The future of financial management is digital
After two years of lockdowns and adjusting to new ways of working, it’s no surprise that the most notable industry developments are those centred around tech that facilitates remote work and flexibility while improving client relationships. From growth in the industry to the reported results of those who have adopted new technologies, the last two years have seen Xero, app partners, and users alike set the groundwork for monumental growth.
Tech adoption and its impact on the finance industry
Throughout the day, there was a clear message for those slow to adapt to new technologies: don’t miss the opportunity that new tech brings!
Early on, we heard that the most common regret from finance professionals and small business owners has been not moving fast enough to adopt new technologies that help to set up for the future (as also stated in Xero’s “State of the Industry” report).
If you’re asking yourself why you should bother with adding to your Xero tech stack, just look at the numbers. In the same “State of the Industry” report, Xero found that:
- 60% of respondents saved time with tech adoption
- 48% said that it makes collaboration with their clients easier, and
- 37% improved client relationships once they improved their Xero app stack.
Look at it this way: Xero and its partner apps are designed to make your work easier, more efficient, and forward-focused. Tools like automated approval workflows and budget checking (which you can do with ApprovalMax) help to reduce manual processes and improve efficiency. And that equals time, money, and effort! Essentially, the better your offering for clients through tech adoption and ease of use, the more you’ll make in the long run.
Why you should keep adding to your accounting tech stack in 2022 and beyond multiple audit reports in one go
In case you missed it, Xero announced and highlighted several features during the roadshow – the most prominent being einvoicing and Single Touch Payroll (STP) Phase 2:
- Einvoicing allows Xeros users to exchange eInvoices between Xero and government agencies through Peppol’s secure global public network rather than email. It’s faster, more secure, easy to use, and a massive step for digital-based accounting practices.
- STP Phase 2 is the next step on the Single Touch Payroll journey that makes it easy for Australia-based Xero users to report employees’ taxes and super to the Australian Tax Office through an online system. STP Phase 2 allows for more detailed information capturing and better compliance.
It’s clear that cloud-based accounting and automation is a priority for Xero’s feature development team. They’re rapidly rolling out features designed to speed up work for Xero users, automate the processes, and increase security measures. To avoid tech adoption at this stage is to risk getting left behind when your competitors are increasingly offering efficient, accessible, and fully visible automated services.
The message is clear: if you’re not upskilling in and adopting cloud-based tech, you’re missing an early opportunity to be an industry leader. But you have to do it in a way that works for you and your clients. As we heard from the partner stage talks:
“The [financial] workspace is growing rapidly. Working how we want to work will be important – prioritising profit, time with family, efficiency, growth or not growth. Work in the way that suits you, and work smarter too!”
So we already know that technology presents a massive opportunity for growth for accountants, bookkeepers and finance professionals, but it seems that some people still need little convincing. Xero was curious to learn the reasons for slow tech adoption, and it comes down to three points.
- Resistance to change
- Ambiguity and uncertainty
- Stuck in the present
Our best advice? Don’t let yourself fall behind when it comes to tech adoption. Assess your business goals, look into growth opportunities, and don’t be afraid to experiment.
How to supercharge your Xero app stack with ApprovalMax
One last trend that became apparent throughout the talks was the shift towards mobile. More and more financial professionals are shifting to digital and helping their clients do the same through mobile adoption.
Samuel Burmeister of Tall Books was recently quoted stating:
“We use apps for pretty much everything. We’re fully digital with everything from the moment we engage with someone. It’s helped with productivity, keeps things really organised, and makes us look more professional.”
Samuel Burmeister, Tall Books
How to adopt new technologies to upgrade your business offering ed reports
The opportunity that Xero are discussing on their roadshows is growth. And after two years of tumultuous changes and uncertainty, it can feel scary to adapt further and rock the boat. We’re here to help make the tech adoption process more straightforward.
It comes down to 3 short questions:
- Does this app benefit my clients?
- Does this app benefit me/my business?
- Does this app simplify the process?
While we can’t answer these questions for you when it comes to other apps, we can confidently assure you that ApprovalMax does all these things and more for you and your clients.
As we’ve discussed, hesitancy to adapt can result in being left behind, particularly in the fast-paced world of tech. Give yourself the power of a truly well-planned tech stack by doing the research. And the best way to understand if a product is right for you is to test it out.
Join our weekly Product demo to learn more about automating your approval processes with ApprovalMax.
The opportunity to come together has created a whirlwind of excitement for what’s to come. From a remarkable shift to the digital environment and growth in multiple industries to the development of new technologies and products, it can be hard to know which opportunities are the right ones for you and your clients. But rest assured, there are a number of apps and experts out there to help you find solutions to help you with growth and opportunities in the future!
Next stop for ApprovalMax on the Xero Roadshow is Brisbane on May 17, 2022.
We hope to see you there!