Every year, the ICB (Institute of Certified Bookkeepers) Conference offers up a wealth of knowledge and practical insights for bookkeepers to keep up-to-date with the ever-changing financial requirements here in Australia. When my husband, Dennis Forman and I attended this year in March, we expected to learn about the latest legislation and have refreshers on the intricacies of BAS and GST.

To our surprise, we came away with invaluable insights on how we as bookkeepers can proactively support Australian businesses in the wake of COVID-19.

Here are the four key ways we believe bookkeepers and accountants must adapt today to provide value for clients.

#1 The future of business and accounting is digital. Embrace it.

For countless years, accountants have recommended electronic accounting systems as a smart investment for businesses. Why? One of the most powerful ways to give business owners freedom and control over their business’ finances, accounting in the cloud automates daily financial processes and ultimately contributes to bottom-line savings in cost and time.

Now, with COVID-19 impacting the economic landscape of Australia and millions of businesses and families globally, the need for digital accounting has never been greater. Businesses that once clung to traditional paper-based accounting now have no choice but to quickly pivot to a paperless system. In many cases, this means transferring vast amounts of financial data to the cloud. Bookkeepers play a crucial role in making this transition as quick and seamless as possible.

#2 Businesses need timely advice in this uncertain climate.

COVID-19 has changed the game for everyone. From businesses to employees, suppliers to customers, many people feel understandably anxious about the future of their business, livelihood and lifestyle in this new reality. So how can accountants and bookkeepers help?

For businesses, accountants can help clients gain decision-making clarity with data analytics software designed to quickly crunch clients’ financial data for insights. They can also pinpoint and analyse behavioural changes across different industries to help businesses stay nimble and adapt to changing trends.

For their part, bookkeepers can support businesses by ensuring full compliance and helping them maintain efficient, streamlined and integrated business systems. Both play a crucial role in empowering clients with up-to-date information about their finances and financial obligations in our current economic climate.

#3 Some businesses still aren’t following the rules.

One major theme of the ICB Conference truly stood out to me: how accountants and bookkeepers can use their expertise to influence ethical behaviour in the business community. Accountants and bookkeepers should not underestimate their ability to help steer businesses toward ethical standards and good financial practices.

An accountant plays a crucial role in helping clients navigate the legal requirements for compliance and reporting, GST, Annualised Salary, and Personal Leave. Not only that, but they can provide helpful advice to businesses to support the struggling economy, such as how one simple change in a business’ behaviour — committing to pay suppliers on time — can help money flow forward.

#4 Accountants must champion accountability and stay up-to-date

In this changing world, accountants and bookkeepers need to keep their skills sharp and ‘walk the talk’ when it comes to accountability. This means continually upgrading both skills and knowledge concerning the latest rules, regulations and technology.

As accountants and bookkeepers, we believe it’s essential to provide our valued clients with the latest information on the issues that affect them, their business, customers, suppliers and employees. As a result of the ICB Conference, we have committed to proactively advising our clients about the New Annualised Salary Provisions (effective 1st March 2020).

Did you attend the ICB Conference? What are your thoughts on how bookkeepers can support and guide businesses through the COVID-19 crisis with the best, most up-to-date information?