Bookkeeping Courses – The Balancing Act https://thebalancingactedu.co.uk Bookkeeping with the Balancing Act Wed, 27 Nov 2024 19:11:26 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://thebalancingactedu.co.uk/wp-content/uploads/2022/03/cropped-site-icon-32x32.png Bookkeeping Courses – The Balancing Act https://thebalancingactedu.co.uk 32 32 How bookkeeping can add value to your clients https://thebalancingactedu.co.uk/learning-centre/how-bookkeeping-can-add-value-to-your-clients/ Wed, 27 Nov 2024 19:08:24 +0000 https://thebalancingactedu.co.uk/?p=1647

Are accountancy practices missing an opportunity with their bookkeeping service?

Many business owners see bookkeeping as a basic administrative function, but it has become integral to a business’s overall success.

In this article, Simon Deane, FCA, explores how bookkeeping can add value to your clients and why rebranding your bookkeeping services into a business support solution can be a game changer for your practice and clients.

How bookkeeping can add value to your clients

The shift from bookkeeping to business support

When I was training to be an accountant (many decades ago!), bookkeeping was viewed as simply recording a company’s financial transactions, which was nothing more than data entry. However, this perspective overlooked the immense potential of up-to-date, accurate financial information. Today, business owners need more than just historical financial records; they need real time information to help them monitor their business’s performance so they can make quicker and better-informed decisions.

Many accountancy practices have rebranded their “bookkeeping” services as “business support” services, offering far more than just recording financial transactions. I have seen first-hand how this has helped accountants provide their clients with invaluable insights into their business’s financial health.

Below, I have identified how bookkeeping can add value to your clients when rebranded as part of a comprehensive business support service.

Keeping track of cash flow

Cash flow is the lifeblood of any business and mismanaging it can be disastrous. One of the biggest challenges businesses face is maintaining a healthy cash flow. Accountants who offer enhanced bookkeeping and business support services to help clients accurately track the inflow and flow of cash into the business, ensuring they always know where they stand financially.

Bookkeeping or accounting software can provide live updates on a business’s cash flow, allowing clients to monitor their financial position daily. This helps them avoid cash shortages, spot issues early, and take corrective action immediately.

Bookkeeping can add value to clients by fostering more robust financial management and reducing the risk of cash-related crises.

Managing stock control

Stock control is a vital aspect of business management, especially for clients who deal in products or retail. Inefficient stock management can lead to over-ordering, tying up cash in unsold stock, or under-ordering, resulting in missed sales opportunities. However, with an effective business support solution integrated with bookkeeping software, accountants can help their clients monitor stock levels and ensure that they optimise their inventory.

Furthermore, real time information generated from up to date bookkeeping records can reveal trends in consumer demand, enabling businesses to forecast better and plan ahead for seasonal fluctuations or promotional events.

For accountants, offering stock control support as part of your bookkeeping and business solutions service can provide immense value to clients, helping them minimise waste, reduce costs, and improve profitability.

Reminders to customers who owe your clients money

One of the most significant challenges for small businesses is managing debt. Late payments can choke a company’s cash flow and prevent it from meeting its obligations. Bookkeeping services that include credit control can make a substantial difference in keeping a client’s business solvent.

By ensuring their clients receive the money they are owed on time, accountants help them maintain a steady cash flow and reduce bad debt. This is another clear example of how bookkeeping can add value to your clients by offering credit control as part of a wider business support package. In my experience, if your practice can help your clients recover their debts promptly, they will be more inclined to pay your fees on time, too!

Creating management accounts

One of the most effective ways to help clients make informed decisions is by providing them with regular management accounts. Up to date financial information allows business owners to see how well the business is performing, pinpoint areas of concern, and proactively adjust their strategy if required.

By integrating bookkeeping services with a monthly or quarterly management accounts offering, you can provide clients with a clear picture of their income, expenditure, and profit margins. This data is crucial for setting budgets, forecasting future performance, and identifying potential financial risks or opportunities.

Having access to timely and accurate financial data means clients don’t have to wait until the end of the financial year when the annual accounts are produced to make these changes. This aspect of bookkeeping can add value to your clients by giving them the tools they need to make quicker, smarter decisions that drive business success.

Complying with HMRC’s Making Tax Digital (MTD) regime

The introduction of HMRC’s Making Tax Digital (MTD) initiative has fundamentally changed how businesses handle their accounting and tax affairs. MTD for VAT is already in place, and MTD for Income Tax for self-employed individuals and landlords will start from April 2026. Many small business owners find compliance with these new regulations overwhelming, particularly when it comes to maintaining digital records and submitting quarterly returns.

By offering a bookkeeping service that is fully MTD compliant, you can take this burden off your clients’ shoulders. Many bookkeeping software options, such as Xero, QuickBooks, or Sage, are already compliant with MTD for VAT regulations. Most accounting software companies are in the process of developing similar packages that will be compliant with MTD for Income Tax.

For accountancy practices, ensuring clients remain compliant with MTD helps them avoid penalties and reinforces your role as a trusted adviser in navigating changing tax laws and processes. This is another significant way bookkeeping can add value to your clients.

Training clients to use bookkeeping software

Finally, a valuable aspect of your bookkeeping service is training clients to use the bookkeeping or accounting software. While some business owners may prefer to outsource this entirely, others may want to maintain a level of control over their day-to-day finances. By providing them with the knowledge and skills to use bookkeeping software effectively, you enable them to take charge of their financial data.

By offering this training as part of your business support service, you improve client satisfaction and deepen the trust and partnership between you and your clients.

If your clients want to improve their bookkeeping skills beyond processing invoices and receipts to understanding bookkeeping principles, they may benefit from completing our self-study bookkeeping course, The Balancing Act. I would be happy to discuss how this short course could add value to your relationship with your client. Please drop me an email at simon@accountancylearning.ac.uk if that is of interest.

Conclusion: How bookkeeping can add value to your clients

Accountancy practices must move beyond traditional bookkeeping and embrace a more comprehensive business support model. By doing so, accountants can provide clients with invaluable insights that go beyond historical data entry. From helping businesses manage cash flow and stock control to ensuring timely credit collection and compliance with HMRC regulations, bookkeeping can add value to your clients in many ways.

Rebranding your bookkeeping services to include these broader functions positions your practice as a vital business partner and helps your clients run their businesses more effectively, ultimately leading to their success and growth. Whether through training clients to use bookkeeping software or providing them with real time management accounts, the opportunities to add value are endless.

As an aside, I wonder whether the term ‘Bookkeeping’ needs redefining as it is such an important part of any business. What do you think?

]]> 5 signs bookkeeping isn’t for you https://thebalancingactedu.co.uk/learning-centre/signs-bookkeeping-isnt-for-you/ Tue, 28 Nov 2023 12:05:45 +0000 https://thebalancingactedu.co.uk/?p=1545

5 signs bookkeeping isn’t for you

Choosing a career is a journey of self-discovery.

The world of finance, with its meticulously organised ledgers, systematic monetary flows, and the allure of a stable, secure career, attracts many towards the world bookkeeping.

