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Xero briefs new business Ministers on growing small business productivity

Xero briefs new business Ministers on growing small business productivity https://blog.xero.com/news-events/new-business-ministers-briefed-on-growing-small-business-productivity/ Xero provided a Briefing to Incoming Ministers (BIM) (Hon Nicola Willis, Hon Judith Collins, Hon Melissa Lee, Hon Andrew Bayly, and Hon David Seymour) in late 2023 which was focused on the challenges our small businesses face and the crucial role the government can play in driving solutions. Small businesses play a fundamental role in supporting our local communities, fostering innovation and driving productivity.  But front and centre is New Zealand’s struggle with poor productivity. Solutions to our productivity problem are not earth-shattering, and much of it comes from the new government enabling small businesses to succeed. In our view, this is a pivotal time for our economy, so here’s three key actions for our new government: driving productivity growth by supporting the small business community with a comprehensive and holistic approach to digitalisation, including appropriate incentives to drive digital adoption and the effective use of digital technologies  increasing small business access to finance, in particular by prioritising Open Banking as a tool to create efficiencies as well as grow competition in financial services  reducing the compliance burden on small businesses. At Xero we believe that actions on these three important areas would help make small businesses more resilient to crisis, drive more informed decisions and increase business efficiency and effectiveness.  Our new government needs to recognise that the opportunities for improving productivity in New Zealand are incredible, especially if they prioritise small businesses. The post Xero briefs new business Ministers on growing small business productivity appeared first on Xero Blog. via Xero Blog https://blog.xero.com/ January 23, 2024 at 02:30PM

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Were partnering with Flinks to improve your bank feeds in Xero

We’re partnering with Flinks to improve your bank feeds in Xero https://blog.xero.com/product-updates/partnering-with-flinks-improve-bank-feeds/ We know the insights you get out of Xero are only as good as the data that goes in. That’s why we’re committed to improving both the number and quality of bank feeds across Canada and the US. It’s something we promised you we would focus on, and we’re excited to share that we’ve made some great progress. Today, we’ve announced a new partnership with Flinks, which will give you access to more than 20 high-quality bank feeds in Xero. These include, but are not limited to, direct bank feeds with the National Bank of Canada and EQ Bank, as well as several US-based banks. Our friends at Flinks are as committed to championing the benefits of open banking as we are. Together, we’re excited about the opportunity to empower you and your clients to achieve your financial goals, while staying in control of your banking data. Partnerships like this are so important to our team — it means that instead of connecting to thousands of banks and other financial institutions across Canada and the US individually, we can have a small number of trusted partnerships that provide us with access to secure and reliable bank feeds. The best news? As Flinks connects to more banks with direct API connections, you’ll get access to those bank feeds once they’re available. This means you’ll spend less time on manual data entry and reconciliation, while having an up-to-date view of your finances. If you haven’t set up a bank feed in Xero, it’s really easy (just make sure you have online banking set up first). All you need to do is go into Xero and search the list of banks to see if they offer a bank feed. Then log into your bank account and confirm the connection. Customers have told us that using our bank feeds and reconciliation tools save them up to five and a half hours a week. So it’s a huge time saver. Don’t forget, you can also get banking data into Xero by uploading bank transactions manually, or using our bank statement extraction tool in Hubdoc. We can’t wait to hear what you think about our new bank feeds in Xero. As always, feel free to share your thoughts over at Xero Product Ideas. We have big plans and this is just the beginning of our work to help you get better data into Xero, and better insights out. The post We’re partnering with Flinks to improve your bank feeds in Xero appeared first on Xero Blog. via Xero Blog https://blog.xero.com/ December 17, 2023 at 09:40PM

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Build the ultimate app stack to help skyrocket your practice growth

Build the ultimate app stack to help skyrocket your practice growth https://blog.xero.com/accountants-bookkeepers/build-app-stack-skyrocket-practice-growth/ In today’s accounting and bookkeeping practices, you can find yourself juggling client communications, compliance and acting increasingly in advisory roles – all while still managing your ever-growing daily management tasks. It’s understandable that you may often find yourself spending more time on the admin side of your practice than growing it.  So how can you streamline time spent on admin, workflows and processes? One of the great things about Xero is that you can also integrate with your choice of best-in-class apps from the Xero App Store, freeing you up to focus on growing your practice. We’ve spoken to our accountant and bookkeeping partners and based on their experiences and expert recommendations, we’ve put together a shortlist of best in class apps focused on driving practice efficiency – designed for advisors like you, by advisors like you.  5 benefits of incorporating an app stack into your practice: Easy integration with your existing Xero practice tools The experience of setting up new software and moving data over can be tedious. These shortlisted apps connect easily with your Xero practice tools, so your data can flow effortlessly between your software. Say goodbye to repetitive manual data entry, minimise errors, and get more time back for you and your team to focus on your clients.  Compliance and regulation apps tailored to accountants & bookkeepers in your region Help stay on top of the latest local and national compliance regulations with apps relevant specifically to your region. Whether it’s SMSF and corporate compliance, or responding to regulatory updates, these apps can help keep you and your clients covered at every step. Boost your practice efficiency with best in class automation Whether it’s practice management, bookkeeping checks or data reconciliation, apps can handle the hassle while you focus on the strategic work that matters. Customise your app stack to build your perfect practice Every accounting practice has their own needs and preferences, and your digital tools should be flexible enough to reflect that. We’ve highlighted a shortlist of useful and impactful apps based on recommendations of real practices, so you can pick and choose a mix to suit your practice.  Enhanced client communication and collaboration Keep client experience at the core of your practice with apps designed to foster transparent and collaborative working relationships from day one. Choose from apps that make collaboration easy as you quickly produce insights and visual reports, create secure client portals and offer future-proofing advisory services to drive value for you and your clients. Getting your AU/NZ accounting practice app stack started is easy: Head to our ‘Build your practice app stack’ page: For Australia For New Zealand Read the features and benefits snapshots to see exactly how these apps can benefit accounting practices like yours Click on each app to explore more detailed information of how they support key functions of your practice See an app you like? Click ‘Get this app’ to start the integration process with your Xero account The post Build the ultimate app stack to help skyrocket your practice growth appeared first on Xero Blog. via Xero Blog https://blog.xero.com/ December 10, 2023 at 05:00PM

