4 Accounting Trends That Will Shape 2020

by FastLane Group Accountant, Auditor, Payroll

This article is originated from: https://fastlanepro.hk/4-accounting-trends-that-will-shape-2020-xero-blog/

The year ahead will undoubtedly involve a lot of change and uncertainty, but how can you prepare?

Accountants and bookkeepers will need to closely track the trends to stay ahead of changes in industry, regulation, and policy.

Don’t worry, though; we’re here to help with four trends that we think will influence you and your clients over the year ahead.

1. Brexit: bring certainty with cash flow management

Following the result of the latest UK election, it seems like some form of Brexit will go forward in 2020.

One thing we can say for sure is that Brexit will mean significant changes to business and financial processes.

This leaves your clients looking for strategic advice, and as their most trusted advisor, it’ll be up to you to guide them and help them plan for a variety of outcomes.

One certainty that your clients will benefit from is cash flow forecasting and management.

Our cash flow resource centre has all the tools you’ll need to help you nurture healthy cash flow for your clients

2. Open Banking: embrace the new and achieve more

New EU standards are due to take effect from 14 March 2020, changing the way banks connect to third parties such as Xero.

Known across Europe as PSD2, but more commonly in the UK as Open Banking, businesses and consumers face yet another change come 14 March.

Open Banking changes the way banks connect to third parties such as Xero, which means the way we provide bank feeds is changing.

While the change may feel burdensome for some, we think it’s a positive step forward – providing greater competition and innovation in the world of financial services.

Already thousands of Xero subscribers have moved from bank feeds using Yodlee and are now enjoying the benefits of Xero’s new, free and secure direct feeds using Open Banking.

For those businesses that haven’t changed to a new feed should check whether their feed is available and switch now.

So to learn more about Open Banking, and see which banks have new feeds ready to connect to, see our dedicated Open Banking resource centre. You’ll also find our FAQs, plus guidance on how to get new feeds set up.