Xerocon – an event full of insightful learning, innovative app partner showcases, invaluable networking connections and vibrant celebrations. Let’s embark on a journey through my highlights of what can undoubtedly be described as the accounting and bookkeeping conference of the year. So fasten your seatbelts as we navigate through my takeaways of this exceptional event!

Not forgetting their roots

Xerocon isn’t just a conference; it’s a hub of knowledge. The learning opportunities are unparalleled, with a diverse range of sessions led by industry experts and thought leaders. From deep dives into the latest technology, and dissecting cutting edge practices, we absorb a wealth of insights that, if taken onboard, can revolutionise our approach to our business.

We officially met the new Xero CEO, Sukhinder Singh Cassidy who spoke about why purpose and partnership are so important to the future of small business success. She came out with a very subtle tribute to Xero’s New Zealands roots. And day two opened with a Maori performance that brought a tear to my eye, given my own Kiwi roots. The nod to Xero’s New Zealand roots and the heartfelt Maori performance on the second day, and the inspiring “Welcome to Country” on day one, not only showcased the company’s connection to its origins but also underscored the power of cultural appreciation and unity.

Julia Zemiro was the host of Xerocon and she did a stellar job of keeping us informed and entertained. Hosting an event such as Xerocon requires a unique blend of energy, communication skills, and the ability to engage with the audience. Julia’s exceptional hosting skills added an extra layer of engagement and enjoyment, making the event truly remarkable. And with a few laughs thrown in for good measure, I think Julia nailed it!

Purpose-led business transformation

Lisa MacCallum spoke about inspired companies.

• Inspired purpose: stand for something
• Inspired action: deliver with authenticity
• Inspired profit: good money

She stressed the importance of striving for authenticity – not perfection; and aligning values with actions. Values shouldn’t just be something nice to hang on the wall. They should be used to filter our decisions and respond to our clients; something to be lived into each day. Inspired companies stand for ideas bigger than what they sell.

Lisa told lots of stories and one that stuck with me was the story of Tony’s chocolates. Tony’s mission is 100% slave free the norm in chocolate. They’ve worked out the formula for slave free cocoa and actually sent it to all the major chocolate producers. With their help, Tony’s vision can be achieved. How many chocolate producers do you think took this inspired approach?

This is our mission and story – Tony’s Chocolonely (tonyschocolonely.com)

Lisa also spoke about the new CEO:

C = Customer

E = Employee

O = Owner

Lisa told the story about the European Super League, a football initiative that sent shockwaves through the sports world. A group of CEO’s representing prominent football clubs embarked on a daring venture, to create the European Super League. This endeavour was undertaken without any consultation or engagement with the very heart of football: the devoted and enthusiastic fans. The fans have an emotional and unwavering connection to their clubs, and were left out of the equation entirely as key decisions were made. This meant the repercussions were swift and resounding and the day of the announcement saw the streets filling with outraged fans, united by their love for the sport and their determination to protect it’s integrity. The fierce opposition had a remarkable effect and demonstrates the profound power of all stakeholders in the decision making process.

Super League: Why have the plans collapsed? – BBC News

Lisa then delved into the story of Sweaty Betty, a trailblazing female-led company that shone a spotlight on the gender gap and corporate practices. At the heart of the story was the context of International Women’s Day. In 2022 whenever an organisation made a reference to International Women’s Day, the Gender Pay Gap bot tweeted with the real story behind that organisations gender pay gap. The impact was both swift and far reaching, causing quite the stir and forced companies to reflect on their commitment to gender equality not just in words, but in concrete actions; underscoring the importance of authenticity and accountability.

Gender Pay Gap Bot calls out brands tweeting about International Women’s Day while paying women less than men – ABC News

Lisa’s overall message was around values > consistency > courage > conviction. Beyond the transaction, why do you do what you do? What can you do differently to do what you say?

In a world where companies often prioritise profit over purpose, Lisa’s insightful session on inspired companies serves as a guiding light for a more meaningful business landscape. The triangle of inspired purpose, action, and profit unveils a path where authenticity reigns supreme, and values are more than nice images to hang on the wall, but integral filters for decision making and client interactions.

