Today, we kicked off Xerocon London 2022 and it was clear from the excitement and buzz at the event that our accountants and bookkeepers, app partners and exhibitors were as happy as we were to come together again as a community.
Thank you to the more than 2,000 delegates and app partners who joined us today.
I opened the event outlining our vision and the steps we are taking to become the most trusted and insightful small business platform. Rachael Powell, Chief Customer Officer, introduced our new UK & EMEA MD Alex von Schirmeister, and Anna Curzon, our Chief Product Officer, led the discussion on new product enhancements and announcements. She was joined on stage by Christian Brondum, CEO of Planday and Mark Rees, our Chief Technology Officer.
It’s been great to see everyone in person again – to have the opportunity to come together to learn, to be inspired and to have some fun. And importantly, to remind ourselves of the important purpose we share of making life better for people in small business, their advisors and communities around the world.
Here’s a quick breakdown of some of the highlights from day one of Xerocon London 2022.
Tackling the cash flow crunch
First, we talked about the challenging environment in which accountants and small businesses are working through in our Xero Small Business Insights special report Crunch: Cash flow challenges facing small businesses. Launched today, the report found that the average UK small business faces cash flow crunches – where monthly expenses exceed revenues – for more than four months each year.
In addition to managing cash flow and getting paid on time, small businesses will need to comply with government legislation Making Tax Digital (MTD) which impacts over four million businesses across the UK.
However, with challenges come opportunities for those who are open to an environment that has more small business startups than ever before, a growing appetite for digital adoption and an increasing need for advice and support from an accountant and bookkeeper.
Get going with Xero Go
Anna Curzon shared an exciting new product – unveiling the early release of Xero Go – a mobile app that caters to the growing accounting needs of self-employed businesses and their advisors in the UK.
With the number of sole traders in the UK seeing significant growth over the last two decades, Xero Go is a freemium app that will make it easier for them to access accounting software, streamline time-consuming tasks, and provide a more cost-effective entry point into cloud accounting.
With MTD for Income Tax Self Assessment (MTD for ITSA) on the horizon – Xero Go is designed to help the self-employed get prepared for one of the largest ever changes to the UK tax system.
Adapt to the changing world of work
Today we also released our Changing world of work report, tackling workforce challenges and how technology can empower employers to navigate them. It found that managing a workforce in the current environment is taking its toll on small business employers, with nearly half (49%) admitting this is negatively impacting their mental health.
We want to support small businesses to overcome these challenges, so for the first time we showcased our workforce management suite including Xero Payroll, Xero Me and Xero Expenses. Not only that, we also unveiled new updates to our Xero Payroll integration with Planday.
The integrated solution will enable small businesses to feel more in control, and help advisors spend less time chasing clients for timesheets and validating employee data accuracy.
Final thoughts
Finally, I really enjoyed the time I spent walking around the exhibition hall and meeting so many of our app partners and exhibitors. It was great to hear about all the amazing work they are doing to innovate and transform the accounting and bookkeeping industry.
A personal highlight for me was interviewing Bex Smith for my podcast ‘What Led You Here’ – where she spoke about her inspiring personal journey from international professional footballer to small business founder.
I can’t wait to do it all again tomorrow.
