Small business accounting technology maker Xero opened its annual Xerocon event in Nashville, Tennessee, on Wednesday, hosting more than 1,000 accounting professionals, financial advisors, and business consultants. Worldwide, the Xero platform has more than 4.2 million subscribers.
During the morning’s keynote session, Xero CEO Sukhinder Singh Cassidy welcomed the attendees and then discussed the accomplishments the company has made in the last year with “resetting foundations, shaping aspirations, and, quite frankly, going for it!” Key among these achievements has been Xero’s drive to accelerate technology velocity, continuing to evolve its leadership team, and strengthening its technology, data, and AI development.
Earlier this year, Cassidy shared the company’s three year strategy with investors, which is based upon four pillars. Key among these, she said was “winning the 3-by-3,” which she explained as the three core markets of North America, the UK, and Australia, and the three core job functions of small business (SMB) management: Accounting, Payments, and Payroll.
Cassidy also highlighted Xero’s efforts to build a next-generation way to go to market, through partners and direct channels, and to incentivize people to use the program. She said Xero’s AI focus is on making experiences seamless, automating the right tasks, and she emphasized that when AI meets mobile it will be able to do amazing things.
Among the recently added features that were heavily promoted at Xerocon were the addition of the new AI-powered Just Ask Xero (JAX) system, currently in beta, which is designed to assist users wherever they work, automating accounting tasks and delivering personalized insights, so they can focus on advisory. Jax is expected to be available in the third quarter this year.
Cassidy was followed by global chief product officer Diya Jolly, who told the audience that in the past 18 months, Xero has dramatically increased the number of bank feeds that it can automatically sync with, which rose from 20 to more than 700.
Additionally, Jolly noted the growth in technology vendors that are now offering integration or partnership functions with Xero, from payroll and 1099 automation, to advanced reporting and analytics, as well as AP and AR management, more options for invoicing, including buy-now pay-later, in-person options via Square, or SMS text based acceptance.
Several of the Xerocon speakers reminded attendees of the core mission of Xero: “Xero exists to make lives better for people in small business, their advisors, and communities around the world by rewiring the world of small business by making it seamless, simpler, and smarter.”
In a separate interview with CPA Practice Advisor, James Bergin, executive general manager of technology research and advocacy, noted that Xero is uniquely positioned to lead in the AI space for small business management and advisory because the system was “born in the cloud,” and as such, technology advancement is ingrained in the DNA of Xero.
“Firms need to be agile, nimble, and responsive” to keep up with the dynamics of modern business and technology, he said. Bergin also discussed Xero’s plans for AI and how it can change the way accountants and businesses work, as well as how they will need to evolve and embrace the technology.
“Technology is a catalyst when trying to make something intuitive, beautiful, and magical,” he added. “Sometimes the technology jump isn’t a large jump – you can see the magic – and the wow – so, the key is seeing that and knowing how to deploy it.”
Xerocon 2024 will continue through Thursday 8/15 with educational events and new technology showcases, wrapping up that evening with a social event.
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