8 Hidden Costs of Outdated Accounting Systems and how the Cloud can Eliminate Financial Waste 

For any small to medium-sized businesses, every expense matters. And when budgets are tight, holding off on big investments might seem like the safest bet. It’s easy to assume that by not spending, you're protecting your bottom line. But in reality, sticking with outdated systems can be a false economy.

Think of it like driving an old car. Sure, it may seem cheaper upfront, but between constant repairs, fuel inefficiency, and rising insurance, the real costs quietly pile up. The same goes for legacy accounting systems. They might feel familiar and “good enough,” but behind the scenes, they’re often draining time, money, and productivity, meaning you are unable to grow the business as you hope. 

Here, we’ll unpack eight hidden costs your business might be facing by clinging to outdated accounting tools and how switching to the cloud could help eliminate financial waste, improve performance, and set your team up for smarter, more efficient growth.

1. Time & Productivity Drain

Many businesses continue to spend hours manually inputting numbers, chasing down documents, or fixing spreadsheet errors. For many teams, these outdated systems mean jumping between files, wasting valuable time on reconciliation, and waiting days for reports. 

That’s time that could be spent on strategic planning or serving clients. These slow, repetitive tasks quietly chip away at productivity and morale, creating a bottleneck that stalls decision-making and drains your team's energy.

2. Errors & Inaccuracies

One misplaced digit or formula error in a spreadsheet might seem minor until it snowballs into a compliance issue or tax miscalculation. We’ve seen businesses duplicate entries, miscategorise transactions, or overlook key financials simply because their systems weren’t built for scale or accuracy. These mistakes aren’t just frustrating, they can lead to costly corrections, legal headaches, and lost credibility with auditors and stakeholders.

3. Lack of Real-time Insights

Running a business on outdated data is like trying to drive with your eyes closed. When your system can’t deliver real-time insights, you end up reacting to the past rather than planning for the future. Cash flow forecasts become guesswork, and key trends, like your most profitable clients or underperforming products, get missed. Without timely information, you’re forced to rely on instinct rather than evidence, and that is a recipe that will only cost you more in the long-run. 

4. Missed Opportunities & Lost Revenue

Another drawback of slow systems is that it can mean slow invoicing, and slow invoicing leads to late payments … or worse, forgotten ones. Without clear tracking tools, receivables slip through the cracks, and you risk racking up bad debt and cashflow problems. 

You might also miss insights that could help you spot your most profitable services or clients so that you can service them better and build stronger relationships with them. These hidden blind spots can hold your business back from capturing new opportunities or scaling profitably.

5. Security Risks & Data Loss

If you’re still storing sensitive financials on a local hard drive or an old desktop, then you’re at risk of a major security breach or data loss. Whether it’s a cyberattack, hardware failure, or even an unexpected flood, one incident can wipe out years of records. Many legacy systems also lack proper backups and fall short on GDPR or data privacy standards. Recovering from such losses isn’t just expensive, it can damage client trust and put your entire business at risk.

6. The Opportunity Cost of Employee Morale

When your team spends their day copying data between spreadsheets or fixing errors, it’s no wonder motivation starts to dip. Smart, capable people want to work on meaningful problems, not babysit outdated systems. These inefficiencies can lead to burnout, high turnover, and trouble attracting top talent. Worse, your best people get stuck in admin mode instead of using their skills to innovate and move the business forward, adding value where it matters most. 

7. Scaling Limitations

It’s near impossible to grow your business if your systems can’t keep up. Outdated accounting software often struggles to handle increased transactions, new service lines, or additional staff. Instead of scaling smoothly, you end up patching problems with more manual work or extra hires. Without scalable tech, you risk hitting a ceiling just when momentum is on your side.

8. IT Infrastructure & Maintenance Costs

Top Challenges Faced by CFOs (and How the Cloud Can Help)

Today’s CFO wears many hats. They’re no longer just the company’s top accountant. They’re also a strategist, growth driver, risk manager, and tech adopter. From steering financial planning to advising on investments and helping businesses pivot in fast-changing markets, the modern CFO’s role is bigger (and more complex) than ever.

