Filing cabinets everywhere are quivering in fear as hordes of accountants make the switch to cloud-based accounting software.
This driving shift to the paperless firm among established companies has seen a new generation of firms created; born in the cloud.
Nick Pasquarosa is just one of these firm leaders that founded his company in the cloud, running his practice on Xero. As founder and CEO of Bookkeeper360, Nick has some understandably unique insights as to how cloud accounting technology has shaped his firm.
Bookkeeper360’s offices are “desolate of even a single filing cabinet” according to Nick. He recently penned an article for Forbes where he explained how tech innovation has transformed the bookkeeping and accounting industry.
“The ability to leverage the latest in cloud-based technology through platforms – such as Xero’s accounting software – has completely transformed our firm and even the entire accounting and bookkeeping industry,” Pasquarosa says.
Leveraging the benefits cloud technology has to offer means in-person client visits are no longer a necessity for accounting professionals. Not only can the need for that one-on-one interaction be fulfilled by virtual teleconferencing, a lot of the questions clients used to have for their accountants and bookkeepers can be answered by the real-time cash flow data visible on Xero’s dashboard.
The Xero ecosystem enables accountants and bookkeepers to cater for any of their clients, no matter the vertical. Nick highlights just one of the more than 500 app partners available in the Xero Marketplace; he says Gusto is a full-service payroll platform that automates pay runs and employee on-boarding.
“This automated feature instantly saves the small business owner from the hassles that come with payroll complexities and other compliance matters,” Nick says.
With accounting professionals able to leverage the solutions available in the App Marketplace, their firms are being redefined as technology companies that specialize in accounting and bookkeeping.
Nick is constantly finding ways to save his small business clients time through these integrations. He uses Mission Nutrition as an example of one of his clients that has benefitted, specifically through the integration of Xero and Expensify.
“Because of [the integration of Xero and Expensify], the company was able to simplify its booking and accounting, and therefore devote more time to growth,” Nick says.
“Adding Xero’s cloud-based technology into its bookkeeping methods helped Mission Nutrition expand its product line and enabled them to open a few brick-and-mortar retail locations.”
Nick says Xero is a small businesses champion, giving them ownership of their cash flow.
“These programs allow small business owners to accurately enter and edit financial information on their own, and make better decisions in a much more efficient manner,” Nick says.