XU Biweekly - Issue 66 - 21 October 2023 by XU Magazine

Saturday 21st October 2023 | No. 66

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Chaser has helped businesses SME lender iwoca raises new to collect $5 Billion in 2023 £200 million funding line after reaching £2.5bn in finance lent C I HASER, THE LEADING GLOBAL ACCOUNTS RECEIVABLES PLATFORM AND CREDIT CONTROL SERVICE PROVIDER, HAS SUCCESSFULLY HELPED BUSINESSES COLLECT OVER USD 5 BILLION SO FAR IN 2023. THIS ACCOMPLISHMENT HIGHLIGHTS CHASER'S COMMITMENT TO HELPING SMES WORLDWIDE GET PAID IN AN EFFICIENT AND FRIENDLY WAY SO THAT THEY IMPROVE CASH FLOW. CHASER'S SOFTWARE ALLOWS BUSINESSES TO CONDUCT CREDIT CHECKS, MONITOR DEBTORS, CHASE OUTSTANDING INVOICES VIA SMS AND EMAIL AND COLLECT PAYMENTS, ALL TO ENSURE TIMELY PAYMENTS.

Late payments are a growing concern, as highlighted by Xero's data from 2019, which reported that 48% of invoices faced payment delays each month on average. By 2022, Chaser's late payment report revealed that this number had jumped to 87%, affecting nearly 9 in 10 businesses.

Late payments pose a significant threat to businesses, especially small and medium-sized enterprises. These payment delays can trigger cash flow issues, causing unexpected costs and even the risk of insolvency. Reaching this target is a significant milestone and an essential step toward achieving greater financial security and stability for businesses worldwide.

“While helping SMEs collect USD 5 billion so far in 2023 is a fantastic achievement, Chaser’s mission remains the same; to support SMEs worldwide to get paid in an efficient and friendly way so that they improve cash flow”, said Sonia Dorais, CEO of Chaser. “As we move forward, Chaser remains dedicated to continuing to help SMEs reduce late payments, and we are continuously enhancing our software and solutions by introducing new, AI-driven features that make timely payments even more effortless.”

Chaser is committed to helping businesses succeed through the introduction of new and innovative features, that make it easier to get paid on time, including:

• The late payment predictor - This feature anticipates the likelihood of late payment, empowering users to make smart, proactive decisions about credit control to ensure timely payments and protect their cash flow. • Recommended chasing time - By using artificial intelligence, Recommended chasing times present Chaser users with the optimal time and day to chase customers to get invoices paid. Chaser will continue to strive for SMEs to be paid in a friendly and efficient way. Chaser is dedicated to creating tools that empower businesses to take control of their accounts receivable process and maintain financial security.

WOCA, ONE OF EUROPE’S LARGEST SME LENDERS, TODAY ANNOUNCES A NEW FUNDING LINE WITH INITIAL COMMITMENTS OF £200 MILLION FROM BARCLAYS AND VÄRDE PARTNERS.

In January this year, iwoca secured an increase and extension to its existing funding line, with long-standing partner Pollen Street Capital - from £125 million to £170 million - as demand for SME finance soared. With the new £200 million funding line from Barclays and Värde, this now takes the total debt commitments to over £850 million.

Supporting the full range of SMEs Across the UK and Germany, iwoca has lent over £2.5bn since its launch in 2012 across more than 120,000 business loans. As of Q3 2023, the lender is on track to end the year having doubled the number of small

business loans it has funded when compared to 2021.

Christoph Rieche, iwoca CEO and co-founder, said: “We started iwoca after the financial crisis to offer SMEs the support that was so badly needed during uncertain times. Now, over 10 years later, we are fully tested and have proven that we can be there for SMEs when they need us the most. With this new funding, we’re in an even better position to help smaller businesses in the UK and Germany at a time of economic uncertainty. These SME businesses form the basis of a strong economy, and iwoca will lead from the front to help them thrive and achieve their goals.” “We are pleased to support the expansion of commercial financing opportunities in the UK through iwoca,” said Aneek Mamik, Global Head of Financial Services & Diversified Private Credit at Värde Partners.

