If one were to describe in one word, the most radical change in the way small businesses handled their numbers, it will in all probability be “Xero”. Easy to understand, easy to use and easy to collaborate with their accountants and bookkeepers, Xero and their tribe is the new paradigm in small business accounting and bookkeeping.

There is more to this emerging story. Xero and other newcomers to the new age of Cloud IT are ushering in a new class of applications inspired by smart mobile devices. This has ushered in a new class of knowledge workers who are unrestricted by space and location and even prefer to bring in their own devices (BYOD – Bring Your Own Devices) and applications (BYOA – Bring Your Own Applications)

Businesses and professional services firms taking advantage of this emerging culture report major benefits, including:

1. Flexibility and customizability — Highly adaptable to changes in workflows and process.

2. Scalability — Easily expanding with virtual teams that are geographically disparate.

3. Intuitive — end users can easily do things that used to require a programmer.

4. Consolidation of information — providing more visibility across the business.

5. Streamlined business processes — freeing up employees and resources.

6. Enhanced communication — internal, extended and external teams collaborate more efficiently

Compared to the large companies, small and mid-market businesses can more easily adapt to this new culture. The modern workforce and their roles are going to be increasingly designed based on customer need and business strategy instead of Organizational or Departmental structure. The most appropriate capability will be deployed irrespective of whether it is internally, externally, globally sourced or technology enabled and will not be constrained by the people on your payroll.

We are experiencing this growth in virtual team engagement with Bookkeeping firms, Accounting firms and corporate finance processes of small and medium businesses in Australia and the USA. Our team is designed around this new breed of talent that is geared to embrace this emerging culture. If you are interested in taking advantage of this model for your business, we’re happy to help you.