With global uncertainty, evolving regulations, ESG reporting, and digital transformation all in the mix, CFOs are expected to stay sharp, move fast, and make decisions backed by data, all while keeping teams motivated and stakeholders informed.

That’s a lot to juggle. Which is why it’s become essential to have the right cloud-powered accounting solutions at hand to streamline workloads and help make their job smoother, smarter, and more strategic.

Challenge 1: Data Management and Accuracy

CFOs often spend too much time chasing numbers across multiple systems and siloed data across departments. Sales, expenses, payroll each might live in a different place, on separate spreadsheets, making it hard to piece together a full, accurate financial picture. What’s more, manual data entry only adds to the risk of errors and delays.

Cloud accounting can help by bringing all financial data into one centralised system. Automated data flows reduce the need for manual input, while real-time updates ensure everyone is working with the same accurate information. This makes it easier to create reliable reports, share insights, and make confident decisions without the hassle of jumping between spreadsheets and making crucial errors.

Challenge 2: Keeping Up with Regulatory Changes and Compliance

Staying on top of tax updates, reporting requirements, and accounting standards is no small task. Regulations are constantly evolving, and missing a change, no matter how small, can lead to fines, penalties, or compliance headaches.

Specialist cloud accounting software can lighten the load. Platforms like generate.TAX and Binderr come with built-in features designed to stay up to date with local tax laws and financial regulations. Regular automatic updates ensure you’re aligned with the latest requirements, while audit trails and reporting tools make it easier to show compliance when needed. This ensures CFOs can manage compliance without needing to monitor every policy shift manually.

Challenge 3: Forecasting and Strategic Planning

Making informed decisions about the future of the business can be tough when the data you need is scattered or outdated. It’s a common scenario where CFOs often struggle with limited visibility into current trends, making it harder to build accurate forecasts or plan for growth.

Here too, cloud accounting software brings greater clarity to the process. With real-time reporting and powerful analytics tools, it helps finance leaders spot trends, run scenario planning, and make faster, more strategic decisions. And to be clear, such platforms aren’t here to replace the CFO. Instead, they take care of the number-crunching so CFOs can focus on what they do best through interpreting the data, asking the right questions, and guiding the business with greater confidence.

Challenge 4: Cost Management and Efficiency

Keeping operational costs in check is always on a CFO’s mind. But when you're relying on outdated systems, manual processes, and clunky infrastructure, inefficiencies can quietly chip away at your bottom line.

Taking advantage of cloud accounting software through subscription-based pricing, there’s no hefty upfront investment, meaning you can better manage costs across the year. Such solutions help automate routine tasks, cut down on errors, and help your team work faster and smarter. This results in better use of resources and real, measurable savings. What’s more, a healthier bottom line gives the business more flexibility to reinvest in what matters, whether that’s improving client services, growing the team, or exploring new revenue streams.

Challenge 5: Security and Data Protection

Protecting sensitive financial data is non-negotiable for any modern business. A single breach can lead to costly fines, and worse, loss of trust from clients and stakeholders. But keeping security systems up to date is no easy task. It takes time, expertise, and constant vigilance.

That’s why many CFOs are increasingly turning to cloud accounting solutions. Trusted cloud providers invest heavily in top-tier security features like data encryption, role-based access controls, and automatic backups. They also stay ahead of the latest compliance standards, so your business doesn’t fall behind. For CFOs, this means more peace of mind knowing that the company’s most critical financial data is protected by industry-grade systems.

The benefits of cloud accounting at a glance

Cloud accounting solutions are making the role of the CFO easier to manage in many ways, giving you the tools to lead with insight, agility, and resilience in a rapidly changing business world. That’s because, cloud accounting solutions:

• Centralise Data: Eliminate scattered spreadsheets and manual errors by centralising your financial data in one real-time cloud system.

• Stay Ahead of Compliance: Let built-in compliance tools and automatic updates keep you aligned with the latest tax laws and regulations, without needing to chase policy changes.

• Make Forecasting Easier: Use real-time data and analytics to run smarter projections and guide strategic decisions with more confidence and clarity.

