Lightyear's Top Takeaways from Xerocon London 2022

Dubbed the “Glastonbury for Accountants”, Xerocon London 2022 will be a tough act to follow.

The lineup alone was incredible, with Dame Deborah Meaden from Dragons Den, Sue Perkins master of ceremonies, champion footballer Fara Williams, and so many more! 

Now that we’ve all had a chance to digest the overwhelming amount of information, here are Lightyear’s key points of interest from the show:

The future is digital, and it's personal

Digitalisation is here to stay. By embracing digitisation, accountants can spend less time on tedious tasks and more time helping their client's businesses grow. But it’s not a one size fits all. With so many apps offering different features at different prices, what works for one business may not work for another, and so, digitalisation is personal.

The changing role of the accountant

The role of the accountant is changing. Gone are the days of manual processing with transactions recorded in columnar papers. With processes becoming more automated, the accountant's role will shift to business advisory. This means accountants will have more time to help clients innovate and create new revenue streams to grow their businesses.

Employee well-being is key 

A recent survey conducted by Xero, in partnership with Lonergan Research, revealed that: 

Work-life balance (56%) and personal health and well-being (54%) are the top concerns in the workplace. This highlights the importance for small business owners to strike a balance between work and mental health. It was great to hear some real-life practical tips for dealing with our mental well-being.

Breathe in for 5… And Breathe out for 5

Making Tax Digital (MTD for ITSA) 

The MTD legislation, due to be launched in April 2024, will impact approximately 4.2 million small businesses across the UK and their accountants. This initiative aims to help make it easier for taxpayers to submit their taxes correctly, and so now is the perfect time to get ahead of the game with your clients.

Start getting your clients ready by:

• Encouraging them to keep digital records (if they aren’t already)
• Encouraging regular income and expense tracking. MTD for ITSA will mean increased reporting frequency, with updates sent to HMRC more regularly, rather than once a year
• Using compatible software to manage digital records and send MTD for ITSA submissions to HMRC 

Ready Set Xero GO

Xero's latest mobile app release, Xero GO, is a Game Changer for sole traders and their advisors. Xero GO provides a more cost-effective entry point into cloud accounting and streamlines manual, time-consuming tasks. 

Xero Go will also help users become more compliant with MTD for ITSA requirements, while helping advisors to service sole traders more efficiently, in light of these increased reporting requirements. This means less time spent manually inputting expense data and chasing up clients for missing financial information. WIN-WIN

After the excitement of the London Xerocon, we can’t wait to do it all again down under on the 7th - 8th of September at Xerocon Sydney.