However, it’s imperative to understand that while the systematic world of debits and credits might be enticing for some, it’s not necessarily a universal fit.

So, before you dive deep into the layered world finance, it’s worth pausing for a moment of self-reflection.

Join us as we navigate through five key signs that bookkeeping training isn’t for you.

Identifying with any of these might indicate that it’s time to reassess the situation!

Detail-oriented tasks overwhelm you

Bookkeeping is synonymous with precision.

Whether it’s a colossal business deal or a minor transaction, each has a designated space and significance.

If you find tasks demanding meticulous attention overwhelming or if your inclinations lie more towards broader, macroscopic roles, the minutiae-focused nature of bookkeeping might be a source of stress.

Overlooking even the tiniest detail can snowball into significant financial discrepancies. 

Continuous learning feels like a burden

The dynamic landscape of finance is always on the move.

As tax regimes alter, regulatory frameworks transform, and innovative financial technologies emerge, a bookkeeper’s role demands continual adaptation.

If you’re more attuned to stable, unchanging environments or feel perturbed by swift transitions, maintaining relevance in bookkeeping could become a strenuous endeavour.

Lack of enthusiasm for financial systems

Being good with numbers is just the start.

Imagine enjoying the thrill of solving money mysteries, having a keen eye for money mistakes, and truly geeking out over financial blueprints

If this doesn’t sound like your kind of fun, then perhaps your excitement for the field might fade away with time.

Interpersonal skills aren’t your forte

Even though bookkeeping is predominantly a numbers game, it’s inescapable that interpersonal dexterity plays a crucial role.

Bookkeepers frequently interface with varied departments, clients, or external bodies.

If you have a penchant for solitary endeavours or find navigating social dynamics in professional settings arduous, this facet of the role might pose challenges.

You’re seeking instant gratification

The tangible outcomes of bookkeeping unfurl gradually.

It’s akin to a careful, deliberate dance that underpins an organisation’s fiscal well-being over extended periods.

If your motivation is fuelled by the thrill of swift outcomes or immediate accolades, the measured tempo of bookkeeping might strain your enthusiasm.

Discovering the right career path for you

Recognising when a chosen path isn’t the best fit for your skills and passions is a sign of self-awareness.

If you come to realise that bookkeeping doesn’t align with your aspirations, it’s okay to reconsider.

Our world is brimming with diverse professional opportunities, each tailored for different strengths, interests, and goals. Don’t feel confined to a single choice; take the time to explore and understand what truly resonates with you.

Your ideal career, one that brings fulfilment and aligns with your unique abilities, is out there, just waiting to be uncovered.

Stay curious, open-minded, and trust in your journey towards finding the perfect match!

The AAT skill check is a great way to test what you know: AAT Skillcheck | AAT 

If bookkeeping IS for you, reach out to us!

In search of a dependable and approachable source for your bookkeeping training? Your search ends here.

We aspire for ‘The Balancing Act’, our online self-paced bookkeeping course available for remote study, to be recognised by accounting students as the catalyst for their career growth.

Additionally, we aim for employers to regard it as an essential component of their accounting training and onboarding process.

Buy now: Buy The Balancing Act (thebalancingactedu.co.uk)

Contact us at 01392 244 048 or click here to make a purchase.

]]> 5 cost factors of bookkeeping training https://thebalancingactedu.co.uk/learning-centre/cost-factors-of-bookkeeping/ Tue, 28 Nov 2023 11:21:38 +0000 https://thebalancingactedu.co.uk/?p=1530

5 cost factors of bookkeeping training

Are you considering embarking on a journey to become a proficient bookkeeper?

Understanding the cost associated with bookkeeping training is a crucial step in your financial planning – it’s a field with high demand and excellent career prospects. But before you sign up for that bookkeeping course, let’s uncover the real deal about what affects the cost.

In this article, we’ll delve into the five key cost factors of bookkeeping training that can significantly impact your decision and explore how these factors can affect students and individuals looking to further their careers.

Course type and provider

The type of bookkeeping course you choose and the institution or provider you opt for play a fundamental role in determining your training costs.

Different courses, such as online programs, in-person classes, or specialised workshops, may come with varying price tags. Additionally, prestigious institutions often charge higher tuition fees than smaller, lesser-known providers.

Search for an AAT provider: Training Provider Search (aat.org.uk)

Course duration

The duration of your bookkeeping training program can have a direct impact on the overall cost.

Longer courses tend to be more expensive, as they require a greater time commitment. However, shorter, intensive courses might have higher fees per hour of instruction. Consider your availability and learning preferences when choosing the duration that best suits your needs and budget.

Study materials and resources

To excel in bookkeeping, you’ll need access to essential study materials and resources.

These include textbooks, software licenses, practice exams, and additional learning materials. The cost of these resources can vary widely, so it’s essential to research what’s included in your course and what you might need to purchase separately.

Certification and accreditation

Earning a recognised bookkeeping certification can significantly boost your career prospects.

However, pursuing accredited programs or certifications often comes at a premium cost. Be prepared to invest more if you plan to attain a certification from reputable organisations such as the Association of Chartered Certified Accountants (ACCA) Home | ACCA Global 

Location and accessibility

Your geographical location can influence the cost of bookkeeping training.

In metropolitan areas, where the cost of living is higher, training programs might be more expensive than in rural regions. Additionally, consider the accessibility of training centres or institutions. Travel and accommodation expenses can add to the overall cost, especially if you need to attend in-person classes.

 

Balancing YOUR bookkeeping dreams with YOUR budget

We’ve dissected the key cost factors of bookkeeping training, let’s talk strategy.

The path to becoming a bookkeeper is like a well-balanced spreadsheet: it requires thoughtful planning.

When evaluating the cost of bookkeeping training, it’s essential to consider these five factors: course type and provider, course duration, study materials and resources, certification and accreditation, and location.

By carefully weighing these factors against your budget and career goals, you can make an informed decision that ensures a worthwhile investment in your bookkeeping education.

Remember, the cost of training is an investment in your future, and choosing the right program that aligns with your goals can pay dividends in your bookkeeping career.

So, whether you’re eyeing an online course to balance work and learning or ready to dive into an intensive, in-person program, your journey towards becoming a skilled bookkeeper awaits!

 

Discover a cost-effective course today

The Balancing Act bookkeeping course is tailored to provide swift and affordable training for budding accountants.

This course lightens the load on your internal teams, ensuring that new team members receive efficient training right from their inaugural week with you.

Not quite convinced? Visit our pricing page to explore:

  • The cost advantages (check out our ‘Internal Training Cost’ calculator!)
  • Target audience for The Balancing Act bookkeeping course
  • Who it might not be suitable for
  • Our commitment to your satisfaction

Ready to embark? Head here to buy now: Buy The Balancing Act (thebalancingactedu.co.uk)

For further details or inquiries, drop us a call: 01392 244048

]]> Success in your Bookkeeping Studies https://thebalancingactedu.co.uk/learning-centre/success-in-your-bookkeeping-studies/ Tue, 29 Aug 2023 09:50:33 +0000 https://thebalancingactedu.co.uk/?p=1397 .avia-section.av-cuwc79-71c741ab0399dd3ef52e32c5f605020a{ background-color:#f0f3f6; background-image:unset; margin-top:-40px; margin-bottom:0px; }

Mastering Self-Motivation: A Guide to Success in your Online Bookkeeping Studies


Many courses (including bookkeeping and accounting) are studied online these days and we know first-hand how challenging this can be!

