Doubling Down on Purpose: Key Takeaways from the Xero Roadshow

I recently had the opportunity to attend this year’s Xero Roadshow, and the theme that stood out was "Doubling Down on Purpose." This year, it was all about how we can leverage technology to articulate our value to clients more effectively while reconnecting with the core reasons we chose this profession in the first place.

At its heart, doubling down on purpose is about being intentional with everything we do - whether that’s the client solutions we provide, the experiences we create, or how we use technology to unlock new possibilities. It’s a reminder that clarity of purpose drives growth, and every decision should be deliberate and thoughtful. So, what will we be doubling down on as we move forward?

Key Feature Highlights from Xero Roadshow

Xero introduced some exciting updates and tools that will help us better support our clients and work more efficiently:

• Client Insights: This tool gives us an overview of key financial health metrics for all our clients in one place. Accessible through Xero HQ and Practice Manager, it allows us to compare client performance, analyse trends, and identify risks and opportunities. A standout feature for me is the bank reconciliation status, which ensures data accuracy and gives us the confidence to have more meaningful conversations with our clients about the health of their business.
• Superannuation Improvements: Xero has made some great upgrades to payroll, particularly around superannuation. Now, for returned payments, we can withdraw them from a batch and resubmit. This gives us more control and streamlines the process, making it clearer and more efficient.
• Payments and Cashflow Enhancements: Xero is making it easier for clients to pay, which is key as 86% of clients prefer paying by credit card online or in person, but only 55% of businesses offer this option. With Tap to Pay coming to the Xero app, payments can be made directly through mobile phones, without needing a terminal. This is a massive efficiency gain, and businesses using online payments get paid twice as fast which is a massive boost to cash flow also!
• New Invoicing and Bill Payments: While Xero didn’t dive deep into specifics, they reassured us that missing features from classic invoicing will be available before the classic version is phased out. For Bill Payments, a new feature allows bulk drag and drop, duplicate checking, and bulk review and approval - saving both time and effort.
• JAX – Just Ask Xero: Xero also introduced JAX, an AI assistant designed to help streamline our processes. Think of it as the Siri for Xero - it can manage tasks, provide insights, and handle routine jobs like adding late fees or sending payment reminders, potentially transforming the way we handle account collections.

The Role of AI in Accounting & Bookkeeping

A major topic at the Roadshow was Artificial Intelligence (AI) and its impact on the accounting and bookkeeping industry. Over the past 20 years, we’ve evolved from using spreadsheets to cloud-based software, and AI is simply the next phase in that evolution. While it’s natural to feel uneasy about new technology, AI isn’t here to replace us - it’s here to make our work easier.

Tasks like bank reconciliations or bill payments can be automated, freeing us up to focus on what really matters: building strong relationships with clients. Our value isn’t in the day-to-day transactions, but in the conversations we have and the strategic insights we provide. AI helps us work more efficiently, increasing our capacity to deliver better services and support to our clients.

Moving Forward

The Xero Roadshow was a reminder that purpose is the driving force behind everything we do. As we embrace these new tools and technological shifts, we can continue to lead the way in our industry. Change can be uncomfortable, but the long-term benefits are worth it. By staying intentional and purposeful in our approach, we can create better experiences for our clients and set ourselves up for future success.

Book a discovery call with Sarah

PS. Whenever you’re ready, here are 3 ways we can help you eradicate financial stress in your accounting firm or professional services business – faster …

1. Sign up to our LinkedIn newsletter, published weekly. You can sign up here: Eradicating Financial Stress
2. Book a time with me privately and we’ll do a deep dive into your Xero file to help you optimise for cash flow, efficiency and growth. Click here to book: Book a time with Sarah