Learn how you can prepare your business for the projected bookkeeper shortage.
A recent report by the U.S. Bureau of Labor Statistics projects that America could lose almost 66,000 bookkeepers between 2018 and 2028. This trend could spell trouble for small businesses that fail to plan accordingly.
According to Strategic Finance magazine (SF), the decline in bookkeepers is being driven in part by increased automation — as well as a mistaken belief that software programs provide a "set it and forget it" bookkeeping solution that no longer requires human involvement.
In reality, the bookkeeping profession is transitioning to a more analytical role. The job is no longer about accumulating data, but about interpreting what all that data means. "There will still be a strong demand for these professionals," SF concludes. "Nevertheless, the combination of an aging population of current bookkeepers and fewer new entrants into the field will be insufficient to meet the needs of many companies, especially small and medium-sized enterprises (SMEs)."