Xerocon: The future of practice is in the cloud

The cloud can transform practices’ relationships with their clients and increase their profitability, but are UK accountants addicted to traditional ‘broken’ practices, asks Rod Newing from the Xero user conference.

The Great Hall at Moorgate Place was packed, as speaker after speaker explained how the cloud is transforming accounting practices, changing client relationships and improving cash flow and profitability. Then the excitement and optimism was brought to a shuddering halt by Richard Anning, from the IT Faculty. He said that a survey of 700 accounting practices of all sizes a year ago revealed that just 3% were looking to use the cloud for accounting.

Subscribe for free to AccountingWEB.co.uk to access the rest of the article.  

Continued...

» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.

Comments

Unfortunate name ....

JC | | Permalink

XeroCon ....

Of course it isn't but doesn't anyone ever think of the adertising/publicity issues over having a name/logo such as this?

In brand terms is this the equivalent of 'own goal'?

squay's picture

Corrections    1 thanks

squay | | Permalink

We were at XeroCon and there are a few inaccuracies in the above article. Firstly the conference was not free. My partner and I paid £99 ex vat each to attend. This was the early booking fee which increased to £149 as the early deadline passed. Secondly "manage their clients and prepare accounts and tax computations". Xero does not have any capability currently of preparing tax computations and the final accounts produced are only suitable for non corporates such as sole traders since the layout would not be compliant for  GAAP and is not enabled for the XBRL taxonomy.  However this was questioned during XeroCon and we were told that custom report templates are being introduced soon with XBRL being implemented in a later phase. Xero is evolving with updates being introduced monthly. The statement "pays the top rate of £19 per month to cover foreign currency billing" is incorrect. This is the mid rate. For foreign currency you need to subscribe to the top rate which is £24 ex vat per month.

The rest of what Mr Newing said is correct but you don't have to be a young accountant to take advantage of cloud software. I've been using traditional methods for over 25 years but loved the concept of Xero so much I became a Certified Adviser in June. We have migrated clients over to Xero and the ability to share their data in an up to date proactive way is invigorating. 

Xero is continually evolving and getting better and better with every update which is free by the way. Although it has its quirks and workarounds like any software, the groundbreaking features such as bank feeds, live sales invoicing and sharing data in real time are just too good to pass up.

 

John Stokdyk's picture

Apologies for turning Xero into a tax/accounts production tool..

John Stokdyk | | Permalink

The article as originally published mistakenly attributed the ability to prepare tax and accounts calculations to the Xero software. Xero does produce the usual accounts and basic VAT computations, but is not a specialist program used for CT and other business tax (or final accounts production uses).

Apologies to all concerned - and thanks to those who alerted us to the error, which has now been corrected in the text.