• Control Costs More Efficiently: Ditch clunky, expensive systems for cloud-based tools that automate tasks, cut waste, and improve productivity saving both time and money.

• Protect What Matters: Sleep easier knowing your financial data is secured with enterprise-grade encryption, backup systems, and up-to-date cybersecurity protocols.

Take the First Step Towards Smarter Finance with Scope

At Scope, we’ve spent years helping businesses streamline their finance operations through tailored cloud accounting solutions. As your digital transformation partner, our team of tech experts and qualified accountants understands the real-life challenges CFOs face, because we’ve seen them firsthand. 

Whether it’s improving reporting accuracy, reducing manual work, or future-proofing your finance function, we’ll work with you to find the right fit for your business needs, workflows, and budget.

Curious about how cloud accounting can make a difference for your team? Book a no-strings-attached exploratory call today.

The Malta Tax and Customs Administration (MTCA) released Explanatory Notes for the purpose of article 3(2)(c) of Cap. 512 of the Laws of Malta.

In February 2020, the Council of the European Union (EU) adopted Council Directive (EU) 2020/285 amending Directive 2006/112/EC (EU VAT Directive) on the common system of value added tax (VAT). These amendments to the EU VAT Directive apply to qualifying small and medium enterprises (SMEs) with effect from 1st January 2025 and are being introduced to reduce the complexities, compliance costs and administrative burden faced by SMEs as well as to facilitate cross-border trade for SMEs.

The main changes brought about by the amending Act and the regulations are Article 6 of the amending Act amending article 11 of the VAT Act, Article 7 of the amending Act introducing articles 11A and 11B to the VAT Act, Value Added Tax Act (Amendment of Sixth Schedule) Regulations, 2024, and Article 11.

Read more.

The AI Advantage: Accounting Smarter, Not Harder 

In recent years, Artificial Intelligence (AI) has become ubiquitous in our daily lives and work, reshaping industries at an astonishing pace. And the future of accounting is certainly being influenced by the use of AI. Like any transformative leap in technology, AI has brought a mix of excitement and unease among many professionals. While it promises unprecedented possibilities, it has also sparked important questions. What does this mean for the role of accountants? Will machines replace human expertise? One valid argument advocates that people’s role will not be replaced by AI, but arguably might be replaced by people who learn how to embrace it!

At Scope, we’ve worked closely with accountants and financial firms, witnessing firsthand how AI can level up their operations. From automating repetitive tasks to uncovering actionable insights, we’ve seen how AI empowers professionals to focus on strategic decision-making and delivering greater value to clients. 

Drawing on this experience, we’re offering practical insights into AI in the field of accounting, highlighting its applications, considerations for adoption, and the opportunities it presents. Here, we address some of the most pressing questions about AI’s role in accounting and share strategies for embracing it to stay ahead in this rapidly changing field. 

Let’s explore how you can make AI your accountancy ally!

1. What’s the difference between Traditional AI and Generative AI?

Before diving into how AI is used in accountancy, it’s helpful to break down what AI actually is and the different types of AI models out there. In its simplest terms, AI refers to machines simulating human intelligence, where they can learn, reason, problem-solve, and understand language. In accounting, this often translates into AI being able to automate repetitive tasks, analyse large datasets, and deliver insights that support smarter decision-making.

While there are various versions of AI out there today, with each designed for specific tasks and purposes, the two most common types you’ll encounter are:  

• Traditional AI: This form of AI focuses on specific, well-defined tasks and excels particularly in automation. Traditional AI thrives in scenarios where processes follow clear rules and structures, such as automating data entry, reconciling transactions, or flagging anomalies in financial records. By processing large amounts of data and applying rule-based algorithms, it ensures accuracy while eliminating human error in repetitive tasks. For many businesses, this has become an invaluable tool for streamlining workflows and improving efficiency.  

• Generative AI: Unlike Traditional AI, which follows clear rules and structures, Generative AI uses advanced models to create entirely new content, be it text or images. Today in accounting, Generative AI is helping professionals compile financial reports, draft business plans, and even forecast trends based on historical data. You’ve likely encountered Generative AI in tools like ChatGPT, which can write human-like text, generate financial commentary, and assist in strategic planning by analysing complex patterns. 

