#XeroCon 2016 | My 5 Big Takeaways, etc.

Just last week, I had the pleasure of attending Xerocon 2016. It was a blast, so I wanted to share a few things with the rest of the world! Originally, I’d intended to send a recap email to my team back at SUM Innovation, but I thought there might be a few insights that are valuable for others, too! Plus, I thought it would be fun to express this in the form of a few key tweets (SEE #Xerocon).

My Top 5 Take-A-Ways:

1 Talent colliding with tech is a major issue in the accounting industry. This was a huge topic because I believe there’s a major problem in the workforce today when it comes to qualified accounting professionals.

Because of the transformation of #AccTech and our move toward #ZeroDataEntry, the demands of the small business community are shifting. No longer is an accountant intended to be solely a compliance and data entry machine. Instead, business owners want their accounting teams to be numbers advisers, too. Today, it’s about offering consultative advice and providing business owners with the information they need to make more informed decisions.

The bad news: Not enough experienced accounting pros get it, and we’re waiting for this NextGen leadership to come into its own. Until the tipping point occurs, we’re in the midst of a messy ecosystem of candidates with varying skills. So firms really need to look at ways to bring in diverse creative thinkers — dare I say a few non-accountants.

The good news: Job applicants have the lead in this market, and through a process of natural selection, the “old guard” accounting firms will have the short end of the stick. It’s going to be a try-or-die future for those doing “bookkeeping” the way it’s been done for years. #MoveOn.

2 Technology is drastically transforming the way we do business. Of course, the impact of tech on the workforce is huge, but for a very clear reason: Technology transforms!

At this year’s Xerocon, there was talk of #ArtificialIntelligence and #MachineLearning. The bots are coming! And it’s amazing how Xero has managed to integrate itself so easily into the mobile experience. I can’t wait to do my bank recs on my Apple Watch! And one of the coolest things they featured at Xerocon was the integration with Facebook Messenger.

This speaks to a new mindset about business — one that is supportive of the mobile workforce, allowing us to work anywhere we’d like in the way that we like. Couple this innovation with the integration options within the app ecosystem, and your life as a business owner becomes super simple.

In short: The way you do business today won’t be like it was yesterday. It’s time to embrace the sea of change and focus on the things that matter most in life.

3 People matter more than anything. This is the topic I had a chance to speak about. We witnessed, per my first point, that talent is drawn to firms that embrace #AccTech. But it’s about more than that.

The key message in my talk: Purpose matters! Leadership matters! But that’s not to say that all accounting firms are behind the tide when it comes to embracing a purpose beyond compliance for the sake of compliance.

Some, like SUM Innovation, are interested in finding a way to attract NextGen leaders and gain a different kind of competitive advantage — one that is more about the people you attract, their unique capabilities as full human beings, the pursuit of excellence in direct alignment with the values of your firm, and your ability to drive clear value to a target customer.

4 Conscious capitalism is hard at work, but it still has a ways to go in this profession. I’ve been connected to this community for a while and am simply concerned with doing business the right way — without harming stakeholders beyond the owners, including employees, vendors, customers, the community, and the environment. My own sense of purpose in business has been informed by this movement, and I am curious to see how CEOs can help improve the world as much as their own pocketbooks.

But the accounting industry is continuing to grapple with this issue, and I think it starts not only by addressing the workforce issues and embracing the changes that come with new technology, but also by addressing the issue of diversification within the workforce and opening up leadership positions to those who are not frequently at the top. That said, I was inspired by the content at Xerocon around supporting women in business.

5 It’s important to do what you love with the people you love so no one gets hurt. One of the things I talked about in my presentation is the power of the ocean. I referenced this image as the source of inspiration for my talk and likened the ocean’s power to that of a business owner.

In short, business owners have the power (and responsibility) to be the container of life — creating and maintaining a beautiful ecosystem of symbiotic relationships. But business owners also have the power to destroy life. Bad company cultures, poor leadership, toxic management, miscommunication and misunderstandings, obsessive hierarchies, dictatorships, and personal politics all result in an unhappy and uninspired workforce.

#Employers: Don’t be a part of that problem, please! People want to love what they do and feel supported by the people they do it with.

A few more highlights:

Dandapani’s presentation on conscious accounting was a breath of fresh air. I’m happy to see a room full of accounting pros willing to sit and ponder awareness. As some may know, this is a favorite topic of mine. I access this through my practice in Feldenkrais, but I can also appreciate the wisdom of a spiritual tradition that teaches mindfulness and the power of focusing our attention. Check this guy out!

Xero’s dedication to innovation and awesomeness is obvious! I don’t think I need to explain this one, as it is proven by what I’ve shared thus far, but I will share the tweet below. In my free time (LOL), I checked out the latest episode of “Developer TV” with DevXDan. It’s great to witness his team constantly solving problems that small businesses face across the globe!

Final Thoughts:

The Xero accounting app is a platform for awesomeness! From the way Xero develops their product to its’ conscious conduct in the world at large, it’s inspiring to see their growth over the past few years. I’m honored to be a part of this momentum. But the thing I love the most about Xero is this: They know how to have fun! Business doesn’t have to be boring. Life’s short. So if you want to take a few minutes out of your day to chase Pokémon, go for it! #CorporateCultureAward