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Thanks for coming along to the New Zealand Roadshow 2023

Thanks for coming along to the New Zealand Roadshow 2023 https://blog.xero.com/news-events/new-zealand-roadshow-2023-wrap-up/ As we wrap up the 2023 Xero New Zealand’s Roadshow, we want to reflect on the success of what was our largest Roadshow in the Asia-Pacific region. Starting in Dunedin this October, we travelled across Aotearoa New Zealand, making stops in Christchurch, Wellington, and Hamilton, before finishing in Auckland; amounting to 10 hours and 30 minutes travelled by each Roadshow member.  The turnout was incredible, with almost 1,600 registered partners in attendance.  Along with more than 116,000 steps by our events manager and 62 aprons washed, it was a memorable time for all those involved.  Connecting our communities Our Roadshow provided a great opportunity to inspire, educate, and connect accountants and bookkeepers nationwide.  Fuelled by 160 coffees and 250 cheese rolls, our Xero team connected with attendees to discuss how digital tools can help drive small business productivity and profitability.  With expert speakers, actionable breakout groups and networking opportunities, we connected Xero’s community and ecosystem, encouraging them to meet and learn from industry peers, various app partners, and Xero experts themselves. There were opportunities for attendees to engage with Xero specialists and expert coaches who shared advice on cultivating high-performance teams.  Redefining the role of advisors It’s clear that more businesses are beginning to view their accountants and bookkeepers as more than just the people who manage their money, but as trusted business advisors. This was a key theme for the Roadshow and it’s great to see small businesses and accountants band together to navigate uncertain times and embrace the innovative tools available to support them. From all of us here at Xero, we thank you for your continued support and for attending our 2023 Roadshow. Look forward to welcoming you all back to our next edition in 2024. The post Thanks for coming along to the New Zealand Roadshow 2023 appeared first on Xero Blog. via Xero Blog https://blog.xero.com/ December 06, 2023 at 04:36PM

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Make sales tax easier with Xeros new auto sales tax powered by Avalara

Make sales tax easier with Xero’s new auto sales tax, powered by Avalara https://blog.xero.com/product-updates/new-auto-sales-tax-avalara/ It’s no secret that businesses are always looking for ways to work smarter and faster. In fact, according to a recent survey of finance professionals commissioned by Avalara, 71% are investing in more tools and solutions to close overall efficiency gaps. When it comes to manual tasks, there are few that are more burdensome than sales tax. There are more than 13,000 jurisdictions across the US, so sifting through them all and making sure you’re selecting the right ones for your business can be a real compliance headache. But we have some great news. Instead of manually searching through a state-by-state shipping guide for tax rates and looking up which items in your shipment are exempt, you can now automate this with our auto sales tax feature, powered by Avalara — available for free with your Xero subscription. Automate your sales tax calculations in Xero Auto sales tax brings advanced sales tax management directly into Xero, helping you automate sales tax calculations, reporting and filing. It’s particularly well-suited to you if you operate across multiple jurisdictions, and have a mix of taxable, non-taxable and exempt goods. With our new auto sales tax feature, you can: easily set up sales tax rates in every state where your business is registered to collect sales tax  create sales tax attributes for each product or service you offer, to save time and increase accuracy automatically calculate appropriate sales tax rates on invoices (tax rates are calculated based on where a business is selling from, selling to, and whether an item is taxable according to state rules) review comprehensive sales tax reports — all in one place, with a summary of sales tax obligations that you can drill down into by state, jurisdiction, tax exemption and transaction sign up for Avalara’s automated e-filing capabilities, where Xero’s sales tax data will connect into Avalara for easy filing to all connected jurisdictions What’s next for auto sales tax? We’re looking forward to adding more functionality to our auto sales tax feature over time. This includes adding filing deadlines, as well as expanding beyond invoicing to incorporate other documentation and revenue sources.  In the meantime, we hope it helps you better manage sales tax, so you can avoid those compliance headaches. If you’re registered for sales tax, and invoice for taxable goods and services in Xero, you can start using auto sales tax now — simply select ‘Sales tax’ in the ‘Accounting’ menu. Try Xero’s auto sales tax The post Make sales tax easier with Xero’s new auto sales tax, powered by Avalara appeared first on Xero Blog. via Xero Blog https://blog.xero.com/ December 04, 2023 at 05:56PM

