What will 2020 have in store for cloud accounting?

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2019 saw a huge rise in the popularity of online and digital services, particularly cloud accounting. Apps such as Xero and Quickbooks have made it even easier for small business owners to manage money and grow their businesses. But what is the next step for cloud accounting? Here are our thoughts:

Open banking

New EU standards will come into place from 14 March 2020 (previously planned to come into place on 14 September 2019) which are set to change the way cloud software packages interact with bank data. Many cloud accounting users will already have been prompted by their software to update existing Yodlee feeds, in order to free direct feeds, and these users are already seeing the benefits of open banking. It is an exciting time for small business owners that will enable them to gain a greater understanding of their finances.

AI & Hubdoc

Xero have recently announced that Hubdoc will be included, for free, in all Xero Starter, Standard, and Premium plans from 18 March 2020. This is set to change the way thousands of businesses process purchase invoices for good. Now, all businesses can take advantage of the use of automated intelligence (AI) to save time spent manually processing invoices, at no additional cost.

Apps

The Xero app marketplace is ever growing, and now lists over 700 accounting apps and counting, from reporting to bills and expenses, whilst the QuickBooks App Store has over 500 accounting and advisory apps in place. The app market has seen huge growth over the last few years, providing both accountants and small business owners with valuable tools to improve efficiencies and grow their businesses. The growth in the app market shows no sign of slowing – a trend expected to continue into 2020 and beyond.

If you would like to find out more about cloud accounting and how it could help your business, contact me at r.roberts@uhy-uk.com or contact us using the details below.

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