The stories Lisa shares reminds us of the power of aligning values with actions; and that a company’s success is intrinsically tied to the satisfaction of all stakeholders, whether shareholders, team members or clients. Through values, consistency, courage and conviction, businesses can transcend the transactional and venture into the transformative, asking not just what they sell, but why they exist and how they can contribute positively to the world around them.

The power of trust and why it’s never been more important

Joseph Lyons, Managing Director of APAC, spoke about the importance of honesty, integrity and ethics in the daily lives of business professionals of every description. His key points were:

• Give context. Providing context is important in interactions and decision making. Understanding the broader landscape is crucial to making informed and ethical decisions. By considering the bigger picture, we can avoid shortsightedness and navigate complexities with clarity.
• Be more than available. Being genuinely present and engaged when interacting with colleagues, team members and clients involves active listening, empathy, and a commitment to being responsive and trustworthy.
• Be collaborative. Working together, leveraging collective knowledge, and embracing different perspectives enhances problem solving and contributes to inclusivity and mutual respect.
• Keep up to date. Our world is evolving at a rapid pace so staying current is crucial. Continuous learning and professional development should be high on our list of priorities, ensuring our decisions are considered and well informed.
• Be cyber-safe and use client data responsibly. In a time where we are increasingly online, cyber security and ethical and responsible use of data is imperative.

In summary, Joseph provided a roadmap for business owners to remain ethical, engaged and informed.

Sam Elson – Sea Forest

This special guest presentation was a highlight and a real eye-opener for me. In a world grappling with the pressing challenges of climate change and environmental degradation, Sam’s journey has taken him from a successful career in fashion to being a passionate environmentalist and at the forefront of environmental innovation. It’s an inspiring story about the power of individual action!

His environmental biotechnology company is developing the scaled cultivation of red seaweed, Asparagolpsis – say that after a few drinks! Basically, when introduced to livestock like cows and sheep it can reduce methane production by 90%. That’s right – 90%! The revolutionary potential of Asparagolpsis, harnessed for its ability to reduce methane, cannot be overstated. As governments and communities seek sustainable ways to mitigate the impacts of livestock methane emissions, this red seaweed cultivation offers a beacon of hope.

So while some countries are resorting to culling livestock as a solution to reducing methane, just a few drops of Asparagolpsis in the feed can produce the result that governments and communities are looking for. In a landscape often overshadowed by complex policies and daunting ecological dilemmas, the simplicity and efficiency of this solution seems to me (non scientist!) like an undeniable no-brainer.

Sam’s doing a lot of the heavy lifting in the race to a sustainable future. Let’s do our little bit to help too. Here’s some ideas to get you started:

• Reduce energy consumption: I don’t know how many times a day I follow behind my teenage children turning off lights!
• Waste reduction: recycle, reuse, restore.
• Go paperless: I run a “paperless” office, but it’s surprising the amount of paper we can still produce.
• Flexible working arrangements: enable team members to work remotely or have flexible schedules.
• Go green: consider eco friendly products and materials.

These are just a few from a massive list of small steps we can take to make a big difference towards a more sustainable future.

Sea Forest | Cultivating Asparagopsis

WorkflowMax by BlueRock

Xerocon isn’t just an aspirational conference, it also shines a spotlight on the innovative app partners that integrate seamlessly with Xero’s platform. It’s like stepping into a technological wonderland, where the possibilities of automation, data integration, and process optimisation come to life. But it can be overwhelming so I try to tackle it with a plan and only visit the booths and demonstrations of apps that I feel are going to benefit my or my client’s business. One of those apps was WorkflowMax by Bluerock.

BlueRock showcased their enhanced WorkflowMax (WFM) program, dispelling the misconception that they were creating an entirely new platform. Instead, they are enhancing and improving the existing WFM.

The upgraded system, currently in testing, promises a seamless transition in February 2024. This revamped version has a number of features including lead management, client and contacts, quotes and estimates management with variations, job oversight, intuitive drag-and-drop scheduling, timesheets with approval mechanisms, multi currency, purchase and supplier management, invoicing, personalised dashboard, comprehensive reporting, and APIs.

