Cloud Accounting Software Continues to Increase in Popularity

cloud accounting

Xero, the cloud accounting software company, has announced an update on its market reach this week.

In a strong indication of the increasing popularity of cloud based accounting software, they reported that subscriber numbers have increased 60% year on year in the last 12 months. The company added 79,000 subscribers in the UK over the year, taking its total UK user base to 212,000.

With plans from HM Revenue & Customs to introduce a new digital tax reporting system, Making Tax Digital, in the coming months still widely expected following next month’s general election, taxpayers are adapting early to potential changes.

According to Xero’s CEO, Rod Drury, the next chapter in Xero’s story will focus on developing new technologies to automate parts of its core platform. To do this, it will focus on producing predictive software using machine learning and the data it already holds about its customers. They believe that the application of machine learning and AI to accounting will unlock significant productivity for our accountants, bookkeepers and small business customers

The team at CB Reid has experience of various cloud accounting packages, including Xero and can advise clients on the most suitable system for them. Cloud packages also offer integration with various other systems and apps which can help automate other business processes – again, we can discuss the merits of these.

If you would like to know more about Xero or cloud accounting in general along with how it could help you and your business please contact us.