XU Magazine - Issue 38

magazine

Issue 38

Main Contacts -

CEO:

David Hassall (Co-Founder)

Managing Editor:

Wesley Cornell (Co-Founder)

Chief Revenue Officer:

Alex Newson

Account & Partnership Assistant: Robyn Consterdine

Creative Assistant: Aidan McGrath

Editorial Translator: Lyla Lezghad

Editorial/News Submissions:

If you have any editorial content (news, comment, tutorials etc.) that you would like us to consider for inclusion in the next edition of XU Magazine, please email us at editorial@xumagazine.com

Advertising: advertising@xumagazine.com

E: hello@xumagazine.com

W: www.xumagazine.com

‘Xero’ is a trademark of Xero Limited (New Zealand). XU Magazine is collaboratively produced by an independent group of Xero users and is not affiliated in any way with Xero. All other trademarks are the property of their respective owners.

© XU Magazine Ltd 2014-2024. All rights reserved. No part of this magazine may be used or reproduced without the written permission of the publisher. XU Magazine is published by XU Magazine Ltd (08811842), registered in England and Wales.

Registered office: Office 1, Brunswick House, Brunswick Way, Liverpool, Merseyside, L3 4BN, United Kingdom. All information contained in this magazine is for information only and is, as far as we are aware, correct at the time of going to press. XU Magazine cannot accept any responsibility for errors or inaccuracies in such information. If you submit unsolicited material to us, you automatically grant XU Magazine a licence to publish your submission in whole or in part in all/ any editions of the magazine, including in any physical or digital format, throughout the world. Any material you submit is sent at your risk and, although every care is taken, neither XU Magazine nor its employees, agents or subcontractors shall be liable for loss or damage. The views expressed in XU

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THE WORKFLOWMAX

ALTERNATIVE Project Scheduling

Create and manage project schedules to always stay on top of deadlines. Calendar view makes it easy to see what/when tasks are due, facilitating delivery of projects on time.

Real-Time Insights

Track project progress, identify bottlenecks and manage resources. Customisable reports provide project performance insights, enabling data-driven decision-making.

" "

I've done half a dozen quotes using TidyWork and we have won all of them I can't believe how long it used to take before. We get a better breakdown on our projects - nothing is hidden.

Matthew Garvey FNE Engineering

Custom Quoting

Produce detailed quotes with custom templates.

Include branding, pricing with multiple currencies, and terms to ensure quotes are professional, accurate and consistent.

CASTAWAY RISES INTO THE CLOUD

What’s new with Castaway Cloud?

Interview with Michael Ford, Founder & CEO, Castaway Forecasting

XU: What inspired the development of Castaway Cloud?

MF: Castaway Desktop has been a popular product in the market since 2010. We knew we had to develop a cloud version of our software and our company has transformed into a SaaS business now. Technology is heading that way and customers around the world were keen for a cloud version of Castaway.

XU: What did it take to build Castaway Cloud?

MF: Castaway, as a powerful forecasting and business modeling tool, is not an easy or quick application to build. This is the same for Desktop as well as Cloud. The calculation engine, enormous and complicated, had to be written from scratch. We spent a lot of time honing the user experience and interface, working on speed and response times, as well as perfecting the outputs (reports, dashboards and storyboards). We took four years to build this first-release version and on three occasions, we took valuable feedback from a select group of Desktop customers and brought that back into the product. We’d learned so much

from building and re-building Castaway Desktop which was also useful for our cloud project. It took a lot to design and engineer and, one day, I might talk about the cost and impact, but right now, I’m extremely proud of the Product, Engineering and Customer Success teams for their commitment and professionalism to get this done.

XU: What target market or industries do you believe will benefit most from Castaway Cloud, and why?

MF: Approximately half of our customers are accountants and advisors in

practice, and the other half are commercial accountants and SMEs. Most of the modeling in Castaway will be prepared by an accountant or advisor, and our products reduce errors, are safely collaborative and save accountants many, many hours compared to using Excel, for instance. SMEs are the ultimate beneficiaries of Castaway modeling and output. We truly believe SMEs have the power to move the world forward and this is the reason we do what we do.

With Castaway, our customers can ask better questions to get better answers and understand, in great detail, what their future possibilities might look like.

Cosette & Michael Ford, CEO

This gives them the clarity to make bold business decisions. Executives and Boards are more aligned to design business roadmaps that drive high performance, delivering more profit, cashflow and business value.

XU: I’ve heard you speak about his before, but can you talk about your vision for those involved in the planning process in businesses? Where do you see this headed in 5 years’ time?

MF: Planning and FP&A more broadly is

entering a golden age. The world is only becoming more uncertain. We can’t predict the future, but the businesses who prepare better for uncertainty will achieve the greatest success. It sounds counterintuitive, but planning as a process is much more valuable in uncertain times

The shift to digital means we have more information than ever at our fingertips. The challenge is turning that data into insight. The last 5 years have seen some fantastic planning tools come onto the market. My hope is these tools encourage many more businesses to engage deeply in planning,

forecasting and business modelling.

XU: Where will we see you out and about this year, Michael?

MF:

As far as the first half of the year goes, we’re preparing to exhibit at Accountex in London in May. We’ll have representatives at ABE in Sydney in March and Xerocon London in June.

I’ll also be leading roadshows in Australia, New Zealand and the UK this year, including special private Roadmap meetings for

Jo Buchanan, COO & Michael Ford, CEO

our larger customers. We will also soon be announcing a series of webinars for northern and southern hemispheres.

We sponsor the Australian Small Business Champion Awards, the Australian Women’s Small Business Champion Awards and the Australian Trades Awards. So you’ll hear from us during awards season.

I also continue to ride in order to raise money and awareness for our chosen charity, Tour de Cure. In 2023, I rode more than 14,000 km, most of those in service of training other riders. This year, I expect to do a similar amount or more and have 3 upcoming

Australian Tour de Cure tours to prepare for in March, April and May.

There will be one or two surprise collaboration announcements soon, but the ink’s not dry yet, so I can’t talk too much about those.

XU: How can readers evaluate Castaway Cloud?

MF: We released Castaway Cloud evaluations to our existing Desktop customers in 2023 and we’re thrilled with all of the excitement around the new product. We welcome anyone who is interested to evaluate

Castaway Cloud. You can do so by going to our website or following this link [Castaway Cloud (cloudcastaway.com)]. We don’t take credit card details. In fact, we don’t take many details at all. My Customer Success team will help you evaluate and can answer any questions you have.

Fishbowl Unwraps Success for Boxes R Us

A Tale of Inventory Mastery

oxes R Us, a prominent provider of gift and promotional packaging solutions for small businesses, has recently demonstrated an outstanding leap in efficiency and operational excellence through the adoption of inventory management software solution Fishbowl Inventory.

Their exceptional transformation from completely manual processes to automation, made possible by the innovative capabilities of Fishbowl, serves as a beacon of inspiration for emerging businesses within the manufacturing sector.

According to industry experts, the absence of a robust inventory management system can pose serious challenges for developing businesses, leading to financial losses and operational setbacks. Amidst a multitude of outdated practices handed down from the previous owner of Boxes R Us, one particularly antiquated process involved the manual

recording of stocktakes on a whiteboard within the factory.

When husband and wife team, Kirsty & Scott Buckley took the reins of Boxes R Us, they quickly recognized the imperative to modernize their inventory processes. Acknowledging the critical need for streamlined operations and heightened accuracy, the entrepreneurial duo decisively shifted away from outdated, manual methods to embrace the innovative capabilities offered by Fishbowl Inventory.

@Fishbowl

Craig Scarr, Marketing Director, APAC, Fishbowl

Craig Scarr is a marketing professional and business leader with passion and focus to help organisations and leadership teams to generate outstanding results. Craig has extensive experience as a business professional spanning strategic marketing, brand management, partnership development, content, and digital media marketing across a diverse range of industries including FMCG, financial services, not for profit organisations and software solution providers.

Mrs. Buckley echoed the sentiment, noting, “Fishbowl has undoubtedly made our daily life incredibly easier. A thousand fold. From the day that we launched with Fishbowl, our life has been easier. Even with the little mix ups and learning the program and all that stuff, that was all easier than the way we ran prior to it.”

Mr. Buckley emphasized the simplicity of their choice, stating, “We undertook a comprehensive search, but implementing Fishbowl was an easy choice for us. The software did all of the things we needed it to do, and the service was exceptional right from the very beginning.”

According to Simon Jupe, Fishbowl APAC Managing Director, “Fishbowl enables you to monitor inventory levels in real time, manage inventory in multiple warehouses and drive operational efficiency by training team members in best practice inventory management. For most businesses, inventory is the largest asset they carry. All of these software features combine to help businesses carry the most efficient stock levels, ensure they are managing cashflow and meeting customer expectations of providing “In Full, On Time order fulfillment.”

“By using Fishbowl, it has saved us a lot of downtime and has basically paid for itself in the first 12 months, as with keeping everything

Scott Buckley, Co-Owner, Boxes R Us

Kirsty Buckley, Co-Owner, Boxes R Us

streamlined and making things a whole lot more efficient,” Mr. Buckley emphasized, highlighting the tangible benefits reaped from their successful integration with Fishbowl.

The transformative journey continued as Mr. Buckley highlighted, “We started using Fishbowl and doing complete stock takes and entering everything into the system and actually then started seeing how much stock we had sitting on the shelf. We had like $100,000 worth that wasn’t even moving. Now with Fishbowl we avoid these costly kind of mistakes!”

Fishbowl’s seamless integration with accounting solutions like Xero and QuickBooks provided Boxes R Us with a comprehensive view of their inventory levels, purchase orders, and sales activities. This enhanced visibility empowered the business to make informed decisions, optimize cash flow, and drive sustainable growth.

“Fishbowl integrates with accounting solutions, like Xero and QuickBooks, as well as other core business platforms, which allow you to get a 360-degree view of how your inventory levels, purchase

orders, and sales activities impact your cashflow. When inventory is ordered, received, sold, and shipped, Fishbowl automatically updates the relevant portions of your tech stack, which gives you a real-time view of quantities enroute, on hand, in production, and more. This level of visibility is a real game changer for businesses that may have previously done everything manually,” affirmed Mr. Jupe.

Inventory

Management software can assist significantly with inventory prediction accuracy. By examining trends from highperforming products, inventory management systems can assist businesses with enhancing demand predictions. In addition, inventory management software reduces storing and handling expenses, increases sales, and can improve cash flow. Records from the past and peak seasons may also be used to determine significant sales trends that need stock modifications throughout the year.

Mrs. Buckley shared the impact on her daily routine, stating, “Before Fishbowl, I had to constantly leave my desk, keep someone on hold on the phone, and physically go to the factory to check our stock

levels. Now I can access all the information I need with the click of a button. It obviously saves me a huge amount of time and effort.”

She added, “Previously, I would find myself rushing from my desk to the factory floor probably 50-60 times a day just to check stock. With Fishbowl in place, I’m able to tell my customers on the phone right there and then if we have the stock. It’s saved us approximately $60,000 in just inventory alone.”

The resounding success of Boxes R Us’s transformative journey stands as a testament to the paramount significance of leveraging advanced inventory management solutions. By embracing the power of technology, Boxes R Us has achieved operational efficiencies which have enabled them to reaffirm their commitment to delivering unparalleled customer service and tailored solutions for small and medium businesses. Their remarkable achievement underscores the pivotal role of innovation in driving sustainable growth and operational excellence.

Simon Jupe, MD Australia, Fishbowl

Elevating Efficiency: Tidy and TimeDock Lead the Way!

As Xero’s countdown to their June “switch off” (forever) of WorkflowMax, Tidy continues to work with WFM users who have decided that TidyWork is the proven, trusted, replacement.

To create even more capability for those WFM converts, Tidy has teamed up with TimeDock to offer even more streamlined workflow capability. This dynamic duo is helping redefine efficiency in project and time management. Tidy, with its 14-year track record in job and project management decided late last year to team up with TimeDock- also a longstanding trailblazer in cloud with their real-time employee time tracking hardware-software

solution. Together, these solid companies and official Xero marketplace partners, form a powerhouse partnership that redefines efficiency and productivity in the modern workplace.

TimeDock's story is one of ingenuity and foresight, led by its founder, Le-roy Staines. Drawing from his experience in the construction industry, Le-roy identified a need for simplified time tracking solutions and set out to fill the gap. What started as a modest QR-code check-in app blossomed into a sophisticatedyet simple time tracking system, driven by a passion for a better user experience and global impact.

@tidyint

Amelia Douglas, Content Creator, Tidy

Amelia began working as an apprentice in the Marketing team at Tidy at the beginning of this year. With a passion for creating engaging content with a positive impact, Amelia provides an exuberant flair in bringing Tidy’s vision to life.

Statistics Speak Volumes

According to recent studies by Deloitte and EY, businesses that prioritise data efficiency are 67% more likely to experience significant revenue growth compared to their less efficient counterparts. Moreover, companies that invest in innovative solutions, such as integrated project and time management platforms, report an average increase in productivity of up to 20%

The Power of Partnership

The collaboration between Tidy and TimeDock represents more than just a business venture - it's a meeting of minds dedicated

to unlocking the full potential of modern technology. Le-roy emphasises the benefits of this integration, stating, "The key benefit for organizations using Tidy and TimeDock is enhanced efficiency and productivity, through systems compatibility". This sentiment is echoed by Tidy's team, who see the partnership as an opportunity to empower businesses with the tools they need to thrive in today's competition.

So an alternative to Workflowmax huh?

Nope, much more than that!

The benefits of the Tidy and TimeDock partnership extend far beyond mere convenience. With real-time data at their fingertips, businesses can make informed decisions, optimize workflows, and stay ahead. Integrated time tracking adds another level of efficiency, providing leaders with quality insights into how employees spend their time without

resorting to micromanagement.

By seamlessly integrating time tracking with Tidy’s project and job management application, end-user companies get a comprehensive suite of features that streamline operations and drive growth. This not only enhances transparency and accountability but also enables businesses to rapidly identify and resolve issues, optimize productivity, and motivate employees effectively, ultimately leading to improved project outcomes and sustained business success.

Recent case studies have shown that businesses using such innovative platforms experience an average reduction in administrative overhead of up to 30%. Moreover, employees report higher job satisfaction and morale, leading to increased productivity and retention rates.

Embracing the Future

The partnership between Tidy and TimeDock heralds a new era

of efficiency and empowerment. As Le-roy Staines aptly puts it, "Together we can help organizations more finely tune their systems and operations for greater long-term success.". Kevin Mann, Founder and CEO of Tidy adds, “Adaptability and innovation in our products and partnerships are essential for us delivering competitive solutions to our customers. This close partnership with TimeDoc helps customers get more from their cloud investments built around Xero and helps the Xero community of accountants and trusted advisors to recommend proven, risk-free, Xero marketplace certified, solutions to their clients”

To find out more about how you can make your business Tidy, visit:

https://tidyinternational. com/solutions

The Digital Accountancy Show set for expansion: A two-day experience awaits

@DigitalAccShow

Dan Cockerton, Founder, Digital Accountancy Show

Founder

Digital Accountancy Show expands to two days in 2024 at Evolution London, featuring AI expert Jason Staats and main sponsor Xero.

After achieving an impressive trifecta of sellout shows, the Digital Accountancy Show have proudly announced their expansion to a two-day event in April, driven by overwhelming demand from accounting and finance professionals.

“The experience at DAS this year has been so upbeat, there’s so many likeminded people here to chat with”

– Katy Priestly, Duncan & Toplis

They will return to their new home at Evolution London on April 16th & 17th for a two-day experience consisting of over 100 speakers and 160 exhibitors.

“It is the one accountancy show I would highly recommend”

– Stephen Paul

“In true Digital Accountancy Show

fashion, we’re not content with resting on our laurels. While last year was exceptional, 2024 promises to be even more extraordinary” said Dan Cockerton, Founder

of the Digital Accountancy Show.

“I’ve really enjoyed the perspectives that I’ve been able to get that I can’t get anywhere else”

– Andrew Van De Beek

“Our team is working tirelessly to bring you the most groundbreaking speakers and exhibitors, including exclusive sessions focused on the topics that matter most to your career and firm: AI, recruitment, and automation“

This year’s sessions are being considered the most transformative talks in the industry, with titles including “My Name's Jason And I just Got Replaced By AI” and “Seizing the Upper Hand: Mastering AI Before It Masters You”.

of the world’s leading accountancy event taking place on April 16th & 17th

It has been revealed that the show will be exclusively flying in YouTube and AI in Accountancy sensation, Jason Staats. Jason is confirmed to be hosting a unique session on each day, delving into the future of artificial intelligence in accountancy.

“DAS is different to all the other events in the calendar because…

Well, just look at it, right?”

A constant source of support and innovation, Xero, the main sponsor of the show, will once again play a pivotal role, featuring prominently with dedicated

FIND OUT MORE...