“Iwoca’s differentiated sourcing and underwriting capabilities give us access to a high quality portfolio of commercial businesses. This builds on our leading position in providing commercial lending and leasing solutions to parts of the economy increasingly underserved as banks are less able to meet the full spectrum of the demand.” Iwoca is reaching nearly 3 million businesses across the UK and Germany through its embedded lending technology, which allows businesses to access loans directly through a range of platforms such as accountancy software apps and digital neobanks. In addition to its Flexi-Loan, the lender offers an omni-channel B2B payment solution – iwocaPay, and a Revenue-Based Loan, which it launched with eBay in 2022, where repayments are a percentage of a business’s monthly sales.

XBert Announces Groundbreaking Integration with Employment Hero

Bert, a leading AI-powered practice management platform, today announced its strategic integration with Employment Hero, a renowned HR software and payroll solution. This collaboration is set to redefine the payroll management landscape by offering unprecedented accu-

racy and foresight. "With this new integration, we're not just enhancing payroll management; we're transforming it," said Aaron Wittman, Co-founder of XBert. "Imagine an AI meticulously analyzing every single payroll entry on each pay run. This allows businesses to detect errors, potential fraud, or mistakes be-

Saturday 21st October 2023

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fore they even occur. That's the innovative solution we're proud to present." Previously known as KeyPay, Employment Hero has now fully embraced the capabilities of XBert, ensuring that users benefit from a seamless and efficient payroll experience.

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New Apps & Updates

2 XU Biweekly | No. 66

Saturday 21st October 2023

ACCOUNTKIT AND FUSESIGN ANNOUNCE INTEGRATION TO STREAMLINE ESIGNING PROCESS

CCOUNTKIT, A LEADING PROVIDER OF ACCOUNTING COMPLIANCE AUTOMATION TOOLS, AND FUSESIGN, A RENOWNED ESIGNING PLATFORM FOR ACCOUNTANTS, ARE THRILLED TO ANNOUNCE THEIR STRATEGIC PARTNERSHIP. THIS COLLABORATION AIMS TO SIMPLIFY AND ACCELERATE THE ESIGNING PROCESS FOR BOOKKEEPERS AND ACCOUNTANTS, ELIMINATING THE NEED FOR MANUAL DATA TRANSFERS BETWEEN SYSTEMS.

This eliminates the manual entry of these details, which is a common pain point.

Traditionally, professionals in the accounting sector faced the cumbersome task of exporting data from one system and importing it into another to facilitate eSigning. This manual process was not only time-consuming but also prone to errors, leading to potential discrepancies in financial documents.

As the signing process progresses, FuseSign will dynamically update AccountKit's status dashboard, reflecting the current status of all bundles and each recipient's actions, whether opened, rejected, or signed.

With this new integration, AccountKit will send documents along with recipient details, such as the e-signer's name, number, email, and email content, directly to FuseSign.

XU BIWEEKLY - No. 66 Newsdesk: If you have any news or updates that you would like us to consider for inclusion in the next edition of the XU Biweekly, please email us at: newsdesk@xumagazine.com CEO: David Hassall Managing Editor: Wesley Cornell Chief Revenue Officer: Alex Newson Account & Partnership Assistant: Robyn Consterdine Creative Assistants: Hebe Vermeulen & Aidan McGrath Advertising: advertising@xumagazine.com www.xumagazine.com ‘Xero’ is a trademark of Xero Limited (New Zealand). XU Biweekly and XU Magazine is collaboratively produced by an independent group of Xero users and is not affiliated in any way with Xero. All other trademarks are the property of their respective owners. © XU Magazine Ltd 2014-2023. All rights reserved. No part of this publication may be used or reproduced without the written permission of the publisher. XU Biweekly is published by XU Magazine Ltd (08811842), registered in England and Wales. Registered office: Office 1, Brunswick House, Brunswick Way, Liverpool, L3 4BN, United Kingdom. All information contained in this publication is for information only and is, as far as we are aware, correct at the time of going to press. XU Magazine Ltd cannot accept any responsibility for errors or inaccuracies in such information. If you submit unsolicited material to us, you automatically grant XU Magazine Ltd a licence to publish your submission in whole or in part in all/any editions, including in any physical or digital format, throughout the world. Any material you submit is sent at your risk and, although every care is taken, neither XU Magazine Ltd nor its employees, agents or subcontractors shall be liable for loss or damage. The views expressed in this publication are not necessarily the views of XU Magazine Ltd, its editors or its contributors.

