 28% discount given to NACPB members.

Second is the Certified Bookkeeper Designation from the American Institute of Professional Bookkeepers (AIPB).

However, this certification program is for those who already have plenty of bookkeeping experience – it is not for beginners.

To become an AIPB-certified bookkeeper, one needs to have been working as one for at least two years or amassed 3,000 hours working part-time or as a freelancer.

The 99-hour self-study course costs $1,495 for all the materials.

Other affordable options include:

• The Intuit Academy Bookkeeping Professional Certificate gives you bookkeeping basics. This online bookkeeping course costs $39/month and takes about four months to complete.
• For basic and advanced knowledge, the US Career Institute Bookkeeping Certification takes four months. It costs $589 and you get access to a career coach advisor.

Bookkeeping Certification Pros

Demonstrates You Have the Right Skills

Skilled bookkeeping clerks will always be in higher demand.

Newbie bookkeepers who don’t have years of experience can use a bookkeeping certification to prove they’ve put the effort in and taken the time to learn bookkeeping skills and accounting concepts.

If you’re experienced, then a bookkeeping certification serves as a way to enhance your credibility and willingness to stay on top of industry changes.

Essentially, if you can hit the ground running in a new role, then that’s going to work massively in your favor. Employers would prefer not to spend time and money training you and getting you up to speed.

Stand Out in a Crowded Market

It’s estimated that there are over 1.7 million bookkeepers in the US. So, you have a lot of competition!

You need to prove your value and your commitment to the role, and gaining a bookkeeping certification will help you do this.

Additionally, you can use the certification to expand your capabilities, such as offering payroll, tax preparation services, or fraud prevention.

Even an accounting administrative assistant or auditing clerk can increase their employability prospects with a bookkeeping certification.

In short, getting certified will help you stand out above the rest and catch the eye of potential employers.

Higher Earning Potential

According to Indeed, the average bookkeeper rate is $22.60. However, with experience, this can go as high as $31.65.

Payscale states that the average salary for a certified bookkeeper is $59,000/year which is a jump from the median rate of $52,652 as stated by salary.com.

While your bookkeeping career may start at the lower end of the pay scale, you can quickly raise it with a bookkeeping certification.

Holding a bookkeeping certificate gives you more leverage when negotiating your rate because it demonstrates you have advanced knowledge on the subject.

Bookkeeping Certification Cons

Upfront Cost and Time

Let’s be real here. Getting a professional certification isn’t a quick win.

You need to be prepared to put in the time and effort, which can be challenging to fit around a busy life.

For example, the NACPB Accounting Fundamentals certification will take you 13 weeks – and that’s just one of its five certifications. Then there’s the continuing education aspect of it, which takes up even more time.

The cost can create a barrier, too. NACPB and AIPB are well over $1,000 each.

True, it’s not as expensive as enrolling in your local university, but if you’re earning an entry-level bookkeeping salary, this may not be an immediately affordable option.

It’s Not Always Necessary or Recognized

As noted, many industries don’t require you to have a bookkeeping certification and prefer you to demonstrate a strong portfolio and practical experience.

Before you go down the bookkeeping certification route, perform plenty of research to determine whether it’s really going to be worth your time and money.

Check out the various bookkeeper job openings to see if they insist on a certificate or if they emphasize other skills or industry experience instead.

Often, familiarity with specific software (such as QuickBooks) is prioritized over a certification, so this may be where you need to concentrate your efforts.

Ongoing Maintenance and Renewal

Gaining a NACPB or AIPB bookkeeping certification is not a one-and-done thing.

You have to continuously maintain your certification and ensure your professional development remains up-to-date with industry changes.

• The NACPB bookkeeping license must be renewed annually. Renewal requires at least 24 continuing professional education (CPE) credits and a fee of $25.
• AIPB requires renewal every three years. You need to provide 60 CPE credits and pay a $3 fee to register each of them ($180 total).

This doesn’t sound like a lot, but it can feel like a burden when you’re balancing work and personal commitments.

Bookkeeper Skills Needed

If you decide that a bookkeeping certification is not the right path for you, what bookkeeping skills are you going to need to highlight on your resume?

Besides possessing a basic knowledge of accounting principles and tax regulations, you’ll need to know how to perform:

• Accounting concepts (double-entry bookkeeping, general ledger management, financial statement preparation, etc.)
• Accounts payable and receivable
• Bank, credit card, and financial transaction reconciliation
• Vendor tracking and 1099 management
• Financial report creation
• Accurate data entry with close attention to detail
• Payroll accounting and management

You’re going to need several soft skills, too. Employers will want to see that you can:

• Communicate effectively with clients, colleagues, and vendors
• Organize financial records and workloads efficiently
• Successfully troubleshoot and resolve issues
• Display excellent time management skills

You also need to be adaptable and a problem-solver. When challenges arise, organizations want someone who actively looks for solutions, not a person who dwells on the issue.

But above all, employers need to know that they can trust you with their sensitive financial data. Therefore, your ability to maintain confidentiality and integrity at all times is key.

Common Bookkeeping Tools

A huge bookkeeping skill to learn is how to navigate the various accounting platforms.

Believe us, there are a lot of them out there, but fortunately, some are more popular than others.

We recommend learning:

• QuickBooks Online: This should be the first place you start since it’s the most used financial accounting platform out there. It’s worth getting certified to use the software – courses are free if you sign up for the QuickBooks ProAdvisor Program.
• Xero: Another widely-used bookkeeping and accounting platform. It also offers free certifications for its software.
• Other platforms include FreshBooks, Wave, ZohoBooks, and Sage 50cloud.

Let’s not forget good old Microsoft Excel, either. This tool is commonly used alongside accounting platforms for advanced data manipulation and analysis.

Believe it or not, some organizations still solely rely on Excel for bookkeeping.

You should also learn how to use bookkeeping practice management software. Platforms like Keeper will enable you to better manage client communication and streamline your workflows (making you super efficient!).

Other tools you are likely to find yourself using include:

• Project management platforms like Trello and Asana
• Communication software such as Slack or Zoom
• You may also rely on customer relationship management (CRM) platforms like HubSpot or Zoho CRM

Get Keeper to Help Run Your Bookkeeping Business

If you’re just getting started, a successful bookkeeper launch begins with the right tools.

This is where Keeper, the bookkeeping software for bookkeeping business owners, steps in.

Keeper’s features are designed to help you close the books in half the time. How? Find out by booking a free demo.

The post Is a Bookkeeping Certificate Worth It? appeared first on Keeper.

Popular practice management solutions often integrate with accounting platforms like QuickBooks or Xero.  

Features such as automated reminders, secure portals, and customizable reporting make it easier to stay on top of tasks while saving time.  

This helps manage client workflows, track KPIs, and catch accounting errors—all in one place.

With so many options out there, how do you choose the best practice management software to transform your bookkeeping success?

If you’re curious about practice management software, let’s explore everything you need to know to help you make the best choice for your firm.

How Practice Management Software Works

Accounting and bookkeeping practice management software is designed to centralize and automate a majority of accounting functions. With this, your team can spend less time on data entry and more time on value-added work.

For example, Keeper’s practice management software integrates with QuickBooks and Xero so you can sync client data, transactions, and reports in one click. 

The software will feature a central dashboard where you can view all client communications, track projects, and review financials. 

Automated reminders and alerts also help keep you on top of deadlines and follow-ups so nothing falls through the cracks with your clients. 

Most practice management systems also offer task management features. This could include:

• Creating recurring or one-off tasks
• Assigning them to team members
• Tracking task progression/completion 
• Categorizing tasks with tags and sections
• Advanced workflow management features across multiple clients

Keeper also stands out as one of the few practice management systems that can automatically catch and correct common input errors in your client’s books. 

For example, by reviewing P&L reports at the vendor level, you can standardize reviews across your firm. 

By automating the routine tasks carried out by accounting firms daily, practice management software can help: 

• Reduce the number of errors
• Save time spent on mundane activities
• Boost the bottom line 

This helps your business grow and manage more clients with time. 

Bookkeeping-Specific Features

Now, let’s explore the unique features that make Keeper’s practice management system the best for bookkeeping firms.

CRM

Keeper’s CRM is designed to make client management easy for bookkeeping and accounting firms.

With a personal dashboard, you can see and manage all client information in one place.

Whether it’s tracking monthly closes or open transaction questions, Keeper gives you a clear view of your entire client list so your team can stay on top of everything.

Custom client properties let you organize information to fit your firm’s workflow. You can filter, hide, and save views to find what you need, whenever you need it. 

Keeper rewards you with a super personalized client management experience for your team.

Keeper also integrates with your existing tech stack via Zapier integrations. 

You can seamlessly update your client list when a proposal is signed or trigger actions across all connected platforms if something changes in Keeper.

From task management and client communication to file reviews tools all in one app, Keeper’s CRM keeps your firm connected in all the right ways, allowing you to focus on what matters most: your clients.

File Review

Bookkeeping and accounting firms can review their clients’ books faster and with more accuracy using Keeper’s file review feature.

It eliminates the need for manual checks by automatically identifying errors, inconsistent expenses, and uncategorized transactions—saving you from surprises during the month-end close.

If you choose Keeper as your practice management software, you can also say goodbye to tab switching and tool jumping. 

Scale your month-end close process up to 3x faster using the consolidated and unified dashboard. Plus, every correction made in Keeper syncs back with QuickBooks Online and Xero. 

Keeper’s file review enables more visibility by:

• Reviewing P&L reports at the vendor level
• Drilling down into individual transactions 
• Seeing cost drivers and variances without opening Excel

Keeper’s tools also show transactions coded to parent accounts, tax inconsistencies, and other anomalies so nothing gets missed.

Finally, custom-saved search reports allow your team to customize reviews for maximum operational efficiency. 

Every change is tracked in the Client Portal, providing your team with a clear audit trail and reducing errors during file review. This ensures accurate financial insights while freeing up review time for higher value work.

Client Portal

Keeper’s custom-branded Client Portal is designed to simplify client communication for bookkeeping and accounting firms while housing client records in one common place.

Bid farewell to endless spreadsheets and emails—this central hub lets your clients respond to transaction questions, share documents, and view their financials in one place.

Asking questions is easy. You can send transaction questions directly from the bank feed.

When your clients respond, you can edit transactions in Keeper and they will auto-sync back to your accounting software.

With scheduled requests and automated email/text reminders, no question goes unanswered, and it saves you time on the back and forth.

Clients also love Keeper’s Magic Link login system which eliminates the need to remember passwords—just one click, and they’re in. 

Plus, with Keeper’s mobile app, clients can respond to questions, upload documents, and stay connected on the go.

The portal provides unlimited file storage to store receipts, other financial reports, and strengthen your overall document management. 

Pro-Tip: With custom branding and white labeling, you can host the portal on your domain with your firm’s colors and logo so it feels like an extension of your business.

Keeper’s Client Portal combines ease of use with bank-grade security, creating a secure modern solution that clients will actually use.

Project and Task Management

Keeper’s project and task management features are designed to change the way bookkeeping and accounting teams work.

Keeper allows you to create, organize, and track tasks while boosting your team's collaboration and productivity.

You can get started by:

• Creating workflow templates for recurring tasks like month-end, payroll, or administrative tasks
• Assigning recurring or one-off tasks to your team so everyone is on track with minimal effort
• Using tagging and client properties features to organize tasks in a way that makes sense for your firm

Using Keeper’s single client dashboard, you can track outstanding tasks, resolve bottlenecks, and mark completed work for managers to review instantly.

Features like internal commenting and in-app chat help get issues resolved quickly and efficiently. You can also use attachments to reduce confusion. 

Additionally, Keeper helps manage non-closing tasks like tax filings or bi-weekly payroll by creating schedules that assign work to your team. 

Within the interface, you can add more clarity by breaking down projects into sub-tasks, assigning users, and marking priority tasks.

Finally, you can use daily digest emails and starred tasks to keep everyone aligned so nothing gets missed. 

1099 Management

Say goodbye to the seasonal stress of January 1099 management with Keeper on your side. 

Keeper makes the whole process smoother, so you can manage vendor compliance year-round, not just at the last minute.

With Keeper’s Prepare 1099s Report, finding 1099-eligible vendors has never been easier. The system automatically excludes credit card transactions so you only see what matters.

For vendors missing W-9s, Keeper’s Client Portal lets you request them from your clients or the vendors themselves.

You can even add W-9 requests to your monthly workflow with the newly added vendors report to practice efficiency and stay ahead of the game.

Once a vendor submits their W-9, simply update it in Keeper, and it will instantly sync back to QuickBooks Online or Xero. 

