Who do Xero accounts belong to & can ownership be changed?
Does your accountant use Xero, the Making Tax Digital (MTD) compliant software, to manage either your personal or business accounts? If so, who exactly do your accounts belong to and can ownership be changed? Clear Vision Financial Management explains.
Since MTD came into effect last month, Xero has become an even more integral part of day-to-day operations in order to not only stay compliant but to have the ability to plan more accurately for the future based on a better understanding of the present.
Xero data ownership
If your accountant uses the accounting software to manage either your personal or business accounts, you may be concerned that in the event of moving to another accountant, you’ll lose access to Xero and have to start all over again from scratch. However, that’s not the case.
Any data that’s stored in Xero belongs to you, not your accountant. As the data is owned by you, if you request for a change in who manages the Xero account , it legally has to be completed.
Looking to change accountants?
If you’re in the market for changing accountants, we can help. Here at Clear Vision, a financial management company in Romsey, near Southampton in Hampshire, we can offer accounts & compliance services, payroll & pension services, crowdfunding solutions or we can even act as your outsourced financial department.
We can be as on-hand as you wish, with the ability to work closely alongside you, managing all of the day-to-day bookkeeping, processing invoices, running payroll, liaising with suppliers, provide cash flow forecasts, monitor profitability and chase outstanding invoices, so you don’t have to.