As a result of the fallout from the Royal Commission into the banking sector that took place in 2018, banks have had to change the way they... Read more
Jack Thiel files this diary from Xerocon in Brisbane.
As a young, technology-minded accountant, Xerocon is pretty much my ‘happy place’. It takes everything that’s great about the technology scene in the US, brings it Down Under and smashes it into the small business and accounting world – simply awesome.
What Xero has managed to create is beautiful. The vibe (forgive, it’s the perfect word for the occasion) is electric and fun, there’s basketball, table-tennis, mini golf, mini bagels, a ball-pit pool and a whole lot of accounting swag. Enough to get a little excited over.
Although I can appreciate how it may look a big party (which it is) this conference also brings together the best minds in business advisory and fintech, aiming to grow an already strong ecosystem of accountants, business owners and software solutions… ultimately to improve the quality of our insights and advice, to drive better businesses!
This is the stuff I love – bringing it back to the real reason why we all do what we do – to help small businesses do big things!
Ultimately for me Xerocon (so far!) has been rejuvenating and inspiring. The app partners are all visible and happy to chat, giving me fresh solutions to bring to my clients and my firm. The key note speakers have delivered the amazing investments Xero has made to improve and grow is own offerings, while the external speakers have covered some of the most “on trend” topics for the fintech space (AI, machine learning, Blockchain and more). Not much more you could ask for.
The item which stuck with me from today was the “have-to-have” concept delivered by Trent Innes and Robert Stone (both from Xero).
When Xero first arrived on the market years ago it was a “nice-to-have” product. When it delivered bank feeds that was a “nice-to-have” feature. Eventually it added practice manager and Xero tax, which have also become “nice-to-have”, but now Xero and its integrations are transitioning from “nice-to-have” into “have-to-have”.
Xero will soon be able to integrate and (heavily) automate the entire process from invoice to payment and lodgement… and when you start talking lodgement, you start saying the words “have-to-have”.
Once your invoices are being fetched by hubdoc, invoices are populated, bank feeds are automatically reconciled, payments can be made direct through Xero and then lodgement can be completed with the touch of a button… well, I’m sorry, but if you’re not on it, you could be out of business (…see what I mean, “have-to-have”).
And once it becomes a “have-to-have” product, the growth will become exponential and the benefits too!
So, do yourself a favour, get on it now while it suits, rather than wait and have it forced upon you!
This article first appeared on Jack’s blog here.
Luke Talbot-Male, Adventures Beyond
Kerri Stutley, Tumby Bay Foodland