When it’s time to file, export all 1099 data in your preferred file format to trusted platforms like Track1099 or Tax1099 for easy filing.

By managing 1099s as part of your workflow, Keeper saves your team time, reduces errors, and eliminates the last-minute stress so that you can be compliant without the hassle.

Report Creation and Management

Get financial reports your clients will read—and understand—with Keeper’s bookkeeping and accounting reporting tools.

Keeper connects to your client’s general ledger so you can generate a full financial report in four clicks. 

With Keeper’s Executive Summary, you can give your clients a quick snapshot of their financials, with visuals and key metrics to make it easy to digest. 

For example, a client looking for insights on their revenue cycle management can receive customized insights. 

Keeper’s Executive Summary includes:

• Space for commentary or notes on the report
• Profit & Loss vs prior periods
• Key metrics your clients care about
• Bar charts to show year-over-year performance
• Once published, management reports can be pushed to the Keeper Client Portal with one click.

Clients are notified and can access their financials. Reports are stored in the Portal for future reference.

Plus, you can customize even more aspects of the practice management software by tracking custom KPIs and metrics specific to your client’s business. 

With Keeper’s formula-based variables, these metrics update automatically as new data syncs from QuickBooks Online or Xero.

Hence, with Keeper’s streamlined report creation, customization, and management features, you can turn your financial reporting into a valuable, insightful experience. 

Ready to Simplify Your Practice Management?

It’s your time to streamline all your workflows, boost your team collaboration, and deliver exceptional value to your clients. 

This is where Keeper comes in.

Ready to see it in action? 

Book a demo today and discover how Keeper can transform your accounting firm.  

The post What Is Practice Management Software? appeared first on Keeper.

If not, now is the time to start.

By offering specialized accounting services, you can target ideal niche clients more effectively, stand out in the competitive accounting industry, and find your lucrative niche faster.

Here’s how to get started.

What to Consider When Picking a Niche

Choosing the right industry niche can position your firm for sustainable growth. 

Here are the critical factors you should consider.

• Demand: Evaluate market needs. High-demand niches, like forensic accounting or cryptocurrency accounting, offer significant opportunities for growth. Studies have shown that employment for accounting professionals is projected to grow 6%1 by 2033, driven by evolving financial trends.
• Personal Interest: Align your chosen niche with your passion or expertise. Enjoying the work will help you deliver better results and attract ideal niche clients who value your skills.
• Profitability: Consider niches with lucrative billing opportunities. For example, working with smaller firms in private equity or law firms often comes with premium rates for specialized services.
• Expertise: Leverage your existing knowledge in a specialty accounting niche. If you have experience in real estate accounting, this expertise will help you stand out in a crowded accounting profession.

You should also evaluate your current clients for patterns that align with profitable niches. Check if there are underserved industries or services they need, such as specialized client accounting services. 

Balancing these needs with market trends, like the growing demand for cryptocurrency accounting, ensures your accounting practice stays competitive.

Pro-tip: Leverage tools like Keeper to streamline your bookkeeping processes and support niche growth.

Here are the 28 top accounting niches for you to know.

1. IRS Audit Assistance (Service)

The IRS closed nearly 583,000 tax return audits in FY 20232, recommending $31.9 billion in additional taxes. 

Providing IRS audit assistance helps your prospective niche clients meet compliance requirements while navigating these complex processes. 

This specialized accounting service is essential for small businesses and high-income earners.

2. Back Taxes Assistance (Service)

Unresolved back taxes can lead to penalties and legal action, making prompt resolution essential. 

In FY 2023, the IRS collected over $104.1 billion in unpaid assessments3 on returns filed with additional tax due, netting about $68.30 billion after credit transfers.

A niche accountant specializing in back tax assistance can help small businesses and individuals negotiate payment plans and avoid further complications. 

3. Estate and Trust Advisory (Service)

Collaborating with estate planners and high-net-worth individuals offers opportunities to manage substantial assets and complex financial structures. 

In 2022, U.S. financial institutions held approximately $127.2 trillion in assets4, reflecting significant wealth management needs.

This growing niche is where staying on top of financial statements and optimized asset management is a huge priority. 

4. Forensic Accounting (Service)

Forensic accounting plays a vital role in fraud detection, legal cases, and dispute resolution. 

Fraud costs businesses over $4.7 trillion annually5 worldwide. 

Accountants in this niche support investigations and litigation with expertise in financial data analysis.

5. Nonprofit Accounting (Service)

Many nonprofit organizations manage significant assets and resources. Working with them is far from doing pro bono work.

In 2022, U.S. nonprofits contributed $1.4 trillion to the economy6, comprising 5.6% of GDP. 

Specializing in this niche accounting practice enables you to optimize compliance and financial reporting while helping drive charitable causes through cost-saving initiatives. 

6. Cryptocurrency and Digital Assets (Service)

With the global cryptocurrency market cap reaching approximately $3.05 trillion during mid-November 2024, mastering cryptocurrency and digital assets has become an indispensable skill in the accounting domain.

Specialization in this niche can help you navigate your clients' complex compliance and valuation challenges in different industries.

7. Bookkeeping and FinOps (Service)

Did you know that organizations lose 5% of their revenue7 annually to fraud, amounting to $117,000 per case before detection?

Efficient bookkeeping services can combat this through accurate financial management in a bookkeeping business.

Keeper’s bookkeeping practice management software streamlines workflows with features like an intuitive client portal, automated file reviews, automated w-9 requesting and tracking, team task management, and so much more. 

8. Internal Auditing (Service)

Internal auditing is key to strengthening an organization’s internal controls and risk compliance practices.

According to the Association of Certified Fraud Examiners, 29% of fraud cases8 occur due to insufficient internal controls. 

Choosing to specialize in internal auditing and niche accounting services helps mitigate risks and improve operational efficiency.

9. Merger and Acquisition (Service)

Merger and acquisition services require robust financial due diligence and precise valuation. 

In 2023, global M&A deals reached $3 trillion9. 

By specializing in this niche, you can help your clients identify risks and opportunities based on the prevailing trends.

10. Transaction Advisory (Service)

Transaction advisory services help businesses structure their financial transactions while ensuring compliance with regulations. 

Accountants specializing in this niche accounting area can provide critical insights to optimize deal terms, mitigate risks, and align with business goals. 

11. Risk Management (Service)

Risk management services are critical for identifying and mitigating financial threats. 

According to PwC’s Global Risk Survey 2023, 37% of organizations feel highly exposed to cyber risks, second only to inflation. 

An accounting firm providing expert assistance in this niche often focuses on safeguarding assets and ensuring compliance.

12. Financial Planning and Analysis (Service)

Financial Planning and Analysis (FP&A) services are essential for budgeting and forecasting to drive strategic growth. 

According to Deloitte's Global Planning, Budgeting, and Forecasting Survey, over 60% of organizations plan to change their FP&A processes to enhance decision-making and resilience. 

An accounting firm providing services in this niche often gives valuable insights for creating informed business strategies.

13. Financial Controller (Service)

A financial controller streamlines accounting tech stack operations for SMBs, promising accuracy and compliance. 

Research indicates that 82% of small businesses10 fail due to poor cash flow management. 

Experts and accountants in this role can help attain stability and obtain insights for growth.

14. Fractional CFO Services (Service)

Fractional CFO services offer small business owners access to high-level financial expertise on a part-time basis. 

These services provide strategic guidance without the cost of a full-time executive. 

This allows companies to benefit from seasoned financial leadership tailored to their specific needs and budget constraints.

15. eCommerce (Industry)

The eCommerce industry demands careful handling of inventory costs, sales tax, and digital payments.

With global eCommerce sales projected to reach $6.3 trillion this year, specializing in this niche market opens opportunities for accountants to deliver vital support and drive success.

16. Real Estate (Industry)

The real estate industry relies on tailored tax strategies for investors and agents to maximize returns. 

In 2022, the U.S. commercial real estate market witnessed transactions totaling $752 billion11.

This is an indicator of the substantial opportunities for accounting firms in this industry.

17. Law Firms (Industry)

Law firms rely on accurate trust accounting and expense management to ensure compliance. 

The American Bar Association’s Rule 1.15 mandates meticulous handling of client funds, as mismanaging trust accounts or misusing client funds constitutes a violation. 

Accountants specializing in this specific niche can help firms mitigate such risks.

18. Medical Doctors and Small Clinics (Industry)

Managing insurance reimbursements and financial planning is crucial for medical doctors and small clinics to maintain profitability while ensuring compliance with healthcare regulations. 

According to the American Medical Association, 51.8% of physicians12 worked in practices with 10 or fewer physicians in 2022.

This highlights the prevalence of small medical practices and the opportunities that lie there.

19. Software/SaaS (Industry)

The SaaS industry requires precise revenue recognition and scalable financial operations to comply with ASC 606 standards. 

In 2023, the global SaaS market was valued at $197 billion and is estimated to reach $247 billion13 by the end of this year. 

By specializing in the SaaS/software niche, you can provide guidance on optimizing subscription billing and give strategic financial and growth insights to your clients.

20. IT Companies (Industry)

IT companies often grapple with challenges like managing project-based billing, allocating costs across multiple projects, and handling intricate payroll systems for diverse teams.

The global IT services market is expected to reach $1,420 billion this year14. 

Accountants can deliver significant value by implementing efficient cost-tracking systems, optimizing resource allocation, and managing tax compliance for international teams. 

21. Engineering Firms (Industry)

Engineering firms must adeptly manage project cost allocation and adhere to regulatory compliance to maintain profitability and avoid legal issues. 

In 2021, the U.S. engineering services industry generated approximately $373 billion in revenue, underscoring its significant economic impact.

22. Marketing Agencies (Industry)

Global digital advertising spending is projected to reach $740.3 billion15 by the end of this year, underscoring the importance of precise financial management in this sector.

Marketing agencies require meticulous ad spend and client billing tracking to ensure profitability and transparency. 

23. Private Equity (Industry)

Private equity firms rely on accurate reporting and financial analysis to support portfolio companies. 

In 2021, the global value of private equity deals crossed the threshold of $1.1 trillion16. 

Tip: Accountants can use tools like Keeper to help track metrics and monitor compliance while specializing in this niche.

24. HVAC (Industry)

The HVAC industry requires precise seasonality and equipment cost management to maintain profitability. 

The U.S. HVAC systems market was valued at $16.54 billion in 202117 and is expected to grow at a 5.6% annual rate through 2030, driven by energy-efficient solutions. 

Accountants provide value by helping track seasonal costs and optimize finances. 

25. Plumbers (Industry)

To maintain profitability, plumbing services require accurate cost tracking for supplies and seamless customer invoicing. 

The U.S. plumbing services market was valued at $124.2 billion18, reflecting steady demand. 

Accounting services in this specific niche focus on optimizing cash flow and transparency.

26. Electricians (Industry)

The U.S. electrical contracting market generated revenue of $202 billion in 202119, highlighting the importance of precise inventory management and cash flow tracking to sustain small businesses. 

By getting expert help from accountants, electricians can optimize your financial processes for growth.

27. Manufacturing (Industry)

In 2023, the U.S. manufacturing sector contributed $2.3 trillion to the nation's GDP20, accounting for 10.2%. 

This underscores the importance of effectively managing the “cost of goods sold” (COGS) and meeting compliance standards within the industry.

28. Trucking Companies (Industry)

In 2023, the U.S. trucking industry generated $987 billion in gross revenue21, reflecting its critical role in freight transportation. 

Effective mileage tracking and fleet management accounting are essential for optimizing operations and maintaining profitability in this industry niche.

Use Keeper to Streamline Operations

Now that you know the best accounting niches to specialize in, you need a tool to level up your game. 

When it comes to managing your accounts, Keeper is the comprehensive solution. 

Our bookkeeping practice management software streamlines workflows with advanced tools like automated reviews and management reports. 

Keeper can make your life easier by:

• Reducing the risk of errors
• Widening the scope for growth and strategic development
• Streamlining niche specialization

Learn how Keeper can transform your accounting firm’s services and help your business gain a tactical advantage in accounting.

Book a demo today!

