Prioritize analysis and internal control. Highly experienced bookkeepers understand the importance of financial controls, segregation of duties and best practices. It also allows bookkeepers to increase the value provided to clients by identifying risks in the organization and improve the ways to minimize business risk. If you can save the business owner from fines, penalties or even an audit because of the lack of compliance with the law, you are a valuable asset to the business. Payroll is often a requirement for a bookkeeper to do. But this can be extended beyond the generation of payroll and compliance with associated items such as cover labor, pension, tax and payroll taxes. You may have more experience in human resources or management staff. Depending on the client’s needs and size of the business, there may be an opportunity to offer additional services outside the HR types of salaries and compliance with basic services.
IT skills and experience can form additional areas of expertise. For example as part of the process of registering assets, depreciation or budget you may have the opportunity to see the infrastructure or the software used by businesses. If you have the skill and experience, it may be an opportunity for the client to go cloud-based, or online with the software or even choose the software that is more appropriate for the entity.
Many small businesses need to experience in some areas, but they may not have the budget for specialist services. This is where you can add more value to your service offerings. I do not recommend you suddenly Jack or Jill of all trades, especially if you do not have exposure to the type of task. But looking beyond traditional bookkeeping services can help you not only increase your income, but the perceived value of your services.
After all, if you can add value to the business client business owners will be happy to engage you and your bookkeeping business. This differentiation in a competitive market could also be the difference between choosing your service, not competitors.