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New software that links businesses to their bank accounts, launched by Xero, will enable business owners to view their company finances in real time, making it much easier for the company and advisor to manage their cash flow. It will also provide fresh, up to date information to help accountant services to manage client accounts.

The new software has been thoroughly tested in conjunction with HSBC, over a period of 18 months. Xero have launched feeds to 55 financial institutions over the United Kingdom and Ireland following this successful trial period, hoping to transform the ability of a business to manage cash flow. The software removes the need for a person to manually enter financial transactions onto the accounting application, allowing the transaction to automatically download on a daily basis.

An accountant firm will usually have to perform a daily check of their clients’ accounts, but this software will provide real time information at the touch of a button. Online accounting will be made much easier with extra convenience for an accountant and their clients, with real time information available. As an accountant can only prepare accounts and tax returns with the information provided by the client, very often last year’s information will be used as an estimate. Now, it will be possible to use up to date information before the client submits the information.

As HM Revenue & Customs are looking to have a system which works using real time information, this could be a massive step in the right direction for many accountancy firms.

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