I recently attended the Institute of Certified Bookkeepers (ICNZB) conference, where the theme was Financial Fusion: Uniting Expertise, Technology, and Business. It was a fantastic opportunity to explore the latest innovations in our field and connect with fellow bookkeepers and exhibitors from across the country.
The conference highlighted several areas of focus including the integration of AI in bookkeeping, the growing threat of cybercrime, and the importance of a clear client onboarding processes. Here’s what business owners need to know from these discussions.
AI and Bookkeeping
AI is a fast-growing phenomenon, with new applications emerging daily. The speakers emphasised that AI is the new norm for our industry, and bookkeepers need to get used to it. They discussed the need to verify AI outputs for accuracy and the ethical implications of its use.
Also, as AI becomes more advanced and takes on more manual tasks, the role of the bookkeeper will become more valuable. Bookkeepers will increasingly serve as advisors and fact-checkers for accurate information. Furthermore, your bookkeeper will provide that personal touch that AI programmes cannot.
What does this mean for business owners?
As AI becomes more advanced, we’ll see things like more streamlined operations, less data entry and coding, time-saving and reduced errors. Accounting software has long been using AI to improve the user's experience. For example, Xero uses AI-powered tools to streamline the reconciliation process by offering matches between statements and ledger entries.
AI can analyse large volumes of data quickly, so it can be useful in identifying patterns for forecasting. But you still need a bookkeeper to interpret what this means for you and your business. However, with the time-saving costs of AI, business owners will be able to reallocate resources to more value-added services, such as financial planning and strategic advice.
Cybercrime
Another hot topic at the conference was cybercrime and how this is a billion-dollar industry growing daily. Data indicates that reports of phishing and credential harvesting have increased by 16% since 2021.
What does this mean for business owners?
As bookkeepers, we encourage you to be aware and cautious of any scams circulating. Common scams include:
Phishing: This is where you receive an email that aims to trick you into sharing sensitive information to gain access to your accounts or deploy malware on your computer. If you’re not sure, don’t click on any attachments or links.
Malware and Ransomware: This is software that aims to cause harm to your device. This can come in the form of attachments, links, and harmful websites. Again, if you’re not sure. Don’t click!
Social Engineering: This is when the scammer aims to manipulate or influence someone either over the phone, or these days on social media or email, to hand over personal or financial information.
Things you can do to protect yourself and your personal information include:
Create passwords that are phrases and up to 16 characters or more. i.e., Balance-Organisation-Optimise-Keeper-Reports. The length and use of multiple words increase the number of possible combinations available and therefore they are harder for attackers to crack.
Implement two-factor authorisation where possible. This adds another layer of security because even if the hacker cracks your password they still need to pass the authentication check.
A useful website is https://haveibeenpwned.com. You can input your email address and find out if you have been compromised.
Clear Terms and Conditions
The conference emphasised the importance of ensuring, as bookkeepers, that our terms and conditions are as clear and accessible as possible when onboarding new clients. When you sign up with a bookkeeper, you must receive and understand the terms when you accept a quote. This ensures transparency and clarity from the outset.
What does this mean for business owners?
When you sign up for my services, you will receive a copy of my terms and conditions for your records. I also prefer to meet with all my clients in person to discuss any details and ensure we’re aligned on expectations.
If you have any questions or need further clarification, please don’t hesitate to get in touch.
