In this 157th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Lil Roberts, CEO of Xendoo, an online accounting firm that aims to serve small businesses by simplifying the bookkeeping process!
Episode Highlights:
- 0:32 – Lil Roberts introduces Xendoo and its mission.
- 0:56 – What was the inspiration behind the creation of Xendoo?
- 1:36 – Lil shares her journey that led to the creation of Xendoo.
- 3:22 – Jason and Lil talk about the importance of knowing your numbers when it comes time to scale.
- 5:56 – Lil and Jason discuss the competition in the accounting industry.
- 8:28 – Jason and Lil dive into the low bar of understanding for what people should expect from their accountant.
- 11:40 – Lil explains why the concept of dropping off your paperwork is one of the past.
- 13:48 – What tools are in Xendoo’s tech stack and why were those chosen?
- 17:00 – Jason and Lil talk about the importance of being organized with your tax paperwork.
- 18:45 – How much fun is it to make these tools work together nicely?
- 20:42 – Jason discusses the digital lessons that have been taught by COVID.
- 22:03 – What kind of feedback is Lil hearing from Xendoo’s clients?
- 23:47 – If Lil could change one thing about the accounting industry, what would it be?
- 26:22 – What has been Xendoo’s biggest challenge during its growth?
- 27:04 – Lil discusses what motivates her to get up every day.
3 Key Points
- As a serial entrepreneur, Lil Roberts hated that bookkeeping and accounting services were slow, expensive, and provided little transparency.
- Online bookkeeping and accounting services account for less than 1% of the industry as a whole.
- The days of dropping off your paperwork to your accountant are over. Everything is done online now and this helps business owners
Tweetable Quotes:
- “No one gets in the business to do your bookkeeping unless you’re a bookkeeping business.” – Jason Pereira
- “I’m not concerned about the people that are doing the exact same thing that I’m doing; I’m concerned about the person doing something different that I’m not directly benefitting from.” – Jason Pereira
- “The magic does not happen after the year is over; the magic happens through the year.” – Jason Pereira
- “I can’t tell you how many times that we have seen somebody transpose numbers.” – Lil Roberts
Resources Mentioned:
- Facebook – Jason Pereira’s Facebook
- LinkedIn – Jason Pereira’s LinkedIn
- FintechImpact.co – Website for Fintech Impact
- JasonPereira.ca – Sign up for Jason Pereira’s newsletter
- Woodgate.com – Website for Woodgate Financial
- Xendoo.com – Website for Xendoo
- Xero
- QuickBooks
- The Coming of The Human Knowledge – Work Cloud – Article by Sam Lessin
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