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How to manage the Singapore GST rate change in Xero

How to manage the Singapore GST rate change in Xero https://blog.xero.com/news-events/manage-the-singapore-gst-rate-change-in-xero/ In the 2023 budget announcement, Singapore’s Minister for Finance announced the GST rate will increase from 8% to 9% on 1 January 2024. This change will impact all Singapore businesses that file GST. Here’s what we’re doing to make it easy for you to manage this change in Xero. Update your default rate We’ll make the new 9% rate available in Xero by 5 December 2023. The former 8% rate will have ‘2023’ noted so you can easily tell the difference. There are a number of areas where you can set default tax rates in Xero. This includes your contacts, your inventory items, and for accounts in your chart of accounts. Any transactions using those contacts, inventory items or accounts will continue to default to 8% unless you update them. To help you do this, on 1 January 2024 we’ll be introducing a new button at the top of your chart of accounts page, called ‘update to 9% defaults’.  You will only see this button if you have a standard or advisor role and you have applied a Xero default tax rate (not a custom rate that you’ve created) to any of your contacts, inventory items or accounts in your chart of accounts. This will help you update the GST rate on your contacts, inventory items and accounts. All you need to do is select ‘update’ on the pop-up to complete the process. If you have more than one Xero organisation, you’ll need to do this for each one. If you haven’t completed this by 7 February 2024, Xero will automatically update your chart of accounts with the new rate for you. If you also had default tax rates set up for your contacts and inventory items, then Xero will update these for you too. Start using the new rate From 1 January 2024 (when the GST rate change occurs), you’ll need to make sure that you’re using the correct GST rate when using Xero. Here are some places where the old rate may still appear and need to be updated by you: invoices and bills bank reconciliation automated bank rules repeating invoice templates (especially those set to ‘Approve to send’) and repeating bill templates draft transactions dated from 1 January 2024 (including invoices, bills and manual journals) apps you may have connected from the Xero App Store or another provider if you use Hubdoc, you will need to update the default tax rate, which will apply to any new suppliers moving forward. For existing suppliers, you will need to update the tax rate information on a supplier level If you’re a Xero advisor, you’ll also need to check: Xero HQ chart of account templates (from 2 January 2024, you can use ‘Company – 2024 – 9% GST Rates’ for the new rate, or ‘Company – 2023 and earlier – 8% GST rates’ for the old rate) financial practice settings in Xero Practice Manager We’re here to support you We’ll let you know when the new tax rates are available in Xero, and remind you to update your default rates when the new rate comes into effect on 1 January 2024. You can also join us for one of our live webinars in December run by our Singapore tax specialists, to help you make the transition. GST returns and direct filing to IRAS are available in all Xero business edition plans, starting at $39 SGD per month. If you’re not a Xero customer, sign up for a free trial to discover how you can use Xero to help manage your accounting needs. If you have any questions about our business edition plans, or need a hand managing these upcoming changes in Xero, please reach out to our team for support. We’re always here to help.  Please note that this information is general in nature and does not constitute advice. You should consult your own professional advisors for advice directly relevant to your business. The post How to manage the Singapore GST rate change in Xero appeared first on Xero Blog. via Xero Blog https://blog.xero.com/ November 27, 2023 at 01:44AM

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Xeros new tax manager in Xero HQ

Xero’s new tax manager in Xero HQ https://www.xero.com/blog/2023/11/new-tax-manager-in-xero-hq/ We’re excited to announce that we’ve launched a new tax manager feature in Xero HQ that will give you a real-time view of your tax obligations for company tax, company accounts, personal tax and VAT — all in one place. This means that as an accountant or bookkeeper in the UK, you won’t have to use three different dashboards to get the information you need. It will all be there in tax manager, helping you track your clients’ tax deadlines and filing statuses, and understand what to prioritise. Tax manager has been a highly requested feature in the UK, and brings us one step closer to having one set of connected practice tools — so you can work more efficiently, collaborate with clients more effectively, and manage everything for your practice within Xero.  A single dashboard for your clients’ tax obligations Tax manager is now available to all Xero Tax or VAT users in the UK. You can access it by visiting Xero HQ. In the ‘Tax’ menu, select ‘Tax manager’. This will take you to your dashboard, where you’ll be able to: see your active clients and manage upcoming due dates across all tax types view the ‘Filed’ tab for all completed obligations for your clients sort by submission due date, client name, client reference number, type, and status filter by a specific period, or use the search tool to find a certain client access an existing return or start a new filing directly from tax manager review VAT MTD connection errors What’s next for tax manager in Xero We have big plans for tax manager, and this is just the beginning. In the future, we’d like to add other compliance obligations to tax manager.  We also plan to integrate tax manager into XPM — our solution for managing client jobs, practice workflows, time tracking and invoicing. This will connect your client’s jobs to their tax obligations, making it easier for you to manage work across your practice. We’re working closely with UK partners to make sure this integration provides the functionality you need in your practice. If you’d like to be part of the early access programme and provide feedback to our product teams, you can request early access to tax manager in XPM. A single source of truth for your client records Another way we’re connecting our practice tools is by creating a single client record across all of our practice tools. This central database gives you confidence that your client records are accurate and your team is working from the same information — no matter what practice tool they’re using. The single client record is now available to all UK practices. If you’re using both Xero HQ and XPM, we’ve shared instructions to help you consolidate your records through a two-step process. This will reduce the need to switch tools, and remove duplication and double handling of data. Ready to get started with tax manager? If your practice doesn’t currently use Xero Tax or you want to get more out of our practice tools, we’re running a series of Xero Tax webinars where you can learn more. We’ve also created a self-paced course to help you set up XPM and use it to drive efficiency across your practice. We can’t wait to hear what you think about tax manager in Xero HQ and will keep you updated as we continue to add more functionality — like more tax types and obligations — to the dashboard over time. The post Xero’s new tax manager in Xero HQ appeared first on Xero Blog. via Xero Blog https://www.xero.com/blog November 14, 2023 at 11:30PM