Once the data is in FuseSign, users have access to the breadth of FuseSign-specific settings such as setting up e-signing fields and other advanced levels of flexibility such as FuseSign’s specific setting which controls who needs to sign, view or not access a document in a bundle, before dispatching the documents for signing.

Upon completion, users are promptly notified through various channels like email, slack, teams, etc., and the signed documents are automatically filed back to their original location, regardless of the Document Management System (DMS) in use.

NEW XERO CONNECTED APPS!

Key Benefits of the Integration:

1. Efficiency: Eliminates the need for manual data exports and imports, saving valuable time. 2. Accuracy: Reduces the risk of human error associated with manual data transfers. 3. Convenience: Allows accountants to manage and authorise documents within a single platform, enhancing user experience. 4. Security: Ensures that sensitive financial data remains protected during the transfer and eSigning process. "This integration is a game-changer for our customers," said Paul Murray, Founder of AccountKit. "We're always looking for ways to enhance our platform and make our users' lives easier. Integrating with FuseSign allows us to do just that."

NiceJob AU/UK/US/NZ/CAN - NiceJob is a reputation marketing platform designed to help businesses get the reputation they deserve. It’s the easiest way to get more reviews, referrals, and sales.

Bankeasy GLOBAL - Bankeasy is a conversion tool that turns Xero bills into payment instructions for banks using the new ISO 20022 standard in Switzerland. The solution also imports any bank statement file received from financial institutions in the ISO 20022 XML format into Xero's account statement transactions.

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SHARESIGHT PRODUCT The era of ease has UPDATES arrived with Revolut 10

oday’s the day — 10.10, aka Revolut 10 day! What’s so special about the launch of the latest version of our app? Let’s dive in... You asked for all things money made easy, so we challenged ourselves to see how easy we could make Revolut 10. And we think you’ll find that it’s not only super smooth, and intuitive, but will also be your new favourite way to do money.

What’s new? • A new, simplified look – view all your money on the sleek home screen and switch between accounts and currencies with a tap. • Add your style – personalise your app with custom backgrounds, widgets, themes, and navigation.

• Send quickly, spend flexibly, and save daily – take care of all your money tasks more quickly than ever.

Send, spend, and save — easily Doing all your daily money things should be the easiest thing about your day. And now, with Revolut 10, it’s all just a tap away. That means spending flexibly, sending money faster, and watching your savings grow daily with our savings accounts (T&Cs apply).

Every pixel, swipe, tap — designed for ease After conducting countless customer interviews and diving deep into user research, we heard one thing loud and clear — ’make it easier’. So, we set our sights

on a new era of Revolut, one built around ease. “Listening to our customers was key to Revolut 10. My goal is making money streamlined and easy to manage for everyone, which means considering every pixel, swipe, and tap along the way.” — Maria Herrera, Head of Product Design Now, we’re ready to share the highlights of Revolut 10, which we’ve spent hundreds, if not thousands, of hours testing, prototyping, and refining. And if you’re the type that likes to get under the hood, then get the inside scoop from the people behind the product on our Revolut 10 webpage.

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E’VE SPLIT OUR FOCUS IN A FEW DIFFERENT DIRECTIONS OVER THE LAST MONTH. WE HAVE CONTINUED TO IMPROVE ON OUR NEW (BETA) EXPOSURE REPORT IN PREPARATION FOR ITS FULL RELEASE. WE ALSO ROLLED OUT SOME ADDITIONAL IMPROVEMENTS TO OUR CUSTOM INVESTMENT FEATURE SET AS PART OF OUR ONGOING WORK TO PREPARE OURSELVES AS A BUSINESS FOR OUR EXPANSION INTO MULTI-ASSET CLASS SUPPORT.