References

1. “Accountants and Auditors.” U.S. Bureau of Labor Statistics, U.S. Bureau of Labor Statistics, 29 Aug. 2024, www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm.  
2. “IRS Releases 2023 Data Book Describing Agency’s Transformation through Statistics.” Internal Revenue Service, www.irs.gov/newsroom/irs-releases-2023-data-book-describing-agencys-transformation-through-statistics   
3. “Data Book, 2023”, Internal Revenue Service, www.irs.gov/pub/irs-pdf/p55b.pdf 
4. Statista Research Department, and Jan 31. “U.S. Assets of Financial Institutions 2022.” Statista, 31 Jan. 2024, www.statista.com/statistics/421697/financial-institutions-assets-usa/ 
5. Examiners, Association of Certified Fraud. “Organizations Worldwide Lose Trillions of Dollars to Occupational Fraud.” ACFE Press Release, www.acfe.com/about-the-acfe/newsroom-for-media/press-releases/press-release-detail?s=2022-RTTN-launch 
6. “Health of the U.S. Nonprofit Sector.” Independent Sector, 22 Mar. 2024, independentsector.org/resource/health-of-the-u-s-nonprofit-sector/ 
7. Katz, Allison. “2022 ACFE Report to the Nations: Fraud Trends and Key Takeaways.” Withum, 8 Dec. 2023, www.withum.com/resources/2022-acfe-report-to-the-nations-fraud-trends-and-key-takeaways/. 
8. Buckey, Tammara. “How to Use Internal Controls to Prevent Fraud, Waste and Abuse While Improving Auditability.” BDO, 12 Sept. 2022, www.bdo.com/insights/industries/government-public-sector/how-to-use-internal-controls-to-prevent-fraud%2C-waste-and-abuse-while-improving-auditability 
9. 2023 Annual Global M&a Report, pitchbook.com/news/reports/2023-annual-global-ma-report 
10. Desjardins, Jeff. “Here’s Why Small Businesses Fail.” Business Insider, Business Insider, www.businessinsider.com/why-small-businesses-fail-infographic-2017-8?r=US&IR=T 
11. Statista Research Department, and May 3. “U.S. Commercial Real Estate Transactions Forecast 2024.” Statista, 3 May 2024, www.statista.com/statistics/245103/real-estate-capital-flows/ 
12. Policy Research Perspectives, www.ama-assn.org/system/files/2022-prp-practice-arrangement.pdf 
13. Vailshery, Lionel Sujay. “Saas Market Size Worldwide 2025.” Statista, 10 June 2024, www.statista.com/statistics/505243/worldwide-software-as-a-service-revenue/ 
14. “IT Services - Worldwide: Statista Market Forecast.” Statista, www.statista.com/outlook/tmo/it-services/worldwide 
15. “Digital Advertising - Worldwide: Statista Market Forecast.” Statista, www.statista.com/outlook/dmo/digital-advertising/worldwide 
16. Randall, Steve. “Private Equity Has Smashed the $1 Trillion Buyout Deal Threshold.” Wealth Professional, Wealth Professional, 8 Mar. 2022, www.wealthprofessional.ca/news/industry-news/private-equity-has-smashed-the-1-trillion-buyout-deal-threshold/364683 
17. “HVAC Industry Trends to Watch out for in 2022.” ZERO HVAC Technologies, 11 Sept. 2023, www.zerohvacr.com/hvac-industry-trends-to-watch-out-for-in-2022/ 
18. “Plumbing Statistics.” WebFX, 11 Oct. 2024, www.webfx.com/industries/home-repair/plumbers/statistics/ 
19. Electrical Industry Outlook - BBB, www.bbb.org/content/dam/iabbb/marcom-assets/industry-reports/Industry%20Report_Electrical-CA.pdf 
20. “U.S. Manufacturing Economy.” NIST, 15 Nov. 2024, www.nist.gov/el/applied-economics-office/manufacturing/manufacturing-economy/total-us-manufacturing 

“Economics and Industry Data.” American Trucking Associations, www.trucking.org/economics-and-industry-data

The post 28 Accounting Niches to Boost Your Firm’s Revenues in 2025 appeared first on Keeper.

With that said, here are four concrete strategies for streamlining core accounting tasks to reach maximum efficiency. 

1. Integrate Your Task and Project Management

For many accountants, one of the biggest time drainers is simply spending too much time managing day-to-day tasks and big-picture projects. 

Say, for example, you assign someone on your accounting team an inventory or expenses task through a 3rd-party project management software like Asana or Trello. 

You have to jump back and forth between that platform and your accounting software to update those accounting tasks. This is incredibly inefficient and can lower productivity. 

However, using bookkeeping practice management software like Keeper lets you handle task management and project management from a single location. 

That way you can organize workflows in one place.

You can conveniently track the progress of your clients closing and non-closing tasks from start to finish for full visibility and tighter collaboration. By using internal chat features, you can work through problems quickly and attach files right from within the platform to ensure nothing is missed.

And by creating workflow templates, you can automate assigning tasks by re-applying them each month. 

Whether you’re dealing with expenses, inventory turnover, receivable turnover, payable turnover, or any other accounting processes, this feature keeps things organized while eliminating repetitive tasks that are common with manual accounting. 

2. Streamline Client Communication

Like anyone in financial services, ongoing communication with all your business clients is extremely important to the success of an accounting practice. But there comes a point when you have to ask, “How much time is wasted because of inefficient client communication?”

For many in the accounting industry, the number is uncomfortably high. 

Fortunately, we’re at a point where accounting automation can facilitate clear communication to ensure clients get the service they need without harming operational efficiency. 

Take, for instance, a custom-branded client portal. 

Here your accounting firm can manage all aspects of communication from a single, convenient location. You can centralize communication to ask questions and get responses, view financial data at a glance, and submit receipts and documents. 

Follow-ups can be streamlined by an accounting professional creating scheduled requests and automating messages to obtain important client information quickly and efficiently.  

And when it comes to the dreaded spreadsheets, they can be eliminated by asking questions about a transaction right from within the bank feed, with your work from those answers automatically being synced to QuickBooks Online or Xero for maximum efficiency.

3. Automate W-9 Collection and Follow-up

Here’s the scenario. Your outsourced accounting firm sends out W-9s to client vendors so you can report their financial records to the IRS. However, you encounter vendors who either don’t care or don’t respond to your accounting team. 

This is one of the most hated parts of an accountant or bookkeeper’s job and can put a serious strain on productivity. 

If you’ve ever found yourself in this situation, you’ll be happy to know that there’s now a way to automate W-9 gathering, as well as follow-up, which can save you a ton of time when you’re running accounting services. With bookkeeping workflow software, the platform will automatically determine which vendors have reached the 1099 threshold by analyzing financial transactions.

Once they’ve been identified, you can use the platform to quickly send out a request to reach out to them directly.

From there, you can easily track the progress from within the platform to see who’s completed their W-9 and who hasn’t. Keep in mind that you can either upload your own W-9 or use Keeper’s form-fill that generates a brand new one entirely for you.

Once the vendor has filled out the form, the information is automatically synced with QuickBooks Online or Xero, and it’s ready to go for far greater efficiency. 

4. Automate Financial Reporting

Producing accurate financial reporting on things like cash flow, assets, and expenses is critical to your finance team providing clients with high-level insights to guide their financial management decisions. 

However, generating and sharing this information with clients — especially in a way that’s easy for them to understand — is often easier said than done. And when you get “too much in the weeds” with a financial report, it can shave hours off your week. 

But this too is an area that can largely be automated for greater accounting efficiency. 

For instance, with Keeper, you can easily connect to your client’s ledger with just four clicks. 

You can then produce reports that are not only in-depth and measure what truly matters with assets and accounts but produce user-friendly reports with intuitive visuals. That way, your clients can make data-driven decisions without having to be data scientists. 

And rather than having to send financial reports through email or a different platform, your accounting firm can publish them directly through a client portal with a single click. 

If you’ve ever run into problems efficiently producing timely, accurate reports and found that it takes up more time than it should, this technology can be a breakthrough. 

Work More Efficiently with Keeper Bookkeeping Practice Management Software

Accounting efficiency is important on many levels. It increases productivity, reduces labor costs, and boosts client satisfaction. 

And when you zoom out and look at the big picture, accounting efficiency frees up your time so you can focus on advising your business clients to set them up for financial success. 

When it comes to bookkeeping software for accountants that checks all the boxes, Keeper is one of the best options available. 

From task/project management to streamlining client communication to automating W-9 gathering to automating financial reporting, Keeper has all of the features you need for process improvement. It’s also the first platform powered by a 2-way integration with QuickBooks Online and Xero. And with transparent, scalable pricing, you can get the exact plan you need to grow your accounting department while maximizing efficiency. Book a demo today.

The post Efficiency in Accounting: How to Work Smarter and More Effectively appeared first on Keeper.

But with bookkeeping accounting workflow automation, you can drastically increase your productivity to close the books quicker, while optimizing the client experience. 

What Should You Automate? (And What Should You Not?)

Research has found that most accountants waste much of their time on manual tasks. For perspective, one study that surveyed 250 bookkeepers and accountants found that “56% spend too much time on manual tasks.”

Further, “The survey revealed that, on average, 26-50% of tasks are currently automated. However, when looking to the future, respondents feel this will grow, with 51-75% of tasks predicted to be automated in 10 years.”

These numbers show that bookkeeping workflow automation is fairly well utilized today and can help streamline the accounting process. However, there’s plenty of room for improvement, and widespread implementation should gradually happen over time. 

Getting on board with accounting workflow management automation now should give you an edge over many competitors and make you an in-demand accountant that many business owners seek. 

The question is, what accounting workflow tasks should you automate, and which should you not?

This will vary depending on who you ask, but we feel that most bookkeepers can benefit from automating the following accounting tasks:

• 1099 management
• Notifying clients when they need to complete an action
• Accounting team task management
• Data entry
• Accounting journal entry
• Payroll processing
• Invoice processing
• Expense tracking
• Cash flow tracking
• Bank reconciliation
• Financial reporting

As for tasks that shouldn’t be automated, here are some that immediately come to mind:

• Complex transactions
• Detailed financial analysis
• Giving a client regulatory advice
• In-depth client interactions (on intricate topics that demand one-on-one communication)

The key to designing a successful accounting workflow is identifying where automation should be used and what should be left as a manual process. With that said, here are six automated workflows you can leverage to handle tasks without compromising the client experience. 

1. W-9 Requests and Tracking

If we’re being completely honest, it’s fair to say that requesting W-9s and tracking 1099-eligible vendors is one of the most unpleasant parts of accounting. 

You have to identify who meets the threshold to receive a 1099. Then you have to send a w-9 form and wait for it to be filled out. 

If the client is busy, doesn’t want to contact their past vendors, or overlooks it entirely, this could take a while.

And if there are any issues and you need to request revisions, this can lead to additional back-and-forthing before the process is finalized. Then, you have to update the client info in QuickBooks Online, Xero, or whatever accounting software you use. 

It’s a major pain and a part of accounting that can be a serious time drainer. 

Fortunately, 1099 w-9 requesting and tracking can be largely automated with bookkeeping practice management software like Keeper. With Keeper, you can easily identify who meets the threshold without doing it manually. 

You can conveniently make requests through the Client Portal and keep track of reminders until you get the client information you need.

And when the client information is updated, Keeper will automatically sync it with QuickBooks Online or Xero, with no additional lifting on your end. 

If you’ve ever felt the frustration of gathering W-9s, this is one of the main automated processes you’ll be interested in. 

2. Client Reminders and Notifications

Needless to say, close client communication is a critical part of effective accounting. As a bookkeeper, you must keep clients in the loop and get important information when running your accounting practice.

But at the same time, constantly sending manual client reminders and notifications can eat away at your productivity, making it harder to close the books on time.

That’s why basic client interactions should definitely be part of your automated accounting workflow.

For example, with bookkeeping workflow software, you can conveniently organize and store all of your clients in a single dashboard.

When you need to send a reminder or follow-up, you can create scheduled requests or automated messages, letting a client know about outstanding questions that demand their response.

On the client’s end, they have a single accounting platform to answer questions and view documents. This means they don’t have to bounce around from platform to platform or wonder where to reply to your messages, making their life easier.

That way, you don’t have to spend an exorbitant amount of time on client communication, which helps you to focus on the nuts and bolts of accounting operations. At the same time, this creates a more streamlined experience for the client as well, for a win-win.

3. Bookkeeping Transaction Categorization

Before you can perform financial analysis, identify spending patterns, or make data-driven decisions, you first need to know where funds are coming from and being spent on. The problem is that manual transaction categorization can be incredibly time-consuming, with a high probability of errors. 

But this is yet another area that can be dramatically streamlined with a workflow accounting process. 

Take, for instance, expense inconsistencies. Keeper’s accounting automation management software will automatically highlight transitions that may have been miscoded by comparing expenses against historical client data. 

That way, you can quickly pinpoint potential issues and resolve them without manually having to sift through mountains of data. Once a correction is made, it’s automatically synced to your accounting software, saving even more time. 

