It all adds up -Xero Roadshow 2020 update

HomeBLOG

It all adds up -Xero Roadshow 2020 update


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.

Knowing your people inside out

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.

Technology / AI / People

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?

  • People want to work for a company with great leaders, company, rewards
  • Advertising should be done the right way
  • A website is mandatory, what you stand for and demonstrate your values
  • Online Profile (LinkedIn) is an important component
  • Online – Seek and Glass Door where employees can rate you as a business or company

 

How do you hire them?

  • Find someone who values your culture
  • Engage with people and within business
  • We are all trained to read numbers in Profit and Loss or Balance sheet, but it’s the story behind the figures to help business
  • It is similar in building a culture which cannot be manufactures
  • Prospective employees want to understand what do you value, will you empower me, do you care about perfomance
  • Times are changing, from just degrees to thinking skills and experience
  • Diversity means lots of things, age, colour, gender and customers.

 

How do you retain staff?

  • It is cheaper to retain staff than hiring
  • 7 out of 8 people believe their company doesn’t care about them
  • Bring your full home self to work (Be allowed to be yourself, your true diversity)
  • You can be flexible with technology today, such as work from home
  • Wellbeing is something that is important in the workplace (1 in 6 Australians are suffering with anxiety and depression


Harnessing HubDoc and Xero as one

Matt Bunston

This partnership will be a defining moment. In 2019 Xero purchased Hubdoc, but shortly they will come together to be one.

 

Better data

 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.

 

Better access

 
A seamless solution is currently underway. Hubdoc can be accessed via the same login that is used in Xero.

 

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.

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 (A2X, Hubdoc etc.) that increased security and less passwords
  • Attracting new applications, actively partnering with Google, Microsoft, Mailchimp and Hubspot.
  • Global payment suppliers – Partners and customers all get paid faster
  • Xero invoice payments get paid 2 weeks faster than others who do not

UPCOMING NEW RELEASES

  • Amend, Review and approve quotes in Xero Projects
  • Profitability Dashboard
  • Xero Expenses
  • Create mileage expenses for reimbursements
  • NEW OFFER - for all new Xero accounts they are offering 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

Insight Session Xero

Open Data

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.

  • Banking
  • Energy
  • Communications

 

E-invoicing

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:

  • 62% of the small business stated they would not survive if they are 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 and Victorian Businesses need to be e-invoiced.

STP

  • 263,000 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

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


 


Related News

27 Oct

B.I.T.E Conference 2020

Here's a rare local opportunity to learn more about marketing and managing your business and keeping up to date with the latest innovations that can help run your business more efficiently. A sell out event for the past three years, B.I.T.E Conference is the premier small business event in Greater Melbourne and Frankston region.


READ MORE
24 Mar

Help For Personal and Business Loans

We know that even the smallest changes can have a big impact on your finances. We share advice from local mortgage broker Two Acre Finance to help you review your options.


READ MORE
23 Mar

Victorian Government Economic Support

As part of a $1.7 billion economic survival package, the Victorian Government has announced $500 million to establish a Business Support Fund to assist small to medium businesses most impacted by the COVID-19 outbreak.


READ MORE