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05 February
2020
BUSINESS TIPS EMBRACE ONLINE TECHNOLOGY SMALL BUSINESS TOPICS
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It All Adds Up – Xero Roadshow Brisbane

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.

 

Knowing your people inside out

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.

Xero Trophy at the Roadshow

This ugly coffee cup trophy is very prized by Xero Staff and highlighted at the Brisbane #XeroRoadshow2020 by Trent Innes

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.

Link Xero boss won’t hire anyone who doesn’t return their coffee cup to the kitchen

Trent then flowed into the changes that Xero partners and their community will face into the future.

 

Technology / AI / People

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.

 

Fun fact you didn’t know about Trent Innes….

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.

 

Growing the Business requires the hiring of staff

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.

 

How do you attract the right staff?

  • People want to work for a company with great leaders, opportunity, career.
  • Advertising all reads the same.
  • A website is very important, what you stand for and believe in.
  • Your online profile is also important to note.
  • Online – Seek and Glass Door where employees can rate you as a business or company.

 

How do you hire them?

  • Find someone who aligns with your values
  • Beautiful – How do you engage with people and within business?
  • We are all trained to read a profit / loss, but it’s the story behind the figures to help business.
  • It’s a bit like building a culture, it cannot be manufactured.
  • People want to understand what do you value, will you empower me, do you care about performance?
  • Times are changing, from just degrees to thinking skills.
  • Diversity means lots of things, age, colour, gender and customers.

 

How do you retain staff?

  • Cheaper to retain staff, then hire them.
  • 7 out of 8 people believe their company doesn’t care about them
  • Glass and rubber balls –

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?

  • Bring your home self to work ( Be allowed to be yourself, your true diversity)
  • You can be flexible with technology today
  • Wellbeing is something that is important in the workplace (1 in 6 Australians are suffering with anxiety)
  • The industry is increasingly demanding and clients can be challenging

 

Staff feel companies do not care

Slide presented at the 2020 Xero Roadshow presentation by Trent Innes

How can Xero Help?

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.

  1. Growing your business
  2. Master communication
  3. Wellbeing
  4. Leadership
  5. Sustainable Business

This toolkit will be available after the roadshow today.

 

Are you OK?

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.

 

Harnessing HubDoc and Xero as one

Matt Bunston

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.

Hubdoc integrates with Xero

Put the date in your calendar, Hubdoc seamlessly is integrated for use with Xero 18th March 2020

Better data

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.

 

Better access

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

Better Value

March 18, 2020 all standard to premium accounts will have Hubdoc available to use seamlessly.

 

Investing in the partner community

  • True Blue Partners
  • Exclusively Xero practices – Tshirt, case studies and speaking opportunities trueblueau@support.com.au
  • Xero Partner Advisor Council – Applications are available – Ask your Xero Partner
  • 2019 reinvented the Xero Awards – Expanded award categories, external judges, 2 day Xero experience
  • Xero Community Facebook
  • Events – Xerocon in September Sydney, Xero refresher and Xero Roadshow.

 

Seeing the bigger picture of our practice products

Naomi McDonald

What’s new on the Xero Platform

What’s coming next?

  • Simplifying the Chart of Account templates in Xero HQ – Introducing a library of templates & pre-mapped (14)
  • Updates in Xero Business – Lodging TPAR directly from Xero to the ATO over 500,000 businesses affected.
  • Updates in lodging BAS – Want to be able to see the full detail, regardless of simple BAS, G2, G3 & G11
  • Simplify process of multiple businesses who are lodging BAS – Failed lodgement notifications by email
  • Will be able to set any dates in the BAS lodgement to review past BAS for changes and future for budgets
  • Automatic activity statements – Opt in to all client’s accounts and opt-in to create BAS from one location.
  • Automatic notices of assessment – Opt in to automatically see tax returns and see any variance
  • Pre-lodge verification – Check to see if the tax office will accept the form before the client signs it

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 ,

Adoption of connected Apps

Becoming the architect of your own platform

Brian Williams 

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.

Application map with Xero

A map of applications you can use with Xero

 

Applications within Xero allow you to save time, take on my clients which increases your profits and automates your workload.

Recent updates

Do not feel overwhelmed by the sheer volume of almost 1000 applications referred to as a “Netflix” experience.

  • Last September 2019 – Sign in with Xero – increased security and less passwords
  • Attracting new applications, actively partnering with Google, Microsoft, Mailchimp and Hubspot.
  • Adviser lead recommendations – apps you recommend for your clients to use
  • Adviser badges and playbooks
  • Cash flow app advisory playbook – must do application
  • Global payment suppliers – Partners and customers all get paid faster
  • Xero invoice payments get paid 2 weeks faster than others who do not
  • New improved application with Square – Updated Point of Sale – Bank fees and square fee split and seamless

 

Knowing the tech to smooth small business pain points.

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:

  • Create Projects
  • chargeable and non-chargable tasks and expenses
  • Time entries
  • Close and Re-open a Project
  • Project summary report

The new release of a mile tracker within Xero at the Roadshow event

NEW RELEASE

  • Quotes in Xero projects – amend, review and approve
  • Profitability Dashboard
  • Logging Time Enhancements – Start / finish time automates
  • Xero Expenses
  • Create mileage expenses
  • Xero expenses – non-refundable expenses
  • NEW OFFER for all new Xero accounts three month free period for projects and 6 months for free in expenses.
  • Uber for Business integration to Xero on a monthly basis
  • Make a payment in Xero and automatically verified by NAB (Free for Xero Partners)
  • Commissions and bonuses can be set up as a separate payment (no more manual calculations)
  • Short term Xero cashflow dashboard

 

Xero Insight Session

Andrew Hirst – Qld State Manager of Xero – Twitter @ahirst2020

Open Data

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.

  • Banking
  • Energy
  • Communications

 

E-invoicing

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:

  • 62% of the small business stated they would not survive if not paid within 3 months
  • 55% Govt should pay faster
  • 79% support a government policy to get paid faster

From 1st January 2020 this year from NSW, 1st July 2020 Queensland businesses need to be e-invoiced.

STP

263000 yet to opt in to Single Touch Payroll.

Who are the top 5 not being compliant to STP.

  • Healthcare
  • Accommodation / Food
  • Retail
  • Scientific providers
  • Construction

Top 3 excuses for not implementing STP

  1. It’s too time consuming
  2. They do not understand the obligations
  3. Assumption it’s expensive.

 

How do we find out who is not registered?

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!

 




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