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12 Avalara Automating tax management can drive efficiency and minimize risks for global businesses
14 CASE STUDY MImo
How Green & Purple Has Leveraged Mimo for Growth and Improved Client Relations
18 Penfold Process pension contributions without the press of a button
20 Ignition 7 strategic steps to run a smart, profitable, and efficient accounting firm
24 INTERVIEW Socket
Exclusive interview with Socket Co-Founder Jonathan Gaunt
We have been working closely with the CPD Certification Service to have our articles CPD Certified. As you are reading through the magazine any article that shows the CPD Certified logo has been approved to count towards your CPD points. We are really excited to have been able to secure this for our readers as it means all approved articles can now be used towards your CPD points and building up your CPD register.
68 Journey Move quick, break things and stay 100% focused on our customer: The Journey Story
70 EVENTS Accountex
Summit Manchester Accountex Summit Manchester teases CPD accredited programme
74 Mercury How to partner with founders of early-stage startups on financial and accounting fundamentals
76 Projectworks Three client problems I solved so you don’t have to
80 INTERVIEW Buddy XU Magazine sits down with Buddy Co-Founder & CEO David Seisun
86 EVENTS Accounting & Business Show Asia Free registration to The Accounting & Business Show Asia 2024 is now open
90 Dext New Features in Dext for Greater Efficiency and Integration
92 SuiteFiles Breaking Free from Friction Fatigue
94 G-Accon Manually exporting GL data to spreadsheets is DEAD
96
Expense On Demand
Here's How We've Bolstered Our Platform At ExpenseOnDemand, Making It a Genuine Game-Changer For Xero Customers
102 ApprovalMax Turning accounts payable into revenue generating activity
104 Spotlight Reporting How to Sell Accounting Advisory Services
108
The Business Show LA The Business Show LA is Back!
116 HR Partner Make New Employee Onboarding Seamless
118 Tim Hoopmann Building Resilience for Better Well Being
120 CLASSIFIEDS
124
Bill360
Bill360 introduces Advanced AR Automation Solution to accelerate growth for accountants and their clients
Co-Founder
The Human Touch
@Advancetrack
Kevin Reed
Kevin Reed is one of the UK's most senior accounting and finance journalists. He has written for, edited or managed various business and finance titles for VNU, Incisive Media, and Contentive since 2000 - and is now a freelance journalist and consultant. He is currently editor of Financial Accountant magazine.
Can accountancy practices get to grips with automation, AI, a scarcity of accountants... and evolving their skills mix?
Accounting talent: an increasingly scarce resource
The Accounting Talent Index, a new global research study from Advancetrack, reveals almost half of firms are being ‘significantly’ affected by an ‘existential’ crisis
As practice leaders look to create a sustainable and profitable future, their talent resource strategy will need to be laserfocused.
The first-ever Accounting Talent Index, conducted and produced by Advancetrack, lays bare that firms across the globe are stricken by skills shortages.
The index reveals that of 280 senior practitioners interviewed, 74% said their firm is ‘significantly’ or ‘severely’ affected by a lack of skills.
The 28-page report finds reasons for this ranged from more
competition for talent from commerce firms to fewer people attending and graduating from university, as well as the effects of the Covid pandemic and an ageing workforce.
Vipul Sheth, MD of Advancetrack, said:
“Our Accounting Talent Index, released today, shows how the acute lack of accountants has emerged as a critical bottleneck, and its impact has been nothing short of severe, impacting businesses, institutions and economies on a global scale. While the solutions are not exhaustive, or all yet identified, significant strides can be made by investing in the development of accounting talent, rethinking recruitment approaches, and promoting the essential role of accountants in supporting economic stability.”
Gain valuable industry insights, strategic recommendations and stay ahead of trends by downloading the Advancetrack Accounting Talent Index for free.
Getting to grips with resources management
Kevin Reed picks out talent and resource as critical areas for the future of both accountants and the practices in which they work.
When you’ve attended accountancy events (particularly tech-focused ones) over the course of 21 years, it can be difficult to spot trends at the next gig on the list.
Many of the ‘new tech trends in town’ have been driven by some form of regulatory change; from Lord Carter’s ‘digitisation of tax’ plans in the mid-noughties that have led us to Making Tax Digital (MTD), through to pensions auto-enrolment and its impact on payroll services.
There are also technological leaps that translate from the consumer into B2B; such as 3G and smart mobiles (aka the iPhone), which drove the creation of a gazillion apps.
However, looking at events over most two/three-year periods, one can be forgiven for thinking:
what’s changed?
Generative AI has been a part of public discourse for the last couple of years, while AI in the context of ‘robotics’ and automation has formed a central part of accountancy tech events since pre-pandemic.
All on show
I have a very unscientific way of gauging trends from the major accounting tech shows: look at the vendor list and try to gauge which ones are new or more prevalent. I might even just ask someone else who’s done the groundwork (journalists will cut to the quick wherever possible, particularly if it saves them legwork).
And, at Accountex 2024, it felt like there was a step change. Dozens of vendors offering a range of outsourcing and offshoring options. Of course, after a stellar few years, Advancetrack was literally front and centre.
It isn’t really for me to question the quality or capabilities of the vendors on show. But it seems that the market for outsourcing
and offshoring is growing – and finally out of the shadows. Outsourcing and offshoring aren’t ‘new’ – for example, Advancetrack is now in its 21st year – but it feels like there is a broader acceptance that both models are now a viable and valuable option in a resourcing manager’s armoury.
The Accounting Talent Index
And what has driven that acceptance? Well, it’s complicated. However, the launch of Advancetrack’s Accounting Talent Index, at its gbX conference, provides some pointers.
The Index highlighted that the number of people taking accountancy qualifications is (generally) falling; that accounting salaries for younger staffers is uncompetitive, and other professions are becoming more attractive.
What does it all mean?
There’s no doubt the pressures are, as Advancetrack’s new APAC general manager Craig McKell described it at gbX, a multiheaded “Hydra” of problems, including:
• You’re struggling to recruit;
• Fewer people are studying accountancy;
• Some of those you have may need to ‘re-skill’ in a world of AI and analysis;
• New recruits and existing staff salaries are rising; and
• Clients want more from you, but in a fragile economy where some are struggling.
It is no wonder then, that when resources are constrained and expensive, outsourcing and offshoring have come to the fore.
Ironically, those who outsource and offshore are also under similar resourcing pressures (though Advancetrack may well argue that their access to accounting talent is currently plentiful). However, AI and automation are also potential
answers to the resources question and a threat to the outsourcing model.
Threat vs opportunity
There are many that are petrified about this existential threat to the accountancy profession. As a journalist covering the profession for nearly 25 years, and easy for me to say, but I have to admit that I am more excited than concerned.
The accountant in practice has evolved into the ‘adviser of choice’ for businesses and individuals. Broadly speaking this has become even more intense postpandemic.
Technological developments have eroded, and continuing
to erode, some of the numbercrunching work undertaken by the profession. Ultimately, I think we will need fewer qualified accountants – at least in their current guise – than we have in the past.
However, the world continues to become more complex, and areas such as tax, accounting and audit follow suit. We are always going to need experts in these fields. But for practices to be sustainable, they will need to be laserfocused on data management and verification, while becoming better at communicating more frequently – and in a more valuable – way to their clients.
Whether it’s outsourcing, offshoring, AI or automation, there are various solutions to
the current talent and resourcing issues that accountancy faces. But the successful and sustainable practices of the future will be the ones that truly get a handle on talent, skills, and roles – in other words, good old-fashioned humans.
Kevin Reed is a freelance journalist and editor. His views may not represent those of Advancetrack.
STOP PRESS: Advancetrack launches Podsourcing® service
Advancetrack continues to evolve its offering! Podsourcing® combines the best of both offshoring and outsourcing. Find out more on the Advancetrack website, or read about Podsourcing® in the next issue of XU.
Automating tax management can drive efficiency and minimize risks for global businesses
ith the OECD’s Business Confidence Index (BCI) dropping to below pre-COVID levels before the start of this year, the outlook for businesses across various industries has been driven by the possibility of recession, rising inflation, and volatile consumer confidence, among other economic factors. As a result, businesses across the globe have shifted their focus to meeting efficiency goals, rather than putting a bullseye on unrestrained growth.
A goal around efficiency includes many of the same practices businesses have been leveraging for years, now coupled with the benefits of digital modernization.
To meet new goals around efficiency, businesses are leveraging technology that automates operations and processes; many on the backend. To cut down on added costs, time, and resources spent on low value business requirements, businesses have turned to areas like tax compliance as a part of their operations where they could be more efficient.
Tax compliance is an area especially ripe for automation within global businesses because easy-to-use automation solutions drive both time and cost reduction, protects businesses from harsh fines and penalties from audits, and creates a better overall customer experience. This
Luke Yamnitz
Luke heads up the "Strategic Verticals" partnerships team at Avalara, a leading provider of tax compliance automation software for businesses of all sizes. The team of Strategic Partner Managers lead Avalara’s top Fintech, Point-of-Sale, and Private Equity & Venture Capital partners, in addition to the "FastTrack-Build" accelerator for emerging technology partners.
is especially true for small and midsize businesses, which have fewer resources at their disposal.
According to research from Avalara, small and midsize businesses spend a combined 163 hours and more than $17,000 per month on manual sales tax management. That’s 163 hours that tax professionals could spend on numerous other and more important tasks to support their business’s bottom line. After all, an hour spent on tax management is an hour lost on other parts of the business, which can lead to growth.
The cost of manual tax compliance goes beyond time and money. Like many human-centric tasks, manual tax management is an errorprone process. Using outdated methods, like spreadsheets, makes it increasingly difficult for tax professionals to keep up with constantly changing tax rates and rules. The uncertainty surrounding manually managed tax rates and rules that are used to make tax determinations for a business creates unnecessary risk.
Tax can also serve as a barrier to business growth and expansion. Entering new markets and adding sales channels, employees, products, and/or services can trigger new tax obligations to
register and file in more locations. When businesses are looking for areas to cut costs and resources, and drive overall efficiency, tax compliance can quickly become the poster child for automation because of the low value that managing it provides to a business. Adding in the risk of getting tax wrong and the impact it can have on a business, the decision to automate makes even greater sense.
Automation not only allows businesses to reduce the time and money currently spent on manually managing processes that can be handled more quickly and accurately with technology, but it also reduces barriers to growth and enhances the value of existing technology and systems.
Automation decreases the tax complexity that often comes with business growth. The effort required to remain compliant in a few states is vastly different when you do business in most of the USA. Selling into more countries adds a whole new level of complexity. With automation, it’s easier to scale.
The rise in the adoption of automation signals that more businesses are realizing that tax is simply too complex to manage on their own. However, it’s still important for businesses to understand that not all technology is created equal. For example, if a business is using a solution that only handles tax calculation, they still have an obligation to manage the rest of the compliance lifecycle.
Avalara and Xero have a wellestablished strategic partnership, which brings sales tax workflows and easier management to the Xero platform. Working together, the sales tax compliance capabilities help small businesses, accountants, and bookkeepers simplify sales tax obligations for small businesses, with more reliable sales tax calculations on invoices, more flexible sales tax reporting, and filing via Avalara.
Xero also recently launched its auto sales tax capability, which was developed in partnership with Avalara. The embedded solution brings advanced sales tax workflows and management
directly into the Xero platform, enabling advisors and business owners to automate sales tax calculations, reporting and filing.
This auto sales tax capability is best suited for companies who invoice for their goods and services in Xero, operate across multiple jurisdictions, and have a mix of taxable, non-taxable and exempt goods.
Avalara's expansive tax content database and sales tax calculation engine, coupled with Xero's invoice and reporting capabilities, make it easy for both small business customers and their advisors to benefit from a seamless delivery of tax determinations and calculations on every transaction.
Learn more about Avalara + Xero at: avlr.co/xero
How Green & Purple Has Leveraged Mimo for Growth and Improved Client Relations
The key to enhancing efficiency while maintaining personal connections
reen & Purple, a finance firm offering flexible financial solutions for startups and scale-ups, has experienced a significant surge in demand over the past few years. Providing services ranging from basic bookkeeping to boardlevel advisory, Green & Purple is an in-house finance team helping clients scale.
But how do you grow a finance firm without getting lost in
tedious manual work? According to Jodine Williams, a management accountant at Green & Purple for the past seven years, one way is to improve your tech stack so that more time can be spent building strong client relationships.
Building Trust Through Technology
According to Jodine, one of the key drivers of Green & Purple’s success to date has been its
@joinmimo
Anna Jörnlid, Growth Manager, Mimo
Anna recently joined Mimo as a Growth Manager. She brings four years of marketing experience in the fintech industry, particularly focused on highlighting how innovative companies develop simple solutions to complex problems.
By adopting Mimo, Green & Purple enhances client relationships while streamlining accounts payable processes.
unique approach to working with clients and building relationships. Continuing to provide this value has been crucial as the firm has grown.
But for that to be feasible, it has meant ensuring that Green & Purple’s internal processes are as efficient as possible. “Our clients trust us to manage their finance systems in a professional and secure way, and therefore we need to find systems that support
The Green & Purple team at their office
us in that and can benefit both us and our clients.”
The Challenges of Manual Processes
One area where Green & Purple identified inefficiencies was in manual accounts payable processes. Creating Excel reports for payment approval and entering payments individually was labour-intensive and prone to errors, especially for clients with hundreds of invoices.
has enabled us to process payments more efficiently"
The firm had been looking to improve its tech stack when it came across Mimo. For Jodine, Mimo stood out not only because of the platform’s ability to read and manage invoices effectively but also because of its willingness to listen to Green & Purple’s needs and tailor its roadmap accordingly.
“The kind of company you want to work with is one that’s going to listen to you and try and help you find solutions to the problems you come up against,” shares Jodine. Given how important client relationships are to Green & Purple, building strong relationships with service providers proved equally important.
Mimo: A Game-Changer for Accounts Payable
A few months since implementation, Mimo has proven to be a game-changer for Green & Purple. The platform’s layered approval workflow
and automatic data capture have significantly reduced the time needed for payment runs. The seamless integration with accounting software like Xero and QuickBooks further streamlines reconciliation, ensuring accurate financial records and offering clients actionable insights.
This efficiency boost allows Green & Purple to focus more on delivering strategic value to clients. “Mimo has enabled us to process payments more efficiently, reduce the risk of payment errors with its ability to read invoices, raise alerts to any changes in details, and save us a significant amount of time.”
According to Jodine, this means they can spend more time doing the things that add value to their clients while also improving trust and ensuring that clients’ finances are managed securely.
Looking Ahead
For Jodine, Green & Purple’s embrace of Mimo reflects a
broader trend in the financial services industry: the integration (rather than the replacement) of technology and human experience.
“You can’t replace what humans can deliver, or replicate the unique value we provide, with technology. However, by using technology to increase efficiencies, we can free up more time to focus on what our clients really need—our time and expertise.”
"Mimo
One of Green & Purple's key success drivers is building relationships with clients - and colleagues!
Process pension contributions without the press of a button
Outdated pension providers have had their day. Discover Penfold’s innovative Xero integration.
@getpenfold
Chris Eastwood, CEO & CoFounder, Penfold
Chris is CEO of Penfold, the digital pension provider on a mission to help everyone save enough for a comfortable retirement. Since co-founding Penfold in 2018, he’s been responsible for product and customer experience, as well as Penfold’s investors and public profile. Chris has over a decade of experience in finance, as a qualified accountant, and in M&A and senior strategy roles across Deloitte and investment manager Man Group.
Penfold’s mission is to help everyone save enough for a comfortable retirement, simplifying pensions for payroll professionals, employers and savers.
F
or one of the UK’s most lucrative tax-relief schemes, pensions have a pretty bad rap. And it’s easy to see why.
Many workplace providers have complicated offerings with no saver app, long-winded integrations, poor customer service and excessive fees. It’s no wonder people are put off from saving.
Since the introduction of auto enrolment in 2012, payroll professionals have only been involved in pensions because they’ve had to be. It’s the same for employers. And savers often don’t engage with their pension or choose to opt out altogether – meaning it’s unlikely they’ll have the funds they need for a comfortable life after work.
But pensions don’t have to be complex and boring. Outdated providers have had their day.
In 2018, I co-founded Penfold to create an easy, simple and accessible way to help people save for the future. We built a modern, digital pension from scratch and an innovative mobile app.
“We’re helping employees engage in saving for retirement in an easy and meaningful way.”
With our app, savers can track down and combine pensions from their previous jobs, and forecast how much they’ll need to save with realistic yearly targets. Savers can change their investment strategy at any time, choosing a plan that suits their risk appetite and values. Plus, they can adjust their contributions whenever they like, easily topping up or skipping a month.
Almost five years later, we have over 70,000 savers and half a billion pounds in assets under administration. We’re helping individuals find £26.6 billion worth of lost pensions, supporting payroll
This article is
professionals streamline pension management and strengthen client relationships, and ensuring employers get the most out of their most expensive benefit. And we’re not stopping there.
Penfold’s automated Xero integration
With our new 100% automated Xero integration, you can manage contributions without the press of a button, never uploading or processing a pension contribution file again.
“We automatically process contributions every time you run or re-run payroll from Xero.”
We’re the first pension scheme to offer this kind of powerful integration to a mainstream payroll software. And soon to be the first pension in the Xero App Store!
But how can you process contributions without doing… anything? Well, for each of your clients that are connected to Xero and Penfold, we automatically process contributions every time you run or re-run payroll.
So, once you’re set up, there’s no need to spend any time sorting contributions, no need to log into Penfold to upload files after a pay run. Just use Xero as you usually would.
When we're done processing your client’s contributions, you receive an email to confirm the amount of pension contributions for the pay period.
It’s as simple as that. An innovative, automated integration for workplace pensions. When Nikki Shefferd, Director of N S Accounts and Xero Gold approved provider, connected her client, Automotive, to Penfold and Xero she said: "I did get excited when I saw Automotive was automatically done. Love it so far."
You’re probably thinking there’s a huge markup for this kind of effortless technology. But no!
Penfold's free for payroll professionals, accountants, advisers and their clients. And the cost isn’t passed on to employees as a monthly charge either. They pay just one transparent saver fee based on the value of their pension pot.
With Penfold, you’re also guaranteed first-class service from your own dedicated account manager. So, if you need help switching providers, ever encounter any contribution mishaps, or simply have a question, you can contact your named account manager directly.
And with industry-leading funds managed by BlackRock and HSBC, a 5-star Defaqto rating, 4.4 Trustpilot score, and 5-star rated savers app, Penfold is trusted by payroll professionals, employers and their employees to help save for their futures.
The modern pension that’s better for everyone
For one of the UK’s most lucrative tax-relief schemes, outdated providers give pensions a pretty bad rap. But we’re here to change things.
By empowering accountants to simplify their pension management, we’re helping strengthen client relationships with a simple and accessible solution. Not to mention we’re helping employees engage in saving for retirement in an easy
and meaningful way – and make the most of free money in the form of government tax relief.
But don’t just take our word for it. Before switching to Penfold in 2022, Cone Accounting was frustrated by unhelpful and confusing traditional providers. Cone’s clients often struggled to access and navigate their pension accounts, resulting in minimal engagement and little added value.
Ben Nacca, Founder of Cone Accounting, wanted to bring its pension offering into the 21st century.
“As a digital practice, we’re always trying to make sure that we have the right app stack. Xero for our accounting, Dext for our receipt management. We see Penfold as our pension option in that space,” explained Ben.
“The app is the big selling point with Penfold, having a nice clean UI that’s easy to understand.
“Penfold's user-friendly approach and transparency revolutionised how we manage pensions for our clients.”
FIND OUT MORE...
Modern workplace pensions you (and your clients) will love
getpenfold.com
7 strategic steps to run a smart, profitable, and efficient accounting firm
@mckanas
Matt Kanas, Managing Director, Americas, Ignition
Matt Kanas is a seasoned professional who serves as the Managing Director, Americas at Ignition. With a proven track record of driving growth and innovation, Matt has earned a distinguished reputation within the technology industry. He brings over 18 years of experience in the accounting software industry, including working for leading companies such as Intuit.
If inefficient processes are holding your firm back from maximising revenue and profitability, it’s time to consider a smarter way to run your business.
Here are seven proven steps for fast-tracking your revenue, cash flow, and efficiency.
1. Clearly define your services, pricing, and packaging
Many firms are using outdated ways to price and package services. Yet strategic pricing and packaging can significantly enhance your firm’s profitability and operational efficiency. Effective pricing strategies
start by clearly defining and breaking down your services into detailed components. Once you’ve identified the services you’re offering, only then can you determine the value and put a price on each of those services.
This is where a three-option pricing system comes in, enabling your business to offer predefined service packages to clients. Clients understand exactly what they’re getting, when, and for how much, which improves communication
and sets clear expectations.
Using a platform such as Ignition allows you to easily build your service library and create predefined service packages using proposal options
2. Re-evaluate your billing model
Holding on to traditional billing models is another common culprit that can hinder efficiency and profitability for service-based businesses. Billing by the hour, manually tracking billable hours, billing after you’ve completed the work, chasing clients for payments – these are all entrenched habits that drain your resources and your profits.
