We’re still buzzing after just wrapping up the first Xero Roadshow in Canada. It was so incredible to get out on the road and connect with our Roadshow attendees over the past week or so – our accounting partners and those who came along to find out what Xero’s all about. I’ve been with Xero for three years, and to be here now leading Xero’s Canadian team is truly exciting.
As we closed our final event of the series, one thing was cemented for me: there has never been a better time to be a part of the Canadian accounting community. Here are some of my key takeaways from the first ever Xero Roadshow Canada.
Leverage the latest technology to get ahead of the pack
Adoption of the latest technology is a key differentiator for firms that are more successful – as evidenced in the Canadian Accounting Industry Report released at our Roadshow events. Identifying three accounting firm business models, the report highlights that accounting practices in Canada are experiencing a period of sustained growth:
- Firms focused on compliance work — helping clients with tax and other government reporting requirements — grew revenues by 15 percent.
- Firms delivering simple advisory services — working with clients on cash flow forecasting, budgeting and planning — grew by 17.8 percent.
- Firms capable of offering complex advisory services — helping navigate intricate business transactions — grew by 19.7 percent.
Accountants who embrace technology to evolve their practices – moving from compliance-focused services to broader complex advisory services – are experiencing the fastest growth. The Xero platform is the enabler for your firm to grow too.
Artificial intelligence isn’t the next big thing, people are
Many have predicted that automation will take over the world. Today, there are online platforms like Xero that are leading the world in artificial intelligence and machine learning capabilities – building everything from self-driving cars, to self-checkout, to autopilot-drones, to our very own code-free accounting. 30 years from now, platform processing power will be capable of things far greater than what we are experiencing today.
Accounting is often singled out when it comes to professions at risk of job loss as a direct result of automation. By freeing ourselves and our clients from data-entry, we are creating more opportunity for higher value and more meaningful conversations with our clients. These more meaningful conversations lead to quicker and better decisions being made.
Only half of Canadian small businesses survive past the five-year mark. Eighty-five percent of small businesses on Xero stay in business past the five-year point – and those who are connected to an advisor grow net profit 23% faster. Together, we can help small businesses survive longer, thrive earlier, and collectively contribute more to our Canadian economy.
In reality, our jobs are far more than computation, and there are a lot of things that computers just don’t do, and will continue to struggle with. And it’s these attributes that are central to the client-advisor relationship, where trust and communication drive success. Artificial intelligence isn’t the next big thing, people are. Businesses can only thrive with insights and meaningful conversations with their advisors.
There’s no better time than now to start your Xero journey
Our entire team is built around supporting you, your teams, and your clients on this journey together. If you’re looking to take the next step, join the Xero partner program today. You’ll get access to an entire world of resources only available to Xero partners.
Next, get Xero certified. Choose from our self-paced online course, live webinar or come along to one of the in-person certification sessions we’ll be holding across Canada. Once you’re on board, you’ll be assigned a dedicated account manager to support you along the way and help you develop your digital strategy.
I firmly believe that there has never been a better time to be an accountant or bookkeeper, especially here in Canada. Our team looks forward to being part of the thriving accounting community in Canada, and a part of your journey.