And when it comes to uncategorized transactions, you can easily view them in a single location. 

Instead of combing through piles of information, you can quickly fix uncategorized transactions, with all client responses and documentation being automatically saved for quick reference later on. 

If someone in your accounting team needs to see what happened during an audit trail, they can quickly find it. Or if a client wants to see the details, they can easily locate it as well. 

4. Client Financial Reports

Whether it’s budgeting, investing, or strategic planning, helping a client get ahead requires data-driven decision-making. Gaining those necessary insights requires comprehensive, accurate financial reports with detailed accounting data. 

Historically, generating financial reports has been a labor-intensive process. But that’s no longer the case with the right workflow management software. 

A core feature of Keeper, for example, is custom management reporting that provides a comprehensive overview of everything you need to help a client operate at their peak potential. 

From cash on hand to sales to total expenses to spend by category and beyond, Keeper can provide a clear picture of a client’s financial state. 

But it goes much deeper than that. 

Keeper even lets you track custom KPIs that are the most integral to an individual client and create variables using formulas from directly within the platform. 

Whenever client data on QuickBooks Online or Xero is updated, these metrics are simultaneously updated as well. 

In turn, you can generate critical insights without a ton of heavy lifting, and share your findings with clients through user-friendly graphs and charts that are easy to digest. This means a client doesn’t have to be a data scientist to unpack your findings. 

At a glance, they can understand what’s happening and tangibly apply the data to improve their finances moving forward. 

You can even publish a financial report right from the client portal for added efficiency. 

5. Employee Task Management

Equally as important as client communication is team communication. Whatever project you’re working on and the specific task, you need to keep everyone in the loop and prevent critical information from being siloed. 

And if you can do that efficiently without falling down the back-and-forthing trap, that’s even better. 

Keeper — a bookkeeping software for accountants — allows you to do just that. With it, you can create workflow templates, manually assign clients and deadlines, and then watch the work get done. 

Once a task has been assigned, you can track the progress from start to finish, while having a bird’s-eye view of what’s happening with your clients at all times. 

Because workflow templates and one-off tasks are automatically re-applied each month, you can save yourself an extra step so that you can work on more pressing tasks and close the books quicker. 

Besides that, you can automatically send emails out each week to let your team of accounting professionals know about high-priority tasks that are either overdue or will be due soon. 

So if an important task for a particular client needs their urgent attention, they could instantly prioritize it and wrap it up before issues arise. 

6. AI Receipt Management 

Anyone who’s been working in accounting knows how overwhelming receipt management can be. Without a streamlined workflow receipt management system, things can quickly spin out of control. 

In the past, this has mainly been done manually, which can put a damper on productivity. Luckily, cutting-edge AI technology now exists that makes receipt management a breeze, while automating much of the process. 

Here’s how it works. 

First, a client uploads receipts through a client portal, mobile app, text, or email — whatever is most convenient for them. 

Next, the receipt management software pulls the data from uploaded receipts. Using specified rules and AI, it then makes coding suggestions. 

Finally, once the receipt has been edited, it can be posted to a client’s ledger, where a new transaction is automatically created. You can also open the transaction in QuickBooks Online or Xero.

At scale, this workflow automation can be a breakthrough for accounting firms and significantly speed up the monthly close. Not to mention, it simplifies the lives of your clients as well. 

Automate Your Bookkeeping Workflows with Keeper

As we’ve learned, using the right automation workflow processes can have an immense impact on the efficiency of accounting firms. In fact, studies estimate that automating repetitive tasks can increase efficiency by up to 44%.

But is it possible for a bookkeeper to automate all of these tasks through a single workflow management software.

Yes, most definitely. 

Keeper offers robust features that cover every single area mentioned above. From 1099 gathering and client reminders to financial reporting and managing employee tasks, you can tackle everything to help your firm run like a well-oiled machine. 

Note that Keeper is also the first workflow management software that integrates with both QuickBooks Online and Xero. And with countless integrations, you can do everything in one app so that you don’t have to jump around to multiple programs. 

Accounting firms that use Keeper are often able to close the books in half the time. You also pay per client, not per seat, and have a month-to-month contract with no long-term commitment. There’s even a risk-free trial with no credit card required, so you can take it for a spin. 

To learn more about Keeper, book a demo today.

The post 6 Must-Have Bookkeeping and Accounting Workflow Automation Processes appeared first on Keeper.

Let’s explore some of the best ways to speed up the process so you can focus on providing more valuable services to your clients.

What Are Uncategorized Expenses?

Uncategorized expenses are expenses that appear in bookkeeping or accounting software but haven’t yet been matched with a category from the chart of accounts, like office supplies, travel, or direct labor.

While they may be immaterial individually, uncategorized expenses can quickly become significant in the aggregate, adding an element of uncertainty to your records that must be resolved before you can close the books.

The Soul-Crushing Time Waste of Manually Categorizing Expenses in QBO and Xero

Accounting software like QuickBooks Online (QBO) and Xero can streamline some routine aspects of bookkeeping, but they’re not very efficient when it comes to manual categorization of expenses.

Even if you follow a month-end close, minimizing the time uncategorized expenses have to accumulate, it can take anywhere from several hours to a few business days to resolve them each period, depending on transaction volume and complexity.

For one thing, QBO and Xero put the onus on the accountant to seek out and correct uncategorized transactions instead of flagging them when they occur. 

They often fly under the radar until you run a profit and loss (P&L) report only to discover thousands of dollars in uncategorized costs.

Once identified, you have to drill down into each expense transaction and reassign it individually. Even when they're multiples of the same transaction type—like a recurring subscription—you can’t adjust them in batches.

The process becomes even more time-consuming when the proper categories for the expenses aren’t immediately apparent, and you have to cross-reference your supporting documents to try and figure them out.

In the worst-case scenario, you may have to ask your client for help. That’s often the most significant delay of all since you have to:

• Draft a professional email explaining the issue
• Wait for a response, which isn’t always prompt
• Follow up if your client takes too long to answer
• Clarify incomplete responses when you need more details
• And more often than not, edit client spreadsheets on their behalf

As powerful as QBO and Xero can be, they’re just not well-suited to manually resolving unknown transactions. If you do all your bookkeeping work in those tools, you’re sure to spend more time on the process than you’d like.

How To Speed Up Expense Categorization and Reconciliation

Let’s explore how you can use software like Keeper to speed up the expense categorization and reconciliation process, shorten your month-end close, and free up time to focus on more valuable and rewarding work.

1. Use Software To Identify Expense Inconsistencies

One of the most effective ways to streamline the expense categorization process is to use software that automatically identifies potential inconsistencies, saving you from having to track them down yourself.

By connecting to your clients’ ledger files, Keeper analyzes your client’s previous financial activities and flags expenses that receive contradictory treatment, giving you the opportunity to determine if their expense category was entered incorrectly.

For example, if your client typically records purchases from a vendor as Office Supplies but a recent payment to them was unexpectedly categorized as Miscellaneous, Keeper can recognize that and bring it to your attention.

These types of inconsistencies are much harder to recognize than an uncategorized expense. Instead of being consolidated in one obvious place, they may be scattered throughout your client’s financial records, blending in with correctly categorized transactions.

You might not even suspect there’s an issue unless you notice a variance in your business expense totals compared to previous periods, and even then, narrowing it down to specific transactions requires a painstaking manual review.

Using software to flag all of the potentially problematic transactions streamlines the process significantly. Instead of manually comparing your expense categories to your historical records each period, you automatically get a list of expenses to review at once before sending them all off to the client.

2. Use Software To Flag Other Common Transaction Errors

In addition to identifying expense categories that differ from established patterns, Keeper can highlight other common transaction issues and further streamline your month-end close. 

For example, some of the other potential problems it can flag for you include:

• Missing transaction detail: Expenses may have a category assigned but lack other critical transaction details, such as a class, location, customer, or necessary attachments, like receipts. Keeper makes it easy for you to add in whatever’s missing.
• Transactions above cash value: Transactions above a certain dollar amount may constitute multiple expenses that should be separated into different categories, such as a $1,000 Amazon purchase that contained Office Supplies and Raw Materials. Keeper can highlight these to streamline splitting them up.
• Transactions auto-added by a bank rule: Sometimes, bank transactions are auto-coded by preexisting rules, such as all payments to a legal vendor being categorized as professional services. Keeper can flag these to help you double-check that no exceptions are needed.
• Transactions coded to a parent account: Transactions sometimes get categorized to broader parent accounts rather than more specific accounts. For example, Keeper can highlight all expenses coded to Advertising rather than Social Media to help you decide if they need to be in a more appropriate account.

Ultimately, Keeper significantly reduces the hours you need to spend combing through financial transactions for all kinds of potential problems. You can also customize the types of transactions it flags for you to avoid wasting time on things that aren’t actually an issue.

3. Batch Categorize Transactions

One of the most time-consuming and repetitive aspects of bookkeeping with tools like QBO is the need to edit each individual transaction. When you have a high volume of changes to make, the process can easily take hours, even if the corrections you’re making are relatively simple.

For example, say you notice that fifty transactions with the same vendor have been miscategorized as Supplies when they should be under the Cost of Goods Sold. 

To correct the issue in QBO, you’d need to click on each transaction, manually update the category, click back out, and repeat the process dozens of times.

With Keeper, you can select all of the transactions from the same page and assign the new category simultaneously. Instead of spending ten minutes clicking back and forth, you could have accurate financial records in a few seconds.

In addition to speeding things up, batch categorization also ensures that all the transaction updates you make are handled consistently, reducing the odds that you’ll make a mistake. Without it, you’re much more likely to categorize a transaction differently or forget one altogether.

4. Ask Clients Questions In-Portal

Identifying and resolving improperly recorded transactions by hand can be incredibly time-consuming, but trying to get answers from your clients via email may be even worse.

Small business owners are busy, and your messages to them often get buried, forgotten, or flat-out ignored. Even when clients do respond quickly, their answers might be incomplete or unclear, which only prolongs the back-and-forth.

With Keeper, you can finally stop emailing spreadsheets to your clients. Keeper lets you give your clients direct access to the platform instead, allowing you to communicate with them in the same place where you do your work.

That provides several significant benefits, including:

• Clearer communication: You can attach your questions directly to a client’s bank account feed, putting everything in context and making it much easier for them to understand what you’re referring to.
• Seamless workflows: Instead of having to switch between apps or tabs, you can assign questions, leave notes, and instant message with your clients on the Keeper platform. When you get answers, you can also immediately make adjustments in the same location.
• Automated reminders: If your clients ever neglect to answer you in a timely manner, you can schedule automated email or text messages that will remind them to respond to your outstanding questions. 

Keeper’s centralized system isn’t just convenient for bookkeepers. It’s also beneficial for your clients, giving them a single hub for communication and support. It even comes with magic links that allow them to sign in without a password.

5. Use Project Management Software for Quicker Management Review

Management review is an essential step in the month-end close, ensuring everything is approved by a supervisor before being finalized. While that can be cumbersome with traditional systems, project management software can streamline the process significantly.

The downside to most project management solutions is that they’re entirely separate from the software you use to actually do your bookkeeping work. For example, there’s no project management tool within QBO or Xero. You have to rely on something external to stay organized.

However, Keeper has built-in project management features that allow your team to keep track of everything they’re working on without ever leaving the app. They’re also more powerful than you might expect, capable of:

• Creating workflow templates: Keeper’s bookkeeping workflow software lets you create reusable templates for month-end closes, automatically creating, organizing, and tracking tasks and subtasks.
• Assigning and categorizing tasks: You can add tags and categories to tasks within Keeper, making them easy for your team to filter and prioritize at a glance.
• Facilitating collaboration: Keeper doesn’t just help you communicate with your clients. It also lets you chat with and leave localized comments for your team.

Keeper makes the management review process simple and efficient. Managers are automatically notified when the books are ready for them, and with everything organized and consolidated, it’s easy for them to make necessary changes, provide feedback, and sign off.

Speed Expense Categorization With Keeper

Keeper’s file review tools can streamline the expense categorization process and help you close the books each month in record time. 

We designed them to help you tackle all the most time-consuming parts of the process, from identifying problematic transactions to reminding clients to answer your questions.

But Keeper’s capabilities don’t stop there. Our goal is to provide bookkeepers and accountants with a single platform where they can do all their work, so it also includes features that support:

• Form W-9 and 1099 management
• Receipt capture and organization
• Customer relationship management
• Bookkeeping and accounting practice management
• Two-way syncing with QBO and Xero
• Customizable integrations with Zapier

Schedule a demo with one of our experts to test drive the comprehensive bookkeeping practice management software trusted by thousands of accounting firm owners.