On the ‘plus’ side, individuals embarking on an accounting apprenticeship or distance learning programme in accounting or bookkeeping can be a transformative experience, opening doors to a fulfilling career in finance. However, studying online requires a unique set of skills, particularly when it comes to self-motivation.

Distractions, lack of structure, and a sense of isolation can sometimes hinder progress and success – as experienced distance learning tutors, we’ve seen it all in terms of the ‘reasons’ why satisfactory progress has not been achieved. Here we explore some effective strategies to help individuals maintain their self-motivation and excel in their online accounting/bookkeeping studies.

Success in your Bookkeeping Studies

1. Set Clear and Achievable Goals for Success in your Bookkeeping Studies

The journey to becoming a proficient bookkeeper may seem long and arduous at times, but setting clear and achievable goals can keep you focused and motivated. Break down your larger goals into smaller, manageable milestones that you can celebrate upon reaching. These milestones could be completing a specific learning session, mastering a particular concept, or passing an online test. Tracking your progress will provide a sense of accomplishment and encourage you to keep pushing forward.

Our online element of The Balancing Act Bookkeeping course is located on Moodle (virtual learning environment), where individuals can tick off each element of the course as they go along – keeping a visual track of your progress is hugely motivating!

Keeping track of progress

2. Create a Structured Study Plan

Without a structured study plan, it’s easy to procrastinate or feel overwhelmed by the amount of material to cover. Develop a daily or weekly study schedule that allocates dedicated time for learning e.g. commit to studying for a 2 or 3 evenings per week and if you have spare time, a few hours over the weekend would be a bonus.

If your online course provider has given you an Individual Learning Plan (ILP), refer to it and decide in advance what you’re going to be working on during each of your study sessions. And make sure that friends and family know when you’ll be studying so you can avoid being disturbed! Having a routine will help you build a habit of consistent learning and reinforce your sense of commitment to the programme.

Creating a ‘habit’ is key – when trying to get into the habit of exercising 3 times per week, I was once told “even if don’t feel up to it, at least go through the process of getting ready for your exercise e.g. keep your trainers in the same place each time and put them on! In this way, it’s harder to break the habit”. The same applies to your online learning – if you’ve had a hard day, at least log in and look at your online course…

Example Study Plan

3. Build a Support Network

Feeling isolated while studying online is a common challenge. What can be really helpful is to establish connections with fellow students, tutors, or even online study groups.

Engaging with others who share similar goals and challenges can foster a sense of belonging and provide valuable support and encouragement. These connections can also offer opportunities for collaborative learning and discussion, enhancing your understanding of complex topics.

If you can’t find a “study buddy”, then try enlisting the support of a friend or family member to help you keep on track and make you “accountable” for your studies. Tell them which evenings you will be studying and then ask them to check up on you e.g. did you study session ‘x’ like you said you would?

4. Visualise your Success in your Bookkeeping Studies

Take a moment each day to visualise your success as a trained accountant or bookkeeper. Imagine yourself confidently managing financial records, reconciling accounts, and providing valuable insights to businesses. Visualisation can be a powerful motivator, as it creates a positive mindset and reinforces your aspirations. Remember, your journey towards becoming a skilled accountant or bookkeeper starts with believing in yourself.

Visualise Success

As well as mentally visualising your success, why not create a vision board for yourself and stick it on a wall in your study area so you can see it every day – it’s a great reminder of what you are striving to achieve! I have one at home and it really does help to focus your mind. Here are some great vision board examples to get you started.

5. Reward Yourself

As you achieve your smaller goals, don’t forget to reward yourself e.g. once you’ve completed 5 bookkeeping learning sessions, treat yourself to something you enjoy, such as a favourite meal or a leisure activity.

Breaking down your goals further, you could reward yourself once you’ve completed 2 hours of study for example, by having a tasty treat or a relaxing bath; whatever motivates you to stick to your goals – you get the picture.

Celebrating your accomplishments, no matter how minor they may seem, reinforces the idea that hard work and dedication lead to gratifying results.

Reward Yourself

6. Embrace Challenges as Opportunities

In any learning journey, challenges are bound to arise – from our experience, this often occurs at the beginning of the course, for example, getting your head around double-entry bookkeeping is a difficult concept to immediately click with! When I started learning it, I thought I would never get it, but after lots and lots of practice, I suddenly had a ‘light bulb’ moment and it all started clicking into place. Thousands of others have gone through the same initial pain – you just have to ‘stick with it’.

I liken it to learning how to ride a bike – for what seems like ages, you keep falling off the bike; you get more and more frustrated, until one day when you suddenly ‘get it’!

So, instead of becoming discouraged and wracked with self-doubt when learning something new, view the challenge as an opportunity for growth. Take it on with a positive mindset – it will be worth it once you’ve achieved success with your bookkeeping studies. And success breeds success!

7. Create a Dedicated Study Space

Designate a specific area in your home or workspace as your study space. This space should be free from distractions and conducive to focused learning, so make sure everyone knows that you are studying and can’t be disturbed. I know someone that puts a sign on his door which says “Only disturb if the building is on fire”!! (You might not want to go quite that far, but you get the idea).

When you settle down to your studies, ensure you close your email program, put your phone on silent and have all the necessary tools to hand e.g. note paper, pens, calculator, useful aide memoirs etc.

When you enter your ‘organised’ and ‘tidy’ study space, your mind will associate it with productivity, making it easier to stay on track and maintain concentration!

8. Practice Self-Reflection

Regularly reflect on your progress, strengths, and areas for improvement. You might want to consider keeping a journal to jot down your thoughts, successes, and challenges. Self-reflection can provide valuable insights into your study habits and enable you to make necessary adjustments to stay motivated and productive.

Practice Self-Reflection

9. Seek Professional Development Opportunities

Stay informed about the latest trends and developments in the bookkeeping/accounting field e.g. https://www.accountingweb.co.uk/, https://www.aat.org.uk/ . Attend webinars, workshops, or conferences, even if they are held virtually. Engaging in continuous professional development can fuel your enthusiasm for the subject matter and give you a sense of the broader impact your skills can have in the accounting industry – if you think about it, every business you can imagine has some form of accounting function e.g. film studios, sports clubs, theme parks (the list is almost limitless), so it’s a great profession to get into!

Conclusion

Studying bookkeeping or accounting online demands dedication, perseverance, and self-motivation. By setting clear goals, creating a structured study plan, building a support network, and embracing challenges, you can cultivate the resilience needed to excel in your studies. Remember to reward yourself for your achievements and visualize your success as a skilled bookkeeper or accounting technician. With these strategies in place, you can confidently navigate the online learning journey and build a successful and fulfilling career in the world of accounting.

