15 Accounting Statistics and Trends to Know

As a remote bookkeeper, focus on strong communication, timely reporting, and accurate bookkeeping practices to build trust and long-term relationships. A virtual bookkeeping business gives you the freedom to work on your terms, right from your home office. Furthermore, outsourcing bookkeeping services provides financial transparency and stability to companies. Outsourcing these services allows employees in the company to focus on more pressing tasks, such as driving the company’s mission and goals. When it comes to small business accounting statistics, small and medium business owners have reported not having enough knowledge about bookkeeping.

How to Start a Bookkeeping Business? A Complete Guide

• Already there is a demand for certified and experienced bookkeepers, and it will get increasingly difficult for those without these credentials to find work.
• Whether leveraging AI or embracing cloud-based tools, the goal is to streamline processes and empower businesses.
• Industry-specific knowledge can help you offer more targeted solutions and build a loyal client base.
• Whether you are just beginning in the industry or are an accounting veteran, here is our list of the top trends and statistics in accounting.
• Once you’ve picked a business name, the next step is to register your business and make things official.
• Small business owners don’t usually have the resources to hire their own accounting or bookkeeping team.

With increasing cybersecurity concerns, our team prioritizes protecting your sensitive financial real estate cash flow data. We use robust encryption, two-factor authentication, and regular system updates to ensure your information stays safe and secure. The U.S. accounting industry is everchanging and has proven itself to be a highly profitable line of business. Taking advantage of technology like this can allow businesses to save an immense amount of time, money, and effort. Depending on the size of the firm, companies can save about $16 per invoice by implementing accounts payable automation, according to Vanguard Systems. On average, automation typically begins paying for itself between 6 and 18 months from the time it is implemented.

Other service business ideas you might be interested in

Meredith Wood is a member of the small-business team at NerdWallet.Prior to this, she was a VP at Fundera where she founded the FunderaLedger. She has specialized in financial advice for small-business ownersfor over a decade. Bookkeeping solutions now offer scalable plans catering to businesses of all sizes. Modern software allows businesses to create customized reports, ensuring relevance and clarity.

Step Five: Strive for Business Success

Successful firms will retrain their workforce, integrate AI into core operations, and deliver superior insights faster. This shifts the value proposition from compliance to strategic guidance, from historical reporting to forward-looking analysis. A sole proprietorship is the simplest option, ideal for small-scale startups with minimal risk. It is easy to set up and involves straightforward tax filing, as business income is reported on your personal tax return. However, it lacks liability protection, putting personal assets at risk if the business incurs debt or legal issues. An LLC, by contrast, separates personal and business assets, offering liability protection normal balance and tax flexibility.

• As AI continues to evolve, accounting professionals who adapt to these innovations will thrive, turning technology into a tool for growth rather than a challenge to overcome.
• If you’re specifically running a totally virtual business, a website is extra important since it can demonstrate to clients your skills.
• Data is a powerful asset for businesses, and as an accounting professional, you’re in a prime position to harness it.
• By 2025, the adoption of cloud technology in business bookkeeping will be nearly universal, enabling seamless access to financial data anytime, anywhere.
• This is especially desirable if you are a professional looking to begin a career in bookkeeping or you are a business owner who wants to achieve financial success.

Cybersecurity and Data Protection

Staying up to date on all of the latest bookkeeping trends and statistics is important for businesses that wish to remain relevant and valuable. Soft skills, like problem solving, time management and teamwork, are what bookkeeping industry will differentiate you from machines. These skills are critical in communicating and collaborating with clients and colleagues.

Build a marketing strategy that draws clients to your unique brand, while becoming familiar with the clients that you’re bringing in, and predict how they could support future business bookkeeping goals. Perhaps you’ve worked as a bookkeeper for a larger company or firm and you’d like to branch out and start your own business. You may be ready to be your own boss, work virtually,  make your own hours, and build your own accounting software program. Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your bookkeeping business meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire.

• Leading firms like KPMG are at the forefront of ESG reporting, helping businesses navigate this complex but essential practice.
• Proper documentation of financial transactions is important for preparing financial statements like balance sheets, preparing tax returns, and monitoring a company’s financial health.
• The bookkeeping profession takes many forms, including virtual services and home-based businesses.
• Here’s an in-depth look at some game-changing trends that will shape the accounting industry in 2025—and how you might integrate them into your business.
• It will also invest heavily in SEO so that the brand’s website will appear at the top of search engine results.
• Additionally, discussing the scope of work in detail can help identify areas where efficiencies can be gained, potentially lowering the overall cost.
• Cash flow statements include internal and external cash inflows and outflows over a certain period, which may include investments, financing, and operational costs.

In 2025, businesses expect their bookkeepers to provide strategic insights and financial advice. From cash flow management to budgeting and forecasting, advisory services are becoming a critical component of modern bookkeeping. The bookkeeping services market has grown in recent years due to the increasing demand for outsourced accounting and financial services.

Firms no longer need to maintain expensive servers or rely on in-house technical expertise. Cloud-based solutions offer cost-effective, plug-and-play options that automate manual tasks, improve collaboration, and enhance client communication. By adopting these platforms, mid-sized firms can operate like their larger counterparts, delivering high-quality services at a fraction of the cost. The bookkeeping industry is currently enjoying a period of growth, with the number of bookkeepers increasing by 21% since 2014. This growth is expected to continue in the coming years, as more businesses turn to cloud-based accounting software and the complexity of financial affairs increases. So, if you are an entrepreneur considering starting a bookkeeping business, now is a great time to do so.