Updating old billing models is key to managing your firm’s revenue. This includes rethinking how you bill and get paid – for example, shifting from billing upon completion to billing upfront or taking a deposit before the work begins.
When re-evaluating your billing practices, it’s important to have a billing and payments solution that can help you successfully navigate this transition. Ignition’s flexible billing options mean you can bill
hourly or use fixed fees, apply one-off or recurring fees, take upfront payments or deposits, and more.
3. Shift to upfront client payments
It’s no surprise that many firms suffer from cash flow issues if they’re stuck using outdated billing practices.
Even if your business isn’t ready to make the leap from hourly to fixed-fee billing, you can still implement billing processes that will guarantee you’ll get paid. Just like when signing up for a gym membership, firms can collect payment details upfront when clients sign a proposal using a tool such as Ignition. This puts you, rather than your clients, in control of the payment process and allows you to collect the payment automatically when the invoice is due. You can then transition to upfront payments, before the work even begins.
4. Transition to recurring revenue
If your business is stuck on a roller-coaster revenue recycle, it may be time to transition to recurring revenue or diversify your revenue streams to protect your cash flow year-round. For Marcus Dillon, CPA and President of Dillon Business Advisors (DBA), transitioning from a traditional accounting practice to offering more comprehensive client advisory services (CAS) has led to increased revenue. DBA now offers Essential, Premier, and
spend time on the phone giving advice you probably should be charging for. Ultimately, it all adds up and means you and your staff are working, at least in part, for free.
Effective pricing strategies start by clearly defining and breaking down your services into detailed components.
Elite core packages for CAS.
5. Engage clients with a clear scope of work
One of the fastest ways for firms to lose out on revenue and profits is by not having a clearly defined scope of work when engaging clients. You’re not only missing out on an opportunity to communicate your firm’s true value, but also introducing ambiguity to the client relationship. Clients don’t know exactly what they’re paying for, and your staff members are unclear on the services they should be delivering – exposing your business to scope creep.
When sending clients your proposal or engagement letter, it’s vital to include the scope, frequency, and pricing for the services you’re offering, alongside your payment terms, so everyone is on the same page.
Luckily, Ignition enables you to templatise proposals and engagement letters, meaning it takes only minutes to create proposals that provide clients with complete clarity on the scope of services.
6. Get paid when the scope changes
Even if your business is diligent in engaging clients with a clear scope of work, chances are that you’re not charging them for all the ad hoc services you’re providing. It’s all too easy to assist clients with a ‘quick favour’ or
The solution? Refer back to your original signed agreement to remind clients what is or isn’t in scope, and charge them for additional services appropriately.
Thankfully, Ignition makes it easy to bill for any ad hoc or out-ofscope work using the instant bill feature
7. Automate time-consuming processes
Once your firm has redefined its approach to pricing and packaging, engaging clients, billing, and payment collection, it’s time to tackle the biggest challenge holding many firms back – administrative burden. Automating manual client engagement, billing, and payment processes is the key to scaling your business, and your revenue, more efficiently.
Taking stock of your current processes is the first step to helping you identify the biggest efficiency gains for your business. You can then implement platforms, such as Ignition, to help automate the way you run your business and unlock more revenue.
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Discover how Ignition can transform your firm.
Try for free
Q&A
Jonathan Gaunt Socket Co-Founder
XU: Could you tell us a bit about your background and how it led you to co-found Socket?
JG:
My background is that I’m a Chartered Management Accountant, I worked in ‘Corporate World’ for nearly 20 years, majority of time at Lloyds Banking Group. I’ve always been fascinated by businesses and in 2012, with the emergence of cloud computing and Xero, I realised that I could provide small businesses with the same level of finance support that a large multinational business has.
We work with ambitious businesses. One of our clients were software developers and I made a random off the cuff comment “I wish I could code”. The rest is history, we developed Xavier Analytics, we won Xero’s Emerging App in 2020 and we were acquired by ReceiptBank. Whilst there we had great fun, we learnt a lot and we helped with the rebrand to Dext and Xavier became Dext Precision.
James, Rich and myself exited Dext at the end 2022. We had
an itch to scratch and wanted to build another start-up focused on Accountants and Bookkeepers.
XU:
What inspired you to venture into the tech industry, and what were some of the pivotal moments in your career that led to the creation of Socket?
JG:
I’ve always tinkered in technology, I say ‘tinker’ as I’ve used the tools I knew such as a spreadsheet and writing long formulas, that connected workflows to make our practice more efficient and a better experience for everyone involved. More recently I’ve adopted no-code tools and I’ve taught myself to write some basic code. It’s not pretty.
Building software is hard. To venture into the tech industry you’ve got to have a couple of things.
1. A great idea. We didn’t have any specific problem that we wanted to solve, instead we spent the first 6 months of 2023, working in FD Works, experimenting and exploring ideas, and having lots of
conversations with other Accountants and Bookkeepers.
We started to narrow our thinking to resource management and schedulinghow could we move away from tracking time, to measuring results. To do this we need the information from the proposal.
2. Either lots of money or the skills to execute. We’ve got the perfect team.
XU: For those who might not be familiar, can you explain what Socket is and what it aims to achieve?
JG: Socket’s mission is to empower accounting and bookkeeping firms to effortlessly convert prospects, seamlessly onboard clients, banish scope creep and do this while truly understanding the profitability of each service for each client.
We are starting with pricing, proposals, engagement letters, billing management and workflow automation.
Socket team getting ready for launch at Xerocon London 2024
XU: What specific problem does Socket solve, and how did you identify this need in the market?
JG: We’ve set out to spearhead the problem: The proposal should define the scope of the services agreed between client and accountant. Except right now it doesn’t!
We have a secret sauce: Alongside Socket, I manage an accounting firm FD Works, which I continued to manage parttime alongside Xavier Analytics & Dext. This enables us to understand the problems that Accountants and Bookkeepers face, and run experiments that provide blueprints for future ideas.
XU:
How has Socket evolved since its inception, and what are some of the key milestones the company has achieved so far?
JG:
Our approach has been to work with a small number of clients, learn as much as we can, implement what we learnt and then expand who we work with.
FD Works was Socket’s first customer in August 2023, they were able to migrate away from their existing tools - we learnt a lot and .
Accounting and bookkeeping is complex and with very little standardisation of processes it becomes complicated. By curating a waitlist of interested people, and understanding their tech
stack we were able to understand who used what, what systems were popular, what were the main pain points and focus on solving problems for specific customer groups.
Getting to Xerocon in July 2024 was a significant milestone for us, our option to show what we’d been working on.
We’re now fully open for business.
XU: Can you tell us about the team behind Socket? How did you go about assembling your team, and what qualities do you look for in potential team members?
JG: The founding team is James, Rich and myself - we’ve worked together in the past and our skills compliment. James has a background in Software Engineering and building scalable systems, Rich also has background in Software and Product Engineering, he’ll ask lots of questions: “Why are you doing that? Then what?”. They’d make great accountants.
The team has grown. We’ve worked with Ben and Oliver in the past and Emma (who we’ve known for a long time) is a bit of a unicorn- she’s an accountant and has worked in the accounting tech space.
What makes a great team member? Right attitude is high on the list.
XU: How do you ensure that your team stays innovative and motivated, especially in a competitive tech landscape?
JG: We’ve very hands-on with our Accounting and Bookkeeping partners and this helps us to understand their problems, what they are doing to manage the problem now (often a spreadsheet) and what else they are doing (the what next).
We shape the problem and then we give our developers the space
Xavier founders celebrating their win of Xero's Emerging App 2020
to be creative and solve the problem.
Often we’ll make a change into production, quicker than it would to write up a full spec and create a mock-up. But we don't cut corners, and iterate quickly to produce high quality software.
XU: What sets Socket apart from other similar apps and solutions in the marketplace?
JG:
We’re trying to make it as simple as possible for a wider group of people in the firm to get involved, with the system doing the heavy lifting. A successful firm of the future needs an intelligent system to manage client relationships at scale.
What does this mean? Making use of adjacent data sources, getting data directly from Companies House and integrations with practice management tools, making it easy to apply scopeadjustments. Our API enables the proposal data to be unlocked and made available to the wider workflow - the very problem that started us on this journey.
XU: What are your long-term goals for Socket, and where do you see the company in the next few years?
JG: We're buzzing with excitement about where we're heading. Our roadmap is packed with features that we can't wait to roll out.
Socket Engage, our take on Engagement Letter management that’s as powerful as it is simple. We’re incorporating all the latest best practices with automatic updates, so you can stay focused on what matters most—your clients.
And when it comes to turning prospects into clients, Socket Onboard will be your new best friend. We’re integrating with AML, Risk Assessment, and
Work Management systems to automate the entire workflow.
We’re also playing nicely with your favourite tools. Think seamless scheduling, work management, collaboration, and a must is using APIs. It’s all about making automation work for you, without the headaches.
We’re making it easier than ever to manage leads—whether they come from Hubspot or Zapier. Picture a smooth sales pipeline with all the discovery data you need right at your fingertips, feeding seamlessly into proposals.
Geography wise, we’ve focused on the UK to start with but we plan to take it globally, we learnt a lot from our time at Dext and this has been factored into Socket from day 1.
XU: Are there any upcoming features or developments that you're particularly excited about and can share with us?
JG:
Our plans for Socket are ambitious - in the short term, we got some exciting features planned.
Socket Engage will be launched soon. We’ve teamed up with an industry expert to develop and maintain best practice Engagement Letters that meets the requirements of the professional bodies.
We’ll enable the management of bulk price changes - simply change the underlying price of a service and then select which clients you want to apply that price change to and then inform them. This will enable you to apply price changes when your vendor increases their prices with minimal effort.
We want to transform the onboarding experience with Socket Onboard, no one has really tackled this.
Jonathan giving a demo of Socket to Sukinder Singh Cassidy at Xerocon London 2024
From Crunch to Control
How Accountants Can
Help SMEs
Close the Late Payment Gap
Josh Skelding, Director, Paycada
With over a decade of experience in technology and financial services, Josh has excelled in various commercial and sales roles, focusing on CRM solutions for mortgage brokers and financial advisors. In the last 18 months, Josh served as Director of Sales at Twenty7Tec, following their acquisition of Bluecoat Software. As Commercial Director at Fignum, Josh is cultivating new business opportunities, building lasting relationships, and working closely with our product team to propel our solutions forward.
Discover how accountants can be strategic allies for SMEs, closing the late payment gap to secure financial stability and growth.
The Late Payments Crisis
For small and medium-sized businesses (SMEs) in all sectors, late payments are more than just an inconvenience; they’re a threat to their very existence. Above all else, they hinder cash flow, which as anybody who works with small enterprises will know, is their most basic lifeline.
In this turbulent economic environment, where the lingering effects of the
pandemic, rising costs, and the threat of a recession continue to weigh heavily on businesses, accountants are uniquely positioned to play a pivotal role in helping their SME clients navigate the challenges of late payments. By stepping in as strategic partners, accountants can assist SMEs in recovering billions of pounds in unpaid invoices, helping secure the financial stability and future growth of their clients and potentially their own practices. The ability to effectively manage and mitigate the impact of late payments is not just an additional service offering –it’s a critical opportunity for accountants to add substantial value to their clients and establish themselves as indispensable allies.
In this article, we explore the late payments crisis: its impact on SMEs and the broader economy, new regulations that are being drawn up to solve it, and the key role accountants can play to help their clients regain control and build resilience when it comes to managing cash flow.
Impact on SMEs
As some accountants may already be aware, the UK currently has some of the longest invoice payment windows in Europe, with many SMEs already finding it difficult to negotiate payment terms that suit them and their customers. When you consider that a very large percentage of invoices are also paid late, it creates a hostile environment for small, cash flow conscious businesses.
The construction sector is among the worst impacted by late payments, not necessarily because of the amount of money owed, but because it has a direct effect on multiple stakeholders, suppliers, and project deadlines.
Is Regulation Tight Enough?
The ripple effects of late payments extend beyond individual businesses. Hiring is halted or slowed to a crawl, jobs are made redundant, local investments decline and community resources become strained. That’s why the UK
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government is stepping up efforts to combat the late payment crisis, with an extension of the Reporting on Payment Practices and Performance Regulations 2017, which now requires businesses to report on the value of invoices paid late to foster some sense of accountability. Powers held by the Small Business Commissioner are also being enhanced, allowing them to undertake investigations and actively report on payment practices. But will this be enough to close the payment gap for small and medium-sized enterprises?
An Opportunity for Accountants
Accountants are uniquely positioned to be heroes in the battle against late payments. With a deep understanding of their clients' financial health and operations, they can provide more than just traditional bookkeeping services – they can offer strategic advice that directly impacts on their client’s bottom line. This might include advising SMEs on best practices for setting clear payment terms, negotiating upfront payments, and regularly reviewing outstanding invoices to catch late payments before they snowball into bigger problems.
slipping through the cracks. By integrating these solutions into their service offerings, accountants can help their clients stay on top of their invoicing, ensuring that payments are received promptly and that cash flow remains steady.
However, while traditional accounts receivable management can address some late payments, longstanding debts or unresponsive customers often require a more specialised approach.
Accountants are uniquely positioned to be heroes in the battle against late payments.
Introducing Paycada
It’s one thing to streamline billing cycles and send payment reminders, but recovering payments from long-standing invoices can be gruelling work. The longer an invoice goes unpaid beyond the payment deadline, the less likely it is to get settled. This often leads businesses to write off unpaid invoices and take the loss, severely impacting their cash flow and long-term financial health. An accountant with the right tools in place can make all the difference, helping businesses regain control over their cash flow and recover debt without the need to use multiple third parties or manually chase payments.
Bluestone Credit Management, an FCA-regulated collections agency. When invoices remain unpaid despite repeated reminders, Paycada automatically steps in with professional debt recovery services, leveraging Bluestone’s expertise to secure payments that might otherwise be written off. With Paycada, accountants have everything they need to expand their services beyond what is typically expected of them, delivering a comprehensive cash flow management system to their clients.
“In the ten months since first implementing Paycada via Xero, our three-month+ aged debtors have fallen by 66%.” - Paycada Client
Are you attending Accountex Manchester on the 17th September? Visit us on stand A9 and let’s discuss how you can support your clients with late payments.
Paycada is built by Fignum, a leading developer of cloudbased software solutions for the financial sector. Fignum is part of the Bluestone Group, a company with a longstanding history in financial services since its founding in 2000.
But this is only the beginning. Accountants can also leverage technology to streamline the invoicing and payment process for their clients. Digital tools and software such as Xero offer robust features for automating invoice tracking, sending payment reminders, and managing accounts receivable. These tools not only save time but also reduce the likelihood of payments
That’s where Paycada comes in. By seamlessly integrating with Xero, Paycada allows accountants to streamline their clients’ billing cycles, ensuring that invoices are followed up on automatically. But what makes Paycada really stand out is the powerful solution it offers for recovering long-standing debts through our sister company
Discover how Paycada can support you and your clients with smart technology, visit our website:
paycada.com FIND OUT MORE...
Getting to the heart of things: Atria Designs levels up with WorkflowMax by BlueRock
Ryan Kagan, Head of Growth and Partnerships, WorkflowMax by BlueRock
With 20+ years' experience scaling businesses through digital solutions, Ryan Kagan, Head of Growth and Partnerships at WorkflowMax by BlueRock, is a seasoned leader in account management, product, partnerships, and business growth. Formerly a Director at BlueRock Digital, he propelled the startup to success. Prior roles at Deloitte Digital involved driving digital enablement and transformation through strategic advisory. Now, Ryan strives to build a thriving platform community where all prosper.
Migrating software systems can be tough. Reinventing your business operations is even tougher. But with the right software, and the right consultants, you can get it right the first time.
Alot of midsize businesses have the same problem: it’s hard to see past what you’re used to. And this is the case even for firms, like Atria Design, who specialise in fresh visions and off-the-wall solutions.
Samuel Kassis, Founder & CEO, Atria
Atria Designs are a passionate, innovative, multi-award-winning business who design for some of Australia’s best builders and developers. But like many businesses that grow rapidly from small beginnings, Atria hit some speed bumps.
Founder & CEO Samuel Kassis started Atria nearly 10 years ago, and over time Samuel had grown well aware of many of the issues they faced. The aftermath of the Covid pandemic was the perfect time to explore new directions, after Atria had a “bit of a staff shift.” With a mix of new and old hands aboard, Samuel was ready to take the time to find out what would really work for the business.
To do this, he turned to James Hickey, of JHC Consulting Group.
Designing a relationship
Samuel had two main goals for Atria Designs’ engagement with JHC Consulting: he wanted better business data, and more actionable reporting. In the building and design service space, this is more easily said than done. Materials become unavailable or more expensive, builders have to juggle their own commitments and clients, and then there’s always the weather. A certain amount of flexibility has to be built into a building design firm’s business practices, and this can make time-tracking and reporting difficult to nail. But it has to be done, or a lot of money can slip through the cracks. JHC’s approach was making sure that the right people were using the right processes – and that Atria had the right software to power them. That’s why he suggested they use WorkflowMax by BlueRock.
“The new WorkflowMax by BlueRock shows significant promise,”
James says. “The improvements in the tech stack and integration capabilities have been particularly impressive. The ability to link with platforms like Power BI enhances the reporting and analytics functionalities, which is a big step forward for users. What’s more, BlueRock has improved WorkflowMax by enhancing its integration capabilities, providing more robust reporting options, and streamlining the user interface. These improvements make it easier for businesses to manage their workflows and access critical data in real time, which aids in better decision-making and efficiency.”
People, strategy, systems, software – in that order.
Migrating software isn’t always as easy as it should be. Problems often arise less from the actual migration process than from ingesting out-of-date or just plain wrong data. For the migration to work well, these errors need correcting – but at the same time, useful historical data needs to be preserved. For Samuel and Atria Designs, this was very much the case – but the situation was
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complicated by the fact that the Xero edition of WorkflowMax had been set up wrong. “I’ve had consultants in the past that came alongside WorkflowMax, who didn’t understand our business and what we were trying to achieve –or even how we actually bill and invoice,” Samuel explains.
Luckily, JHC understands that every business is different, and they took the time to properly research and reinvent Atria’s business processes before encoding them in software. Their empathetic, people-and-systems-first approach not only worked – it paid instant dividends. JHC’s strength is in data management and presentation, and after understanding the people, systems and processes, data can be ingested, cleaned, and put to work.
our head against the wall,” Samuel says.
“It all makes sense. It all works smoothly.”
“WorkflowMax is a costeffective, all-in-one job management software that can transform your business operations” -
James Hickey, Founder, JHC Consulting
The results have been huge for the team at Atria Design. They now have clean, clear data with which to make business decisions. They’re getting precise measurements of time, jobs, and finances.
balance sheet. “The team is now really well-equipped to use the new systems effectively, and the ROI for Atria is substantial.”
“One of the benefits of having James on board through the migration from the old WorkflowMax by Xero to the new WorkflowMax by BlueRock is that he really understands data,” Samuel says. “James discovered we weren’t really using the old WorkflowMax to its full capability, but he was able to say ‘this is the best program for you guys, because we can see all the benefits of where it’s going to go.’ So we kept with it, and had him help us through the transition process, which was really beneficial."
Samuel and James agree: this careful approach meant that the pain of migration was minimised, and benefits were realised sooner than they’d otherwise have been.
“Overall, the integration project with Atria went quite smoothly,” James says. “We successfully migrated data from WorkflowMax (WFM) by Xero, to new WorkflowMax with integrated Power BI for advanced reporting, and streamlined several operational processes.”
“If we didn't have James, I could tell you now, we would be bashing
“They can now access comprehensive data insights through Power BI, which was not possible before,” James says. With new WorkflowMax, they have a unified workflow for managing quotes and invoices, linked with their sales processes, and they can generate real-time reports for better decision-making. The team, he says, will see significant time savings across job management and project delivery timelines, thanks to the streamlined workflows and automated processes.
There will be quantifiable savings where it’s most visible, James adds – the bottom line of the
“Financially, they can expect increased revenue from improved strategic decision making, while cost savings will come from optimised operations, as well as reduced need for additional software solutions,” James says. “They’ve quantifiably reduced the time spent on job management tasks, improved project delivery timelines, and they’re increasing sales and revenue from having better strategic alignment across the business."
Meanwhile, Samuel says that with WorkflowMax by BlueRock fully implemented in the business, it’s finally approaching its full potential.
“The thing I do love about WorkflowMax is the sync with Xero,” James says. “For the job financial management side of things, sending your invoices through to Xero, it all makes sense. It all works smoothly.” Cont...
James Hickey, Founder, JHC Consulting
Atria's striking designs are easier to get out the door, thanks to WorkflowMax and JHC Consulting
“WorkflowMax helps you manage your projects efficiently and make data-driven decisions to drive growth” - James Hickey, Founder, JHC Consulting
If they didn’t have WorkflowMax, it’d be a different story, he notes. There’d be a huge amount of manual workarounds for job and performance tracking. “It’s great for our team to track their time, and input time data straightaway. For job tracking, it’s really great."
