A consolidation in various financial advice platforms such as accounting and bookkeeping is expected to persist in 2014. In fact the Managing director of the accounting software vendor, Chris Ridd, agrees with him. Chris asserts that accountants have ventured into the provision of financial advisory services. They primarily focus on offering their services to various wealthy clients. In addition, various accountants have engaged themselves in setting up bookkeeping arms in addition to their normal tasks. The manager also confirmed that several financial advisory firms are progressing towards the provision of full services to not only SMB clients but also high net worth clients. Ridd also clarified that cloud platforms will play significant roles in the delivery of real time and value added advice to various business owners. According to him, the platforms are what will enable advisors to provide their services more effectively. He argued that the advisors should utilize such platforms to diversify to other portfolios like IT and offer a wide variety of services which include value-packaging. This is the only way to improve business workflow.
In addition, interests in areas such as targeted business process outsourcing, Human resource management and occupational health and safety will be on a rise in 2014. The new face of financial advice There is no doubt that Xero will find its way into 2014. It will pick from last year’s entry into the financial advisor space with the cashbook (the Xero Cashbook). Even though there has been a steady increase in the number of accountants who utilized the cashbook product in order to effectively manage their clients, it should be remembered that the firm had not put into consideration the rate of switching into the product. The manager also says that even though they were optimistic about the product, they had never imagined how it will be suitable in addressing the market. The popularity of Xero especially in Toronto Bookkeeping services The increase in demand and use of the product is attributed to bookkeepers and accountants.
Actually, it gained its popularity as a result of a friendly adoption by its users. Basically, this product had been popular among several individuals. It only lacked a substantial adoption and use since it was not suitable for use as a platform since it provided no reporting, no API and no chart of accounts. The popularity of the product was facilitated by discussions with financial advisors. Ridd clarified that the product gained popularity after holding a few workshops. The workshops ensured that more than 300 financial advisors sign up as partners by the end of 2013. Since then, advisors have played significant roles in promoting the product to their clients.
Why is their an increase in demand of the cashbook? According to Ridd, the increase in demand of the software is attributed to the new legislation – Future of Financial Advice (FOFA) legislation. The advisors’ need to improve the quality of their services has also caused the increase in demand. The increase in popularity of Xero will not stop there. Following the announcement of the partnership with midwinter , the demand of Xero is expected to increase even further.
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