If this sounds interesting, a great starting point would be The Balancing Act bookkeeping course – it can take as little as 5 days to complete, so it’s a cost effective way to get started in the world of finance. Even if you discover that an accounting career isn’t for you, you will have obtained a wealth of transferable skills – great for your CV!

Achieve Success in your Bookkeeping Studies with The Balancing Act today!

If you’re looking for a trustworthy, friendly, and reliable provider for your bookkeeping training, then look no further. The Balancing Act bookkeeping course has been designed to be a fast and cost-effective way of acquiring practical bookkeeping skills that will serve you well in your future career. Success is beckoning!

If you’d like to get started with The Balancing Act today, you can buy it now by clicking on the button below:


Buy Now

Or, if you’d like some more information, please give us a call on 01392 244048 or get in touch with us here

Prue Deane BA MSc Cert Ed FMAAT

https://www.linkedin.com/in/pruedeane/

]]> How to navigate bookkeeping course alternatives https://thebalancingactedu.co.uk/learning-centre/course-alternatives/ Tue, 22 Aug 2023 13:43:05 +0000 https://thebalancingactedu.co.uk/?p=1303

How to navigate bookkeeping course alternatives

Are you looking for the right bookkeeping course to get going with, but need some more guidance? 

I ask these questions because I understand how difficult it can be to decide on something, especially when it’s based upon its quality of service and content. 

It’s extremely important to ensure that you are happy and comfortable with a provider and that this provider can offer you the skills YOU need to progress. 

Here are 8 factors that I think are worth thinking about when researching bookkeeping course alternatives: 

course alternatives

1. Accreditation

It’s crucial to ensure that the course you are potentially going to be committing to has been accredited by a recognised organisation! 

Accreditation is a process by which a third-party organisation evaluates and recognizes the quality and standards of an educational institution or program.

This helps to ensure that institutions meet certain standards of quality and provide students with a quality that meets industry standards. 

After all, we’re talking bookkeeping, so a few to look out for are: The Association of Chartered Certified Accountants (ACCA), the Institute of Management Accountants (IMA), or one that is slightly closer to home for us at TBA, The Association of Accounting Technicians (AAT).  

Head here to read more about the AAT and their approach to bookkeeping courses: AAT: the leading professional body for accounting technicians | AAT  

 2. Course Content 

If the content of the course you are looking into doesn’t cover the essential topics required for bookkeeping, it’s probably not a good option for you, as someone looking to become a bookkeeper. (add link to other blog post/TBA) 

The course should provide a full understanding of bookkeeping principles, software applications and tax laws! 

3. Delivery Format

The way in which a bookkeeping course is delivered is a big thing to consider!  

You are going to be paying money to enrol and work through the course, so it’s important that you feel comfortable with this for the journey to completion. 

Some courses may be delivered online via distance learning, some may require you to commute to a classroom, or even a hybrid-situation of the two.  

Whatever the format is, there are various options – make sure you choose the one that suits both your preferred style of learning and schedule! 

4. Course Duration

Next up is the course duration – committing to a course means you’ll also be committing to putting aside time from your regular life outside of studying! 

It’s a good idea to do some weighing up, consider how your work/life balance will be affected along with other responsibilities you may have such as family.  

If the length of the course and time-commitment required is the final box ticked – that’s one step closer! 

  5. Cost

This one is often the most influencing factor of them all, as you could expect now considering the cost-of-living crisis. 

Everything seems to be more expensive now so it’s understandable to need more time to understand and compare the costs and value provided by different providers.  

One thing I will suggest is to not compromise the quality of a course for a lower price if you can help it! 

 6. Teacher qualifications

What I mean by this point is, is your potential teacher going to be the right fit for your learning?  

Everyone has different needs when it comes to understanding new information, a good way to ensure you are on-board with the best teacher for you is to do some research into the qualifications and experience of them. 

Top Tip: Having some real-world experience in bookkeeping can make a teacher more valuable to you!  

7. Student Support

Being a part of a community can be empowering and securing! 

If you’re someone who thrives with extra communication or when working with other people, look for courses that offer student support such as access to tutor-support or a wider learning community. 

 8. Reviews and Feedback

Finally, and maybe obviously, scan through recent reviews for the course or training provider you are researching.  

This can give you an indication into the quality of a course and how much satisfaction is up for grabs. 

See what past students had to say about the course, the teachers, the content etc. to give yourself a bit more confidence that you’re making a decision that you’ll thank yourself for later down the line. 

To summarise things

I truly believe that these considerations mentioned are the most important to look out for when thinking about bookkeeping course alternatives.  

You should consider your own personal goals, your preferred style of learning and a realistic budget when making these comparisons.  

Be sure to choose a course that meets your needs and current circumstances that can also provide you with the skills you’ve been searching for to reach your goals! 

Get the ball rolling with The Balancing Act

We never want compromise on any of these points discussed, from value for money to accreditation – we really care!  

If you’re looking for a trustworthy, friendly, and reliable provider to get yourself or your employees trained with, look no further. The Balancing Act bookkeeping course has been especially designed to be a fast and cost-effective way to train new accountants.  

It minimises the impact on your internal resources and ensures efficient training is provided to new recruits during the first week of their employment with you.  

If you’re unsure whether The Balancing Act is worth it,  head over to our pricing page where you can find a breakdown of who we think it would be suitable for and who it might not be for: Pricing – The Balancing Act (thebalancingactedu.co.uk) 

If you need no more information and agree with us that The Balancing Act is the best way to train as a bookkeeper, buy it now here: Buy The Balancing Act (thebalancingactedu.co.uk) 

]]> How does The Balancing Act bookkeeping course work? https://thebalancingactedu.co.uk/learning-centre/bookkeeping/how-does-the-balancing-act-bookkeeping-course-work/ Thu, 10 Aug 2023 11:04:55 +0000 https://thebalancingactedu.co.uk/?p=1335

So how does The Balancing Act Bookkeeping course work, and what are the key benefits?

There are so many bookkeeping courses out there (of all shapes and sizes!) that it can be difficult to decide upon one that will truly provide your new accounting trainees with the knowledge and skills needed to flourish within your finance team – and quickly!

The benchmark entry accounting qualification that employers generally look for is AAT (and we’ve delivered this qualification to thousands of students, and still do). However, it does take a while to achieve the qualification and if you want to get a new member of the finance team up and running quickly, our The Balancing Act bookkeeping course can do this in as little as 5 days.

The Balancing Act bookkeeping course

The beauty of The Balancing Act bookkeeping course is that it combines engaging online learning materials with a hard copy workbook. The workbook is based on a single case study, making it as close to ‘real life’ as you can get it! We haven’t found anything close to this currently on the market.

Here’s what it includes:


Online Learning Materials – study bookkeeping at your own pace

There are 26 modules in the course, starting with an ‘Introduction to Business’ session, followed by 4 basic bookkeeping sessions to introduce students to the ‘double entry concept’ (duel effect) – ideal for those who are brand new to bookkeeping.


