Reinventing a classic
Luca Pacioli, the Father of Accounting and Bookkeeping, invented the double-entry bookkeeping system in 1494. Today, our research shows that a revolution is gathering pace to bring his innovation into the 21st century, and those who wait will be left behind.
The profession is accountable for its own survival
Almost half of the advisors we surveyed believe practices need to go digital to survive. Forward-thinking accountants and bookkeepers are acutely aware of the competitive advantages technology drives and, crucially, so are their customers.
of advisors believe practices need to go digital to survive
of firm-based accountants still work on paper ledgers
Old methods continue to strangle practice efficiency
More than three-quarters of firm-based accountants still use spreadsheets sometimes, with nearly a fifth (18%) working on paper ledgers. How much more efficient could those advisors be with streamlined digital processes?
Digital firms generate much more revenue per employee
A study of Xero partners showed that digital practices boost revenue per employee by more than a third. Online software improves efficiency and profitability, so employees get the time they need to deliver valuable advisory services.
increase in revenue per employee at digital practices
year-over-year revenue growth in digital practices running Xero
Practices grow significantly faster when they go digital
Can digital software help you to grow your practice? The statistics say (perhaps even shout) yes. Year-over-year revenue growth of digital practices running on Xero was 12%, that’s four times the industry average of 3%.
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Source: 673 accountants and 1,001 SME owners were surveyed by Censuswide between 22 August 2017 – 29 August 2017.