While both types of AI have their unique strengths, Generative AI is offering more flexibility in creative and predictive tasks, making it especially useful in the more strategic elements of accounting that go beyond simply crunching the numbers.

2. How is AI revolutionising the accounting process?

So, now that we have a clearer understanding of what AI is and how it translates into its most popular forms, we can look into how AI is transforming day-to-day accounting practices.

Over the past few years, AI has steadily worked its way into various stages of the accounting process, delivering improvements in efficiency, accuracy, and decision-making. With many popular software tools now incorporating AI features, accountants are gaining access to innovative solutions designed to lighten workloads and all in all ensure greater accuracy and security with their roles.  

Here are some key areas where AI is making a noticeable impact:  

• Enhanced OCR (Optical Character Recognition) or ICR (Intelligent Character Recognition): Processing invoices, receipts, and financial documents used to be time-intensive tasks which are prone to human error. Now, AI-powered OCR has completely revolutionised this. Advanced OCR systems can scan and extract data from paper or digital documents, transform it into usable formats, and even categorise entries based on historical financial patterns. For example, instead of manually inputting hundreds of line items from supplier invoices, AI can digitise them in seconds, accurately linking entries to the correct accounts. This not only speeds up workflows but also significantly reduces the risk of errors. For accountants managing high volumes of paperwork, this is an obvious game-changer.  

• Anomaly Detection: As compliance and regulatory requirements grow more stringent, accountants face increased pressure to identify fraud and errors quickly. AI-powered anomaly detection systems are without a doubt one of the best solutions to help. These tools continuously scan financial records, flagging unusual patterns or outliers that could indicate fraud, misstatements, or compliance breaches. For instance, an AI system might detect an unusually high expense or duplicate invoice entry, prompting further review before errors snowball into larger issues. Since these systems learn from historical data, they get better at spotting irregularities over time, making financial audits faster and more reliable.  

• Financial Analysis and Insights: Accountants often need to sift through a lot of data to deliver insights on profitability, cash flows, and other critical metrics. Today, AI algorithms excel in identifying patterns and trends across vast datasets. This means you can feed a trial balance into an AI tool and receive detailed visual reports on a business’s financial health, complete with real-time updates. This capability empowers accountants to shift from simply reporting numbers to offering actionable insights that drive smarter business decisions.  

• Email Generation and Communication: Generative AI is also useful for more routine tasks that are a part of an accountant’s day-to-day duties, such client communication. Tools like ChatGPT can draft polished emails, prepare financial summaries, and even generate thoughtful responses to client inquiries. For example, an accountant pressed for time can rely on AI to create a professional email summarising key points from a financial statement, ready for the client review. This ensures communication is timely, accurate, and professional while freeing up time in the day for other tasks.

3. Can any accountant use AI?

The short answer is yes—any accountant can use AI, but there are a few caveats. 

For seasoned professionals who’ve been working with traditional methods and legacy systems for years, embracing AI might feel like stepping into unfamiliar territory. Change, after all, can be daunting and adapting to new workflows and learning how to integrate AI tools requires some time and effort. That said, as countless industry leaders will attest, once the benefits of AI become clear, there’s really no looking back with the advantages far outweighing any initial challenges. 

What’s even better is that AI isn’t reserved for big firms with deep pockets. Today, thanks to the widespread availability of cloud-based AI tools and subscription models the barriers to entry are falling, meaning that even small and medium-sized accounting firms can leverage its capabilities with relative ease. 

But before fully adopting AI, it’s crucial to prepare ahead. Like any transformative change in tech, AI adoption comes with a few critical Security Concerns to take into account in order to side-step potential problems down the road

Data security is arguably the most significant concern when adopting AI. Accounting firms handle highly sensitive financial information, from payroll and tax records to confidential client data. AI tools, which often process large amounts of this data, can become targets for cyberattacks. The risks are particularly pronounced for cloud-based systems or tools integrated with other platforms, as these increase potential vulnerabilities.