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What you can expect at Xero Asia Roadshow 2023

What you can expect at Xero Asia Roadshow 2023 https://www.xero.com/blog/2023/11/what-to-expect-at-xero-asia-roadshow/ With a week to go ’til Xero Asia Roadshow, we are buzzing with everything we have lined up for our accounting and bookkeeping community. Exploring the agenda This year we’re exploring how we can work Smarter, Faster, Stronger, Together to support small businesses across Asia; your clients, who themselves strive to do this every day, and depend on their accountants and bookkeepers to help get them there.  This is what Xero Asia Roadshow 2023 is about – with our community front of mind, we’ll share how Xero can better support you and your small business clients. Roadshow will not only leave you with plenty of food for thought, but also actionable insights and strategies to enable you to grow your practice. Making space for connection One of our favourite things about Xero Asia Roadshow is bringing our partner community together to connect in person. So whether you’re going with your team or solo, be sure to save some time for networking.  Of course, this includes catching up with our app partners! We have an exciting lineup of exhibitors, giving you the perfect opportunity to ask questions and learn more about which apps are right for your practice and clients. What’s more, we have prizes to give away! By just registering and attending, you could win a trip to Xerocon London in 2023! And be sure to stay until the end of the day, we’re running a Xero Trivia session during the networking drinks with prizes to win. Uncovering the state of the industry While the current environment presents significant operating challenges for many – for advisors, the future looks bright. We look forward to sharing key insights from Xero’s State of the industry report in our opening keynote session. This latest research, surveying Singapore’s accounting and bookkeeping industry, looks at the trends, challenges and opportunities shaping the industry today. So what comes next – both for your Xero journey and the industry as a whole? Find out by joining us at Xero Asia Roadshow at Sands Expo and Convention Centre on 16 November and earn self-verifiable CPD points for attending. REGISTER NOW The post What you can expect at Xero Asia Roadshow 2023 appeared first on Xero Blog. via Xero Blog https://www.xero.com/blog November 09, 2023 at 08:00PM

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Xeros H1 FY24 financial results: Evolving Xero to deliver on our global aspirations

Xero’s H1 FY24 financial results: Evolving Xero to deliver on our global aspirations https://www.xero.com/blog/2023/11/xero-half-year-fy24-financial-results/ Today we announced Xero’s half year financial and operating results to 30 September 2023 (H1 FY24). The results highlight our continued strong revenue growth, which contributed to Xero’s emerging profitability. The strong operating results saw operating revenue up 21% (20% in constant currency (CC)) to $799.5 million. This, along with disciplined cost management and restructuring outcomes, supported a 90% increase in EBITDA compared to H1 FY23, to $206.1 million. This reflected our ongoing focus on balancing growth and profitability, and resulted in an increase in free cash flow to $106.7 million, representing a free cash flow margin of 13.3% compared to 2.4% in the prior period. This focus was also reflected in our net profit, which increased to $54.1 million compared to a net loss of $16.1 million in H1 FY23. Our total subscribers increased 13% to 3.95 million with annualised monthly recurring revenue (AMRR) growing by 19% to $1.77 billion (22% in CC). Total lifetime value (LTV) grew 14% (17% in CC) to $14.8 billion, as average monthly churn (0.94%) remained low and average revenue per user (ARPU) improved a further 6% (8% in CC). This highlights the value and trust customers place in Xero to help them manage their business in changing economic circumstances.  Our H1 FY24 performance demonstrates good momentum. As we look forward, we’re sharpening our focus on Xero’s key levers of growth as we aspire to become a higher performing SaaS company. We will continue to balance growth and profitability, while delivering more value to our customers. Result highlights (All figures are in NZD and comparisons are made against H1 FY23)  Operating revenue $799.5m, up 21% YoY Subscribers 3.945m, up 449,000 YoY Average revenue per user (ARPU) $37.38, up 6% YoY Annualised monthly recurring revenue $1,769.5m, up 19% YoY EBITDA $206.1m, up 90% YoY Operating income $67.4m, up $46.7m YoY Net profit $54.1m, up $70.2m YoY Free cash flow $106.7m, up $91.1m YoY Total subscriber lifetime value $14.8b, up $1.8b YoY Gross margin percentage 87.5%, up 0.5pp YoY In this next chapter, we will look to optimise our levers for growth and deepen customer engagement across our portfolio. As part of this evolution, we have provided updates on four key areas to deliver on our global aspirations: Sharpening Xero’s focus on segments and mix as a key lever for growth  US business review shows focused growth opportunity in two key segments with more consistent execution Evolving Xero’s executive leadership team to manage a global portfolio AI – a key part of Xero’s current offerings and opportunity to invest and experiment further More detail on these strategic updates can be found in our ASX Announcement, Investor Presentation and on Xero’s Investor Centre. We’re pleased to deliver this strong operating result. Xero provides a product customers love and value, as shown by our continued revenue growth and improving profitability. We are committed to evolving our business to deliver on our global aspirations. The opportunity ahead is significant and we remain focused on our vision, to be the world’s most insightful and trusted small business platform. On behalf of everyone at Xero, I would like to thank you for your ongoing loyalty and support. Best, Sukhinder Singh Cassidy CEO The post Xero’s H1 FY24 financial results: Evolving Xero to deliver on our global aspirations appeared first on Xero Blog. via Xero Blog https://www.xero.com/blog November 08, 2023 at 04:25PM

