It's been a whirlwind of change in our small boutique firm called Moore Details Inc. Shortly after restructuring and changing our ideal client model we noticed something. It was a big something. Our workflows were getting bogged down and our clients were asking for options to solve them. That coupled with new clients wanting something different than what we were traditionally offering was the last slap in the asset!
You need to stop and think when you turn away customers simply because you don't use the technology they want!
It was time to look atXero. This decision wasn't easy for us since we had ingrained workflows that were perfect for aQBO (Quickbooks Online) practice. Our brand was heavy with Intuit and we knew we had a social responsibility as an influencer to our followers. A little, safe, nagging voice in my head was repeatedly saying ...
We already adopted so much change by going 100% paperless, 100% cloud, adopting value pricing, defining our client, and kicking the desktop to the curb. Everybody knows us as being a QBO user. What would everyone think?! Why should we adopt another cloud-based accounting platform that wasn't even considered a pedigree Top Dog solution in North America?
I needed a break and I took it. I stepped away from my practice and did a heck of a lot of thinking at the Accountex conference in Boston (2018) with my business partner, and one of a kind husband Brian Moore.
So we asked ourselves.
Why use Xero?
There is something to be said about the #Human element that is richly weaved into their corporate culture. But at Moore Details Inc. we do look for more details. Feeling good about Xero's corporate values is fine and dandy. But what we found was that Xero has:
Stability in Xero's platform - no down-time. This means my clients are not calling me frustrated when the system I recommended is not operational. New features go into the product fully baked.
Scalability with Xero to handle large data files - Ability to process and not get bogged down with large data files. We move a lot of data. In fact, we love big data! We needed a platform to scale as the client's business grew...with even more data. Being able to import the Trial Balance using the Xero Conversion toolbox has been an important tool in our onboarding process.
Stronger user permissions rights exist in Xero - This alone was a big reason why we adopted this platform. While working with large organizations it became imperative that we needed customized user rights for stakeholders to minimize audit risk and appease governance.
Xero's Culture - say what?! A culture like a yogurt?! Nope. I mean good old fashion, I value you, you value my culture. Xero has a commitment to accounting pro's as found here in a statement written by Keri Gohman, former Chief Platform Officer at Xero. Need more details? Perhaps this interview with Will Buckley with Ryan Lazanis of Future Firm will perk your ears on this podcast called The Future of Cloud Accounting in Canada with Will Buckley of Xero at the 31:00 minute spot. Xero understands that accounting pros are vital in ensuring a business succeeds past their 5th birthday, currently only 50% do. But when small businesses are paired with an accounting pro their success jumps to 86%! Xero is heavy in working with accounting pros to raise the GDP globally, instead of offering bookkeeping services themselves to compete with us.
So did we make the right decision to adopt Xero at Moore Details? You bet your bottom dollar we did! Did we replace all of our clients QBO clients with Xero? No! Honestly that is the #1 question we get asked. Let me explain to you why.
Think of QBO and Xero as dashboards in a car. It doesn't matter what color the car is, or even if it’s a Toyota Sienna Minivan like I drive. Just as long as it gets you from point A to B. There are different kinds of vehicles on the road to meet consumers’ individual styles, and therefore, there are individual accounting systems that work for individual business needs. Our job as accounting professionals is to align the right FinTech tools for our clients.
But I'd be lying if I said it was a seamless process to simply flick a switch and offer another product in your practice. Life doesn't work that way. Neither does FinTech. If you are thinking of doing the same, here is some advice for your tool belt.
1) This is your practice.
You make the decisions. You are in charge. It's nobody else's business to explain why you use the technology you use. You don't need to justify anything. So stop making excuses. I drink both Pepsi and Coke. And guess what? It doesn't matter what you choose to consume. Just as long as it does what you expected it to. Now that's refreshing.
2) Get training
Get training before adopting any #FinTech (Financial Technology) app or cloud accounting platform like Xero. Your clients deserve this! Make & take the time to learn. I didn't learn how to drive a standard transmission with out someone brave enough to be in the passenger seat to give me instructions. Don't take the same risk with your clients. Get Training. Get Empowered. Succeed!
3) Don't compare QBO vs Xero
Learn what makes each unique and which client is best served on which one. I'm not going to tell you or sell you on either product. This is my journey and the reasons why I've adopted Xero in my practice while continuing to use QBO. You need to chart your own journey and develop your own knowledge yourself.
4) Keep learning
It's been a year since we adopted Xero and we are still learning. It is an amazing vast, stable and scalable platform with so many reliable, fully functioning features. My friend Paul Churchman has been very patient with me recently as I learn Xero's customized reporting. Wow is my one word to describe customized reporting. This isn't your average management report.
Creating a simple bookkeeping system shouldn’t be difficult. If you loved this article, I would be thrilled to connect with you more on our growing FinTech Details social channels such asLinkedIn, Twitter, Instagram & Facebook.
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