So, how can accountants safeguard their data and mitigate risks? There are several measures that should be taken:

• Data Encryption: Encrypting data, both while it’s being transmitted and when it’s stored, is non-negotiable. If you are using your AI system to process payroll data for a client, if that information is not encrypted, it could be intercepted by hackers, exposing your firm to legal liabilities and reputational damage. Encryption ensures that even if data is intercepted, it’s unreadable to unauthorised parties.

• Access Controls: Not everyone in the firm should have access to sensitive financial information. Robust access controls, such as multi-factor authentication and role-based permissions, help ensure that only authorised personnel can interact with specific data or systems. For instance, an AI tool used for fraud detection might be restricted to senior staff to avoid accidental leaks or misuse.

• Regulatory Compliance: Accountants must also ensure that their AI tools comply with data privacy regulations such as GDPR, SOC 2, or local data protection laws. Failure to do so could result in hefty fines or loss of client trust. For example, if your AI system inadvertently shares data with a third-party vendor that doesn’t comply with GDPR, your firm could be held accountable.

In order to successfully integrate AI into your accounting processes, it requires more than just installing software. In fact, it demands a well-thought-out adoption policy. A robust policy ensures that AI becomes a seamless part of your operations, delivering value while maintaining accountability, ethical standards, and transparency. 

Here are some key areas every firm should address:

• Implementation Strategy: Adoption doesn’t happen overnight. A phased implementation strategy can help firms gradually integrate AI into their processes, starting with low-risk areas such as automating invoice processing or data entry. Once these systems are running smoothly, firms can expand AI usage into more complex areas like financial forecasting or strategic decision-making. This incremental approach reduces disruption and builds confidence across the team.

• Training: Even the most advanced AI tools are only as effective as the people using them. Accountants need comprehensive training to understand how AI fits into their workflows and how to interpret its outputs. For example, staff should know how to verify AI-generated financial analyses or identify potential system errors. Offering ongoing training sessions, certifications, or even AI workshops can help bridge the knowledge gap, ensuring that everyone is equipped to make the most of these tools.

• Ethics: AI adoption brings new ethical considerations, particularly around transparency and fairness. Establishing clear guidelines for how AI should be used helps avoid ethical pitfalls. For instance, if an AI system flags certain transactions as high-risk, staff should understand and communicate the reasoning behind these decisions to clients. By maintaining transparency, firms can build trust and demonstrate accountability. Additionally, ethical guidelines should address sensitive areas, such as the use of client data, to ensure compliance with privacy standards and to avoid misuse.

• Accountability: Who is responsible for the AI system? A successful AI adoption policy includes clearly defined roles for oversight and management. For example, appointing a dedicated AI officer or team ensures that the system is regularly monitored, updated, and maintained. These individuals would be tasked with validating AI outputs, troubleshooting issues, and ensuring that AI aligns with the firm’s objectives. Furthermore, accountability frameworks help identify who is responsible if something goes wrong, minimising confusion and ensuring quick resolutions.

4. Should all accountants use AI?

AI offers undeniable advantages, but it’s not a one-size-fits-all solution for every accountant or firm. While some may require a widespread AI-adoption strategy, others might only need it in very specific areas. What’s essential is understanding how AI can streamline workflows and improve efficiency, even in the smallest ways. As we have already seen, something as simple as using AI for email correspondence can have massive benefits to save time and ensure consistency and professionalism with your clients.

Whether you’re a solo accountant or part of a global firm, AI has tools that can fit your scale and needs. The key is to start small, experiment, and discover where it adds the most value to your practice. Here are a few considerations to determine how AI can fit into your operations:  

• Size of the Firm: Larger firms often deal with vast datasets, complex audits, and intricate compliance requirements, all of which are ideal conditions for AI to shine. Automation tools can handle repetitive tasks like invoice processing or transaction reconciliations, freeing up staff for higher-value work. Smaller firms or individual accountants, on the other hand, may find that traditional tools meet their needs sufficiently. However, even smaller operations can benefit from accessible AI tools, such as OCR software for digitising receipts or generative AI for drafting client-ready documents.  

