accounting practice – Business Continuum

6 Industry Movers & Shakers Tell Us What They’re Looking Forward to at Xerocon

Going to Xerocon? It’s the major annual event for the cloud accounting industry’s biggest player, so it’s likely that plenty of your LinkedIn connections will be there. To help you get the best out of your visit, we asked six industry veterans to tell us what they’ll be doing, who they’ll be seeing and how they make the most of their time at Xerocon.

Paul Meissner, Cloud Accountant, Founder of 5Ways Group and Freedom Accounting System

“I’ve been to nine Xerocons, and they always announce something big. It’s important to know Xero’s priorities for the future and the keynotes let me hear it from the top. I will spend most of my time around the exhibitor area. No other event gives me access to all the add-on providers in one place. I like to cut straight to brass tacks with exhibitors and ask them: “What problem do you solve?” Getting a little bit of information from all exhibitors leaves me time to go back later to the ones I’m interested in. I suggest new visitors come armed with a need (better payments, gateways or reporting, for example) and look for products and seminars that meet that need. Because there are so many exhibitors, it’s easy to be overwhelmed, so just get to as many as you can.

“Networking is a huge part of Xerocon, but it’s not about getting clients. I like to meet industry connections that I usually only communicate with via social media—nothing beats that face-to-face contact. Everyone is willing to meet, and as a solo entrepreneur, I don’t have partners to bounce off. So, I’ll be asking my contemporaries what their favourite tools and products are, to see if there’s anything I should be using for my practice and clients. I would encourage anyone who wants to meet a big industry influencer to be bold and come and say hello—people are very friendly and open.”

Paul is participating in a panel session on Day Two: The Power of Small and Agile Firms at 12:20pm.

Carolyn Stebbing, Director of digital marketing and creative agency, Little Village Creative

“This is my third Xerocon. I was lucky enough to wing my way in as a speaker in 2015. We (Little Village Creative) have a few clients actively involved in Xerocon this year, so it’ll be a busy two days on the ground for me. I’ll spend most of my time checking in with clients, running social media, briefing writers to draft quick-turnaround content and generally making sure things are happening as they should be on the marketing front.

“During the rare moments of downtime, I’m looking forward to catching up with industry connections and meeting new people. I’d like to catch Dan Gregory and Kieran Flanagan’s talk on amplifying your influence and developing commercial clarity around your competitive advantage. And I’ll most definitely be at the block party for a Melbourne-style Xerocon send-off. My biggest tips for Xercon newbies are to drink buckets of water (it’s so easy to forget) and leave the high heels at home.”

Sholto Macpherson, Editor and Publisher of DigitalFirst.com

“I’ve been to six Xerocons and I have three main reasons for attending. Firstly, I enjoy the community. Because this is the group of the most tech savvy accountants in Australia, everyone is enthusiastic about exploring new ideas. Secondly, I love that Xero shares its roadmap and constantly pushes the definition of what cloud accounting software can do. So I am looking forward to hearing its new announcements. It’s great to hear their fresh ideas about what is possible, and I appreciate their transparency. And thirdly, as a journalist, I look forward to interviewing industry leaders.

“It’s easy to be overwhelmed by Xerocon, so I suggest new attendees prepare three top priorities for their business or clients and concentrate on those. Take time after the event to digest everything you’ve learned and make plans, because without action the inspiring ideas will soon be forgotten.”

Tim Dowling is a Client Director at Business Continuum

“This is my eighth Xerocon. I am looking forward to seeing what Xero is planning around AI, machine learning, and what they’re doing with big data servers. I always get plenty of value out of the product sessions. I plan to check out the new products on the market and spend time networking. It’s incredibly valuable to hear from people on the ground using the products.

“I encourage new visitors not to be afraid to chat—everyone at the stands will love to connect and industry leaders are welcome to being approached. Make sure to explore on behalf of your clients—what problems are they facing that can be solved? And bring a big bag for all the free stuff—enjoy the many giveaways like chargers, beach balls, balloons, and frisbees. If it can get a logo printed on it, you can find it at Xerocon.”

Andrew Van De Beek, Founder and Director of accounting practice Illumin8

“I was so inspired by my first Xerocon. I learned plenty of technical skills, and I also felt energised to grow my practice and better service my clients. Now, attending my fourth Xerocon, I still get the same combination of technical learning and creative inspiration. I like to check in with other accountants to see how they are doing, what makes them tick and how they solve problems they’re currently facing. I want to help those starting out in the industry too, so I’m attending the Uni Day to help students better understand branding and marketing. I encourage anyone with questions to come and see me.”

Illumin8 is the winner of Xero’s Victorian Partner of the Year award. Andrew is hoping to take home the gong for AU Accounting Partner of the Year, to be announced at Xerocon on Day Two.

Troy Townley is a partner in HTA Advisory, an accounting and small business advisory practice based in Melbourne

“I always like to see the roadmap of Xero and where its ecosystem is going. It’s great to see the add on partners and other businesses—sharing and collaborating on ideas is what Xerocon is all about. This will be my sixth Xerocon and nearly every year I have found one or two products that I rollout to my business and to our clients. I’ll be on the lookout for anything that solves problems that we see in client businesses and makes us more efficient and saves us time. In particular, I am looking forward to seeing Anna Curzon’s keynote and Rachael Powell’s presentation on building positive workplaces.

“I recommend first time visitors make time to see as many vendors and sponsors as they can. It’s a huge ecosystem and there are so many different products. You can never learn them all but Xerocon gives you a great introduction. Have an open mind about the change that is coming to the industry—don’t dismiss products without giving them due consideration.”

