Bookkeeping is the future of accounting, says Institute of Certified Bookkeepersby
It’s a busy month for the Institute of Certified Bookkeepers (ICB), after the 12th annual LUCA awards at the start of the month, this week is Global Bookkeeping Week, and the ICB’s Bookkeepers Summit is being held online on the 9-10 November.
After 25 years of the ICB, it’s clear that bookkeeping as a profession is gaining a higher profile and is well-placed to benefit from the changes that will be affecting businesses as the rollout of Making Tax Digital continues.
Ami Copeland, director at the ICB, said: “Bookkeepers are going to be key to the future of accounting. We’re already seeing a move to more digital bookkeeping and although there are great software and apps that can let businesses do a certain amount for themselves, we know that they value having someone they can talk to and trust.”
Whilst it’s clear that many accountants are pleased with the delay to MTD ITSA, Copeland says that the same is not necessarily true for bookkeepers.
“We’ve had many members thinking it’s a shame that the delay was announced. Whilst there are obviously clients who aren’t yet ready for digital records, the benefits of being able to get a better understanding of your business through regular bookkeeping are clear,” she said.
Closer collaboration will benefit accountants
The pandemic saw bookkeepers and accountants alike offer valuable services to help businesses continue to trade, whether that was by being able to support Covid-19 scheme claims with up-to-date figures, or offer advice on funding options, and claims for the furlough schemes.
One of the sessions at the Bookkeeping Summit will see an expert panel debate The Bookkeeper’s Roadmap for the Future. Jo Wood from Jo Wood Virtual FD, who won Large Practice of the Year at the recent ICB Luca Awards, will talk about the changes she thinks will happen in the industry over the next few years.
She told AccountingWEB: “I believe that we’re likely to see much closer links between accountants and bookkeepers - working together is key. Bookkeepers already have regular contact with clients across multiple touchpoints. This helps us build good relationships with clients and is something that accountants will also benefit from as they look to move beyond just compliance and towards a more advisory role.
”During Covid, having the right information available quickly was vital for businesses. We were going way beyond simply bookkeeping, we were acting as a shoulder to cry on, as well as helping keep the business running by helping them access the right support.”
Join the debate
Are we going to see much closer links between accountants and bookkeepers in the future, even a blurring of the lines between the two professions? Accountants are increasingly bringing bookkeeping in-house, it will be interesting to see what happens and AccountingWEB will be following the debate over the next few years.
You’ll be able to hear more from Jo Wood at the AccountingWEB Live Expo at the Coventry Building Society Arena on 1-2 December. She will be appearing in a panel discussion with Zoe Whitman on Why work isn’t working for families.
AccountingWEB Live Expo takes place on 1-2 December 2021 at Coventry Building Society Arena, Coventry. Registration is now open. The full content programme is now live and you can register for specific sessions. Please visit the AccountingWEB Live Expo website for full details and to sign up for our newsletter.
You might also be interested in
AccountingWEB’s Head of Branded Content joined the team in July 2021 to work closely with vendors and clients to help deliver engaging, original content for AccountingWEB members. As an experienced digital marketer, Jake understands the value and power of content to drive engagement and results. If you're looking for help creating compelling...