Digital or die

The accounting renaissance

We conducted research to uncover the facts behind the digital accounting renaissance, and show why it’s now or never for accountants and bookkeepers.

Download the report

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.

45%


of advisors believe practices need to go digital to survive

18%


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.

34%


increase in revenue per employee at digital practices

4x


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%.

Read the full report here

Download the report

Source: 673 accountants and 1,001 SME owners were surveyed by Censuswide between 22 August 2017 – 29 August 2017.

Get your practice ready for Making Tax Digital

Making Tax Digital (MTD) will change the way accountants and bookkeepers work, becoming mandatory as soon as April 2019. Start preparing your practice with free resources today.

Learn about MTD