It’s Never Been Easier to Start an Accounting Practice

Considering launching your own accounting practice? With sophisticated yet affordable resources like Xero, cloud-based workflow apps and DIY website building tools, the barriers to entry have been significantly reduced. Solopreneurship brings rewards that go beyond money and a corner office – it’s about the creating a lifestyle on your own terms. We spoke to two industry experts who took the leap to gain their advice.

Paul Meissner is a Chartered Accountant and founder of consultancy 5ways Group and Freedom Accounting System. He is a Councillor for the Victorian Regional Council for Chartered Accountants Australia and New Zealand, and regularly speaks to industry groups about cloud accounting, compliance, social media and capacity management.

BC: What challenges do accounting consultants face when they’re starting up?

Paul: People who go out into consultancy are extremely good at what they do. But often they struggle with the business management (side of things). Setting up their own systems, building a website and networking can be a whole new world. It’s a huge transition from desk job to business owner.

BC: Is it a good idea to drop prices to get those first few clients on board?

Paul: It’s a fine line. Always value your services. As a consultant there is a maximum you can take on. Many startups discount and then very quickly run out of capacity. Then they are running a million miles an hour, working late into the night but not making enough money. It’s like being chained to a desk job again.

BC: What advice would you have for those starting up to attract new clients?

Paul: Allocate time to chase new leads, network, write a blog or attend events. Don’t consider that time as non-billable; it’s an investment in your future earning capacity.

Don’t worry about being ‘busy’. As a society, we say that busy is good, busy is productive. Busy is the worst thing you want to be. Are you efficient and are you profitable? That’s what I strive for.

BC: Does having access to cloud-based business tools make it easier to launch your own consultancy?

Paul: It is absolutely easier than ever to get started. When I started my own firm, I had a website, PayPal account, business name, 1300 number, logo and company registration all done with a laptop sitting by the pool over a weekend. By Monday morning I was ready to bill my first client.

When I started my business my father suggested I take an advert in the local paper. He was amazed when I told him I was going to use Twitter for all my marketing.

BC: What are the positives about starting your own accounting practice?

Paul: There has never been a better time to go out on your own. You can get started quickly, and with very little capital outlay. All you need is your laptop and you’re ready to go. A great benefit is global reach. Also, there are no geographical constraints about where your clients are, I have clients from all over Australia and around the world.

It’s a great lifestyle. I work four days a week and spend Mondays with my two children. You can only do that in a corporate role if you cut your salary. Last year I relocated the family to Europe for two months and maintained full time work remotely. Being 100% cloud based for all our systems means that my laptop, phone and iPad are my whole office. The clients knew I was in Europe and the work got done. It’s been amazing.

Haydn Stewart is a Chartered Accountant and registered tax agent. In 2015 he left Deloitte to launch his own practice, Pinnacle Accounting. He now consults for clients in varying sectors including motor industry, manufacturing, property and professional services.

BC: What inspired you to start your own accounting firm?

Haydn: I always wanted to run my own business. The long hours at Deloitte didn’t give me the flexibility and freedom to see much of my young family. I knew that I could always go back to a day job, so I made the jump.

BC: What were the hardest things about starting up?

Haydn: Learning all the things that aren’t accounting. Like IT processes, CRM systems and insurances. These little things are not part of the technical accounting day job. I’m a people person, and initially I found working by myself a challenge. I made it work by arranging in-person client meetings and attending networking events on a regular basis.

One of my initial concerns was cashflow to support my family, as going from a secure job to uncertainty is not for the faint of heart. After making the jump, I was glad to have done so, as the rewards both monetary and job satisfaction-wise have made it well worth it.

BC: Did you outsource anything?

Haydn: Initially no. I did it all as I was a growing business. There is no point outsourcing if you have the capacity to do it. Once I achieved scale I started to outsource the smaller bookkeeping components and took on a part timer.

BC: How did you get your first clients?

Haydn: I networked, and I got clients from word-of-mouth referrals. Doing a great job and managing your network is the best form of marketing. Word-of-mouth has 100% driven my business.

BC: With the benefit of hindsight, what would you do differently?

Haydn: I would hire six months sooner than I did. Hiring an employee released me to work on the business.
I would hire a more experienced accountant too. My first hire was an engineer who wanted to switch to accounting, so I gave him a go. I trained him up for three months, then he decided he wanted to be a builder. This put me back about 6 months, and with hindsight I would have chosen to hire an experienced accountant who wanted this to be his career.

BC: Do you worry about competitors? What would you advise people starting out regarding competition?

Haydn: I don’t worry about them. My mindset is that there is always more than enough work for everybody. I would tell anyone starting up that if you can help your clients and be an asset in running their business you will always get work.

BC: What do you miss about the old days of employment in a big firm?

Haydn: I really appreciated the culture in Deloitte and working alongside some really smart people. At Deloitte there were internal specialists as a resource to draw on. Working alone, I have to make the captain’s call regularly, although there are some colleagues in the industry and networking groups that I can call on if needed.

BC: Is it easier to get started on your own now more so than previously?

Yes, purely because the tools are at your fingertips. It just takes someone to give it a crack. There are fewer barriers to entry nowadays. It’s always the fear of cash that stops a lot of people. You just need to jump. I’m very glad I did, it has been very rewarding for me.

Now’s the time…

If you’ve been thinking of setting up your own accounting practice, do not hesitate. With many cloud-based resources at your fingertips, you could be up and running sooner than you think. It won’t be easy, and you’ll no doubt miss your former life, but the rewards of being your own boss and working flexibly make taking the leap worthwhile for many.