For both Samuel and JHC, a big positive of the migration from old WorkflowMax to WorkflowMax by BlueRock is that the user interface has, at long last, been polished to a bright shine.
“Migrating across to the BlueRock WFM has been a bit of a shift because things look a little bit different, but it’s a lot more user-friendly. It’s a lot prettier, let’s be honest. It looks really nice and efficient, and you can tell they’ve put a lot of effort into making it cleaner and better.”
Designs and JHC Consulting to down tools – but it’s not. In fact, it’s just the start. Atria’s staff are thrilled with the change in operations: not only are they more efficient, but they’re happier in their jobs. The investment has paid off in spades. “After what I’ve been able to do now, I wish I’d engaged someone like James sooner. Being able to really understand your business, your output, and being able to track data well, I wish I’d had those tools earlier,” Samuel says. “I can tell you now, there would have been a lot less heartache with both staff members and clients.”
essential for staying competitive,” James adds. “WorkflowMax is a cost-effective, all-in-one job management software that can transform your business operations.”
You and your clients could win by using Atria’s software stack too
• WorkflowMax – WorkflowMax by BlueRock job management. Boost your productivity, profitability and performance. Do it all from anywhere –quotes, jobs, scheduling, time tracking, invoicing, reporting, and more.
“WorkflowMax is fantastic for our team to track their time, and input time data straightaway.” - Samuel Kassis, Founder & CEO, Atria Designs
Transform your business operations with WorkflowMax – and the right consultant
With the move to the new WorkflowMax complete, and the first phase of workflow and process transformation concluded, you’d be forgiven for thinking it was time for Atria
For his part, James and the team at JHC say they’re very happy with how the project went with Atria, and they’ll continue to recommend the new WorkflowMax to clients. WorkflowMax, James says, can help businesses like Atria by providing a comprehensive solution for job management, time tracking, and reporting. It streamlines operations, enhances data visibility, and integrates seamlessly with other tools like Xero and Power BI, leading to improved efficiency and better strategic decisions.
“And from meeting the WorkflowMax by BlueRock leaders, I can see a major commitment to continuous improvement, which is
• Xero – Xero is accounting software for thriving businesses. Xero’s online tools have all the financial insights to make better decisions and simplify business admin.
• Microsoft Power BI – Visualise any data and integrate the visuals into the apps you use every day with Power BI, a unified platform for self-service and business intelligence.
• Wordpress – One of the most popular, powerful, and customisable CMS systems in the world
• Response Database Integrations – Specialises in innovative data solutions to drive business performance, growth, and efficiency.
• Microsoft 365 – Atria Designs uses a market-leading Microsoft suite, including Microsoft Teams (for sharing PowerBI), Outlook Templates and SharePoint
A great design is everything, whether it's for a kitchen or a business
All your accounting workspace needs, one unified platform.
SuiteFiles combines document management, secure client communication, digital signing, and world-class integrations into one seamless experience.
Spend more time doing what you love, and watch your business thrive.
1. Better processes across the business, happier and more productive staff, and more proactive leadership
2. Correctly-implemented modern software stack that helps keep the business on track rather than hindering it
3. Accurate timekeeping and workflow management with WorkflowMax, and powerful, accurate reporting with Microsoft Power BI
Want to become a WorkflowMax partner?
From full implementation partners, to certified business advisors and ecosystem partners – we encourage you to join our community.
FIND OUT MORE... Results
Find out more about the new WorkflowMax by BlueRock partner program at :
workflowmax2.com/ become-a-partner
This WorkflowMax case study was created in partnership with Coachbar
Coachbar is proud to work with WorkflowMax as a foundational customer of ChannelBoost, our flagship software that helps software providers grow their partner channels. ChannelBoost offers everything you need to increase your ROI from indirect sales channels: increased engagement, efficient channel management, and a unique, integrated partner directory.
Coachbar has three products that support the full software selection and implementation lifecycle. There’s software selection education for small businesses through StackPlan; our AppVentory software enables tech advisors to discover and optimise apps within their client base; and ChannelBoost is for businesses that make and sell software. Together, the Coachbar suite revolutionises the way tech advisors work with software providers, to achieve better outcomes for small businesses.
If you’re a software provider, who wants help to start or improve your partner channel with accountants, bookkeepers, or software consultants, get in touch with the team at Coachbar today. Visit coachbar.io to find out more.
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Fishbowl software improved Moto Armor's inventory management by saving time and reducing manual labor, boosting their business growth.
M
oto Armor was founded in 2016 with a vision to bring high-quality, Americanmade parts for Offroad UTV platforms.
Since 2016, Moto Armor Has doubled in size almost every year.
For Moto Armor to achieve such impressive YOY growth, the company had to improve its
operational efficiency. For the past couple years, the team noticed how much harder it was to manage inventory, order raw materials, and track parts internally throughout the process from raw to finished products.
Challenge
In any company that begins to scale, an efficient inventory
management process can make all the difference and save precious time and money.
The Moto Armor team was wasting just that, manual labor and time tracking and managing their inventory manually via spreadsheets, constricting them from focusing on other things that could improve and drive the business forward. @Fishbowl
Scott Kartchner, General Manager of Moto Armor on how using Fishbowl supports business growth
The team started looking for inventory management software and came down to a few companies, one of which was Fishbowl.
“After being able to demo multiple software options, Fishbowl was a no-brainer. Being a company from Utah appealed to us as well as how easy the software was to navigate through.” – Scott Kartchner, General Manager
Solution
After choosing Fishbowl and going through the implementation process, Scott admitted that the process wasn’t fun, due to the amount of work.
The team had to input thousands of part numbers while integrating their current software applications with Fishbowl.
But as soon as everything was implemented, they quickly noticed how much more efficiently they were handling inventory, orders, and work processes. The team was able to reduce manual labor, handle large quantities of orders, and improve scheduling all in one platform, utilizing Fishbowl’s powerful automation tools.
“Fishbowl has helped us manage inventory, sales, and productivity all in one place.” -
Scott Kartchner, General Manager
Ultimately, Fishbowl has enabled Moto Armor to work more efficiently, giving them time back to focus on what they do best, creating high-quality, American-made products for their customers.
Moto Armor is a leading manufacturer of UTV accessories
Spotlight on Excellence: The 2024 ICB LUCA Awards
@ICBUK
Elizabeth Carter, Head of Marketing, Institute of Certified Bookkeepers
Elizabeth has been working in marketing for longer than is believable. Focusing on B2B tech, Elizabeth has worked with accountants and bookkeepers via PracticeWEB, Senta and IRIS Software Group, building strong relationships across the profession, before joining ICB in July 2023.
With the stage set for another spectacular event, here's everything you need to know about this year's awards, the categories, and the esteemed judges.
The Institute of Certified Bookkeepers (ICB) has officially opened entries for the highly anticipated 2024 ICB LUCA Awards. Often dubbed the Oscars of the bookkeeping industry, these awards celebrate outstanding achievements and innovation within the profession, while also highlighting the most beloved software and applications used by bookkeepers nationwide.
The ICB LUCA Awards provide a platform for bookkeepers to shine. With eleven categories dedicated to various aspects of the profession, there's room for recognition whether you're a budding student or a seasoned practitioner. The awards are designed to acknowledge the hard work and dedication of bookkeepers, celebrating their contributions to businesses and the economy.
Awards for Bookeepers
Student of the Year: This award recognises a student who has shown exceptional promise and dedication to their studies in bookkeeping.
New Practice of the Year: Aimed at those who have recently established their bookkeeping practice, this award celebrates the journey and successes of new business owners.
Small Practice of the Year: For those running smaller, more intimate
There's room for recognition whether you're a budding student or a seasoned practitioner.
Bookkeepers are encouraged to nominate themselves by completing a straightforward application form.
practices, this award highlights the personalised service and community impact of small businesses.
Large Practice of the Year: Recognising larger firms that manage a significant client base while maintaining high standards of service and professionalism.
Bookkeeper in Industry: Celebrates a bookkeeper who excels within a business that is not an accountancy or bookkeeping practice. This person
Ami Copeland, CEO
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Cont...
may have a different job title from bookkeeper e.g. finance assistant or accounts clerk.
Team of the Year: This award is for teams that demonstrate outstanding collaboration and service delivery - it can be within a practice or in a business.
ICB Branch of the Year: One of the most competitive categories! This award recognises the efforts and achievements of local ICB branches in supporting their members and the wider community.
Bookkeeper Influencer of the Year: Celebrates an individual who has made a significant impact on the profession through thought leadership and influence.
Client Experience: One of two new awards for 2024. This is a chance for bookkeepers to share great stories of how they go above and beyond for their clients.
Payroll Practitioner of the Year: For the first time we have a dedicated payroll award which recognises excellence in payroll management and service delivery.
ICB Tutor of the Year: This award is for educators who have made
significant contributions to the training and development of bookkeepers.
The deadline for bookkeeper nominations is Wednesday, 11 September.
Awards for Service Providers
Bookkeepers rely on the tools and services provided by software vendors and training providers. The ICB LUCA Awards for vendors are a testament to the innovation and commitment these companies bring to the industry. Vendors can nominate themselves in one of 11 categories at no cost, simply by submitting a brief description of their product or service. The software nominations are then put to the member vote.
The vendor categories are:
Data Capture App: Celebrates innovative apps that simplify data capture and processing.
Payroll and HR Software: Acknowledges outstanding software solutions for payroll and HR management.
Business Bank of the Year: Recognises the banks that provide excellent services
the bookkeepers can use and recommend to their clients
Practice Management Software: Celebrates software that helps bookkeepers manage their workload efficiently.
Payments Provider: Acknowledges providers of secure and efficient payment solutions.
Reporting and Analysis Software: Celebrates tools that offer helpful, robust and accessible reporting and analysis capabilities.
Tax and Accounts Production: Celebrates software that eases and facilitates the process tax preparation and accounts production.
Emerging App of the Year: Recognises new apps that are setting the bookkeeping world alight!
The Bookkeepers' Friendliest Software: Celebrates software known for its user-friendly interface and exceptional customer support.
Bookkeeping Software of the Year: The big award! It recognises the best overall bookkeeping software.
Training Provider: Recognising organisations that provide exceptional training and development programs for bookkeepers. The ICB Training Provider of the Year is judged by the ICB team based on a number of statistical factors including volume of registrations, exams taken, pass rates and student retention.
The winners will be announced at the ICB LUCA Awards gala dinner on Monday, 11 November, a night that promises to be filled with celebration and inspiration.
Acey Bookkeeping winning new Practice of the Year
ICB LUCA Awards Judges
The awards will be judged by a distinguished panel of industry experts, ensuring that only the best and brightest are recognized. This year's panel includes:
Graham Hambly, Editor – PQ Magazine: Returning as chair of judges, Graham is a respected and well known voice in the profession.
Paul Aplin OBE, Tax & Technology: Paul is well knownWriter Known for his expertise in tax and technology, Paul offers valuable insights into the industry.
Della Hudson FCA, Writer & Mentor, Hudson Business Advice: Della's background in writing and mentoring provides a unique perspective on the nominees' achievements.
Alex Newson, XU Magazine: As an editor of a leading industry magazine, Alex brings an informed view on innovation and excellence.
Graham Hambly, Chair of Judges
Kasim Chowdry, Enterprise Ambassador for Pathway Group: Kasim's experience in enterprise and education makes him a key asset to the judging team.
Bev Flanagan, Speaker and Business Coach: Bev's extensive experience in coaching and business development will be crucial in assessing the nominees.
Dayle Rodriguez, Systems Advisory Manager, Kreston Reeves: Dayle's expertise in systems advisory is invaluable in evaluating the technical aspects of the entries.
Richard Sergeant, Consultant, Principle Point: Richard's consultancy experience adds a strategic dimension to the judging process.
Penelope Allard, Director, Wild Bookkeeping: Penelope's handson experience as a director of a bookkeeping firm offers practical insights.
Jo Wood, Director, The Six Figure Bookkeeper: Jo's experience in running a
successful bookkeeping business provides a real-world perspective on the nominees' achievements.
The ICB LUCA Awards are a highlight of the bookkeeping calendar, providing an opportunity to celebrate the dedication, innovation, and excellence of bookkeepers and their service providers. Whether you're a bookkeeper looking to showcase your achievements or a vendor proud of your contributions to the industry, the ICB LUCA Awards are your chance to shine.
For more information and to submit your nomination, visit the ICB website. Remember to submit your entry by Wednesday, 11 September, and join us for the gala dinner on Monday, 11 November, where we will celebrate the best and brightest in the bookkeeping profession.
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bookkeepers.org.uk/AboutUs/Annual-Awards
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Finally some love for balance sheet recs!
Balance Sheet Reconciliation spreadsheets may carry unnecessary risk and inefficiency.
Alex Lacota, Co-Founder, RecHound
With over 10 years of experience as an accountant, Alex is all about finding smart, tech-savvy ways to streamline accounting tasks. Now, transitioning into app development, he combines his accounting experience with the latest technology to make balance sheet reconciliations as smooth and hassle-free as possible.
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The process of balance sheet reconciliation is often slowed down by repetitive revisions and checks
The balance sheet reconciliation process often involves significant challenges for bookkeepers and accountants.
Preparation may involve spending entire days managing spreadsheets, only to find balances altered by postings, or formula errors causing extensive rework. Monthly revisions are often required, and the volume of checks can become increasingly time-consuming as your business grows. Not to mention, all of this must be completed within the limited timeframe available at month-end.
RecHound is a cloud based balance sheet reconciliation tool created specifically from the pain
points of an accountant who had reached his wit's end with spreadsheets.
There has previously been no solution available that’s both affordable and easy to implement. Extensive month end tools are available for accountants and accounting firms, however in the landscape specific to balance sheet reconciliation tools there are an extremely limited number of options. Furthermore, due to the typical size of companies that use Xero, many of these options are ill-fitting at best.
RecHound is on a mission to change that using cloud based reconciliations.
Benefits of cloud-based reconciliations:
for each account - kiss your formatting woes goodbye
3. An approver process (if you want it) - bring governance to the forefront with approved recs that can be locked for editing.
Rechound is on a mission to make balance sheet reconciliations simple and affordable.
1. Live Xero balances - no more exporting and dumping data into a reference tab multiple times a month.
2. A standardised workpaper
4. Live transaction clearing - for the first time with any Xero product, you can clear transactions from your account as they're happening. Suspense accounts have never been quicker to reconcile - and it can be done any time during the month, saving a ton of time at month end.
The Cost
RecHound is a fraction of the price of bespoke reconciliation solutions. We're talking in the hundreds of dollars versus the tens of thousands it would cost to create a bespoke reconciliation solution.
In terms of implementation time, the process requires little to no effort - simply link your Xero account with a couple of clicks and RecHound will manage the rest for you.
Get Started Today
If you’re tired of the spreadsheet grind, give RecHound a try. It’s designed to make your life easier, save you time, and help you stay on top of your accounts with minimal effort. Give your team more time to focus on strategic tasks instead of getting bogged down in manual recs. RecHound is here to help you achieve just that. Give it a shot and see how it transforms your reconciliation process!
Exclusive interview with Plooto Director of Customer Success Ryan Rego
XU: Can you provide an overview of Plooto and its primary functions in accounts payable and receivable?
This article is
RR: Plooto is an all-in-one payment automation solution that securely automates accounts payable and receivable for small-to-midsize businesses and their accounting firms, saving them time and helping them gain control of their cash.
Plooto makes it easy for more than 10,000 North American
businesses to customize and automate payment workflows, reduce time spent chasing approvals, and mitigate human error in accounting processes.
XU: How does Plooto differentiate itself from other accounts payable and receivable software in the market?
RR: Unlike other point solutions that manage either AP or AR – often requiring separate software to facilitate approval logic – Plooto is a true
end-to-end, automated solution. We’ve made Plooto approachable and user-friendly, from the pricing – which is per entity, rather than per user, so the savings grow as your business grows – to the interface, on which we get consistently positive feedback.
We also offer top-tier product support and hear from our users that our response times outpace other software.
XU: What are some common pain points businesses face in cash management that Plooto addresses effectively?
RR: Plooto allows businesses and accounting professionals to be hands-off with manual tasks, while keeping the hands-on security of your chosen approval settings. Rather than relying on bank feeds and CSVs, you can reconcile in a fraction of the time with Plooto. You stay informed throughout the payment process with consistent updates on the status, and can also set tailored approval controls to reduce the risk of fraud and allow only necessary team members to access payments.
XU: How does Plooto's technology simplify manual payment and accounting processes for businesses?
RR: A two-way sync with Xero, QuickBooks, or NetSuite alleviates the need to manually enter and reconcile payment data. Plooto offers multiple payment methods and supports payments to vendors across 20 currencies to 40+ countries, so you can manage all AP and AR from one platform. Say goodbye to tedious bank lines, cutting paper checks, and email thread approvals.
XU: Can you highlight any specific features of Plooto that enhance total control over cash management for businesses?
RR: If knowledge is power, then Plooto plays a part in powerful cash flow management.
Automating the payments portion of your cash flow process ensures you have control over when and how you pay and get paid – giving you clear insight into dollars in and out of your business. When you’re on top of your cash management, you’re able to make smarter, more timely business decisions.
XU: How does Plooto integrate with other accounting software platforms?
RR: Plooto integrates directly with Xero enabling powerful end-toend payment automation and reconciliation. Once the connection is established contacts, bills, and invoices are imported into Plooto.
After a user initiates the payment, approval rules that have been set up are activated, the payment is made, and Plooto reconciles your records in Xero. We offer similar two-way integrations with QuickBooks and NetSuite.
XU: What kind of businesses benefit the most from using Plooto?
RR: Businesses with finance teams still using manual accounting processes can see immediate time savings and error mitigation from using Plooto.
For accounting practices, Plooto is a single platform on which to manage their entire book of business – securely automating client payments so they can spend more time growing their firm.
XU:
What are the onboarding and support processes like for new Plooto users? How easy is it for new customers to get started?
RR: It takes less than 15 minutes to create an account and complete the verification submission. Once you pass security checks, you should be ready to start transacting within one business hour. The process is simple enough to complete yourself, but our customer success team is also available to help you get started with a demo, training, and the right resources.
XU: How does Plooto leverage automation to reduce the manual workload for finance teams?
RR: Teams can use our Plooto Capture feature to email or upload invoices and let Plooto do the work of automatically importing the data into accounting software like Xero.
Accounting teams can then send funds through Plooto to pay the invoice, which is automatically synced back into Xero and marked as paid. Approval processes based on roles, responsibilities and even dollar amounts ensure you can control spend and security without additional human effort.
XU: How does Plooto's reporting and analytics capabilities help businesses make better financial decisions?
RR: Plooto gives you visibility and control of funds going in and coming out of you (or your client’s) business, and auto-reconciliation with your accounting software means you can have confidence you’re getting complete data to forecast your cash flow. Automation enables speed to insight, so your finance decision makers are equipped with timely data.
XU: What role does customer feedback play in the development and improvement of Plooto's features?
RR: Two of our company values are innovating for our customers and championing their success. We love engaging with Plooto users at live events and through one-on-one interviews. These conversations keep us close to pain points and real-world needs that we strive to solve both through our platform development and customer support.
XU: Looking ahead, what are some future developments or features that Plooto plans to introduce to further enhance cash management for businesses?
RR: We’re excited to announce new capabilities that will provide businesses with even more ways to take control of their cash very soon! Stay tuned in the coming months.
really adds up
more time & flexibility for you we match you with global talent
more value-added advisory enjoy expertise -driven growth
ACCOUNTING & BOOKKEEPING MARKETING
Release your staff from entry-level tax and compliance work Your dedicated team at The Back Room takes care of mandatory accounting and bookkeeping tasks – so you can do more higher-value work
Boost your marketing capability Our full and part-time talent covers all the bases – from lead generation, nurturing and general support to content creation and social media management
ADMINISTRATION
Grow your business – not your admin overhead Our skilled assistants handle a host of recurring tasks that eat up time and attention That means more time working on the business, less time down in the weeds
Say hello to AccountsPrep
@AutoEntry
Stephen Hall, Product Owner, AutoEntry by Sage
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.
All accountants have clients who don’t want to be involved in their
xamples might include side hustlers or landlords, for example, who also have a regular 9-5 job and whose accounting is relatively straightforward.
Even though there’s amazing cloud accounting technology like Xero or Sage to make life easier, they don’t need to use it, or perhaps just don’t want to.
Alas, do-it-for-me can equal timeconsuming for their accountant or bookkeeper. Preparing tax returns can take many hours, with accountants using Microsoft Excel to manually input, organise and reconcile data from bank and
credit card statements. And of course, during tax season this can become an incredible burden for practices.
AutoEntry is excited to offer AccountsPrep for these situations. This is an addon for AutoEntry and, as its name suggests, makes it incredibly easy to get to trial balance using the automated data entry features that are already part of AutoEntry. It’s just a single subscription for all your client accounts within AutoEntry.