Secure your spot:

https://digitalaccountancy. com/ticket-options/

Xero

About

Digital

Events Automatically Detect Bookkeeping Errors in Xero www.xenonconnect.com Trusted by more than 400 accounting & bookkeeping firms

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Benita Wright, Partner at Wright Doig

Is WorkflowMax dead? No. Meet WorkflowMax by BlueRock!

You might remember, back in March 2023, a pivotal moment unfolded in the world of project accounting and financial job management software. BlueRock, a techsavvy advisory firm known for its innovative approach, took a significant step by acquiring the well-loved WorkflowMax brand from Xero.

The brand acquisition marked the beginning of an ambitious journey to revitalise and re-envision WorkflowMax for the modern accounting professional and your clients. It’s now almost a year later and the fruits of this labour launched on 21 February 2024, when we introduced WorkflowMax by BlueRock to the world.

Helping

The journey of reimagining WorkflowMax

From the outset, our WorkflowMax by BlueRock team has been driven by a clear mission: to offer a seamless transition for existing WorkflowMax users and provide an improved alternative for businesses either using or looking for a new job management solution. The goal has been to build upon the solid foundation that made Xero’s WorkflowMax a favourite among accountants and bookkeepers – and their clients – while injecting new life and functionality into the platform.

WorkflowMax

by BlueRock‘s development has been characterised by rapid product evolution and underpinned by a growing team of passionate experts who want to exceed user expectations.

Our purpose is ingrained in everything we do: to help people drive productivity, performance and profitability every single day.

Design and development: a familiar yet enhanced experience

WorkflowMax by BlueRock has been meticulously crafted to offer a user experience that is both intuitive and powerful. Drawing on extensive feedback from more

Vince Giovanniello, CEO, WorkflowMax by BlueRock

With over 20 years of management experience in the field of operations, performance and continuous improvement, I thrive on crafting unique solutions for businesses, from startups to enterprise. At WorkflowMax by BlueRock, I aim to create an environment where innovation flourishes, challenges lead to growth, and success is shared.

than 3,000 small businesses, accountants and bookkeepers, the product and customer experience team enhanced the new platform's usability, streamlining navigation and integrating more robust features for managing workflows efficiently and effectively.

We’re also increasing the data and insights that modern accountants and bookkeepers need to advise more accurately. The result is a platform that feels familiar to WorkflowMax’s long-time users and has an improved level of refinement and functionality that will hopefully set a new standard in job management software.

Migration made easy

One of the key considerations for existing WorkflowMax users is the migration process. We've addressed this head-on by developing a simple-to-use, purpose-built migration tool that makes the transition to the new platform as smooth as possible. To showcase just how easy migration can be, watch a demo of the process. You’ll see a stepby-step walkthrough of how users can transfer their data and get up and running on WorkflowMax by BlueRock without skipping a beat.

The migration tool is designed to minimise disruption and make sure that users can switch without losing any valuable data or experiencing significant downtime. Because the platform

This

feels similar and familiar, businesses need not worry about completely re-training their teams or having to invest in a large-scale change management project to move software. This focus on a hassle-free transition reflects our commitment to supporting our customers every step of the way, from the initial decision to migrate through to full adoption of the new platform.

A free purposebuilt migration tool will take care of the heavy lifting.

Looking ahead: a commitment to continuous improvement

The launch of WorkflowMax by BlueRock is just the beginning. Our team is deeply committed to continuous improvement, growth and innovation driven by community feedback from our partners (accountants, bookkeepers, software experts) and end users.

This ongoing dialogue means that WorkflowMax by BlueRock will evolve in line with the needs of our users, offering new features, integrations and enhancements that make managing jobs simpler, more efficient, more profitable, and more enjoyable.

For professionals in the accounting and bookkeeping industry, WorkflowMax by BlueRock represents not just a tool, but a partner in your own business growth. Our launch is an invitation to join a community of forward-thinking professionals who value efficiency, innovation and the power of a well-managed workflow.

As we move forward, the promise of WorkflowMax by BlueRock is clear: to deliver a job management solution that users can be proud of, backed by a team full of pride and passion for what they have created.

The journey has only just begun, and we invite you to be a part of this exciting new chapter in job management software. Find out

what's new and what's next on the roadmap.

Supporting our partner community

Our Head of Growth and Partnerships, Ryan Kagan, has been instrumental in the development and strategy for our new partner program. One way we’re enhancing how we collaborate and support each other is through a strategic partnership with Coachbar. Coachbar, founded by the talented quartet of Doug LaBahn, Rob Stone, Josh Drummond and Owen Burley (ex Cin7, Xero, and

Sage to name a few) is set to advance our partner interactions by driving unparalleled value through the universal partner directory. This initiative will enhance our software ecosystem and create meaningful connections between businesses and professional software experts to foster better outcomes for all involved.

Furthermore, Coachbar. io is developing a partner relationship management (PRM) platform for WorkflowMax by BlueRock. The PRM is being co-

Join a community of forward-thinking professionals who value efficiency, innovation, and the power of a wellmanaged workflow.

designed with us, modelled to the needs of our WorkflowMax by BlueRock partners, and complimented by our collective and extensive experiences in partnership channels. This platform will serve as the centralised hub for all partner communications, new business opportunities, operations, education, and collaboration, ensuring that our partners have the tools and information they need at their fingertips.

With new partner agreements, commission structures, certification programs and a vibrant community, we're committed to supporting our partners every step of the way.

If you're interested in joining our partner community, we invite you to register here.

Empowering customers through the transition

At the heart of our customer success strategy is Kaia Kaldoja, our dedicated Head of Customer Success. For those of you who don’t know, Kaia was responsible for growing the BlueRock bookkeeping practice for 6 years, powered by WorkflowMax. She knows just what it takes to build an efficient, profitable and automated business. Under Kaia's leadership, we're rolling out a comprehensive and free support package designed to make the transition to WorkflowMax by BlueRock as smooth and stress-free as possible for customers.

50% off 3 months of subscription fees* – to ease the transition for WorkflowMax by Xero customers, we’re offering an exclusive discount for signups by 1 April 2024. It’s our way of supporting partners and customers through the change and making sure you all experience the full benefits of WorkflowMax by BlueRock without any hassle. *Terms and conditions apply.

New bite-sized training and education courses – get the knowledge and skills to make the most of WorkflowMax by BlueRock with our user-friendly learning management system (LMS).

1:1 migration planning sessions – offering a personal touch, these sessions give customers the opportunity to engage directly with our team, discuss their specific needs, and finalise their migration plan.

We’re making the transition to WorkflowMax by BlueRock as smooth and stress-free as possible for customers.

Weekly migration drop-in sessions – for those quick questions or when guidance is needed without delay, our weekly dropin sessions are the perfect opportunity to connect with our experts and get answers in real time.

Weekly product updates – led by our Head of Product, Chris Galt and Product Manager, Macaulay Hey, these sessions (some live and some recorded) are a fantastic way for customers and partners to stay informed about the latest updates, changes and future product developments.

the information they need, we've launched a new help centre that’s complemented by 24/7 support for all users. These are championed by our Product Experience Manager, Joanna Bellis and Head of Customer Support, Kuang Gan who have over 20 years of combined experience with the product.

Complimentary discovery sessions with our partner network – these are for customers with larger and more complex needs who’d like to engage with an expert. You can contact an implementation partner in our directory for a free conversation about your migration requirements, planning, staff training and account optimisation. Most partners have a range of support packages available to suit all budgets.

We hope you take advantage of all these resources and join us on this exciting journey towards improved productivity, performance and profitability.

If you have any feedback for me directly, you can contact me on LinkedIn

Tap into our free migration support package – here's what’s included for customers

Free access to the migration wizard – we’ve built a reliable tool to easily transfer your clients’ data. All important historical information comes across and businesses can continue as normal, with minimal disruption.

In-product educational journeys – new guided tours within the product will highlight improvements and changes, eliminating the need for teams to completely relearn the product from scratch.

Around-the-clock support and a new help centre – to make sure customers can quickly find

Get in touch with us: Website

Ignition helps accounting and bookkeeping firms reclaim time, profitability and cash flow. Automate proposals, billing, payments collection and workflows in a single platform.

Stop overlooking Payroll, it’s about time!

Exploring the potential of payroll services in enhancing client satisfaction and driving profitability in accounting practices.

Did you know 40% of people who are paid incorrectly, consider resigning. Yet, payroll services are still undervalued and seen by some smaller practices to be a ‘necessary evil’ to maintain a happy client and make a profit from other accounting services.

It’s time we stopped overlooking payroll, and truly understand the value that we can give to clients by ensuring that not only this service is done well, but also running a payroll division profitably.

Payroll should be a key strategic partner in driving

Payroll as a Service

Over the past three years, I’ve spent countless hours attending accounting conferences around the world, with very little mention of payroll. Payroll, many of you would say is not within an accountant’s remit.

In fact, other professional bodies take care of payroll, such as the CIPP in the UK, and Payroll Org in the US. The Bookkeeping Institute also covers payroll for its members.

Yet, a client’s first point of contact for payroll will likely be their accountant. After all, our accountant deals with numbers

and taxes, payroll is also numbers and taxes hence it must be in their remit.

Faced with this challenge many accountants take on payroll, to maintain a client with their firm.

Payroll Complexity

Payroll was once a simple process of paying employees. At one point it may have well been that, however, today this has very much changed.

Payroll teams can easily highlight numerous legislations that have made their job harder. Bringing some examples from the UK, the simple notion of paying time taken off, known as Holiday Pay, is nothing but simple.

Most accountants I know have been trying to shift this responsibility back to the business, simply because they do not have the necessary underlying data to be able to do this accurately.

For those of you not familiar with the legislation, it requires someone to collect 52 representative weeks where the employee was working, in which there were no days off, or sick. Someone may have to look back up to 2 years, to identify these, then work out an average weekly

@jonmifsud

Jonathan Mifsud, CoFounder, Buddy

Jonathan, Co-Founder & CTO of Buddy, has spent over 9 years working closely with accounting practices and payroll bureaus, helping them to scale and enhance their services.

He went into the depths of learning payroll, from calculations into leveraging his technology background to deliver a collaborative payroll solution, that doesn’t only allow peopleto collaborate but brings together various Apps integrated into payroll via APIs.

pay, based on which holiday is then calculated.

Based on conversations with leading influencers in the bureau space, what seems to have happened is that as these legislations came through, your payroll teams have kept providing their service, with added complexity, without raising prices, putting payroll under duress.

It’s not all lost

In the 5 years I’ve been involved in payroll, I’ve been noticing a shift. Payrollers are starting to talk about these challenges more frequently. As a result, we are seeing change, that is aligning with a technological shift within payroll. However, the biggest change that we can see is recognition.

Maria Mason, is a prime example, being made a Partner at BDO. Being one of the very few partners at accounting and audit firms, that are not an accountant or an auditor. Speaking at ACE23, the annual event organised by CIPP, she reiterated that her payroll division is one of the most profitable within BDO.

In a piece published by Alternative Insights, she shared how leveraging technology they were able to go from 500 to 1,000

This

payslips per person and shifted the extra resources towards advisory around payroll. One would say a key strategy in order to drive profitability

Cloud Payroll; round two.

Cloud accounting has over the past decade taken the industry by storm, and shifted plenty of firms from traditional accounting giants and ERP systems into the likes of Xero and other accounting players.

Payroll software, at least in the UK has somewhat lagged behind. The biggest players in the space have in so far been legacy desktop products. A few years ago the first wave of cloud payroll solutions hit the market.

Maybe the market wasn’t ripe; maybe they didn’t understand the customer base or simply ran out of cash. Most of these solutions, have, been acquired by larger businesses. Sometimes to augment a pre-existing HR solution that’s meant for larger businesses, and at times to simply knock out competition and add

to a collection of shelved payroll systems.

Hence a big question that comes up for any new payroll product in the UK, is what’s your exit strategy?

This caution and need for longevity from this second wave of cloud payroll products is understood. Choosing a sustainable business that doesn’t need to sell out, is critical given the risks, costs and efforts that come with a payroll migration.

The Future of Payroll is Profitable

With employers ever-keener to retain existing staff to avoid hiring and re-training costs payroll should be a key strategic partner in driving retention, especially when you consider that 79% of payroll errors are found by employees.

A key challenge many accounting firms encounter when looking at investing in cloud payroll is the sheer price jump.

Cloud Accounting solutions, come with a fixed per-entity cost, whereas payroll tends to be charged on a per-employee basis, easily ballooning costs for larger clients. With margins on payroll traditionally low; moving to the cloud means a re-pricing conversation. Something many are not yet attuned to.

Based on our previous experience in Malta we found that decoupling the payroll license, from people related per-employee services that employers value achieves the best balance to ensure that your relationship with the client and their employees prospers.

Embrace the future of payroll – where strategic insight and technology meet to elevate your practice and client satisfaction.

Discover the power of Cloud Payroll designed for Accounting Firms

www.buddy.hr/uk

Part of Xero’s preferred app stack

Six financial processes that bring big benefits

The essential financial controls all businesses need A

little bit of focus on financial controls can bring a whole lot of benefits.

In PwC’s Global Economic Crime and Fraud Survey, just under half (46%) of businesses surveyed experienced some form of fraud or economic crime in the last two years. This shows that a huge portion of businesses still don’t have enough checkpoints and guardrails to stay on top of financial processes – leaving them vulnerable. Financial controls are simple steps that can help with compliance, reduce risk, and even boost overall productivity by making many tasks easier.

Research commissioned by PwC found internal financial controls do indeed work – two-thirds of organisations that experienced fraud discovered their most disruptive incident through financial controls. No matter the size of a business though, now is the time to build good habits and put these essential steps in place.

What are financial controls?

Financial controls are policies and procedures that are put in place to keep financial records in check and protect company assets. Along with preventing or detecting accounting errors, they also help find and deter fraud, such as account skimming,

misappropriation of assets, or false expense claims.

Most larger organisations have fairly extensive financial controls due to the size of their teams. Smaller businesses, on the other hand, tend to have less rigor around these processes – it’s not uncommon for one person to handle most financial tasks. Adding controls not only makes their lives easier and the business safer in the long term, but also those of their accounting and bookkeeping partners.

Here are six essential financial controls businesses of all sizes should put in place for smoother and more secure operations:

1. Segregation of duties: Segregating duties means that no single employee has total control over a financial transaction – like processing invoices or approving expense claims. This improves the accuracy of financial data and minimises the risk of fraud.

When setting up a workflow, the more junior employee should book the journal or set up the payment and the more experienced team member authorise or book the transaction.

While these processes should involve a minimum of at least two

@ApprovalMax

Stuart Hurst,Head of Accounting, ApprovalMax EMEA

Stuart manages one of the fastest growing accounting firms in the UK, as well as mentors numerous accounting firms to help them grow while managing change.

Winner of the prestigious Xero's most valuable professional, he's well-versed in the app ecosystem and has completed over 2,000 cloud conversions and integrated hundreds of apps.

individuals, companies should plan for when staff are on annual leave with alternate workflows so time-sensitive transactions can still go ahead.

2. Reconciliations: Reconciliations aren’t a once-off – they should be done regularly. This process of matching accounting to source data keeps financial information up to date and can pin-point anomalies that can undermine the integrity of financial records.

Reconciling accounts weekly will make it easier to fix errors, helping to stay on top of banking, payroll records, and fixed asset registers. Retail businesses with a physical shop front should reconcile cash takings against transaction records, while those operating online should remember to reconcile digital transactions.

3. Authorisations and approvals: Financial controls include setting up who is responsible for what. Limits on who can authorise or approve transactions above a certain amount can keep tighter reins on spending, helping companies to stay on budget and make sure any spending policies are consistently applied throughout the business for both employee expenses and supplier invoices.

Tools like ApprovalMax can streamline these transactions through approval workflows related to managing purchase orders or employee expenses. By automating these, actions can progress easily without having to manually chase or nudge the next approver.

4. Control over budgets: While authorisation processes help, it’s still important to track and monitor company spend across all budgets so that expenses are within planned limits.

If you don’t check budgets before giving approval to pay bills and invoices, it can cause working capital issues.

This makes it harder to pay suppliers on time and increases the likelihood of needing shortterm funding, which isn’t always ideal.

Certain tools simplify, or even automate, this process. Where possible, seek out cloud-based options that compare company budgets to live accounting data, inspect and document variances.

5. Compliance checks: New legislation, like Making Tax Digital (MTD), and an increase in fraudulent activity make it more critical than ever for businesses to establish compliance checks in their finance departments.

Thankfully, there are ways to make sure your business is compliant. Businesses should use anti-money laundering (AML)

and Know Your Customer (KYC) procedures to check suppliers are legitimate and manage any associated risks.

These usually include obtaining original documentation, such as company registration details and, where relevant, VAT numbers.

It’s worthwhile also finding information on company directors to see if they’ve recently managed companies which have gone insolvent.

If offering customers payment terms, run credit checks during the onboarding process and regularly monitor them for adverse financial events, such as County Court Judgements (CCJs).

6. Audit trails: Maintaining details of who has created and approved transactions keeps finance team members accountable and makes it easier to interrogate large and unusual transactions during an audit.