With seamless integration capabilities with Xero, HubSpot, Zapier, Google Drive, Dropbox, Sharepoint and more, the system also introduces convenient features like quote acceptance and eSignatures, kanban-style leads board, and an advanced Xero integration.

So if you haven’t yet found the right solution to move it, a good option may be to stick with WFM and migrate to the new platform. Their migration tool will ensure a smooth data transfer from the previous platform while retaining existing pricing, familiar functionality, an enhanced user interface, and a promising roadmap of upcoming enhancements.

WorkflowMax by BlueRock (workflowmax2.com)

Helping clients maintain a healthy cash flow

Rising costs and slow economic growth means small businesses are feeling the pinch and in this session we talked about online payments, eInvoices and Xero Analytics. As part of the Xero Small Business Insights report, we discovered most businesses use online payments because it makes them look professional. What?? Not that it helps them get paid faster; or that it’s helpful to provide customers with more ways to pay; or that it saves them and their customers’ time; or that it’s a more secure way to get paid!

Did you know businesses get paid twice as fast if they add a “Pay Now” button to their invoices? You can quickly and easily set up online payments with Stripe and GoCardless directly from within your Xero software. Yes, it will make you look professional, but there are a whole bunch of other reasons why this is a good idea.

Stripe and Xero:

• Accept credit card, debit card, Apple Pay, Google Pay,
• Add “Pay now” on your invoices for online payment,
• You choose how often payments are deposited into your bank account,
• Automatically match payments and fees to the correct invoices.

GoCardless and Xero:

• Collect recurring payments as soon as your invoices are due,
• Customers only need to set up their payment details once,
• Payments are made to your bank account after being processed,
• Your invoice is automatically reconciled in Xero.

Actually, there’s another really good reason to sign up for online payments – if you sign up with GoCardless or Stripe in September 2023 you’ll get a $50 gift card.

Xerocon Stripe and Go Cardless Gift Vouchers promo | Xero AU

Send and receive eInvoices in Xero

Have you heard about eInvoicing? eInvoicing is the digital exchange of standardised invoice information between software through the secure Peppol network. eInvoicing is a more efficient, accurate and secure way to send invoices, and is a more secure way than sending and receiving invoices as PDFs and emails.

What is eInvoicing? | Australian Taxation Office (ato.gov.au)

• Exchange eInvoices with other businesses and government quickly and securely,
• Receive eInvoices automatically from suppliers so there’s no need for manual data entry,
• View eInvoices as draft bills READY FOR APPROVAL,
• Free and easy to set up.

Use eInvoicing Software to Send and Receive Invoices | Xero AU

If you would like some help to set up eInvoices in your Xero system, feel free to reach out to us.

Xero Analytics

And as well as getting paid faster, there’s value in diving deeper with Xero Analytics.

• Everything in one place: get an overview of your business in one place.
• Track cash flow: quickly get an idea of your short term cash flow.
• Check financial health: see how you’re tracking through a dashboard.
• Upgrade to Analytics Plus: get more with customisation and predictions.

Xero are running a special offer at the moment and if you sign up to Analytics Plus by the end of September 2023 you’ll get it for free for the first four months!

Xero Analytics | Xero AU

In summary, offering online payment options to customers has become paramount in today’s business landscape as it not only projects professionalism, it also is hugely convenient for your customers. Integrating payment solutions such as Stripe and GoCardless enhances the customer experience, while making it super easy at your end to reconcile the payments. Tools such as Xero Analytics amplifies decision making capabilities by providing valuable insights into financial data, helps identify trends, optimises strategies, and helps you make informed decisions around business growth. In essence, these integrated elements collectively empower businesses to optimise their financial processes, provide enhanced customer experience, and gain strategic insights for long term success.

A conversation with Sukhinder Singh Cassidy

This was one of my favourite presentations of the two days. It’s where our new CEO had a sit down with Julia Zemiro to delve deeper into her background, journey to Xero, and why she is committed to partnering with accountants and bookkeepers to bring confidence, success, conviction and clarity to more small businesses around the world.

