Xavier Analytics is an accounting technology company taking its place amongst the region’s thriving fintech sector. Founded in 2018 as a partnership between Hatch Apps and FD Works, the team is 5 strong.
Answering our Startup for 10 questions is Xavier co-founder and creative director, Helen Lloyd.
1 – In your own words – what do you do?
We’re a tool for accountancies to clean up their accounting data, spot errors and anomalies, and identify clients that need help. We use an algorithm to give each client a ‘health score’ and guide users through different data checks to find errors that would otherwise be time consuming to find or costly if missed.
Our motto is “effective reporting starts with accurate data”. There’s a huge movement going on in accounting tech right now with Making Tax Digital (all VAT must be submitted digitally to HMRC) and emerging cloud software offering AI forecasting and cashflow; it’s never been more important to maintain good quality data if you want good quality results. We’re hoping to improve the survival rate of small businesses by improving financial data.
2 – What’s the most exciting thing about what you’re doing?
We’ve only been going a year but we’ve already made a huge impact to our users, both accountancies and small businesses – we’re constantly hearing reports from our users that they’ve saved their clients hundreds, sometimes thousands by detecting financial errors! It’s so exciting to know we’re making a difference to the small businesses who need it the most.
3 – What are you most proud of so far?
We were named in the top 5 for Accounting Excellence’s Software Innovation of the Year this year, which we felt was an incredible achievement for a platform that, at that point, had only been live for 8 months. We like to think we’re ahead of the curve!
4 – What have you found most difficult about being a startup?
We’re only a small team and I think we’ve been able to achieve so much because we work well together and all our development is internal, so we’re super-agile. However, while we have development and finance skills sorted enough to build a great product, we have had to learn fast and stretch ourselves right out of our comfort zone to accommodate all the other requirements of a startup like sales, marketing and engagement.
5 – What would you do differently if you started now?
I think perhaps we might take more risks in the beginning, and push the app and the message out there with a little more confidence. We are a new concept in the accounting app space so we weren’t sure how quickly customers would understand the need for Xavier, but fortunately, our early adopters have been super engaged. It’s easy to say these things while everything has been growing nicely!
6 – Where do you think you’ll be in 12 months?
We’ve got so many big plans for next year! Our Innovate UK funding lasts until mid-2020 so we’re going to start planning for life beyond that. We’ll be implementing new features driven by feedback from our early adopter community and expanding into new territories around the world. We’re also expanding the team, so would love to hear from anyone who might be interested in joining us on our journey!
7 – What tools/people/services/
organisations from the cluster have helped you most?
We’re a member of SETsquared here in Bristol; since joining last year we’ve been able to access some amazing workshops, network connections and mentors. The Business Review Panels are a brilliant way to get in front of a panel of experts on a regular basis, and they really stretch you to think differently about the business.
8 – What’s the best thing about the Bristol & Bath tech cluster?
There’s so much support out there for startups around here! All the meetups and networks in Bristol are second to none for how welcoming, warm and supportive they are.
9 – Who will you be nominating for a SPARKie next year?
It was great to see some fellow SETsquared companies like LettUs Grow and alumni Yellowdog taking home a SPARKie from the 2019 awards! There’s also some brilliant ethical Fintech coming out of Bristol these days too like Lumio and Tumelo.
10 – Where can we find out more about you?
You can find us at https://xavier-analytics.com, and we’re also on twitter @xavieranalytics. We’re always up for a chat if anyone is interested in seeing Xavier in action – you can book a demo on our website at https://xavier-analytics.com/#
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