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Xero Beautiful Business Fund: Congratulations to our partner referral winners!

Xero Beautiful Business Fund: Congratulations to our partner referral winners! https://www.xero.com/blog/2023/11/beautiful-business-fund-2023-partner-referral-winners/ Wow – what an amazing response we’ve had to the Xero Beautiful Business Fund! There are truly some incredible small businesses out there in the world, and some wonderful accountants and bookkeepers who support them. Thank you to everyone that has applied, and for helping get the word out and encouraging small businesses to get involved. We’re pleased to announce the winners of our partner referral competition below: Visa card winners (drawn from those who had 1 – 9 referrals) Entrants went into the draw to win a Visa (or equivalent) gift card (1 entry into draw per referral), with 5 to be won worth NZ$200 (or equivalent currency). T&Cs apply. The winners are: Faith Maclennan, Faith in Numbers, Australia Amy Haydon, AHS Limited, New Zealand Megan Velo, Coda Numbers, Australia Tonya Ylivainio, Canada Dawn Hatch, MATAX, US Xerocon 2024 grand prize winner (drawn from those who had 10+ referrals) Entrants went into the draw to win the chance to go to a Xerocon in 2024. One lucky winner gets the choice of attending a Xerocon in London or Nashville next year, including a travel voucher to the value of NZ$7,000 (or equivalent currency), plus a Xerocon pass. T&Cs apply. The winner is: Iridium Business Solutions, South Africa Congratulations to these six partners! Again, a massive thank you for your efforts in getting the word out there about the fund to small businesses. Partner referral competition details The partner referral competition ran in parallel with the main competition, and was a chance for our accounting and bookkeeping partners to be rewarded for spreading the word to their clients. When small businesses applied to the fund, they were asked on the application form if they were referred to the fund, and to name their accountant or bookkeeper and the firm in their application. For each successful referral, partners went into the chance to win. You can read more on our blog here. More winners to come With so many amazing stories, our judges have had a genuinely tough job working through all of the wonderful and deserving submissions. The good news is that we’re one week out from sharing the regional and global Xero Beautiful Business Fund winners – it’s going to be really special, so watch this space. The post Xero Beautiful Business Fund: Congratulations to our partner referral winners! appeared first on Xero Blog. via Xero Blog https://www.xero.com/blog November 06, 2023 at 11:14PM

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Xero welcomes new members to Aotearoa New Zealands Partner Advisory Council

Xero welcomes new members to Aotearoa New Zealand’s Partner Advisory Council https://www.xero.com/blog/2023/11/introducing-the-new-aotearoa-xpac-cohort/ Xero has the pleasure of welcoming seven new members to its new Xero Partner Advisory Council (XPAC).  The XPAC has been reintroduced into Aotearoa and is made up of a diverse panel of accountants and bookkeepers who are both thought leaders and trailblazers for the needs of the sector.  The latest members are as follows: Trudi Ballantyne – Director, Stem Rural Accountants Limited Louise Holmes – Director, Red Office Limited Manoli Aerakis – Managing Director, Malloch McClean Tasman Kayur Patel – Senior Manager, PriceWaterhouseCoopers New Zealand Josh Wilson – Director, The Software Coach Limited Amie Lorenzen – Director, Figuration Limited Mere Teinaki – Director, Northland Chartered Accountants Limited These seven members bring with them a wealth of knowledge and a proven track record of success. They understand Xero and are able to create better experiences and outcomes for small businesses across Aotearoa New Zealand.  Bridget Snelling, Xero Country Manager, said: “We are overjoyed to have such a fantastic and talented group join XPAC. Customer experience and satisfaction is at the centre of our ethos, and we look to continue providing the best service while being informed by those who use it most.”  The XPAC team is a core part of the Xero ecosystem, playing a crucial role as a consultative group of industry experts who provide real-time, real-life feedback on behalf of the industry to drive meaningful change. Through open discussions, industry insights and actionable feedback, XPAC members seek to make a difference to Aotearoa New Zealand Xero partners, small businesses and their communities. The post Xero welcomes new members to Aotearoa New Zealand’s Partner Advisory Council appeared first on Xero Blog. via Xero Blog https://www.xero.com/blog November 06, 2023 at 03:00PM

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Xero Awards UK: Introducing our 2024 judges

