In the last few months, I have seen a lot of talk on the internet that bookkeepers are going to become extinct in the next 5-10 years.
Due to all the automation tools, you can use with your bookkeeping software and the bank feeds you no longer need bookkeepers because you can do it all yourself. Well, that is how they are advertising everything at least. But I feel like this information is totally wrong and inaccurate.
I do think because of the automation tools you probably don’t need a full-time bookkeeper working in your office 40 hours a week…but I think it’s still a good idea to have a bookkeeper on some kind of retainer at least to review everything each month.
See a Bookkeeper understands your Chart of Accounts maybe even better than you. They will know how to code things properly. There are many times that your bank feed guesses how to code things based on activity and guess what it’s not always correct.
Also if you make a mess of your bookkeeping and your CPA has to fix it they will charge you $200/hour. A bookkeeper will do it for about $50-$100/hour. So that is a big savings.
Do I want to bring up the monster that is Amazon? You can order so many different things from Amazon from office supplies, materials, inventory items to sell, food, etc. Another reason to keep up with receipts.
In other words I think bookkeepers will always be here but we will just be here in a different way in the coming years.