The post The Definitive Guide to Uncategorized Expenses appeared first on Keeper.

However, with so many options to choose from, it’s all too easy to wind up with bloated systems and inefficient workflows. Here’s a guide to building an accounting tech stack that covers all your bases without unnecessary complexity.

1. Client’s Ledger Tool

One of the foundations of your accounting tech stack is the ledger tool you have your clients use for their bookkeeping. As the ultimate home of their financial records, it plays a central role in your practice’s systems.

As a result, it’s critical to recommend a tool that integrates with the rest of your accounting software solutions. Ideally, it should also provide the features clients want without sacrificing usability or breaking their budget.

Some of the most popular options to consider include:

• Intuit QuickBooks Online
• Intuit QuickBooks Desktop
• Xero
• Sage Intacct

If a prospective client's finance team already uses a different accounting automation software, you might not be able to make them change, but be careful about accepting other solutions. Juggling multiple bookkeeping tools can make life much more difficult, especially if you don’t have a tool like Keeper that syncs with them.

Not only is it often inefficient to switch back and forth between solutions, but it also requires your staff to spend time learning how to use each tool.

2. Customer Relationship Manager

A customer relationship manager (CRM) is a tool that helps your business manage interactions with current and potential clients. More specifically, it should allow you to document, organize, and analyze customer information in one location.

Fortunately, you don’t have to look for a separate product that does the trick. As part of our mission to offer comprehensive bookkeeping practice management software for bookkeepers and accountants, Keeper includes robust CRM features.

From your dashboard, you can view a list of all the clients connected to your account. You can also assign custom properties to each one, such as industry or service tier, which you can then use to sort and filter the list as needed.

You’ll also see a summary of all the information you have on that client in one place, including:

• Monthly close and payroll status
• Unanswered transaction questions
• Vendor requests
• Client-submitted documents
• Instant chats with the client
• Staff assigned to the client

Consolidating and organizing your client information like this makes it much easier to stay on top of outstanding tasks for each client, respond to their communications quickly, and maintain strong relationships, which is essential to growing your business.

3. Project Management

Project management software is designed to provide an intuitive and efficient system for tracking, organizing, and prioritizing tasks.

In the bookkeeping and accounting industry, timeliness is at a premium, so it’s an especially important tool to have for an effective tech stack.

One of the problems with most project management solutions is that they’re entirely separate from the rest of your workflows. They require you to toggle between different apps or tabs, which may seem like a minor disruption but can create real inefficiencies.

That’s another issue that Keeper can help you solve by integrating project management features into the platform. With its built-in task management tool, you can keep track of everything you’re working on and do that very work in real time, without having to leave the app.

It’s no glorified spreadsheet either. Keeper can facilitate all of the following:

• Workflow templates: Create reusable workflow templates for month-end closes, automatically assigning tasks and subtasks. That takes the guesswork out of recurring projects, potentially reducing your planning time each month.
• Collaborative tools: Internal chat and comment features let you link directly to tasks, making it easy for team members to collaborate and solve issues quickly without having to send emails back and forth.
• Task categorization: Add tags and categories to both tasks and clients, making it easy to filter and prioritize responsibilities. You can see what needs immediate attention across your entire client list at a glance.

Stop juggling extraneous apps and start keeping track of your work where you actually do it. By streamlining your project management with Keeper, you can help make your entire practice more efficient.

4. Expense Management

Managing employee expenses without a dedicated solution is often incredibly inefficient

Your team members may have to track their costs with manual data entry, submit expense reports via email, and wait weeks for approval and reimbursement without updates.

Expense management software facilitates every step in the process, making it much more convenient for your staff to document their expenses, submit reports with receipts attached, and track the status of their pending reimbursements.

In addition, tools often allow you to create and automate customized approval workflows, which can shorten the processing time significantly. Here are some popular options to consider:

• Expensify
• BILL Divvy
• Ramp
• Brex
• Navan

Since many of these tools let you issue corporate credit cards to your team or finance leaders, they can also help you accrue points or cash back rewards that you can use to offset your business expenses.

5. HR/Payroll Software

Human resources is another aspect of your accounting practice that you probably can’t afford to manage entirely by hand.

Software can help automate many time-intensive tasks, including employee onboarding, payroll payment processing, and benefits administration.

Just as importantly, payroll software helps protect you from human error, and payroll compliance mistakes can be costly. As a result, it’s well worth including a payroll automation solution in your accounting technology stack.

Fortunately, there are many reliable options to choose from. Here are some popular options you might want to consider:

• Gusto
• Rippling
• Paylocity
• ADP Workforce
• Paychex

While most payroll management software share certain fundamental capabilities, they can have significant differences. One factor you should make sure to consider is the degree to which each software solution helps with compliance.

A tool with robust financial reporting features can save you a lot of time and effort, but they may cost significantly more than one that requires you to handle compliance on your own. You have to determine which makes the most sense for your needs.

6. Team Email Account, Calendar, and File Sharing

Every accountant's practice needs email, calendar, and file-sharing tools. It’s easy to take this kind of administrative software for granted, but it’s fundamental to your team’s ability to communicate and collaborate with each other and your clients.

Even if you use a platform like Keeper to send instant messages, organize day-to-day tasks, and share sensitive documents, you’ll still need to supplement them with these traditional tech tools to have a fully functional system.

Since you’ll be constantly using these tools in some capacity or another, it’s essential that you choose intuitive, reliable products. Two of the top options to consider include:

• Google Workspace: Google Workspace provides a robust suite that includes Gmail for email, Google Calendar for scheduling, and Google Drive for file sharing.
• Microsoft 365: Microsoft 365 offers an integrated solution with Outlook for your email and calendar, Microsoft Teams for messaging, and OneDrive for file sharing.

Using a single cloud-based system for all three functions is usually preferable to mixing and matching your email, calendar, and file-sharing tools. There’s a synergy between them that makes navigating them much more intuitive.

That said, which one you prefer largely comes down to personal preference. Play around with a few different options to gauge which user interface works best for you and your team.

7. 1099 Management

1099 management is consistently one of the most headache-inducing aspects of running a bookkeeping or accounting firm.

Determining which vendors need forms and filing them by the dozen is hard enough, but requesting W-9s and following up with the inevitable non-responders can be even more frustrating and time-consuming.

As a result, 1099 management software is often a worthwhile addition to a modern tech stack. It can significantly streamline many aspects of the process, saving you time and helping to prevent data-entry errors.

This is another area where Keeper shines. Our 1099 document management software can make life much easier for you.

The Prepare 1099s Report integrates with your client’s ledger tool and automatically identifies which vendors meet the reporting threshold, excluding credit card transactions by default.

If one of a client’s qualifying vendors is missing a W-9, you can request that your client or the vendor send you a copy directly through the app. Once received, you can save it to the client’s file on the platform, where it will sync back with their ledger tool.

When it’s time to file, you can also export all the financial data in your preferred format to streamline the preparation process in a product like Track1099 or Tax1099.

8. Automation Features

To build complete accounting tech stacks, you usually need multiple platforms. That typically involves some unavoidable level of inefficiency due to the need to jump between tabs or apps, but it doesn’t have to.

Fortunately, dedicated automation software can help you customize automatic workflows that connect your disparate tools and significantly streamline otherwise time-consuming processes.

For example, you might construct a workflow automation that triggers whenever you add a new client to your bookkeeping CRM. It could create a new folder for them in your file-sharing system and send a welcome email with an onboarding checklist.

Zapier is arguably the world’s leading tool for this kind of automation. It can connect to thousands of integrated apps, providing the flexibility to construct virtually any workflow you need.

Its user interface is also fairly intuitive and requires no coding, so you don’t have to be tech-savvy to make it work for you. In fact, it comes with a library of pre-built workflows called “Zaps” that you can use to automate many popular tasks.

If you’re looking for a more budget-friendly alternative, Make (formerly Integromat) is one to consider. It doesn’t have as many pre-built workflows and so may require more know-how, but its paid plans are significantly cheaper.

Increase Your Productivity With Keeper

By keeping accounting tech stacks as lean as possible and automating workflows with tools like Zapier, you can minimize the inefficiencies usually associated with having to work across multiple software solutions.

That said, juggling tools is still going to cost you time, even if that’s only by forcing you to set up automated workflows upfront. It can also be expensive, as each solution you add to the mix may require an additional subscription.

One of the best ways to maximize your productivity with the right tech stack while minimizing the impact on your resources is to use a bookkeeping workflow software that can facilitate several processes that usually require separate products.

Keeper is exactly that. We’ve designed it to give bookkeeping and accounting professionals one place where they can do all their work. For example, it includes features designed to replace software for:

• Project and task management
• Form 1099 management
• Receipt management
• Bookkeeping client portal
• Customer relationship management

Book a demo today and learn why thousands of accountants trust Keeper to power their practices.

The post How to Build Your Accounting Tech Stack appeared first on Keeper.

In this bookkeeping services list, we’ll highlight eight of the most essential bookkeeping services across the board, and explain the details of how bookkeepers serve their clients.

1. General Ledger Management

This is one of the most fundamental yet important parts of online bookkeeping services and can include several different tasks.

• Recording and organizing financial transactions, such as payroll processing, business purchases, and sales into a general ledger
• Recording debits and credits a business owner makes to maintain an accurate balance of the ledger
• Preparing the books for the month-end close to ensure client information is accurate
• Preparing financial statements
• Performing financial reporting to generate graphs that provide a detailed overview of things like income statements and balance sheets
• Ensuring that client financial records comply with relevant federal, state, and local regulations

And if business owners are ever audited, a virtual bookkeeper will use their accounting software to help with both internal and external audits to streamline the process and get the situation under control.

Outsourced bookkeeping services can go beyond these bookkeeping tasks and are tailored to the specific needs of each client, but these are the fundamentals that are critical for core business operations.

2. Transaction Classification

Another critical part of running a business that can benefit from accounting services is breaking transactions into different categories, as it serves two main purposes.
One, it helps business owners maintain accurate financial reporting, which is crucial for tax filing.

Two, it streamlines financial analysis, because a bookkeeper can see exactly how the business is generating revenue and where they’re spending money for an overarching viewpoint.

Having this perspective allows them to better understand financial trends so they can make better decisions moving forward.

In terms of specific types of transactions, a bookkeeper may categorize them into:

• Income that can include money earned from the sales of products or services, as well as interest
• Monthly expenses that can come from employee payroll, building rent, equipment, inventory management, utilities, and other overhead costs
• Assets which can include things like property or equipment owned
• Liabilities are any debts business owners owe, such as a commercial mortgage or outstanding invoices owed to vendors or supplier

Because transaction classification can be confusing for many business owners and transactions need to be continually reviewed, outsourcing bookkeeping to a certified public bookkeeper or a certified public accountant often makes more sense than handling this area of accounting in-house or paying for an expensive CFO service.

3. Bank and Credit Card Reconciliation

This is the part of bookkeeping where a professional looks at a business’s financial records to compare bank and credit card statements with internal records to see if they match.

If there are any discrepancies, a bookkeeper accounting service will pinpoint exactly what the differences are, how much, and the dates on which they occurred.

From there, a bookkeeping service will investigate further to see what caused the discrepancies and figure out what needs to be done to resolve them.

Besides that, these business services document the bank and credit card reconciliation process from start to finish to make sure the information is properly documented.

This is necessary in the event of an audit or if a financial institution like a lender wants to see the details.

It’s also important to identify fraudulent activity because the quicker discrepancies are caught, the quicker action can be taken by an accounting firm to figure out what was the cause and how to prevent it from happening again.

Because many businesses are continually making credit card transactions, it’s usually best for this to be a monthly bookkeeping service. Otherwise, if there’s a lengthy gap with statement comparison, they may not catch it in time.

4. Track Vendors and Manage 1099s

Most vendors, like freelancers and independent contractors, who reach a $600 threshold annually are required to receive 1099s at the end of the year for tax filing.

Another core part of accounting services involves:

Ensuring the appropriate vendors are identified
Vendors are set up to receive 1099 forms
1099s are properly prepared and sent out to vendors
Vendors fill out 1099s correctly and file them on time by the IRS deadline

This ensures that each vendor’s financial records are accurately reported and IRS compliant. Otherwise, there may be penalties and/or audits.

This aspect of accounting services is, admittedly, one of the more frustrating ones for many bookkeeping service providers. Requesting, tracking, and asking for revisions on 1099s can be a major headache for even the best online bookkeeping service.

A helpful tool for streamlining this part of accounting is 1099 tracking software from Keeper, which allows a bookkeeper to see which vendors may require 1099s according to the reporting threshold and conveniently request them.

