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

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.”

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Use Xero to Give Your Business the Shark Tank Treatment

Use Xero to Give Your Business the Shark Tank Treatment

The latest series of Shark Tank on Channel Ten is captivating. It features entrepreneurs pitching to a group of self-made investors (the ‘sharks’). Each pitch features an entrepreneur asking the investors to purchase a stake of their business with their own money.

The sharks are:

Janine Allis, founder of Boost Juice Bars

Andrew Banks, founder of Morgan & Banks and Talent2 International

Steve Baxter, tech entrepreneur and multimillionaire

Dr Glen Richards, founder of Greencross Vets

Naomi Simson, founder of RedBalloon

The breadth and depth of innovation amongst these entrepreneurs is impressive. But what really fascinates is the sharks’ penetrating questions.

With just a brief investigation (or so it seems on TV) the sharks clarify the opportunities and weaknesses of a business. Nothing frustrates the sharks more than an entrepreneur that doesn’t know the numbers. And regardless of whether you plan to pitch your business to investors (on TV or otherwise), it’s vital to have a detailed and depth knowledge of your financials.

Give your business the Shark Tank treatment

Appraise your business with the cool, calculating and experienced eyes of your inner shark. It can help you identify opportunities, move through challenges and seek more growth and efficiencies.

Cloud-based finance software solution Xero is the ideal tool to give you the bigger picture insights you’ll need. Whether you simply review these numbers yourself, or you’re going into a Shark Tank-style pitching situation with investors, using Xero to understand the numbers is a vital investment of your time and energy.

How to use Xero to create reports to answer typical Shark Tank style questions

Xero gives you the ability to generate complex detailed reports that give yourself or a potential investor a terrific overview of your business. Using the typical questions often posed on Shark Tank, you can use Xero to create the reports to see the answers for yourself. Of course, this is just a snapshot of what you can do with Xero—its features go far beyond this kind of analysis.

What is your gross margin?
What are your debtor days?
What is your average selling price?
What is your average revenue per customer?

What are the biggest expenses of your business?
What is your customer lifetime value?
What percentage of customers are return customers? What are your manufacturing/production costs – cost of goods sold?

It’s not just the numbers

Of course, there are some elements that interest the shark beyond just the numbers, and it’s important to give these questions considerations as well. Elements like brand appeal, value of the market and your own dedication to your business come up often. But, overwhelmingly, there are two simple questions the sharks always ask:

What customer problem are you solving?
Why are you the one to solve it?

These are questions only you can answer and it is worth taking the time to consider your responses honestly. It’s a simple strategy that could be a game-changer for you.

The value of the expert opinions

Shark Tank serves as a reminder that it’s important to take any opportunity to get expert advice. Sometimes on Shark Tank the sharks don’t invest but they give excellent advice. Make sure to seek out and listen to that advice for your business whenever possible.

The art of the counteroffer

The fascinating element of Shark Tank is the negotiation element, so learn all you can about the art of negotiation if you’re going to be pitching for investment soon. Knowing the value of a well-crafted pitch can be the difference between success and failure.

In conclusion, whether you are actively seeking investment or simply looking for a tactic to give yourself a fresh perspective on your business, you need to ensure the numbers stack up. Using Xero’s many tools to know your numbers better might just help you get a shark to invest in your business!

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5 Highlights From the Xero Roadshow 2017

5 Highlights From the Xero Roadshow 2017

Last week the Business Continuum team attended the Xero Roadshow in Melbourne. These events are always a great opportunity to catch up on the latest news from the Xero camp and with some of the app partners doing interesting things to enhance the Xero experience for accountants and small businesses.

Here’s a few of our highlights from the roadshow:

1. Fixed assets with tax

Joe Salvati (Head of Partner Solutions) announced that Xero will be incorporating tax values into the fixed assets module of Xero. This much anticipated development will allow accountants to set up tax depreciation on the fixed assets register including pooling.

2. Xero Tax

Some nice updates for Xero Tax were unveiled – and there are a few more on the way. You can now set up multiple customised email templates for sending your eSign tax returns and activity statements. There’s also a reminder email template for following up clients who haven’t signed their tax documents yet, which is a precursor to automatic email reminders (currently in development).

A faster, more intuitive Xero Tax user interface is being rolled out this year with new tax forms. Matthew Prouse (Partner Solutions Manager) demonstrated a cleaner UI that’s designed to make it easier for the user to speed up the processing of tax returns.

Matthew also unveiled Xero’s partnership with Tax & Super Australia that would see the integration of their tax knowledge base directly into Xero tax forms. Accountants and bookkeepers will be able to access the latest, up-to-date information direct from Tax & Super Australia for each line item of a Xero tax form.

3. Xero HQ recap

Matthew also took us through a great recap of Xero HQ features. These included adding client notes and tagging clients (like Gmail labels). He also explained how you can set up custom alerts in Xero HQ – for example, to notify you when a client organisation has reached a certain number of unreconciled bank transactions.

4. Clone organisations

This feature was first announced at Xerocon South last year and is now close to launch. Users will be able to copy data across from an existing Xero file when setting up a new one, which will help to save time setting up bank rules, chart of accounts, contacts and tracking categories. This will be a great time-saver for accountants and bookkeepers.

5. The food!

Xero sure does know how to put on a good spread, and the mini beef rolls were our favourite – enough said!