• Task Type: AI is particularly useful for automating routine processes and analysing large datasets. For accountants involved in strategic consulting, AI can enhance their ability to provide data-driven insights. For example, predicting cash flow trends or identifying spending anomalies becomes faster and more accurate with AI. Those offering specialised services, like forensic accounting, might tap into AI less frequently but can still benefit from its targeted applications.  

5. Is my job at risk?

It’s a question on many professionals’ minds, and accountants are no exception: will AI take over my job? The truth is that, no, AI won’t replace accountants, but it will certainly reshape the way you work.  

While it’s understandable that AI can bring about certain concern and professional anxiety, it’s crucial to remember that at the end of the day AI is another tool, not a competitor. By embracing AI early, you’re not only future-proofing your career but also gaining a significant edge. Mastering AI tools allows you to enhance your expertise and efficiency, providing more value to clients and standing out among your peers. Rather than seeing AI as a threat, think of it as an opportunity to offload repetitive tasks and focus on the areas where your human skills shine brightest. AI can certainly crunch numbers and identify patterns, but it can’t replicate the nuanced understanding and personal connection you bring to the table.  

As but one example, accountants are frequently asked to build trust with clients. Whether it’s guiding a small business owner through a complex tax issue or helping a family plan for their financial future, these relationships are built on empathy, understanding, and personalised advice, things AI simply can’t offer.  

Another area where you add irreplaceable value is tailored financial and business strategy. AI can provide data-driven insights, but interpreting those insights within the context of a client’s unique goals and circumstances is where accountants are essential. Whether it’s advising on risk management, creating growth strategies, or navigating regulatory changes, your expertise and ability to connect dots are invaluable.  

Are you ready to add the power of AI to your accountancy business?

If you’re an accountant or financial firm curious about the transformative potential of AI, let Scope guide you on this journey. With years of experience and an expert team, we’ve helped countless accountants and businesses in Malta, Europe and the UAE, integrate cutting-edge cloud and AI solutions, such as Xero, Rows and other tools tailored to their specific needs. We help you level up at a pace and scalability that is right for you.

Reach out to Scope today for a tailored consultation and discover how AI can empower the future of your accountancy business.

There’s no doubt that cloud solutions have become essential for accountants and bookkeeping firms to simplify processes, boost efficiency, and foster growth. But with a flood of apps and solutions on the market, it’s no wonder that most small firms are finding it extremely challenging to navigate this myriad  of tech solutions while still meeting client needs and growing their operations. 

This is a familiar scenario that Scope Solutions has come across time and time again, over the past 12 years.

“On the one hand, it’s never been better for accountants, because there are so many great solutions like Xero that can help them improve their services. However, if an accountant doesn’t have much experience with IT, these opportunities can quickly turn into an insurmountable obstacle,” explains Brian Ferris, co-founder of Scope. “That’s why we decided to address this problem head on by taking on the role of tech partner. At Scope, our mission is to assist  accountants to navigate through this transformation and to connect them with the right-fit solutions. In this way, we enable them to  embrace cloud adoption with ease and confidence.” 

Founded in 2012, Scope has earned a reputation as a leading cloud solutions and SaaS specialist based in Malta. With its recent Xero Ambassador Status for the EMEA markets, Scope’s multidisciplinary team of cloud transformation experts and qualified accountants is continuing to offer its invaluable knowledge and expertise, helping finance professionals not only navigate solutions like Xero effectively but also customise these systems around their individual and regional requirements.

So, how does Scope achieve this? The answer is simple at its core: it all begins with understanding precisely what the client needs.

The journey is just as important as the destination

Every accountant is on a unique journey. Some are just starting out, others have decades of experience. Each specialises in different niche industries and faces unique regional regulations and obligations.

Wherever a firm is on its journey, Scope Solutions offers a seamless transition process. They’ve guided numerous accountants through the shift to cloud solutions, helping them harness cloud innovations to streamline financial management, automate routine tasks, and access real-time financial data from anywhere. 

Moreover, Scope’s tailored cloud solutions are prized on a SaaS model to ensure scalability without the need for a huge initial investment. 

