Who Owns Your Financial Data?

Do you own your accounting software subscription?

Is it you, your bookkeeper, your accountant, or perhaps a business partner?

The Subscription Owner has the upper hand in the business relationship because the ‘Subscription Owner’ owns the financial data, no matter who actually owns the business itself.

The aim of this blog is to shine the spotlight on Subscription Ownership to help business owners make more informed decisions. Consider it an essential part of risk management for your business. If you were to have a falling out with another party and they happen to be the Subscription Owner, they are not obliged to transfer the subscription ownership over to you (the business owner). Potentially, your User Access to the software could be removed, your account could be closed with one mouse-click and you may have little or no recourse. Yet, you continue to have legal obligations reliant upon the provision of your financial data.

We believe in full disclosure, informing our clients about what Subscription Ownership actually means to them as the business owner. With this insight, the business owner is in a stronger position to make an informed decision about subscription ownership that best protects their business interests. We own the Xero subscription for several of our clients at their request and we deeply appreciate their trust and confidence in us to do the right thing. If they decide one day that they want the subscription ownership transferred over to themselves we would do it in a flash with no questions asked. After all, it is their business, not ours.

Subscription Ownership is not necessarily about trust except when you’re trusting another party outside of the business to do the right thing by you. For some in the industry there is an element of ‘security’ involved in owning the subscription for your business because it can work as a bit of ‘insurance’ to have you thinking twice before going elsewhere. Whose business interests are being best served in this situation?

Put simply, the business owner should be the subscription owner.

When you own your Xero subscription your hands are not tied, you have choices. If you choose to change your bookkeeper or accountant, you can do that as you see fit free of any concerns with ongoing access to your financial data. Business owners now have greater control over the financial data of their businesses and should give very careful consideration before handing that control over to others.

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