Accounting Posts

AIB to Xero Converter

Xero’s secret sauce

A few years ago if someone told you there was an imminent threat to the dominant SME accounting software providers in the market you might have thought – no chance! How could someone undermine the market domination of SAGE, MYOB and Intuit, these companies have owned this space for the past 20 years. Every company that looked even remotely close to threatening them was bought and either painted a nice shade of their respective colours or binned to eliminate the treat.

The difficulty with dislodging the incumbent is the same in any industry; they have the high ground, the existing market users, the re-sellers, the resources. Its nigh on impossible to dislodge incumbents, until and unless a shift in technology changes the game entirely and either makes them instantly or slowly irrelevant. This is the treat facing Sage in the UK, MYOB in Australia and Intuit in the States. These three giants of the accounting software industry are being stared down by a little upstart from New Zealand called Xero.

Sage may be the dominant player in these waters, but time is running out. Compared to Xero, Sage and Intuit are flat-lining.

Accountex 2014 – The Smell of Fear

Accountex 2014 – The Smell of Fear

A technology conference for accountants. Really !!

In two weeks time London will host the annual Accountex conference . It’s a technology conference for accountants and while I can’t think of any reason why it would have existed 4 years ago, all that has now changed in the world of accounting and finance.  Cloud technology has rewritten the rules for the small to medium sized business owners when it comes to engaging with their customers, staff and financial advisors.  There are now a significant number of cloud accounting providers who offer incredibly useful and straightforward systems to the market and all of them will be present at this conference.

  • If you’re thinking of implementing or changing your accounting / financial system to run your business you should be there
  • If you can’t make it your accountant should be there

Xero interview Denis Breen

A little while back I sat in for an interview with Gary Turner ( MD Xero Europe ) to explain why Xero has changed the way people do business. The main theme remains the same today, Its stressful running a business and SME’s need all the help they can get. Anything that helps them ( us ) know where they stand financially versus where they need to go is a huge breakthrough. Have a look.

ProfitPal win Xero partner of the year 2013

Partner of the Year

After attending the inaugural Xerocon London 2012 event I wondered if Xerocon 2013 would meet the same high standards. The reality was it blew way past it. This conference has become far more than one companys’ explosive growth gathering, it has become an industry must-attend conference.

The conference serves a number of key purposes for us:

  • Team building and networking. The full Profitpal team travelled to London again, we close our offices 3 times a year, Christmas, Easter and xerocon. It’s an offsite trip where we get to spend a few days discussing our business strategy and meet like-minded accountants to share stories. To me it is invaluable and I would recommend any firm who is moving to the cloud to bring their entire team.
  • For people new to Xero it displays the core functionality and value adding user experience that has brought Xero such worldwide following. It also shows us the latest Xero functionality and development plans.
  • We get to catch up with the Xero team who support us throughout the year and we meet the add-on partners who form an ever increasing role in ours and our clients businesses. Xero now has over 270 add on partners, all vibrant companies in their own right, and all building business solutions for aspiring businesses who are the target market of the accounting profession attendees.
  • We gather insight into building a marketing edge and tweaking our sales process in an industry where marketing and sales has been mostly absent.

The show this year was held in the Brewery on Chiswell lane, it’s quite the place, 500 people packed the main hall, the Xero stage and set up was like something out of a rock concert. This company is coming of age and it shows in the approach they are taking during these events. This was apple-esk