AccountsPrep means you haven’t got to use Excel for these clients. No more manual input. Days of work can turn into just hours.
How it works
PDF or print bank statements are uploaded into AutoEntry in the usual way for extraction. The data is then imported into AccountsPrep where it can be reviewed, updated and fast-coded to a chart of accounts (for which templates are provided).
Cheques and deposits can be created and matched, too, and off-statement journal adjustments posted via three methods— standard journal, double journal, and manual quick edits direct in the journal.
Single transactions can be split into several lines for multiple nominal/tax codes, and you can make transfers between multiple bank and credit card accounts.
Once reconciliation has finished, you can instantly output reports such as a P&L, balance sheet, trial balance or tax report. Crucially, you can also export to your accounts production software of choice for tax compliance.
Easy-to-understand visuals demonstrating cash flow and yearly results can be created to provide clients with insight.
AccountsPrep can do other magic,
too. But that’s enough to be getting on with!
How to get it
AccountsPrep will be available later in 2024, initially for existing AutoEntry customers and then for new subscribers. If you’re interested, visit www.autoentry. com/accountsprep or speak to your existing AutoEntry account manager.
Our customers love that, by
subscribing to AutoEntry, you pay only for the data you extract.
For no extra cost you get unlimited client companies, as many user accounts as you need, and unlimited cloud storage for documents.
AccountsPrep builds on this. It uses a single flat, low subscription each month for use with a practice-wide subscription, with access to all AccountsPrep features.
AccountsPrep is UK-only for the moment, but we’re working hard to bring it to other countries.
FIND OUT MORE...
To learn more about AccountsPrep, visit:
autoentry.com/ accountsprep
Great for do-it-for-me clients
Rob Newman is Managing Partner at CCM | Carter Collins & Myer, and has been using AccountsPrep for a year as part of our early access programme. Here’s what he has to say:
I’ve got a lot of construction clients. I love working with them. But often they’re smaller clients with incomplete records.
Even if they have larger turnovers, they’re often not much more than a man in a van.
Now, I couldn’t install a bathroom or build a brick wall. And I don’t expect them to know about accounting after a hard day’s work. I’m about trying to make their life as easy as possible while keeping them compliant.
Once a year we have to sit with them and output bank statement PDFs from their online banking, and then build accounts from them.
"The monthly subscription for AccountsPrep is essentially nothing given the time we save"
It’s for these kinds of clients that AccountsPrep is just brilliant. I’ve got 600 of them and despite what the government says about making clients and their taxes 100% digital, these kinds of clients are not going to go away.
AccountsPrep can turn what was previously a full working day for us, per client, into just 60 or 90 minutes.
You take the raw bank statements, whack them through AutoEntry, and then turn it all into a set of accounts in AccountsPrep without having to use anything else.
It saves a whole stage of the work for us creating working papers using Microsoft Excel and then working manually matching up everything and manually turning it into a trial balance. For larger clients we’ll use cloud accounting, but that work is still there.
"It allows me to remain very competitive with my fees"
The monthly subscription for AccountsPrep is essentially nothing given the time we save. This is also why I’ve been using AutoEntry for the last five years. I know exactly what I’m paying for each month, and what I’m getting. I’ve used other software and ended-up with huge bills that took me by surprise.
AccountsPrep and AutoEntry also means I can bill on the basis of outcome and what I provide to the client. This allows me to remain very competitive with my fees and, in fact, I can charge significantly less than I do with other clients whose ways of working force us to work manually to create their accounts each year.
I’ve nothing against clients using Xero, Sage, or QuickBooks and I encourage each and every one to do so. But if they don’t want to use it then there’s nothing I can do about that. That’s when I use AccountsPrep.
"AccountsPrep can turn what was previously a full working day into just 60 or 90 minutes"
Join The Future of Accountancy & Finance
3rd Annual Accountex
Canada
Conference & Trade Show Returns
November 5-6, 2024
A Thriving Hub for Accountants and Finance Professionals
The second annual Accountex Canada Conference & Trade Show, held in 2023, marked a significant milestone for the accounting and finance community, drawing over 700 accountants and finance professionals nationwide. This 2-day conference and trade show, with 60 industry vendors, provided an unparalleled platform for networking, learning, and growth, solidifying its place as a must-attend event in the industry calendar.
Accountex Canada 2023 was a hub of activity, with attendees eager to connect with peers, explore new products and
services, and gain insights from leading industry experts. The event featured an impressive lineup of top-tier speakers, including Jamie Golombek, Regan McGrath, and Tim Coakwell, who delivered engaging and informative sessions. Their expertise and passion resonated with the audience, leaving a lasting impact.
Highlights and Testimonials
The success of the conference was reflected in the positive feedback from participants. One attendee commented, "Great energy! The trade show offered face-to-face networking opportunities with such a diverse range of accounting
@AccountexCanada
Steve Dempsey, General Manager, Accountex Canada
Steve has been managing events across Canada for 30+ years, from trade shows and conferences to awards shows and galas. With a wealth of knowledge in several B2B industries, Steve leads a dedicated team that produces Accountex Canada (Nov 5 & 6, 2024), the fastest-growing accountancy & booking conference & trade show in Canada, and the recently launched Accountex Canada webinars.
and fintech providers.” This sentiment was echoed by many, highlighting the vibrant and dynamic atmosphere that characterized the event. Another participant noted, "The sessions were packed with valuable insights and practical tips that I can directly apply to my work," emphasizing the high-quality content and its relevance to their professional development.
"Accountex 2023 was a great show! We got amazing leads, and our booth location was top-tier. We loved participating in it and can't wait for next year!"
The conference also received praise for its organization and opportunities for exhibitors. A vendor shared, "Accountex 2023 was a great show! We got amazing leads, and our booth location was top-tier. We loved participating in it and can't wait for next year!" Such testimonials underscore the event's success in facilitating meaningful connections and driving business growth.
Looking Ahead: Accountex Canada 2024
Building on last year's event momentum, Accountex Canada is gearing up for its third annual conference, scheduled for November 5-6, 2024, at the Metro Toronto Convention Centre.
This article is
"Great energy! The trade show offered face-to-face networking opportunities with such a diverse range of accounting and fintech providers.”
The upcoming event promises to be even more impactful, with an expanded program and new features designed to enhance the attendee experience.
Exciting Additions and Sessions for 2024
One of the major highlights for Accountex Canada 2024 is the introduction of 25+ CPD-verified sessions, ensuring attendees can earn continuing professional development credits while gaining cutting-edge knowledge. The conference will feature three stages, each dedicated to addressing the industry's most relevant and requested topics. These include Succession Planning, AI, Ethics, Tax and Payroll Updates, Marketing, and Strategic Planning.
The "Main Stage" will host a series
of high-profile sessions, such as:
• How To Work Less and Get More Done by Joe O'Connor
• AI & The Future of Work by Swish Goswami
• Choose Your Own Adventure — Remedies Taxpayer Issues by Amanda Doucette
• Top 5 Biz Myths by Ron Baker
• Bridging the Generational Gap in the Workplace by Kim Tabac
• AI and the Alignment Problem: An Ethical Consideration by Garth Sheriff
These sessions are designed to provide attendees with actionable insights and strategies to navigate the rapidly evolving accounting and finance landscape.
New Features: Bookkeeper's Base Camp and Professional Lounge
Accountex Canada 2024 will also introduce some new features to enhance the attendee
experience. The Bookkeeper's Base Camp, offered by Jo Wood and Zoe Whitman, will offer a dedicated area for bookkeepers to network and relax with peers. This initiative aims to foster community and provide a supportive environment for sharing best practices and insights.
Another notable addition is the Professional Lounge, where attendees can learn how to optimize their LinkedIn profiles and maximize their professional exposure. Led by Ashley Leeds, this interactive space will provide valuable tips and hands-on assistance, helping participants enhance their online presence and leverage LinkedIn for career advancement. Participants will also have the opportunity to refresh their LinkedIn photo with a professional headshot photographer.
Continuing the Legacy of Excellence
As Accountex Canada moves into its third year, it continues to build on its legacy of excellence. The conference's commitment to delivering high-quality content, fostering valuable connections, and addressing the evolving needs of the accounting and finance community remains unwavering. With an exciting lineup of speakers, innovative sessions and leading fintech providers, Accountex Canada 2024 is set to be an unmissable event for professionals looking to stay ahead in their field. Make sure to mark your calendars for November 5 – 6th, 2024, and join us at the Metro Toronto Convention Centre for an unforgettable experience!
Leading Accounting's Future with QX Accounting Services
Pramith is an accounting and payroll expert and currently heads Client relationship in QX with over 12 years of experience in the industry. A Lean Six Sigma professional, he has a solid understanding of accounting firms’ pain points and helps devise solutions tailored to their needs and expectations. He is based out of London.
At QXAS, his core focus is to align Accounting and Audit Firms with the most efficient and affordable outsourcing solutions through custom engagement models that cater to immediate as well as longterm needs. This
QX leads UK firms into the future with 20 years of trusted, expert service
A
ccounting firms are evolving and the need for agility and precision are paramount. QX Accounting Services stands as a Market leader helping accounting firms in the UK, transform into the practice of the future.
With a legacy spanning over 20 years, we have established ourselves as the trusted partner for over 500 clients, delivering world-class services that drive efficiency, growth, and innovation. Our commitment to excellence is not just a promise; it's a practice backed by our team of over 1,000 Accounting and Audit experts who bring deep industry knowledge and a passion for problem-solving to the table.
Who Are We?
At QX Accounting Services, we are more than just an outsourcing firm. We are a partner to accounting firms across the UK, providing tailored solutions that address the unique challenges of today’s accounting landscape. From audit support to tax
services, payroll management, and beyond, our comprehensive suite of offerings is designed to meet the specific needs of our clients, enabling them to focus on what they do best serving their clients and growing their businesses.
Our Differentiators
What sets QX Accounting Services apart in a crowded market is our unwavering focus on quality, innovation, and client satisfaction. We believe that the true measure of success is not just in the services we provide but, in the tangible, results our clients achieve. Our differentiators include:
• Managed FTE Solutions: Our Managed FTE (Full-Time Equivalent) Solutions offer a flexible, scalable, and costeffective way to enhance your team’s capacity. By integrating our skilled professionals into your operations, we help you manage your workload efficiently, especially during peak periods. This solution
provides trained and certified resources who are fully aligned with your business goals and processes, ensuring consistent quality and performance.
• Bespoke Automation: We recognize that no two businesses are the same, which is why we offer bespoke automation solutions tailored to your specific needs. Our tools, like Practice Pro, are designed to streamline your processes, reduce manual errors, and increase efficiency, allowing you to focus on higher-value tasks that drive growth.
• Four-Eyed Reviews: Quality assurance is at the heart of our service delivery. Our FourEyed Review process ensures that every piece of work undergoes multiple levels of scrutiny before it reaches you. This rigorous review system minimizes errors and ensures that the highest standards of accuracy and compliance are consistently met.
• Onshore Support: Understanding the critical need for effective communication and cultural alignment, we offer
onshore support through our UK-based client relationship managers. This service ensures seamless coordination, faster response times, and a deeper understanding of your specific needs, leading to better outcomes and stronger relationships.
Our benefits:
• Trained and certified resources
• 100% GDPR compliance, ISO 27001:2013 certified
• Onshore Client relationship manager support
• ISO 9001:2015 quality management system
• Exceptional communication and skillset
• Regular checks and governance calls
• Single point of contact
• Software agnostic services
Leadership in Outsourcing
skilled team supporting them every step of the way.
Tax Season Support
Tax season is one of the most critical periods for accounting firms, and we understand the immense pressure it brings. That’s why we offer specialized Personal Tax Outsourcing services to help firms manage their workload efficiently. Our team of tax experts is well-versed in UK tax laws and regulations, ensuring that our clients can navigate the complexities of tax season with ease. By outsourcing personal tax services to us, firms can reduce the burden on their in-house teams, improve accuracy, and ensure timely submissions.
"QX auditors consistently deliver quality work, meet tight deadlines, and offer proactive improvements, becoming invaluable team members"
- Priyesh Shavdia, DSK Partners LLP
As leaders in the outsourcing industry, we have pioneered best practices that have set new benchmarks for quality and efficiency. Our leadership is not just about being at the forefront of trends but about shaping them. By leveraging our extensive experience and expertise, we help accounting firms navigate the complexities of modern business, providing them with the tools and resources they need to stay competitive in an increasingly dynamic environment.
Outsourcing is no longer just about cost savings; it’s about adding value. Our clients benefit from our ability to deliver high-quality work at scale, enabling them to expand their service offerings, improve client satisfaction, and drive profitability. With QX Accounting Services as their partner, they can confidently take on more work, secure in the knowledge that they have a reliable and
setting new standards for what’s possible.
Our 1,000+ strong team of accounting and audit experts is a testament to our commitment to quality. These professionals bring a wealth of knowledge and experience to the table, ensuring that our clients receive the best possible service. Whether it’s a complex audit support task or routine bookkeeping, our team is equipped to handle it all with precision and professionalism.
The Power of Automation
Our Commitment to Excellence
At QX Accounting Services, excellence is more than a value; it's our standard. We are committed to delivering the highest quality services, and we achieve this through continuous improvement and a relentless focus on innovation. Our investment in cutting-edge technology, combined with our deep industry expertise, ensures that we are always at the forefront of the industry,
In today’s fast-paced business environment, automation is no longer a luxury; it’s a necessity. At QX Accounting Services, we have embraced this reality by developing bespoke automation solutions that help our clients stay ahead of the curve. Our flagship product, Practice Pro, is a gamechanger in the industry, providing a suite of tools that streamline workflows, reduce manual errors, and improve overall efficiency.
Practice Pro is not just about automation; it’s about empowering our clients to do more with less. By automating routine tasks, we free up valuable time for our clients, allowing them to focus on higher-value activities that drive growth and profitability. This innovative approach to automation is just one of the ways we are helping our clients achieve their strategic goals.
The true measure of our success is in the success stories of our clients. Over the years, we have built strong relationships with our clients, many of whom have shared their positive experiences working with us. Our customer stories highlight the tangible benefits that firms have gained from partnering with QX Accounting Services, from improved efficiency and cost savings to enhanced client satisfaction and business growth. These testimonials and case studies are a testament to our commitment to delivering exceptional service and driving real results for our clients.
The QX Advantage
Choosing QX Accounting Services means choosing a partner who is as invested in your success as you are. Our clients enjoy the QX Advantage, which includes:
• Scalability: With a team of over 1,000 professionals, we
have the capacity to scale our services to meet the growing needs of our clients. Whether you need additional support during peak seasons or ongoing assistance throughout the year, we have the resources to deliver.
• Flexibility: Our bespoke solutions are designed to be flexible, allowing us to adapt to the changing needs of our clients. Whether you require onshore resourcing, outsourced services, or a combination of both, we can create a solution that fits your business.
• Reliability: With 20 years of experience and a proven track record of success, we are a partner you can rely on. Our clients trust us to deliver highquality services on time, every time, and we take that trust seriously.
Conclusion
As we look to the future, QX Accounting Services is poised to continue leading the way in the accounting outsourcing industry. Our commitment to innovation,
excellence, and client satisfaction remains as strong as ever, and we are excited to help our clients navigate the challenges and opportunities that lie ahead.
Let us help you take your business to the next level. Partner with QX Accounting Services and experience the difference that true leadership can make
FIND
Elevating the Bar
Kendermar’s
Approach to Service
and Efficiency
@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.
When inefficiencies started leading to supply chain disruptions for Kendermar, they needed a solution. So who did they turn to?
FThis article is
ounded in 2010 by Ken and Mary McCabe, Kendermar Distributors Ltd is a family-owned enterprise with deep roots in Ashbourne, Co Meath. Spanning a 10,000 sqft facility, the company is a prominent supplier of an extensive range of products including crockery, cutlery, cooking utensils, glassware, and disposable items.
Catering primarily to the hospitality sector, including contract caterers, educational institutions, and various other entities, Kendermar stands out for its unwavering commitment to superior service and customer satisfaction. The company operates with a dedicated team of nine employees, who are pivotal in ensuring smooth operations and high-quality service.
Culture and People
Kendermar is defined by its close-knit, family-oriented culture. The company fosters a sense of community among its staff, promoting a supportive and collaborative work environment and the longevity and dedication of the staff are testaments to that.
Many employees have been with Kendermar for over 13 years, contributing to the company’s growth and stability. This continuity has been instrumental
in maintaining the high standards of service that Kendermar is known for.
Enhancing Efficiency Each Step of the Way
Before choosing TidyStock, Kendermar Distributors had relied on an older solution for well over a decade. Despite its initial effectiveness, the old system struggled with maintaining precise stock levels, leading to inefficiencies and disruptions in the supply chain.
The challenges prompted the search for a more robust solution that could offer real-time inventory management and better integrate with the company’s existing tools.
TidyStock emerged as the ideal candidate. Its seamless integration with Xero and its real-time stock management capabilities promised to streamline Kendermar’s inventory processes and enhance overall supply chain efficiency. The transition to TidyStock was executed smoothly, with minimal disruptions, and Kendermar adapted quickly to the new system.
Benefits from Start to Finish
The implementation of TidyStock has yielded several significant benefits for Kendermar Distributors. One of the most notable advantages is the access to real-time stock information.
This has led to a remarkable boost in accuracy of inventory information, which is crucial for effective decision-making regarding stock ordering and replenishment.
Ken McCabe, Managing Director of Kendermar, noted ”having real-time stock information gives us great confidence in knowing we have everything we need to do business. TidyStock really does help keep our stock as accurate as possible which makes us much more efficient."
"Having real-time stock information gives us great confidence in knowing we have everything we need to do business"
The enhanced accuracy has also contributed to a reduction in overstocking and stockouts, optimising the supply chain and improving customer service.
In addition to real-time stock tracking, TidyStock’s user-friendly interface has been well-received by the team. The efficiency features of the platform, such
as automated stock alerts and streamlined order processing, have been particularly valued.
Keeping an eye Towards the Future
Since opening their doors, Kendermar has established itself as a preferred supplier for three of Ireland’s largest contract caterers—KSG, Gather & Gather, and Apleona—as well as the leading hospitality group, Press Up Entertainment Group.
The endorsement from such prestigious clients underscores Kendermar’s ability to meet and exceed the high standards expected in the competitive hospitality sector.
"TidyStock really does help keep our stock as accurate as possible which makes us much more efficient"
This status highlights the company’s reliability and solid reputation within the industry.
Looking towards the future, Kendermar is optimistic about its ongoing success and growth. Although there are no immediate plans for physical expansion, the company remains agile and ready to evolve in response to emerging market trends and customer demands. The team is continuously exploring opportunities to enhance their offerings and adapt to
the dynamic landscape of the hospitality industry.
As the company progresses, its focus on innovation, customer satisfaction, and sustainability will drive its future achievements and reinforce its reputation as a leading supplier in the hospitality industry.
To find out more about how you can make your business Tidy, visit:
https://tidyinternational. com/solutions FIND OUT MORE...
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.
Embracing AI and Automation for MTD for ITSA for Businesses and Accountants
Embracing AI and Automation for MTD for ITSA: A Comprehensive Guide for
Businesses and Accountants
Introduction to MTD for ITSA
The UK government’s Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) aims to simplify tax processes for sole traders and landlords.
Starting in April 2026 for those with incomes over £50,000, and extending to incomes over £30,000 in April 2027, MTD for ITSA mandates digital recordkeeping and quarterly updates via HMRC-compatible software.
Key Requirements
1. Digital Records: Maintain and store income and expense records digitally.
2. Quarterly Updates: Submit updates to HMRC every quarter.
3. Annual Summary: Complete an end-of-year process to finalize tax data.
Benefits
• Accuracy: Automation reduces human errors.
@app_myt
Oumesh Sauba, CEO, MYT
Oumesh Sauba is the visionary founder and CEO of MyT Limited, an innovative AIpowered accounting app and software tailored to meet the bookkeeping and recordkeeping needs of freelancers and micro businesses. He previously directed Sauba and Daughters Co, a wellestablished accounting firm based in Croydon. With over 15 years of experience as a Chartered Management Accountant, Oumesh specializes in financial accounts, management accounts, and taxation.
• Efficiency: Streamlined processes save time.
• Compliance: Regular updates ensure adherence to tax regulations.
AI and Automation in MTD for ITSA
AI and automation play a pivotal role in helping businesses and accountants adapt to MTD for ITSA. Here’s how:
1. Automated Data Entry: AI-
powered tools can automate the entry of financial data, minimizing manual input and reducing errors.
2. Real-time Reporting: Automation enables realtime updates and insights, making it easier to track financial performance and meet quarterly reporting requirements.
3. Error Detection and Correction: AI algorithms can identify discrepancies and suggest corrections, ensuring accurate record-keeping.
4. Predictive Analytics: AI can analyze historical data to predict future financial trends, aiding in better financial planning and decision-making.