The good news is many modern ledger software vendors automatically maintain an audit trail, including ApprovalMax. This can be run as a filtered report, listing initial transactions and any changes will be date stamped with specific user details, and is particularly useful at month-end when financial controllers may need to fix entries that weren’t input correctly. Third-party addons, such as ApprovalMax, can provide audit trails for processes not covered by ledger software, including accounts payable and accounts receivable workflows,

purchase order management, payments, invoicing, and quotations.

Putting financial controls into place

Setting up financial control processes doesn’t have to be complicated or painful. In fact, you often end up saving huge amounts of time in the long run, especially when adding automation to the mix.

Neglecting financial controls and postponing process development is a common tendency. Often, the significance of these measures isn’t fully recognised until a crisis occurs, resulting in substantial expenses and hardships. Many businesses fail to grasp the potential severity of the consequences. It’s crucial to address these controls proactively to safeguard against unforeseen challenges and mitigate potential losses.

Businesses with several layers of robust financial controls in their business will have better a financial health score, smoother operational efficiency, better legal compliance, and higher survival rates.

Want to try ApprovalMax? Start a trial, visit:

www.approvalmax.com

Revolutionising Accounting: The Impact of MYT and AI on the Future of Finance

MYT leads the accounting revolution with AI, transforming traditional practices into efficiency.

s we stand on the brink of a new era in the accounting sector, the winds of change are powered by automation and advanced technologies.

The future of accounting is not just an evolution; it's a revolution, spearheaded by innovations that promise to transform the traditional ledger into a dynamic, intelligent, and highly efficient system. At the forefront of this transformation is MYT, a visionary brand that has embraced the

potential of AI to redefine accounting for micro and small businesses.

The Rise of Automation in Accounting

The accounting industry is undergoing a seismic shift, with automation and artificial intelligence (AI) leading the charge. These technologies are not merely add-ons but are becoming integral to the accounting process, offering unprecedented accuracy,

@app_myt

Oumesh Sauba, CEO, MYT

Oumesh Sauba is the founder and CEO of MyT Limited, a revolutionary AI-driven accounting app and software designed to support freelancers and micro businesses with their bookkeeping and records. He is also director of his own Croydon-based accounting firm Sauba and Daughters Co, and has over 15 years of experience as a Chartered Management Accountant specialising in financial accounts, management accounts and taxes.

efficiency, and insights. Automation simplifies repetitive tasks, from data entry to complex calculations, freeing accountants to focus on strategic decisionmaking and advisory roles.

AI-Powered Data Extraction: A Game Changer

One of the most significant advancements in accounting automation is AI-powered data extraction. This technology streamlines the processing of invoices, receipts, and bank

statements by converting them into digital data. The result is a faster, more accurate, and highly scalable solution to bookkeeping that minimises human error and maximises productivity.

MYT: Pioneering the Future of Accounting

MYT stands as a beacon of innovation in the accounting landscape. Born from the desire to simplify bookkeeping, MYT has evolved into a comprehensive tool that embodies the future of accounting. With its AI-powered software, MYT automates VAT returns, prepares profit and loss statements, and generates balance sheets with unparalleled precision.

commitment to excellence and innovation. By leveraging optical character recognition (OCR) and machine learning, MYT has optimised data extraction, making bookkeeping a swift and hasslefree process.

Automation simplifies repetitive tasks, from data entry to complex calculations, freeing accountants to focus on strategic decision-making and advisory roles.

The Role of MYT in Shaping the Future

MYT is not just adapting to the future; it's actively shaping it. The brand's approach to automation and AI reflects a deep understanding of the industry's needs and the challenges faced by accountants and bookkeepers. By focusing on technology that enhances efficiency and accuracy, MYT is setting new standards for what accounting software can achieve.

Making Tax Digital initiative is a testament to its forward-thinking design and its ability to meet rigorous standards.

Conclusion: A New Chapter in Accounting

The future of accounting is bright, with automation and AI leading the way to a more efficient, accurate, and insightful industry. MYT is at the heart of this transformation, embodying the change that is reshaping the accounting landscape. As we look ahead, MYT's innovative solutions and visionary approach offer a glimpse into a future where accounting is not just about numbers but about empowering businesses to achieve their full potential.

Efficient, user-friendly, affordable, innovative, and simplified—these are the pillars upon which MYT is built. The brand's journey from an ambitious concept to a transformative tool highlights its

Moreover, MYT's adaptability and resilience, especially evident during the global lockdown, showcase its potential to lead in times of change. The software's compliance with the HMRC's

https://getmyt.com/ Accountants/

One App to Manage All Your Expenses

ExpenseOnDemand helps you say goodbye to spreadsheets, lost receipts & confused claimants. Say hello to on-the-go approvals, automated reports & simplified compliance.

Book Demo

Transform Your Practice with Professional Services Advisory

Nicola Stewart, Content Manager, Projectworks

Nicola Stewart, Content Manager at Projectworks, is a skilled writer specialising in Professional Services. Focused on industry news, expert advice, and software, Nicola brings a fresh perspective to the business world.

As technology continues to advance in the accounting space, accountants and bookkeepers are expanding their services to provide more value to their clients. By offering software advisory as an additional service, accountants can offer greater support and remain competitive in the market.

f you're an accountant or bookkeeper seeking to broaden your horizons and venture into advisory services, the professional services sector is an excellent starting point. This sector has long been overlooked, and therefore, offers lucrative opportunities for those willing to offer expert advisory support.

The professional services sector comprises businesses that specialise in different services but share a common business model. As a result, if you develop knowledge and skills in the professional services sector, you can advise multiple industries.

Some examples of professional services businesses include architects, software developers, engineers, advertising agencies, management consultants, creative studios, and many more, all of which operate on the same underlying model.

As of 2023, professional services have the 4th largest market size in Australia, attune to the sum of AU$263.2bn*. In addition, the sector is projected to bring in AU$2.44bn in 2024 alone**.

*IBISWorld: Professional Services in Australia Report

**Statistia: Professional ServicesAustralia

The opportunity is there, and clients are looking for people with your expertise to guide them.

One thing that we have observed over the years is that a lot of professional service firms are

not aware of what metrics they should be tracking, and frequently depend on past data without any forward-looking planning. Knowing the essential metrics used to gauge success within professional services is the first step in becoming a trusted advisor.

To help you get started, here are the 3 most important metrics for professional services to track:

Gross Margin

Professional services should be actively monitoring their gross margin to avoid potential revenue or cost concerns. Currently, many consulting businesses track their gross margin on a monthly basis, after invoicing, which is too late to make any improvements. By providing your clients with realtime gross margin information, they can be assured that their business is increasing its average

gross margin over time.

Gross margins should be between 10% and 30% on the lower end, all the way up to 50-85% for clients offering more unique services.

Projectworks allows clients to see all of the above, plus their projected margin. This gives them a glimpse into the future and an opportunity to make actionable changes in advance if needed.

Utilisation rate

Professional service firms must measure their utilisation rates to thrive. Utilisation rates are a critical metric that quantifies the amount of billable hours dedicated to revenue-generating activities by employees. Failing to measure utilisation rates means operating blindly, which can hinder a firm's growth and profitability.

In general, a company-wide utilisation rate of over 80% is considered acceptable, while over 90% is outstanding. This can however vary based on the services your clients provide.

While most firms have their utilisation targets tucked away in spreadsheets, few proactively manage them, and even fewer look at them in advance based on a resourcing plan. This is a lost opportunity as

professional service businesses can significantly increase their margins by measuring and improving their utilisation rates. Providing support in this area is a highly valuable skill that clients will appreciate.

Leverage

Assisting your clients in balancing costs is likely something you're familiar with. You can utilise your expertise to help professional services increase their profit margins through appropriate leverage. In professional services, leverage refers to the ratio of senior professionals to less experienced employees within a firm. Finding the right balance is crucial, as a project staffed only with senior consultants can be costly, while a project with only junior employees may lack adequate quality control.

The average professional service firm should aim to maintain a balanced leverage ratio of around 6:1 - 8:1 (low experienced staff to experienced staff) on each project.

Professional services firms need advisers, could you be one?

The professional services sector is diverse and requires expert financial, and software advice. Through educating yourself on

one business model, you can serve a variety of clients as they share common KPIs, metrics, and advisory needs.

This is just a taster of the Professional Services sector, but if you’re curious to know more - consider joining our Partner Program. Within the Partner Program, we teach you how to advise professional services and offer information about Projectworks as an option for your clients.

The partnership is mutually beneficial as it helps us find new customers, and provides you with a highly rated software option for your clients, and commission, or the option to pass the savings on to your clients.

Switch to AutoEntry

And that’s it! No contract is required, and you get all features from day #1, as well as unlimited clients, users and storage.

Try for free

Why measuring bookkeeping data quality matters to accounting and bookkeeping firms

How UK firms are using bookkeeping health checks to increase income

@xenonconnect

Gareth Salomon FCA, Founder, Xenon Connect

Gareth Salomon is a Chartered Accountant who has operated his own UK accountancy practice since 2010. He founded Xenon Connect in 2021, cloud software that connects to Xero and automatically detects more than 20 different types of bookkeeping error, saving accountants and bookkeepers time and money. He experiences the challenges facing bookkeepers and accountants in practice firsthand, daily, and enjoys addressing those challenges through Xenon Connect.

Gareth Salomon FCA discusses 5 ways that automatic bookkeeping data quality checks have become the secret sauce for practice growth.

As bookkeepers and accountants, we love data. A neatly reconciled bank account, a meaningfully accurate aged creditors report and a net pay control account whose balance neatly consists of the most recent submissions only. Pure bliss!

Let’s discuss how you can use bookkeeping data quality reviews

to harness that bookkeeping data and grow your firm…

Communicating your value – In all honesty, how do you currently evidence your knowledge and value to prospects during that first meeting? Imagine going into that first prospect meeting fully armed with

"Data quality and transactional activity reports give you the information you need"

an automatically generated bookkeeping health report and a couple of large transactions where purchase tax has been under-claimed by the previous advisor. If you were the client, would you be impressed? Is the prospect likely to choose you or one of the other two advisors that spent 30 minutes merely finding out what services are required?

Accurate Proposals – How many times have you had a quick glance at a prospect’s Xero data (probably just to get a rough idea of transaction levels and previous advisor’s fee in the P&L) before coming up with a proposal, only to realize later that there are thousands of unreconciled bank and credit card transactions, hundreds of unpaid invoices & bills dating back 5 years and far too many high value transactions in “429 – General Expenses”? How did the client feel when you doubled their fee? Or did you just suck it up yourself leaving money on the table? Data quality and

transactional activity reports give you the information you need to produce an accurate proposal, first time.

Gamifying and motivating

– A bookkeeping health score provides a tangible reading of the amount of work required to get the client’s records to an accurate trial balance. The race to get a client’s bookkeeping health score back up to 100% is addictive and extremely motivating – for you and your team members. The team member is motivated to work more efficiently, work gets pushed out of the door sooner and the firm increases profits. Pretty compelling!

Automatic Systemization – The problem with most systems in a firm is that they take a lot of time to develop, review and amend. Bookkeeping data quality checklists and reports are automatically generated, driven by the underlying bookkeeping data. They require very little setup and handholding. They systemize the bookkeeping process, allowing the team to focus on the fee-generating work.

Who needs help? – The ability to have a bird’s eye view of the bookkeeping health score for all of your clients is extremely useful. Which team members are struggling with technical issues? Not bringing bank reconciliations up to date in a timely manner? Are overworked? Bookkeeping health statistics give you the visibility required to nip such issues in the bud before they manifest.

A Final Thought – Every client is unique, with differing levels of complexity involved. Let’s use tools that harness the data we already have to identify exactly what our clients’ needs are, who is best suited to service each client and what fee is fair for the work involved.

Get started with Xenon Connect for free:

https://www. xenonconnect.com

Spotlight Sustain: ESG Reporting Made Simple

Spotlight Sustain is more than just a new product, it's an affirmation of our mission to create disproportionate impact.

nvironmental, social and governance (ESG) reporting is now becoming an increasingly necessary aspect of business activity. Not only are enterprises recognising the need to be involved in ‘measuring what matters’ beyond the bottom line, but they’re also seeking solutions to the problems that organisations and communities face in this modern world.

Spotlight Sustain offers crucial functionality across all key areas of ESG, with the ability for reports to drill down on what the business or client is most interested in.

“We believe that if ever there was a time to create a new and positive ripple, it’s now"

Recognising this need, Spotlight Reporting has launched its standalone ESG reporting solution, Spotlight Sustain. With over 12 years of expertise in delivering engaging and actionable reports and forecasts to accountants, CFOs and advisors, Spotlight Reporting’s new Sustain product aims to streamline the ESG reporting process, access data from leading specialist providers, while also being highly customisable and adaptable to specific business needs and initiatives.

Designed for advisors, accountants and CFOs alike,

Through customisable templates, extensive graphs, and the ability to add additional commentary and imagery, Spotlight Sustain provides the means to deliver actionable and engaging reports on the following areas:

• Environment: with a focus on improving impact, monitoring and reporting on environmental initiatives

• Social: to develop and evolve company culture and structure, analyse and track social performance indicators

• Governance: to report on governance while also taking into account specific measures relating to organisational oversight

To this day we remain a small

@spotlightrep

Richard

Francis FCA, CEO and Co-Founder, Spotlight Reporting

Richard is the founder and CEO of Spotlight Reporting, a global business intelligence software company for accounting firms and CFO’s. Prior to Spotlight Reporting, Richard was in practice as a Chartered Accountant, starting his career at a large firm before moving to the UK for four years and has also worked as a General Manager for Xero (2012-14), having had a software business acquired in 2012.

but passionate team combining great software with the human touch. We continue to innovate and respond to customer needs, whilst also looking through a long lens at what our next disproportionate impact could be.

We believe that if ever there was a time to create a new and positive ripple, it’s now. By now, everyone realises that our planet’s inhabitants and organisations are grappling with unprecedented change and how to measure, reduce and mitigate the consequences of our human activity and choices. Transparency is lacking, the rules of engagement are unclear and we are still learning what it means to be good citizens and guardians of our world.

In a small way, we hope to use our decade-plus of reporting and forecasting experience to shine a light on ESG metrics and to encourage and educate the ‘sustainable-conscious’ organisations that want to ‘measure what matters’ beyond the dollar signs. This is us ‘leaning in’ alongside those in the front lines of carbon footprint mitigation, sustainability advisory,

progressive accounting, leading certification organisations, and those encouraging and guiding momentum on diversity, gender, community and other aspects of sound governance and corporate citizenry.

We believe that by allowing a coalition of the willing – and yes, there will be compulsion increasingly too as regulators move beyond strictly financial measures of success and impact – to more easily report holistically

across their spectrum of possible ESG measures and KPIs, we may just have a positive impact on actions and outcomes. If we can be a tiny part of the way forward on climate change, community endeavour, customer satisfaction and accessibility, sound and transparent governance and employee opportunity and diversity, then count us in!

By now you can tell that Spotlight Sustain has been a personal product journey for me and many

“By now, everyone realises that our planet’s inhabitants and organisations are grappling with unprecedented change and how to measure, reduce and mitigate the consequences of our human activity and choices.”

on the team, too. After all, don’t we all want our organisations, people, communities and planet to thrive?

https://www. spotlightsustain.com/

Unlock the Power of an HRIS

Your People Data Should Not be stored in Spreadsheets - See Why…

@HRPartner

Christina Kryske, Customer Success Specialist, HR Partner

Christina is a support powerhouse based in California, USA. She loves meeting new clients and helping them identify how their businesses can improve their processes with HR Partner. She believes that HR operations should be simplified and streamlined, not cumbersome or complicated - and she loves sharing this knowledge with clients.

Explore how an HRIS ensures accuracy, prevents errors, and allows customisation for enhanced people data management and analytics.

Data analysis, including people analytics, is crucial for a company's success, enabling leaders to make strategic decisions and enhance workforce efficiency.

Relying on manual spreadsheets for this important data is risky as your company grows.

Spreadsheets are prone to human errors, visibility permission lapses, and data loss. In contrast, using an HRIS for people data and analytics prevents such mistakes and offers customisable permission settings.

“Imagine overseeing the entire employee life cycle, from hiring to departure, with seamless data analysis and reporting – all in one place”

Data Security & Access Permissions

One of the primary advantages of an HRIS over manual spreadsheets is enhanced data security. Using spreadsheets for employee data exposes you to risks like data loss and theft.

Cloud-based HRIS software, like HR Partner, offers higher security levels for staff data. We prioritise transparency, adhere to industry best security practices, and host our servers with a leading

GDPR-compliant cloud provider to safeguard your HR data.

We also understand that each organisation has their own access preferences for employee information and capabilities. With this in mind, we built extremely configurable admin permissions options.

Easy Compliance Management

When using an HRIS, keeping track of which employees are compliant under your local and federal regulations and employment laws is easier than when using a manual spreadsheet for this information. With an HRIS

like HR Partner, businesses can effortlessly manage employee compliance, create custom categories, and receive reminders for document expirations – all beyond manual spreadsheet capabilities.