We got a “behind the curtain” peak at Sukhinder’s values and her approach to life. She described herself as “passionate, energetic, impatient, irritable, authentic, and reactive but centered.”

Sukhinder grew up in a busy Indian household in Canada. Early on in her career she quit a job in Silicon Valley because she felt she was facing a situation of gender discrimination. So from an early age she was somebody who stood up for what she believed was just and fair. She went on to another company who was honest, smart and willing to take a bet on her. Six months later Amazon bought that company – their first attempt at Amazon Marketplace. This is a great example of:

• You can change your mind,
• You can empower yourself to do things,
• It won’t always feel good.

Sukhinder is happy she took a risk early on in her career because it taught her not to be afraid of taking risks. She says, “Go where your strengths are valued, and your values are shared.” She then spoke about teaching risk taking, makership and entrepreneurship to her children.

Her top three tips for business owners to prepare for the future are:

1. Everybody underrates how much work it takes to sell. They think if you build a good product, people will come. Learning to sell is a very under appreciated skill. Sales is risk taking. Learning to sell is about learning to tell a story.
2. A lot of leaders underrate self-awareness. If you’re running a small business and you’re the founder, people are coming to work with you. What’s your pitch to them about what you’re uniquely great at and why they should come work with you? It only works if in reverse you know what you’re not great at. It takes a lot of self-awareness to attract talent. We want to sell them on our strengths and acknowledge all the reasons why we both may be great partners. For Sukhinder, “self-aware” means knowing your super power. What are you uniquely great at? What are your gifts and talents? How do you build a team around yourself if you don’t know that? So, it’s important to know your super powers. If you know what it is, you can attract people with. And if you don’t know what it is, at least know your kryptonite – know the things you suck at. There should be no fear in owning the things you’re not good at. People would rather work with a leader that knows what they’re good at and what they’re not good at.
3. Know your values. What’s your world belief and your sense of what is just and fair? You want to spend your time with people who share your values.

Sukhinda wants to keep Xero’s purpose constant and to keep evolving how they do it; to be smarter, faster, stronger together. She thinks Xero needs to be wildly optimistic about the role they can play and wildly paranoid about making sure they serve their customers well. On a side note, Sukhinda has written a book, “Choose Possibility: How to master risk and thrive”, which I’m looking forward to getting stuck in to.

Sukhinda’s conversation with Julia showed us a remarkable journey that has led her to the helm of Xero. Her unwavering commitment to empowering small businesses through partnership with accountants and bookkeepers, along with her deeply ingrained values of authenticity, resilience, and empowerment, is inspirational. Sukhinder’s insights into risk taking, self-awareness, and the importance of shared values are invaluable lessons for both budding entrepreneurs and established leaders. As Xero continues to pave the way for innovation and positive change in the business world, Sukinder’s wisdom resonates, reminding us that embracing possibility, taking calculated risks, and fostering a strong sense of self, are key ingredients in the recipe for lasting success.

The challenges defining the industry and how we can rise to meet them

Will Buckley, Australian Country Manager, spoke about the raft of challenges currently facing the accounting and bookkeeping profession. From a dwindling pool to graduates, to talent retention issues, and claims AI is stealing our jobs. Will examined where the profession is today and how we can articulate the depth of all that we offer our clients in the business community.

Will talked about bookkeepers and accountants being “financial story tellers”, how our industry has a serious image problem, and how we don’t do enough to nurture talent. Bookkeepers and accountants play a crucial role in translating financial data into meaningful insights and narratives that help businesses and individuals make informed decisions.

The concept of presenting financial information as a story is a powerful one. We’re not just crunching numbers; we’re interpreting and communicating the financial health of a business. By presenting financial data in a coherent and relatable manner, we help business owners understand their financial situation, identify trends, and strategise for the future.

