TWR Special Report: September 19, 2024

Welcome to a special report of The Woodard Report, your source for the latest news and updates from the world of accounting, bookkeeping, and beyond.

Recently, there have been several exciting updates from top players in the accounting and bookkeeping space. First, Xero announced its plan to acquire reporting software developer Syft to enhance its reporting and data insight capabilities; Xero also announced the return of its roadshow in 2024. Finally, Jirav made two new announcements: the company has a new CEO and a new AI-driven product.

Read on to keep your finger on the pulse!

Xero acquires Syft

Cloud-based accounting software provider Xero has announced its intention to acquire Syft, a fintech company known for providing sophisticated forecasting and reporting tools for enterprises. The acquisition will be part of Xero’s push to “accelerate Xero’s insights,” expanding the capabilities of its platform.

Xero seeks to expand its platform’s offerings to its customers through integration with Syft’s technology. By embedding Syft’s functionality within Xero over time, Xero will seek to allow its users to utilize enhanced financial reports, data visualization, forecasting features, and advanced analytics, benchmarking, and reporting tools to empower its customers.

“Xero has always focused on reimagining how accounting software can empower small businesses by providing insights to help them and their advisors run their business better,” said Xero’s CEO Sukhinder Singh Cassidy. “Syft accelerates this further by offering deeper insights to help both small businesses and accounting and bookkeeping partners to make informed decisions. Today’s announcement supports our strategy to create winning customer solutions by strengthening our accounting offering—one of the three most critical small business jobs.”

Total consideration for the purchase of Syft and related employee incentive payments will be up to $70 million. The process is estimated to be completed in Q3 of 2025, subject to the satisfaction of customary closing conditions, including necessary approvals.

Xero’s U.S. Roadshow returns

The U.S. Xero Roadshow is back!

Xero has announced the return of its popular roadshow later this year, providing a valuable opportunity for accountants, bookkeepers, and small business owners to connect, learn, and engage with the Xero community.

This event will feature a lineup of sessions designed to help professionals stay on top of the latest trends and technologies in accounting.

The Xero Roadshow 2024 will take place across major cities in the U.S., including:

• Houston, TX (November 7, The Thompson)
• Chicago, IL (November 14, Convene: Willis Tower)
• Denver, CO (November 18, The Denver Art Museum)

Additional locations and dates are set to be revealed soon. The roadshow will also focus on providing insights into industry trends like automation, artificial intelligence (AI), and data analytics, that are reshaping the accounting profession. It will offer attendees a chance to hear talks directly from Xero experts about new features, best practices for leveraging cloud accounting tools, and product updates, including Xero Inventory Plus, sales tax features, and the latest payment solutions.

The roadshow will provide hands-on learning opportunities, among many other benefits. Xero users will be able to attend breakout sessions and workshops tailored to different skill levels, allowing them to dive deeper into the platform’s functionalities and learn how to optimize their workflows. The event also fosters networking, offering accountants and small business owners the chance to exchange ideas, share success stories, and build relationships with their peers.

Xero’s roadshow has always been a highlight for its user community, and the 2024 edition promises to be no different. It’s an opportunity for accountants and small business owners to stay ahead of the curve by learning about the latest innovations in cloud accounting and how these tools can help drive business success. Whether you’re a long-time Xero user or just getting started with cloud accounting, the roadshow offers valuable insights and practical knowledge that can take your accounting game to the next level.

Early bird pricing will be available until October 18. You can find more information, including links to register for the event here.

Jirav announces new CEO and AI-powered forecasting product

Jirav, a leading provider of financial planning and forecasting software for accounting and CFO advisory firms, has announced that Michael Morrison will be the firm’s new CEO.

Morrison, a seasoned technology executive, has over 25 years of experience and a proven track record of driving growth and delivering value to large organizations. His appointment comes at a serendipitous time for Jirav, which is seeking to enhance its product offerings with innovative, AI-driven solutions to support business growth through the provision of advanced financial planning and forecasting tools.

In addition to the leadership change, Jirav also unveiled a new AI-powered forecasting product: Jirav Intelligent Forecasting, or “JIF” for short.

“As the preferred partner of CPA.com, Jirav has a unique position in the marketplace serving accounting and CFO advisory firms with advanced financial planning and forecasting tools that align perfectly with the industry’s evolving needs,'' Morrison said. “By leveraging our new artificial intelligence product, Jirav Intelligent Forecasting, our accounting partners can quickly advise their clients on critical decisions for their cash flow and growth plans. I'm excited about the impact we're already seeing from AI in expediting and scaling financial planning, especially amid talent shortages in the accounting profession.”

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