We had the pleasure of attending Xerocon Nashville 2024. At this monumental event, accounting professionals, tech enthusiasts, and innovators from within this vertical gather to discuss the various new businesses in the expanding world.
We at Online Accountant are excited to see the journey of the AI-powered tools from Xero, which they announced at Xerocon Nashville 2024. These advances in automation significantly simplify routine customer operations and improve productivity.
By automating bank reconciliations, cost management, and invoicing to an unprecedented level of precision, we now devote more time to giving strategic financial advice while pacifying our clients about the future success of accounting automation.
The latest artificial intelligence on the menu at Xero is JAX AI. Just Ask Xero (JAX AI) is an AI-generated chatbot that manages accounting tasks for small businesses. This application represents how A.I. will enhance productivity and provide insight into the future of accounting.
JAX AI will also support accountants by performing repetitive tasks like splitting invoices and keying in data. It also provides visions about the market outlook that can help in making better decisions.
Integrating JAX AI helps provide clients with more accurate and quicker financial advice. This would improve the service and make our clients more confident that their financial decisions are made using correct actual data.
One of the most-requested updates since Xero opened its U.S. doors in 2011 was to include more direct bank feeds for faster reconciliation; today, they have grown from just over a few dozen (20) institutions at launch to north of 700 banks/investment houses across the United States and Canada. A better experience is desired, so more of them are to be added.
This enhancement gives customers more choice and an even smoother, faster bank feed process.
The new PDF import feature in Xero has also saved us a major productivity coach. For our client in the U.S. and Canada, this can simplify the process, allowing businesses to upload 35-second retrievals of bank data from PDF records. This means faster and more accurate data entry, enabling us to develop more brilliant insights. Due to this functionality’s user-friendly design, our clients can easily upload and download data from PDF documents.
This allows accountants and bookkeepers to match those coded transactions with their bank statement periods using Xero’s Bank Reconciliation by Period functionality, specifying which dates range and which balance totals. It will further enable accountants like online accountants to quickly point out and rectify problems and contra occurrences that influence fiscal data. This would improve the client’s likelihood of producing recent and more accurate datasets.
Xero has partnered with Stripe to provide various consumer payment options. This flexibility also includes “buy now, pay later,” credit cards, debit cards and digital wallets.
The release of Xero Go — a new mobile app specifically built for small businesses — was one of the most hotly anticipated announcements at this year’s Xerocon.
This new solution will help small business owners manage their day-to-day accounting operations alone. It will be a strong tool that meets their expectations and makes their accounting tasks easy.
Moreover, Xero Go’s user-friendly interface empowers clients to manage their accounts easily. Features like real-time financial analytics, automatic bank reconciliation, and simple invoicing positively affect how accountants work, giving them control over their finance-related tasks.
Xero has rolled out a fresh crop of collaboration features that automate dealings with clients and team members. Integrated communication tools, shared dashboards, and real-time updates keep everyone constantly coordinated, which boosts efficiency and ensures that our clients are constantly aware of their personal finances.
Good job by Xero, as its latest reporting tools focus primarily on advanced reporting because data is everything when running a successful business. The newest version of the platform has sophisticated report creation tools that companies can use to generate and parse complete financial reports quickly and easily, enabling them to access deep intelligence on their financial position and performance.
Decisions need to be made based on data and real insights for the business to flourish. With these technologies, we at Online Accountants are ready to integrate them to advance our customers’ experience.
Xero announced even more integrations with third-party programs, a testament to its commitment to creating an open and connected ecosystem. These third-party applications provide significant added functionality to Xero and would allow companies like Online Accountants to adapt the software exactly as we need it for our clients without problematically using other tools alongside.
This customizability that Xero displays means we can provide a tailored solution to every organization, including integrations with inventory management software, CRM tools, and payroll systems.
Sustainability was once again a central theme at Xerocon Nashville. The company is working to make the accounting industry more eco-friendly.
Xero is committed to reducing the carbon emissions from bloating servers and hard-drive backups by going paperless and powering its data centers with nothing but Renewal-source electricity. We, as Online Accountant, learned how to lower the carbon emissions and pave way for carbon accounting.
Carbon Accounting is about considering your organization’s environmental impact. In today’s world, climate change, particularly global warming, has become a dark reality and is continuing to be an essential consideration in all business endeavours.
Carbon Accounting is a method for measuring and reporting an organization’s total emissions of greenhouse gases, thereby helping businesses understand and manage their environmental impact.
Carbon accounting is essentially math. It involves calculating a business’s total carbon emissions.
Usually, the following is the formula that we use to calculate it:
Traditionally, we calculated an organization’s carbon footprint (the total amount of carbon emitted by an organization) on large spreadsheets. The process used to be long and complex. However, carbon accounting software (such as Greenly and Ecology) has made the process more efficient, time-saving, and accurate.
Based on your connection to the emissions, the overall carbon release is divided into three levels:
Xerocon Nashville 2024 demonstrates just how rapidly technology changes the accounting profession. The new features announced and exhibited during this year’s event will revolutionize how businesses like Online Accountants work and allow customers an even more seamless service.
We are excited to improve our incorporation of these new technologies into our business as we learn about them. We will continue to provide you with excellent accounting services that save us time, which, in turn, should save you money. We combine this with the latest technical innovations, such as Jax AI and Carbon Accounting. The future of accountancy is here, and with our individual geniuses, we are ready to set the way!