Once a vendor has successfully filled out their information, Keeper automatically syncs it to QuickBooks Online or Xero, which can save a bookkeeping service a ton of time. The end result is accounting services spending far less time chasing down 1099s and a consistently high level of accuracy.

5. Process Payroll

Process payroll handles all aspects of payroll, which can include:

• Calculating employee wages
• Deducting taxes
• Reporting taxes
• Setting up employee payment methods like physical checks or direct deposit
• Issuing payments
• Keeping track of paid time off and benefits
• Preparing W-2 forms
• Creating payroll reports

Due to the number of moving parts involved with payroll processing, it’s easy to understand why many business owners prefer to use professional accounting services. Just look at what’s involved.

Even small business bookkeeping with just a handful of employees can be difficult to handle. And for those with numerous employees, payroll can be incredibly difficult to manage with DIY bookkeeping.

Not to mention, accurate payroll reporting is essential to maintaining compliance and is vital for getting employees successfully paid on time and without unnecessary friction. That’s why it’s common to offer payroll service as a central part of bookkeeping packages.

6. Send Invoices and Manage Accounts Receivable

There are three main components involved with sending invoices and managing accounts receivable with an online bookkeeping service.

The first is creating customer invoices, which can include the products or services sold, the total amount, when payment is due, and any specific payment terms.

Second is tracking payments, which is typically done through an accounting system. Here, bookkeeping services monitor when an invoice is sent out, whether it’s been paid or not, and how much longer a customer has to pay if it hasn’t been paid.

Third is identifying overdue invoices so reminders can be sent. Besides getting invoices to customers, many accounting services will assume responsibility for hunting down late payments.

With sending invoices and managing accounts receivable being so critical to cash flow management and building strong customer relationships, it’s an area of accounting that many businesses only entrust to a professional tax services provider.

Whether it’s someone with a physical office that a client interacts with directly or a virtual bookkeeping service, this is critical to keeping the cash flowing so a business can grow and expand.

Doing it efficiently requires using the right accounting software, automating tasks like identifying overdue invoices, and having an effective collections strategy in place to get business owners paid as quickly as possible.

7. Pay Bills and Manage Accounts Receivable

While sending invoices and managing accounts receivable involves collecting money that’s owed to a business, this area of accounting services involves paying money a business owes.

One of the core parts is vendor management where a bookkeeper maintains an up-to-date list of vendors that a business purchases from and ensures invoices are consistently paid on time.

Given that many vendors report to business credit bureaus, maintaining a positive payment history is integral to raising a business credit score.

By making payments on time and having them reported to bureaus like Dun & Bradstreet, Experian Business, and Equifax business, this creates momentum that’s instrumental in building business credit.

Another aspect of this area of accounting services is categorizing business expenses, which is important for simplifying tax preparation and generating financial reports.

If, for instance, a small business owner wanted a bird’s-eye view of where their money is going when paying bills, this would provide them with the information they need to eliminate any guesswork.

And if discrepancies ever arise, such as an incorrect invoice amount or a dispute over a bill being paid on time, bookkeeping services will often communicate with vendors on behalf of the client to resolve the issue and strengthen the relationship.

8. Create Financial Reports

Whatever the industry, having long-term success almost always requires data-driven decision-making. Having access to quantifiable data is what gives business owners big-picture insights, allowing them to identify trends on both the micro and macro levels.

And financial reports are certainly no exception in accounting services and CFO services. The last task on our bookkeeping checklist is creating financial reports, which can include a wide variety of data, including:

• Overall sales
• Cash on hand
• Total expenses
• Spend by category
• Assets
• Liabilities

Comparing reports from different time frames using the best accounting software helps business owners see what their overall trajectory is and where they’re heading.

A bookkeeper plays an integral role in generating these reports, and they leverage their accounting software to paint a clear picture, which they can share with clients.

For business owners who are data-focused, they’ll almost always want accounting services that can provide detailed financial reports.

Looking to ramp up your bookkeeping business? Check out the 10 Must-Follow Websites for Bookkeepers and How to Get Clients as a Bookkeeper.

Streamline Your Bookkeeping Services with Keeper

Providing top-tier bookkeeping services requires talent and skill. But it also demands that you use the right bookkeeping practice management software.

Keeper is the first one-stop-shop platform that integrates with QuickBooks Online and Xero. It can help you run your business more efficiently, dramatically improve the client experience, and most importantly, speed up your month-end close.

Learn more about how Keeper works here.

The post Bookkeeping Services List: 8 Essentials Clients Look For appeared first on Keeper.

The post How Keeper helps TeKoda track work across 100+ clients appeared first on Keeper.

• BSFS significantly reduced time spent on manual bookkeeping tasks and email communication with Keeper’s QuickBooks integrated review tools and client portal.
• Keeper’s dashboard and customizable client templates replaced their spreadsheet-based workbooks, giving management a high-level view of all client activities.
• In their first month on Keeper, BSFS saved over an hour per client across their 50 clients.

The post How BSFS Saves Over 50 Hours Per Month With Keeper’s File Review Tools appeared first on Keeper.

The post How Perlson grew its CAS practice from $15k to $1M with Keeper appeared first on Keeper.

Highlights

• Adopting Keeper helped Springstead Solutions transform their month-end close, cutting down turnaround times by 10 working days.
• By transitioning to Keeper, the firm moved from tabbing through multiple platforms and manual tasks to focusing on scaling and improving the business.
• With newfound efficiency and time, Springstead Solutions was able to onboard 3 new clients in their first month on Keeper.

Springstead’s start

Christina Springstead has had a lifelong knack for numbers. After taking an accounting class in high school and joining Business Professionals of America, it was clear which path she would take after graduation. However, after two semesters into her accounting degree, Christina pivoted to study sports management as she believed it would be more exciting. Ultimately, all roads led back to accounting as she launched her bookkeeping side business in tandem with her full-time career, to ensure she could provide for her daughter as a single mom.

In 2020, the time had come for Christina to focus all her efforts on running her bookkeeping business, Springstead Solutions. Simultaneously, COVID-19 presented a need for businesses to update and organize their books in order to apply for relief loans. Drawing from her experiences in accounting, management of a brick-and-mortar business, and participation in the Profit First program (PFP), Christina identified the true impact disorganized accounting systems had on small businesses.

“So many businesses’ books were messy, which led to them making bad business decisions. That’s where I found my passion.”

Flipping through tabs to complete the month-end close

That passion was recognized and appreciated by a growing book of clients, which brought with it a need for an additional employee and new processes. As a self-proclaimed “deep-dive software user,” Christina was not afraid to test out tools to organize her practice. At first, she relied on a workflow platform to track daily tasks, QuickBooks Online to manage and reconcile accounts, a spreadsheet to review the monthly close process, and Keeper for final quality-control checks. These spread out procedures caused Springstead Solution’s rapid growth to seem daunting rather than exciting.

“Before diving into Keeper, our process was made up of many changing systems and a lot of wasted time flipping between tabs and tools, with no single source of truth for oversight of operations,” said Christina. “We were always running into the new month scrambling to get things done and books closed out.”

Closing the books 10 days faster with Keeper

After scheduling a call with Keeper to answer some lingering feature-related questions, Christina took the initiative to coordinate a collaborative work group with her Customer Success Manager and her fellow PFP peers to determine the best use of Keeper for bookkeeping firms. As a result of those interactions, she made use of what she learned throughout those weeks in order to do her own software “deep-dive,” and was amazed by the results.

“I built out 20 different templates based on our work strategies. I tested, retested, and tested them again. It worked, and the transformation was overnight. From the moment I showed it to my staff, I had more hope in my business than I had in months,” said Christina. “With the ease of Keeper, I actually had oversight of what was happening for all of my clients.”

Springstead Solutions found a powerful way to condense their month-end close process, all in Keeper. And more than cutting down on extra clicks each day, Keeper reduced the actual time spent closing their clients’ books; to the tune of roughly 10 working days per month.

“When we started completing our month-end closes in Keeper, we had more than half of our client work finished by the 12th of the month. Previously, that was not the case – we would often spend up to the 25th of the month getting these tasks finished.”

Using Keeper to scale the practice

This newly freed up time was historically spent tracking specific client workflows and drudging through tedious and manual bookkeeping processes – while simultaneously researching, testing, and seeking out better systems. Now, Christina was fully invested in Keeper’s various tools, and decided to go further by switching and subscribing to Keeper Receipts.

Springstead Solutions’ tech stack was effectively and intuitively condensed. “I just need QuickBooks and Keeper – and almost minimally QuickBooks – at this point in time.” Christina recognized this as the perfect time to scale her business.

“With Keeper, we didn’t need more employees, but we could bring on more clients. The amount of time I’ve saved in the last five weeks has been so immense that my client success manager told me she needed more work to fill her plate,” said Christina.

Christina took advantage of this additional time by adding extra TLC to her website and business operations. She revamped her pricing calculator, updated her health check template, and held a few discovery calls with prospective clients.

“I have been able to work on my business instead of in my business because I know the month-end close has been taken care of,” Christina said. “I was even able to move up a discovery call appointment because it was important to the prospective client. In my first 28 days on Keeper, I’ve been able to sign 3 new clients.”

“Hands down, the best decision you will make is using Keeper to its full potential for streamlining your operations. I love it.”

Continuing the momentum

Springstead Solutions is just getting started, and the team is identifying new areas to scale and build out by leveraging Keeper to manage the practice. Looking ahead, Christina is eager to build out new financial tools, improve her branding, and engage in discovery calls with clients to find true alignment.

“I can now have a clear mind to actually go through and understand the work that needs to be done each month. Our books have always been clean, but now they’re sparkly clean.”

 

The post How Springstead Solutions closes the books 10 days faster with Keeper appeared first on Keeper.

• Context switching is the habit of quickly shifting attention between different tasks before they’re done, leaving you feeling unproductive and stressed.
• Context switching is a necessary part of modern accounting, but when it runs rampant you pay in lost productivity, creativity, collaboration, and employee retention.
• The best way to rein in context switching is to streamline bookkeeping workflows using a bookkeeping practice management solution.

Beware the Costs of Unchecked Context Switching

• Dipping productivity. 
• Lacking creativity. 
• Uninformed decision-making.
• High turnover. 

No, these aren’t just “part of the job” in accounting firms.

These issues are what happens when context switching goes too far.

That’s right, we’re hinting at a truth that’s a bit unpopular to admit: Some context switching is a requirement for knowledge workers today. It’s just not plausible for a single tool to handle every single thing that accountants need to do. 

The problems come when it runs rampant. 

When context switching isn’t addressed, it has implications for the health of businesses and workers.

Understanding Context Switching in Accounting

Context switching — or multitasking, task toggling, etc. — occurs when you interrupt working on one task to perform another task.

In the workplace, context switching is often the result of needing to move between different applications to find the information you need to complete your original task. You may also switch contexts in the middle of a task to answer a chat, read an email, or attend a meeting. 

Think about sending a month-end report to a client and catching a transaction that seems inconsistent. Is it a coding error? Something your client needs to clarify? Gotta hop out of the report and shoot off an email. While you’re there, you might as well answer the messages that have piled up. Half-way through a reply — ping! — you got an email back from the client. Time to check that really quickly. Finally, you can make a little progress on that report. But first, have to log into QuickBooks or Xero and make that correction…

If that all seems quite exhausting, that’s because it is. And if it sounds all too familiar, that’s not surprising at all. 

Context switching is more prevalent than ever because of the way technology has become part of our lives and our workplaces. 

On average, workers today find themselves spending more time using email, more time participating in video calls, and more time multitasking. And, the pressure is on to respond immediately to notifications. 

As business reliance on tech continues to grow, the need to switch between tons of tools and tasks may become even more intense. Employees and businesses that don’t have any tactics for minimizing switching and its impact are going to feel the pain. 

4 Ways Your Business is Paying for Unchecked Context Switching

Yes, in the bookkeeping space you’re likely going to need to swap between at least a few different platforms in a day to get your job done. 

But, completely unfettered context switching happens way too often. In fact, close to half (43%) of workers report dedicating too much time to switching between company tools and apps. 

If that’s just as true at your firm as it is at many, here’s the “tax” you may be paying if unhindered context switching continues. 

Deep Work Gets Deprioritized

Deep work, characterized by immersing ourselves in meaningful work challenges, is where we truly hone our skills and create valuable output.

Unfortunately, having to move between different tools to get anything done introduces interruptions that don’t allow for work to go deep. 

An observation of one consumer goods company found that workers used 22 different applications, and switched between them 350 times, to complete a single transaction.