The idea of an “image problem” within the industry refers to the stereotype of accountants and bookkeepers being seen as number nerds who work in the background, detached from the core business operations. This is a negative perception which discourages people from considering it as a career choice – leading to a skills shortage now and into the future. To address this issue and attract more individuals to the professional we need to:

• Educate our future bookkeepers and accountants about what the role actually is. Get them excited to join the profession.
• Highlight the diverse range of roles within the accounting and bookkeeping fields, from traditional roles, to advisory and strategic roles.
• Share success stories of leaders within the industry to inspire and encourage our future generation of accounting and bookkeeping professionals.
• Demonstrate how we’re at the forefront of exciting technology that is transformative, dynamic, and engaging.

Will spoke in depth about the philosophy of Ikigai. Ikigai is a Japanese concept that refers to something that gives a person a sense of purpose or a reason for living. It usually means the feeling of accomplishment and fulfillment that follows when people pursue their passions. Will asked a question of us: “What about this type of work brings you a sense of inner peace?”

In conclusion, Will’s highlight of the challenges and opportunities within the accounting and bookkeeping profession showed us the transformative role accountants and bookkeepers play in today’s business landscape. The future of accounting and bookkeeping rests with our ability to rewrite the script about our profession and the value we bring. By solving our image problem and showcasing the multifaceted nature of our roles, we can inspire the next generation to join our ranks.

Mark Pesce’s thoughts on AI (artificial intelligence)

Mark Pesce is a leading futurist, inventor, entrepreneur and educator, and is the perfect person to share his thoughts on AI and what it means for the accounting and bookkeeping industry.

Mark presented an interesting session on AI – ChatGPT, Microsoft Bing, Google Bard. He talked about how AI started in massive warehouses of many computers “learning the internet”. To where it is today with the likes of ChatGPT and Windows Co-pilot. His presentation underscored the progression and growing sophistication of AI technology.

One key point Mark made is that while there is often fear and concern about AI taking over jobs, that’s not the reality in all cases. AI technologies like Chat GPT and Windows Co-pilot are designed to enhance human capabilities rather than replace them entirely. By automating certain tasks and providing intelligent suggestions, AI can free us up to focus on higher level tasks that require human expertise – of which, there are many!

AI is a tool for routine and repetitive tasks, allowing us to dedicate our time to tasks that involve critical thinking, complex problem solving, and strategic decision making. In this way, AI becomes a tool that complements and amplifies human skills, rather than a direct competitor.

Technology is only a co-pilot – it’s not a replacement for humans.

In conclusion, Mark’s session on AI’s role in the accounting and bookkeeping industry paints a picture of technology as a co-pilot, not a replacement, for human professionals. As industries continue to evolve, business leaders who embrace this collaborative approach, adapting and upskilling alongside AI advancements, will undoubtedly thrive in a landscape where human expertise and technological innovation work hand in hand to drive progress and innovation.

Refreshing your practice and attracting talent

At a time when many industries are struggling to attract new talent, this session unpacked how we can refresh our business to appeal to the right people. Beyond finding new team members, we also explored how to retain them – ensuring they stay engaged and inspired.

Derek Macarthy from Preacta talked about creating stories about how the work we do impacts our clients; and how onboarding starts at the very first interaction, not just at the point of hire.

Impact driven stories help future team members understand the meaningful contributions they can make as part of our team. Instead of just listing responsibilities and tasks, frame the work in a way that highlights how it directly benefits clients and the business.

• Share examples of how your team’s contribution helped clients make informed business decisions.
• Highlight situations where your team identified issues that saved a client money and prevented potential financial pitfalls.
• Describe how your team’s efficiency in managing client accounts improved client’s cash flow.

These stories show the tangible value your team provides and can attract candidates who are motivated by making a difference.

Derek spoke about onboarding being not just about the formal process that occurs after hiring; it starts with the very first interaction with a candidate. The impression candidates get during the recruitment process can greatly influence their decision to join your team. Consider these steps:

• Clear communication: from the job posting to initial emails or phone calls, ensure that you communicate clearly your businesses values, mission and expectations.
• Positive experience: Make every interaction positive and respectful. Candidates who feel valued during the recruitment process are more likely to be engaged from day one.
• Introduce your culture: Share information about your organisation’s culture and team dynamics early on. This gives candidates a sense of what it’s like to be part of your team.
• Information sharing: Offer insights into the team’s day-to-day work, challenges, and successes. This helps candidates understand the role better.
• Clear expectations: Set expectations for the role and the onboarding process. This shows transparency and helps candidates mentally prepare for the process.

