With cloud finance technology advancing so quickly, promising you superior automation, the ability to scale your business, and real-time insights, you may be starting to wonder if your accountancy firm is falling behind the curve.
You are not alone. In a recent report* 91% of senior financial DMs feel their role has evolved so much that there is an increased amount of pressure on them and over a third aren’t confident that their current finance solution will be able to scale with them. Even more surprisingly, Senior Financial DMs reported spending on average 25 hours a week on manual tasks.
This presents an exciting opportunity for the ambitious accountancy firms to enter the service of mid-market clients. More mid-market businesses are looking to outsource their finance function due to the evolution of their role and increased pressure, bringing with them larger fees and the opportunity for accountants to scale their practices quicker than before.
Progressive accountants see this opportunity and are investing in finance software than can continue to support their bread and butter, the start-ups, but see the future of their business in serving new clients in the mid-market space.
Xledger is built by accountants, for accountants. We understand that detail is important, so here are some of the top 4 features our accountancy practice partners love most about our software:
- Automated purchase to pay process: removing up to 70% of manual tasks with inbuilt Optical Character Recognition (OCR) and workflows to allow AP processing to be more efficient.
- Integrated bank statements: use of automated bank rules for postings and BACs processing eliminating the need for some manual tasks within the bank reconciliation.
- Payment authorisation built within the system: eliminating the risk of bank files being amended, which can also be given to clients to give them some control of their payments. An integral bank account number validation reduces the risk of fraudulent payments.
- Hierarchical system: Xledger’s unique hierarchy structure makes consolidation across multiple entities easy. This allows standardisation within industries to speed up the set up of new clients.
Similar to that of Xero, Xledger can be accessed from anywhere on any device connected to the internet. But what happens when your clients outgrow Xero? You can read more about migrating clients from Xero to Xledger in more detail here.
Most importantly, Xledger can cope with the increased transactional volumes businesses within the mid-market space make.
The role of the in-house finance team is evolving and demand for outsourced accounting is expanding. If you would like more information on how Xledger is partnering with accountants who are ready to enter the mid-market space, simply contact Phil Chalmers on email@example.com or 07425 638718.
*The Future CFO study – click here to download the report.