Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Fintech»Fintech App Stacks Can Empower Small Business Success, Xero Report Finds
    Fintech

    Fintech App Stacks Can Empower Small Business Success, Xero Report Finds

    August 23, 20243 Mins Read


    Accounting is a common and necessary practice that has been transforming in recent years as emerging technologies rapidly evolve to impact the field.

    “The conversation started off about bookkeeping and became ‘how can we boost your tech stack to streamline operations’,” recalls Canadian accountant Jules Hawkins.

    Hawkins’ 2022 conversation was with Vincent George, director of the Windsor International Film Festival.

    Battered by COVID, it was time for the annual Canadian festival to adapt and modernize.

    “We went from shoeboxes and Excel sheets to this powerful new system,” says Vincent.

    This is one example cited in the recent “State of the Industry: Leveraging the App Advantage” report, commissioned by New Zealand fintech Xero, which offers an interesting analysis of how Canadian accounting practices are embracing technology, particularly apps, to serve their small business clients better.

    By integrating apps, practices can operate more efficiently, save time, and provide better service to their business clients, according to Xero. This can strengthen relationships and open new revenue streams.

    The report, based on a survey of hundreds of accountants and bookkeepers, highlights how technology is reshaping the accounting landscape, with cloud technology and integrated app ecosystems playing a pivotal role.

    For example, the integration of apps is beneficial for streamlining bookkeeping tasks, which are inherently data-intensive and repetitive. The survey reveals that 91% of practices use apps for their small business client work, with adoption rates high among both larger practices (98%) and sole practitioners (87%).

    While bookkeeping remains the most common service offered, the report also identifies opportunities for diversification.

    Released during Xerocon Nashville this month, the report introduces the concept of app advisory as a potential billable service. Services like software advisory and implementation are offered by only 55% of practices, presenting untapped potential for growth.

    Moreover, practices that leverage different apps for multiple services are more likely to experience revenue growth, Xero’s data suggests, with 66% of such practices reporting increased revenue in the past year. A stack size of five apps was the average recommendation.

    “The case for apps and app advisory is clear,” the report concludes. “With a broad range of benefits … practices of every shape and size have a lot to gain.”

    As the accounting profession becomes increasingly intertwined with technology, the demand for expert advice on app usage will likely grow, Xero predicts. Practices that position themselves as knowledgeable advisors in this area are poised to capitalize on this trend, driving client satisfaction and practice growth.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Les fintechs sont de retour en bourse : au tour des françaises ?

    Fintech

    Pourquoi les néobanques attaquent le marché des petites entreprises

    Fintech

    Qonto, la fintech française, sollicite une licence bancaire et vise 2 millions de clients d’ici 2030

    Fintech

    Les fintechs marocaines à l’honneur lors de l’Immersive Fintech Day 2025

    Fintech

    les clients français vont adorer ces nouvelles cartes spéciales NBA

    Fintech

    1ʳᵉ édition du Forum Fintech mauritanien : la Tunisie en force à Nouakchott

    Fintech
    Leave A Reply Cancel Reply

    Top Picks
    Commodities

    Producer prices climb in July as downpours affect agricultural sector

    Precious Metal

    FIP Silver Caltanissetta – Godallier, Joris et Hugounenq poursuivent l’aventure

    Precious Metal

    Curipamba copper-gold mine construction to begin in 2025

    Editors Picks

    IQ CBRE NextGen Real Estate ETF (NYSEARCA:ROOF) Shares Down 0.2%

    July 21, 2024

    Property For Industry annonce un dividende de 2,10 cents néo-zélandais par action pour le troisième trimestre

    May 8, 2025

    Senate Urges Crypto Regulation in Nigeria

    June 13, 2025

    Bharti Telecom’s Largest Bond Issuance Seeks $1.33 Billion

    October 31, 2024
    What's Hot

    Inside Gareth Southgate’s wealth, salary details, property investments and post-resignation plan

    July 17, 2024

    Public Property Invest achète un projet d’école en Finlande pour 28 millions d’euros -Le 07 mars 2025 à 18:11

    March 7, 2025

    Donald Trump earned $57.7 million in a year from cryptocurrency venture: Report

    June 14, 2025
    Our Picks

    Cryptocurrency may be evolving into a shadow banking system

    April 27, 2025

    MAG Participates in Blackburn Dubai Property Expo, Highlights Premium Development to British Buyers

    February 11, 2025

    Scientists sound the alarm over ‘repercussions’ of bitcoin investments — here’s why its so concerning

    October 12, 2024
    Weekly Top

    Toronto-Dominion Bank vs. Annaly Capital Management

    July 5, 2025

    Hacker stole cryptocurrency worth $250,000 using fake Trump inauguration emails

    July 5, 2025

    Décryptage | Les ultimes adieux de Black Sabbath

    July 5, 2025
    Editor's Pick

    Bitcoin Rises Above $96,000, CAKE Gains Nearly 60%

    February 13, 2025

    USDA Highlights Success of Partnerships for Climate-Smart Commodities

    October 18, 2024

    Harmony Gold accepte d’acquérir la société minière australienne Mac Copper pour 1 milliard de dollars

    May 26, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.