“Tech by its nature is constantly evolving. As a tech partner, we ensure that our clients can level up at a pace that aligns with their  growth journey, ensuring they continue to benefit from the best solutions on the market,” explains Neville Micallef, co-founder of Scope Solutions.

It’s about evolution, not extinction. 

New technologies have certainly caused many administrative tasks to become obsolete. But for accountants, this shift can be a massive opportunity if approached with the right mindset.

“One thing we constantly advocate for is that advances in cloud technology allow accountants to streamline the admin and focus more on becoming trusted advisors for their clients,” says Brian. “This way, they can provide expert advice instead of spending the bulk of their time on routine tasks. By partnering with Scope, accountants can gain access to tools that enable them to offer Value Added Advisory services.”

Research shows that firms want to play a more active role in tech advisory and have recognised the benefits of outsourcing and/or partnering with the right specialists, such as Scope.

App fatigue?

The past 18 months have been challenging for the accounting industry, with new technologies and AI arguably leading to app fatigue. Accountants simply cannot be expected to sift through countless apps to find those that are a right fit. Xero alone offers over 1,000 apps, making this process even more challenging.

“At Scope, we take a very hands-on approach to new tech,” Neville notes. “We research thousands of apps, test hundreds, and ultimately adapt the very best integrated solutions, including our own specialised in-house IP. This means that we can vouch for the security, flexibility, and long-term scalability of each solution we recommend.”

Through their tried-and-tested suite of Xero-connected tools, Scope assists finance professionals streamline their finance function operations, ranging from VAT and financial reporting to addressing specific operational challenges faced by accountants in different countries.

A partnership that propels your business forward

Scope’s Xero Ambassador status is a reflection of a partnership that has been more than a decade in the making. In fact, Scope Solutions and Xero started out when both companies were relatively small. This partnership has flourished, evolving from being industry peers to mutual collaboration to becoming an official Xero Ambassador. 

This deep-rooted partnership allows Scope to provide exclusive benefits to its clients, including early access to product updates that keep them ahead of industry trends.

“From the start, our goal has been to work with the best cloud solutions available, and Xero is undoubtedly at the forefront for accountants. We’re excited about the possibilities to help more clients leverage Xero’s wider ecosystem for streamlined financial management and accelerated growth,” concludes Brian. 

About Scope Solutions: Founded in 2012, Scope Solutions is a leading cloud solutions and SaaS specialist based in Malta. As a Xero ambassador for Malta, Cyprus and UAE, its team of cloud transformation experts and qualified accountants helps finance professionals navigate and optimise their use of Xero and cloud solutions.

The MGA has recently introduced the "Involvements" functionality accessible from the Personal Profile page. This has been designed for users to have quick and easy access to their involvement information.

In this regard, MGA kindly asks users to review their Work Email  within the "Approved Key Person Roles" grid and update or populate the email addresses if necessary. As from the coming weeks, these email addresses will be used for all future correspondence regarding this involvement; therefore, it is crucial that this is kept up-to-date.

Users are kindly requested to contact the MGA by sending an email to help.mga@mga.org.mt if any other information requires updating.

The MGA would also like to remind its users that it is recommended to use their personal email address as the main email on their Personal Profile to avoid any disruptions in account access should their work emails become unavailable. Users' Personal Email addresses can be changed by making use of the "Change Email" functionality on the Personal Profile page.

The International Auditing and Assurance Standards Board (IAASB) has issued new guidance on the application of the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. The Authority Supplemental Guidance will help users in determining the appropriate situations to use the standard.

The guidance will be particularly beneficial for legislative and regulatory authorities implementing the standard, firms developing related policies or procedures, and auditors determining whether the standard is appropriate to use for a specific engagement.

Read more.

The International Auditing and Assurance Standards Board (IAASB) has shared its 2022-2023 Public Report, Balancing Effectiveness and Timeliness in Audit and Assurance Standard Setting. This report offers a comprehensive overview of the IAASB’s progress in addressing key public interest issues and reiterates its strategic direction to continue bolstering confidence in audits and assurance engagements.

Read more.

Game-Changing Benefits for Scope’s clients thanks to recent Xero Ambassador Status.

