In 1999, the first cloud-based accounting software was launched by two major players: NetSuite (formerly NetLedger) and SalesForce. Since 1999, technology has improved dramatically within various industries, especially the cellular telephone, computer & software companies.
Xero’s role in Cloud-Accounting
Xero is one of the leading companies in providing the platform of bookkeeping, this is known to many as Cloud-Accounting. Based in New Zealand, they started trading in 2006, launched in the UK in 2008. Since this date has propelled themselves to be one of the fastest-growing technology companies worldwide.
I see “Xero” as the “Apple” of the Accounting industry, encouraging many third-party software companies to join their app marketplace. They are known as integration apps using a cloud integration service with Xero, providing a solution to many businesses. One example is Dext which uses optical character recognition (OCR) technology to enable a user to process invoices & receipts to Xero faster than if created manually within Xero. Using just this one example, Xero has been a major influence in the creation of third-party software companies, effectively propelling the Accountancy industry to be more technology focussed. This has been recognised by HMRC who are making it mandatory (from 1st April 2022) for all VAT-registered businesses to prepare their VAT on the cloud, known as Making Tax Digital.
SAS approach
As quoted from HMRC, “Making Tax Digital is designed to help businesses eliminate common errors and save time managing their tax affairs”. This is echoed within SAS as we assist businesses using a vast range of integration apps, as well as Xero. This enables us to look more in-depth, improve accuracy & save time on a number of different areas. A few examples include Invoice processing, applying the correct Tax Rate & locating any further issues. This benefits our clients as we pride ourselves on the quality of our service, completing work we know has been checked & enhanced using cloud accounting-based software.
We have recently launched our Xero Training sessions, where our friendly team of Xero Certified Experts will walk you through what the software has to offer, as well as linking and demonstrating any integration apps with your Xero account.
Click here for further information and to book onto the next available session.
