Our view at Stack - Xero is a cloud-based accounting platform that offers numerous benefits. It simplifies financial management with automated bank feeds, allowing you to save time on data entry. Create, email, and print professional invoices effortlessly. Access your finances in real time via the cloud from any device. Retain records of income, expenses, assets, and liabilities securely online. Whether you’re a small business owner or an accountant, Xero streamlines your financial processes and provides a clear view of your financial health.
We recently announced a strategic partnership with Xeinadin that builds upon years of working together. Ellie Redfern, Enterprise Account Manager at Xero, recently spoke with Symon Barkway, a partner at the Xeinadin Sittingbourne office and the area managing partner of the North Kent region, on his journey with Xero and why he’s passionate about helping other accounting firms embrace change.
Tell us about your firm?
At Xeinadin Sittingbourne, our team of 30, mostly Xero-certified advisors, supports small and medium businesses across various industries, including construction, healthcare, and non-profits. We were an early adopter of Xero, and over the years we’ve helped many clients transition from manual bookkeeping to digital solutions like Xero, especially with Making Tax Digital. Our healthcare clients, in particular, benefit from Xero’s features like tracking categories, and we also serve foster carers, schools, and non-profits.
What’s your role at Xeinadin?
I’ve been with Xeinadin Sittingbourne (as it’s now called) for 12 of its 30 years. I’ve spent most of that time working with small business owners getting them onto Xero. Now, as the area manager for North Kent, my focus is on growth, learning from other firms’ use of technology and sharing that knowledge to help others.
What’s the most rewarding thing about the work you do?
Helping people interpret their financial data and reach their goals is the most rewarding part of our work. Many new clients are surprised when we ask about their aspirations, but our team is really there to support them in achieving their goals. Ultimately, our success is tied to theirs, and it’s fulfilling to be part of their journey and see them and the people around them grow.
How long have you been using Xero?
When I joined the firm, they had started using Xero as early adopters. I was amazed at how much it could do compared to other accounting software. Xero does everything well. Over the years I’ve seen core accounting continually improve, and I can see that Xero listens to feedback and makes meaningful changes. We’ve gone from a very small number of clients using Xero to nearly all of our bookkeeping clients on the platform.
What have been the biggest benefits of using cloud technology in your firm?
Cloud technology has transformed the way we work, especially since the pandemic, offering greater flexibility and saving time.
With cloud accounting, we can access client data at the same time as them, allowing us to work more efficiently, and guide them on how to understand their numbers. Many of them have become more engaged with their data through learning how to use cloud accounting software, quickly seeing the benefits. For example, builders who learn to invoice customers directly from their phones while on-site, realise how much time it saves, how quickly they get paid, and how it helps them stay on top of their finances.
What do you see as the biggest trends happening in the accounting industry right now?
Number one is the shift from compliance to advisory, largely driven by advancements in technology, particularly AI. As automation takes over many data processing tasks, especially as MTD comes into force, we need to focus more on interpreting financial data as opposed to inputting. This change is exciting as it allows accountants to provide deeper insights and more value to clients.
Secondly, as accountancy is an ageing profession, attracting talent is becoming more important. We need to understand and appeal to younger generations to make accounting an industry they want to work in, for instance things like offering flexible working and using the latest technology. There’s some great opportunities to attract engaged young people that think differently and are future-focused.
What does the strategic partnership between Xero and Xeinadin mean to you?
We believe in strength in numbers. Xeinadin is a fast-paced environment with lots of change, and with that comes some fear and uncertainty. Our partnership with Xero is about working together to alleviate some of the fear around change and supporting firms with digital transformation. It’s about providing a strong support network, showcasing Xero’s capabilities that enable them to give the best experience to their clients, and connecting firms with a community for shared learning.
What’s your advice for other firms who are on their own digital transformation journey?
Don’t let the scale of change discourage you. The process will be challenging and there will be setbacks, but staying focused on overcoming these hurdles will ultimately result in a solution that’s fit for purpose for years to come. Investing time now will make things easier for you and your clients, and it will absolutely be worth it in terms of the service you can offer and the engagement you get from your clients.
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Credit: Original article published here.