I had the opportunity to sign a Memorandum of Understanding (MoU) with the accounting body ACCA UK. This followed a roundtable discussion with their global team and some of the UK’s leading accounting practitioners.

Alongside other industry leaders, Xero will support ACCA UK in its mission to help small to medium sized practitioner members develop their technology awareness and talent. We’ll also advise on technology developments and how these can be used to grow their own business and that of their clients.

At Xero, we’re always focused on helping accountants benefit from new technology, especially as they prepare for Making Tax Digital. As the UK’s leading accounting software provider for small businesses, we are teaming up with industry and government to ensure it’s a success.

I feel strongly that the technology community and accounting bodies must work together to create the right support network for accountants and small businesses. There is a lot of awesome work going on, so why shouldn’t others be able to learn from it? Everyone who attended the roundtable agreed that the future of accountancy will be defined by technology. That’s why Xero partnering with ACCA UK is an important step in helping the industry navigate this digital transformation.

As Claire Bennison, head of ACCA UK pointed out: “It was clear from discussions that developments in technology create a fast-paced landscape, but one that’s full of opportunity for those accountants with a business and technical mindset. But it’s not all about advisory services, there’s still an opportunity to thrive with compliance if firms embrace technology and align their strategy to the right clients. So this gave us all valuable insights into the opportunities ahead, especially around how technology can create the potential for expansion.”

Knowledge sharing

We are going through one of the biggest shifts the industry has seen, and we all agreed that it would be far easier to embrace change if we team up and share insight and expertise with each other. This is why we published the first-ever Xero book, The Pacesetters – offering insight from some of the UK’s progressive accounting firms. We studied how these practices have adapted to this new reality so we can share our findings for the benefit of the wider community.

The Pacesetters draws from research by Xero that suggests online accounting firms run more efficiently and experience dramatic year-on-year revenue growth. It is an accountant’s must-have guide to embracing the cloud, getting more time back, helping more clients and increasing revenue.

We’re excited to be working more closely with ACCA UK, as we continue to help accountants navigate ahead of the MTD for VAT deadline in 2019, and beyond.

Check out our Making Tax Digital hub for more info, and pick up a copy of our book, The Pacesetters here.

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