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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.
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