From XU Magazine, 
Issue 35

5 biggest trends to come out of Accountex 2023

The game changers this year for your accounting practice

Made it to Accountex? Don’t worry. We have the inside word from the biggest accounting and bookkeeping industry show in the land.
This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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You may have missed the axe-throwing (yes, you read that right). Perhaps you even missed the whole thing. Just to recap though, Accountex London, May 2023 was its usual exciting self.

The biggest industry expo in the land didn’t fail to deliver. It was jam-packed full of insights and big innovations.

We were there. Proud to unveil the New Pixie platform and all our new features. Do have a read here. Don’t be surprised if you’re as excited as us.

We enjoyed the spotlight with queues of curious and long-time fans at our stand. It was a real validation of the pent up demand for an accounting practice management software that listens and delivers what small practice owners want.

There was plenty more on show too. All the biggest industry names and thought leaders were there. Accounting professionals from across the country shared their insights and experiences. It was our happy place!

To help you keep your finger on the pulse of the accounting world, we’ve gathered the most compelling trends that are shaping the future of the profession.

Get ready to discover the game-changing strategies, technological advancements, and client-centric approaches that are redefining accounting practices in the UK and beyond.

1. Eye on AI for the next big thing

UK accounting firms are rapidly adopting artificial intelligence, machine learning, and automation tools. These technologies can streamline routine tasks and allow accountants to shift their focus towards strategic and advisory roles.

We’re proud to sit at the heart of that discussion, unveiling Pixie Co-Pilot as part of our revamped Pixie launch. Hold on to your hats, folks, because it’s a game-changer. When your clients send in requests, this incredible AI capability kicks into gear. Co-Pilot jumps right in and reads the email, strategising the best way to respond. It’s like having your own personal assistant in the background, doing the heavy lifting for you. It dives deep into the Pixie system, hunting down the relevant documents you need.

Once it has all the information at hand, Pixie Co-Pilot creates a draft response. But hey, here’s the best part: you’re always in control. You have the final say on whether to send the response or make any changes.

It’s time to take your accountancy game to a whole new level. Check out Accounting Web’s story on this new feature. We’re thrilled to be part of that conversation.

2. Everyone is calling out for technology consolidation

At the end of the day, you just want all these apps to be in one place so you don’t have to go through all these different hoops to get your job done.

Pixie is picking up the pace on that score, choosing Accountex to launch our new version of Pixie. It was time to move to our next phase of capability, having listened to our 3000+ customers on what their top improvements were and delivering on those. More features in one place to run your practice accounting software. You asked, we delivered.

It was helpful to hear from leaders at Accountex, like Frances Kay, Carl Reader, and Will Farnell, who agreed that automation and accounting software for accountants is becoming ever more critical.

3. Data analytics front and centre

The Fintech Innovation Showcase was a favourite stream of ours. We had to love the talks from leaders Mark Edmondson, CEO & Founder of Inflo, who had AI and analytics on the mind.

The demand for data-driven insights is on the rise in the UK. Accountants are increasingly expected to interpret and analyse financial data to provide strategic advice, alongside their traditional auditing and reporting responsibilities.

This is another space we’re pleased to spend time. So much of our new Pixie software for accountants is about empowering performance with data. One of the new Pixie features that our customers have been pushing for is about tracking profit potential in clients.

These features make it easier to stay across what clients are in the red or the black and how much time staff are taking to deliver the services. That data goes a long way to decide what services to focus sales on and what kinds of clients to invest more time in.

4. Sustainability and ESG reporting

The UK has been a global leader in requiring businesses to disclose their environmental, social, and governance (ESG) performance. As these requirements become more stringent, UK accountants are likely to play an increasingly important role in auditing and assuring these disclosures.

At Pixie we’re keeping a close eye on this. We’re already seeing on our system and from chats with our customers that this kind of service is popping up more and more.

5. Remote work and digital collaboration

The pandemic has significantly changed work arrangements, and many UK firms have adapted to a hybrid or fully remote model. This is likely to continue to shape the accounting industry, affecting both workforce management and client services.

Sure, we gave up the nostalgic view that popping by a colleague’s desk to brainstorm ideas is the be all and end all. But let’s be honest. Keeping the lines of communication clear and maintaining good staff oversight can still be difficult.

The new version of Pixie help you do just that. It’s funny how things work. Just when you need it, the technology is launched to help it happen. It feels a little like we (you and me) were meant to be, right?

Join the Pixie Community

Accountex was great and I’m sorry to miss you. But there’s more good times to come.

You don’t need to do it all by yourself. Whether you have a team of 3 or 300, its worth giving Pixie a look into.  When was the last time you turned around to look at your business to say, ‘yep, I’ve got this covered’?

Why leave it there?

To find out more about Pixie

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