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Working in the Dark Ages

03 October 2017

New research from Xero has found that one in five accountant are still using paper ledgers, despite nearly two-thirds of accountants believing that the profession is at a technological tipping point.

To inspire accountants to move to cloud software as the next revolution in accountancy, Xero has commissioned an artist to recreate the 1500 portrait of Luca Pacioli, the so-called Father of Accounting & Book-keeping, updating his paper ledger for digital tools!

Xero’s Digital or Die Report found 78% of accountants who work in accounting and bookkeeping firms still rely on spreadsheets and 18% use paper ledgers. However, only 20% of accountants do not think moving to digital accounting is imperative to the industry surviving in the next 3-5 years.

Xero’s Damon Anderson said it’s time for accountants to work smarter. He went on: “The UK accounting industry is entering a new digital age, driven by unprecedented changes in accounting technology and a perfect storm of regulation from MTD, PSD2 to GDPR.”

The Digital and Die Report has estimated that cloud based accounting could save accountants 117.5 hours a year on average (just over two weeks) by eliminating the time spent on administrative tasks. That’s around £3,153.70 per year per member of staff.

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