Co-founders Brian Ferris and Neville Micallef shed light on the benefits and advantages Scope's recent Xero Ambassador Status brings to its clients.

Scope Solutions has become the first company worldwide to be named an official Xero Ambassador Partner for EMEA markets by the leading online accounting software provider. Recognising Scope’s rapid growth and leadership in providing expert cloud accounting advice and services, this highly distinguished Ambassador status better positions Scope to serve customers in key markets like Malta, Cyprus, and the UAE.

Sharing his thoughts on the news, Brian, says: “Being recognised by Xero is a big deal for us. It's not just a pat on the back for our hard work but means we can up our game in offering even better accounting solutions. At Scope, we're all about giving our clients the very best service and guidance. So, our Ambassador status will enable us to nurture regional Xero customers with value-added consultancy, allowing us to optimise and enhance the platform’s vast capabilities according to their needs.”

Established in 2006, Xero boasts millions of subscribers and has emerged as a frontrunner in cloud accounting spanning New Zealand, Australia, and the United Kingdom. The software is designed to streamline online accounting for both bookkeepers and businesses, promising to simplify daily administrative tasks through automation and ensure real-time access to financial data.

Delving deeper into Xero's capabilities, Brian sheds light on its user-friendly platform, which acts as a unified hub, organising all financial data through an online portal accessible across devices. Seamless bank integration simplifies financial management, while the real-time collaboration feature further enables teams and advisors to collaborate effortlessly from any location, streamlining communication and workflows.

Staying true to Scope's commitment to delivering right-fit solutions for each client, Brian highlights their hands-on approach. Embracing their role as official Ambassadors, Scope will act as a direct link between Xero and professionals in the cloud space. With a suite of over 100 integrated apps and solutions, Scope can more accurately guide clients in selecting the best Xero-connected tools, ensuring ongoing support for maximising and optimising the full potential of the platform in line with each company's unique business trajectory.

Emphasising the significance of personalised guidance in today's highly complex cloud solutions landscape, Neville, explains: “In today’s cloud ecosystem, high-touch guidance, support, and vision are no longer nice to have; they are absolutely essential to compete and thrive. With our Ambassador status, we're set to amplify our clients' potential through Xero, offering a range of exclusive benefits.”

Far from merely being just another industry accreditation, Neville goes on to explain that the Xero Ambassador status brings huge, tangible benefits for their client base. Scope will now gain early access to product updates and roadmaps to guide optimal configuration and usage, overseeing the adoption process and providing customised training and implementation.

Backed by Scope's qualified accounting experts, clients using Xero receive additional support in navigating compliance and regulatory responsibilities. This includes streamlining tasks related to VAT, financial reporting, and regulatory adoption, offering a comprehensive solution for professionals.

Expanding on these benefits, Neville adds: “We will also represent the global Xero partner community at local industry events and advisory boards. This will help us advocate for the interests of our clients who have adopted Xero’s solutions, ensuring they gain insights into industry trends, challenges, and developments. Access to such information is invaluable for us to adapt our services to meet the evolving needs of businesses and accounting practices, so they can really stay one step ahead.”

It’s been an eventful few years for Scope. Last year, the Malta-based cloud solutions and SaaS specialist celebrated its 10th anniversary in the industry, coinciding with plans to take their operations to the next level of growth with the introduction of new Scopers to its team, a larger HQ in the Digital Hub in San Gwann, industry awards, and a major step to establishing itself in the United Arab Emirates (UAE) with the successful launch of its operations in Dubai.

"We're truly excited about the possibilities that come with this Ambassador status and are eager to explore them with our clients. We invite businesses to connect with us so we can help them harness the power of Xero's cloud-based tools for streamlined financial management and accelerated growth,” Brian concludes.

The Sanctions Monitoring Board (SMB) has published guidance on the reporting obligations and deadlines under Article 5r of Regulation 833/2014, concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine. Under this provision, the European Union (EU) has introduced a requirement which will allow the SMB better visibility on the flow of funds related to Russian-owned entities outside of the EU, without jeopardising the activities of entities that are (partly) Russian-owned and operating legitimately in the EU.
 
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