Last week we got together with our Partners at Xero to discuss the future of our industry and we want to share a few exciting insights that will directly impact all business owners and tax payers.
— Xero accounting app (@Xero) October 5, 2017
It’s an exciting new world of technology
The pace of change created by new technologies shows no sign of stopping. In fact if anything it’s really now reaching it’s peak where your experience is going to be revolutionised. Better artificial intelligence is going to make your life easier and automate some of the boring tasks but your accountant will always be there to help advise you on planning, especially when it comes to growth consultancy. Xero is going to make this as easy as possible for you with new learning and help right within the product to guide you through common tasks and the ability to Ask questions and submit information directly to us, your trusted advisor who understands yours business and industry niche.
Regulators are fuelling this change
You can read on this blog about how critical a change we think HMRC’s Making Tax Digital initiative is going to be. This will essentially force tax records to be digitised and submitted online quarterly by 2020. We know how the idea of this may keep you up at night but we’re ready and waiting to help with a team of Xero Certified Advisors. A new banking regulation (Revised Payment Service Directive – PSD2) will help us advise you better when introduced in the next few years. This will give you more and easier control of the information stored with your bank enabling you to share it securely and simply with us and other advisors when you need to.
Better and Personalised Advice
The suite of apps you can plug-in to Xero continues to grow and provide new functionality that can be tailored to your needs. We are proud to have already helped many to use Receipt Bank to spend less time bookkeeping and more time growing their business. We will shortly be launching a new forecasting and dashboard tool (powered by Futurli) that will enable you to harness the information from your financial past to help you achieve what you want in the future.