Excerpt from The Balancing Act course

  • 26 modules, each with an interactive online narrated video presentation
  • Each module includes a pdf transcript and an online quiz to test learning

Excerpt from The Balancing Act course

Hard Copy Workbook – to test your bookkeeping knowledge

Alongside the 26 online modules, there is a comprehensive hard copy folder of 43 practical activities which will thoroughly test your new recruit’s knowledge.

As previously mentioned, the unique aspect of this is that all the activities are based on a single case study (i.e. a fictitious company that records its accounting transactions from initial customer and supplier invoices all the way through to preparation of the financial statements). As each activity follows on from the previous one, we have provided a separate answer booklet for your trainee to check their answers as they go along – this is essential as any mistakes made early on will follow all the way through to the end, just as they would in real life!

At the end of the course, there is a 24 page Progress Test for your trainee to complete – this is a truly excellent way of checking they have fully grasped the subject matter. Don’t worry, the Progress Test comes with a mark scheme so that you can mark it yourself with ease (or we can mark it for you).


Example from The Balancing Act workbook


Get Started with The Balancing Act bookkeeping course TODAY!

1.Immediately after purchasing The Balancing Act (TBA), which you can do here:


Buy Now

2. We will ask for the names and email addresses of your trainees.

3. We will email them log in details for the online element of the course within 24 working hours. (If you prefer, we can send this email to you, so you can forward it to your trainees when you want them to start.)

4. Students can start studying online as soon as they have received their log in details.  In the tool bar they simply click on My courses and then The Balancing Act in the drop-down box:


How to access The Balancing Act

5. This will take them to the course page which is set out in a linear format – very easy to follow on a step-by-step basis. There are guidance notes along the way to make sure they don’t get lost!

6. On purchasing the course, we will also dispatch The Balancing Act workbook to the address you have provided. The workbook should arrive within 2 working days, although we can probably arrange this more quickly if you are desperate! However, the student has plenty to get through on the on-line course first, before they are ready for the first workbook activity.

7. We will email you the end of course test so that you can issue it to your student once they have completed their on-line learning and the hard copy workbook.

8. Unless you have arranged with us to mark the end of course assessment for you, we will also send you the model answers, which includes the marking scheme.


Getting the most out of The Balancing Act bookkeeping course

Although we recognise that completing the The Balancing Act as part of a 3 month probationary period is a useful “assessment” tool before offering a full time contract (and possibly an apprenticeship), we do feel that a firm will benefit most from the programme if they get their new recruits to complete The Balancing Act over the space of one to two weeks. In this way, the firm can identify a new recruit’s aptitude for a career in accountancy and also get them up and running by the end of that one or two weeks.

Where new recruits are required to complete the course in 5 – 10 days, they HAVE to work at it – and do. If they simply don’t “get it”, it is better to know early, so the business doesn’t take months and months over deciding to “let them go”, saving time and cost and the student an awful lot of heartache. Leaving within 2 weeks of joining an organisation gives them a chance to get another job quickly, without a blip on their CV.

If you’d like more information on how The Balancing Act works, please click here.

Andrew Price uses The Balancing Act bookkeeping course to get entry level team members as productive as possible in a short period of time

One of our clients has been using The Balancing Act for well over 10 years and they have probably only had to “let go” 4 students – all of whom were given another week to rework the course and all of whom still didn’t get it and realised it wasn’t the career for them.

“We’ve found no better way than The Balancing Act to be able to get people confident with the core underlying accounting principles and processes.  It’s comprehensive and highly practical with the added benefit of testing to support the learning process.  Even with software like Xero, you need to be able to understand the accounting that goes on within it to ensure it’s used correctly.

The Balancing Act is one of the best ways I’ve seen to get entry level team members as productive as possible in a short period of time, freeing up your more experienced staff to do client work.”

Andrew Price, Director
Andrew Price & Co Chartered Accountants

Get The Balancing Act bookkeeping course today!

If you’re looking for a trustworthy, friendly, and reliable provider for your bookkeeping training, then look no further. The Balancing Act bookkeeping course has been designed to be a fast and cost-effective way to train new accounting staff.

It minimises the impact on your internal resources and ensures efficient training is provided to new recruits during the first week of their employment with you.

If you’re still a little unsure whether The Balancing Act bookkeeping course fits the bill, do head over to our pricing page where we discuss:

  • The cost benefits (try out our ‘Internal Training Cost’ calculator!)
  • Who The Balancing Act bookkeeping course is for
  • Who The Balancing Act bookkeeping course is NOT for, and
  • Our ‘satisfaction guaranteed’ promise

If you’d like to get started with The Balancing Act bookkeeping course today, you can buy it now by clicking on the button below:


Buy Now

Or, if you’d like some more information, please give us a call on 01392 244048 or get in touch with us here

Prue Deane BA MSc Cert Ed FMAAT

https://www.linkedin.com/in/pruedeane/

]]> Is remote working the future for bookkeepers? https://thebalancingactedu.co.uk/learning-centre/remote-working/ Fri, 14 Jul 2023 09:10:17 +0000 https://thebalancingactedu.co.uk/?p=1265

Is remote working the future for bookkeepers?

Embrace the future!

In recent years, remote working has transformed the way professionals from va rious industries carry out their work.

This paradigm shift has opened up new opportunities for bookkeepers, including those who are part-qualified or unqualified, and those seeking training. Embracing remote work not only offers flexibility and freedom but also expands the horizons for aspiring bookkeepers.

Whether you are looking into a new career or an existing employee looking for training, being open to different styles of working could be the stepping stone you need.

In this blog post, we will explore how remote working has become a game-changer for bookkeepers and will provide valuable insights into the best ways to thrive in this evolving landscape.

remote working

The Advantages of Remote Working for Bookkeepers

Remote working brings a host of advantages for bookkeepers, regardless of their qualification level.

Here are some key benefits:

Flexibility: One of the most significant advantages of remote work is the flexibility it offers.

Bookkeepers can choose their own working hours, enabling them to strike a balance between their personal and professional lives.

This flexibility is particularly beneficial for part-qualified or unqualified bookkeepers who may have other commitments or are looking to pursue further training.

Expanded Job Market: Remote working eliminates geographical constraints, allowing bookkeepers to tap into a global job market.

Instead of being limited to local opportunities, part-qualified or unqualified bookkeepers can seek employment or training opportunities from organisations across the world. This opens a vast pool of potential clients and employers!

Reduced Overhead Costs: Remote working eliminates the need for physical office space, reducing overhead costs for bookkeepers.

Without the expenses associated with commuting, office rent, or utilities, bookkeepers can enjoy higher income potential or invest in their professional development.

Acquiring Remote Bookkeeping Skills

For part-qualified or unqualified bookkeepers looking to embrace remote working, acquiring the necessary skills is crucial.

Here are a few steps to help you get started:

Online Training: Numerous online platforms offer bookkeeping courses and training programmes specifically tailored for remote workers.

These courses cover essential topics such as double entry bookkeeping, accounting software proficiency, remote communication skills, and cybersecurity. Seek out reputable training providers who offer certifications upon completion to enhance your credibility.