Xero Awards UK: Introducing our 2024 judges https://www.xero.com/blog/2023/11/xero-awards-uk-2024-judges/ We’re excited to announce our official judging panel for the Xero Awards UK 2024. This year’s panel is made up of Xero leadership, as well as guest judges from the Xero community, including previous Xero Award-winners and industry leaders. They’re taking on the difficult task of selecting our winners for the 12 accountant, bookkeeper and app partner award categories. It’s time to meet the guest judges! Pam Phillips: Managing Director, de Jong Phillips Pam joins us again as one of our judges, and is a true Xero advocate, flying the flag for how Xero and cloud software can transform business operations. She runs a slick operation at de Jong Phillips and is living proof that the future of the accountancy industry can be flexible and inclusive, while still ensuring that excellent client service remains at the core. de Jong Phillips was a Xero Award winner for Small Firm of the Year in 2022, and Pam was also awarded Xero MVP. She is an industry leader and an inspiration to many. Russell Frayne: Head of UK Digital Accounting Solutions, Azets Russell leads the adoption and optimisation of digital accounting solutions across the UK for Azets. Working closely with software providers such as Xero, Russell ensures the company is harnessing the latest technology to empower the Azets teams to deliver tailored services to their clients. Azets was a 2023 Xero Award winner for National Partner of the Year, while Russell sits on our XPAC board. We look forward to having Russell on the panel this year. Georgi Rollings: Co-CEO, Starfish Accounting Ltd Georgi is a Founder and Co-CEO of Starfish Accounting. New to our Xero Award judging panel this year, she brings a wealth of expertise and experience to the table. Always flying the Xero flag, Georgi participates in panels, podcasts, case studies, lobbying of the government, XPAC, and more! It’s no surprise then that she was our 2023 Xero MVP, for her unwavering support of Xero and for the exceptional service she and her business provide to their clients. Matt Flanagan: Co-Founder, Appacus & Managing Director, BlueHub A long-time Xero Award judge and partner of Xero, Matt is an expert on apps and technology, with a wealth of experience advising accounting firms and businesses on what to implement and how. Digital transformation is at the heart of everything Matt does, and he has spent years learning about the best of the best in tech that helps businesses take their offering to the next level. Emma Fox: Founder & Managing Director, Fresh Financials Emma is the Founder and Managing Director of Fresh Financials, a 100% digital bookkeeping practice, making physical receipts and invoices a thing of the past. Emma’s depth of Xero knowledge, commitment to her team, and support for clients and their ambitions is admirable. Fresh Financials took home our new 2023 Xero Award for Bookkeeping Partner of the Year at last year’s awards and continues to go from strength to strength. Emma also sits in our XPAC alumni, so we’re delighted to have her on the panel this season. Jonathan Gaunt: Director, FD Works A Chartered Management Accountant, Jonathan drives the commercial and strategic direction of his firm, FD Works. Working with clients to boost their confidence and decision making, helping them to achieve their goals and grow their businesses. This year FD Works took home Xero’s Community Impact Award for 2023, and Jonathan also joined us as a new member to our XPAC group.  It’s your time to enter! Submit your entry for the Xero Awards today – open until 11:55 pm GMT on Friday 10 November 2023. Finalists will be announced in February 2024. The post Xero Awards UK: Introducing our 2024 judges appeared first on Xero Blog. via Xero Blog https://www.xero.com/blog November 01, 2023 at 07:19AM

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2023 Xero Awards Canada Winners

2023 Xero Awards Canada Winners https://www.xero.com/blog/2023/10/2023-xero-awards-canada-winners/ Back in July, we announced the launch of the first-ever Xero Awards in Canada. This initiative celebrates Xero’s valued accountants, bookkeepers, and app partners by putting them in the spotlight and recognizing their commitment to excellence and ongoing support of the small business sector.  Thank you to each and every one of you who took the time and commitment to submit an entry. Our judges were so impressed by the quality of all submissions and found it incredibly difficult to select just one winner.  Congratulations to our winners There were 8 trophies up for grabs for the first year of Xero Awards in Canada — 6 of them dedicated to our accountants and bookkeepers and 2 to our app partners.  The winners are:  Accounting and Bookkeeping Awards  Accounting Partner of the Year: ConnectCPA  Bookkeeping Partner of the Year: Approved Bookkeeping Corporation Enterprise National Partner of the Year: MNP LLP  Cloud Champion of the Year: Avalon Accounting  Innovative Partner of the Year: LiveCA LLP  Community Partner of the Year: Grant Thornton LLP  App Partner Awards  Practice App Partner of the Year: Syft Analytics Emerging App Partner of the Year: Countable  Congratulations to our winners — we are so appreciative of everything each of you do for us and the small business community. We’re looking forward to celebrating our winners at our exclusive in-person event in November.  Thank you to our judges This year’s categories were reviewed by a panel of 15 judges, inclusive of a cohort of tech and accounting industry leaders. A massive thank you to them for taking the time to review each entry and supporting this community.  To read more about our judges or find out more about the winners, visit our website here.  The post 2023 Xero Awards Canada Winners appeared first on Xero Blog. via Xero Blog https://www.xero.com/blog October 17, 2023 at 10:00AM

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Our new AI-powered contact predictions have arrived

