Accountex USA 2017: 5 lessons learned from this year’s conference
Last week, Xero was part of Accountex USA, an accounting technology conference. It educates accounting professionals on the landscape ahead for their practices. One of the best things about conferences is the ability to connect with the community, as well as the fantastic takeaways that can help you build a game plan for the year ahead. As automation and artificial intelligence continue to become more commonplace, here are some of those takeaways from Accountex that you can use to help you prepare for the future.
Building a Solid Technology Strategy is More important Than Ever
The app ecosystem and how automation can change your business were strong themes this year. Many sessions, including our very own Ryan Watson’s on Zen and the Art of App Integration, talked about the power of app integrations. They showcased the ways that technology can be leveraged to automate manual data entry work which will free up time to enable accounting professionals to build out their advisory skills.
“Technology gives us leverage,” Ryan Watson, Principal at Unsourced Accounting and Xero Ambassador, says. “If we can automate the kinds of things clients are used to seeing from their accountants, like basic bookkeeping and reporting, we can focus our time instead on delivering the kinds of things they’re not used to seeing – business strategy, financial modeling, and process improvement. Technology is our secret weapon, so nailing the tech stack for each client and workflow is critically important.”
It’s not just about the tech: Process is Important
In his session titled, “Evolution of the Accounting Technology Ecosystem”, Jamie Schulman of Hubdoc stated, “It’s not just about apps. There IS app overload. It’s also about your processes.” This message resonated throughout sessions and discussions during the conference.
Change is difficult and having a solid change management strategy is imperative to success. Each person impacted, from the champions in your business eager to adopt all the way to the clients who may need more convincing, should be accounted for in your process. Create a solid strategy and map out the changes and impacts across your stakeholders. Also build a timeline for how you will implement new technologies and how they will affect your business and your clients.
Take time to work on your business, not just in it
Helping clients succeed is often a primary mission of many Xero partners. And you’ll be in the best position to do that when you keep the health of your business in check as well.
Misty Megia, Head of Accounting Programs and Education Strategy at TSheets, comments that firms should “take time to work on their business, not just in their business”.
“A main point that came out of our session, Tech Success Guide with Donny Shimamoto, Rachel Fische, and Randy Johnston, was to take the time to build out your processes – on-boarding new team members, on-boarding clients, adopting technologies, creating security protocols and processes for your firm and your clients,” Misty explains.
Take stock in what your company needs on a regular basis, keep up to date with best practices and new possibilities. Attending conferences like Accountex USA and Xerocon are excellent ways to focus on what your business needs.
While on the journey of change, be sure to stay true to yourself
Amy Vetter delivered a great keynote on work-life harmony. She explained that work-life harmony has never been more important than when you’re adopting new technologies and making major changes in your business and your life. It’s easy to work long hours, later and later days and forget what connected you to your passion to do this work in the first place.
As Amy states, “technology has enabled us as accounting professionals to create more efficient processes in our businesses with our clients. When we are happier at home or work, we show up better when interacting with our clients and co-workers. Finding those activities that bring out your authentic self enables you to connect with who you really are and be more present and productive at work.”
So ramp up, educate yourself, adopt new technology and establish new ways of doing business. But also take the time to build in harmony in your life, for both work and home.
Lastly, change is a constant you can count on
In this industry, change is happening from the applications automating work to. The ecosystem infographic created by Accountex shows just how rapidly change happens. A few years ago when Accountex created the graphic, there were a 200 solutions in 27 categories. Now, 30 categories show 700 solutions.
“The sheer number of players in the accounting technology field has increased rapidly,” says Kacee Johnson, Founder of Blue Ocean Principles. “There are new solutions every year in addition to the familiar ones that accounting professionals have to evaluate and consider. The technology changed, but so do the players. The number grows as fast as technology changes.”
When it comes to new technology, disruption is inevitable. What isn’t is the fate of those that adapt to change and embrace new ways of working. At Xero, machine learning and artificial intelligence are changing the way our software helps accountants work smarter and faster. The next wave of accounting is just forming. By taking these steps, you can put yourself on the path to a strong future.
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Source: Xero Blog