Networking:  Networking is key in any profession, and remote bookkeeping is no exception. Join online communities, forums, and social media groups dedicated to bookkeeping professionals.

Engage in discussions, seek advice, and connect with experienced remote bookkeepers. These networks can offer valuable insights, job opportunities, and mentorship.

Continuous Learning: As the bookkeeping landscape evolves, it is crucial to stay updated with the latest industry trends and developments.

Make it a habit to read industry publications, attend webinars, and participate in relevant training sessions. Enhancing your knowledge and skills will not only boost your confidence but also make you more marketable as a remote bookkeeper.

Overcoming Challenges

While remote working offers immense benefits, it also presents unique challenges. Being aware of these challenges and finding effective solutions is key to succeeding as a remote bookkeeper.

Here are a few common hurdles and strategies to overcome them:

Time Management: Remote working requires discipline and effective time management skills. Create a dedicated workspace, establish a routine, and set clear boundaries between work and personal life. Utilise productivity tools and time-tracking apps to stay organised and focused.

Communication: Effective communication is crucial when working remotely. Utilise video conferencing tools, instant messaging platforms, and project management software to stay connected with clients and colleagues. Establish regular check-ins and ensure that communication channels are open and transparent.

Self-Motivation: Remote work demands self-motivation and self-discipline. Set clear goals, break them down into manageable tasks, and reward yourself upon completion. Develop a routine that helps you stay motivated and surround yourself with supportive peers who can provide encouragement and accountability.

Can remote working ignite your path to success?

Remote working has transformed the landscape for part-qualified and unqualified bookkeepers, providing them with unprecedented opportunities for growth and success.

By embracing the advantages of remote work, acquiring the necessary skills, and overcoming challenges, bookkeepers can establish thriving careers in a flexible and dynamic environment.

Remember, remote working is not just a trend; it is the future of work, and with the right mindset and preparation, you can embark on a fulfilling journey as a remote bookkeeper.

Give us a call today to discuss your training needs!

We get a huge amount of satisfaction from seeing our accounting students succeed and progress in their careers because of their accounting training

Our goal is that The Balancing Act, our online self-study bookkeeping course which can be studied remotely, will provide such effective learning that accountancy students see it as the springboard for their career and employers see it as an indispensable part of their accounting training and accountancy induction process.

Call us on 01392 244 048 or head here to buy now: https://thebalancingactedu.co.uk/buy-the-balancing-act/

]]> Is a Bookkeeping Course Worth It? https://thebalancingactedu.co.uk/learning-centre/bookkeeping-course-worth-it/ https://thebalancingactedu.co.uk/learning-centre/bookkeeping-course-worth-it/#respond Wed, 07 Jun 2023 08:31:28 +0000 https://thebalancingactedu.co.uk/?p=1228

Is a bookkeeping course worth it, or a waste of your time?

This blog post will give you an insight into bookkeeping courses and will try to answer the question of whether they are worth it and investable. We all want to know where our money is going, right?

So, let’s dig a bit deeper into the pros and cons, the benefits and annoying bits, the things that could make you feel that committing to a course is either totally worth it or, a waste of time.

bookkeping

Learn the meaning and importance of bookkeeping

The truth is – every business in the world needs a bookkeeper. It’s such an important and transferable skill that could allow you to travel the world and provide yourself with job security!

To get things going, let’s talk a bit about what a bookkeeping course is, how it differs from accounting, and why it might be important to someone like yourself.

Bookkeeping can be defined as “the process of recording and organising financial transactions for a business or individual”. It involves keeping track of all incoming and outgoing funds, such as sales, purchases, receipts, and payments. It really is an essential spoke in the wheel of business, and that includes all sizes of businesses.

Bookkeeping vs Accounting

Bookkeeping as a career could be a more flexible option to make a living which allows you to fit work around life whereas, accounting would be suited to someone wanting to focus on a more linear career in finance.

Life as a bookkeeper offers versatility within your job, you could even start off helping local charities or friends with their books and work up to larger companies if you wanted to.

The two ideas are closely related but serve as two different functions within finance.

Accounting entails the analysis of financial data to make informed decisions whereas bookkeeping involves the recording and arranging of financial transactions. Accounting will require the underpinning skills of bookkeeping.

What’s the first step for your career?

Bookkeeping could be the perfect first step for your career!

I am going to assume that you are new to this and would be looking into an introductory course to start with. The great thing about some of the bookkeeping courses on the market today is that you don’t need any prior accounting or bookkeeping qualifications, skills, knowledge, or experience to get started (although good basic numeracy and literacy skills are needed).

A lot of the time, bookkeeping is the first step needed for most career paths in finance, so why not secure the foundations for the road ahead?!

The beginner courses or Level 1/2 would represent the typical starting point for those who wish to work in a bookkeeping role in practice or industry. It’s also an excellent qualification for those who are already working in finance but would like recognition of their skills. If you’re trying to figure out how to break into a finance career, a bookkeeping course can offer a range of fundamental skills that underpin these roles.

Additionally, individuals can greatly benefit from having their bookkeeping skills on-point; all income and expenses need to be recorded, if you manage your books well, financial decisions become much easier, cash flow can be monitored well, plus – you can sleep better at night knowing that all legal and tax requirements are covered.

A few common misunderstandings about Bookkeeping

Bookkeeping can be widely misunderstood as being low paid and boring. How can this be the case when YOU make the rules?

A bookkeeper can treat their job as running their own business. You decide who you take on, who you bookkeep for and who you work alongside. There is so much freedom to be shouted about, from the client flexibility to being able to work from home as well as meeting loads of new people!

Another classic one is the idea that you need an accounting degree to become a bookkeeper – wrong! In fact, most bookkeepers don’t have one of these. There are lots of other, quicker, cheaper and more use-friendly options on the market!

You may have heard that bookkeeping is only for the ‘big players’ in business. This is not advice that we would necessarily get behind, from sole proprietors to large corporations, they all need financial management and someone (maybe like yourself) to take care of it effectively!

Here’s how to make it worth it

If you’re interested in learning more about bookkeeping, I’d like to offer a practical tip or two and maybe a recommendation for somewhere to start.

Here are some points to consider:

  • Get some hands-on experience – try volunteering at a small business, non-profit organization, or for friends to apply the concepts you’ve learned.
  • Equip yourself with the right tools – a software that suits you can make things much smoother. Xero, QuickBooks or Sage are probably the most popular “Cloud” based versions for small businesses.
  • Keep in tune with current tax laws – you will have to have a working knowledge of VAT, however, you should not get involved with dealing with personal or business tax until you have studied enough to fully understand it.
  • As with any professional services, you should only take on work that you are competent to undertake. You will also need to consider taking out Professional Indemnity insurance if you are charging for your services.
  • Try networking with other likeminded people – this will help you to stay in the loop with relevant trends and to build connections with potential clients.
  • Make use of your online social platforms – look for bookkeeping groups to join.
  • Finally, make sure you’re as attentive and organised as possible – a consistent schedule for tasks and deadlines is something that always boosts results, give it a whirl.