Finally, as I write this we are in the process of releasing a very early sneak peak of our new holdings page. The work is largely incomplete, but our rationale for such early access (for those with beta access enabled) is to gather feedback as we iteratively deliver the remain-

ing functions, allowing us plenty of time to incorporate this feedback and improve the page as we go.

New functionality / Enhancements • Very early beta release of our new holdings page • The ability to bulk delete custom investment prices • The ability for guests with read only access to view custom investment details • Separated the ‘residual’ entry for each ETF on the exposure report into their own ‘residual ETFs’ category, displaying this grouping at the bottom of the report.

Broker import functionality • Added support for Barrenjoey trade confirmations.

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INTRODUCING GURUPAY: AN EMBEDDED PAYMENTS SOLUTION FOR WORKGURU, POWERED BY PINCH PAYMENTS

E ARE PLEASED TO INTRODUCE GURUPAY, A SOLUTION DEVELOPED BY WORKGURU, SPECIFICALLY DESIGNED TO STREAMLINE PAYMENT PROCESSES FOR WORKGURU'S BUSINESS CUSTOMERS.

The GuruPay Advantage GuruPay represents a significant advancement for WorkGuru, as it enables their customers to collect payment online from invoices and quotes sent through

their software, providing tremendous benefit to Australian businesses that use the WorkGuru job management system. This breakthrough will also enable WorkGuru to monetise payments, something that software companies commonly struggle to achieve and sometimes don’t even know is a possibility. Tony Harcourt, the founder of WorkGuru, underlines the importance of GuruPay,

noting, "Automating the payments processes for traditional Australian businesses is often the last piece of the cloud migration puzzle. These businesses have been behind the eight ball when it comes to implementing new online technologies and we are so excited to be able to close the loop entirely by bringing Pinch solutions to our own customers through our own platform. We're particularly excited about allowing our customers to confirm quotes via a deposit payment, which we are

about to launch and have had plenty of excited customers champing at the bit to get their hands on." Paul Allen, CEO of Pinch Payments, shares the enthusiasm, stating, "We are delighted to support WorkGuru in their mission to enhance payment solutions for Australian businesses. Through this collaboration, we are furthering our own mission to eradicate the issue of late payments, a problem that exacts a significant toll on the Australian

economy each year."

The Unified Vision of WorkGuru and Pinch Payments WorkGuru and Pinch Payments share a common vision of simplifying and improving payment processes for businesses. GuruPay is a prime example of the collaborative potential of Pinch Payments to enhance payment processes for software companies.

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News & Updates

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Saturday 21st October 2023

5 key features you’ll Meet Pockets – the next Xero unveils new GenAI-driven search love about MyTrucking evolution of Vaults helping customers get M A answers faster

HECK OUT OUR LATEST UPDATES AND NEW FEATURES BELOW.

In This Update:

• A UK Server Has Launched. • A New Method To Filter Contacts & Sales. • Status Page: Check Status & Uptime. • Discover New Icons. • Sync Oncord Products with Google Merchant Centre. • E-mail Invoice Editor. • Recurring Sale Schedules. • GoSweetSpot Shipping Integration. • New Video Courses & Updated Help Articles. • Developer Documentation Overhaul and New Tutorials.

A UK Server Has Launched

ERO, THE GLOBAL SMALL BUSINESS PLATFORM, TODAY ANNOUNCED IT HAS IMPLEMENTED A GENERATIVE AI (GENAI) SOLUTION IN XERO CENTRAL TO HELP DELIVER ACCURATE SUPPORT ANSWERS FASTER FOR ITS MILLIONS OF CUSTOMERS AND USERS. In partnership with Coveo and powered by GenAI, generated answers are available in Xero Central - Xero’s customer support and learning site - and the feature is just one of Xero’s GenAI experiments announced recently at Xerocon Sydney. Xero’s recent Future Focus AI research also found that small businesses believe that support systems (customer service, chatbox and help desk tools) will be the second biggest area (36%) impacted by AI in the next five years, only behind content creation at 38%.