Positive User Experience

Spreadsheets tend to not be intuitive, relying on precise formulas, making them difficult to use for staff who may not be tech-savy. In the user experience battle, HRIS systems excel over spreadsheets, offering intuitive processes, streamlined management, and advanced features.

Look for an HRIS like HR Partner that prioritises user-friendly design for efficient employee data analytics and management. We made our HRIS easy to navigate and intuitive, especially when it comes to people analytics and reporting.

Scalability

As companies expand beyond 15 or so employees, manual spreadsheet updates may prove unsustainable for managing the growing volume and variety of HR data. Continuously creating multiple spreadsheets for specific

functions becomes impractical. Scaling with an HRIS is the optimal solution, allowing centralised management of HR processes and personnel changes in one platform. Imagine overseeing the entire employee life cycle, from hiring to departure, with seamless data analysis and reporting – all in one place!

The Bottom Line

Although spreadsheets can be useful for some HR processes and data tracking, they come with concerning vulnerabilities. Ditch spreadsheet risks, and opt for a

trusted HRIS. Enhance security, scalability, compliance, and user experience with HR Partner.

If you’re ready to stop secondguessing your people analytics, enhance the security of your employee data, and streamline your HR processes - then you’re ready to upgrade from manual spreadsheets to an HRIS.

Does your company use an HR system you love? Are you running a team of 20-500 people? We’d love to show you everything HR Partner has to offer your people management and analytics!

Book a demo with us today:

www.hrpartner.io/demo

Extend Xero’s capabilities and better manage complex group reporting

With its new customisable dashboard, group global search and transactional drill down, the Joiin platform will superpower your multientity reporting

Before exploring how our Joiin platform’s new group reporting features extend Xero’s capabilities and amplify your financial data (although you can take a quick look at the box below), there has been a boom in Xeroconnected apps. So, let’s first look at what is driving market demand.

There have never been so many awesome connected apps on the Xero App Marketplace, meaning there’s always an app to enhance your Xero and work, enabling you to build a sophisticated finance system around Xero itself easily.

Only last year, Joiin took part in a fantastic webinar series run by our app partner, Mayday, on how to build an enterprise-level system with Xero – aimed at helping CFOs and their teams. The webinar series highlighted a market demand right now –people like you are looking for ways to scale a Xero set-up to meet the needs of your growing business(es).

It’s widely believed that Xeroconnected apps are great (excellent news as Joiin is a connected app). But as an app vendor at Joiin, we’re ever mindful of how we must develop our

platform for the market and what our customers want, to deliver a powerful app that works your data hard to simplify the complex nature of group reporting.

Recently, three drivers have shaped how we’ve been developing our Joiin platform – all of which have come from market insights and feedback from customers, app partners, or business partners, helping us to move forward confidently:

• At the heart of it, there is a need amongst customers for seamlessness; not only how easily apps connect to Xero and maintain the integrity of data,

@joiinreporting

Paul Shipway, Chief Commercial Officer, Joiin

Paul Shipway is the CCO at Joiin – the Xero consolidated reporting app. Having grown businesses from start-up to exit and supported others in doing the same, Paul deeply understands the many challenges business owners and finance teams face. He recognises the true value that accurate and timely financial data plays in the success of any business, small or large. He works with the team at Joiin to help deliver this to an evergrowing number of multi-entity companies worldwide.

but also how they look and feel, providing familiarity with the Xero user experience and sticking to shared values such as simplicity and ease of use.

• There is a need for centralised control and a desire for apps that treat Xero as the hero and can support it wholeheartedly, enhancing the systems and processes already integral to a business’s Xero usage.

• People are mindful of costs and want to see app pricing models such as all-you-can-eat (you get everything for one fair price) and ones that scale sensibly (say, as more entities are

AT A GLANCE: JOIIN’S NEW GROUP REPORTING FEATURES

• Global Search: Within Joiin, search for and find any Xero transaction you need, meaning you can easily keep better tabs on complex, multi-entity finances.

• Transactional drill down: Drill down into specific transactions from a search, seamlessly opening any related documents in Xero via a hyperlink.

• Customisable dashboards: See data at a glance with a highly visual one-page overview and easily stay updated with the metrics that matter most to you.

added) to maintain cost control across multiple deployed apps.

Our new feature development approach at Joiin

At Joiin, we thoroughly acknowledge what’s currently driving the market: we’re mindful of the need for seamlessness between Xero and our Joiin platform, we understand people’s need for centralised control of their data, and that these people are rightly cost-conscious.

Alongside the above drivers, we’re also led by our customers, who had been asking us specific questions throughout 2023, and we’ve since worked with them to deliver against popular requests, such as:

• How can I get transactions into Joiin and drill down into these?

• Can you help me find Xero transactions amongst my masses of data easily?

• How can I quickly see my headline data on one Joiin screen?

Effectively, we were tasked with finding ways for our customers to achieve more control over

their data and get more from it. The challenge was accepted, and we set about delivering new features that let you move from real-time headlines to intricate drill-downs into your data, delivering a rounded experience that works your data harder and makes group financial reporting much easier.

“Once your transactional data is in Joiin, you can search for and find any transaction you need with our new, powerful Global Search feature and drill down into specific transactions from a search.”

add-ons – to repeat you get everything for one price – with our pricing based on the number of group entities you upload to Joiin. For example, it costs from just £16/ month for two entities and £50/ month for ten entities, with options from less than £1 per entity for 200 entities and beyond.

This led us to better integration with your Xero transactions – to make life easier when looking for the documents you need –alongside a Global Search feature that lets you find and drill down into these documents. At the same time, we’ve introduced customisable dashboards that enhance your data visually, bringing it to life in easily digestible golden nuggets of insight.

A quick note about our pricing

Before we look at our new features, I want to emphasise that, with Joiin, you get all features for one low-cost subscription price. We never charge for feature

Joiin’s new features – extending Xero’s capabilities and working your data harder

Feature #1: Global search:

With our Joiin platform, you’ve always been able to connect to Xero seamlessly and quickly –literally within minutes – and that hasn’t changed. With your say-so, when connecting to Joiin, you can now automatically upload your transactions from Xero to Joiin. Once your transactional data is in Joiin, you can search for and find any transaction you need with our new, powerful Global Search feature.

The look and feel of search results are similar to what you’d expect

in Xero. For example, you can see all your transactions in one place, presented as lists based on your account categories, which brings a welcome familiarity to the data being presented.

How does Global Search work your data harder?

Because our Joiin platform helps you manage group reporting, Global Search lets you see all your transactions in one place, meaning you can easily keep better tabs on complex, multientity finances.

Feature #2: Transactional drilldowns:

Moreover, you can drill down into specific transactions from a search, seamlessly opening any related documents in Xero via a hyperlink.

Drill-downs into transactional data can also be achieved from any report generated in Joiin. Our new drill-down feature is designed to work in the same way

as you would link to transactions in a Xero account transaction report, providing a more seamless user experience across the two platforms.

How do drill-downs work your data harder?

While group reporting you now have instant access to every transaction, across all your entities, within Joiin.

Feature #3: Customisable dashboards:

Our platform’s all-new Joiin dashboard automatically pulls together your critical metrics in one place. The dashboard is completely customisable, however. With our powerful interface, you can tweak and create your dashboard your way, precisely showing what you want to see, wherever you are.

Reporting widgets can be configured using a variety of KPIs, chart types and filters and can be moved and re-sized using drag

and drop.

How does a customisable dashboard work your data harder?

Our dashboard brings new life to your data and how you use it for group reporting. See your data at a glance, with a highly visual onepage financial overview, meaning you can easily stay updated with the metrics that matter most to you.

Reader offer: Claim your free 30-day trial

Like the sound of our new features? As an XU Magazine reader, you can claim a free 30day trial, letting you plug in and play with our new features for an extended period.

FIND OUT MORE...

Claim your free 30-day trial: app.joiin.co

Get a glimpse into Accountex London 2024, as free registration opens

The largest gathering of accountants and finance professionals is returning to ExCeL on May 15-16 2024.

@Accountex

Caroline Hobden, Portfolio Director, Accountex

Caroline is a dedicated event professional with over 20 years experience managing international business-tobusiness events.

With a wealth of knowledge and expertise in running technical events across a variety of industry sectors, Caroline is the Director for the hugely popular Accountex portfolio, which includes Accountex in London (15-16 May 2024), Accountex Summit Manchester (17 September 2024), a wide variety of virtual events, the bi-monthly e-newsletter Accounting Insight News and a host of global events including Accountex Canada and Accountex Spain.

Over ten thousand accountants, bookkeepers and finance professionals from across the UK are expected at Accountex this Spring.

he upcoming event aims to build on the success of the 2023 show, celebrated as the largest in Accountex history.

295 software and service suppliers will be exhibiting, alongside a comprehensive CPD accredited education programme, to help visitors stay up to date with the evolving landscape of the profession.

“This show keeps my business current and my mind fresh!”

“As always, we’re excited to welcome the accounting and

finance community through the Accountex doors. We understand more than ever that attendees are using their valuable time away from their desks to attend the show, so we have to continue making it worth it. We are prioritising fresh content, especially sessions that focus on practical application, so attendees can start using these insights as soon as they return to their desks. We also have our most diverse exhibitor list yet,

with a mix of established software providers and start-ups.” said Accountex Portfolio Director, Caroline Hobden.

“A 'must-attend' event for any accountant and bookkeeper in industry or practice”

Attendees will have the opportunity to reconnect with current suppliers, get updated on new products, and explore new exhibitors to enhance business efficiency and reduce costs. Notable industry giants such as FreeAgent, Intuit QuickBooks, IRIS, Sage,

TaxCalc, Wolters Kluwer, and Xero will be exhibiting, alongside emerging brands like NORI HR, Signature Group, and Sovos.

The education program offers up to 16 free CPD hours across 13 theatres and 250+ sessions. Seminars will be given by thought leaders, critical thinkers, and experts covering a range of topics from AI and AML to branding and Companies House Reform.

Creation Clinic, and after-show parties.

ongoing commitment to mental health and wellbeing.

After the success at Accountex

Summit Manchester, the Ask the Accountants Podcast team, Johann Goree and Aaron Patrick, will be hosting a Podcast Pitstop. Over the two days, they will be interviewing experts and leaders on their show takeaways and industry insights.

“Who thought so many accountants in one place could be so much fun!”

The event also promises plenty of networking opportunities, including the Bookkeepers Basecamp, Content

Familiar features from previous years, such as the Start-up zone will return, with the addition of a new Quiet Zone. Geared towards those needing a break from overstimulation, this area allows visitors to recharge in silence, supported by the Watch This Sp_ce team, Accountex's official D, E, and I partner.

Accountex continues its partnership with Mental Health UK as the official charity partner for the second year, reflecting the

The 'Trees for Attendees' initiative, in collaboration with Carma, will also make a return, with a pledge to plant a tree for every attendee, to offset carbon emissions.

FIND OUT MORE...

For further information and to book your free ticket, please visit:

www.accountex.co.uk/ london

Use priority code ACX105 when booking.

Why it’s time for accountants to raise their prices

At its heart, accounting is a numbers profession. However, accountants all too often seem to get the numbers wrong when it comes to calculating their worth and charging their clients according to the value they provide.

Creating the right pricing strategy and pricing their services accurately will be critical to setting themselves up for success this year.

For many accountants, this will mean increasing their prices. A recent Ignition poll found that 69% of respondents were looking to increase their fees this year by 5 to 10% on average, while 15% were looking to increase their fees by more than 10%.

For accountants considering how to raise their prices without alienating their clients, here are

three things that you should consider.

Out with the hourly

Many accounting firms today still use an hourly pricing model, which involves charging an hourly rate and multiplying that by the total number of hours worked to determine the final price. While this model is simple and easy to enforce, clients typically do not know what the price is until after the fact which can lead to “bill shock”. Increasingly, clients want to know what the cost of

@ignitionapp

Dane Thomas, Co-Founder and Chief Product Officer, Ignition

Dane Thomas is the Chief Product Officer and CoFounder of Ignition, the leading revenue generation platform for accounting and professional services. With over a decade of experience in building and globally scaling SaaS products, Dane has made significant contributions to the sector and is highly regarded in the technology industry.

Dane co-founded Ignition with Founder and CEO, Guy Pearson in 2013 to transform the way professional services businesses and their clients do business together. Ten years on, Ignition now serves over 7,000 customers globally.

their service is upfront from their accountants.

Hourly billing is also a quantitative way of billing, incentivising the amount of time you put into your clients’ work, as opposed to the quality and value of the work that you provide. This model is not ideal for accountants looking to grow their advisory and compliance services, which typically come at a higher cost.

Accountants looking to raise their prices should explore new pricing strategies, such as a fixed-fee pricing model, which sets a fixed price for each service based on a narrowly defined scope.

Another approach is standardising services, to ensure prices are consistent and have clear guidelines in place on how to deliver services, while allowing flexibility to adjust to specific needs of customers and valueadded services.

One cardinal mistake that many accounting firms make is not starting out with an engagement letter. Beyond being an extremely important reference point for a clearly defined scope of work, an

engagement letter can also allow you to add a clause to adjust the fees if you ever find that you have underquoted.

The price is right?

For accounting firms moving away from hourly prices, they will need to work out how much to charge. In addition to understanding the market rate and factoring in inflation and any other increase to their operational costs over the next 12 months, accountants should take four simple steps to set their price.

1. List your services: This task can be as simple as exporting a list from your firm’s accounting or billing system. However, if you don’t already have such a system in place, put pen to paper to create a robust list of all the services your firm offers.

2. Calculate your average fees per service: If you can export details from your accounting software then you can complete this step pretty quickly as well. If possible, export a detailed list of transactions from your income accounts within your ledger. Sort these by description or service, and you should then be able to total everything up before calculating the average price that you currently charge for each of your individual services.

3. Set your minimum fees as a baseline per service: Now you know your average fee per service type, and you can also filter the data to see your current minimum and maximum fees. This information will enable you to set your minimum fees for your services going forward, which can have a transformative effect on your revenue.

4. Determine your tiered pricing: Last but not least, have a think about your tiered pricing structure and create a detailed pricing matrix. To do this, consider each step that is involved in providing

your services - think about any factors that might delay or complicate your ability to complete the jobs in question. Use this information to devise a way to categorise your clients.

Automate price increases and late payments

Changing your fee structure and determining the right price will get you to a good place to ensure you’re being paid fairly and accurately for the work and value that you provide to new clients. But what happens when it's time to renew a contract with existing clients? Many accounting firms are hesitant to broach the awkward conversation about annual price increases for fear that it will turn the client away.

This is where automation can work in your favour. Suitable technology can automatically apply a percentage price increase when renewing annual client engagements and automate invoicing and payment collection. For accountants, this enables them to grow revenue, improve profitability and prevent them from underselling their services.

At the end of the day, no matter what approach you take, these changes need to be communicated to clients consistently and effectively to

avoid confusion. No one likes surprises when it comes to paying their bills.

By exploring new pricing models and assessing the right price against market rates and automating billing and invoicing processes in the back end, accounting firms can stay competitive and grow customer value this year.

Start your free 14-day trial today!

ignitionapp.info/free-trial

Aider Leads the Way in AI Accounting: Simplifying Compliance, Scaling Advisory

Maximise Efficiency and Growth Potential with Aider's Innovative Solutions

Belinda brings over a decade of experience in fintech startups and is passionate about supporting SMBs with new technology. Belinda has experience across various aspects of startups and small businesses and is enjoying working with the talented team at Aider to spread the word about their exciting and innovative product.

This article explores Aider’s latest releases, provides a sneak peek of their roadmap, and shares a customer's experience with Aider

A

ider’s AI powered platform is helping accountants streamline compliance and advisory, enabling them to expand their value-add advisory services to more clients in a fraction of the time.

Aider had a busy 2023, establishing itself as a gamechanger in modern accounting. Currently available in New Zealand and Australia, Aider has been referred to as the "ChatGPT for Accountants” as well as an “Accounting Virtual Assistant” and was named as part of Xero’s “preferred app stack” for accounting practices.

But first, nailing compliance.

Navigating compliance requirements is a time-consuming task that can divert your most valuable resources, the team at Aider understands this firsthand. That's why they developed a tool that streamlines compliance processes, freeing up time and resources for more impactful client-focused initiatives.

Data reconciliations made easy with the Data Compliance tool.

Aider's platform helps get your

firm closer to a "real time data" strategy, which is integral for accountants wishing to scale their advisory services. With their Data Compliance tool, accountants can breeze through data compliance tasks, boosting profits on every client job. By automating data due diligence checks, the tool helps accountants standardise and streamline processes, saving valuable time previously spent on cumbersome admin work.

The updated Data Compliance tool not only cuts down on data cleanup time but also promotes consistency and improves data quality across all clients. This means faster completion of Accounts and Tax Return filing jobs, providing accountants with accurate real-time data to deliver

top-tier advisory services to more clients.