When that’s the state of your workplace, there’s no space left for the deep work and concentration that leads to creativity and groundbreaking ideas.

Loss of Critical Business Knowledge

Considering that 56% of workers report difficulty keeping track of business data across different apps and that they actually have to ask more than one person for help finding information — there’s no way business knowledge is being used to its full potential when it comes to client communications and making decisions that impact the future of your business.

Fatigue + Stress = Burnout

It’s really no surprise that 43% of workers report it’s tiring to have to move back and forth between apps, screens, and conversations at a fast pace all the time. 

But context switching isn’t just physically taxing, it’s also mentally taxing. Science tells us that switching between tasks takes a toll on our cognitive abilities. And, it can even cause the brain to produce the stress hormone cortisol.

Fatigue and stress in the workplace is a perfect recipe for burnout. That’s a big deal because burnout is one of the top reasons why employees leave jobs.

Collaboration and Connection Flounder 

The best solutions arise when diverse teams full of varying perspectives are able to collaborate.

However, heavy tech reliance and context switching stress makes people feel less and less connected. Close to two-thirds (62%) of workers miss being able to collaborate with their colleagues. When tooling becomes so distracting it’s actually hurting workplace culture, is it actually serving you?

Cut Down on Context Switching with One App for Bookkeeping

If you’re ready to cut out some of the email back-and-forth and adopt one app to streamline your workflows, it’s time to try bookkeeping practice management software like Keeper.

Keeper helps automate and streamline bookkeeping and accounting workflows, unite data, and make collaboration simpler both internally and with clients. 

Using Keeper’s branded Client Portal gives you a single channel to manage all client comms and get responses faster without having to switch between emails, phone calls, and texts. Smart file review tools quickly catch coding errors and integrate your workflows directly with QuickBooks and Xero, so you only need to correct files in one location for a cleaner and faster close.

And, when you are done with the review, Keeper makes it easy to craft useful reports clients actually like reading. Stay on top of all these moving parts with Keeper’s task management functionality, where you can create flows and make sure you and your team are performing at peak productivity.

At Keeper, we make it easy to actually work in your workflow software, minimizing the number of apps you need to pivot between over the course of a productive day. 

Sign up for a free Keeper trial today and experience the delight of running a bookkeeping business from a powerful platform.

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• Outsourcing, offshoring, and automation will help your firm grow capacity, cut costs, and still meet client demand with high-value outcomes. 
• Use an AIOO approach to determine how to offload common accounting tasks.
• Learn how to get started with offshoring, including using practice management software.

Between… 

The well-documented accountant shortage. 

Downward price pressure. 

The need for rapid upskilling as new laws make compliance more complex — and more important. 

And of course, the existential fear that’s squeezing every industry: How is artificial intelligence going to disrupt my practice? 

…there’s a lot weighing on accountants and bookkeepers today. 

While none of us can create more time, we can increase how much we get done in the same amount of time by layering on additional resources. 

However, we usually don’t need the same amount of resources every season — and who could afford to hire all the support they actually need, anyway?! 

In 2024 (and beyond), it’s time to take an outside-the-box, yet proven, approach to overcoming capacity constraints. 

Understanding Outsourcing, Offshoring, and Automation

Outsourcing is something most people are familiar with, even if they don’t use that particular name for it. It’s simply the practice of delegating — or handing over certain tasks to another firm or individual who has more capacity, specialized expertise, or both. Plenty of service providers keep a roster of “partners” to whom they outsource jobs on the backend so that they can give clients a holistic-feeling experience on the frontend.

Offshoring just expands on this idea by contracting an overseas firm to help your team. It’s a great way to grow capacity during busy seasons and increase your range of services without burning out your core team.

Nearshoring is a form of offshoring where the outside provider is a little closer to home — such as in a neighboring country. This can help you work together more closely as you’ll be more likely to share a time zone and maybe even a common language.

And there’s one more, though not quite as popular: Onshoring. This is the practice of outsourcing tasks to a third-party in the same country you’re in. However, it may be in another state and is often in a smaller city, where you’re able to find firms with higher availability and lower rates. 

Finally, there’s accounting Automation, which is the practice of applying technology instead of additional people to help you get more done in less time.

Accounting automation tools and AI are helping firms handle the manual elements of the job, such as data entry, reconciliation, document and receipt management, elements of tax preparation, and even the simpler, repetitive customer questions you may get!  

All of these options may leave you wondering: Where can I automate, when should I engage an offshore or outsourced partner, and what would be best to keep in-house? 

The AIOO Approach to Offloading Accounting Tasks

Take a look at the workflow we chatted about with Taxplow founder and author of the Accountants In Front of AI newsletter, Marc Howard.

Called the “AIOO approach,” it’s a simple guide to help bookkeepers and accountants determine how to best handle the growing list of tasks clients come to them with:

• Automate tasks that are repetitive and require consistent execution, without much variation. For example, coding transactions.
• In-house tasks are high-value and require specialized expertise, or have high-to-medium complexity. Financial analysis and forecasting fits into this bucket in most cases.
• Outsource high-value tasks that aren't core to your business, especially if they would be better executed by specialized external entities — such as financial audits.
• Offshore those more routine and standardized tasks that don't require specialized expertise and can be executed at a lower cost in different locations. Think AP and AR management.  

AIOO In Action: A Real-Life Breakdown

While this is not an exhaustive list, we broke down many of the tasks that your firm is most likely touching, most weeks. Hopefully, this will help you start thinking through your own specific service offering, where you can niche down to provide the most impactful outcomes for clients, and what you should consider automating, offshoring, or outsourcing to protect your time and sanity. 

Bookkeeping and Accounting Tasks

• Coding transactions: automate/offshore
• Bank and transaction reconciliation: automate/offshore
• Document management (receipt management): automate
• Account payable and account receivable management: automate/offshore
• Paying invoices for clients: offshore
• 1099 management: automate
• Month-end close and financial statement prep (income statements, balance sheets): in-house
• Financial analysis and forecasting: in-house
• Customer support (triage and simple tasks): automate/offshore 
• Cleaning up books: offshore/outsource 
• Financial audits: in-house/outsource 

Tax Planning and Preparation Tasks

• Sales tax: automate/offshore
• State and income tax: automate/offshore
• Tax prep: automate/offshore
• Estate planning: in-house/outsource
• Nonprofit and foundation tax planning: in-house/outsource
• Advanced tax planning: in-house
• Entity structure review: in-house
  

Payroll Tasks

• Federal, state, local payroll tax submission: automate
• Payroll tracking: automate
• Direct deposit services: automate
• Payroll reporting: automate/offshore

Client Advisory Services

Lots of firms dream of shifting to a focus on high-value client advisory services, which they would of course want to keep in-house. Yet, less than 30% of firms are actually able to do it. 

Why? Lack of resources.

Accountants and bookkeepers don’t want to drop all the other tasks, many of which are listed above, that keep the lights on while they transition into an advisory role. This highlights the critical nature of employing outsourcing, offshoring, and automation to free up as many as 1,250 hours yearly for you to spend on much higher-impact and higher-value advisory work.

How to Start Offshoring and Outsourcing

Offshoring and outsourcing can bring numerous benefits: cost savings, access to global talent, increased productivity, and more free time so that you can focus on the services that really solve your client’s biggest pain points. 

But getting started successfully requires careful planning and consideration. Here are some essential tips to help accounting and bookkeeping firms navigate the process effectively. 

Get All Your Client Information Organized Ahead of Time

Before diving into offloading tasks onto other firms, it's crucial to ensure that all client information — data, contact details, paperwork, etc. — is well-organized and readily-accessible. 

Keeper’s bookkeeping practice management software can help facilitate a smooth transition and foster a productive relationship with your outsourcing partner.

That’s because Keeper features a branded Client Portal where you can host all client communications as well as internal collaboration. Keeper can also track your practice’s tasks, files, templates, and client information via a built-in CRM. Our automated 1099 management and receipt processing features also streamlined these resource-intensive workflows to make the load lighter on your outside partner of choice. 

Determine Where You Need Help

You also want to assess your staff's workload and capabilities as well as use the AIOO method to identify which tasks you’re already doing that are suitable for outsourcing and offshoring.

Focus on areas where an external team can provide the most significant impact, such as time-consuming but simpler tasks, to allow your in-house team to focus on high-value activities and client advisory services.

Find Your Reliable Offshore/Outsourcing Partner

Choosing the right partner is of course paramount to the success of your offloading initiatives. How do you determine a good fit? Here are the key factors to consider:

• Time in the industry
• Technological capabilities — they’ll need some tooling and technical prowess to be able to work with you remotely
• Expertise in various accounting services, especially those you are considering offloading
• Their ability to scale their own team as your needs grow — and how much it will cost you to level up
• A communication style and schedule that aligns with your onshore team
• Client reviews and testimonials (like this one for our friends at TeamUp — wow!) 

Learn how to future-proof your firm, deliver on client demands, and more: Watch our webinar with Isaac Smith, founder of the offshoring accounting firm TeamUp.

Set Up Account Managers, On Both Sides

A responsible, reliable point of contact within both firms is crucial for maintaining a successful relationship. 

Account managers will be in change of things like:

• Overseeing hiring, onboarding, and training 
• Managing any IT setup that needs to happen
• Assisting with capacity planning
• Arranging regular communication
• Translating and solving questions and feedback 
• Dispatching progress reports 
• Providing deliverables

Ensure Data Safety

Data security and confidentiality should be top priorities when selecting an accounting outsourcing partner. 

Take some serious time to inquire about a potential partner’s data protection measures, encryption protocols, and compliance with industry regulations. Additionally, discuss legal agreements and confidentiality clauses that safeguard your firm and clients in case of any data breaches or mishaps.

Develop Service Level Agreements

Establishing service level agreements (SLAs) with your new third-party provider is essential to set expectations regarding the quality of work, response times, communication channels, and performance metrics.

A well-defined SLA ensures accountability and transparency throughout the offshoring engagement, fostering a mutually beneficial relationship.

Let’s Break the Constraints Together

As you embark on your journey to leverage offshoring, outsourcing, and even automation effectively, remember that strategic planning to choose and work with the right tools and partners is key to unlocking the full potential of these solutions.

Implement the AIOO approach and adopt pro bookkeeping software to prepare yourself for engaging third-party providers to elevate your firm's capabilities, increase productivity, and focus on delivering exceptional value to your clients. 

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Discover how to de-risk your accounting firm in 2024 and beyond with approachable strategies including managing capacity constraints with offshoring, growing into an advisory role, learning how to market to the right audience, and much more.

As the famous line goes: The times, they are a-changin’.

Hackers are getting smarter, the talent pool is growing smaller, technology is introducing new ways to work, and the powers that be never stop tweaking the rules we all have to comply with to stay on the right side of the law. 

What can accounting and bookkeeping firm leadership do to establish an enduring, resilient, and thriving practice that’s ready to withstand dynamic shifts within the industry?

To grossly paraphrase another famous song: Give us three ten steps — and we’ll show you exactly how.

10 Tactics for Modern Accounting Firms

We’ll waste no time. Here’s what every decision-maker needs to know to de-risk their firm as they move and grow through 2024 and beyond.

1. Manage Capacity Constraints with Offshoring

The process of managing capacity is work in itself. If you never take the time to go through the process of understanding your capacity and planning for it, you and your team will always feel overworked — which is not a good way to retain clients or employees. 

There are two main ways to manage capacity within your firm — do less work, or hire more folks to get the work done. 

But what about managing your capacity outside of your firm? 

Offshoring is the practice of outsourcing accounting tasks to an outside, overseas firm or individual who has the time and the experience to handle it for you. Diversifying fulfillment in this way is a lifesaver for scaling capacity quickly, increasing your range of services while still carving out time for strategic offerings (more on advisory services later), and preserving precious sanity when it comes to your in-house team.

And offshoring isn’t just for the menial day-to-day tasks. With quality-focused partners like TeamUp and Cloud Accountant Staffing, you can unlock highly-skilled and uniquely-specialized global talent.

Learn more about the future-proofing power of offshoring and how to get started when you watch our webinar with Isaac Smith, founder of offshore accounting firm TeamUp. 

2. Find Your Niche 

“Niche” is just another word for specialty. Accountants can choose to specialize in certain industries, such as tech, non-profits, real estate, specific trades, etc. They can also focus on a niche based on company size, such as owner/operator-run businesses, startups, etc. Or, you can even specialize when it comes to your services — focusing solely on offering high-value services like month-end closes, tax prep, estate planning, and more. 

