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What you could learn from Xero Roadshow 2016

The February Roadshow is the the first official event of Xero in 2016. Xero Roadshow came to Canberra on 4th February and attracted hundreds of local accountants, bookkeepers and entrepreneurs. Tailored Accounts team was one of them. Apart from amazing food, the Roadshow also gave plenty food for the brain. Here are what we have brought back from the event.

What Fuzuki Nishimura, our Team leader, learnt

  • Xero HQ: This is an integration of My Xero, Practice manager and Workpapers, which is coming in the next three month. Xero HQ will show all the integrated information. This function is not available yet, but it is pretty exciting feature to come.
  • Digital Signature: I actually never use Digital signature function. Because Xero is partnering with Adobe, it will allow us to use digital signature function from now on.
  • 2 steps authentication: Xero is enhancing security called 2 steps authentication. We need not only Xero log in but also authentication code. This became available due to the partnership with google
  • Xero Me: This is an app on mobiles for that we can apply leave from our mobile. I tried this app after the Xero Roadshow, but I have to say that this app is not so useful (for Android users. Not sure about Apple users) because it is so much easier to see on computer
  • New Activity statement: New Activity statement will be available from Xero including consolidation activity statement
  • New Asset Register: New Fixed Asset functions will be available including Business Pool (I don’t think many business uses pooling system though)
  • Some of new add-ons: Add-on such as Nowinfinity (allows us to lodge documents to ASIC without usual headaches), Moula (allows us to make a loan. Moula is non-banking lender, and the average timeframe to get loan is around 18 hours!) etc.

Xero Roadshow persuades businesses of the software's strengths:

  • Partnership: Xero has partnered with numerous companies to enhance Xero experiences including Adobe (enables digital signature function), Dropbox (save documents including Workpaper documentation), Google (2 step authentication), Nab (allows to apply loan from Xero, and people can give access to Xero account rather than filling out forms) etc… Partnership rather than in-house software enhance a function significantly.
  • Continuous improvements: New activity statements/New asset register were created due to clients’ request. Xero promises that as long as enough people vote for a function, they will work on it.

Tailored Accounts team at Xero Roadshow 2016 in Canberra

What Leo Liu, our Accountant, has gained

  • Xero Champion. XERO U provides numerous courses to help clients understand XERO and accounting processes thoroughly. Now, XERO releases XERO U 2.0 called XERO Champion. It aims to help clients take their Xero knowledge and their cloud accounting /bookkeeping business to a higher level. It covers everything from cash coding, Find & Recode to planning and practice report.
  • XERO HQ. Xero is going to integrate the currently separated functions into XERO HQ, which will lead operations to a new level. For example, Xero HQ is going to have an integrated alert function whereby clients can receive all kinds of alerts including banking, payroll, GST & BAS and so on.
  • Work paper e-Sign. Adobe is working with Xero to integrate its Adobe Document Cloud e-Sign services across Xero. The integration will enable accountants and small businesses to electronically sign and submit their tax documents, from business activity statements to end¬-of-¬year tax returns, entirely online, without the need to print, sign and post those documents.
  • Cloud integrator. Xero is going to be a cloud integrator which consists of 4 parts, including cloud specialist, industry export, professional services and certification.
  • Xero and Veda. Xero is partnering with Veda which is the data analytics company and provider of credit information and analysis. Using Veda’s rich data sources, the directory will enable clients to search and verify complete and accurate business contact (customers and suppliers) records. The feature is a free aspect of Xero’s Contacts capabilities and will help businesses to better manage their credit risk and avoid bad debts.
  • New interface of Xero Tax. Xero completely redesigned the interface of Xero Tax and integrated more tax-related functions. In the new interface, clients will be easily find different kinds of tax, such as BAS and FCT. The new Xero Tax is going to be released soon.
  • Based on Xero’s data, 67% of revenue comes from tax and compliances. This figure is useful to help accounting service providers adjust their strategy.
  • Add-on function. Xero integrates with hundreds of add-on business applications so that clients can easily sync and streamline their data. There are a large amount of specialised software (Vend, shopify, Mindbody…) focusing on different areas of business such as inventory management, invoicing, time tracking and so on. 
  • Moula, Xero's Preferred Financial Service Partners. Moula is an online platform for small business lending. By sharing Xero’s data, Moula can assess a borrower’s situation and approve a certain amount of loan. The data Moula can access includes P & L, balance sheet, size of the business and so on. By doing so, small business owners can get loans much easier.
  • Xero and NowInfinity. NowInfinity connects with Xero Practice Manager such that once a client record is created in Xero Practice Manager, the same data can be used to establish and drive strategies through NowInfinity. With data being seamlessly transferred between Xero and NowInfinity, Xero provides clients with services not only in accounting area.

The Roadshow indeed meets attendants’ satisfaction. Xero kept their promise of covering a wide range of topics designed to help you grow your business and inspire new ways of working.