Don’t get caught out working for free

Aider’s recently released Client Activity Summary ensures accountants have the data they need to quote for jobs accurately and plan resources accordingly. No more underquoting and having to do unpaid work. No more stress of inadequate planning and staffing. No more upset clients waiting for their jobs to be done yesterday. By summarising the volume of client transactions, invoices and bills, the Activity Summary gives accountants a snapshot of their client's key Xero activity trends. This enables accountants

Belinda Dyer, Marketing & Partnerships Manager, Aider

to adjust their service pricing accordingly.

Democratising Advisory Services for All.

The traditional approach to advisory is not scalable. Aider changes that.

With a commitment to enhancing efficiency for accountants and staying at the forefront of evolving AI technologies, Aider introduced a world-first Advisory Assistant in mid 2023. This innovative tool changed the game, reducing analysis burdens, allowing accountants to add value for more of their clients.

Aider's AI-powered Advisory Assistant helps accountants analyse data and craft client communications in smallbusiness-friendly language, this makes it easy to assist more clients with minimal effort. Perhaps the best part is accountants can rest assured that the data is fully secure, providing peace of mind to both accountants and their clients.

Hassle-free reporting with Aider’s report pack

Aider's report pack – featuring an AI-powered executive summary – is another feature that they released in 2023 and has become a valuable time-saving asset. Aider understands that report writing can be tedious, so they’ve incorporated an AI-powered executive summary and action points, as well as automated

graph generation in their report pack. All you have to do is give it your final approval, and the AI-powered tool generates a comprehensive report. This report can be downloaded as a Word document, with customisable branding, ready for editing, printing, or saving and sending.

beyond the numbers”. Hear how Stuart Smith, CEO of Fiscal Artisans, uses Aider to propel their business beyond traditional accounting services.

“In the 30 or so years I’ve been in business, the accounting industry has changed a lot. The move to real-time data and automated dashboards that crystallise client data has been key. Over the past couple of years I was looking for a platform like this and that’s how I found Aider.

“Our Admin team can't live without the Advisory Assistant now!”

– Cathy Tolley, Director, ilumin

Since using Aider, we’re spending less time on low-dollar services and more time on high-value services. The time we’ve saved has enabled us to do more than just help our clients with basic accounting data – we’re able to offer more $300 advisory services, instead of just basic $30 accounting services.”

Traditionally, advisory services have been reserved for a select group of high-value clients. However, Aider disrupts this norm by democratising advisory services supporting a productised and productionised advisory approach. This shift not only aids clients in their growth but contributes to the expansion of an accountant's own business.

Take it from a customer.

Aider helps Fiscal Artisans to “go

A Glimpse

into

the Future: Aider's Dedication to Innovation

Aider is dedicated to optimising technology and AI for accountants. Brendan Roberts, Aider's CEO, recently shared his insights at CPA.com's AI in Accounting Symposium, emphasising Aider's unwavering commitment to providing AIpowered software that not only saves time but also significantly boosts profitability for advisors.

"AI is where it’s at. We’ve all heard AI isn’t going to replace accountants, but accountants must embrace the technology to stay ahead in the game. We're already impressed with how the industry has adopted AI, and we're keeping ourselves at the forefront of new technologies to lead the charge. Our aim is to continually enhance accountants'

“We’re able to offer more $300 advisory services, instead of just basic $30 accounting services.”

Stuart Smith, CEO, Fiscal Artisans

Sneak Peek: What’s in store for Aider?

Aider continues to innovate and will be focusing on enhancing the platform with improved prompt management within their Advisory Assistant, enhancing their AI data models and expanding on their benchmarking offering.

Shaping the Future of Accounting with Aider

Aider goes beyond being just a compliance tool - it's on a journey to change the way accounting works. By streamlining processes, democratising advisory services, and leveraging AI, Aider empowers accountants to navigate the ever-evolving landscape with ease. Simplicity, efficiency and innovation are at the heart of Aider’s mission, providing a preview of the future of accounting driven by artificial intelligence. For those intrigued by Aider, now is the time to discover and embrace the efficiency and innovation it brings to the accounting profession.

FIND

OUT

Book a demo now and see how Aider can simplify compliance, make advisory services more accessible, and future-proof your firm.

What’s the score for 2024?

What’s around the corner? Vipul Sheth predicts the direction of travel for some of the big issues impacting accountancy – and the wider world – in the coming months.

Accountancy Consolidators

You only have to take a look at the UK’s Accountancy Age list of top firms to see the consolidators – generally those backed by private equity – are shooting up the charts. Growing revenue inorganically though is not necessarily a measure of success; the first wave of consolidators during the noughties all failed to develop synergies, economies of scale, or use their mass to win bigger or more valuable clients.

New practices can grow quickly but then hit scaling issues, as clients demand more time and more complex servicing. Larger practices are built on years of client and people development – but consolidation can be disruptive. I expect to see some of the private equity houses look to sell on and make a good return… how easy that will be is very much up for debate.

Election

We will have an election in the UK this year, and it’s by no

@AdvanceTrack

Vipul Sheth ACA CTA, Founder and Managing Director, AdvanceTrack Outsourcing

Vipul is a UK based ICAEW Chartered Accountant and Chartered Tax Advisor.

Vipul trained with a regional UK firm before moving to Ernst & Young and KPMG. AdvanceTrack is a UK Headquartered Accountancy Outsourcing Company with offshore operational centres, delivering services around the globe.

AdvanceTrack demonstrates compliance with international security laws including GDPR through certification to ISO27001:2013, ISO27701:2019 and BS10012 audited by BSI. Quality is certified to ISO9001:2015 and Business Continuity certified to ISO22301:2019

means certain that the current incumbents will stay in power. Whatever the case may be, I hope for greater stability and planning in its thinking to encourage growth.

A bugbear of mine has been this government’s lack of planning to encourage entrepreneurs and investors to stay here and invest. There are EU countries ready to snap up the best people through a combination of their tax treatment and both residenceand investment-friendly policies. Can whomever forms the next government drive the economy forward?

AI

We couldn’t have a ‘2024’ list without mentioning AI. The ‘warm glow’ created by ChatGPT still exists, but now time will tell whether AI can revolutionise how we as citizens live and work.

Certainly, there’s been concern among corporates (and governments) about making information freely available to

be absorbed and interpreted into large language models. The next step could be AI platforms placed in ‘data bubbles’, with organisations then linking the platform with their own systems and information to help inform decision-making (as well as automating tasks).

Conversely, software providers are also adapting and embedding AI into their solutions.

Whether these private data bubbles will be effective or not, when information into them is constricted, remains to be seen – but it will be fascinating to find out the next level of AI utilisation in the real world.

Shared services and outsourcing

You can see in AdvanceTrack’s own growth that firms know they need resource and the recruitment market is difficult and costly. They are looking for someone they can entrust with supporting their practice. Some firms have looked to maintain

control by setting up centres abroad – to varying degrees of success.

Expect to see more and more practices look to grasp the resources nettle – which will mean the outsourcing/offshoring offering will become more popular. I hope that, as firms transition towards models that involve greater automation and external resourcing, they stay laser-guided on developing their existing people while keeping a keen eye on what their clients want from them.

It is by no means easy to undertake that task, but resourcing is a means to an end. Without understanding what you want your firm and its people to provide (and to whom), then

everything undertaken is done without foundation.

Opportunity and investment

Practices’ services have been in demand, and we have worked more closely than ever with them to work through resourcing bottlenecks or, more often the case, as the backbone of their core services. In doing so we’re very proud to have maintained compound annual growth of 60%… Can we do that again in 2024? Well, that’s a tough ask –but not too shabby for a 20-yearold business! Staff numbers have increased, as have our office locations. We expect numbers to rise again in the next 12 months.

Speaking of our team – it seems a great opportunity to announce

that former EY partner Craig McKell has joined AdvanceTrack. Based in Sydney, Australia, the chartered accountant will support our growth in the AsiaPacific region. Craig has run a tech business for more than ten years and understands the steps to scale an organisation. AdvanceTrack has a core of experienced professionals managing at both strategic and operational levels. As important, we’re ready to take things to the next stage.

SAVE THE DATE: 14 MAY TO SEE US AT ADVANCETRACK

AdvanceTrack’s conference gets a new name and new approach… join us at our ‘growth booster’ event!

At AdvanceTrack we never stay still. As a business that has existed for 21 years, and whose growth is still high, the only way to achieve is through a continually evolving plan alongside investment in people and technology.

Our new ‘accounting practice growth booster’ event, GBX is our investment in developing our conference into a series of sessions designed to support you in growing your firm.

Needing no introduction is Dragon’s Den star and business investor James Caan CBE James founded his own recruitment business, Alexander Mann, which he would sell for £95m. Investing in himself, James then attended Harvard Business School before starting a recruitment investment organisation, Hamilton Bradshaw.

Again, a familiar name to accounting practitioners is our next keynote speaker, Xero co-founder Hamish Edwards. In his role at Xero, Hamish has played a pivotal role in revolutionising the way businesses manage their finances, and this has had a big impact on the practice community too.

Hamish is executive chairman of Firmcheck, an AML management system for practices which launched in 2022.

Our founder Vipul Sheth and CTO Ian Gregory will update attendees on the future of AdvanceTrack, and where we all fit in a world which continues to develop at a rapid pace.

Gary Turner advises and invests in early-stage tech in the UK and internationally. As an operator, he led the UK arm of the global cloud accounting platform Xero from 2009 to 2022. Under Gary’s leadership, Xero’s UK business grew from revenue of £56k in its first year to over £150 million ARR and more than 850,000 customers.

We’d love to see you on 14 May at the British Museum, London. Contact us through our website if you’re interested in attending or e-mail us at events@advancetrack.com.

James Caan CBE

Hamish Edwards

Vipul Sheth

Ian Gregory

Louise Walpole

Anneli Thomson

David Hassall

Aynsley Damery

Gary Turner

This

SuiteFiles is announcing enhancements to SuiteFiles Connect, to streamline the process of sharing client folders.

e are excited to announce enhancements to SuiteFiles Connect, an essential feature available for our Super Suite plan subscribers. SuiteFiles Connect serves as an online client portal, designed to streamline and secure the process of sharing folders and files with your clients. Whether you need to collaborate on documents, seek approvals, or simply share files for review, Connect is your go-to solution for seamless client interactions..

Building on our commitment to user-friendly experiences, we have revamped the sharing process in Connect, making it even more intuitive and efficient. If you have enjoyed the simplicity of our document signing wizard in SuiteFiles, you’ll find the new Share to Connect Wizard just as effortless to use. These improvements are part of our ongoing efforts to enhance collaboration and simplify workflows for you and your clients.

Our revamped SuiteFiles Connect is now more dynamic and userfriendly than ever! When you share a file or folder with a client through Connect, you’ll embark on a seamless three-step journey with our new sharing wizard. This intuitive process effortlessly guides you to add contacts, craft the perfect email, and preview it, all in a few simple clicks.

What’s more exciting? The upgraded wizard is a real time-saver, bringing a suite of enhanced features:

Multi-Contact Inclusion: Effortlessly add multiple contacts simultaneously, streamlining your sharing process like never before.

Customizable Email Templates: Tailor your client communication with bespoke email templates. Create, save, and select templates designed especially for Connect sharing, adding a personal touch to every interaction.

Branded Email Previews: Get a real-time glimpse of how your emails will look to your clients, complete with the branding you’ve already set up for document signing. It’s about ensuring consistency and professionalism in every detail.

(Coming Soon)

And there’s more! For those files and folders you’ve already shared, managing access becomes a breeze. Whether you need to

A lover of a good yarn, Riley Malins has built captivating narrative designs for web3 giant Futureverse, while leading global marketing campaigns for Spotify, FIFA, and Authentic Brands Group. Committed to enhancing the digital storytelling of small businesses, Riley combines industry expertise with a creative flair to elevate their online presence.

modify access permissions, extend expiry dates for continued client access, or swap out clients, it’s all just a few clicks away. This enhanced level of control and flexibility ensures that your client collaborations are not just productive but also secure and tailored to your unique workflow.

We can’t wait for you to dive into the magic of our new Connect Wizard and experience the difference yourself! We’re also eager to hear your thoughts and feedback. Your insights are invaluable to us as our team is dedicated to continuous enhancements, aiming to tailor this feature to exceed your daily operational needs.

New to Connect and need a little guidance? No worries! We’ve laid out all the steps for using this innovative wizard in our help center, ensuring a smooth and enjoyable experience!

FIND OUT MORE...

Productivity Under the Spotlight

The average UK employee works for 8 hours a day but is productive only for 2 hours and 53 minutes.

@ExpenseOnDemand

Sidd Nigam, Director, Expense On Demand

Sidd brings extensive experience in strategic partnerships across sales, product development, channel partnerships, engineering, operations, legal, and marketing. He excels in driving revenue growth through post-sales partnerships and optimising customer and partner experiences.

With a background at companies like Goldman Sachs, Microsoft, and Meta, Sidd now leads sales and marketing efficiency initiatives as a Director at ExpenseOnDemand

Productivity is once again taking centre stage in economic discussions as analysts look beyond inflation to what really drives growth – getting more output from inputs.1

Productivity is once again taking centre stage in economic discussions as analysts look beyond inflation to what really drives growth – getting more output from inputs.

“While productivity isn't the sole determinant of success, it remains one of the most crucial factors over the long term,” says ExpenseOnDemand director Siddharth Nigam.

In business, productivity is crucial even in the best of times. However, during challenging trading conditions, maximising the efficiency of limited resources can determine whether a company survives or shuts down. This underscores the close relationship between productivity and resilience, as highly productive companies are better equipped to withstand unexpected shocks.

What is productivity and why is it important?

In simple terms, productivity is

about how effectively resources like staff time, inventory, and capital are transformed into revenue-generating products and services.

Lost productivity costs employers $1.8 trillion each year.2

One of the most common measures is revenue per hour worked. When companies increase revenue without increasing working hours, they're considered productive.

For small businesses, productivity enables them to compete with larger counterparts and meet customer needs on a tight budget. It also creates flexibility to handle unexpected expenses or sales variations.

How to measure and manage productivity

Measuring productivity requires calculating ratios like revenue per full-time employee or profit divided by expenses over a consistent time period. While large corporations meticulously

measure such metrics, smaller businesses often don’t have the tools or manpower. Consequently, they miss out on insights that could help streamline operations.

Fortunately, ExpenseOnDemand offers easy-to-use expense management software that provides the visibility independent contractors and small businesses need to measure productivity. By automatically capturing expense data and linking it to projects and clients, the solution makes it simple to see key ratios across your business.

You can effortlessly monitor individual employee spending or the company's overall expenditure on business expenses. Alternatively, you can calculate expenses as a percentage of revenue to gauge profitability. This level of visibility enables you to pinpoint successes and areas for enhancement effectively.

Redesign your workflow

Step through your list of

inefficiencies and work out the kinks. You can often make big improvements simply by clarifying roles and responsibilities, optimising job sequencing and enhancing communication between departments.

Make sure employees know where to access the details they need to complete tasks or assist customers.

Reducing the time wasted searching for information, waiting for approvals, or tracking people down to ask questions is a productivity game-changer.

ExpenseOnDemand provides authorised employees with immediate access to the financial information they need, precisely when they need it. This streamlining of workflows effectively reduces bottlenecks, resulting in a smoother, more efficient operation.

3 tips to boost small business productivity

While every small business faces unique challenges, these three universal tips can help you optimise productivity:

1. Adopt technology

Small businesses that leverage technology tools effectively can bridge the productivity gap with larger enterprises. ExpenseOnDemand is tailor-made to assist small businesses in managing expenses and gaining valuable insights.

SOURCES

1. https://www. welcometothejungle.com/ en/articles/8-hour-workday

2. https://slack.com/intl/ en-gb/blog/collaboration/ effects-low-productivitybusiness-growth

86% of UK workers agree that workflow automation software would boost productivity while making workers happier and improving morale.

2. Systematise processes

Standardising repetitive tasks saves employees time while reducing mistakes. Document procedures so staff can consistently follow best practices. ExpenseOnDemand simplifies even the most complex expenserelated tasks with straightforward workflows and processes.

3. Incentivise employees

Workers who feel invested in the company’s success are intrinsically motivated to be productive. Offer bonuses or perks for meeting targets to ignite their competitive spirit. ExpenseOnDemand's user-friendly interface simplifies expense management, empowering your employees to focus on their best work with greater efficiency!

Reality check: worldwide study on small business productivity

Much remains unknown about small business productivity. To develop smarter strategies, ExpenseOnDemand invites you to a free consultation to discover how automating your expense reporting can save your business money and time to reinvest in

higher revenue generating tasks.

The insights will empower small businesses to match and even surpass their larger counterparts.

Now is the opportune moment for small businesses to prioritise productivity. By measuring, managing, and maximising it with solutions like ExpenseOnDemand, they can enhance performance and resilience regardless of economic conditions. Thriving amidst uncertainty yields the ultimate productivity dividends.

