4 ways to simplify accounting compliance

This content is brought to you by Xero.

Accounting compliance can feel more difficult with every passing year. Accounting practices, and their clients, have to adjust to regulatory changes, software requirements (like MTD for IT, for example), and even evolving client needs just to remain compliant – and avoid some hefty fines or penalties.

Accounting software for accountants and bookkeepers, like Xero, can help modern practices simplify and streamline compliance work so you’ve got more time to focus on your clients, and other areas of your business. Here’s four ways to simplify accounting compliance in your practice.

Automate compliance to professional auditing standards

Software with automation features isn’t the technology of tomorrow; it’s the technology of now. No longer does your practice need to spend countless hours repeating basic administrative tasks, or risk making mistakes when you’re doing them.

Modern software solutions can automate compliance tasks, saving you time, and ensuring you’re keeping your processes in line with UK and international standards, like UK GAAP and IFRS.

If you’re looking for software that does just that, try Xero. Xero software automates tax calculations, giving you access to proper audit trails, and helping you generate financial statements and reports. So, it’s easy to meet professional auditing standards without the headache of managing tonnes of admin you might not have time for.

Stop clients from adopting bad accounting practices

Educating your clients about poor accounting practices is the simplest way to ensure they’re remaining compliant. Many of your clients will have too much already to manage, and might not always have time to research the rules and regulations on compliance themselves.

Explain the importance of accurate accounting, teach them how to scrutinise source documents in order to identify red flags, and regularly review client processes so you can provide feedback on their daily operations.

Although, Xero can make this even simpler. Xero allows users to create customisable permissions, so only  the right transaction information is imported, which can limit the amount of manual admin in payroll, tax, and accounts preparation to reduce human error.

Secure sensitive data with cloud protection

Keeping your client’s data safe and secure is something you can’t afford to get wrong. If your practice keeps files in desktop storage or software, it can be easier to lose, and harder to find. It can also mean access to files is depending on specific devices, which might not necessarily have the same security measures.  Tracking, organising, and securing data spread across multiple systems and devices is tricky, but also unnecessary.

If you use cloud-based accounting software instead, you’ll find you have access to a far more secure and reliable system to store sensitive data. Such data can be accessed from any device, providing you have an internet connection, and the right permissions.

Stay up-to-date with evolving regulation

Keeping up with ever-changing rules and regulations has been a constant challenge for most accounting and bookkeeping practices. Reading up on legislation, subscribing to newsletters, attending webinars, and more just to stay up to date.

Cloud-based software can help take some of the burden off your hands, with feature updates that make it easier to meet new requirements. Xero Tax, for example, is automatically updated in line with new regulations. So, you can comply with the latest tax requirements as and when they come into place – without all the heavy administrative lifting.

Make compliance simple with Xero

Simplifying compliance doesn’t just make compliance easier, it makes everything else your practice is working on easier, too. Which, in turn, will give your practice more time to offer enhanced services beyond compliance like advisory services, allowing you to better nurture your working relationships, and help your clients plan for the years ahead.

Cloud-based accountancy software, like Xero, can offer you the streamlined compliance workflow your practice deserves. If you’re not yet a Xero partner, visit our Xero Partner Programme where you can find out more about becoming a partner and join over 250,000 accountants and bookkeepers using Xero in their practice. Get the tools and resources you need to succeed. 

If you’re not yet a Xero partner, visit our Xero Partner Programme where you can find out more about becoming a partner and join over 250,000 accountants and bookkeepers using Xero in their practice. Get the tools and resources you need to succeed.

This content is brought to you by Xero.

Xero offers a cloud-based accounting software platform for small and medium-sized businesses..