How MYT AI-Powered Bookkeeping Software Can Help
MYT, an AI-powered bookkeeping software, is designed to streamline the MTD for ITSA process. Here’s how MYT can assist:
1. Seamless Integration: MYT integrates with HMRCcompatible software, ensuring
compliance with MTD for ITSA requirements.
2. Automated Record-Keeping: MYT automates the recording of income and expenses, reducing the need for manual data entry and minimizing errors.
3. Real-Time Insights: MYT provides real-time financial insights, helping businesses and accountants make informed decisions and stay on top of their financial health.
4. Quarterly Updates: With MYT, businesses can easily submit quarterly updates to HMRC, ensuring timely compliance.
5. AI-Powered Analytics: MYT's AI capabilities offer predictive analytics, helping businesses forecast future trends and optimize financial planning.
Practical Steps for Transition
1. Choose Compatible Software: Select HMRC-approved software like MYT that integrates AI and automation features.
2. Training: Educate staff on using new digital tools effectively.
3. Stay Updated: Regularly check for HMRC updates and attend relevant training sessions.
Support and Resources
HMRC provides extensive support through webinars, guides, and a variety of compatible software options to assist in the transition to MTD for ITSA.
Conclusion
MTD for ITSA is a significant step towards digitalizing tax processes, with AI and automation providing the tools needed for a smooth transition. These technologies enhance accuracy, efficiency, and compliance, ensuring businesses and accountants are wellprepared for the digital tax future. MYT's AI-powered bookkeeping software stands out as a valuable tool in this transition, offering seamless integration, automated record-keeping, real-time insights, and predictive analytics.
To find out more, visit our website:
Why businesses of all sizes need strong financial controls
Financial controls are vital policies and procedures put in place to keep financial records in check and protect company assets. Yet the vast majority of businesses don’t have strong controls in place, according to our latest research.
America, ApprovalMax
Three in four businesses don’t have the right financial controls in place to protect their business; only one-quarter (25%) of businesses report having strong financial controls in place, the research shows.
How can businesses of all sizes build better financial controls, especially with the help of their accountants and bookkeepers? We consulted our ApprovalMax experts to learn more:
Angela Bierman, Head of Financial Controls North America, ApprovalMax
Why is it so important for businesses of all sizes to have strong financial controls?
Strong financial controls are
the guardrails of good decisionmaking in any business. A lot of smaller companies may hear the term ‘financial controls’ and think ‘that’s not for me, my company isn’t big enough. But no matter the size, every business has something to protect and no one wants to lose money to fraud or carelessness.
How can accountants help their clients to build and maintain these strong controls?
As trusted advisors, accountants not only provide services but valuable education. Many small business accountants can help clients design, monitor, and adjust financial controls as circumstances change and their business evolves. It doesn’t have to be a huge project to deliver a full playbook of financial policies and procedures – simply asking questions like ‘How are you protecting your business from phishing emails?’ can highlight potential risks.
How can bookkeepers help their clients to build and maintain these strong controls?
By working closely with clients, bookkeepers can identify the types of controls clients may need to put in place and where they
@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.
can help. We can also help them set up the workflows around these controls and monitor them as needed.
Are there any specific requirements or guidelines around financial controls in North America, where you’re based?
Across North America, guidelines around financial controls vary. Companies operating in the US capital markets are subject to the Sarbanes Oxley Act (SOX) and all companies listed in Canada are subject to Bill 198 (unofficially “C-SOX”).
Where do businesses –especially smaller ones – often misstep when it comes to controls?
Some small businesses misstep when it comes to financial controls by simply copying the financial controls of another company without assessing what will work for them, or where their own areas of risk are.
If you find your team is always processing exceptions to the guidelines, they weren’t customized enough for your unique ways of operating – or you’ve outgrown them!
This article is
Angela Bierman, Head of Financial Controls North
Cassandra Scott, Head of Bookkeeping APAC, ApprovalMax
How do you define financial controls?
Financial controls are mechanisms that govern financial management within a business. They’re checks and balances put in place to ensure there is integrity around a businesses’ financial data, processes, and output.
When is the best time to set up financial controls?
Scott, Head of Bookkeeping APAC, ApprovalMax
While the new financial year is always a good refresh, there’s nothing that stops people from fixing their financial controls immediately! If you wait and try to make everything perfect before starting, there’s always the risk that you’ll get distracted and never get it done.
Stuart Hurst, Head of Accounting EMEA, ApprovalMax
finances so can help develop processes around purchases and sales as a starting point.
Accountants can also play the enforcer role in a firm, making sure processes are followed, which some business owners may feel uncomfortable with.
Where do businesses –especially smaller ones – often misstep when it comes to controls?
They probably put too much trust in people over processes to be honest and they often move so quickly that controls get neglected. In the worst case, this puts you at risk financially.
Why is it important for businesses of all sizes to have strong financial controls?
Ensuring that you have Integrity around your financial information is critical, particularly if you're needing to provide that to other stakeholders or selling a business. For example, are you buying a business, seeking financing, or do you have Australian Taxation Office or other legal compliance obligations? It even extends further out to things like marriage breakdowns.
Financial controls are also vital for fraud mitigation. In businesses there can be a fine line between success and failure; you want to protect the financial resources of that business from any misappropriation or mishandling, whether intentional or not.
How can bookkeepers support their clients to build and maintain these controls?
As bookkeepers, we're very deeply embedded in the dayto-day mechanics of business operations and that gives us unique insights into workflows, processes, and procedures. Through this, we have the ability to spot where there are weaknesses or flaws in those processes, as well as the capacity to work with business owners to try and fix those gaps.
How do you define financial controls?
They are ultimately controls that safeguard cash, whether this is directly in terms of peoples bank access or more indirectly, such as approval processes for purchase orders.
Why is it so important for businesses of all sizes to have strong financial controls?
Financial controls serve several purposes. They help stop worst case scenarios, whether that be because of fraud or simply poor spending decisions.
It also means so much more time needs to be spent building controls down the line which can be messy the more people are involved. It’s much easier to build solid foundations from day one!
Are there any examples, like with your own clients, where you’ve seen first-hand the benefits of stronger controls?
Accounting EMEA, ApprovalMax
Financial controls also help maximise the use of your money. You’d be amazed how much money can be wasted without the right controls in place. A prime example is on subscriptions set up that are never used but not cancelled.
How can accountants help their clients to build and maintain these strong controls?
Accountants are in a prime position to help build controls. They have a great grasp of
We saved a client over £10k over a six month period by bringing in a robust purchase order system. Previously he was paying for stuff that never arrived!
Whether your business is large or small, there are huge benefits to building robust financial controls and using automation to help keep them in place.
Want to know more? Download our latest guide to learn about tightening your financial controls for Xero users:
Cassandra
Stuart Hurst, Head of
Move quick, break things and stay 100% focused on our customer
The Journey Story
ighteen months ago, Journey was nothing more than an idea. I had a vision to build something different, something that would genuinely make an impact in the Xero app ecosystem.
Fast forward to today, and we’ve grown from zero to over 20 team members, generating AUD 1.7 million in annual revenue across all our ventures, and have worked with more than 40 accounting Xero app partners across Australia, New Zealand, the UK, and the USA. This is our story, a story of moving fast, breaking things, and staying laser-focused
on what matters most—our customers.
The Beginning
When I founded Journey, I knew there was a massive gap in the market. Xero App partners are being underserved by generic marketing agencies that didn’t understand the unique challenges of the accounting industry. I was determined to change that. But starting with no team, no clients, and no revenue was daunting. It was just me, a laptop, and a relentless drive to make this work.
I decided early on that Journey
@mckanas
Trent McLaren, Founder, Journey
Trent McLaren is the founder of Journey, a leading SaaS agency for accounting tech companies. Recognised as Australian Accounting Thought Leader of the Year in 2017, Trent is passionate about the industry, focused on driving innovation and growth for accounting firms globally. With a deep understanding of technology and its impact on the accounting landscape, he empowers businesses to achieve success through strategic go-to-market strategies and cutting-edge solutions.
would be different. We wouldn’t be just another agency offering cookie-cutter solutions. Instead, we would become partners to our clients, understanding their pain points and working alongside them to achieve their goals. This approach quickly resonated with the market.
Moving
Fast and Breaking Things
In the first six months, we secured our first five clients. These were all Xero app partners that were struggling to scale their GTM efforts. They needed someone who could not only execute but do so with the speed and precision that their growth demanded. We moved fast— sometimes too fast—but it was necessary. We made mistakes, broke things along the way, but each time we learned, we improved, and we grew stronger. That’s life in SaaS.
Our focus was always on delivering real value, not just ticking boxes. We weren’t afraid to challenge the status quo or push our clients out of their comfort zones if we believed it would lead to better results. This approach helped us quickly build a reputation as an industry expert,
leading to a sharp increase in client inquiries and opportunities.
Building the Team
As demand grew, so did the need to expand our team. We appointed Jordan Vickery as Global Director and Head of EMEA and officially launched our operations in Europe. I knew I needed experts who not only excelled in sales, marketing and partnerships but also understood the nuances of the accounting tech space. Over the next 18 months, we have built a team of over 20 incredibly talented people. These aren’t just marketers—they are strategists, content creators, and account managers who are passionate about driving success for our clients.
We’ve worked hard to create a culture at Journey that values speed, agility, and customer focus. Everyone on the team understands that our clients’ success is our success. We move quickly, but we never lose sight of our commitment to quality and delivering results that matter.
The Results
In just 18 months, we’ve achieved AUD 1.7 million in annual revenue and have had the privilege of working with more than 40 accounting app partners across multiple continents. We’ve helped these companies navigate complex go-to-market challenges, improve their market penetration, and significantly enhance their brand visibility.
Client Testimonials:
Journey’s impact is best illustrated by the success and satisfaction of its clients. Here’s what some of them had to say:
• “Journey have enabled us to scale our marketing, to move fast, and to access our target market. Journey have brought great new capabilities to our business.” — John Dunkerley, SISS Data Services
• “The biggest draw was consulting with Trent and the Journey team. That’s because of knowledge of the industry and connections. More confidence in some decisions.” — James Rose, Content Snare
• “Since working with Journey, we now have deep connections within the ecosystem, allowing us to work with different apps and advocates.” — Elouise Craddock, ApprovalMax
• “Connect marketing to lead generation to sales conversion that generates business growth." — Ryan Richardson, Dashboard Insights
• "Consistency and clarity. When entering a new domain space, it is a challenge to know what works, and when you are under constant pressure to deliver, you worry that your strategy is not working, often not giving it the time it deserves. Journey provided confidence and clarity to hold the course, and change where required." — Aaron Wittman, XBert
I reflect on the past 18 months. I'm incredibly proud of what we’ve achieved at Journey. From a one-man operation with a vision, we’ve grown into a thriving agency that’s making a real impact in the accounting SaaS industry. But this is just the beginning.
The road ahead is filled with opportunities to grow, to innovate, and to continue delivering unparalleled value to our clients. We’re committed to staying agile, embracing challenges, and always putting our customers at the heart of everything we do.
Our journey so far has been defined by rapid growth, relentless focus, and a willingness to take risks. As we look forward, that same energy and drive will continue to fuel our success. I’m excited for what’s next, and I’m grateful to our clients, our team, and everyone who has been part of this incredible journey so far.
Here’s to the future—fastpaced, customer-focused, and full of possibility. — Trent, Founder of Journey
Accountex Summit Manchester teases CPD accredited programme
@Accountex
Caroline Hobden, Portfolio Director, Accountex
Caroline has over 20 years experience of 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 and award winning Accountex portfolio. This includes Accountex London (14-15 May 2025), Accountex Summit Manchester (17 September 2024), Accountex España (6-7 November 2024), a wide variety of virtual events and the monthly newsletter Accounting Insight News. She has also been one of the Top 50 Women in Accounting for the last three years.
On 17 September, Accountex is heading up north for the sixth edition of Accountex Summit Manchester.
The show is set to welcome thousands of attendees through the doors of Manchester Central.
Accountex Summit Manchester will feature a lineup of more than 120 software and service providers, including big names such as FreeAgent, Intuit Quickbooks, IRIS, Sage, Wolters Kluwer, and Xero.
Attendees will have the chance to meet the teams, experience tailored demonstrations and discover invaluable insights.
“For the past three years, I have attended Accountex, and every year I discover a new software solution to enhance my business. This enables me to save time and increase my capacity to serve more clients.” Commented visitor, Mandy Crossley, Director/ Accountant for MC Accounting & Business Solutions.
The CPD-accredited seminar programme boasts 60+ industry-
leading speakers, covering a wide range of topics, including AI, tax, branding, cyber security, Companies House Reform, cryptocurrencies, employee engagement and AML. With sessions held across four theatres, attendees will gain access to thought leaders and experts shaping the future of the profession.
“We're really excited to release
Socket’s mission is to empower accounting and bookkeeping rms to e ortlessly convert prospects, seamlessly onboard clients, banish scope creep and do this while truly understanding the pro tability of each service for each client.
“The quality of the speakers is exceptional. For me it’s a ‘can’t miss' event"
“Accountex is always pushing the boundaries”
the full programme, we've got some incredible speakers from across the profession and beyond. Attendees will leave with a renewed passion for their jobs, and actions to put into practice!” said Accountex Portfolio Director, Caroline Hobden.
Below is a taster of the programme…
• Labouring the point; Tax and accounting change
Dave Norris, Technical Director (Audit & Compliance), 20:20 Innovation
With change around every corner, Dave Norris will review the likely tax, accounting and compliance horizon under the new Labour
government. He will set out the actions that 20:20 Innovation is recommending that accountants take, to ensure that their practice is strategically positioned to thrive in 2025 and beyond.
• The generation game. Getting the best from each generation within changing finance teams
This session will delve into the nuanced differences between generations, such as Gen Z, Millennials, Gen X, and Baby Boomers, and their impact on the finance function. This talk will provide strategies for fostering cross-generational collaboration, while preparing for further shifts in the finance department as new generations enter the workforce.
• Companies House accounts reform key changes
Helen Morris, Service Manager; Henry Vaile, Principal Policy Advisor & Carl Palfrey, Lead Business Analyst, Companies House
An overview of Companies House reform, including the key changes for accounts and latest developments in implementing the Economic Crime and Corporate Transparency Act 2023.
• Get a day back in your calendar - every week!
Paul Holbrook, Chief Time Rebel, Diary Detox Limited
Learn the benefits and concepts behind the Diary Detox® method that saves time and improves productivity.
Don’t miss the full programme which will go live at the end of July.
FIND OUT MORE...
Accountex Summit Manchester is taking place at Manchester Central on 17 September 2024. For further information and to book your free ticket, please visit:
accountexmanchester.com
Use priority code ASM225 when booking your ticket.
How to partner with founders of earlystage startups on financial and accounting fundamentals
s an accountant or bookkeeper, navigating the financial intricacies of a startup can often feel overwhelming. Simplifying these processes not only alleviates your burden, but also sets a robust foundation for the company's future and positions you as a true partner and asset to the startup founder.
Key financial focus areas for accountants at early-stage startups
Most of the time, a startup founder won’t be a finance expert — and they shouldn’t be. They’ll understand what’s happening with the business on a fundamental level, but they’ll value freeing up their time so that they can stay focused on
customers and products. Here’s where you come in to help. If you are working with early-stage startups as an accountant, your scope will likely stretch beyond that of a typical accountant. These are six areas the founder will likely care about most and where you can be the biggest asset:
Core accounting & tax - This is typically what the founder will be looking for.
• Basic bookkeeping: Accurate record-keeping is foundational for understanding the startup’s financial position and making informed decisions. The startup’s investor will also expect some level of financial reporting from the founder as well. The startup doesn’t necessarily need GAAP-
@mercury
Dan Kang, VP of Finance, Mercury
Daniel Kang is VP of Finance at Mercury working to reimagine a better banking experience for startups and businesses of all sizes. Before leading finance for Mercury, he was VP of Finance for Digit and has also worked in finance and strategy at Square, Vista Equity Partners, and Bank of America. He holds a BS in Finance and Philosophy from NYU Stern School of Business.
compliant, audited financial statements at this point, but as the accountant, you should have a basic grasp of their financial picture.
• Taxes: Understanding and meeting tax obligations helps the company avoid legal complications and costly financial penalties. In the beginning, this will mostly be for income tax filings but could also cover sales & use taxes, filing for R&D tax credits, and other tax incentives potentially available for a startup.
Operations - Founders often want help running their finance operations as well which can include activities below.
• Payroll: Ensuring the team is compensated accurately and on time is non-negotiable. This is a pretty direct reflection of the company's reliability and respect for its workforce.
• Customer payments: Streamlining the process of receiving payments affects the company’s cash flow and, by extension, the business's operational viability.
• Vendor payments: Timely payments to vendors preserves essential business relationships and prevents supply chain disruptions.
• Cap table management: If your customer is an investor-backed
This article is
startup, the founder might ask for help with keeping a precise record of equity ownership. This can be especially tough in the early years of a startup when there are dozens of shareholders that might include a handful of friends, family, and angel investors.
Depending on the specific industry, there might be an additional item or two on this list that you need to focus on as an accountant. But for the most part, this list of six basic finance functions will cover 90% of what the startup will need help with in its early days, and represent where you can lean in most.
While strategic financial planning isn’t necessarily an accountant's responsibility, it is important to understand your client’s business well enough that you can provide input and basic insights into the business model’s sustainability and scalability. The best outsourced finance professionals will be the ones that can also be business thought partners to founders. You should understand the basic financial aspects of the business, including how they are acquiring and retaining customers, what revenue growth looks like (just a basic understanding of this is okay), and how any hiring, marketing, or vendor spend is expected to impact its burn rate and cash runway in the future.
Focus on setting a solid financial foundation
When considering the right partner for their startup, a founder will look to an accountant or accounting firm that can understand its business model and industry. A founder will also look for a willingness to roll up
your sleeves to help establish core financial workflows, such as:
• Playing an active role in mapping what the workflows will look like so that it’s clear what the roles and responsibilities will be between you and the founder. For example, maybe a bookkeeper will handle all vendor payments and customer invoicing, but the founder will be more involved in approving major expenditures and will review monthly financial reporting. This could also involve things like aligning on your vendor payment terms or SLAs to ensure timely payments.
life a lot easier as the company grows and scales. Determine clear financial processes from the start, ensuring they're scalable and adaptable to the business's growth.
"One of your main financial responsibilities as a finance professional for an early-stage startup is ensuring that you’re taking the right small steps"
Remember that at this point, one of your main financial responsibilities as a finance professional for an early-stage startup is ensuring that you’re taking the right small steps to make the future state of the company’s growth a lot less painful. This foresight reduces the need for time-consuming overhauls or corrections down the line. Get things in as best shape as possible at the start.
• Partnering with the founder on what its chart of accounts and cost centers should look like. Having the right setup here can make a big difference in the ability to understand the business well. Think about this as the data structure for understanding the business.
• Encouraging the founder to keep clear records of every dollar that comes in and out of the business, and to save and organize all contracts and agreements in a centralized place for easy reference whenever needed. It’s much harder to remember why certain transactions occurred on what terms and to dig through your inbox to find old agreements. This’ll be crucial when preparing financials and during financial audits.
• Establishing a shared financial process to manage recordkeeping across the company will make everyone’s
For founders, simplifying financial operations is not just about reducing their workload; it's about creating a solid foundation for sustainable growth. By focusing on key financial areas and methods for streamlining operations, an accountant or accounting firm can help a startup ensure that its financial backbone is not only resilient and scalable, but relatively easy to manage.
Three client problems I solved so you don’t have to
@projectworksio
Mark Orttung, CEO, Projectworks
Mark Orttung, a top voice in professional services, shares his extensive experience growing a successful software service firm through a series of refreshingly human articles. He offers practical advice you can apply to your practice and your clients' businesses.
Mark Orttung leverages his expertise from growing a success service firm to solve your consulting clients' biggest problems.
Common Problems I Solved That You Can Solve for Your Clients Too
Fighting the trademark office, losing a major client, and striving to stay relevant in a crowded market. What if I told you this is just the tip of the iceberg of what your clients struggle with at their software service firm?
It's true, running a service firm isn't always rainbows and sunshine.
I know firsthand because I built Systems in Motion/Nexient from under $35 million to over $130 million in revenue and faced all these challenges and more. Now that it's all said and done, I've started to put pen to paper and share my experience of how I overcame some of these big challenges.
My hope is that by reading these articles, you'll gain expert insight into the experiences of your consulting clients and how to help them conquer these common challenges.
Below, I share three of these challenges and how I overcame them. Be sure to click through to read the full articles on our blog after each segment.
called Systems in Motion. I was in a weekly meeting that most of the company's leadership would join to go over our new projects and staffing assignments. As a newcomer, it was a chaotic meeting but was clearly central to how the company ran.
“I built Systems in Motion/Nexient from under $35 million to over $130 million in revenue and faced all these challenges and more”
Challenge #1: Balancing revenue and talent costs
"Cancel the engineering manager's offer letter." The statement came out so quickly and matter-of-factly that I almost didn't stop the meeting to ask what was happening.
