XU Magazine - Issue 08

The Practice of 2020 and beyond

Ideas that firms need to know in the very near future…

Our piece in Issue 7 of XU talked about the challenges and opportunities that Cloud Accounting and Xero will bring, and how outsourcing can enhance your offering.

Below, we discuss what we can do straight away, offering some ideas that firms can move towards in the very near future.

The Digital revolution is creating a great opportunity for firms to move their clients to the Cloud.

Governments around the world are moving to digital accounting and quarterly accounting. Accountants with clients using desktop software will find it harder and more expensive to provide support to desktop clients. If they cannot pass the full cost on to the client, their profits will undoubtedly suffer.

If your client is not in the Cloud, would they pay for 4 sets of quarterly accounts? Firms adopting cloud are likely to be at a great advantage, as they will be able to keep their clients compliant with local legislation, whilst delivering cost effective, profitable solutions. So, what is the journey your practice needs to take over the next few years?

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About the author

Vipul Sheth, Founder/Managering Director, AdvanceTrack.

Vipul is a UK based ICAEW Chartered Accountant and Chartered Tax Advisor. Vipul trained with a regional UK firm before moving to Ernst & Young and KPMG. Vipul is Founder and Managing Director of AdvanceTrack Outsourcing, a UK Headquartered Accountancy Outsourcing Company, with operational centres in India, delivering services to firms around the world. AdvanceTrack are an ICAEW Member Firm audited by BSI in the UK for ISO9001:2015 (Quality Management) and ISO27001:2013 (Information Security Management). AdvanceTrack are currently the only major accountancy outsourcer certified for the latest International Quality and Security Standards.