Start improving your productivity today

Experience enhanced productivity with ExpenseOnDemand's streamlined interface. Watch our 50-second video below and schedule your demo today:

Book a Demo

The latest features to boost financial controls with ApprovalMax

2023 brought big changes to the ApprovalMax platform!

Learn more about our recent updates, fresh new look, and what’s coming soon.

n 2023, we rolled out the most comprehensive feature updates for ApprovalMax to date. We’re proud to have brought all these new capabilities to businesses, accountants, bookkeepers, and anyone else using our product around the world.

With so many great updates, you might have missed a few. Don’t worry, though, we’ve got you covered with a thorough recap of the new features and functional enhancements unveiled throughout the year. Keep reading to learn more!

There were some big updates to ApprovalMax last year, including:

Goods received notes (GRN)

The long awaited goods received notes (GRN) feature provides the flexibility to update the status of received items – whether it’s fully received, partially received, or pending. With this, you can also add comments and attach relevant documents, improving the record-keeping process.

Picture a scenario where new stock is being delivered; by promptly updating the status,

@ApprovalMax

Konstantin Bredyuk, CEO & Co-Founder, ApprovalMax

With roots in business process management and optimisation software development, Konstantin has undertaken hundreds of product implementations for ApprovalMax clients worldwide.

Konstantin has advised numerous organisations on automation, financial controls, and client collaboration capabilities using Xero-based trusted app stacks, with business profiles ranging from SMEs to large accounting and advisory practices.

users get a big boost in efficiency and quickly see when goods are received. The updated status is prominently shown on the request page at the bottom of the screen and linked to the audit trail.

It’s also easy to navigate to the main menu where an additional tab shows the status of received parcels. This extra control even extends to reporting, allowing users to generate reports based on the current status of their goods. The GRN feature offers a smarter way to manage and monitor goods, providing better

visibility and control for inventory.

Workflow version history

Workflow version history introduces an essential new tool that’s especially helpful for larger practices.

The feature is useful for detailed tracking of changes made to your workflows. Issues can arise when multiple administrators are updating a workflow at the same time so it’s critical to be able to see who made these changes, what they are, and when they happened.

Workflow version history addresses this concern by archiving every change made to the workflow. This comprehensive record lets users easily look into the history of the workflow to see past versions and changes, allowing them to to fix errors, better understand past workflows, and inform future updates.

Watchers

Watchers is a feature highly anticipated by many ApprovalMax customers. It addresses a common need to involve individuals who are not designated as approvers for a request but still need to see how it’s progressing.

For instance, in a situation where a manager raised approvals some time ago and isn’t currently part of the approval workflow. With this new feature, this manager can be added to the request so they can receive updates without having the authority to approve, modify, or make changes. This functionality ensures relevant

stakeholders, even if not directly involved in the approval process, can stay on top of crucial developments and outcomes.

Manual journal workflows

Manual journal workflows allow junior staff members into ApprovalMax without providing direct access to Xero. They can create journal entries, submit them for approval, and then enable senior staff to review and approve the entries before final posting into their respective accounting system.

This not only streamlines the process but also minimises the risk of errors to improve efficiencies and keep your accounting system secure.

Creating sales invoices (in ApprovalMax)

Based on ongoing feedback from our customers, ApprovalMax has introduced a new feature to generate sales invoices within the platform. Previously, users could raise purchase orders and grant access to staff for bill creation but had limited capability to create the sales invoices as part of this process.

With this new function, you can submit the invoices for approval and once fully approved they’ll be automatically sent to the designated customers, offering more control and efficiency in the sales invoicing workflow.

Workflow manager role

The new workflow manager role within ApprovalMax introduces a valuable layer of flexibility which is especially helpful for larger enterprises. This lets

specific individuals modify workflows without giving them full administrative access. These designated workflow managers can make nuanced adjustments to the workflow.

Importantly, this role does not grant the authority to execute broader organisational changes, such as removing individuals from the organisation or altering the organisation’s name. Instead, it means users can make controlled changes solely within the context of the workflow, balancing customisation and administrative oversight.

New integrations

• ApprovalMax for Cin7 Core

• Payments with Airwallex

• ApprovalMax Notifications in Slack

What’s next this year? There’s plenty more to come in 2024. Stay tuned for more features, integrations, and enhancements ahead from the ApprovalMax team.

Five powerful products

Use our Xero integration to create powerful reports and forecasts. Import your data and transform numbers into insights in just a few clicks.

How to make the most of those quiet times

@AutoEntry

Stephen Hall, Product Owner, AutoEntry by Sage

Most accountants know that accounting is seasonal and cyclical. At the time of writing, the UK tax year is coming to an end, for example, and one of the quieter periods of the year typically follows.

While grabbing a long-deserved holiday is a great idea, why not use the time to enhance and build your practice moving forward? This might sound complicated but it can be simpler and easier than you think.

When are the quiet times?

While some periods are obviously hectic—such as tax crunch time— other times can be surprisingly busy for what seems like no reason.

So, how can you identify the opportunities to implement your quiet time, good-habit building?

Are you getting the most from the slower periods following crunch times? Here’s four suggestions to improve the way you work with minimal effort. This article

You probably have the data right there if you manage a team that hands you timesheets. This is a treasure-trove of planning resources that, if you have enough of them from a long enough period, can let you visualise the entire cycle of the year.

If you aren’t already using it, thinking about adding in practice management software, too. By ensuring comments are added to client records for all emails and phone calls, you and colleagues again build a trove of useful data that lets you better plot the yearly cycle. For example, you might spot that a certain month leads to a higher than usual number of phone queries about tax returns.

Staff training

Stephen is one of the guiding forces behind AutoEntry. As AutoEntry’s product owner, he pushes to find ways that AutoEntry can be even better at being the market leading data entry automation tool. As such he takes an active interest in accountant and bookkeeping issues, and is always looking for ways technology can improve processes and workflows.

colleagues to self-review their work in order to find skill deficits. This empowers colleagues, and can also help avoid uncomfortable discussions around poor colleague performance because they can be guided to identify their own weaknesses and create a plan to improve.

"The quiet period presents an opportunity to plan for expansion"

Training can be external, or in-house. Again, a good way to enhance team spirit is to ask a colleague who’s particularly skilled if they want to lead the training for the team.

A good area to focus on is automation, because it delivers immediate results in terms of reducing workload for your staff. For example, data entry automation can make all the difference at tax crunch times. Days of data entry from receipts, invoices and statements can be reduced to hours.

So, here’s suggestion #1 for the quiet times.

If you employ people then the quiet times are not just a great opportunity to ensure skills are brought up to date. It’s a good time for a little team building. The two can be combined by asking

Software vendors often provide support and training that has the useful advantage of being both free and often focussed on real-world tasks. Even setting aside a dedicated time and space for the team to watch a free YouTube video on a useful topic can be invaluable, especially if it’s

followed by a discussion about the points raised.

Technology audit

Suggestion #2 takes into account that technology today not only moves quickly, but that pricing can also be incredibly variable. Software vendors have been increasing those prices and also switching around subscription packages, meaning it’s vital to discern if you’re still getting the value upon which your business plan is built.

The best way to audit your technology stack is to consider touchpoints throughout the client lifetime. Examples include onboarding, fee collection, KYC and AML requirements, reporting and forecasting, and so on. There’s software that can help with all of these areas.

you need, such as the figures for compliance tasks.

Most businesses break down communications into two camps: operational notifications, and marketing. Your message asking for figures to create a tax return falls into the former, while emails offering additional services fall into the latter.

But here’s the trick to make marketing easier. Combine the two together. When you contact a client to ask for information, add in a few ready-made paragraphs about additional service offerings.

"Audit your technology stack and consider touchpoints throughout the client lifetime"

Grab the low-hanging fruit first, because that’s where you’ve going to realise the most benefit. Introducing easy automation is again a great example. Data entry automation via AutoEntry means supplier statement reconciliation makes those annoying monthend tasks much, much easier, as another example.

And with AutoEntry, you pay only for the data extraction you use. No contract is required, and all users get access to all features from day one. Again, considering the changes in software subscriptions that occurred recently, it can be vital to consider both the software and what you’re actually paying for.

Client communications

Suggestion #3 is about talking to your clients. I would hazard a guess that you don’t contact clients as much as you could, or even as much as they would like. Your only communications are probably to ask for things

This content is what you can focus upon and create in the quiet periods. You might even build in a calendar booking link, so the client can automatically create an appointment with you. Just keep all of this in a Word document, and then paste it into emails as required.

Plan for world domination

We haven’t mentioned reviewing your business plan in the quiet periods because, of course, you’re already doing this on a weekly and monthly basis… Right? But the quiet period presents an opportunity to not just plan for expansion, but also to think the unthinkable and test what might seem like extraordinary ideas.

second “Brave”, and the third “Crazy”. Use whatever software that helps. For example, if you’re inclined to plan financially first and foremost, put it all in an Excel spreadsheet. If you prefer to describe the type of business then create a Word document.

Make everything realistic and pragmatic. Your “Crazy” plan might see you having 10 offices in five years’ time, for example. OK, so how would you advise a client to achieve this? A franchising system, maybe? Seeking private capital? Partnerships and mergers?

“Focus on automation. It delivers immediate results”

But remember to make best use of technology to provide the space to allow growth. AutoEntry takes care of the basic drudge tasks around data entry to provide just such a gap.

For example, maybe you’ve spotted a gap in the market for a particular service offering. Maybe you’ve spotted an industry sector that’s on the rise. Maybe you’ve realised that your practice does a particular thing very well, and that you can build on it.

Create three growth plans. Title the first one “Cautious”. the

Accounting for the Planet

How Tech Innovations Empower Sustainable Practices

Discover how cutting-edge technology is reshaping sustainable accounting practices for a greener future in our latest insightful feature.

As an accountant or bookkeeper, you have taken on a dual responsibility. The responsibility to your client is to deliver the services you agreed upon to the best of your ability, yet by joining a professional body, you also follow a charter. The charter also highlights a responsibility to the public.

As public perception and the reality of sustainability have emerged, one would wonder when accountants and their respective charters will start to take on more moral responsibility of holding businesses to higher standards.

this world being easily accessible, and giving us incredible benefits. What is sometimes overlooked is that cloud accounting solutions are also more resource-efficient.

Being sustainable means being profitable. Otherwise, businesses are not empowered to create positive change.

Back when we needed servers to run legacy applications, it meant that each business or accounting firm had servers running 24/7, spending most of the time running idle. Moving to the cloud has allowed the big accounting players to take on the processing power, and share it on-demand amongst all their clients. Being global players, the resources are more easily distributed.

Data Analytics and AI

To create a sustainable future; technology will be a necessity. While we expect to see technology evolve, I want to look at a few key technologies available today that will help you and your clients be more sustainable.

Cloud Accounting

Cloud computing has played a key role in enhancing sustainability. We may be used to the Xero’s of

AI and its analytical capabilities, being able to process massive amounts of data and churn out information that can power the world of tomorrow. Paired with a trusted advisor, the insights can drive positive change.

After all, being sustainable means being profitable. Otherwise, businesses are not empowered to create positive change.

@jonmifsud

Jonathan Mifsud

Jonathan has spent over 9 years working closely with accounting practices and payroll bureaus, helping them to scale and enhance their services.

Driven by a passion for creating meaningful impact, Jonathan and his teams have leveraged APIs to extend the functionality of Accounting Platforms through custom applications and integrations. His development team have been Xero Developer Partners for 7 years and has helped numerous apps get listed on the Xero Marketplace.

Within the UN’s goals for sustainable development AI also brings the promise of reducing inequalities, key in creating a sustainable future..

Carbon & Environmental Reporting

Several accounting events worldwide have been raising awareness about this novel area in accounting. It’s not everyone’s bread and butter, however, environmental reporting is proving to be a unique niche for some.

Carbon Accounting, as it’s been touted comes in different levels. In its most accurate form, it involved in-depth analysis and research of all the elements which cause emissions. Possibly overwhelming for small and micro businesses. Technology has however lowered the barrier to entry for many of the smaller accounting firms, including with white-label products that you can package for clients.

APIs

App stacks and partnership collaborations across the accounting sphere, or tech worldwide wouldn’t be possible without the use of APIs.

APIs, for Application Programming Interface, is effectively how different systems can communicate. Zapier is a prime example of leveraging this technology for connectivity, with thousands of connected apps, though it does leave an untrained user to fill the gaps.

Xero has for one built its empire on the App Ecosystem, with over 800+ apps that leverage Xero’s API to push and pull data from it to do all sorts of magical things. Things that most of the time Xero themselves are not interested in. APIs allow Xero to focus on its core accounting package and other partner apps to solve niche problems that may be industryspecific.

Connecting the dots

Over the past decade, I’ve led teams that have leveraged the power of APIs to build bespoke applications, and tailored integrations in between various platforms.

Compare Your Footprint, is a prime example of how the world of sustainability leverages APIs to link itself into the accounting world. Leveraging the accounting data found in Xero and other leading accounting platforms, they can transform your spending data into a respectable carbon footprint.

To do this, we get your authorisation to request data from Xero via their API, pull up all your expenses and convert them into carbon emissions.

This then empowers a business to start measuring its environmental impact without having to significantly invest in the administrative burden, previously a necessary evil that kept micro and small businesses from attempting to track their emissions.

All-in-One App vs App Stacks

If you work for practice, for your own internal sanity and sustainability, you should always push for clients to use an app stack.

An app stack allows your team to leverage efficiencies both of scale and knowledge, ensuring that you can deliver better and more costeffective results. Yet giving the business flexibility and scalability they need by having industryspecific products they can work with daily.

This also empowers new technologies to come through and innovate, as it’s practically impossible for new solutions to come and do-it-all. A key area for long-term sustainability as without collaboration making the world a better place is impossible.

When you’re hiring you don’t pick a jack of all trades, master of none. You always hire for specialised roles, you should do the same when they’re choosing software.

What happens when you can’t find an app?

As vast as the app marketplace is, there are still more verticals and business scenarios that may not be covered through this vast library. Equally many good apps have not yet discovered Xero, or your favourite cloud accounting package.

That’s when you should consider finding someone who can build custom apps and integrations. Yet there’s no need to reinvent the wheel they can plug into Xero and many of the marketplace apps, so the different business teams can use and leverage the perfect tool for what you need, while you get a cohesive, well-integrated solution.

Discover the magic, and unleash the power of accounting integrations:

https://aiw.dev/xu

XBert, the AI-powered work intelligence tool for Accountants and Bookkeepers, launches in the UK

Bert, the future leading AI-powered software for bookkeeping and accounting teams, is now available in the UK. XBert helps bookkeepers and accountants work faster and smarter, thanks to its unique features that monitor data integrity, automate workflows, provide analytics and insights, and offer a whitelabelled client portal.

XBert’s co-founder, Troy Brown, said: “We are thrilled to launch XBert in the UK, one of the largest and most competitive markets for bookkeeping and accounting services. We believe that XBert

can help UK bookkeepers and accountants streamline their processes, improve their data quality, and enhance their client relationships. XBert is more than just a software, it’s a partner and that is why we have started building an amazing team in the UK to support our customers locally.”

XBert integrates with Xero, Quickbooks and Employment Hero, using advanced AI to detect errors, inconsistencies, and financial risks in the data. Firms can also create custom alerts to be pro-active and not reactive when it comes to advising clients. Check out all the 5 star reviews on the Xero app marketplace. XBert alerts users to potential issues and suggests actions to resolve them, ensuring data quality and compliance. In the past year alone XBert’s AI has assessed over 11 million bank statement lines and more than 19 million transactions. This has resulted in resolving over $1billion of tax risk across their clients.

Along with this the system also automates the daily workflow processes of bookkeeping and

Troy Brown, Co-Founder, XBert

Troy is a serial entrepreneur and innovator with 25 years of experience in marketing, information technology, and fintech. He has founded awardwinning agencies and startups the Co-Founder of XBert. Troy is passionate about connecting business with bookkeepers and accountants to ensure data quality for smarter decisions.

Aaron Wittman, Co-Founder & CTO, XBert

Aaron is an accomplished business technologist, entrepreneur, and thought leader with a well-rounded background in business transformation, product alignment, and strategic growth. Ready to make a difference, he is excited about helping businesses unlock their full potential by embracing the power of AI in accounting and bookkeeping and steering the finance industry towards a future that is data-driven, smart, and innovative.

accounting firms, allowing them to manage their team, clients, tasks, and deadlines with ease. XBert’s business intelligence reports and analytics give users a comprehensive view of their client data and team performance, enabling them to make informed decisions and provide highvalue advice. Coupled with a client portal, this allows users to share data-cleansed reports and insights with their clients, as well as collaborate on risk and compliance issues. That's right, all in the one system and their roadmap will blow your mind!

Connect with XBert for data quality and dream team efficiencies

xbert.io/xero-integration

Left: Troy Brown, Co-Founder Right: Aaron Wittman, Co-Founder & CTO

XU Magazine sits down with Capium Co-Founder Tushir Patel

This article is

XU: Can you tell us about the team at Capium and how they work together to achieve company goals?