In 2014, I was in my first few weeks as CEO of what was then
I had the curiosity/ presence to stop the meeting and ask what that statement meant. Had we offered someone full-time employment? Yes. Had they already quit their current job based on our offer? Yes. So I interjected, "Don't cancel the offer." There was a shocked silence in the room. I had clearly just done something that broke from the norms here.
It took me a while to really appreciate the two conflicting objectives that would challenge
me for the next seven years as I ran a product development consultancy… read more.
Challenge #2: Managing client relationships
"Our client just gave us notice that they will be rolling off more than 50 people immediately. Also, they believe we've mishandled the engagement so badly that we should pay them $700k."
This update from one of my client partners is the kind you feel in your stomach. It is pretty much the worst possible news you can hear when you're running a business.
At the time, Nexient had around 250 employees on billable work. For 50+ of them to roll off was catastrophic. They'd most likely move to our bench, which typically ran at around 5-7% of our revenue.
This development would increase it to
15-20% and finding new billable work for them all could take months. Our model was built to have 5-7% invested to support our bench, and a large increase would mean the firm would start to lose money. Also, this was our second-largest client at that time, and it was showing all the signs of going away for good.
We had a huge problem… read more.
Challenge #3: Standing out from the competition
At heart, I'm a product manager. I love taking ideas and trying to figure out how to package them up to be a complete product offering. One of the first things I always focus on is what differentiates the product or service offering.
Not long after I joined Nexient, I tried to figure out how we would differentiate ourselves. At the time, there were
more than 10,000 software development consultancies globally and I wanted us to have a unique place in the market.
So I started by looking at our home page (see the image below). We were a firm of just over 200 people, but our website claimed to do almost anything an enterprise could need. I failed to see how we could be great at all of these things, and when I looked at our competitors' websites, it seemed like they were also making these claims… read more.
If you enjoyed these snippets, click here to follow Mark on LinkedIn.
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Check out the The Consulting Balance Blog:
projectworks.io/blog
XU Magazine sits down with Buddy Co-Founder & CEO David Seisun
XU: Can you tell us the story behind the inception of Buddy Payroll? What inspired the creation of a payroll company focused on people?
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DS: Buddy Payroll was born out of a need for an integration between Xero and Deputy—two products we were offering through Sixteen Limited, my SAAS company in Malta. We noticed a significant gap in the market when it came to integrating these systems for seamless payroll processing. Despite reaching out to existing payroll providers in Malta, none
were willing or able to offer the necessary APIs to connect Deputy with Xero.
This challenge led me to connect with Jonathan, our CTO, and together we saw an opportunity to create a product that could bridge this gap. As we brainstormed, we decided to start from a blank slate and reimagine the entire payroll process. It quickly became clear that at the heart of payroll is people—after all, payroll exists because of people, and even the payroll professionals themselves are people who rely on it for their own paychecks.
This realization inspired us to build a payroll system that puts people at the center of everything. By focusing on the human element, we aimed to create a solution that not only meets technical needs but also supports the real people behind every paycheck.
XU: What were some of the initial challenges you faced when starting Buddy Payroll, and how did you overcome them?
DS: Starting in Malta, one of our biggest challenges was navigating compliance. Maltese payroll laws are often vague, relying heavily on interpretation or the notion of 'that's how it's been done for the last 20 years.' This pushed us to build a robust compliance mechanism within Buddy, allowing us to accurately interpret legislation and translate it into our software. This approach led us to establish processes that go beyond the status quo, ensuring we dig deep into the legislation and our software ticks all the boxes for full compliance.
Another challenge was the lack of formal payroll qualifications in Malta, meaning that technically
DAS24
anyone could offer payroll services. This motivated us to create a user-friendly, yet powerful software that ensures compliant payslips, even for users with little to no payroll expertise. These challenges ultimately shaped Buddy into a highly reliable and accessible platform.
XU:
In what ways does Buddy Payroll differ from traditional payroll software providers services?
DS: At Buddy, we started with a blank slate, free from the constraints of legacy systems. This allowed us to build Buddy Payroll from the ground up, specifically for the 21st century. Payroll has evolved significantly in recent years, and we recognized the need for a solution that addresses today’s unique challenges. Unlike traditional providers, whose systems often have cores built decades ago and have been retrofitted over time, Buddy was designed to meet the complex demands of modern payroll from day one. This approach ensures that our software is not just a patchwork of updates, but a cohesive, forward-thinking solution tailored to today’s needs.
One of the key ways Buddy stands out is by saving time through automation. We’ve built features that automate repetitive and low-value tasks like entering leave hours, managing allowances, and
calculating holiday pay. These tasks, while essential, can be incredibly tedious—especially when you’re running on a tight deadline. In such situations, all you wish for is that everything goes smoothly and remains compliant, yet the burden on the payroller to manually handle these tasks can be overwhelming. By automating these processes, Buddy not only ensures compliance but also significantly reduces the stress and workload on payroll professionals, allowing them to focus on more strategic and valuable tasks.
XU: Can you elaborate on some of the innovative features that Buddy Payroll offers to enhance the payroll experience for businesses and their employees?
DS: At Buddy Payroll, we've developed a concept we call the Payroll Trinity, which we believe is essential for achieving accurate and efficient payroll processing. This trinity involves the payroll expert (bureau), the employer, and the employee—all three parties play a critical role in ensuring a successful payroll process.
To support this trinity, we’ve designed Buddy Payroll with features that facilitate seamless communication and collaboration between these three key players. For example, our platform
includes real-time data sharing and collaborative tools that allow payroll experts, employers, and employees to easily exchange information, address queries, and ensure that everyone is on the same page throughout the payroll process.
XU: Who are the key members of the Buddy Payroll team, and what unique skills do they bring to the company?
DS: Buddy Payroll was co-founded by Jonathan and me, each bringing distinct perspectives to the table. Jonathan is our tech wizard, with extensive experience in building state-of-the-art cloud software. His expertise in mathematics and complex problem-solving makes him the ideal CTO for developing payroll software that is both innovative and reliable. I complement his technical prowess with my corporate experience, ensuring that our business strategy aligns with market needs and long-term growth.
Beyond the founding team, we have Jeremy, who leads our Customer Success Team. Jeremy ensures that our customers are not only well-served but also heard, providing critical feedback to the development team to continually refine our product based on real-world scenarios.
Mark heads our growth efforts in the UK market, leveraging his deep knowledge of payroll transformations. His expertise is instrumental in helping us expand our presence and reach new prospects in the UK.
XU: How do you ensure that your team remains motivated and aligned with the company's vision of making payroll about people?
DS: Our core values— Growth Mindset, Share the Knowledge, Carry Your Own Bag, Team First, and The Right Way—are the foundation
Buddy team on a trip to Sicily
of everything we do at Buddy. These values ensure that every team member is aligned with our mission and works towards our shared goals.
To maintain this alignment and foster a collaborative culture, we hold quarterly townhall meetings. These gatherings are an opportunity for the entire team to get up-to-date on the latest developments and direction of the company. More importantly, we create an open space where everyone is encouraged to share their ideas and opinions, ensuring that every voice is heard and that we collectively shape the future of Buddy.
XU: Can you share some insights into the company culture at Buddy Payroll? What makes your workplace special?
DS: At Buddy Payroll, our company culture is defined by a deep sense of collaboration, innovation, and mutual respect. What truly sets our workplace apart is the ownership each team member feels—not just over their tasks, but over the success of the company as a whole. We trust our team to take initiative, bring their unique ideas to the table, and challenge the status quo.
We’re also committed to fostering a learning environment. Whether through informal knowledge-sharing sessions or more structured professional development opportunities, we encourage continuous growth and support each other's learning journeys. This commitment to growth is what drives our ability to innovate and stay ahead in the industry.
Another aspect that makes our workplace special is our open communication and transparency. Everyone at Buddy Payroll has a voice, and we make it a point to listen. Whether it’s in our regular team meetings or just in dayto-day interactions, we value feedback and use it to improve, both as individuals and as a company.
Finally, what binds us together is our people-centric approach. We genuinely care about each other, our customers, and the impact our work has on the broader community. This shared purpose creates a supportive and motivating environment where everyone feels they’re contributing to something meaningful.
XU:
We know you recently launched in the UK, what motivated this decision, and how has the response been so far?
DS:
The decision to launch in the UK was driven by several factors, including the close ties between Malta and the UK, and the fact that English is our second language, making the UK a natural first choice for our expansion. However, we wanted to ensure that this move was strategic, so we took the time to thoroughly understand the UK market and its payroll landscape.
Our journey began in 2021, when we started diving into UK payroll legislation and speaking with payroll professionals to identify the challenges they face. We were encouraged to find that the UK's payroll legislation and structure
are well-organized. However, we quickly noticed a gap in the market—most existing software providers were relying on legacy systems, and despite the buzz around cloud solutions, very few were actually leveraging true cloud infrastructure at the core of their software.
This realization confirmed that there was a significant opportunity for Buddy Payroll to bring a modern, cloud-native solution to the UK market. In our first few months, we've already begun conversations with a wide range of businesses, from small and medium enterprises to large Top 100 Accounting firms in the UK. The feedback we've received when their teams see and use our software has been empowering, to say the least. Helen Rodgers, Managing Director at Knutsford Admin Ltd, even remarked, "Me thinks Buddy - Making Payroll About People is about to be everyone’s favorite buddy :)." It’s clear that there’s a strong appetite for a more flexible, innovative approach to payroll, and we’re excited about the opportunities ahead.
XU:
Were there any specific challenges or opportunities you encountered when entering the UK market?
DS:
Entering the UK market definitely came with its set of challenges, but these also opened up exciting opportunities for us. One of the main hurdles was ensuring that Buddy Payroll could meet the unique expectations of the UK market, which is both mature and highly competitive. UK businesses have access to a wide range of payroll solutions, so we knew we had to bring something truly innovative and valuable to the table. Adapting our product to fully comply with UK-specific payroll regulations required careful attention to detail, as we wanted to ensure that our software was perfectly aligned with local requirements from day one.
Buddy with Ami Copeland at Bookeepers Summit
The biggest challenge in payroll, however, is the critical importance of the function itself. Payroll is a cornerstone of any business, and a single wrong decision can have a significant impact on the entire company. People need to be absolutely sure of every move they make in payroll. This meant that providing strong assurances and developing a very robust product was key to our success. We focused heavily on creating a solution that businesses could trust implicitly, knowing that it would handle their payroll needs accurately and reliably.
However, this challenge also highlighted a significant opportunity. We quickly realized that many of the existing payroll solutions in the UK still rely on legacy technology, creating a clear demand for a modern, cloudnative alternative that offers greater flexibility and efficiency. This gap in the market allowed us to position Buddy Payroll as a forward-thinking solution designed for today’s businesses. One of our clients, after seeing our demo, remarked that they wished they had done it sooner, recognizing the immediate benefits of transitioning to a more streamlined and innovative payroll system.
Moreover, we’re constantly being approached by other tech providers in HR and accounting who are eager to integrate their
services with our software. They see the value in offering payroll through Buddy to their clients, further validating our approach and expanding our reach in the market.
XU: Are there any new markets or regions you're planning to expand into next?
DS: The UK is going to be our primary focus market for the next couple of years as we have identified that there is quite a lot to do here. As for future markets, no specific plan yet but Ireland might end up being the next region.
XU: Can you give us a sneak peek into any upcoming features or services that Buddy Payroll is working on?
DS: At Buddy, we’re focused on adding real value to the payroll function, which has evolved beyond just processing end-of-month salaries. Payroll now impacts every individual in a company, and we recognize the need for more advanced tools to support this. We’re excited to be working on features that will incorporate genuine AI—not just marketing buzzwords, but AI that truly helps service providers and businesses gain deeper insights into their payroll data. These upcoming
features will analyze underlying data and provide actionable insights, empowering decisionmakers to make more informed choices and optimize their payroll processes.
XU: How do you see the payroll industry evolving over the next decade, and what role do you envision Buddy Payroll playing in that future?
DS: Payroll has been evolving steadily, and over the next decade, we see it becoming less of a monthly task and more of a constant, integral part of company operations. Employees are increasingly seeking more than just a paycheck; they want a system that offers flexibility and supports their overall well-being.
Buddy is well-positioned to embrace and lead these changes. From the start, we've placed people—not just employees—at the heart of everything we do. We envision a future where individuals have greater control over how they are rewarded for their contributions, allowing them to choose the forms of compensation that best support their lifestyles and goals.
Technology will be crucial in managing them in real-time. Buddy is prepared for this, as our focus has always been on leveraging advanced technology to simplify and enhance the payroll experience. As the industry shifts towards a more personalized and inclusive approach, Buddy will continue to innovate, ensuring that our solutions not only adapt to but also anticipate the complexities of the future.
Buddy sightseeing London :)
Free registration to The Accounting & Business Show Asia 2024 is now open
Don’t miss Asia’s leading tech & strategy event for accountants, finance leaders and business owners
@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.
Join us to uncover the latest trends, insights and solutions for business, accounting and finance leaders from organisations of all shapes and sizes.
Asia's leading tech & strategy event for accountants, finance leaders and business owners is back. Formerly known as The Accounting & Finance Show Asia, we’re taking on a new name and brand identity for the 7th edition – The Accounting & Business Show Asia 2024
Set to take place this 16 - 17 October at Sands Expo & Convention Centre, Singapore, the event is expected to attract more than 4,000 accounting, finance and business professionals from Asia and
beyond, who will gather under one roof to exchange knowledge, explore best practices, discover the latest digital solutions and forge meaningful connections
Here’s what your FREE pass can get you:
A power packed CPD-accredited conference agenda
200+ expert speakers innovating and disrupting accounting, finance and businesses in Asia will deliver dynamic, quality and practical content. All attendees enjoy the privilege to pick and choose from 5 pillars of
content - Digital Innovation, SME Finance Transformation, Digital Practice, The Enterprise CFO and SME Leaders Theatre The thought-provoking panel discussions and presentations will be covered from a variety of perspectives, ensuring that attendees walk away with valuable insights which are applicable to businesses of all shapes and sizes. By attending the conference sessions, attendees gain the chance to claim up to 14 hours of CPD points
Industry experts from the likes of CapitaLand, Grant Thornton, Siemens Energy, Bank Islam Brunei Darussalam, The Blue Circle, GE Healthcare, Google, Nespresso, IQ Accountants, RSM Malaysia and more are already confirmed to be speaking!
Robust and intimate Roundtable Discussions
A brand new feature at the event, our Roundtable Discussions offer attendees the opportunity to deeply engage with industry pioneers and fellow professionals and learn from each other's
expertise. Contribute your perspectives and ideas freely at 10 roundtable sessions, where key issues and strategies are addressed.
Live demos and latest innovations on the expo floor
The teams from 150+ cutting-edge accounting, finance and business solutions will be present on the expo floor, giving attendees the chance to experience their products and services first-hand. Walk the expo floor, enjoy live demos and speak to the product experts who can help take workflows and business to the next level, saving time and money.
Meet solution-providers from the likes of Xero, Summit, Intuit Quickbooks, WebAccountPlus, Peakflo, Workday, BGL Corp Solutions, Employment Hero, FloQast, Happay, HQ.xyz, Robert Half and more.
Dedicated Start-up Zone
With the explosion of new and innovative companies in the region, the event features groundbreaking start-ups in the regional accounting, finance and business space. More than 60 Start-ups have already confirmed their presence and there are more to come.
Technology, Elgo Technologies, Futre.AI, Poss Capital and more.
Networking Extravaganza
Exchange ideas, build partnerships and grow your professional network with more than 4,000 SMEs and enterprise finance leaders, accountants and bookkeepers in practice, business owners and more. Through our brand new Enhanced Guest Pass Programme*, key decisionmakers from SMEs, large enterprises and accounting and bookkeeping firms enjoy exclusive benefits such as enhanced networking app access, Leaders’ Lounge access,
exhibition concierge service and priority registration to Roundtable Discussions
*Applicants will be required to register with a valid business email address and Terrapinn Pte Ltd may request a LinkedIn profile or business card for verification during the approval process. Terrapinn Pte Ltd reserves the right to reject any Enhanced Guest Pass application, however rejected applications will still be eligible for a free visitor pass to the event.
Innovation Technology. Growth
We look forward to welcoming you through the doors of Accounting & Business Show Asia 2024, where the accounting, finance and business communities converge to tackle challenges, seize opportunities and pave the way forward in an ever changing digital landscape.
New Features in Dext for Greater Efficiency and Integration
I This article is
n finance, staying ahead means embracing the latest in technology and automation. At Dext, we are committed to providing accountants and bookkeepers with cutting-edge solutions to simplify processes, improve accuracy and improve collaboration. As the industry evolves, so do our offerings, ensuring that our partners can focus more on strategic tasks and less on repetitive, manual work.
By recognising the dynamic nature of the accounting industry, we continuously strive to develop and implement tools that not only address current challenges but also anticipate future needs. This proactive approach allows us to deliver innovative solutions that significantly reduce the administrative burden on accountants and bookkeepers, enabling them to allocate more time and resources to high-value activities.
That’s why, after careful thought, steered by invaluable feedback from our customers, we’ve decided to upgrade Dext Prepare – combining it with features from Dext Precision and Dext Commerce to create one integrated experience. For the
first time, you’ll have access to Data Capture, Data Automation, Data Health & Insight and Practice Productivity all in one place.
And to continue supporting our mission, we are excited to introduce a range of new features designed to integrate seamlessly with your existing workflows. These updates will further streamline operations and foster better collaboration with clients, making your job easier and more efficient. By leveraging these enhancements, you can ensure that your practice remains at the forefront of technological advancement, providing superior service to your clients and driving greater business success.
Dextension: Seamless Integration with Chrome
One of our most exciting new launches is Dextension, a free browser extension that’s already available for Chrome and Microsoft Edge. This tool allows you to view Dext data within Xero and QuickBooks interfaces, making it easier than ever to transition between Dext and your accounting software. The key benefit here is instant collaboration with clients to find missing documents, significantly reducing the time spent on
@dextofficial
Paul Lodder, VP of Accounting Product Strategy, Dext
Paul joined Dext with 20+ years in practice. ACCA qualified in 2003, Paul has worked on MTD and digital strategy, and provided support on digitalisation to accountants & bookkeepers across the country as well as providing solutions to clients’ challenges and supporting them to achieve their goals across accountancy, taxation and business advisory services. Paul is recognised as a leading expert on the implementation and benefits of digitalisation.
administrative tasks. You can download Dextension for free on the Chrome Web Store
We also have three new features coming soon:
AI-Powered Reconciliation with Supplier Statements
Our new Supplier Statement feature leverages AI to extract and understand supplier statements. This feature will help you reconcile invoice references and amounts quickly and accurately. By simplifying the process of requesting missing paperwork from suppliers, it’ll save you time and help manage cash flow more effectively.
Enhanced Control with Approvals
With the Approvals feature, you’ll be able to control how expense reports and invoices flow, complete with audit history. This tool will allow you to define multi-step and stage approval workflows for users and groups, ensuring that the right processes are followed every time. You can also set conditions for when approvals are needed, such as by Value, Supplier Category or Project, and enable auto-publishing after approval.
The simple mobile and web experience will also make it easy for clients to use. This feature will be available at no extra charge with an existing subscription.
New Mileage Tracking Functionality
Mileage claims for both personal and company-owned vehicles will soon be tracked and added to expense reports with ease. Our new Mileage feature will allow users to create a mileage claim by recording the trip automatically or adding it after on the web or mobile application. Dext will then automatically calculate the amount that should be reimbursed based on legislative requirements or custom information. The feature
will integrate seamlessly with Dext automations, including auto publishing and auto categorisation. Like the Approvals feature, Mileage is available at no charge with an existing subscription.
In our commitment to continue enhancing the efficiency and integration of accounting workflows, our team at Dext is always working on new features to make your life easier.
Whether it’s through seamless data viewing with Dextension, AI-powered reconciliation with Supplier Statements, enhanced control with Approvals, or simplified Mileage claims, these updates are designed to provide real-time data and complete
records – the cornerstones of effective accountancy.
As we continue to innovate, we remain focused on delivering tools that not only meet the current needs of our users but also anticipate and support the future of accounting and bookkeeping. We’re excited about these new features and the value they will bring to your practice.
FIND OUT MORE...
Find out how Dext can help your firm to speed up processes and better serve your customers.
Book a call
Case Study: Why Scrutton Bland trusts Dext and Xero to always deliver
Originally founded in 1919 by Alfred Scrutton and Frank Bland as two independent firms, and then merged in 1990, Scrutton Bland has always prioritized client needs. Initially providing tax support for returning war veterans and insurance services, to this day the firm continues to offer high-quality services across various sectors.
Ryan Pearcy, Associate Partner at Scrutton Bland, joined the firm to lead their digital transformation team.
The goal was making cloud accounting a standard service rather than a premium offering. The primary challenge, he discovered, often lies with clients.
"Clients don’t really understand this space. They know about cloud accounting and they know it can benefit them – but they often struggle to see how or why. An initial discussion should open their eyes to what is possible. They need to understand the
vision, and you need to take them on that journey.”
