IT ALL ADDS UP – That was the theme for Xero Roadshow 2020 being held this month. Hayley Brass was the Xero’s acting MC for today’s Xero Roadshow at Narre Warren. Hayley started the morning by remembering all the small businesses that were affected by the tragic bush fires and floods in early January. This was a great choice to start the morning.
He Tangata – It’s the people
Rebecca Gravestock started the first presentation of the day explaining how important it is to know your people.
It is very often that she comes across the popular question, how do you create a culture within a company?
She explained that a company culture cannot be taught or manufactured, it must be shown by example, personal interest and willingness to listen.
Rebecca explained the culture in Xero in a unique way by sharing the example of a coffee cup award - Golden coffee cup award
This coffee cup trophy is treated as a valuable price by Xero Staff and highlighted at the Xero Roadshow 2020
According to her, 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?
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.
According to Rebecca, the next biggest thing isn’t artificial intelligence, it’s people. Growing the business requires the hiring of staff, and it is challenging to hire the right people.
How do you attract the right staff?
This partnership will be a defining moment. In 2019 Xero purchased Hubdoc, but shortly they will come together to be one.
The more accurate and fast the data, the better the outcome. In 2019, the data extraction has increased from 80% from 20% in 2018.
Upload documents from mobile application or email and machine learning model will extract the information in seconds. More information will be available shortly.
A seamless solution is currently underway. Hubdoc can be accessed via the same login that is used in Xero.
Xero is a platform, not just a software.
Connected apps grow business and increase employment opportunities.
Do not feel overwhelmed by the sheer volume of almost 1000 applications referred to as a “Netflix” experience.
Insight Session Xero
Government changes will 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 enhance and improve cashflow.
The invoice gets emailed and when received on the other end it is uploaded automatically. Then, 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 and Victorian Businesses need to be e-invoiced.
On 31 March 2020, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. Who needs to lodge a FBT return? Find out here.
With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to normal. With Australia's desire to ‘get on with things,' sentiment reached its highest level since November 2013 and Christmas spending is expected to be consistent with previous years.
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.