does xero accounting software meet an accountants needs

From compliance to tech advisoryĪs businesses start to reassess their systems, they initially need help figuring out which types of software are needed and how to implement them. So who are they turning to for support? Accountants and bookkeepers, of course. This is encouraging business owners to think about how they prepare and keep their accounts throughout the year – and it’s where automation comes in handy. With potential changes to compliance being introduced in the future, such as small companies now having to file P&Ls, the filing deadline potentially being shortened from nine to six months and, of course, we also have MTD for ITSA from 2024. The introduction of Making Tax Digital (MTD) in the UK in 2019 was an initial motivator, but once the pandemic hit, accessing government funding and having up-to-date numbers to aid decision making in times of uncertainty served as the main reason for many. Clients who still weren’t using digital tools for their financing needs have now realised they need to reassess how they approach processes and embrace technology.

The last few years have been a driver of this change. This extra capacity created from automation will ensure that accountants and bookkeepers can help their clients achieve their personal and business goals. But automation helps make this work easier, quicker and more accurate, which allows accountants and bookkeepers to expand advisory services and become more strategic. Let’s be clear: compliance is critical and will never go away, and advisory is something accountants have always done.

This represents an anticipated evolution of the accounting landscape, that’s now seeing accountants and bookkeepers shift from standard compliance to tech advisory. Accountants and bookkeepers are an essential part of business digitisation, thanks to the growing number of software available to manage workflows. Technology and automation is changing the way the accounting industry operates. As the industry strides towards a future-proofed way of working, accountants and bookkeepers will continue to drive this change.

Does xero accounting software meet an accountants needs