Our new AI-powered contact predictions have arrived https://www.xero.com/blog/2023/10/new-ai-powered-contact-predictions/ We recently announced at Xerocon Sydney that our team was busy enhancing the AI algorithms that power bank reconciliation in Xero, so it would recognise new contacts in your statement lines (even when they’re not in your contact list). We’re excited to share that this new feature is now live and available to all Xero customers globally. Here’s how it works and how to recognise it when it appears in your bank reconciliation. How new contact predictions work Our predictions use Xero’s business register to identify business names in your statement lines, based on millions of past data points across Xero. So when we see names like ‘Amazon’, ‘Transport for London’ or ‘Officeworks’, we can be pretty sure they are legitimate businesses. If you’re trying to reconcile this statement line but don’t have these business names in your contact list, Xero will suggest these as new contacts, saving you precious time. The business register is really picky about accuracy, so it only recognises exact business names. For example, it won’t validate a misspelled name like ‘Amarzone’. This ensures our business register only contains genuine entities, and helps us avoid suggesting incorrect business names as new contacts. How to recognise new contact predictions in Xero You’re probably already familiar with our existing bank reconciliation predictions, where we display existing contact and account codes in italics. The new contact predictions will also be in italics, but will display a ‘NEW’ tag in the contact field for both spend and receive (cash) transactions. They won’t show up every time (the business register currently focuses on larger businesses to stay as accurate as possible) but the ones that do will make it easier for you to complete your bank reconciliation and get on with your day. Supercharging your bank reconciliation with AI AI already powers a range of products across Xero, and we’re continuing to enhance our algorithms to help you streamline time-consuming, manual processes and deliver the right insight at the right time. This new feature is another step on this journey, and we can’t wait to hear what you think. You can share your feedback and product ideas over at  Xero Product Ideas. The post Our new AI-powered contact predictions have arrived appeared first on Xero Blog. via Xero Blog https://www.xero.com/blog October 04, 2023 at 01:05AM

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How beating the digital drag can help fuel your small business growth

How beating the digital drag can help fuel your small business growth https://www.xero.com/blog/2023/10/beating-the-digital-drag-uk/ From your local plumber and barber, to your favourite cafe, these small businesses sit at the heart of our communities. They are the ones driving jobs, economic growth and a place for people to come together. These smallest businesses — those employing up to nine people — make up 15% of the UK’s turnover, and provide over a quarter of jobs.  But despite this, a “digital drag” is holding the smallest firms back from reaching their full potential.     Our Beating the “digital drag” report with the Centre for Economics and Business Research (Cebr) reveals these businesses could generate £77.3bn in extra revenue and create 885,000 new jobs if they digitalised at the rate of the top 20% of tech adopters.  Just 30% of small businesses (0-9 employees) have increased their use of digital technologies since 2019, compared to 69% for larger SMEs. But those that digitalised most in the last four years grew their revenue by 8.1% over the same period. The slowest suffered a decline of 4.7%. This highlights the huge opportunity for the UK’s smallest businesses.  Overcoming obstacles to find the right tools Taking steps towards greater digitalisation can be hard, but Huib Maat, founder of perfumery Pairfum London has faced these challenges. “We already have to wear many different hats as small business owners, so it is difficult to add too many tools, as each one of them has a learning curve before we become an expert. I would definitely appreciate more expert advice and guidance that’s tailored to my size and type of business.” But investing in the right tools has paid off for Pairfum. “For every new piece of tech we consider bringing into the business, we assess whether we can afford it, how easy it would be for our team to use it, and crucially, how much of an impact it will have on our productivity. But when the right tools are used, they can transform a business. We are currently experimenting with AI in the development of our next range of fragrances and products.”  Tips to beat the ‘digital drag’ If you’re caught in the “digital drag” and overwhelmed by the choices out there, here are our tips to help choose the right technology for your small business: Set clear expectations: help staff embrace new by tackling psychological and behavioural barriers. Part of this comes down to talking plans through so everyone knows what’s expected of them, and how the tech will help them do their jobs. Prioritise the right tech: start with the options that will have the most impact. Think not just about what the tech can do, but how it will fit into company culture. Predict trouble spots: think about all the things that could go wrong. Advance planning can reveal any hidden threats and help avoid any teething problems. Balance costs and benefits: create lists of the costs and benefits. Being objective helps overcome any resistance to change by identifying exactly what’s at stake. Put into practice: check out relevant training and support from industry bodies, groups or trade associations. Working with a mentor or advisor (like an accountant or coach) is another great way to develop a strategy and boost skills in key areas.  Learn and adapt: reach out to people, like an accountant or business coach, who might be able to offer insight into how similar businesses have digitalised, and what benefits they have enjoyed. Find out what did and didn’t work for others.   To dive further into the research, read the full report here. The post How beating the digital drag can help fuel your small business growth appeared first on Xero Blog. via Xero Blog https://www.xero.com/blog October 03, 2023 at 06:36AM

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Xero UK Roadshow 2023: Bringing practice efficiency to you