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We're excited to announce the addition of a new hosting cluster, situated in a cutting-edge data center in Coventry, United Kingdom.

WORKATO - PRODUCT SCOOP - SEPTEMBER 2023 Build Seamless Business Automations with Workflow Apps Workflow Apps is the new way for builders to create end-to-end business processes with ease. With Workflow Apps, you can create intuitive applications that handle complex processes with multiple approvers such as: • Access Requests • Customer or Supplier Onboarding • Employee On/Off-boarding We make this simple by providing you the tools to easily create and manage the user interface, data, and business logic for your application. Once created, all Workflow Apps can be accessed from a single application portal, giving users a single spot to track their pending tasks.

YTRUCKING IS PACKED WITH TIME-SAVING TOOLS AND FEATURES TO STREAMLINE YOUR BUSINESS AND GROW YOUR BOTTOM LINE. WE WERE DESIGNED BY TRUCKERS FOR TRUCKERS, SO WE’VE GOT YOU COVERED FROM JOB MANAGEMENT THROUGH TO YOUR INVOICING PROGRAMME.

MyTrucking is the job management programme for small to medium transport operators, which is changing the lives of 650 plus transport companies across Australia and New Zealand.

The Figured Partner Awards is a new program to celebrate firms and individuals delivering truly great work through their use of Figured in supporting their farming clients’ businesses. But don’t rush out and buy a new black tie outfit just yet!

Planning for the road ahead: Key insights from the NZ ‘State of the industry’ report 2023

E ARE PLEASED TO SHARE THE KEY FINDINGS FROM OUR STUDY OF THE ACCOUNTING AND BOOKKEEPING SECTOR IN AOTEAROA NEW ZEALAND.

Where are my personal and group Vault/s?

Simplicity Everything about MyTrucking is simple, intuitive, clever (but not complex) and reduces everything to its essence. Why? Truck drivers and transport operators are busy people. By making our transport management system as simple as we can, we save you time (and the odd headache or two).

Driver mobile app Our Mobile App lets drivers record information at the touch of a button, whatever the location. It’s easy to set up, works on Apple and Android devices and the best bit? It keeps working when drivers are out of network range and will auto-sync when connectivity is back up and running.

Custom reports

NTRODUCING THE FIGURED PARTNER AWARDS FOR NEW ZEALAND!

S OUR PRODUCTS CONTINUE TO EVOLVE, WE’RE ALWAYS LOOKING FOR FRESH WAYS TO STREAMLINE YOUR APP EXPERIENCE. WITH OUR LATEST UPDATE, WE’VE REPLACED VAULTS WITH A DEDICATED SPACE FOR ALL YOUR BUDGETING NEEDS. THANKS TO YOUR FEEDBACK, YOUR PERSONAL AND GROUP VAULTS ARE NOW LOCATED UNDER ‘POCKETS’. WE’VE ALSO CREATED A NEW HOME FOR YOUR SAVINGS VAULTS. HERE’S EVERYTHING YOU NEED TO KNOW:

No one business is the same, so your reporting shouldn’t have to be either. It’s a new concept for many small businesses but a bit like the discovery of mince and cheese together in a pie, you’ll never look back. Paper-based systems make it impossible to report on customers, jobs or vehicles easily. MyTrucking allows you to create custom reports, reuse them over and over again to make crunching numbers a bit easier.

Your personal and group Vaults are now known as personal and group ‘Pockets’. Don’t worry if everything looks unfamiliar at first – your Vaults (now Pockets) are still just how you left them. To access Pockets, follow the steps below: • Check you’ve got the latest version of the app • From the home screen of your app, tap the account selector below your balance • See all your existing Vaults (now Pockets) under Pockets • To create a new one, simply tap Add new

So what’s changed? Along with a fresh new look, we’ve combined all our existing budgeting features into one, to help you set aside money for any purpose. So whether you’re affording something as a group, or settling recurring bills, you’ll be able to make payment planning a breeze. We want to make your app experience as smooth and simple as possible, so if you need something clarified, please don’t hesitate to get in touch with our customer support team via in-app chat.

