Want to know more about Xero?

We love Xero, but, ideally this is not the forum for Xero questions as the session started out. So we pushed over into business process. 

For those that want to know more about Xero and ask any questions, #xerocoffee on the First Friday of each month (except Good Friday) is a great place to learn more about what Xero can do for you and to troubleshoot any questions you may have. Sign up for Xerocoffee here

Talking Online Applications for Startups 

Software is important, but, the business values behind are the key.  

As the small business market looks to migrate to hosted storage, management tools, billing and accounting, the choice of software needs to be considered carefully just like any other large purchase or change in your life. 

The Engine Analogy

Since we talk about engine’s quite a fair bit in our analysis of software for your business, let’s compare the decision to buying a car. You could pick the best car, with the fastest engine in the world, this does not mean that the car is:

(a) the right choice for you, 

(b) going to make you the fastest or most dominant in a race, 

(c) mean that you are capable of driving the car as it was designed to be driven, or 

(d) you will get the perceived value you paid for. 

Cars like software applications have drivers. The skill of the driver, the skills of the assembly line, tires touching the ground and the ability to anticipate what’s coming around the bend are all skills needed to get the right products in the mix for your business. 

Building a scalable back end for your start up

At #startupbeers we focused on trying to not only talk about a great mix of applications that are available for businesses (Xero, eWay, Wufoo, Onelogin etc.) but, we also delved into why a business would choose these applications. 

In short, the purpose of these applications is to make sure that you have the right components and the desire and vision behind the wheel to scale your business in a fashion that is “new”. No longer do you need an army of labour to get things done and if you find yourself paying a “General”, then you should sit back and ask what steps he will put in place to negate inflation in the labour force. 

So, how do you build a scalable business model when you’re just starting out by yourself? 

Practising what we preach

It’s a strange analogy, but, one I’ve used to describe how Interactive Accounting has grown quickly and successfully. (I presented at #xerocon in Auckland in February on this very topic for accountants, check it out here:  The Modern Practice

The dinner plate analogy

At startup phase, the business is all you, a whole dinner plate. You are the business, there’s no denying it. We discussed what made it hard to separate out some of the functions and let this go: 

• Trust 
• Management Skills 
• Hiring the right person 
• Training time/costs 
• Systems in place 
• A brand (not just your relationships) 

Just to name a few. In short, it’s not a simple scenario you need to be prepared and the first step is the hardest. After this it becomes easier. The main aim is to split out roles and hire people that are excellent at these roles. In short, great leaders in industry always hire people smarter then themselves and make this known. 

but, wait, what happened to the beers? 

Beers were consumed, politics, security issues and the “how to put together” of online systems was discussed at great length. We also went through attendees website's with our in house digital guru, Rob Daly. 

So when’s the next #startupbeers?

Sign up here for the next startupbeers which will be on the 12th of April and if you can’t make it, send any questions via twitter hashtag #startupbeers and we’ll get back to you with the answers ASAP.

It was Valentine’s Day yesterday (in case you wondered why you were in trouble today) although love was not the main reason why over 200 accountants and bookkeepers gathered at Four Points Sheraton, Sydney....The Xero Roadshow had come to town.

After receiving our name badges other Xero goodies and a coffee we headed into the main room  to take our seats and quietly unwrap and devour the chocolate heart that the Xero team had lovingly placed on every table....apologies to the woman who arrived late next to me who didn't get one. 

Wayne Schmidt, Xero National Sales Manager and owner of the shiniest shoes I have ever seen, kicked off the day in his usual charismatic and infectious style with an introduction on Xero and what lay in store for the day ahead.

After a brief break Joel Hanna, National Training Specialist and Xero Jedi Knight, ran through some of the processes involved in converting customers from MYOB into Xero amongst other Jedi like tips and tricks...the force is strong with this one.

Lunch came and I caught up with the guys from Fathom, one of the events sponsors. Usually, the mention of analysis and reporting tools doesn’t really get blood pumping, however, one look at this new add on for Xero and I realise this is something completely different. At last someone has come along and actually ‘designed’ a reporting and analysis tool that is easy to understand for the even most financially illiterate and also looks totally awesome...good work guys.

In the afternoon there were more helpful tips from Xero Jedi Knight, Joel Hanna, on the general use and configuration of Xero...the force is strong with this one.

After another chocolate heart and more coffee, Chris Ridd, Managing Director of Xero Aus, touched on some of the new Xero features to come this year including:

• Ability to import and export budgets
• Integrated payroll
• Xero personal bank feeds
• Report packs (closed and full release)
• Android app
• Purchase Orders
• Tax code updates

It’s going to be an exciting year for Xero and users of Xero!

Stuart Mcleod, General Payroll Manager and Founder of Paycyle, then took us through the introduction of Payroll to Xero. A huge win for Xero, as this is one of the features that was felt as missing in the Xero offering. Stuart explained that as well as getting it’s own button on Xero it will also include the following features:

• Xero style reports
• Super and tax liability in money going out
• Leave liability included in balance sheet
• PAYG liability hooked to BAS reporting
• Time sheets for employees 
• Expenses syncing as reimbursements

This is great news for users of Xero, congrats to Stuart and the team. We look forward to it’s implementation in April!