Xero UK Roadshow 2023: Bringing practice efficiency to you https://www.xero.com/blog/2023/10/xero-uk-roadshow-2023/ We’re excited to be coming to a city near you with the Xero UK Roadshow, bringing you the latest updates in Xero. From fresh features to the latest industry trends, there’s so much on offer to help you run your practice more efficiently so you can do more of the things that really matter. We’ll be visiting six cities between 31 October and 22 November 2023:  London: Tuesday 31 October Bristol: Thursday 2 November Birmingham: Tuesday 7 November Belfast: Thursday 9 November Edinburgh: Tuesday 14 November Manchester: Wednesday 22 November Check out the Xero UK Roadshow agenda and register for your free ticket. Whether you’re new to Xero or a seasoned expert, there’s something for everyone. Why not bring your team with you to experience being part of the Xero community? Boosting your practice efficiency Supercharging the Xero community is what this year’s Roadshow is all about! From boosting your workflows, to maximising practice efficiency.  Deep dive with our Xero experts into the ins and outs of how your practice can be more efficient, get to grips with some product hacks and see how you can become your best self at work.  It’s time to discover how to increase efficiency with our integrated bookkeeping, accounts and tax software. Here’s what’s in store for you: Community and connection: Learn from the best and engage with a vibrant community of Xero experts, exchange ideas, and establish vital connections to boost your practice’s efficiency. Connect with like-minded accountants, bookkeepers and the wider Xero community and share wins, challenges, tips and tricks. Education: Immerse yourself in enlightening sessions led by the Xero Education Team equipping you with the knowledge and strategies to streamline your practice and do the things that matter most. Stay ahead of the latest industry trends: Stay at the forefront of the latest Xero integrated bookkeeping, accounts and tax software and resources designed to help you drive growth and practice efficiency. Our experts will be on hand demonstrating the power of Xero and helping you discover fresh features, apps and ideas that can boost your practice. Be inspired: Let the speakers and Xero experts inspire you and your team with new insights that you can put into action when you return to work. Uncover the secrets for achieving a high-performing, efficient practice and actionable steps to get there. Client Success: Explore innovative approaches to assist your clients when they need it most, contributing to your practice’s overall efficiency. It’s a win-win all round!  Whether your aim is to enhance your practice’s growth, empower your clients to thrive, or maximise your utilisation of Xero, you will depart with valuable insights and a broader perspective for your practice, so you can do more. Exhibiting app partners This year, we are excited to feature a fantastic lineup of exhibiting app partners! Come and chat to our integrated app partners to see how they can help your practice run smoothly and your clients succeed.  Don’t miss out! Spaces are limited and filling up quickly, so register today to secure your place.  Supercharge your practice by registering for your free ticket now.  The post Xero UK Roadshow 2023: Bringing practice efficiency to you appeared first on Xero Blog. via Xero Blog https://www.xero.com/blog October 03, 2023 at 02:42AM

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Xero Beautiful Business Fund: One week to go! Apply now

Xero Beautiful Business Fund: One week to go! Apply now https://www.xero.com/blog/2023/09/one-week-to-go-beautiful-business-fund/ There’s just one week to go to get your applications in for the Xero Beautiful Business Fund! Applications are closing Friday, 6 October 2023 at 5:00 pm local time in your country (AEST, NZDT, BST, PDT, SAST or SGT). A huge thank you to all of those who’ve already applied, and those that have shared news of the fund through your networks. First time hearing of the Xero Beautiful Business Fund? It’s not too late to get involved! The Xero Beautiful Business Fund is a NZ$750,000 initiative that we set up to support Xero small business customers who want to take the next step in various aspects of their business. Applying is really easy – all you need to do is put together a maximum 90 second pitch video, upload it to our competition website, and fill out the application form. Categories We’re seeking applications from eligible small businesses across any of the following four categories: Innovating for sustainability – For small businesses who want to take the next step on their sustainability journey. For example, it could be to move to sustainable packaging, implement energy-efficient equipment or carbon neutral transport. Trailblazing with technology – For small businesses seeking to innovate. This could include digitalising parts of their operations or integrating new emerging technologies. Strengthening community connection – For small businesses or non-profits who strive to give back to their communities. It could be to contribute to philanthropy, social good, or make an impact on the community in a meaningful way. Upskilling for the future – For small businesses seeking to support upskilling for themselves or their employees. This could include access to training and other professional development opportunities. Prizes The prize pool is worth a total of NZ$750,000 and is split across a fixed amount per category per country. Each of the regional judging panels in each of the seven countries where the competition is running will select four winners (one for each category) for a total of 28 regional winners. Each winner will receive NZ$20,000 in funding or a regional equivalent. The pool of regional winners (28 winners total) will then be evaluated by a global judging panel and 4 global winners (1 in each category) will be identified and receive an additional global prize of NZ$50,000 in funding.  You can read more about the categories and prize pool here and how they’ll be judged here. More information Looking for more information? See our resources below to help you get started: xerobeautifulbusinessfund.com – This is where you’ll head to when you are ready to apply!  xero.com/beautiful-business-fund – Check out this page if you need more information about the Fund, including our FAQs and details for accounting and bookkeeping partners about our partner toolkit to help share the news about this new initiative.  Contest eligibility & judging criteria – Learn more about our contest eligibility and judging criteria for the Xero Beautiful Business Fund. Remember, our full terms and conditions are available online here.  Funding categories & prizes – You’ll find more details on our funding categories and our global and regional prize breakdown.  We’ve also published a number of blogs with more information you can reference:  How to apply & application tips Ways for accountants and bookkeepers to get involved Apply now to help your business achieve its sustainability goals  Not-for-profit? You’re a small business too, so apply today!  Apply now to upskill your team for the future Thanks again to all of our small business customers who have already submitted an application. We can’t wait to hear more about your future business aspirations and learn about your story when the judging period commences. The post Xero Beautiful Business Fund: One week to go! Apply now appeared first on Xero Blog. via Xero Blog https://www.xero.com/blog September 28, 2023 at 08:33PM