Almost one fifth (18%) of accountants are still using 13th century accounting tools, such as paper ledgers, claims cloud accounting firm Xero. To mark the release of its Digital or Die report, which looks at technology adoption by small firms and their accountants, Xero has recreated the Portrait of Luca Pacioli, replacing his paper ledger and quill with a notebook and software. Xero claims that using cloud-based accounting could reduce the amount of time accountants spend on administrative tasks by an average of 117.5 hours or 15 days a year, saving £3,153.70 per year, per staff member.
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