Xero has unveiled its 2023 State of the Industry Report, shedding light on the transformative impact of cloud-based technology in the accounting and bookkeeping sector. The report offers a comprehensive overview of business performance, industry trends, and technological adoption within the field.
Key Findings: Revenue and Profit Increases
A striking 75% of the practices surveyed reported an increase in revenue, and nearly as many (73%) noted a rise in profits over the past year. Significant drivers for this growth include an increase in client numbers, the introduction of new services, and the adoption of cloud software.