top of page
16.png

Bean Blog Articles

Accounting Update - December 22, 2023

lnn
 

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.

bottom of page