It all adds up is the theme that the lovely Hayley Brass as Xero’s acting MC for the today’s 2020 Xero Roadshow in Brisbane.
Hayley displayed her usual genuine warmth and interest in her community and was an excellent choice to begin the morning.
Trent Innes started the first presentation of the day explaining how important it is to know your people.
After spending 7 years with Xero, he shared how a popular question asked of him regularly is how do you create a culture within a company?
He explained that a company culture cannot be taught or manufactured, it must be shown by example, personal interest and willingness to listen.
Trent explained the Xero culture in a unique way by bringing up the example of a very ugly coffee cup.
A picture of an awful coffee cup popped up on the screen.
This “trophy” symbolises that no one is so important that they cannot clean their own coffee cup.
The lucky winner gets one free coffee and the opportunity to add a personal item onto the trophy.
Over 2 years the trophy has grown to be quite large, even including a toilet brush?
While I do not “get” the look of the coffee cup, Xero staff do.
The trophy means a great deal to the Xero staff, and symbolises how every individual adds to the atmosphere of the company as a whole.
Xero and coffee cups have a long history with Trent Innes.
Trent then flowed into the changes that Xero partners and their community will face into the future.
Yes, technology and AI are important, there is a bigger trend.
Trent Innes highlighted the next big thing is PEOPLE, because they innovate and help create success.
Trent shared how in his earlier years in his position, he would interview every new startup – over 1000 people.
He would ask some more personal questions to get to know them on a more intimate level.
Questions like, do you have children or name your favorite pet.
Sadly, the company has grown and his commitments no longer allow him to meet all startups.
Trent’s first job was KFC, which he worked to pay his way through university.
He learnt some pretty valuable lessons during this time of his life.
You do not want to be in KFC at 6 pm with people who were hungry for chicken and there is no chicken,
and the importance of being an active member of your local community.
Trent and staff would call the local police, when they had chicken left over at the end of the night.
Trent would say “Hey we have chicken left over, do you want it? The local police were there in minutes.
This relationship paid off one night when one of the female staff were held at knife point in the KFC.
The police arrived within minutes of their call and caught the offender.
Hiring people and finding good staff is very difficult.
Many are finding there is talent shortage at the moment and it’s also a very competitive market.
In life we are always juggling glass and rubber balls .
We have to decide which ones are our glass balls (Trent family & health) but my work is a rubber ball.
Can you empower your staff to know their glass and rubber balls?
Soft skills are not easy to learn and not offered in a course when you finish university.
These soft skills, how to work with and create relationships with people are not easily developed.
Xero has created a online toolkit for their partners to help, the topics are listed below.
This toolkit will be available after the roadshow today.
Xero has focused a great deal on wellbeing throughout 2019.
Xero understands that they are not professionals, hence their new Beyond Blue partnership.
Xero wants to help create the future.
Trent wants exciting jobs for his family and your family as well into the future.
This partnership will be a defining moment, nothing is more important than time.
Every second and minute counts, it all adds up.
In 2019 Xero purchased Hubdoc, but shortly they will come together to be one.
The more accurate the data, the better the outcome.
In 2019 the information extracted was 80%.
As the partnership grows, this will increase.
Upload documents from mobile application or email
Machine learning model will extract the information in seconds
Will be processed in Xero with the original document attached.
The information is available immediately, with no delay.
A seamless solution is currently underway.
What is Xero/Hubdoc building? Access within Xero and via a particular entity.
You can create files with the information already within Xero.
Automated onboarding within Xero itself
March 18, 2020 all standard to premium accounts will have Hubdoc available to use seamlessly.
Favorite Part of Naomi’s session
Document Packs – Collate multiple documents within the Xero to have them signed as required
Throughout 2020 you will have unlimited e-signatures
Special Offer for Xero Tax
Bronze and above get Xero Tax for free.
If you are new to Xero, you will still get it for 12 months using the coupon Taxstarter2020 ,
Xero is a platform, not just a software.
Connected apps grow business and increase employment opportunities.
The ecosystem team put together some guides for accounting specialists.
Applications within Xero allow you to save time, take on my clients which increases your profits and automates your workload.
Do not feel overwhelmed by the sheer volume of almost 1000 applications referred to as a “Netflix” experience.
Xero spent 171 million dollars in product design / advancement last financial year.
Money spent to improve their product for their customers to use.
These improvements were over 5 areas listed below:
Andrew Hirst – Qld State Manager of Xero – Twitter @ahirst2020
Government change to affect clients in 2020.
Information held about you can be requested by anyone and not refused.
This means that open banking can request information about you and your information upon request.
This change will affect everyone going forward in three main areas from the 1st July 2020.
invoice to invoice integration to increase and improve cashflow.
The invoice gets emailed and when received on the other end it is uploaded automatically.
Software to software will automatically populate the information.
A study of 500 small businesses found the following:
From 1st January 2020 this year from NSW, 1st July 2020 Queensland businesses need to be e-invoiced.
263000 yet to opt in to Single Touch Payroll.
Who are the top 5 not being compliant to STP.
Payroll HQ to be released for this purpose to let you know who is registered for STP and who is not.
This will help you better assist your client base.
As well as other highlights and functions yet to come!
Amanda Hoffmann is a registered BAS Agent No.18613005, Associate of Finance, Xero & Myob Certified Consultant, a Queensland’s Quickbooks Trainer and works with the ATO on their advisory boards.
She says she is more than just a bookkeeper with experience in real estate investing, social media, podcasting, public speaking and blogging.
Amanda would love to train you to use accounting software, if you need help fixing a messy account or general assistance with automating your administrative duties to save time and money.
BAS Agent and Bookkeeping