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Bean Blog Articles

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Accounting Update - December 22, 2023

 

Welcome to our Weekly Digest!


A quick read to stay in the know with recent news updates relevant to accounting.


According to Xero's, accounting & bookkeeping ‘State of the Industry’ report, cloud-based accounting and business growth go hand in hand. Here are some of the key insights from Xero's survey of 728 independent accountants and bookkeepers across the US:


  • Practice growth showcases industry resilience.

75% of practices have increased revenue and 73% have grown profit over the past 12 months.



  • Advisory services strengthen client trust.

41% of practices surveyed offer client advisory services. They added more clients in the last year compared to other practices.



  • Cloud adoption empowers practices.

Practices that use cloud-based software saw higher staff retention (66%) and were more likely to report increased revenue and profit.


Of those surveyed, cloud usage is high and the benefits are wide-ranging: Practices agree cloud users do better work for clients and have a happier workforce.


Reasons for adopting cloud are both operational and commercial – there appear to be benefits across the board. In addition to higher staff retention, businesses were able to attract more new staff (68%). The majority of those surveyed (71%) agree that practices that use cloud-based software can better service their clients.



 

Get in touch!

The BeanLogix team is experienced in helping small businesses transition their books to cloud-based. Email us at hello@beanlogix.com to learn more!


*ALL INFORMATION CAN BE FOUND IN THE XERO REPORT. No copyright infringement is intended. BeanLogix does not own nor claim to own the rights to the content shared.

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