We are thrilled to announce that Conduit Bookkeeping has been featured in Xero's newly released special report, "Leveraging the App Advantage: New Zealand 2024" which you can download here. This in-depth report provides valuable insights into how accounting and bookkeeping practices across Aotearoa New Zealand are using digital tools to enhance performance for themselves and their clients.
Overview of the Report
The report, commissioned by Xero and based on a survey of 184 respondents from their customer database, delves into the impact of digitalisation on accounting and bookkeeping practices. It highlights the transformative power of cloud-based apps and integrations, particularly in terms of time savings, productivity boosts, and improved client collaboration. However, it also points out that there is still significant untapped potential in the adoption of these technologies.
Some key themes include:
Enhanced Productivity: By integrating cloud-based apps with Xero, many firms have seen notable improvements in efficiency and productivity.
AI and Automation: Emerging technologies like artificial intelligence are beginning to play a crucial role in automating routine tasks, allowing accountants and bookkeepers to focus on advisory services for their clients.
App Advisory: Recommending and implementing digital tools has become a key competitive advantage, enabling firms to provide deeper, more holistic business advisory services.
Our Journey with Digital Tools
As part of the report, I was invited reflect on the growth and technological evolution of my practice, and how digital tools have played a critical role in managing and scaling the business:
"I started Conduit Bookkeeping around seven years ago. Six months after starting the practice, I realised I was overwhelmed with the amount of work coming my way, so I hired some contractors. Today, we’re a team of three working entirely online as we live in different regions," said Rachel.
"The past few years really showed us how we can use digitalisation to adapt; it’s phenomenal how far we’ve come when you think about it. We have clients spread throughout the country who use apps to run their businesses largely from their mobiles. From Hubdoc for capturing receipts to Shopify for managing point of sale (POS) systems, there’s an app for almost everything."
Case Study: Transforming a Trades Business
Xero also asked me to share a case study to illustrate the impact of leveraging the right app stack. Here's an example from one of our clients in the trades industry.
“I have a client who works in trades, and he used to run his business with a paper diary. I moved him onto Xero a few years ago, and we’ve since built him an app stack with Tradify to manage jobs, GoCardless for recurring direct debits, and CreditorWatch Collect for his debtor management. Now, his clients automatically get reminders when an invoice is due, which has significantly reduced late payments and helped him stay on top of cash flow.
“Ultimately, it’s about finding what tools are best suited to your clients’ needs, and giving them choices to refine their systems. As a bookkeeper, I also benefit from this as everything is stored and accessible in one central place on the cloud. Gone are the days of paper receipts and trawling through stacks of paperwork to find the information we need.”
The Future of Digitalisation in Business
The report also explores future trends and opportunities, particularly the potential of artificial intelligence to further automate tasks and enhance service delivery. As more practices embrace these technologies, the role of app advisory becomes increasingly important. By recommending the right digital tools, we can deliver actionable insights and significant improvements in business performance for our clients.
At Conduit Bookkeeping, we are committed to staying at the forefront of this digital transformation. Not only do we review and refine our app stack to ensure we are leveraging the best tools available to deliver exceptional value to our clients, we can help our clients do the same. One of the unique elements that make Conduit the success it is today is my background in software training and implementation. I can help you select and implement the right app to help you create more efficiency and productivity within your organisation.
Moving Forward: Building Your App Stack
Whether you're new to the app world or a seasoned pro, the report offers three key steps to building the ultimate app stack that can help skyrocket your practice growth:
Identify Key Pain Points: Focus on a single key pain point in your business rather than trying to solve all problems at once. Ask yourself and your team where too much time and energy is being spent, and what processes could be automated or made more efficient.
Explore the Xero App Store: The Xero App Store is a valuable resource for information on finding the right app. Check out this article which covers how connected apps can extend your Xero and introduces some popular apps for businesses like yours. Here’s another great resource showing some of the most popular apps in the Xero App Store that help tackle some common business needs.
Start Trials and Consult Experts: The best way to see if an app will work for your business is by trying it out. Shortlist the apps you're interested in, check for free trials, and connect your Xero account to start experimenting. While testing, reach out to your bookkeeper or the app provider for guidance on getting set up and maximising the app’s features.
Embracing the Future
We are honoured to be recognised as a partner in Xero's report and excited about the future of digitalisation in the accounting industry. As we continue to explore new technologies and integrate innovative solutions, our goal remains the same: to help our clients achieve their business goals through smarter, more efficient bookkeeping practices.
If you’re interested in learning more about how digital tools can benefit your business, or if you want to discuss the insights from the Xero report, please don’t hesitate to reach out. Let’s leverage the app advantage together!