TP: We are a diverse team with individuals located in London, up North, Lisbon and Hyderabad. We all have the collective goal of growing the business sustainably, whilst delivering on our promise to our customers to champion their needs and business growth at every opportunity. We all have defined responsibilities and objectives that 100% relate to the company mission. The key is to have one or two goals per

team, keeping it simplified and minimising distraction from what is considered success for the specific division. We are like a sports team - everyone knows their roles to prevent everyone from running to the ball. For the team to succeed you must own what you do; then, and only then, will the team work well.

XU: How does Capium ensure that its team members communicate effectively and work efficiently?

TP: We implement clear channels for updates from each team at the stakeholder and team level.

This can be through regular team meetings for alignment, feedback, and defining roles and responsibilities to avoid confusion. The plan is clear at the start of the year. Meetings are used to track how aligned each team is in achieving goals. The company also emphasises goal setting and performance tracking to maintain focus and productivity, alongside offering training and development opportunities for continuous skills improvement. Furthermore, Capium fosters a culture of open feedback and supports a flexible work environment, accommodating diverse working styles and promoting a balance that holistically enhances team efficiency and collaboration. Being a company with members all over the world we leverage heavily upon chat and online meeting facilities to have short, sharp updates regularly to avoid any curve balls coming as a surprise.

XU: What are the main steps involved in developing and launching a software product at Capium?

TP: It all starts and ends with our customers. There must be a problem that needs solving. We quickly saw a need for a fully cloud practice suite many years ago, and have been working very hard to continue improving on our initial offering - which we have! Speak to our customers, and they will

echo my sentiments. It’s about remaining agile and working with our focus groups on what we have developed. We are never short on our backlog of feedback received from customers, this is a positive because we are helping our customers - they have more fantastic ideas for us to act upon.

Combined with our own R & D, we begin to draw out a list of requirements. This feeds into the UX design team who begin to create the vision for our customer experience. It's only then our developers get to work. They delivered the product in iterative stages, getting a sign-off from our compliance and UAT team. Once we have a working prototype, we can demonstrate key deliverables, and we ask our customers to review and test it. We can then fine-tune the product. Once we have a viable product that satisfies the customer's needs and the initial requirements, we plan for the product launch. This is when almost every team from Capium gets involved, as a new product will uniquely impact them each, from preparing the user support articles/training guides to educating our team about the product and its value to the marketing preparing to launch the product. It’s a process that has to be carefully managed to ensure that all the hard work at each stage can be executed effectively to ensure a successful launch within the marketplace.

XU: How does Capium gather feedback from customers to improve its products and services?

TP: We take customer suggestions very seriously, feedback is received through various channels such

as surveys, user forums, direct communication channels like email or phone calls, and analytics on user interactions within our software platforms. Our team actively encourages and welcomes feedback during onboarding and training sessions, webinars, and customer support interactions. By leveraging these diverse channels, we collect valuable insights into customer preferences, pain points, and feature requests, which it analyses to prioritise product enhancements and service improvements in the best possible way. This customercentric approach enables Capium to continuously evolve its offerings in alignment with our users' needs and expectations, ensuring high levels of satisfaction and engagement.

XU: What kind of technology does Capium use to make its software better?

TP: Our platform is very Microsoft-centric. We partnered with Microsoft from inception with the view to future-proof us from a technology

standpoint. Whilst the back end is very MS-focused which includes our cloud servers, we have leveraged software to help communicate and stay in touch with our customers through the application. We have found this very effective in understanding our customers' behaviour better, what they like and dislike only to champion everyone’s voice to be heard through the business.

XU: How does AI help Capium's software, and what does it do?

TP: We are currently investing a lot of research into this area. The crucial point is to ensure we have complete confidence in using it internally before we offer it externally. You can say that we act as guinea pigs ourselves where we seek and gain maximum benefits, which our customers reap the rewards. Another factor that is of utmost importance is to ensure that we have a large enough data set to allow accurate results. We are in a period of machine learning and using it internally with development to spot any

areas of automated debugging rather than manual. It helps with a large amount of time-saving in our software development team. We have also released our bots within our support function to help customers with any 'how to queries' immediately, whether it’s 3 pm or 3 am, customers have the ability of being able to get right back on track. We are still in an era of watching where the “ball bounces next” to make the next step on topics such as advice and compliance.

XU: How does Capium ensure that the AI integrated into its software remains accurate and up-todate?

TP: The critical integrations we have made so far are all based on data that we feed in. A case in point would be our chatbot. This data feeds from all of our learning journals published on the platform and syncs every day. Any changes in legislation or even “how-to guides” are instantly updated by our team and fed into our bot’s library to continue to remain up to date.

XU: Can you provide specific examples of how AI has improved the user experience or functionality of Capium's software products?

TP: Certainly, Capium's software products have leveraged AI to enhance user experience and functionality in several ways: For instance, AIdriven data analysis capabilities

help streamline accounting processes by automating tasks such as data entry, categorisation, and reconciliation, reducing the time and effort required from users. Additionally, AI-powered predictive analytics features enable users to make informed decisions by providing insights into financial trends, potential risks, and opportunities for optimisation. These AI-driven enhancements contribute to a smoother, more intuitive user experience and empower users to manage their accounting tasks with greater accuracy and efficiency. We have also recently launched a new website that now features a chatbot to help guide our site visitors and help our customers get the right help that they need.

XU: Can you talk about any important partnerships Capium has with other companies?

TP: Our partnership decisions have been heavily influenced by

our customers. Whilst we’re essentially seven or eight softwares combined into one suite we still understand the importance of strategic partnerships with other vendors that our customers use. It’s for this reason we’ve integrated with other industry leaders for specific modules to allow the benefits to be appreciated, we embrace flexibility when it comes to integrations. A key example would be our embedded payments partner, which enables our accountants’ clients to pay in real-time. This is an example of building a strategic relationship with a partner which has blossomed ever since.

XU: How does Capium benefit from attending industry events and working with other organisations?

TP: At Capium, we thrive on staying updated on the latest trends, technologies, and best practices in the fintech industry. These engagements provide valuable networking opportunities, allowing the company to forge the partnerships we discussed, exchange ideas, and gain insights from industry peers and experts. Working with other organisations fosters innovation and enables Capium to leverage complementary strengths and resources to develop new products, enhance services, and expand its market reach. Above all this, it’s a huge opportunity to meet our clients year after year and discuss how they have grown and what we can do next for them. Overall, these interactions contribute to Capium's growth, competitiveness, and ability to deliver high-quality solutions to its clients.

XU:How does Capium keep up with changes in rules and laws that affect its software?

TP: This is an evolving and exciting area for the business, which keeps us on our toes. Capium has a dedicated compliance team that works with HMRC and Companies House committees to stay abreast of all compliance changes and their impacts on the platform. I would say that although there has been much change in this area, in the end, we want our customers to benefit from our compliance team through our software. It is an important area for us.

XU: Can you share any recent accomplishments or goals that Capium has reached?

TP: We have recently launched our cloud charity accounts & bookkeeping module and our time and fees module! It's a great achievement for us. Of which we are proud of. These two new modules are just further weapons for our firms to arm themselves with to maximise productivity, as accountants can analyse how well the firm is progressing on its ROI.

XU: What are Capium's plans for the future?

TP: Our plan is clear. Continue to remain focussed on helping the accountants succeed, especially during this difficult time. With HMRC moving MTD to the next stages of its project with the introduction of self-assessment, it’s crucial to ensure firms do not hit a bottleneck in capacity due to the increased burden of

reporting and justifying. We are creating and building our pilot on this to ensure that we're right at the front with our new MTDITSA releases, helping firms gather data quickly and provide realtime updates to their customers. It's a phased approach; the initial release is due in April aimed towards serving their clients. The suite allows access to Accountants’ clients too, providing the ecosystem to further empower firms with value-added services they remain in control of.

XU: How does Capium encourage its employees to come up with new ideas?

TP: We at Capium encourage employees to exercise new ideas by fostering an open and inclusive culture where creativity and innovation are highly valued and rewarded! The company implements suggestion schemes and regular brainstorming sessions amongst its various teams, where all members are encouraged to share their thoughts and proposals. Capium also provides a supportive environment that includes access to resources and training for skill development, along with recognising and rewarding innovative contributions to motivate employees further. This approach ensures that everyone feels valued and empowered to contribute new ideas that can drive the company forward.

Switch to AutoEntry

And that’s it! No contract is required, and you get all features from day #1, as well as unlimited clients, users and storage.

Try for free

How practicing gratitude can help your mental health

Gratitude is about showing appreciation for all that is good in our life and is meaningful to us.

When we stop and take time to notice and acknowledge the things for which we are grateful, we brighten our outlook, boost our mood and feel more positive.

When we are focusing on the positives in our lives it helps us to shift our thoughts away from negative emotions.

Whatever your circumstances in life, you may find that consistently showing gratitude can be surprisingly difficult. Many of us get caught up in a negativity bias, where we linger on bad news and unpleasant experiences, yet allow moments of positivity to fade into the background.

The idea of cultivating gratitude will help move us away from the negative bias. When practiced daily it can have real benefits. My gratitude journey began many years ago during a stressful time at work. To cope with this challenging time I would focus daily on all the good in my life. My mood was uplifted and I felt better about myself and able to

cope more effectively with the challenges.

Cultivating gratitude isn’t a complicated endeavour, but it does require effort and a commitment to change. Try practicing the following each day and be consistent to see the positive effects.

Make a list of all the things that are good in your life

Jot them down each morning. I like to do mine after my morning swim or walk. My exercise settles me and I find it easier to bring to mind the good things in my life.

Repeat the list out loud

This may sound a bit strange but I find it has a real positive effect

Experienced founder with a demonstrated history growing small business. Strong entrepreneurship and professionally skilled in Business Planning, Cloud Technology, Sales, Marketing, and Operations Management. A passion for helping small businesses use technology as a key enabler to increase productivity and decrease costs.

A volunteer speaker for beyondblue, an Australian organisation that works to raise awareness of anxiety and depression, reduce the associated stigma and encourage people to get help.

when I hear the words spoken. Try it a few times and see the impact.

Pass on a compliment

This could be to a work colleague, family member or friend. When I compliment someone it not only brings joy to the recipient, it makes me feel good and lifts my mood.

Thank you

Two words that when used can make everyone feel good.

Finding time to thank someone for their service or kindness will make you feel more positive.

Try approaching life with a more positive mindset using gratitude.

Tim Hoopmann, Speaker and Trainer

Events

Essential Events for Bookkeepers in 2024

Whether you’re employed as a bookkeeper in practice, captain of your own ship or even studying to be a bookkeeper, there are a wide range of events for you to choose from in 2024.

We take a look at which events this year are the best for bookkeepers.

Festival of Accounting and Bookkeeping

13 – 14 March NEC, Birmingham

The year kicks off with a new event from the team behind AccountingWEB. Billed as “Two days of thought, tech and transformation” this event will have a dedicated area for bookkeepers (featuring ICB!) along with workshops, talks and plenty of networking. Event organisers are promising something different "It’s a get together, a festival. Not an ‘event’”.

The bookkeeping focus isn’t just lip service either, with many of the Bookkeeping glitterati already signed up to speak including ICB CEO Ami Copeland, the 6 Figure Bookkeeping Team, Rebecca Williams MICB and Penelope Allard FICB ACM PM.Dip.

ICB Members can register for VIP tickets here

Digital Accountancy Show

16 – 17 April 2024, London

DAS is back and bigger than ever. This year it's upgraded to a two-day event and moved to

@ICBUK

Elizabeth

Carter, Head of Marketing, Institute of Certified

Bookkeepers

Elizabeth has been working in marketing for longer than is believable. Focussing mainly on B2B tech, she first started working with accountants and bookkeepers a long time ago at PracticeWEB (part of the AccountingWEB/ SIFT portfolio). More recently, Elizabeth worked at Senta and IRIS Software Group, building on strong relationships across the profession, before joining ICB in July 2023.

Evolution London, in Battersea. With eight stages – including the tech academy, the evolution theatre and a how-to hub - it’s an event with plenty to offer progressive bookkeepers. “We're set on bringing accounting pros together; not only those who have 'been there and done that' but are 'going there and doing that'. Future-minded individuals with not only a story to tell, but a plan to share as the industry continues to be shaped and reshaped by revolutions within AI, automation, sustainability, and recruitment.”

We celebrate Global Bookkeeping Week with our unmissable Summit in London.

The ICB team will be there and look forward to connecting with bookkeepers.

Register for free tickets here

Accountex

15 – 16 May London

The original event for the accountancy profession has always attracted bookkeepers too, and remains the largest event on the circuit. It’s a great place to meet up with colleagues, suppliers and like-minded bookkeepers. ICB will be hosting

Events

the bookkeepers' theatre and will be sharing bookkeeper stories, industry insight and relevant legislative updates. It’s also the place to form new relationships and business opportunities. As always, we are looking forward to making the case on why good bookkeeping is essential for any accountancy practice.

Find out more

Accountex Summit North

17 September 2024

The first event back after summer has a very different feel from its southern counterpart. There is the same great mix of speakers, suppliers and stands – but it’s on a smaller scale and contained in just one day, so it feels more manageable. It’s always a favourite for bookkeepers, and the ICB team will be on hand to meet and greet members and industry colleagues.

Find out more

The ICB Inspire Tour Roadshows

Summer 2024

Following the huge success of the hybrid Bookkeepers Summit in 2023, we’re taking the format on tour. Bookkeepers can expect practical and impactful advice on how to be the best bookkeeper they can be. As well as updates from the ICB team, bookkeepers should attend to take part in a range of practical workshops on AML, Marketing, Payroll, Managing Workflow and Tax. There will also be dedicated time for networking with your fellow ICB members – and the ICB team! Each of the six regional events will be complemented by the virtual summit, designed to educate, motivate and inspire.

Monday 17 June – Edinburgh

Thursday 4 July – Birmingham

Wednesday 10 July – Peterborough

https://www.bookkeepers. org.uk/

Wednesday 3 July – Leeds

Monday 8 July – Bristol

Thursday 11 July – London

Tuesday 16 July – The Virtual Inspire Roadshow

Tickets are on sale from Friday 8 March

Global Bookkeeping Week

11 – 15 November 2024

ICB Bookkeepers Summit and LUCA Awards 2024

Monday 11 November, London

ICB Bookkeepers Virtual Summit

13 – 14 November

This is the big one for all bookkeepers! We celebrate Global Bookkeeping Week with our unmissable Summit in London. It’s a whole day of inspiration. You’ll be absorbing experience from your fellow bookkeepers, listening to inspirational speakers and learning from some of the brightest minds in the business. In the evening, the LUCA Awards celebrate the very best of bookkeeping – and provide the perfect opportunity to let your hair down on the dance floor.

Later in the week we offer a two-day Virtual Summit with unique talks and dedicated content for those who prefer to stay at home.

Tickets are on sale from Friday 8 March

6 Reasons to Attend The Business Show Miami

n this article, you’ll find the main reasons as to why you cannot miss this incredibly enriching business event!

1. Insight and knowledge

At The Business Show Miami, you have an incredible opportunity to learn about the ins and outs of businesses at practically any level from entrepreneur, to startup, to a successful small business. This event is aimed at supporting, inspiring, and educating anyone interested in the bustling world of business. Nowhere else will you have the chance to gain all of these exclusive insights and knowledge.

2. Keynote speakers

The Business Show has become

a world-renowned name due to the high calibre of inspiring keynote speakers. Over the years, billionaire entrepreneurs, incredible influencers, and industry-leading experts from some of the largest brands in the world have taken to The Business Show stage. At The Business Show Miami’s launch, you can hear from - and speak to innovators from Google, PepsiCo, IBM, and former Selling Sunset star, Maya Vander!

3. Top suppliers

With over 300 of America’s fastest-growing SMEs exhibiting at The Business Show, there will be a chance to explore innovative products and services to help start or grow your dream business. These brands are on hand to deliver advice, solutions, and industry-advancing resources

@TBS_US

Emily Lumbard, The Social Media and Content Manager, Business Show Media

Emily Lumbard is the Social Media and Content Manager for Business Show Media where she writes the press releases, articles, and various copy for their portfolio of events.

catered to all your needs. Nowhere else will you find the same level of expertise under one roof!

4.

Networking opportunities

At The Business Show Miami, you can get involved with speed networking. This is an incredible opportunity to gain more business connections in one hour than some people do in their entire career! The speed networking sessions are a corporate take on speed dating; they involve one-minute minimeetings with a partner. Here, you can pitch yourself, your product, or your business idea, but you’ll have to be succinct as when your minute is up you move on to the next partner. Not only can you practice and perfect your elevator pitch but you might meet your next investor, business partner, or employee!

5.