Fear of change and a lack of understanding are common barriers for clients. Ryan emphasizes the need for clarity during this educational phase. To facilitate this, he highlights the importance of change through education, transparency and time.
Simplifying the process and providing intuitive tools are key.
“The biggest impact I’ve experienced – the one that no one really focused on initially because everything was about features – is how easy is it for the user to actually engage and use the tool? An intuitive User Interface is critical to that, and that is the number one thing I focus on when looking at any apps.”
For Ryan, both Dext and Xero stand out due to their user-friendly interfaces. The integration between these tools not only simplify navigation for team members but are also easy
for clients to use. According to him, demonstrating Dext's value with a phone and a piece of paper is an easy sell, effectively lowering the barrier for clients.
“Xero had the best connections and the best user interface. Similarly, we also chose Dext because it had the best user interface. We thought it’d be the easiest thing to roll out to our clients. We get the most engagement with it for the least effort from us.”
Usability and reliability are crucial for client onboarding and long-term use. “When we’re making our selection for client onboarding, the key thing is user interface; and when we’re considering what is the long-term benefit for the client, it’s reliability. And the integration between Dext and Xero is probably the most reliable out of any that I’ve ever seen in the ecosystem because it just doesn’t break.”
The impact of Dext and Xero on Scrutton Bland's
operations is significant, particularly in bookkeeping.
Previously, the firm wasn’t competing in the bookkeeping market, but the efficiency provided by Dext and Xero changed that.
“We started winning this work without really meaning to. And it got to a stage where we now have a bookkeeping department by accident. We couldn’t have done any of that without Xero and Dext as a core.”
Dext and Xero offer a costeffective, scalable toolkit, enabling smooth transitions and integration with additional tools as needed.
This trust in their core tech stack ensures that Scrutton Bland continues to deliver excellent services while managing change effectively.
"We always go back to our core app stack, the software that we have the most faith in and that we know deliver – those are always Dext and Xero."
Breaking Free from Friction Fatigue
n a work environment where digital tools are supposed to enhance our productivity, many organizations find themselves battling an invisible enemy: Friction Fatigue.
This phenomenon manifests when employees become bogged down by a plethora of disjointed software tools, resulting in decreased efficiency and a substantial drain on both productivity and employee morale.
The Rise of Friction Fatigue
Friction Fatigue arises from the excessive mental effort required to switch between multiple software applications to complete basic tasks. This constant context switching not only slows down workflows but also increases the risk of errors and diminishes job satisfaction. Over time, what begins as a minor inconvenience can escalate into a major blockade to operational efficiency.
Consider the daily routine of an account manager who needs to access CRM systems, email, document management, and financial reporting tools. Each tool requires separate logins, has its own interface, and demands a distinct operational method. The effort to maintain accuracy and
efficiency amidst these platforms can lead to cognitive overload, increased error rates, and ultimately, decision fatigue.
Real-World Implications
The implications of Friction Fatigue extend beyond individual frustrations, affecting entire teams and projects. Miscommunication, inconsistent data, and duplicated efforts are just a few of the challenges that arise from a disjointed
@ApprovalMax @SuiteFiles
Riley Malins, Content Writer, SuiteFiles
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.
software ecosystem. These issues compound, leading to project delays, customer dissatisfaction, and an overall decrease in the quality of work.
The psychological toll on employees is significant. The frustration from navigating these complexities daily can lead to burnout, decreased employee engagement, and a higher turnover rate. These factors not only affect the well-being of employees but also impact
This article is
the organization's bottom line through increased recruitment and training costs.
Strategies to Combat Friction Fatigue
The first step in combating Friction Fatigue is recognizing the need for streamlined operations. Organizations can begin by conducting a thorough audit of their current technology stack to identify redundancies and points of friction. The goal is to consolidate and integrate as much as possible, reducing the need to switch contexts and thereby enhancing workflow continuity.
Adopting integrated software systems can transform chaotic workflows into seamless processes. These platforms merge various functionalities into a single interface, reducing cognitive load and simplifying
operations. For example, SuiteFiles offers a comprehensive solution by integrating document management, email, and digital signing capabilities, allowing users to perform multiple tasks within a unified system.
Moreover, automation plays a crucial role in alleviating Friction Fatigue. By automating routine tasks, organizations can minimize the need for manual intervention and allow employees to focus on more strategic activities. This not only speeds up operations but also reduces the chances of human error, further enhancing efficiency.
Training and Change Management
Implementing new technologies requires careful change management and comprehensive training programs. Employees need to feel confident using new
systems; hence, organizations must invest in regular training sessions and provide ongoing support to address any teething problems. This investment in training ensures that the transition to integrated systems is smooth and that employees can fully leverage the new tools at their disposal.
Next Steps
Ultimately, the journey to overcoming Friction Fatigue is continuous. It requires a commitment from all levels of the organization to embrace change, continuously evaluate the effectiveness of technological tools, and remain flexible to adapt as needed. Leaders must foster a culture that prioritizes efficiency and supports the use of integrated tools, encouraging a holistic approach to technology adoption.
As organizations look to streamline their operations and reduce the impact of Friction Fatigue, it’s clear that the integration of comprehensive digital workspaces like SuiteFiles isn’t just a technological upgrade—it’s a strategic imperative. By reducing friction in daily operations, companies not only enhance their immediate productivity but also set the stage for long-term growth, employee satisfaction, and sustained competitive advantage.
To find out more about Suitefiles, visit our website www.suitefiles.com
Manually exporting GL data to spreadsheets is DEAD
In 2024, GL data automation is king and G-Accon is leading the way
et’s be honest, you’re too busy to manually suck data out of Xero and into Excel so that you can manipulate your management packs. That’s why we built G-Accon.
This
For small to mid-sized finance teams and accounting firms, your reliance on manually exporting data to spreadsheets is a dying practice. Get excited, we're here to make sure you never manually export data out of your favourite GL ever again.
At G-Accon, we understand the challenges you and your teams
face, and we offer a solution that revolutionises your workflow.
Here's how G-Accon will completely rock your world:
Efficiency and Time-Saving
Andrey Kustarnikov, CoFounder & CEO, G-Accon
Andrey Kustarnikov is the Co-Founder & CEO of G-Accon, with over 25 years of technical expertise in software development, microservices architecture, and cloud integration in the financial and banking sectors. He received an MBA degree and an MS in physics. Using these skills, he was able to build G-Accon, a tool that has proven its value to accountants and CFOs using Google Sheets. Andrey is excited about G-Accon’s future.
“Previously,
it used to take about a week to complete client work. Now, with G-Accon, we can close it in just 24 hours.”
G-Accon automates data transfer between platforms like Xero and Google Sheets, significantly reducing the time you spend on repetitive tasks. As
Sarah Lawrance mentioned, "We basically took on a client probably about seven months ago... We just ended up defaulting back to Google Sheets with G-Accon. And we did that in like half a day. The client was absolutely ecstatic with the solution." This efficiency allows accountants to focus more on analysis and strategic planning rather than manual data entry.
Flexibility and Customisation
The ability to create highly customisable reports is crucial for meeting specific client needs. G-Accon enables accountants to tailor management packs and financial reports seamlessly.
Sarah highlights, "G-Accon has always just allowed us to build fun stuff on top of it that the clients love." This flexibility ensures that financial teams can produce precise and relevant reports for their clients.
API Integration
G-Accon acts as a simplified API connector for Xero, providing an optimal way to pull and push data accurately and efficiently. As Sarah noted, "We've always used it
to basically connect data and build models from Xero." This integration eliminates the risk of errors associated with manual data entry and ensures that financial data is always up-to-date. The seamless connection between accounting software and spreadsheets streamlines the entire data management process.
Collaboration
Enhancing collaboration is vital in today's distributed work environment.
G-Accon leverages Google Sheets to allow real-time updates and seamless client interactions.
Reliability
“We always feel like we want to try and use something else, and then we always come back to G-Accon because of the level of flexibility that we get, and it just allows us to be more creative from a dashboard build perspective.”
Sarah shared, "It's really fun for the team as well. Like, you know, they're spreadsheet ninjas and they love that stuff." This real-time collaboration ensures that all stakeholders are always on the same page.
G-Accon is known for its reliability and consistency. Users trust that it will deliver accurate data every time. Sarah explained, "We basically pre-populate the journal template sheet, and then it just goes straight back into Xero. It's very reliable and saves us so much time." This reliability is essential for maintaining the integrity of financial reports and making informed business decisions.
The era of manual data exports to spreadsheets is dead. Embracing modern tools like G-Accon not only enhances your efficiency but also positions your finance team for future success.
At G-Accon, we are dedicated to
helping finance teams drastically transform how you work and level up your ability to execute each month.
Learn more about G-Accon’s services at: accon.services FIND OUT MORE...
Here's How We've Bolstered Our Platform At ExpenseOnDemand, Making It a Genuine Game-Changer For Xero
Customers
@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
Business finance; a movable feast, ever-shifting sands, a landscape in flux. Whatever your chosen analogy, one core fact remains the same: it’s an industry as changeable as it is competitive. So what does that mean for you and your business?
t means staying ahead of the curve is vital. At ExpenseOnDemand, we understand the need for innovative solutions. Solutions that not only simplify expense management, but that integrate with the tools you already use. No one needs extra work on their plate, right?
We’re excited to unveil our latest suite of features, built specifically with Xero customers like you in mind. Let’s dive in and find out more.
New Offerings We’re Bringing To the Table
Imagine having over 100 functions at your fingertips; each tailored to streamline and enhance your expense management process.
From automated credit card feeds to advanced vendor management, and beyond – we’ve made some big strides to ensure our platform continues to help change the game, for small businesses and Xero users alike.
Automated Credit Card Feed with Plaid Integration
Tired of manual data entry and the inevitable errors that come with it? Our new integration with Plaid allows you to –automatically and with no fuss –sync your credit card transactions with ExpenseOnDemand.
Securely connect your bank accounts, and capture all your credit card transactions in realtime: ensuring pinpoint accuracy and saving valuable time.
Container Functionality
Good organisation is the key to effective expense management. With our new container functionality, you can group all related expenses into categories, such as travel, or project-specific costs.
This simplifies tracking, reporting, and analysing expenses in a big way; providing you a clearer view of spending patterns and helping you stay within budget.
Enhanced Vendor Functionality
Managing vendor relationships just got easier. A whole lot easier.
Our enhanced vendor management capabilities not only allow you to track and record expenses related to specific vendors – you can also process payments directly within the platform.
This significantly accelerates your accounts payable process and ensures timely payments. The result? Stronger, more positive vendor relationships.
Collectively or individually, these features are way more than superficial, bolt-ons. They're carefully designed to change –in a meaningful way – how you manage your business expenses.
By giving you greater control and insight into your operations, ExpenseOnDemand provides an indispensable tool for Xero users aiming to elevate their expense management game.
7 Big Wins For Xero Users
ExpenseOnDemand offers several key features that particularly benefit Xero users; enhancing the overall experience, and streamlining the financial management processes.
Interested to learn more? Glad you asked. Here's how:
1. Seamless Integration
• Automatic Data Sync: ExpenseOnDemand integrates completely seamlessly with Xero, enabling the fullyautomatic synchronisation of expense data. All your critical data – expense records, receipt scanning, and reports – are touchlessly transferred to Xero, without the need for any manual intervention.
• Real-time Updates: Any changes or updates made in ExpenseOnDemand are instantly reflected in Xero, ensuring that your financial data is always up-to-date and accurate. No more contradictory expense data.
2. Enhanced Expense Management
• Automated Credit Card Feeds: With features like the automated credit card feed via Plaid integration, Xero users can automatically import and categorise credit card transactions. Again, you’re
looking at a big reduction in manual data entry and errors.
• Container Functionality: Organise expenses into containers for specific projects, trips, or categories, making it a breeze to manage and track specific expenses. This organisation helps with better reporting and analysis within Xero.
3. Streamlined Approvals and Compliance
• Auto Approval Function: Set up automatic approval workflows for expenses below a certain amount, reducing the need for manual approval processes and speeding up reimbursement times.
• Policy Compliance: You’re able to ensure all expenses adhere to company policies with built-in compliance checks, helping maintain accurate records in Xero.
4. Improved Reporting and Analysis
• Customisable Reports: Generate detailed and totallycustomizable expense reports within ExpenseOnDemand that are easily exported to Xero. This gives you more comprehensive, complete insights into spending patterns.
• Advanced Analytics: Use ExpenseOnDemand's analytics tools to enhance clarity in expenses, which can be synced
with Xero for more robust financial analysis.
5. Our User-Friendly Mobile App
• Mobile Accessibility: ExpenseOnDemand offers an intuitive mobile app, allowing employees to capture and submit expenses onthe-go. Expenses are then automatically synced with Xero, providing real-time updates and reducing administrative overhead.
6. Global Support and MultiCurrency Handling
• Global Reach: ExpenseOnDemand supports multi-currency transactions – ideal for global businesses in diverse economic regions. This ensures all expenses are recorded and converted in Xero, for consistency in financial reporting.
• Dedicated Support: Xero users also benefit from our dedicated, 24/7 customer support. Any –and we do mean any– issues or queries are promptly addressed, facilitating smooth integration and operation.
Ultimately, integrating ExpenseOnDemand with Xero is about three bottom-line benefits. It means enhanced expense management; improved accuracy; Cont...
and valuable time savings. This allows you and your business to focus more on strategic financial planning and less on low-payoff admin tasks.
How the Platform Benefits
Small Businesses With AI
AI-Powered Features
Our AI tech automatically captures and inputs expense data from receipts, invoices, and credit card transactions – drastically reducing manual entry and the potential for errors. In addition, AI algorithms can analyse expense data and categorise it more accurately, saving precious time and ensuring consistency across your financial records.
There’s also an upside in terms of fraud detection. AI continuously monitors expense claims for anomalies and flags suspicious activities, helping to prevent fraud and protect your business’s financial integrity.
And that’s not all. When it comes to predictive analytics, AI gives insights and forecasts based on historical expense data; aiding in better budgeting and financial planning, ensuring you stay ahead of financial challenges.
Expense Management Tools
With AI-powered expense management tools, small business owners can leverage a whole host of operational difference-makers:
• Automated Approval Workflows: Set up rules for automatic approval of expenses below a certain threshold, streamlining the approval process and accelerating reimbursements.
• Real-Time Expense Tracking: Track live expenses via an intuitive dashboard, giving you immediate visibility into spending and financial health.
• Credit Card Integration: Autoimport and categorise credit card transactions through integrations (with providers like
Plaid), ensuring all expenses are accurately captured.
• Customisable Policies: Define and enforce expense policies within the platform. This ensures compliance with company guidelines and reduces the risk of policy violations.
• Mileage Tracking: Use GPS and Google Maps integration for accurate mileage tracking and smarter travel expense reporting.
• Vendor Management: Manage and pay vendors directly through the platform. This keeps all expense-related activities in one place, for streamlined operations and better partner relationships.
Key Take: What Are the Advantages For Small Businesses?
So – if we zoom out and look at the big picture – what does this all mean for small business owners like you? What key benefits do users yield?
Well, by automating manual processes associated with expense management, small businesses achieve new levels of cost efficiency. These savings can be redirected to more critical areas of the business, promoting faster growth and efficiency. Similarly, automated data entry, smart categorisation, and streamlined approval processes unlock valuable time savings for business owners and employees – allowing you to focus on core business activities, rather than administrative tasks.
AI significantly reduces human errors in expense reporting, leading to improved accuracy in financial records and minimising the risk of costly mistakes. Enhanced compliance is the result of customisable policies and real-time tracking – reducing risk and upholding financial integrity –and you also gain better financial control through real-time insights and predictive analytics, for more informed decision-making and proactive financial management.
And as your business grows, ExpenseOnDemand grows with you, offering the scalability to meet your evolving needs. The platform offers more advanced features and integrations to dovetail with your growth, ensuring dynamic support and flexibility.
Eyes On The Future Of Finance Management
For Xero users and small businesses, the future of finance management is bright – and AI is at the forefront of this transformation.
With AI-driven innovations, you can expect more streamlined processes, enhanced accuracy, and deeper insights into your finances, with far-reaching impacts that have the potential to revolutionise your operations. At ExpenseOnDemand, we’re proud to be leading the charge in this new era; delivering a platform that not only meets the evolving needs of today but anticipates the demands of tomorrow.
As an industry we continue to grow. In-step, we will continually integrate cutting-edge features to further simplify expense management. That guiding dedication to innovation ensures that small businesses and Xero users alike always have access to the most advanced tools, enabling you to stay ahead in an increasingly competitive landscape.
Through AI, ExpenseOnDemand is not just making finance management easier; we help you redefine what’s possible.
A Demo FIND OUT MORE...
Business Expense Management Reimagined: Streamline, Control, and Grow
Turning accounts payable into revenue generating activity
How accounting and bookkeeping professionals can use automation to unlock new service offerings
Accounts payable is critical to a healthy finance function. But it’s one area many accounting and bookkeeping professionals avoid taking on, for a few reasons. Many consider it risky, especially with rising rates of fraud, or just too time consuming and manual to be worthwhile.
Yet there are a growing number of those in the industry using it to expand their service offerings, grow revenue, and create an all-round better experience for clients and teams.
Technology – in particular automation – is the key that opened this door. In the past,
accounts payable was a highly manual process that lacked transparency. Bills would come in, be placed in someone’s desk tray for approval, then eventually go on to be paid. Even with newer technology, like email and cloud accounting, there’s still limited visibility that can be easily taken advantage of by nefarious players. “Previously, we could have only done AP if we were in a client’s office and able to see everyone and
guarantee all bills were approved,” says Brendan Lucas, Head of Accounting APAC at ApprovalMax and Founder of Next Dimension Accounting. “When working remotely, we typically left AP to the client because it was too hard to manage without any real oversight.”
However, the right approach can unlock a whole new world of accounts payable.
“People have been apprehensive about AP in the past, both from the bookkeeping and client side, because of the access to client money. Obviously if you make a wrong payment, it’s not your money.”
Lara Manton, Head of Bookkeeping EMEA at ApprovalMax and Director of LJM Bookkeeping
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Introducing AP as a service
More and more, accountants and bookkeepers are overcoming the roadblocks to offer accounts payable as a service, both standalone and as part of broader offerings.
This sees them taking on part or all of the AP process for clients, taking care of the input of bills, getting approval, batch preparation and, in some cases, making the payment.
Why are they taking on a once off-limits task? First, to boost revenue. Offering AP as a service expands their business and introduces a new, recurring income stream with different fee structures. More clients are also seeking this kind of service – many accountants and bookkeepers say they first started due to client requests.
Not only does this introduce a new revenue stream, it’s recurring revenue; usually on a monthly basis. This guarantees a consistent amount of work vs the volatility of tax or consulting work.
But the service adds to more than just the bottom line. Lucas says offering AP as a service boosts the overall quality of accounting data, which has a big impact for those offering it as part of broader services. “At the end of the day, we can't do our management accounting unless we've got all the expenses in the system because otherwise it doesn't make sense.”
With up-to-date AP insights and accurate data, accountants and bookkeepers can save time and feel confident in the numbers they’re working with.
Finally, it pays off in client satisfaction and retention. “We’ve found where we offer that complete package we have a lower attrition rate, which is huge for us,” says Lucas. “It 100% offers a competitive advantage. Offering more value and reliability to a client through better processes and experiences builds a better relationship – and good relationships last longer.”
So, whether you already offer accounts payable or are new to it entirely, how can accountants and bookkeepers create and standardise this service for
clients? Read our guide that takes a closer look, drawing on insights from ApprovalMax’s expert advisors who have navigated this themselves. Our guide will help you:
• Uncover opportunities: Is AP as a service right for your firm and clients? Explore what you should consider regarding your existing clients, processes, and team.
• Set up the right processes: De-risk AP as a service and streamline processes with the right technology and workflows to make light work of the traditionally manual task.
• Adapt and refine: Technology lays the base groundwork for smooth AP as a service. From there, refine the process to meet the needs of your client, team, and practice. Download the guide now:
Last year, Spotlight Reporting surveyed over 1,100 accountants from firms around the world, asking for their insights on current and upcoming trends in the accounting industry.
The resulting Global Advisory Trends Report is well worth reading, but one of the biggest insights we uncovered was that just over 42% of accountants surveyed would like more than 50% of future revenue to come from advisory services.
Currently, only 20% of respondents are achieving that level of advisory revenue.
This movement towards greater advisory revenue is something I’m seeing on the ground as well:
advisory services are on the rise, and offering more services to more clients is definitely something practices are looking at this year.
With that in mind, here are a few steps you can actively take to sell/ upsell advisory services to your base.
1. Organise your client base
First, conduct a portfolio review and categorise your clients in a way that makes sense for your firm. Some questions you can ask yourself include:
As a dynamic business professional, Gurpreet's core area of expertise is providing strategic advice and nurturing relationships with his clients. He provides tactical insight for a wide range of clients across many industries.
you already offer them?
