Going independent with your app providers
@MarketFinance
Chris Findlow, Head of Partnerships, MarketFinance Chris Findlow is Head of Partnerships at MarketFinance. He’s passionate about helping SMEs get access to funding and working with entrepreneurs to free up more time to focus on growing their business.
The importance of good customer support from your provider
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hether you’re setting up a brand new digital accounting firm, or switching to a more up-to-date cloud system, it’s important to choose the right app providers. The choice of cloud platforms, online fintech solutions and accounting-focused apps currently on the market is huge, so picking the best tools for your app stack can be a challenge. But high-quality customer support from your app providers should be at the heart of your decision-making process. Chris Findlow goes through the key attributes to look for in your ideal app providers, and why a trusted relationship is vital. Tech as the foundation for the digital practice The evolution of cloud accounting has come a long way in the past decade. Technology and software applications have become the solid bedrock of many firms operational processes and dayto-day accounting tasks. Xero has evolved from a cloud-based accounting tool into a flexible and diverse cloud platform, with access to a growing number of
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integrated apps. The average Xero practice is likely to have its own tailored ‘app stack’, an integrated and connected suite of apps that provide the functional centre of their business. This tech really is the backbone of the firm. But this dependency on software does create its own issues. If the tech doesn’t work, the practice can’t function, so it’s imperative that you have a mix of app providers who offer a solid, reliable and supportive service. How Xero has inspired the growth of independent app providers The Xero ecosystem is gigantic, with an app store containing over 800+ solutions. There are 19 different function categories and 14 different industry-specific categories available in the store. Many of these are run by thirdparty, independent software providers. Having an open application programming interface (API) has been one of the drivers of Xero’s success as a platform. This open API allows any small software startup to build a useful business app, integrate it with Xero and
share any relevant financial information between both apps. That’s been a gamechanger and has allowed the popularity and growth of many of the apps we see in the standard Xero accounting firm app stack. Solutions like Receipt Bank, Chaser, Tripcatcher, GoCardless (and even MarketFinance) have all benefited from having that straightforward, simple Xero integration in place. But with such a large market of apps to choose from, it’s easy to see how a Xero accountant may be somewhat ‘blinded by choice’ when it comes to selecting the apps for their stack. The importance of customer service, support and software innovation There’s a giant Xero ecosystem of useful business apps and practice management tools to choose from when formulating your ideal app stack. But how do you know if you’ve chosen the right apps for your particular firm? Tech and cloud software are now vital to the efficient running of your accounting practice. So, there’s a real imperative to choose apps that work well and
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