The high level of skill required for this career has also paved the way for wages as high as $100 per hour or more, according to sources such as the Bureau of Labor Statistics and ZipRecruiter. If you focus on these, you’ll have a much higher chance of a profitable bookkeeping business. However, you still need to consider several factors since these things always impact the overall outcome. Below we’ll cover everything you need to know when it comes to the profitability of a bookkeeping business. This includes your preferred payment method, invoice due dates and late payment penalties where applicable.

Bookkeeping Industry Statistics, Trends & Future Outlook

Salesforce has introduced Agentforce, enabling autonomous AI agents that automate routine processes, provide predictive analytics, and improve customer interactions. Their Einstein Online Accounting AI automates data entry, lead scoring, and workflow optimization, freeing staff for strategic activities. Confidentiality and data protection clauses are crucial, given the sensitive nature of financial information. Clients expect assurances their data will be handled securely and in compliance with regulations like the General Data Protection Regulation (GDPR) or the California Consumer Privacy Act (CCPA).

Accounting Industry Statistics 2025 (Trends & New Data)📊

Threats like Business Email Compromise (BEC) have risen globally, with the US alone reporting an estimated loss of roughly $2.4 billion USD. By the same token, it’s important to be mindful of the challenges that come with remote work and take appropriate action to mitigate them. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Running a small business in New York City means wearing many hats, but accounting shouldn’t be one of them.

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By providing a shared workflow, business owners can take charge of managing some of their finances. A bookkeeping company will offer basic bookkeeping services to another company or organization on a contractual basis. Most bookkeeping businesses provide ongoing financial support, though some companies will offer “catch-up” services for business owners that get a little behind in their books. Maintaining accurate Record Keeping for Small Business financial records is one of the best ways for business leaders to keep track of the company’s cash flow, in addition to monitoring revenue and expenses.

What Is Business Accounting? (And How to Manage Yours)

• Incorporate search engine optimization (SEO) with relevant keywords like “small business bookkeeping services” to improve your visibility.
• One of the biggest challenges for bookkeeping firms is the ability to keep up with changes in regulations.
• A company hires a bookkeeper to manage and organize its finances, including detailing and categorizing all transactions.
• Upgrade your bookkeeping practices with easy-to-use invoicing, expense tracking, and payment features designed for growing businesses.
• The pursuit of establishing a bookkeeping business is a promising venture for those with a keen eye for detail and a passion for finance.

Tools like this make it easier for accounting professionals to quickly access company data from anywhere in the world using the internet. The simplicity and convenience are what make cloud accounting tools so attractive to accounting professionals. This step-by-step guide will map out the process to get started on your own bookkeeping bookkeeping industry business. We’ll cover building a bookkeeping plan, creating a strong accounting system, marketing and gaining clients and other helpful tips to get your business set up.

According to The Future of Jobs Report 2023, just under 75% of companies surveyed expect AI to lead to high job churn. On top of that, they’re predicting that growing technology and digitalization will result in 26 million fewer jobs by 2027 across select industries, including accounting and bookkeeping. A small business can likely do all its own bookkeeping using accounting software. Many of the operations are automated in the software, making it easy to get accurate debits and credits entered. While it’s not required for bookkeepers to specialize in a niche, many choose to do so for marketing purposes. If you focus on a specific industry, you can gain referrals from others within the industry and join industry associations.

• Many factors play into this decision, such as cost, scope of work, and, most importantly, trust.
• The bookkeeping world is evolving rapidly, reshaping how businesses manage finances.
• Automating repetitive tasks can go a long way in freeing up accountants’ day so they can focus on professional development.
• Additionally, the bookkeeping services market includes a variety of service providers, ranging from small independent bookkeeping firms to large multinational accounting firms.
• Empowering clients with financial knowledge can strengthen relationships and support their long-term success.
• As your business grows and you begin making higher profits, hiring staff and handling more transactions, however, it may make sense to outsource the details of bookkeeping to someone else.

Start by reaching out to other business owners for recommendations, searching online for providers and checking out reviews on Google or Yelp. If you don’t feel comfortable with a freelancer, there are many firms that offer bookkeeping services as well. Compliance and proper documentation are critical to running a successful bookkeeping business.

Leading companies in the U.S.

The specific amount you charge your clients for bookkeeping services will depend on your certifications, years of experience and familiarity with the client’s business. Bookkeepers can be certified in various financial platforms, such as QuickBooks, or via training programs. You can also choose to become a certified public bookkeeper to market yourself better as a bookkeeping professional. Unlike certified public accountants, bookkeepers don’t file tax returns or audit financial statements. Unless they are a certified public accountant (CPA), bookkeepers should not prepare tax returns or sign the returns as a paid preparer.

As the technology matures, accounting firms are exploring ways to integrate blockchain into their workflows to enhance efficiency and build client confidence. As the accounting industry evolves, firms that embrace data analytics and business intelligence will gain a clear competitive edge. By transforming raw data into actionable insights, accountants can drive better outcomes for clients and solidify their role as strategic advisors. AI’s ability to analyze vast amounts of data in seconds ensures enhanced accuracy while minimizing costly errors.