Helen and Andrew attended Xerocon in Brisbane in the first days of September. From a massive two days we learned about Xero’s updates and strategy as well as hearing from business leaders and specialist app partners.

For us one of the major takeaways is that Xero has made over 300 updates since the last Xerocon that we attended. It’s a great product and over time some of the innovations that they are investing in will make it easier for us as accountants to assist in broader ways with privately owned businesses and community organisations.

Syft analytics tool

One improvement that is included in the cost of most Xero files is the Syft analytics tool. Xero recently acquired Syft for up to $70m USD (depending on the performance of the business for Xero). We have already begun rolling out Syft for a few clients where we do monthly reporting or dashboards and over time we will contact others where we think the software and service would be a good fit. Get in touch if you want us to take a look at this for your organisation.

We’re aligned with Xero and with Rod Drury’s original vision in that if we can make these sorts of improvements across the board in New Zealand we’ll have stronger businesses and communities and better hospitals and schools (Rod would always talk about hospitals and schools in his keynotes and we completely agree that making productivity improvements through digitisation of business processes will nudge us as a country in a better direction).

JAX AI tool

Along those lines, Xero has also updated it’s user interface (rolling out to all customers later this year) and included AI built-in to Xero with the Just Ask Xero (JAX) feature. In the future JAX will be able to automate some aspects of bank reconciliation, making life a little easier for all of us doing bank recs in Xero. Jax will also be able to provide cash flow insights or even draft emails or invoices. Xero is leaning hard into its AI strategy with the goal of helping small businesses to grow through more actionable financial data.

Ignition app

We also decided to implement another software product into our business to help with our proposal and engagement letter process. Many of you will be aware that our institute of Chartered Accountants (CAANZ) requires us to regularly update our engagement letters, and as our client base grows this has become a significant headache for us as a firm. Going forward we are implementing the Ignition app which will systemise that process. Ignition can also be used in other service based businesses – feel free to drop us a line in a month or so if you have a business that needs to send proposals and have customers sign engagement or terms letters and we can let you know how we go!

More than just software

Xerocon is more than just a software conference, it’s a full on experience starting at 9am with a rock performance from Dragon and including speakers as diverse as the creator of Bluey (ask your kids) and several personal development speakers. My favourite non accounting and tech presentation was probably from  Matt Church and the quote that stuck with me from him was along the lines that in any situation “the leader is the person with the lowest heart rate”. It’s not a fitness reference, it’s a call to all of us who are leading businesses and teams to work on ourselves to build our personal capacity in a holistic sense. For us as accountants Xerocon is always a great opportunity to meet and catch up with others in similar businesses and share wins and challenges (and a quick game of pickleball!). 

Now for the next few months we’ll be busy getting some of our new initiatives over the line and at the same time counting down to the next Xerocon!