Xero – The inevitable rise of the cloud platform

The growth of Xero as the leading cloud provider is evident all around you in London. Square Mile Accounting were in attendance at Xerocon, Xero’s annual convention to showcase the developments over the next twelve months that are in the pipeline.

The growth of Xero as the leading cloud provider is evident all around you in London. Last week’s Xerocon 2016 conference in Battersea Park was held alongside a new marketing campaign – so you may have already seen the advertising posters in and around London. Even establishments such as Shoreditch Grind were offering free coffee to Xero users in the run up to Xerocon!

Square Mile Accounting were in attendance at Xerocon, Xero’s annual convention to showcase the developments over the next twelve months that are in the pipeline.

Xero continues to grow and to overtake Sage

As we attended, we discovered that:

  • Xero subscriber numbers have grown significantly over the past 12 months – mainly through word of mouth and partnerships with accounting firms.
  • The increased brand awareness, along with the continued success stories, are constantly adding fuel to the ever-growing fire that is Cloud accounting, led by Xero
  • The cloud platform is now firmly established in the UK, with over 102,000 companies using Xero to manage their finances.
  • Xero has shown a very steady growth over the past 5 years
  • …and it was clear that Xero will overtake Sage within the next 12 months as the premier accounting provider in the UK.

One of the key messages highlighted by Rod Drury, Xero’s CEO, was that we are currently at the beginning of the end.

The Cloud platform is a relative newcomer in the accountancy industry, and thanks to this newcomer there is a definite air of optimism about the future.

Xero add-ons enhance the power of cloud accounting software

That message – of optimism and growth – struck a chord with us here as it is very clear that this platform is most definitely at the end of version one.

The market is currently bursting full of add-on’s that allow you to do essentially every conceivable business function in the cloud space, from outsourcing credit control and debt management to detailed forecasting and reporting.

From speaking to the various add-on partners as well as partner enablement specialists at Xerocon, we can see that the focus is shifting from introducing their product to the market to now perfecting their product.

This message again ties into Rod’s point of the Cloud platform being at the end of the metaphorical version one, and now moving into version two where the existing products are being perfected.

Being an early adopter of the Xero and also using many of the available add-on’s puts Square Mile Accounting in a great place to influence this process by speaking to the add-on partners and explaining what we would like to see and also what our clients would benefit the most from. This allows practices like us to mould “Version Two” into something of a joint creation and will allow us to continue to be on the front foot of the Cloud revolution.

This is an incredibly exciting time to be involved with the Cloud platform and there are things in the pipeline that we believe will also excite our clients with how easy it is to gain a deeper understanding of their business. The reporting function is getting an overhaul, allowing for deeper and more detailed reporting, along with the reports having far more customisation options. Xero appears to be looking to be the answer for not just small and medium businesses, but along with add-on, integration to be capable of managing any size company in any industry. The development teams within Xero are constantly working to bring new updates to the system and are listening to the needs of the practices and the clients themselves when prioritising the updates.

The technology revolution starts with Xero

During the two-day convention, we were treated to multiple guest speakers including Rod Drury, (Xero CEO), Gary Turner (MD of Xero UK) and Sir Ranulph Fiennes, OBE.

Companies like Microsoft also took to the stage to showcase the future of their technology, not just in the accounting industry but also in general which gave us a real glimpse of what is to come.

Now is the best time to join the Cloud revolution and here at Square Mile Accounting we are constantly on the lookout for any new add-on’s that we believe will help our clients with not just the management of their finances, but the whole picture of the business.

Add-ons such as CrunchBoards allow us to prepare in-depth, business intelligence reporting – and this means you see a full picture of how your business is performing, and where productivity can be increased.

Another focus of the conference was on Auto Enrolment and we can best to prepare you for this impact on your business.

Xero are in partnership with Pension Sync to allow Xero Payroll to be fully integrated with many pension providers such as Aviva and Nest in an effort to make the process as seamless and hassle free for its users.

Nobody can predict the future, but Xero are doing everything in their power to ensure that the future of accountancy is a beautiful, cloud-based future where everything integrates seamlessly.

Explore your Xero training with us today.

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