By focusing on onboarding from the first interaction, you’re creating a seamless transition from candidate to team member and setting the foundation for a positive and engaged work environment. Incorporating these strategies into your recruitment and onboarding process can differentiate your business and attract top talent who are not only skilled but also aligned with your values and purpose. Consistently communicate the impact your team makes and prioritise a positive candidate experience throughout the process.

This session provided a blueprint for finding and retaining top talent in a difficult market. By incorporating impactful stories that spotlight our team’s contributions and emphasising the profound effect our work has on clients, we go beyond the conventional job description and inspire purpose-driven candidates. By embracing onboarding as a holistic journey that commences from the first point of contact, we ensure a seamless transition into a thriving, engaged workplace. As we incorporate these principles into our recruitment and onboarding process, we stand not only to attract exceptional individuals but also to create a culture that resonates with authenticity, meaning, and lasting success.

Mastering the art of marketing to grow your practice

We had a fantastic panel discussion on best practices to grow our network and team, facilitated by Bridget Snelling, Xero’s New Zealand Country Manager.

The first distinction was that marketing is building awareness and understanding the target audience’s needs, whilst sales is closing the deal and converting leads to clients and customers. The best marketers aren’t always those who know the most about the product, they’re the ones who know the most about the people. After all, whatever we’re selling, we’re solving a problem for our clients and customers so we should be intricately aware of their pain points and how we can solve them.

Some key discussion points:

• Branding – what are people saying about you when you’re not in the room?
• What tools are at our disposal? How are we implementing them?
• Educate through story telling.
• How do people feel when they interact with us?
• Understand NQOT – clients who are not quite our type.
• How are you going to roll out your marketing strategy?
• It doesn’t need to be perfect.
• Marketing is an investment.
• Say it > do it > be it.
• How do your values show up through your marketing?
• It’s not what you do, but the impact you can have.
• Don’t do things by accident – be intentional.
• Define what you want to achieve.
• Know who you are and what you’re about.
• Don’t be afraid to say “no”.
• Understand what makes you stand out.

What’s the purpose of your marketing? What are you trying to achieve? This will determine next steps, and where to start.

The panel discussion provided many insights into the world of marketing and the impact it has had on their businesses. By recognising the distinction between marketing and sales, being customer-centric, and delving into areas such as storytelling, emotional resonance, and intentional execution, we came away equipped with a robust toolkit to elevate our brand’s presence.

Wrap up

In closing, Xerocon 2023 was undoubtedly a memorable and impactful event, bringing business leaders and innovators together under one roof. The leadership of Sukhinder Singh Cassidy, with her emphasis on purpose and partnership, sets an inspiring direction for the future of small business success.

This is my 6^th Xerocon and I would say it’s the best one for me yet. The energy was engaging and positive, the conversations and sessions were thought provoking and relevant to our current business landscape, and the connections with peers and industry leaders was invaluable. One of the best aspects of Xerocon for me is the connections made which help shape my professional journey. Meeting with my peers and industry leaders fosters a sense of community and opens doors to collaboration. The conversations in the coffee line and during side events lead to friendships, partnerships, and collaborations that extend far beyond Xerocon itself. The connections I’ve formed with industry peers through previous Xero and other industry events are a vital part of my professional growth and development. Engaging with people who share similar challenges and goals provides an opportunity to share experiences, strategies, and innovative approaches – not to mention a beverage or two and some cracking dance moves!

But it’s not all business and learning – Xero knows how to throw a party too! Day two closed with Darryl Braithwaite taking to the stage and getting us all in the mood for the wrap party later that evening. And what a party it was! Held at the iconic Ivy, which was transformed into a tropical paradise, the venue was awash in vibrant colours and electric energy. The drinks were flowing, the food was plentiful, and the dance floor was jumping to the high energy performance of Sneaky Sound System.

As we bid farewell to this year’s Xerocon, we take with us new learnings, insights, connections, and memories, that will shape the way we approach business in the coming year.