If you are planning to run your own bookkeeping business, you should seriously consider obtaining a recognised bookkeeping qualification and registering with the relevant professional body – see below.

Let’s wrap things up and offer some guidance

Ultimately, no one can really tell you the right or wrong answer in this situation.

The value of an educational course is totally subjective and will serve its purpose in the way it has been designed and in the way it is received. One thing that we can be sure of is that investing in something like a bookkeeping course will always be a positive step if you are trying to progress in the early stages of a career in finance.

Be sure to do your research, know what you need, and give yourself time to make the right decision.

We are here to help!

If you’re looking for a bookkeeping course that’s quicker and a bit more-budget friendly, you will probably be interested in The Balancing Act.

The Balancing Act bookkeeping course is designed to be a fast and cost-effective way to train new accountants – totally worth it! It minimises the impact on your internal resources and ensures efficient training is provided to new recruits during the first week of their employment with you.

If you’re unsure whether The Balancing Act is worth it, head over to our pricing page where you can find a breakdown of who we think it would be suitable for and who it might not be for: Pricing – The Balancing Act (thebalancingactedu.co.uk)

If you need no more information and agree with us that The Balancing Act is the best way to train as a bookkeeper, buy it now here: Buy The Balancing Act (thebalancingactedu.co.uk)

The above advice will get you started on acquiring Bookkeeping skills

If you are looking to provide and charge clients for bookkeeping services, you should look to obtain a recognised bookkeeping qualification.

There are a number of these, and we are happy to advise on this. Probably the most popular and best recognised qualifications will be AAT, ICB and IAB.

Sorry for all the acronyms! These are:

We generally recommend the AAT Level 2 Certificate in Bookkeeping and the Level 3 Advanced Certificate in Bookkeeping (the latter including coverage of VAT).

On successful completion of the Level 3, you can apply for AATQB status – https://www.aat.org.uk/membership/professional-membership/bookkeeping-membership-aatqb and apply to become a Licensed Bookkeeper with them – https://www.aat.org.uk/membership/professional-membership/bookkeeping-membership-aatqb

]]> https://thebalancingactedu.co.uk/learning-centre/bookkeeping-course-worth-it/feed/ 0 The 5 Biggest Problems with Bookkeeping Training https://thebalancingactedu.co.uk/learning-centre/the-5-biggest-problems-with-bookkeeping-training/ https://thebalancingactedu.co.uk/learning-centre/the-5-biggest-problems-with-bookkeeping-training/#respond Mon, 17 Apr 2023 15:24:52 +0000 https://thebalancingactedu.co.uk/?p=1164 The 5 Biggest Problems with Online Bookkeeping Training – finding a training course that’s “fit for purpose” is key

Anyone working in finance knows that getting an excellent grasp of double entry bookkeeping is vital, as it underpins everything in financial accounting. It’s therefore really important that the bookkeeping training you choose is “fit for purpose” e.g.

  • you need to be sure that what your new trainees learn is going to translate to the workplace
  • that the chosen study method is appropriate to your/your trainees needs
  • and that the training is good value for money

Online bookkeeping training is continuing to grow

As online training continues to grow in popularity, more students (or employers of those students) are turning to online bookkeeping courses to gain the skills they need to succeed in the accountancy profession. While online bookkeeping courses can offer convenience and flexibility, they also come with their own set of challenges…

Online Bookkeeping Training trends

World Economic Forum

Bookkeeping Training Problem 1:
Limited interaction

One of the most significant challenges of online bookkeeping courses is the limited interaction between students and trainers – with a traditional College course, much can be gained from peer learning and obviously the trainer is there to help anyone who gets stuck!

Bookkeeping Training Problem 1

A few downsides of a college course are that classroom sessions are strictly timetabled – I know from my ‘stand up teaching’ days, that if a student misses a session, it can be a real challenge for them to catch up!

Also, everyone learns at a different pace, so there is a danger that some students struggle to keep up whereas those faster-paced students may get bored waiting for the rest of the group to be ready to start the next learning topic.

While some online learning platforms can offer real-time messaging and chat features (if enrolling on a timetabled course e.g., weekly online sessions) they cannot replace the value of face-to-face interaction in a traditional classroom setting.

Students may find it difficult to ask questions, clarify doubts, or receive feedback, which can hinder their ability to learn and develop their skills.

Messaging

Of course some online learning offers no tutorial support – a benefit of this is that there is no timetable to stick to i.e. students can work through the materials at their own pace.

A downside is that students must be highly motivated and organised; additionally, if there is something they are really struggling to understand (no-one ever says that getting your head around the double-entry concept is easy!), there is no-one there to help them.

Bookkeeping Training Problem 2:
Poor quality of material

The quality of the course materials can vary widely among online bookkeeping courses. Some courses may not provide the depth of knowledge or skills necessary to succeed in the finance world, while others may offer outdated or irrelevant information.

This can make it challenging for students to find high-quality online bookkeeping courses that provide the knowledge and skills they need to succeed in their careers.

The old adage goes that generally, “you get what you pay for”, so opting for a very cheap online bookkeeping course may not be the right decision to make in the long run.

When choosing an online bookkeeping course, you may find that doing some detailed research will end up in time being well spent, e.g.

  • If the course is costly (more than most other providers), are you just paying for the brand name?
  • What does the course entail e.g. what level of depth does it go into – will it be sufficient for your needs?
  • In what form are the learning materials – will they suit your learning style? Some providers may provide a ‘taster course’ so you can try out the materials to ensure they will suit you. Definitely a good idea to ask – you may even find that the world of accounting is not for you, so this would be a cost-free way of finding out!

Bookkeeping Taster Course

Bookkeeping Training Problem 3:
Limited practical experience

Online bookkeeping courses may not provide enough practical experience or real-world scenarios to help students develop their skills in bookkeeping.

Without hands-on experience, students may struggle to apply theoretical concepts to real-life situations, which can hinder their ability to be successful in their careers.

When doing your research, other questions to ask could include:

  • Who is the course writer(s)? Do they have a recognised accounting qualification – what experience do they have e.g. do they work closely with employers in the accountancy field?
    It may be hard to find this out with a very large approved training provider, but the smaller ones should be able to answer this question for you.
  • Finding a course that includes a ‘case study’ may help here – some courses will teach you the bookkeeping concepts, but it can be a useful exercise to follow this up by working through a comprehensive case study that goes through the whole bookkeeping process (e.g. starting with invoicing) right through to preparing a set of accounts (e.g. Profit & Loss Account and Balance Sheet).

Bookkeeping Training Problem 4:
Lack of credibility

Online bookkeeping courses may lack credibility, particularly if they are not accredited by professional bodies or recognized by employers in the industry.

This could make it difficult for students to find employment or advance their careers e.g., employers may be reluctant to hire candidates who have completed online courses that do not have the same level of credibility and reputation as traditional classroom-based courses.

So, a first question to ask here would be:

  • Is the training provider ‘approved’ with one or more recognised accounting awarding bodies e.g. AAT, ICAEW, ACCA, CIMA, CIPFA? As we all know, anybody can write anything these days, whether or not they know much about the subject matter!

