A snapshot of Xerocon 2018 and 5 benefits from Cloud Accounting3rd December 2018 | Posted in: Planning, VAT
The Johnston Smillie cloud accounting team recently attended Xerocon 2018 in London and over 2 days were given fascinating insights into the future of cloud accounting and the “human” benefits to be derived from automation and assisted machine intelligence.
It is clear from what was demonstrated at Xerocon 2018, that there is significant momentum for change and that this will have a profound and dynamic impact for both the Providers and Users of accountancy & bookkeeping services.
Exciting to see what is already being put in place and what is yet to come.
Up until now, change to cloud-based solutions has been lead by some smart “Pacesetters”. However, given the numbers of advisors and APP providers attending Xerocon 2018, Xero in particular, (there are others), appears to be achieving an exponential traction in the business services market, and looks set to further enhance the opportunities to those businesses wiling to embrace their digital experience.
Why migrate to digital now?
- Enhanced bank feed integration now available with mainstream business banks
- Significant improvement in the integrity of data capture channels using Optical Character Recognition (OCR)
- Automisation of data coding now available – pre-coded costs can stream into the system for authorisation
- Leverage of business data output through combined functionality of industry specific Business Information apps
Furthermore, the forthcoming digital initiatives “Open Banking” and (compulsory) “Making Tax Digital” will only reinforce the digital trend.
But what was most interesting was when Xero’s CEO Steve Vamos (@SteveVamos) talked about how automisation will enhance the human experience of business life and free-up resources that are perhaps trapped in the mundane and repetitious and create systems that are aligned to personal goals.
We are that sure removing these chores and increasing the efficiency of real-time data capture will strike a chord with many SME operators.
The “human” part was about allowing SME operators to retain their focus on their service to their market and release time currently locked into compliance. Freed time could then be utilised to drive their business (hopefully assisting the achievement of the business milestones and eventual goals) that are in truth the reasons for doing SME operators doing what they do.
Benefits to business:
- Alignment of daily activity to personal goals
- Improved profits
- Improved cashflow
- More personal time
- More control