Wayne then wrapped up the day with a summary of how we are now living through a new evolution of computing, coming from the first industrial computers, then to PC’s and now The Cloud. He’s right, computing has come along way and when he harked back to past computing practices and software such as Wordperfect and Lotus123, I’m glad it has.

Don’t be left behind, if you haven’t already moved your business to the cloud, then maybe 2012 is the year to do so. Exciting times are ahead!

Continuous Improvement

The notion of continuous improvement invokes the concept of never being "finished" and always developing out the highest priority items (from the customers perspective) first and using feedback to determine the priority, not a boardroom.  

In true Interactive Accounting style, we have tried to embody the mentality of continuous improvement, focusing on delivering a better experience for our clients and consistently raising the bar. We'd love more feedback from our customers (share your ideas here) on how Interactive Accounting can improve, as, we are far from "finished". 

and

Practising what we preach

As a company Interactive Accounting promotes the evaluation and use of technology for businesses to  streamline business process flows and release bottlenecks from lead management through to debtor collection. Keeping that in mind, we looked at our own processes, business flows and have looked to make improvements embracing the concept of the "Modern Practice" taking it to the next level. 

Thank you

Additionally, we have had feedback from our clients and peers to help ensure that this website is next level in both form and function. 

Always make sure you validate your website and business models with customers, peers and professionals. The last thing you want to do is miss the mark. We just think we've made another step forward, and, we hope you agree. 

Version 3.0 features - What have we changed?

• Calendar Feeds
• About Us
• Events
• Knowledge Base
• Screen recorder for support packages
• Online quoting

Sync your calendar with relevant tax dates

Subscribe using RSS or .ics to keep up to date with either our Interactive Accounting events or your tax events with reminders in your existing tools. Never miss a lodgement deadline again! 

About Us

We've added a bit more about what Interactive Accounting does and provided a bit more of the journey we've taken and what we offer as a business and why. 

As a great little metric, we've filled our marketing/ account management position without the need for any additional marketing since our soft launch on Friday.

Events

We are Interactive. This is not just a branding, this is a way of business. So we've launched a few new events to share the interaction with out clients, networks and partners. We've launched #startupbeers and #xerocoffee. Click here for more information and to see what the events are like.

Free knowledge

Yes, an accountant is giving something away for free. We've made it easy to get access to those questions you always want to know the answer too. 

• Xero basic information
• Getting Started tips for new businesses
• Tax news and tips
• Feedback > what do you want to see next?

Click here to review what we've served up.

A screen recorder for your troublesome issues when you're signed up to a support package

No longer do you have to provide a lengthy email with screenshots, no longer do we have to struggle to understand your problem with accounting or software....

Now, you can simply click a button  and you can record and narrate your screenshot and one of our team will answer your question correctly first time around. 

Modular online quoting - choose the level of service that suits your needs

This has been a long standing goal of Interactive Accounting. We want to provide the ability for our new and existing clients to choose their own level of Interaction with their accountant. 

We now have this functionality linked directly into our website. 

Stay tuned for future blogs and information on the steps to this functionality, but, it's here and will continue to get better, so, our clients can choose what they want from their accountant. 

Change is a constant, we are simply embracing it. We hope you like the new site and look forward to your feedback. 

Taking it to new heights with EM3. 

In case you missed our event last week, we had the honour of having some informative guest speakers; Zendesk, Uber, Gryphon Capital, SpreadCode, Atlassian, Recruitloop, Ninefold, Paycyle/Xero. We learned about innovative ways to measure your success online and to focus on the right metrics for your business, not, just the number of hits it may get.... and the importance of defining and tracking these within your business.

Congratulations goes to.....

JR from Atlassian for winning the best presentation award for EM3. Your wine is on it's way! 

The vote count & the feedback from the event are here, some great looking graphs!

 

Photos from the evening here

 

Wisdom

Check out the videos here

Our summary just won't do the presenters justice

Michael Folmer-Hansen, Zendesk

Zendesk provides help desk platform that is aimed at improving your customers experience and support level. Growing to 10,000 customers in a short space of time, they have arguably one of the best websites I’ve seen and incredible conversion rates. Michael spoke about product placement, standing out in the crowd and "keeping it military".

Allan Jansen, Uber

UberConsult Solutions started as a web development “shop” and has experienced rapid growth in the past 6 years resulting in joining the Fast 100 BRW ranks amongst other accolades. Uber is the Enterprise Agency and has successfully delivered major projects for clients including Canon, Australian Pharmaceutical Industries and DP World.

Peter Bush, Gryphon Capital

Peter brings to the table experience from tax, commerce and now a private bank/fund/venture capital firm. Peter's focus was on explaining what a potential investor looks at and the importance of understanding metrics in driving your business and looking to impress your current or potential investors.

Maxim Cherepovitsyn, SpreadCode

Max was one of our startup presenters. Spreadcode specialises in planning, plotting and building iPhone/iPad & Android Apps.

