Bookkeepers and Recession

The economic forecast for the United States is currently volatile and concerning. Several Finacial companies, such as Morgan Stanley, predict a 50/50 chance of a recession.(1) Very troubling news for business and should trigger a strategic planning and cash flow review session.

As a bookkeeper, you're uniquely positioned to help businesses during a recession. Many companies will struggle to keep up with their complex bookkeeping needs, and you can offer your services to help them stay afloat. Here are a few ways bookkeepers can help businesses during a recession:

Review Their Finances

As a bookkeeper, you have a keen eye for detail and can help businesses identify areas where they may be overspending. You can work with companies to review their financial reports and recommend where they can cut costs. Now is your time to shine and show your clients your skills in detailed reporting, financial analysis, and KPIs. These skills are essential during a recession, as businesses will need to tighten their belts to stay afloat.

Help Them Access Government Funding

There are often government programs available to help businesses during a recession. As a bookkeeper, you can help businesses research these programs and determine if they are eligible, a tremendous help for companies struggling to make ends meet during tough economic times.

Provide Support and Advice

During a recession, businesses will often struggle to make decisions about their finances. As a bookkeeper, you can provide support and advice to help them navigate these tricky waters. You can help them develop budgets, track their spending, and make financial decisions to help them weather the storm.

Be Understanding and Patient

Many businesses are under a lot of stress during a recession. Be understanding and patient with them, and offer your bookkeeping services as a way to help them through this difficult time.

Keep your Bookkeeping Skills up to Date

Technology is constantly changing, and bookkeeping is no exception. Keep your bookkeeping skills up to date to offer businesses the latest bookkeeping services. You will need to provide more than just basic bookkeeping to guide your clients during a recession. Learning how to be an advisor and studying the fine art of analysis and cash forecasting will benefit your bookkeeping services tremendously

Training and Support.

Many businesses are struggling to keep up with bookkeeping changes. Offer training and support to help them transition to new bookkeeping methods.

Discount Services

Offer discounts for bookkeeping services. Many businesses are cutting costs, so offer a discount for your bookkeeping services.

Flexible payment options

Offer flexible payment options. During the recession, many businesses are struggling to make ends meet. Offer them flexible payment options, such as monthly payments or pay-as-you-go plans.

Availability

Be available when businesses need you. During a recession, many businesses will look for bookkeepers available on short notice. Be available when they need you, and offer your bookkeeping services as a way to help them during this difficult time.

Bookkeepers play an essential role in helping businesses during a recession. If you're looking to offer your services during this time, consider reaching out to local businesses in your area. You can help them keep their finances in order and provide valuable support during a time of need.

Sources:

(1)https://www.reuters.com/business/finance/bank-americas-cfo-says-no-sign-recession-credit-deterioration-2022-06-13/