Xero: Fifth of Accountants still use ‘Dark Age Technology’
Cloud-based software company Xero has urged British firms to embrace new technology and step out of the ‘dark ages’ of accounting.
If they fail to update their systems, businesses and their accountants could be left behind in the middle of upcoming changes like Making Tax Digital.
The New Zealand software company kicked off the London-leg of the Xerocon 2017 tour by releasing a new ‘Digital or Die’ report, highlighting some of the most important issues facing the accountancy industry.
Worryingly, the report found that almost one fifth of accountancy firms are still using paper ledgers to file accounts.
Xero’s UK Managing Director Gary Turner described paper ledgers, which date back to the 13th Century, as “dark age technology.”
61% of accountants who were surveyed for Xero’s report said that their profession was reaching a ‘technological tipping point’, with new tools and services having a massive impact on the daily operations of an accounting firm.
Mr Turner said that “a lot of accountancy firms are still behind” changes in technology and that “they need to go digital to survive.”
At a time when regulations like Making Tax Digital are being implemented, and broader clouds of uncertainty hang over the heads of business owners, old-fashioned technologies threaten to hold businesses back.
Without embracing digital technology, Xero argue, firms risk being left without the right support from their accountants.
New technology like cloud-based accounting systems make accounting processes faster and more accurate. It also makes important financial information easier to access and easier to share with key stakeholders.
To highlight the power of digital technology, Xero have also released a raft of new features that will improve their software and make life easier for business users and the accountants looking after them.
Here are just some of the new products announced at Xerocon, and a little bit about how they will benefit Xero users.
A new platform providing extra visibility for the bookkeeper managing your account. Xero HQ will make it easier for your accountant to access your account information, speeding up processes and improving accuracy.
Xero Construction Industry Scheme (CIS) functionality
New functionality for contractors, subcontractors and accountants involved in managing CIS obligations. A raft of new features and options allow people working in the UK construction trade to navigate this complex set of tax rules and regulations easily.
Xero Lifelong Learning Platform
Helping workers stay relevant in a changing workplace, Xero Lifelong Learning is an online learning tool to help reskill workforces and make education accessible to everyone at any time.
For a demonstration of Xero’s software, or to learn more about other cloud-based accounting packages speak to a member of the team today. Call: 0808 281 0303.