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DanmarkFor UK accountancy outsourcing firms, the client landscape is changing fast. As the talent pool decreases, more complex organisations are turning to outsourced financial management. And mid-market accounting software, for accounting firms, is the best way to capitalise on this demand.
Contact us or reach out to our expert partner team to discover how Xledger can help you streamline your clients’ business ecosystem.
Why are native integrations so important?
For growing organisations, mid-market accounting solutions solve a common issue found in small business accounting solutions: the lack of native integrations. In mid-market solutions, native functionality removes the need for bolt-on features that eventually create an unmanageable app stack.
In comparison, small business accounting software requires a huge amount of integration from external applications, a system that prevents growing organisations from managing their finances efficiently. When speaking with the Digital Disruptors, Xledger Partner Anoop Rehal, noted that a lot of his clients are unaware of the inefficiencies caused by such a heavy app stack:
“Part of the reason for using Xledger is that you avoid a Frankenstein app stack of bolted-on OCR, bolted-on banking, etc., that you get with smaller accounting software. Instead, we can say to our growing clients, “We can help you way more efficiently with our time and your resources if we move you onto this system.”
Anoop Rehal, Xledger Partner, Advance Business Services Partner
BKL
By switching to a finance system with built-in functionality, along with high levels of automation and real-time multi-dimensional reporting, clients receive an effective cloud-based accountancy solution tailored to their unique business needs.
How do mid-market systems help BPOs service their clients?
With seamless integrations and configuration, mid-market systems give business process outsourcing (BPOs) firms a clear advantage; they are powerful enough to support large, complex organisations, and flexible enough to be delivered cost-effectively.
Modern technology promotes strategic partnerships
As the demand for outsourced accountants grows, so does the expectation of expertise. Clients no longer want isolated accountants or bookkeepers. Instead, they expect their BPOs to be invested partners that advise their finance teams and support strategic business decisions. And Xledger’s flexible accounting software for accounting firms helps promote this partnership.
Integrated systems ensure maximum compliance
From Making Tax Digital (MTD) for income tax reporting to stringent Environmental, Social and Governance (ESG) regulations, compliant reporting becomes increasingly challenging to adhere to as organisations grow in complexity.
Mid-market cloud accountancy software is often quicker to adapt to changes than small or large accounting software, which face either a lag in integrating compliant functionality or slow and costly updates. As a result, user-friendly built-in features, such as multi-dimensional reporting, help clients efficiently submit tax returns, management accounts, and audit packages.
“Xledger inherently has more functionality natively within its application, and that removes the issue of “Who owns the integration between the core finance system and the apps you’re looking to connect?” You’ll probably still have integrations, but systems that have more native functionality focus on niche, advanced, and more operationally focused integrations that are unique to your business.”
Jamie Allen, Xledger Partner, CFO
4PointZero
Automated consolidation enhances financial accuracy
For BPOs, consolidated systems save time and resources. By eliminating the need for duplicated tasks across business systems, mid-market software solutions provide outsourced accountancy firms with multi-entity consolidation tools that require less manual input and, consequently, have fewer manual errors. BPOs are then free to analyse group finances and build long-lasting relationships with their clients through meaningful data.
The future of outsourcing and technology is connected
Outsourced finance is shifting focus from data entry to data insights, and finance system integrations support this trajectory. Business owners demand more data intelligence and more partnership from their BPOs, requirements that are only possible with a connected business ecosystem.
“Many people jump from small accounting software to larger ERPs when they’re growing and scaling, but often don’t need that level of cost or customisation, where any change to the system or the cost of implementation is vast. Xledger fills that gap by providing a more competitive price point as well as a system configured to your business’s unique needs.”
Anoop Rehal, Xledger Principal Partner
BKL
BPOs that understand the shift from transactional to advisory can leverage mid-market cloud technology, such as Xlegder, to ensure their clients’ finances are ready for MTD or other tax compliance regulations.
Get in touch with our dedicated partner manager today to learn how Xledger’s cloud technology can drive faster, more collaborative, and strategic service for your clients.
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