Episode 26 - Under the hood of Xero with Steve Vamos

Digi-Tools In Accrual World

In line with Xerocon 2022 - the first Xerocon in the UK for 3 years (!) - we sit down with Steve Vamos, CEO of Xero, to talk about what is really driving the Xero product. Is it software, people, culture or customer need?
As with all our pods you can trust we asked some prudent questions and get to know more about the new world Xero mindset. Big thanks to Steve and the whole Xero team for their support in making this happen. If you're missing out on Xerocon then here's 50 minutes you won't want to miss.

Combined with app news for a bumper update on industry happenings. Featuring:

• The global talent shortage for accountants – Accounting firms must “discover, create and train” talent amid global shortage (accountancyage.com)

• Sage and ACCA - announce release of e-learning on accounting software and cloud accounting tools – hitting more than 30,000 students - Post | LinkedIn

• Accountants voted best kissers in Britain – poll of 2.000 Brits by Plenty of Fish – Accountants are voted the best kissers in Britain ahead of doctors and nurses | Daily Mail Online

• E-invoicing in France to become mandatory from July 2024 - https://www.avalara.com/eu/en/learn/events/webinars/e-invoicing-and-e-reporting-in-france.html?campaignid=7015a000001iyxoAAA&campaignname=EMEA%20MKT202201%20E-invoicing%20in%20France%20webinar%20-%20Internal%20Email

• MTD ITSA – Three line (technically two (income and expenses) submissions allowed for ITSA below VAT threshold - MTD ITSA legislation: HMRC green-lights three-line accounts | AccountingWEB

• MTD for VAT penalty systems – from 1st June 2022 - £400 for not filing through software - £5-£15 per day for not keeping digital records – comment on digital links. Up to £5,475 annual penalty for digital link breach – 100% for not using checking systems - The lowdown on HMRC’s penalty system for MTD for VAT - FreeAgent

• Changes in mid-tier ERPs. Dynamics biggest grower in mid to large at (5 to 7% market share), Oracle (2 to 4%), SAP up 1% and AccountsIQ up 1%. Sage gained 2% in small business space. Sage biggest growth in mid tier space at 6% - Finance system upgrades take off in the mid-market | AccountingWEB

• Xerocon partners – Major names, with focus on payment solutions. Comma as newcomer - Introducing our Xerocon London event partners | Xero Blog

• Xero release – bank statement extraction through Hubdoc US and Canada (no uk?) - Coming soon: Making it easy to import transaction data into Xero | Xero Blog Hubdoc auto add contacts, update planned payment dates in bulk in xero analytics - Latest product news — July 2022 | Xero Blog link of contacts between HQ and XPM The next step in our journey towards a unified client record | Xero Blog

• Sage – terminating accounts below v26.2 from Sep 22

• Coconut supports CIS reporting on income – adjust per transaction (rather than rule) - Coconut now supports subcontractors on the Construction Industry Scheme | AccountingWEB

• Syft updates – excel connector, updates to dashboards with prior period data, audit tracking for anomalies, dormant accounts tidy, sales product tracking

• Timworks release mobile app for chat style communication with clients, including document exchange - https://www.loom.com/share/7c466aad9efb479da34305f4fcdcf270

• Paycaptain integration with Pensionsync – payroll and financial wellness solution founded 2020 – budgeting tool for individuasl linked to the payroll portal - PayCaptain launches PensionSync integration | AccountingWEB
• Skore – release of project spinnaker which is a full refresh of their system – Driving ROI on system changes – Scrutton Bland - How Scrutton Bland deliver incredible ROI and Benefits to clients | AccountingWEB

• Capsule – expands into project management functionality - FW: More project management features for you - [e-mail] - Gmail (google.com)

• IRIS Elements releases 6 new connections - Proposals, AML, Accounts production, Tax, Practice management and financial performance review- Post | LinkedIn

• Quotien releases scheduled emails for quotes - Fwd: Introducing Schedule Email - [e-mail] - Gmail (google.com)

• Hammock raises $5.5m - Hammock raise ratchets up MTD landlord competition | AccountingWEB

• Accounting Excellence finalists – well done to the line up of great people. Shout out to Emily Deakin, Rachel Martin, Samantha Mitcham, Pink Pig financials (Cheryl Sharp), Accounts and Legal (Stuart Hurst), de Jong Phillips (pamela phillips), Ad Valorem (Nigel Adams), Alex Falcon, and all the team at Capitalise, Clarity, Fathom, Join, Reducer, Airpa, Dext, Crezco, Iplicit, Sage, Konsolidator and Karbon. Interesting range of apps - 2022 Accounting Excellence finalists revealed | AccountingWEB