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Unlock the potential of having Charity Accounts on your books

oin our webinar to find out how to unlock the Potential of Charity Accounts for Your Practice

Are you ready to take your automation game to the next level? We’re thrilled to introduce Copilot for Recipes, an AI-powered experience that’s about to become your best friend in the world of automation.

The State of the industry report 2023 is the first of its kind in Aotearoa New Zealand and benchmarks the industry, highlighting key trends, challenges, and opportunities faced by accounting and bookkeeping professionals.

This innovative feature will transform the way you work with Workato, making it easier than ever to turn your automation ideas into reality.

Despite a recession being declared midway through 2023 and rising inflation, the sector has shown incredible progress and resilience during these challenging times.

Have you ever wondered how to leverage a charity account for your practice? If you're an accountant, Bookkeeper, financial advisor, or someone involved in the world of finance, the answer is probably yes. Charity Accounts present a unique and often untapped opportunity for professionals in the financial sector. Let's look into the world of charity accounts, exploring the benefits, opportunities, and strategies to unlock their full potential. And the best part? We're inviting you to join our upcoming webinar. We will provide in-depth insights on this exciting topic!

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Copilot: Your Expert Co-Worker in Automation

6 XU Biweekly | No. 66

News & Updates

Saturday 21st October 2023

Employment Hero Announce Latest AU$263M Capital Raise Round

PayPal Announces Recipients of Third Annual Maggie Lena Walker Award

AYPAL TODAY ANNOUNCED THE RECIPIENTS OF THE THIRD ANNUAL MAGGIE LENA WALKER AWARD. NAMED IN HONOR OF THE FIRST BLACK WOMAN TO CHARTER A BANK IN THE U.S. AND SERVE AS ITS PRESIDENT, THE AWARD CELEBRATES THE ACHIEVEMENTS OF WOMEN IN THE U.S. WHO ARE ECONOMICALLY EMPOWERING THEIR COMMUNITIES AND SHAPING A MORE INCLUSIVE WORLD FOR ALL. The 2023 award recipients are working to expand equitable access to capital for entrepreneurs and increase affordable home ownership opportunities, particularly for people in historically redlined neighborhoods. “This year’s recipients exemplify the spirit of Maggie Lena Walker’s legacy and are building innovative solutions for increasing access to capital and revitalizing communities,” said Franz Paasche, Chief Corporate Affairs Officer, PayPal. “Over the past three years, we have recognized 12 outstanding recipients. I am proud to see how this recognition has helped fuel their work and brought positive impact to communities across the country.” Award recipients are chosen by a Selection Committee whose members included senior leaders within the PayPal community, Ellen McGirt, Senior Editor, Fortune Magazine, Co-chair, Fortune CEO Initiative, and Liza Mickens, Walker's great-great-granddaughter, and co-founder of Vote Equality. Recipients will receive a cash award of up to $50,000 and access to resources and mentorship from the PayPal community to further their impact and vision. Recipients will also receive a piece of artwork commissioned by PayPal from Alice Beasley, a renowned fabric artist based in Oakland, CA. The PayPal Maggie Lena Walker Award was established in 2021 as part of the company’s commitment to advancing its mission of creating a more inclusive economy.

2023 PayPal Maggie Lena Walker Award Recipients Achievement Award Tulaine Montgomery, CEO, New Profit (Washington, D.C.) Tulaine is an entrepreneur, educator, writer, organizer, and currently serves as CEO of New Profit, a philanthropic organization that supports high-impact social entrepreneurs

