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.

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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.

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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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This report issued by the European Securities and Markets Authority (ESMA) provides an overview of the activities, from 1st January 2023 to 31st December 2023, of ESMA and of national enforcers in the European Economic Area when examining compliance of financial and non-financial information provided by issuers. It also presents the main activities contributing to supervisory convergence performed at European level.

Read report.

The International Public Sector Accounting Standards Board (IPSASB) has released for comment Exposure Draft (ED) 88, Arrangements Conveying Rights over Assets (Amendments to IPSAS 47 and IPSAS 48). 

The proposed amendments to IPSAS 47, Revenue are consistent with the principles exposed in ED 84, Concessionary Leases and Right-of-Use Assets In-kind (Amendments to IPSAS 43 and IPSAS 23), published in January 2023. Additionally, ED 88 proposes illustrative examples to accompany IPSAS 47 and IPSAS 48, Transfer Expenses on other types of arrangements conveying rights over assets that are common in the public sector.

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Accountancy Europe, ecoDa and ECIIA issued a document that aims to help boards with embedding sustainability – and specifically environmental, social and governance (ESG) factors – into company strategy and business models, and to ensure that proper governance supports this. 

The document sets out practical questions to consider in the efforts on ESG, sustainability transition planning, delivery on sustainability objectives and limiting greenwashing risks.

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EFRAG released the second set of Explanations to respond to stakeholders' technical questions on the European Sustainability Reporting Standards (ESRS). These responses are provided as part of EFRAG's role as technical advisor to the European Commission and are expected to provide a practical and timely support for preparers and others in the implementation of ESRS. The 12 Explanations are grouped in chapters according to their nature (cross-cutting, environment, social, and governance).

The first set of explanations is available here.

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