 

AAT Find a Training Provider website

Bookkeeping Training Problem 5:
Technical difficulties

Technical issues with online platforms or internet connectivity can affect the quality of the learning experience and hinder students’ ability to access and engage with course materials. Poor video or audio quality, slow internet speeds, or other technical difficulties can make it difficult for students to engage with the material or participate in online discussions effectively.

No internet connection

Again, a good idea here would be to ask your chosen bookkeeping training provider to give you access to a bookkeeping taster course to see how well it works for you.

To conclude…

While online bookkeeping courses can offer convenience and flexibility, they also come with their own set of challenges:

  • Limited interaction
  • Poor quality of material
  • Limited practical experience
  • Limited credibility
  • Technical difficulties

These are some of the most significant challenges that students may encounter when pursuing online bookkeeping courses.

It is important for students/employers to carefully evaluate online courses before enrolling to ensure that they are getting the high-quality education and practical experience they need to succeed.

Get Bookkeeping Training from a credible AAT/ICAEW approved provider today!

We’re an AAT and ICAEW approved training provider, so, with such a vast array of online courses to research, why not save time and try The Balancing Act, which includes a comprehensive mix of online learning alongside a hard copy case study and end of course assessment?

You’ll find that our competitively priced course is a great way to develop accounting trainees with the right attitude and aptitude!

Buy Now

Or, for more information please give us a call on 01392 244048 or get in touch with us here

Prue Deane
BA MSc Cert Ed FMAAT

https://www.linkedin.com/in/pruedeane/

 

]]> https://thebalancingactedu.co.uk/learning-centre/the-5-biggest-problems-with-bookkeeping-training/feed/ 0 How to successfully promote bookkeeping services for your accountancy firm https://thebalancingactedu.co.uk/learning-centre/bookkeeping/bookkeeping-services/ https://thebalancingactedu.co.uk/learning-centre/bookkeeping/bookkeeping-services/#respond Wed, 08 Mar 2023 10:00:52 +0000 https://thebalancingactedu.co.uk/?p=776

How to successfully promote bookkeeping services for your accountancy firm

Bookkeeping services are a great way to grow your accountancy firm – either using them as a way to attract new clients or to grow revenue from existing clients. This article shows how to successfully add this new revenue stream.

Bookkeeping Services

Promote bookkeeping services for your clients and they’ll thank you later

Business owners often don’t realise quite how helpful a bookkeeping service is until they’ve tried it – not only will this free up the owner’s time to help them further develop their business, updating the businesses financial details on a regular basis will help the owners to control their business more effectively and help to improve their profitability.

In addition, Making Tax Digital (MTD), HMRC’s strategy for digitising the UK tax system, creates a massive opening for accountancy practices and bookkeeping businesses to generate additional fees from this ‘must-have’ service.

Bookkeeping services are an easy sell to new clients

A business may suffer inertia and despite not being particularly pleased with their accountant will stick with them due to the perceived effort involved in changing. Bookkeeping can be a great way to build a relationship with a new client and to prove your effectiveness.

First, be clear on your strategy…

Before you begin to promote bookkeeping services, you must first identify what your strategy is for this particular service line. Typical strategies would be:

  • To generate additional fees by getting existing clients or new clients to outsource their bookkeeping services to you.
  • To show businesses and individuals that you can take care of their bookkeeping requirements and help them to comply with MTD.
  • To promote the added value benefits of having up to date financial records to help businesses make better decisions during the year.

It is likely that you may well use more than one of these approaches – maybe all of them!

… and your target bookkeeping client.

Once you have confirmed what your strategy is, who do you need to target to promote bookkeeping services? This could be:

  • Existing clients
  • Potential clients

And within these two segments, you may want to further breakdown your target criteria to cover such elements as:

  • Existing clients who:
    • Currently do their own bookkeeping
    • May require assistance in order to comply with MTD
    • Are unfamiliar with bookkeeping/accounts packages
  • Potential clients who are:
  • In a particular business sector that you have experience in
  • Of a certain size, e.g. turnover, number of offices, number of employees where you can add value to their business
  • Located in your target area

TIP: Email signatures are often overlooked but are a powerful and free way to sell additional services to existing clients. To promote bookkeeping services try a message such as:

‘Did you know we offer bookkeeping services and can ensure that your books are ready for the new Making Tax Digital regulations?’. Get in touch today and find out more.

What is your bookkeeping marketing message?

Regardless of what type of marketing activities you adopt, in order to successfully promote bookkeeping services, you need to ensure your message is consistent. So spend some time thinking about what makes your bookkeeping service better than the next accountant or bookkeeper, i.e. why should someone use you to carry out their bookkeeping.

Typical messages to use to promote bookkeeping services could include:

  • We can process your invoices and receipts within 3 working days of receiving them (or whatever timeframe is realistic for you to turnaround the work).
  • We save business owners time and the hassle of not having to do their own bookkeeping, so they can focus on running and developing their business.
  • We provide a cost-effective solution to routine compliance work.
  • By using us, you will have access to discounted rates we have negotiated with the key accounting software companies.
  • We do more than just your bookkeeping. We give recommendations on your business based on the financial information provided.

There are lots of ways you can create a bookkeeping competitive advantage. Ideally sit down with your team, to really get to grips with how you add value with your bookkeeping service and turn these factors into your key messages.

Start to promote bookkeeping services today with these effective marketing actions:

If you want to focus on offering bookkeeping to your existing clients, you could:

  • Send them an email with links to your bookkeeping page on your website, ideally with testimonials from current bookkeeping clients which highlight how beneficial they have found your services.
  • Phone them to discuss their needs and how your bookkeeping service could help.
  • Regularly mention your bookkeeping service in your newsletters, whether printed or digital.
  • Discuss it during face to face or online meetings with them.
  • Have a printed bookkeeping service leaflet created which could be inserted with the annual accounts.

Targeting new clients is vital to grow your business and tactics here include:

  • Using social media posts to link back to your bookkeeping page on your website.
  • Attending networking events that your target potential clients will be at.
  • Advertising in local or regional press and magazines or in targeted trade press.
  • Creating a Google AdWords campaign.
  • Making sure your website is search engine optimised with key words relating to your bookkeeping service.
  • Sending emails or mailings to target businesses, ideally including a leaflet which sets out the benefits other businesses have gained from using your bookkeeping service.
  • Making follow up calls to the above email/letters to book an appointment to discuss their business and how regular bookkeeping updates could give them a great opportunity to improve their profitability.

Don’t miss out on this key business growth driver for your firm

We’ve seen bookkeeping used to grow accountancy firms time and time again. If you could add 15% income to 50% of your clients would that make a difference to your business? If you could add a new client each month, would that help your bottom line?

This, often overlooked, service is a powerful item in your business growth toolkit – get started to today to really promote bookkeeping services and you’ll soon see the difference in your business.

Train bookkeeping quickly and easily

The Balancing Act is here to make sure you can quickly train new team members to cope with rising demand for bookkeeping and to make sure you have a flow of the right type of people for your accountancy firm. Get started to day with The Balancing Act.


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