Here’s why finding your best-fitting niche can help bookkeepers stay afloat and relevant in 2024 and beyond:

• Establish yourself as a thought leader: Focusing on a niche helps you become an expert, setting you apart and making you the go-to professional for clients in that niche.
  
• Demand higher rates: Specialized knowledge allows you to demand higher fees, as clients value expertise and are willing to pay for it.
  
• Optimize sales and marketing efforts: Tailoring marketing efforts to your niche ensures your messages resonate with their needs, maximizing the impact of your sales and marketing spend.
  
• Reduce competition: Narrowing your focus reduces competition, making it easier to attract clients seeking specialized services and stand out among a smaller pool of providers.

But what if you have legacy clients you want to hold onto or another reason you can’t fully focus on a specific niche? That’s the beauty of also investing in the previous strategy — offshoring. By offloading some of those tasks and services you still want to provide but don’t actually want to execute yourself, offshoring is a great way to connect with affordable specialists so you can keep your firm well rounded. 

See niching in action when you watch this special episode of our Catch up with Keeper webinar, featuring Melissa Honan — CEO of Bookkeeping for Painters, a niche firm doing $1.5 million in annual recurring revenue. 

3. Embrace AI and Automation

The past few years have seen a transformation in how most businesses operate thanks to modern technology. To keep up with client expectations as well as what competitors offer, you need to know how to adopt and embrace artificial intelligence (AI) and automation. 

Accountants, bookkeepers, and tax professionals can apply AI as an assistant of sorts, not to replace human expertise but rather to enhance it. With AI, firm owners can save time by automating simpler tasks, save costs on staffing and training, improve the speed and clarity of client communications, and provide more advanced and accurate advisory services.

Using AI to its full capacity at your firm comes down to experimenting with tools like ChatGPT, Bard, and so on to learn how to provide the clear, specific instructions it needs to  produce results. 

Once you’ve learned how to best apply AI at your accounting firm, you can start using it to: 

• Analyze balance sheets, cash flow, and income statements
• Summarize and proofread complex reports
• Extract and classify data efficiently
• Explain financial concepts to clients clearly 
• Create budgeting and forecasting templates
• Automate routine accounting tasks
• Craft compelling newsletters, emails, and website content
• Systematize operations and free yourself from repetitive tasks
• Review bookkeeping entries and code transactions
• Automate reporting (leveraging Zapier)
• Create SOPs for bookkeeping, tax, and compliance work
• Write code, Excel macros, and browser plugins
• Respond to routine client emails
• Analyze workload and recommend the best tasks to delegate

4. Prioritize Digital Security

Small businesses are frequently targeted by cybercriminals due to their often limited security measures, which makes them vulnerable to attack. Doubly so for accounting firms, as they deal in financial data that can be especially desirable to nefarious actors. 

In fact, in the first quarter of 2023 alone there were over a million victims of cyberattacks in financial services.  

Introducing a large digital aspect to your business — as many future-proofing tips will have you do — will require accountants and bookkeepers to take extra steps to ensure their digital security. 

Here are some strategies for protecting your firm’s operations and sensitive client data:

• Invest in cybersecurity insurance: Learn how to protect your business against cyber threats by listening to this podcast from AICPA & CIMA on obtaining cybersecurity insurance.
• Only use secure tools: Outside tooling can be a weak link in your security measures. Make sure any bookkeeping platforms you use prioritize security.
• Focus on password security: Use a password manager to save and share passwords, enforce complex passwords, and implement multi-factor authentication (MFA) for added protection in case passwords are compromised.
• Regularly scan for threats: Deploy malware scanners and antivirus software on all computers and devices used for client work. 
• Ensure proper employee offboarding: Thorough employee offboarding will remove terminated employees from all your systems, preventing sabotage as well as unmonitored accounts that are easier to hack.
• Provide security training: Educate your team on security threats upon onboarding and  regularly thereafter. You can keep it simple — share articles and videos that warn of the most common hacks to look for and how to avoid them.
  
• Encrypt your hard drive: Protect sensitive files in case of device loss or theft, using a tool like Bitlocker on Windows or FileVault on Mac. 
• Consider outsourcing: If you don’t feel comfortable securing your firm, employ a specialized third-party firm to handle your security needs. 

You can check out more strategies in our webinar with Chris Burns from Techie Gurus.

5. Market to a Lucrative, Aligned Audience

Many accounting firms don’t actually need more clients. 

What they need is better clients. 

Your role as a firm leader is to fill the limited capacity you have with the best-fitting, most-profitable clients possible. 

What makes for suitable, lucrative clients? According to Jason Staats, they have to acutely experience the problems you solve, and solve well.

So, how do you connect with these clients? Sorry to say it, but it all comes down to marketing. 

Here are three approachable but key strategies Jason shares for putting your firm out there in a way that makes you magnetic to your ideal audience: 

• Build an easy marketing channel to share your expertise: Your current clients know how awesome you are, but what are you doing to make sure potential clients do as well? This is critical to helping people make the jump from kicking the tires to signing the contract. An easy way to generate, warm, and convert leads is to build a regular email marketing campaign that speaks to your ideal audience’s needs. Replace those “hire us now” website buttons with a link to sign up to your newsletter and build your roster of potential clients. 
• Share hyper-specific content: We mentioned niching down in your focus as a firm. Well, that niche should be just as apparent in the content you craft for that email marketing campaign you just built above. Remember, it’s all about relieving a very strong, very specific pain point. Are you an expert on tax preparation for freelance poodle groomers in the state of Colorado? Let it be known, and watch the right audience gravitate toward you like dog hair toward your couch. 
• Take your time: If getting better, more aligned, more lucrative clients is your ultimate goal as a firm owner — doing one-on-one work can no longer be your main priority. You need to spend more time engaging in marketing that actively attracts your ideal clientele. So take your time with the new marketing channel and high-value content you’re creating to build your dream roster.

Together, what this marketing strategy does is transcend the traditional marketing funnel. It inspires trust and helps potential clients build a relationship with you via the value-adding content you’ve given them. So when they’re ready to finally make the jump over to your firm, it’s more of a trust fall and less of a terrifying leap.  

Need help maintaining and furthering those relationships you’ve built once you’ve signed your dream clients? Keeper's Branded Client Portal stands out in this regard. Move away from trying to handle client relationships via messy Excel or Google Sheets documents and into our smooth practice management solution that streamlines and organizes client communication, details, and documents. 

6. Expand Into Advisory Services 

In the increasingly-intricate business landscape, the demand for accounting client advisory services (CAS) is on the rise. They need to future-proof their businesses just as much as you do.

Clients want tailored analytics, reporting, and advice and accountants — with access to deep financial and operational documentation — are well-positioned to answer this call and expand their offerings. 

The benefits of positioning yourself and your firm as a data-driven advisor are big: you can diversify your services to stand out against competing firms, there’s an opportunity for major revenue growth through this lucrative income stream, and clients simply want it! The majority of firms agree that client expectations are changing, and that advisory expertise is now in high demand.

What areas can you provide advisory services on? Opportunities include:

• Business planning
• Process improvement 
• Change management
• Sustainability reporting
• Advanced tax planning
• Entity structuring 
• Estate planning 
• Financial analysis and forecasting

By leveraging both mother technology and offshore resources to handle transactional and compliance tasks, accountants can free up time and resources to focus on more strategic advisory work. This shift not only adds value to clients but also positions accounting firms for long-term success in a dynamic and evolving industry.

7. Become a Regulation and Compliance Go-To

Ask anyone outside of the field — or within it, for that matter — what an accountant does and you’ll find out how dynamic the landscape is. 

With that complexity comes a whole host of regulations, changes to which seem to be happening at an ever-increasing frequency. In fact, keeping up is now a major challenge for modern accountants.

Staying in “the know” when it comes to compliance will keep you in good standing, boost operational efficiency, and make your firm a consistent go-to for clients. 

Here are some tactics for becoming the knowledgeable champion and expert clients crave:

• Make sure to attend the large annual conferences and other events that address accounting in general as well as your niche.
  
• Engage in local meetups, webinars, associations, and other groups that have a focus on regulatory compliance in bookkeeping as well as in your area(s) of speciality.
  
• Build a professional network made up of other accountants in your field who can help you stay abreast of changes, both offline and online through platforms like LinkedIn.
  
• Once you’re well-versed in the latest on compliance, audit your firm to proactively identify issues and gaps and maintain compliance. 
• Make sure the accounting software and services you’re using automatically adjust to regulatory changes. This should not be your main source of news when it comes to compliance, but it’s helpful when it’s readily updated to help keep you above board.

8. Focus on Internal Retention 

In the world of accounting, client retention often takes the spotlight. However, the current accounting talent crisis brings to the forefront the importance of internal retention — aka, holding onto the precious employees who make your firm tick. 

Some reasons for this shortage? A perception of looong work weeks, lower compensation in relation to workload and education requirements, and lacking diversity across many firms. 

To build, nurture, and retain a talented team, consider these factors:

• Competitive compensation: Offer attractive compensation packages including competitive salaries, bonuses, and benefits like health insurance and retirement plans. Consider features like profit-sharing and ongoing education to set yourself apart from other hiring firms.
  
• Work-life balance: Promote work-life balance with flexible hours, remote work options, and generous vacation policies.
  
• Career progression: Provide clear career paths, regular performance reviews, and opportunities for professional growth.
  
• Inclusive company culture: Foster an inclusive, supportive, and positive environment to increase job satisfaction and loyalty among employees.
  

Prioritizing these aspects of internal retention can future-proof accounting teams and ensure success in the evolving industry landscape.

9. Pursue Value-Based Pricing

Understanding how to price your services is critical to your survival in accounting. As such, it’s time to move away from the antiquated structure of pricing based on hours worked and move to pricing that accounts for value provided. 

To do so, it’s important to realize that value doesn’t equate to hours worked, it’s measured in outcomes. The more value you’re able to create for clients — no matter how long it takes — the more you should charge for a successful outcome. 

Determining the cost of the tiers or packages for your value-based pricing strategy will likely require some trial and error. You can survey existing clients to see what they’d be willing to pay. You could also take a look at how competitors price similar offerings and set yours accordingly. 

We recommend setting yourself up for success when it comes to making any pricing changes by establishing a track record of clear and regular communication with clients, including price adjustment clauses in all contracts, and depicting the “why” behind pricing changes using real data. 

With value-based pricing, you may be able to enhance client loyalty, better prioritize your time on client tasks, and set a precedent for price increases as outcomes improve over time. However, don’t forget that it requires you to be able to really sell your value up front, and can be complex to implement if you already have a firm full of clients on a different pricing plan. This is good to keep in mind as you expand your bookkeeping services list.

10. Watch Out for What’s Next in Accounting

Staying ahead in the accounting industry requires a forward-thinking approach that anticipates and prepares for upcoming trends. First-movers, who consistently outpace competitors, prioritize keeping abreast of what's next.

Here are some tips to develop the “super power” of predicting what’s coming in accounting and de-risking your decisions as you move into the future:

• Study industry leaders: Pay attention to what big firms and leaders in your niche are doing. Their strategies and innovations often set the tone for upcoming trends in the industry.
  
• Stay connected: Maintain a strong network and get active at industry events. Networking and staying informed about industry discussions can offer valuable insights into emerging trends and developments.
  
• Monitor competitors: Keep a close watch on your competitors' offerings, marketing campaigns, etc. Understanding their moves can help you anticipate shifts in the market and adjust your strategies accordingly.
  
• Analyze internal data: Look closely at data within your own firm to see what’s next on a local scale versus a global one. Identify which services clients are most interested in, which industries they belong to, which marketing strategies are yielding the best results, and which features of your bookkeeping technology are most utilized. This data can reveal patterns and trends that indicate what your target audience wants and where the industry is headed.
  

Ready to Future-Proof Your Firm?

There are a few commonalities that many of the above strategies share — active participation in the industry to stay on top of developments, a supply of reliable data for informed decision-making, and modern technology with the power to streamline operations so you have more time to pursue future-proofing. 

In fact, more than 75% of accountants already say that tech has helped them save time.

But of course, those savings only kick in once you’ve founded and transitioned to your tooling of choice — which can be an overwhelming task that keeps many time-strapped firms from completing their future-proofing mission. 

However, that’s not the case when you choose Keeper as your practice management solution of record.

At Keeper, we personally help new clients onboard onto our platform, so they can enjoy AI-powered 1099 management and receipt processing features; flawless client communication; and optimized internal collaboration capabilities that include tasks, files, and even client information management via a built-in CRM. 

Get started today to see how Keeper can help you de-risk your growth strategy and thrive in a shifting landscape.

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