XPAC – UK update

At Xerocon London last year I announced the formation of a UK Partner advisory group, trendily referred to by the name XPAC (Xero Partner Advisory Committee) – and we operate one group in each of Australia, New Zealand, UK and the US, rotating membership annually.

The XPAC’s remit is to represent and advocate the collective views and insights of our accounting and bookkeeper communities in a structured way. We get truckloads of free-range insight across a number of channels like social media, 1:1 relationships and so on, but we think it helps to complement that with a regular sync and two way exchange with a fixed group of expert advocates.

We held our first physical meeting at our UK office a couple of weeks back and it was a great half-day exchange of ideas, discussion about future direction and feedback on positioning and priorities.

We have a pretty good fix on where we ought to be heading but it’s a big help to be able to check our logic and thinking as we go.

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Using technology as a competitive edge

Guest post by Seth David, a technology consultant specializing in trends and solutions for bookkeepers.

Thanks to today’s technology, CPAs, accountants and bookkeepers are more valuable than ever before. Our roles are changing; we’re business coaches, financial planners and virtual CFOs. Yet to fulfill these responsibilities, you have to be able to leverage technology to benefit both you and your clients.

To some, this might seem obvious. But the truth is that adopting smart technology can be a challenge. For starters, I admit that I have a technology addiction! Whenever new software or applications pop-up, my mind races with possibility. More often than not, I’m quick to implement new solutions. My clients however, require more convincing.

When bringing new technology into my practice, I have just one rule: it has to make it easier for clients to do business with me.

The key is to always keep the client front of mind. Here is a checklist to help you:

1. Take the time to understand your clients’ business hurdles and comfort level with technology.
2. Make a list of the issue(s) you’re solving. Use this as your guide when selecting a product.
3. Present clients with solutions that complement their current processes or are easy to adopt.
4. Check-in and review how technology is benefiting your clients. 

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Document management in WorkflowMax

The cloud has delivered up some amazing document management platforms. Think of Box, Dropbox and Google Drive (just to name a few) and you think inexpensive, accessible, easy to use and fully functional document management solutions.

Gone are the days where as a small business owner you need to fork out thousands of dollars in server infrastructure to store your data. Driving the cost of storage down through economies of scale, firms like Box have built out a platform that isn’t just about data storage. With a richness of interface and a wide ecosystem of integrated solutions, as an SME you get a robust, low cost, feature complete storage solution with the ability to access and share your documents with clients, suppliers and staff anywhere in the globe.

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Workpapers are live for Australia and New Zealand

Today we’re excited to offer Workpapers on open release to Australian and New Zealand accountants. This follows the acquisition of Spotlight Workpapers in July last year, with the product in closed beta since then. During that time we’ve had over 100 accounting firms working with us globally to put the product through its paces.

Workpapers makes core compliance services much more efficient by allowing accountants to seamlessly connect Xero data with online workpapers, for faster preparation and review than traditional products. Improved client query functionality provides clients with the ability to upload any additional information straight into the software. Check out the video for a full overview:

Workpapers in Xero from Xero on Vimeo.

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Workpapers open release

We’re thrilled to confirm Workpapers for Xero will move to open release on 15 April – the first step in bringing together our Practice Studio vision. Workpapers has been in a closed beta since Xero acquired it back in July 2012. In that time we’ve had the input of over 100 accounting and book-keeping firms to help guide the development of market-driven features and functionality, whilst building up a compelling product roadmap for the future.

Workpapers has come a long way and there’s plenty more in store. Over the next two weeks we’ll be getting the plumbing sorted to connect the sign-up and log-in functionality with all of our back-end systems. Alongside the migration of the application to Xero servers we’ll be updating the Help section and introducing content to the marketing site.

Existing users won’t notice any change on 15 April other than access to the app will be automatically redirected to its new home. We’ll be in touch with all of you individually closer to the time.

Practice Studio will continue to come together over the next 18 months: Tax will be rolled out in Australia over a number of releases (the first step of that due in the next month); Practice Manager gets a complete redesign; Workpapers rolls out for the UK and US; and the lot will be brought together under one umbrella.

It’s no small feat but we’re making good progress and based on previous experiences (like Payroll in Australia and Tax in New Zealand) we’re confident we can deliver something special.

If you’re an accountant or bookkeeper that hasn’t used Workpapers yet – don’t stress. As you’d expect from us, from April 15 there will be a 60 day free trial available so you can get stuck in and have a play.

UPDATE: The migration is in full swing but we have encountered a few issues we want to resolve before going live. The open release for Workpapers has been moved out a week.

Why your firm needs to offer fixed prices

Guest post by Ronald J. Baker, Founder VeraSage Institute and co-author of Firm of the Future.

The accounting or professional services firm of the future will price its services based on external value provided, not internal efforts generated. One of the most successful methods adopted to implement value pricing is the Fixed Price Agreement (FPA). Essentially, this requires meeting with each of your customers to determine the services they need and want over a given time period.

It is important to keep in mind any FPA drafted between your firm and a customer is the result of a conversation. This is your chance to provide the customer with a customized list of services to meet their specific needs and wants, to offer a fixed price for those services, specify the payment terms, the scope of services to be provided, and any other level of agreement reached.

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