• What services could you offer them?
By grouping businesses together and tracking services offered, you’ll start to identify service gaps where you could be adding more value. Don’t assume that if a particular client isn’t asking for a service, they don’t want it—they might not be aware of what you can really do for them. It’s up to you to be proactive!
At the end of the day, the best strategy here is to focus on what your clients need, and offer them the services that will help them reach their goals.
2. Package your services
“Be an extension of the client's company—you want to live and breathe it."
The best and most practical way to organise your services is to build monthly packages, rather than offering one-off sessions—a bit like a subscription model.
Designing tiered packages according to client size and need is definitely advantageous. They’ll be a good baseline that will allow you to tweak and scale services efficiently and effectively. But while this approach works well—you’re charging for value,
increasing the potential ROI per client, and the client understands exactly what they get each month—it’s still really important to be flexible.
Client needs can change as their businesses grow or contract, or when economic conditions throw a spanner in the works. If a client approaches you for a one-off service, it’s far better to build it into the monthly subscription, instead of hitting the client with a lump-sum fee.
Furthermore, the tiers you design may also not be the perfect fit for every client on your books. If this is the case, the best approach is to discuss options with the client, get a real understanding of what they’re after, and then build a monthly service structure that works for them and for you. They’ll really appreciate you going above and beyond.
3. Sell the package
Once you know what you want to offer clients, the next step is to sell those services. Selling can feel more natural for some than others, but it’s all just a matter of keeping things simple and asking the right questions.
For example:
• What is the current situation of the business, and where is the client looking to go?
• What are their current roadblocks?
• And what future problems could they face?
“Don’t assume that if a particular client isn’t asking for a service, they don’t want it—they might not be aware of what you can really do for them."
Once you get that understanding, you’ll be able to demonstrate the value and pay-off of having an expert like you supporting them in achieving what they want. Be an extension of the
client's company—you want to live and breathe it. This will build exponential rapport with your client but also enable you to offer your advisory skills in the best way possible.
Finally, when it comes to advisory, you need to emphasise the outcome. A monthly management report isn’t just a report; it’s actionable insights you’ve put together that can help a company reach their goals. The hardcopy enables the client to stay on top of what is happening in the business, but it’s the monthly meeting with you that really makes all the difference.
spotlightreporting.com/ solutions/advisors
The Business Show LA is Back!
The Business Show LA returns to the Los Angeles Convention Center for 2024!
he Business Show LA returns on October 9th10th 2024, offering unmatched networking, insights, and resources for entrepreneurs and startups.
The Business Show Los Angeles Editorial
The Business Show LA is the leading event for business owners, entrepreneurs, and startups seeking the guidance, resources, and knowledge necessary to launch or scale their dream business. Returning to the LA Convention Center for its second year on October 9th and 10th, 2024, this event is a must-attend for anyone with an entrepreneurial mindset
and a passion for business and innovation.
Last year's launch in LA set a high bar, bringing together thousands eager to tap into a wealth of knowledge and networking opportunities. This year's show promises to be even more impactful, expecting over 8,000 attendees, incredible keynote sessions, and limitless networking opportunities.
The Business Show LA will showcase a remarkable lineup of keynote speakers from some of the most prestigious companies globally. Attendees will gain insights from industry leaders representing Grow with Google, Siemens Energy, LA Galaxy, and
@TBS_US
Romy Duggal, Social Media & Content Executive, Business Show Media
Romy Duggal is the Social Media and Content Executive at Business Show Media. She crafts compelling press releases, articles, blogs, and content for our diverse catalogue of shows, enhancing brand presence and engagement.
Paramount, as well as Rachel McCord from Female Founders/ LaunchPreneur. These experts will share invaluable knowledge and experiences, providing attendees with the tools and inspiration needed to elevate their businesses.
Networking Opportunities
One of the highlights of The Business Show LA is the chance to network with like-minded individuals and industry leaders. Drawing in entrepreneurial minds from across the country, the event will feature dedicated networking areas where you can connect with potential business partners, investors, and mentors. Building a strong network is crucial for business success, and this event offers the perfect platform to make those valuable connections.
Innovative
Workshops and Masterclasses
Beyond the keynote sessions, The Business Show LA will offer a series of innovative workshops and masterclasses tailored to address specific aspects of business growth. These sessions will be led by experts in fields such as digital transformation, leadership development, and
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WHERE MONEY DOES BUSINESS
Money20/20 USA is the world’s biggest, most influential gathering of the global money ecosystem including banks, payments, tech, startups, retail, fintech, financial services, policy, and more.
This is where you come to accelerate deals, build partnerships, raise your profile, and make breakthroughs that grow your business so you can succeed in whatever comes next for the industry.
Get max ROI for your business now. Here's what you can expect:
/ 3500+ Leading Companies
/ 1 in 3 C-Suite Attendees
/ 350+ Industry-Leading Speakers
/ 85% Of The World’s Top 20 Banks
/ 66% Of USA’s Top 20 Fintech Unicorns
Need we say more? Don’t miss out, get your pass right now and use code XUM250 to save an extra $250.
www.us.money2020.com
financial management. Attendees will have the chance to engage in hands-on learning and gain practical skills that can be immediately applied to their ventures.
A Hub for Top Suppliers
At The Business Show LA, you will find top suppliers from the fastest-growing SMEs in the region. These suppliers will showcase products, services, and resources that can revolutionise your business model and drive growth. Exploring the exhibitor booths will allow you to discover new tools and solutions that can enhance your business operations and efficiency.
The
B2B Marketing Expo
US
Running alongside The Business Show LA is The B2B Marketing Expo US, the leading event for marketing solutions and innovation. This expo offers a world-class event agenda focused on how marketing professionals can advance their businesses and personal careers. With hundreds of suppliers and expert speakers, attendees will have the opportunity to discover the
latest technologies and services available in the marketing industry.
The B2B Marketing Expo US also features educational interactive masterclasses. These sessions will cover a wide range of topics, including the latest trends in digital marketing, effective content strategies, and innovative marketing technologies, and are a fantastic opportunity to learn directly from experts who dominate the marketing world. The show aims to put you in an ideal position to have valuable connections with other marketing professionals, industry leaders, and potential clients.
Showcasing Cutting-Edge Business Solutions
The Business Show LA will showcase 300 exhibitors with top-tier products and services to elevate your business. Alongside, The B2B Marketing Expo US will present 150 exhibitors focused on B2B marketing solutions, offering key insights into the latest tools and strategies to boost your company's presence and competitiveness. This diverse lineup ensures you access cuttingedge resources essential for driving business growth.
Live Panel Sessions
The Business Show LA and The B2B Marketing Expo US will also feature live panel sessions, where industry experts will discuss current trends, challenges, and opportunities in the business world. These sessions provide a platform for lively discussions and the exchange of ideas, offering attendees a chance to gain different perspectives on various business topics.
Testimonials & Feedback
The Business Show LA has received exceptional feedback from a diverse array of participants, including attendees, keynote speakers, and exhibitors. This broad spectrum of praise underscores the event's
significant impact and the value it delivers to everyone involved.
One of our partners (Professionals US), expressed, “Excellent to exhibit at The Business Show US Los Angeles and meet so many interesting business people and professionals. LA and California are great places for local and international business. We look forward to developing our valued contacts and speaking soon.”
Liana Zavo from ZavoMediaPR shared her transformative experience as a keynote speaker: “The experience of speaking to a large audience for the first time in LA, particularly addressing founders, was truly groundbreaking for me. It marked a significant moment of personal and professional growth, opening up new possibilities and paving the way for future endeavors.”
Elizabeth Jose Esteves of Holistic HR Solutions also praised the event, saying, “Thank you The Business Show US for helping Holistic HR Solutions participate in our first show and the opportunity to be speakers. Definitely was an amazing experience and we can’t wait for next year.”
These testimonials underscore the impact of The Business Show LA, adding value to business professionals at every level.
Join Us!
So what are you waiting for? If you’d like FREE access to knowledge and resources which would otherwise take you years to find, then you need to register for your ticket to The Business Show LA now. We’ll see you on the 9th & 10th of October at The Los Angeles Convention Centre!
Updates and new releases from Xero connected apps
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 New feature shout-out
Expense On Demand expenseondemand.com
1. Roll Back Expenses - At any time, the Finance Manager can roll back exported expenses.
2. Smart Scan ImprovementsScanner automatically populates expense fields from webscanned receipts in the expense claim form.
3. Manage your Credit Card using our Automatic Feed - Directly import transactions for UK, Europe & US. New Zealand & Australia..
4. Expense Claim Container - Claimants can create a container/report to enter multiple expense items in a single report.
5. Split Expense Category Management - Finance Managers can create a special category like "Accommodation", and add sub-categories such as Room Rent, In-room Dining, Internet, Laundry, etc. to it, allowing claimants to enter subtotals for each sub-category.
6. Anti-Fraud - Finance Managers are alerted to expense items claimed by multiple claimants using the same receipt.
HR Partner hrpartner.io
Take away the pain and guesswork in figuring out leave balances. Try the FREE Leave Calculator here.
Mimo mimohq.com
Mimo is soon launching an ARproduct! Get paid faster and access a smart payment receivables dashboard where you can see outstanding receivables, late payments, and a Pay Score for each customer, indicating to what extent they pay you on time. Get connected and stay tuned here: linkedin.com/company/joinmimo
Projectworks projectworks.io
More custom field enhancements
As we continue to level up custom fields, you can now show so you can now:
1. Show project budget custom fields on the Time Entry list screens as filters, group, and column options; and
2. Show project and user custom
fields on Expense list screens as filters, group, and column options.
As with all of our custom fields, these are available for select, multiselect and checkbox field types
Rechound rechound.com
• Reconciliation approvals and certification
445 and custom period
functionality
• Printable monthly report for audit and validation
Account groups for reporting
Tidy tidyinternational.com
We’d like to announce that our new patient management solution, TidyClinic, can now be found on the Xero App Store.
Developed with insights from healthcare professionals, TidyClinic allows you to easily create patients and seamlessly schedule appointments, covering everything from prescriptions to treatment plans.
Payroll solutions for successful businesses
Set-up, training and free ongoing support via phone and email
Comprehensive Reporting Suite with 50+ reports including HR
Suitable for all business sizes (1 - 1,000 employees)
ipayroll.co.nz cloudpayroll.com.au
THE BUSINESS SHOW
LOS ANGELES
Make New Employee Onboarding Seamless
Make ‘day one’ easy for both your new employee and you!
ou’ve just hired the perfect person for your open role, congratulations!! Now comes all the admin of onboarding them… and it can feel endless. It’s also the moment that your new employee gets a real understanding of how your organisation operates. And often, it can be a make or break moment.
What does day one look like for your new hires? How many different systems do you use to
onboard a new employee? And how many of those systems are still manual or involve spreadsheets or word docs?
Are you making your new employees' onboarding experience seamless or do they have a few hoops to jump through? Wouldn’t it be wonderful if there was one system that did almost everything for you?
Well there is. And we’ll give you an insight into how an HRIS,
@HRPartner
Debbie Gainsford, HR Partner
Debbie draws on years of collaboration with HR professionals to guide HR Partner's customers. Her deep understanding of their needs ensures customers grasp all the platform's features and can leverage them to create a smooth, efficient user experience for their employees. She has a particular passion for highlighting the benefits of employee wellbeing, for both employees and employers.
like HR Partner, can be used to seamlessly onboard your new hires - no matter where in the world they work.
Press “Hire” and automatically create an employee record
Does your Applicant Tracking System integrate with your HRIS? Or do you have to manually enter new employee information into your system? Having one system ensures that there is no data loss, duplication of effort or basic mistakes being made.
Reusable checklist templates make all the difference, saving time and ensuring that nothing falls through the cracks!
If you are using HR Partner’s Applicant Tracking System, as soon as you press the “hire” button, all the information you’ve collected throughout the recruitment process will automatically generate the employee record.
This includes their name, contact information, CV/Resume and any other relevant information.
Data entry and/or data transfer to create a new employee record is a thing of the past.
Getting employment contracts signed is a breeze
The single most important document between you and your new employee is their employment contract.
Often contracts can be in Word or PDF and they are a pain to sign; or you might be paying for a standalone eSignature system. With HR Partner, you can upload the contract, add the fields to be completed and your new hire can electronically sign the contract. The best part? It’s automatically saved against their employee record.
You’ll no longer need to save important contracts in shared drives or across multiple systems.
Simplify the Day One admin
The first day of a new job can feel overwhelming for new employees. New names to learn, new ways of doing things, setting up new passwords. And there is a lot of HR admin that needs to happen. From collecting bank details to industry or educational certifications through to sharing company policies and documents, it all adds up. Which is why we created Checklists within HR Partner.
What can be included on your employee onboarding checklist?
Anything you like, they are customisable to you. So you could include:
• A welcome video
• A form to capture their bank details (that’s automatically saved on their employee record)
• Your policies and documents to read, where they can acknowledge they’ve read them (and they’re saved against their employee record) or you can use the eSignatures for them to electronically sign them.
• A request for them to upload any certifications or other essential documents to their employee record
• Share with them the employee
training on how to use HR Partner
The best part of using the checklist functionality is that you can set up a checklist once and use it for all your new hires. Or you can set up dedicated versions for specific locations, departments or job roles.
No more admin duplication required when setting up a new employee.
Vacation and Leave calculations at your fingertips
It’s one of the important numbers for any employee…how many days leave do I have? And it can be one of the most frustrating things to calculate. Wondering how to work out your employee’s starting leave balance? Or their leave balance on a future date? We’ve got you covered. Use our FREE Calculator to work out the balances for Paid Time Off (PTO), Vacation Time, Annual Leave or any type of Leave.
And we’ve made the entire leave process easy. From setting up your policies to managing leave requests and showcasing when employees will be out of the office. It’s all part of our Leave and Absence Module.
It’s time to throw away the spreadsheet calculations and forget about the back-and-forth questions about leave requests and leave balances via email.
Empower your employees with a self-service portal
Make your employees selfsufficient from day one. How great does that sound? Reduce the number of repetitive questions you’re constantly asked or having to provide the same information to multiple people. Those requests take time away from what you should be doing in your job, and we want you to really love what you do. The HR Partner self-service portal empowers your employees to do everything from updating
their personal information and managing their employee record to viewing their leave balances, preparing for performance reviews and discovering colleagues in the employee directory. And there is so much more.
Put the power in your employees hands, so you have more time on yours.
FIND OUT MORE...
At HR Partner, we’ve worked hard to create a platform that makes it easy for small to medium size businesses to easily onboard employees. And we were thrilled to be named one of the top rated products in Capterra’s Value Report for Onboarding Software.
Book a demo at hrpartner. io/book-a-demo with our fantastic team, who all have a background in HR, and they’d be more than happy to show you how HR Partner makes it easy to onboard new employees; plus all the other great features we have to offer.
You can also start a free 14-day trial at hrpartner.io and save 50% on your first 6 months with HR Partner.
Building Resilience for Better Well Being
R
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esilience, the ability to bounce back from adversity, is crucial for maintaining your mental health. In today's fast-paced and unpredictable world, challenges and setbacks are inevitable. Developing resilience enables individuals to cope with stress, navigate through difficulties, and emerge stronger.
Mental health, encompassing emotional, psychological, and social well-being, is deeply interconnected with resilience. When faced with adversity, a resilient person can manage stress more effectively, reducing the risk of mental health issues
such as anxiety and depression. This ability to adapt and recover is not innate but can be cultivated through various strategies.
How to become more resilientFortunately, resilience is something that people can build in themselves. It takes practise and focus, however it is achievable.
Maintain a positive outlookOptimism and a constructive perspective on life's challenges can significantly influence how one responds to stress. Instead of viewing setbacks as insurmountable obstacles, resilient individuals see them as opportunities for growth and learning. This mindset fosters hope and motivation, essential components of good mental health.
Development of strong social connections - Supportive relationships with family, friends, and colleagues provide emotional support, practical assistance, and a sense of belonging. These connections can buffer against the impact of stress and enhance one's ability to cope with difficult situations. Engaging in community activities and nurturing social bonds can therefore play a pivotal role in building resilience and promoting mental well-being. Volunteering is a great way to be connected and give back to your community.
Tim Hoopmann, Speaker and Trainer
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.
Self-care practices are vital for resilience and mental health - Regular physical activity, adequate sleep, and a balanced diet contribute to overall wellbeing and stress management. Mindfulness and relaxation techniques, such as meditation and deep breathing exercises, can also help maintain emotional equilibrium and reduce anxiety.
Developing problem-solving skills and setting realistic goals can enhance resilience - These skills empower individuals to tackle challenges proactively and effectively, reducing feelings of helplessness and boosting selfconfidence. By breaking down problems into manageable steps, resilient individuals can navigate through adversity with greater ease.
Resilience is integral to maintaining your mental health. By fostering a positive outlook, nurturing social connections, practicing self-care, and developing problem-solving skills, individuals can enhance their resilience and safeguard their mental well-being.
Building resilience is a lifelong journey that requires ongoing effort and commitment. It is something that needs to be worked on daily. When you build your resilience you will discover its benefits are invaluable for leading a healthy and fulfilling life.
CPD-accredited conference agenda
200+ expert speakers will deliver dynamic, quality and practical content across 5 pillars of content - Digital Innovation, SME Finance Transformation, Digital Practice, The Enterprise CFO and SME Leaders Theatre
SCAN FOR YOUR FREE TICKET
Live demos and latest innovations
Walk the expo floor, enjoy live demos and speak to the product experts from hundreds of accounting, finance and enterprise solutions who can help take your workflows and business to the next level
16 – 17 October 2024 Sands Expo Singapore
Roundtable Discussions
Deeply engage with industry pioneers and fellow professionals at 10 roundtable sessions, where key issues and strategies are addressed
Dedicated Start-up Zone
Seize the opportunity to meet the newest and most innovative Start-ups in the regional accounting, finance and business space.
Networking Extravaganza
Exchange ideas, build partnerships and grow your professional network with more than 4,000 SMEs and enterprise finance leaders, accountants and bookkeepers in practice, business owners and more
Bill360 introduces Advanced AR Automation Solution to accelerate growth for accountants and their clients
Anton Wurr, Director of Marketing, Bill360
T Innovative SaaS-based Platform
Launches to Xero Users at Xerocon
Bill360 is an innovative, SaaS-based accounts receivable (AR) automation and payments platform, designed specifically for small to medium-sized B2B companies issuing invoices. The solution is available to accountants to elevate their practice, and to software providers to enhance their solutions. For end users, Bill360 creates significant value by reducing the cycle time of receivable payments, improving cash flow, and simplifying financial operations. For more information, visit www.bill360.com @Bill360AR
ampa, Florida, August 22, 2024: On Wednesday, August 14, attendees of the Xerocon conference in Nashville were introduced to Bill360, the end-to-end accounts receivable (AR) automation solution that accelerates growth for accountants and their customers.
The company, based in Tampa, Florida, launched its SaaS-based, AI-enhanced platform in August 2023 and has quickly built a roster of 7,000 users within targeted small to medium-sized B2B companies.
Bill360’s state-of-the-art AR technology digitizes the invoiceto-cash process, generates financial insights, and produces workflow efficiencies. This unlocks opportunities for accountants to elevate their advisory services for their clients and frees up capacity to expand their practice.
The solution syncs with existing accounting software (Xero® and QuickBooks®), typically within an hour, and seamlessly provides:
1. Automated invoicing with customizable reminders
2. Branded collaboration portal for suppliers to communicate with their buyers for questions, send notifications, attach notes and review past invoices
3. Embedded payments options, including cards, ACH, and Buy Now Pay Later financing
4. Receivable Assessment, Reporting, Reminders, Triggers, etc.
5. Unique approach to risk assessment that provides faster funding, even for large value payments
6. Live US-based support for accountants and end users
Bill360’s users are realizing 48% reduction in DSO (Days Sales Outstanding) accounts receivable on average when they use the platform for six months or more. Bill360 exhibited at the Xerocon conference in booth #E20, where conference attendees spoke with our experts and viewed a demo, which is also available on demand at www.bill360.com.
“Cool new technologies are enabling AR automation to become more powerful and accessible, elevating the role of accountants to advisory with their clients”, said Jody Padar, The Radical CPA. “It’s great to see
companies like Bill360 bringing their innovation to address cash-flow automation and improvements.”
A copy of Jody’s newest book, Radical Pricing: How to Optimize Profits, Delight Customers, and Build a Top-Value Firm, that focuses on helping accountants transform their practices into advisory services, was available to visitors at Bill360’s booth at Xerocon.
Bill360 is founded by a group of B2B payment veterans and led by Paul Hunter, entrepreneur and former CEO of Sterling Payment Technologies, which was acquired by EVO Payments International in 2017. “We are thrilled to introduce Bill360 to accountants and enable them to improve cash flow for their practice and for their clients”, said Hunter. “The platform was built over years, working closely with B2B business owners and accountants. We were driven by the quest to create a solution that produces financial results and ease of adoption. You can expect more innovations through our partnerships with accountants and software companies.”