Interactive masterclasses

This year, there are not just one, but four incredible masterclasses that you can sign up for! These are coming from such organisations as The Leadership & Growth Hub, DREAMS Business Resources, Circle Strategies, and Kevin Anderson & Associates. You can access all of them for free with your ticket, you just need to ensure that you sign up for your spot on the website. Participants will be able to hear from industry experts in a closequarters environment. This is an

experience which would ordinarily cost you hundreds of dollars but you can attend as many sessions as you like with your FREE ticket!

6. It’s FREE

Have we mentioned that your ticket is completely FREE?! If the other reasons didn’t already convince you to attend, everyone loves a freebie! You have absolutely nothing to lose from attending The Business Show Miami on the 6th & 7th of March at The Miami Beach Convention Center. Get your ticket now!

Get your ticket now

https://thebusinessshowus. com

New name, same must-attend event: The Accounting & Business Show Asia 2024

Tailored sponsorship opportunities to reach new customers

Over the past six years, the Accounting & Business Show has truly cemented its place as the go-to event for accountants and finance professionals from SMEs, large enterprises and accounting firms alike. The 2024 edition returns with a new name – the Accounting & Business Show Asia, scheduled to take place on 16 - 17 October 2024 at Sands Expo & Convention Centre, Singapore.

The event will continue to provide invaluable technology-centric updates and insights for accounting and finance leaders while growing to include a brand-

@accandfinshow

Laura Binns, General Manager, Accounting & Business Show Asia, Terrapinn Asia

Laura joined Terrapinn in 2018 and launched the first edition of the Accounting & Business Show Asia. Over the past six years, the show has truly cemented its place as the go-to event for accountants and finance professionals from SMEs, large enterprises and accounting firms. The 2024 edition returns with a new name, Accounting & Business Show Asia, scheduled for 1617 October 2024.

The perfect platform to get your digital solutions and services in front of Asia’s accounting and finance professionals and business owners.

new SME Leaders Theatre, providing a dedicated area for SME Business Owners and Senior Leaders to discover new solutions for their wider organisations. We are set to welcome more than 4,000 businesses and accounting firms from Asia and beyond, who are actively sourcing and purchasing technology solutions to transform their accounting and finance processes, streamline their operations, safeguard their businesses and convert data into intelligence.

To help innovative companies meet and engage with their market, there are a range

of tailored sponsorship opportunities available across 5 conference theatres. Each of the theatre will bring together a different profile of our audience, enabling you to get your message to just the right audience. Maximise the impact by choosing the right theatre to tailor your sponsorship and connect with decision-makers.

Digital Innovation Theatre

Target Audience: A cross-section of all event attendees from SMEs, large enterprises and accounting firms.

Opportunity: Showcase your

This

Events

brand's cutting-edge solutions to a diverse audience interested in the very latest technologies and trends transforming accounting, finance and business.

Enterprise CFO Theatre

Target Audience: Senior leaders heading finance teams in Asia’s largest organisations

Opportunity: Connect with decision-makers actively seeking ways to streamline financial

processes and stay ahead in a rapidly evolving landscape.

SME Finance Transformation Theatre

Target Audience: CFOs and Finance Leaders from small and medium-sized enterprises

Opportunity: Position your brand as a solution provider for companies actively seeking new digital solutions to drive financial transformation within a smaller

finance function.

SME Leaders Theatre (NEW!)

Target Audience: Founders, Managing Directors, and Leadership teams from small and medium-sized businesses.

Opportunity: Engage with business leaders seeking comprehensive solutions across various aspects of their organisations.

Digital Practice Theatre

Target Audience: Leaders of Accounting, Bookkeeping, and Professional Services firms in Asia.

Opportunity: Showcase your offerings to professionals committed to ensuring their practices are future-ready and digitally advanced.

Download the event brochure:

http://www.terrapinn.com/ ABShowAsiaBrochure

The show floorplan and agenda at Accounting & Business Show Asia 2024 are filling up fast and prime spots are disappearing. These pacesetting solution providers are already confirmed to be at the show:

Title Sponsor: Xero

Diamond Sponsor: Spenmo

Platinum Sponsor: WebAccountPlus (Holding) AG

Gold Sponsor: Peakflo

Silver Sponsors: BGL Corporate Solutions, Employment Hero, Headquarters (HQ.xyz)

Exhibitors: 361 Degree Consultancy, A2000 Solutions, Airwallex, ATET Security, Autocount, Automa8e Technologies, BIPO, Fishbowl Inventory, Forbis Accounting, HSBC Life, Info-Tech Systems Integrators, SMU School of Accountancy, Synergix Technologies, RootFi

Speak to us now to discover channels to open new market opportunities and generate quality leads: Laura Binns, General Manager

laura.binns@terrapinn.com

Book a meeting

W e a r e h e r e t o e m p o w e r b o o k k e e p e r s t o e m p o w e r b u s i n e s s e s

I t i s o u r v i s i o n t h a t b e h i n d e v e r y g o o d b u s i n e s s t h e r e w i l l b e a g o o d b o o k k e e p e r , a n d b e h i n d e v e r y g o o d b o o k k e e p e r t h e r e w i l l b e I C B

www.bookkeepers.org

a t u s I C B e x a m s a r e a v a i l a b l e 2 4 h o u r s a d a y , 3 6 5 d a y s a y e a r - w e a r e r e a d y w h e n y o u a r e

Technical Support

I C B t e c h n i c a l a d v i s e r s c a n a s s i s t y o u i n t h e f o l l o w i n g a r e a s : M o n e y L a u n d e r i n g

R e g u l a t i o n s , T a x , V A T , L e g a l a d v i c e , S A T a n d

m o r e

CPD events

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M e e t i n g s , r o a d s h o w s a n d a n A n n u a l

C o n f e r e n c e a r e a l l a v a i l a b l e f o r I C B

m e m b e r s .

Exploring The Future: Seamless Middle East 2024 Reshaping Digital Frontiers

Transformative Insights from the Middle Eastern Hub of Payments, Fintech, and Banking

@seamlessMENA

Joseph Ridle, General Manager, Terrapinn

Passionate about leveraging technology to reshape commerce and BFSi industries, Joseph Ridley is a seasoned professional dedicated to enhancing the lives of citizens and consumers. Currently spearheading the expansion of a leading global brand across Europe, the Middle East, & Africa, Joseph excels in creating, marketing, selling, and delivering large-scale executivelevel conferences and exhibitions. Eager to connect with like-minded individuals and organizations, he brings a wealth of experience and enthusiasm to the events and industries he serves.

Seamless Middle East 2024 is poised to rewrite the narrative of the digital commerce landscape, as Dubai welcomes a congregation of industry titans, innovators, and visionaries from May 14-16, 2024, at the iconic Dubai World Trade Centre.

This 24th annual event edition stands not just as a conference but as an irreplaceable experience, igniting discussions, fostering collaborations, and unveiling the future of payments, fintech, and banking.

Dubai: The Epicenter of Innovation

In the heart of this thriving

metropolis, Seamless Middle East 2024 is set to redefine the standard for industry gatherings. With a focus on payments, fintech, and banking, the event promises to be a hotbed for groundbreaking ideas and paradigm-shifting discussions.

Unprecedented Industry Convergence

Picture this: Over 25,000

attendees, including decisionmakers from large enterprises, SMEs, startups, NGOs, regulators, and governments, will convene to actively steer the course of digital commerce. The event transcends traditional boundaries, creating an atmosphere where diverse perspectives converge for a shared purpose – to drive change.

Seamless Middle East 2024: Where industries converge and innovations thrive.

Showcasing Innovations: Exhibitors and Speakers

The exhibition floor, teeming with 600+ exhibitors, will be a showcase of cutting-edge solutions. Major players from payments, fintech, banking, identity, retail, e-commerce, home delivery, and digital marketing industries will present their latest advancements.

A roster of 500+ speakers, industry experts, and thought leaders will share insights, making

This

Seamless Middle East 2024 a veritable knowledge hub. The event spans multiple tracks, covering the entire spectrum of the digital commerce ecosystem.

Themes Shaping the Future

Each track at Seamless Middle East 2024 is a deep dive into the trends shaping the future:

• Payments Revolution: Explore secure and seamless transaction advancements.

• Fintech Innovation Hub: Dive into the latest in financial technology.

Join us now and claim your free exhibition ticket

• Banking Excellence Unveiled: Learn about evolving banking models and digital experiences.

• Identity, Retail, and E-commerce Insights: Gain insights into industry trends.

• Home Delivery Dynamics: Discover last-mile delivery innovations.

• Digital Marketing Paradigm: Explore data-driven marketing strategies.

Networking Opportunities: Beyond the Halls

While the conference rooms

In the heart of Dubai, Seamless is not just an event; it's a catalyst for digital evolution.

and exhibition halls buzz with activity, Seamless Middle East 2024 also recognizes the power of networking. Engage in highimpact interactions, forging connections that can reshape the trajectory of your business.

As the event approaches, anticipation builds, and the global community eagerly awaits the transformative insights and collaborations that will undoubtedly emerge from Seamless Middle East 2024. It's not just an event; it's a catalyst for the digital future, an experience

where ideas converge and innovation takes center stage.

Discover the future of commerce at Seamless Middle East 2024: Find out more

Secure a premium experience with a 70% discount by applying this exclusive code: XUMAG70

Payments, fintech, and banking unite at Seamless Middle East 2024 to shape the future of commerce.

Xero unveils its AI vision to reimagine small business accounting

Previews GenAI powered business companion ‘Just Ask Xero’

Wellington — 29 February 2024

A

t its inaugural Investor Day today, global small business platform Xero unveiled its AI vision which the business says has the potential to reimagine accounting and improve the lives of small businesses.

This included previewing ‘Just Ask Xero’ — Xero’s new GenAIpowered smart business companion for small businesses and their advisors — that will help them complete accountingrelated tasks and provide deep insights to enable them to run their business better.

Xero outlined its approach to improve how small businesses and advisors can manage their accounting by integrating AI into business-facing tasks to automate them, help improve efficiency, and empower them with better insights to run their business. Xero is doing this by:

• Introducing conversational interfaces on the apps and surfaces (i.e. mobile, email and Whatsapp) where Xero customers need support

• Automating and streamlining important but repetitive and time-consuming accounting tasks

• Delivering the right insights at the right time

Diya Jolly, Chief Product Officer at Xero, said: “Technology has

changed the lives of small businesses dramatically — first with cloud accounting, then automation, and now through GenAI. We’re embracing this new wave of tech innovation responsibly, with our customers at the heart of what we do, as we deliver on our vision to be the most trusted and insightful small business platform.”

Introducing GenAI smart business companion

Xero is developing a conversational interface - called Just Ask Xero (JAX) - using powerful GenAI technology.

JAX gives users a natural, approachable way to interact with Xero's product, right from within the apps and devices they already use everyday. When available, Xero’s customers will be able to Just Ask Xero to complete tasks like generating an invoice, editing a quote or paying a bill, either in Xero or other commonly used apps and surfaces such as mobile, WhatsApp and email.

JAX will not only complete the task, but it will also anticipate other tasks that may follow, such as sending an email to follow up on an overdue payment. It will also provide rapid, personalised insights on demand, such as cash flow projections, to give customers the confidence they need to make business decisions.

Using GenAI to onboard customers and support next generation customer service

Xero has also rolled out an AI assistant to improve the customer onboarding experience.

Announced at Xerocon Sydney, the AI assistant provides new users with relevant answers and information as they set up their Xero dashboard and get started in the product. In the future Xero plans to integrate the AI assistant into the JAX experience to iteratively streamline the onboarding and troubleshooting experience.

Xero has also embedded a GenAI tool into Xero Central to provide answers customers need in conversational language. Results of the early testing performed have been promising. Xero has seen a 40% decrease in average customer search time, with search sessions requiring additional customer service support decreasing by about 20%.

New partnership to bring bill pay capabilities to US customers

Paying bills and getting paid on time are critical requirements for small businesses to effectively manage cash flow. However, this is still a very manual process for small businesses. Our Money Matters report found many small businesses utilize multiple payment strategies to manage their cash flow.

To tackle this problem, we have announced a new partnership with BILL, a leading financial operations platform for small and midsize businesses (SMBs), to bring bill pay capabilities to our US customers. Xero will embed a bill pay solution from BILL into the Xero platform. Once available, the solution will deeply integrate BILL’s robust payments options, allowing customers to more efficiently pay their bills, without leaving the Xero platform.

Small businesses will be able to avoid manual bank transfers, writing and mailing checks or entering credit card details to pay their bills. The solution will make it easier for small businesses

and their advisors to reconcile transactions, regardless of their bank, and provide greater visibility and control over their cash flow. Every hour small businesses save through automation, is an hour they can invest in their business.

The bill pay solution will also enable Xero customers to access BILL’s proprietary network of 5.8 million members — enabling small businesses to use the network to find their vendor and easily and efficiently start paying them straight away.

We are committed to helping small businesses run their operations and manage their finances as efficiently as possible

through the Xero platform. Our partnership with BILL reflects how we are strengthening our US offering with more robust bill pay capabilities and broad payment choices.

More details about the bill pay solution will be made available later this calendar year.

DAWN MARRIOTT JASON STAATS

DANIEL LAWRENCE

RACHEL HARRIS • ALASTAIR BARLOW • OLIVER WIMSHURST

HEATHER ELKINGTON • DANIELLA WAINWRIGHT

HARPAL SINGH • MICHAEL MILLS

DAYLE RODRIGUEZ • STEPHEN PAUL • STEVE REYNARD • JAMES GOSLING

VANISHA BENJAMIN • RYAN PEARCY • LUCY COHEN • JO WOOD

BILLIE MCLOUGHLIN • ROSS LATTA • DANIEL LAWRENCE • DARREN GLANVILLE

JAMES BUTTERWORTH • CHERYL SHARP • DAVE SELLICK • JONATHAN GAUNT

JOHN TOON • KATIE HAWKING • CARL READER • MATT FLANAGAN

SARAH WHALE • ANDREW TURPIN • JESSICA MILLER • BOGDAN UZBEKOV

SAM TASKER-GRINDLEY • JORDAN VICKERY • TAYLOR HOUSDEN

STUART MILLER • AMAAN JALWA • DANIEL COOPER • ELLIE DUNCAN

EMILY INMAN • LEE MAUGHAN

Updates and new releases from Xero connected apps

New feature shout-out

Are you a Xero-connected App? Got a new feature or update you’d like to share with the Xero User community? Email alex@ xumagazine.com

Aider aider.ai

In its recent releases, Aider rolled out innovative features to transform accounting practices. This includes upgraded compliance tools, streamlining data reconciliation and promoting realtime data strategies.

Aider also debuts a client activity summary tool, aiding in improved job quoting and resource planning. And last but not least, an AI-powered Advisory Assistant, simplifying data analysis and communication for your clients.

AutoEntry autoentry.com

The AutoEntry mobile app now allows you to upload multiple images directly from your phone gallery (15 maximum), as well as the ability to capture photos using your phone camera. This makes it easier to upload your documents in bulk, saving you even more time to focus on other key areas in your business.

Buddy buddy.hr

Buddy has officially launched within the UK; offering payroll for accounting firms and bureaus outside of Malta for the first time. Part of the UK release also included EverRoll; a functionality that allows bureaus to automatically run payroll month after month. This also coincided with Buddy being

listed within the Xero App Store as a Connected App.

HR Partner hrpartner.io

HR Partner has recently launched a brand new eSignature tool to make it easier for job applicants and employees to electronically sign important documents!

Maze Digital maze.digital

Following 8 years of building Accounting Integrations; Maze Digital has officially rebranded to Accounting Integration Wizards (AIW). Helping business software talk to Xero, just like magic.

Projectworks projectworks.io

Budget Level Resourcing (beta)

You’ve been asking for it, and we’ve been listening!

A number of you have asked for resourcing at a budget level to be introduced, so that you can have better visibility of projected burn at a budget level, and to make it easier for you to plan your revenue forecasting.

Tidy tidyinternational.com

Some new additions to TidyWork and TidyEnterprise are:

1. Project statuses to help your

team deliver on time with an added ability to group items on purchase orders by project.

2. Drop shipping workflows - now a breeze with new ETA/EXW dates added.

3. Receiving stock can now be done independently of your accounting software, so you can now deal with unknown price changes from suppliers more easily.

Xenon xenonconnect.com

Xenon Connect now allows you to automatically monitor transaction counts and turnover levels on a monthly, quarterly and annual basis for all of your clients in one place.

Set package thresholds and receive a notification when a client creeps into the scope of a different package. It now takes just a few seconds to decide on which clients need to be repriced.

Xero Awards 2024 finalists

he

Small

• Ellacott Morris

• James Scott

• Kinder Accountants

• LJM Bookkeeping

• Pennyhills

Mid-size

• Ad Valorem Group

• DNA

• MAP

• Thorne Widgery

• Cottons Group

• Lovewell Blake

•

•

•

• Thorne Widgery

• Accountability Edinburgh

• Arden Bookkeeping

•

•

•

•

•

•

•

• Mazars

•

•

• Kreston Reeves

• Makesworth

UK App Partner Awards

Small

• ApprovalMax

• Dext

•

•

•