John Rotenstein, Atlassian

J R is a metrics whiz from the Australia startup, turned powerhouse, Atlassian. Having seen their office and dashboards first hand, they measure EVERYTHING and share the information openly in house... it’s no surprise they have some amazing results and a great success story to tell.

Michael Overell, Recruitloop

Michael is proof that innovation can exist and break out whilst working for a large corporation. An ex accountant and management consultant, he has co-founded a start up that does recruitment with a twist, in a service that Interactive Accounting will be using moving forward.

Dennis Graham, Ninefold

Dennis focused on the AIDA model, Awareness, Interest, Desire & Action. AIDA looks at the conversion funnel of interest to sale and what triggers there are in “web speak” to discover where you are able to tweak your message, content, ads to ensure that you land the business you seek.

Stuart McLeod, Paycycle/Xero

Brave enough to present without a slide deck, Stuart associated business metrics to real life desires, goals and aspirations. Paycycle was a lean Startup that went from inception to sale to a listed company inside of 2 years. Although only meeting quarterly on business progress and metrics, Stuart said their focus was on what the metrics actually meant and how they could use them to take advantage of future opportunities.

Interactive Accounting - New Services Announement (Setup, Bookkeeping and Investment)

Lastly, as an experiment in online metrics Interactive Accounting launched an update of it's current site to promote our new services (Setup, Bookkeeping and Investment) and it's online quoting system. Check out our website to see what's new. We've seen a boost to our site and new business inquiries since the launch, what can you do to tweak your online presence to drive new business?

 

 

Click here to view the awesome content from Entrepreneur Meetup 3

The next meetup and it's topic is TBA/TBC as we go back to the drawing board to listen to the feedback and improve yet again. If you're keen to suggest any ides, please join the conversation on twitter #iameetup3

 

Register your interest IA Meetup #4 here

The venue, time, theme and register of attendance will be put together shortly and will be available shortly. 

 

Feedback from the evening

 3 minutes with Jonathan Hayden from Hayden Real Estate

1. What is your core business?

Rental Property Management

2. What sets your business apart from your competitors?

By Developing a relationship with owners, so as they view Hayden Real Estate as their experts with regards to property.

Our service levels are extremely high, as property managers have less properties in their portfolio than most agents, allowing a more personal service, with a longer view to profitability. We personalise our sales market by only offering views of properties by private appointment only. 

3. What elements of your business are currently running in the cloud?

• Google Apps - Mail & Calendar
• Salesforce - CRM, Email Marketing, leads and follow up scheduling for clients
• VOIP phone system

4. Why do you feel it's important to operate your business in the cloud? What were the main factors/hesitations to consider in moving your business in this direction?

Factors:

•  Microsoft Outlook used to be on our server, which, resulted in large licencing costs & high technician bills. In addition, there was also a fairly sizeable capital outlay to upgrade the mail server for our team. With Google Apps you get "like for like" functionality & increased accessibility for the staff. It was the logical step.


• Salesforce is the market leader and we decided to move here form a traditional server based solution. However, we did experience a lot of trouble with the implementation and ended up hiring someone in house to do our customisation. So bare this in mind. As a result there was a long time to value for this product.

5. What functions/elements of your business are you looking to consider moving into the cloud next? (e.g. CRM, mail etc.)

• Property Management Software
• Xero - Accounting

6. What are your biggest bottlenecks in your current processes?

It was our trust accounting. However, we've now outsourced this to a specialise REST (Trust Account Software) organisation to look after our landlords/clients reporting in a very timely and efficient manner. Our Property Management piece is still being ironed out, we are hopeful for a link to Xero to increase our real time reporting and therefore our real time decision making capabilities.

7. Do you find that you gain extra revenue or saved on costs by running your business online? If so, what creates the revenue/reduces the expenses and how you have tracked it?

 Costs

• We've saved around $24,000 p.s. on our phone bill by moving to VOIP, which, is around 50%.
• Google Apps has removed the mail server capital costs and IT service costs for this facility.

Revenue

• As a result of implementing Salesforce, we know have greater customer knowledge which is leading to better business. Over the next 12 months, we are looking to develop marketing KPIs so we can measure the real impact of marketing methods on our business growth.

8. Why do you run your accounting in the cloud? What platform do you use and why?

At present our business uses MYOB. We use this package as this package as this is what historically we have used. We are looking to move to Xero in the near future.

9. What other products do you link with your online accounting package? 

Once implemented, we will link the following software to Xero, where possible:

• REST - Property Management Software
• Paycycle - Payroll

10. Where would you spend $100,000 on your business and what benefits/ROI would you expect to see?

Recruiting and training two more property managers to bolster the core offering. We would expect that with and additional two property managers, we would see a return of >120% inside of 12 months (including time and costs for training).

11. What is the best sporting triumph from the 2nd last weekend in July: The Wallabies winning against South Africa (finally)? Cadel being the first aussie to win the Tour De France, 4x100m Mens Freestyle Gold Meal @ the World Swimming Championships?

By default, it's gotta be Cadel.

I wasn't aware the other two events had taken place on the weekend. Cadel deserves it because it's a great achievement and he's a star! 

Big Thank You to Jonathan from Hayden Real Estate for his time and views on their cloud story.