creating solutions to systemic challenges in America by leveraging their proximity to the genius, assets, and vision of the communities they serve. She was a key architect of New Profit's proximity strategy, a $100M effort launched in 2018 to address the systemic funding gap faced by Black, Latinx, Indigenous, rural, and other overlooked social entrepreneurs. She also led initiatives at New Profit focused on strengthening pathways to opportunity for underserved youth, driving resources and support to entrepreneurs impacted by the American legal system, and building a more diverse, equitable, and inclusive organization and philanthropic sector. Tulaine serves as the Board Chair of GirlTrek, the largest health nonprofit dedicated to Black women and girls in the United States, and is the host and executive producer of Say More with Tulaine Montgomery, a podcast that brings together influential leaders from different identities, generations, and sectors for radically candid, action-oriented, and joyful conversations around how we can design and build a thriving society. "As Maggie Lena Walker once said, ‘We can do anything just as soon as we learn the lesson of unity.’ It is unity — the transformative power that is unlocked when we get closer to one another — that motivates me,” said Montgomery. “To build new systems of opportunity in America, we must come together, connecting as a multiracial, intergenerational, cross-sector coalition in the pursuit of a better world for everyone.” Emerging Leader Award Omi Bell, founder and CEO, Black Girl Ventures (Washington, D.C.) Black Girl Ventures (BGV) is a foundation that addresses the unique barriers BIPOC women face in accessing social and financial capital to grow their businesses. BGV holds up to twelve large-scale founder pitch events nationally and has funded 450 women of color through more than 50 pitch programs across 15 cities.

ACK IN JULY, WE ANNOUNCED THE LAUNCH OF THE FIRST-EVER XERO AWARDS IN CANADA. THIS INITIATIVE CELEBRATES XERO’S VALUED ACCOUNTANTS, BOOKKEEPERS, AND APP PARTNERS BY PUTTING THEM IN THE SPOTLIGHT AND RECOGNIZING THEIR COMMITMENT TO EXCELLENCE AND ONGOING SUPPORT OF THE SMALL BUSINESS SECTOR. Thank you to each and every one of you who took the time and commitment to submit an entry. Our judges were so impressed by the quality of all submissions and found it incredibly difficult to select just one winner.

Congratulations to our winners There were 8 trophies up for grabs for the first year of Xero Awards in Canada — 6 of them dedicated to our accountants and bookkeepers and 2 to our app partners.

Enterprise National Partner of the Year: MNP LLP Cloud Champion of the Year: Avalon Accounting Innovative Partner of the Year: LiveCA LLP Community Partner of the Year: Grant Thornton LLP

App Partner Awards Practice App Partner of the Year: Syft Analytics Emerging App Partner of the Year: Countable Congratulations to our winners — we are so appreciative of everything each of you do for us and the small business community. We’re looking forward to celebrating our winners at our exclusive in-person event in November.

The winners are:

Accounting and Bookkeeping Awards Accounting Partner of the Year: ConnectCPA Bookkeeping Partner of the Year: Approved Bookkeeping Corporation

MyTrucking’s story: Nine years on

E OFTEN TALK ABOUT HOW MYTRUCKING WAS CREATED TO HELP OUT SOME MATES. BUT WE’VE NEVER REALLY TOLD YOU THE STORY OF HOW IT ALL HAPPENED. TO CELEBRATE NINE YEARS OF MYTRUCKING, SAM AND SARA RECENTLY TOOK FOUR VERY SPECIAL PEOPLE AWAY ON A TRIP TO CELEBRATE WHAT THEY HELPED CREATE. Stu and Em Taylor, and Henry (affectionately nicknamed Bugs) and Tori Bunny were the first-ever customers of MyTrucking. And if it hadn’t been for Stu and Henry purchasing David Pope Transport, MyTrucking may never have existed.

Going out on their own

“Being part of the legacy of this award, and standing alongside a maven like Maggie Walker, motivates me as much as it humbles me,” said Bell. “It renews my spirit to continue to fight for economic, racial, and gender equity for our founders. The award also reassures me that I do not stand alone in this work. My thanks to the committee for giving me this opportunity and recognition.”

In 2010 longtime friends and brothers in law Stu and Henry joined forces to purchase Wairarapa-based transport company David Pope Transport, owned by David Pope. The newly named Wairarapa Livestock Transport Limited was a new venture for the duo but a challenge they were hungry to meet.

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Thank you to our judges - This year’s categories were reviewed by a panel of 15 judges, inclusive of a cohort of tech and accounting industry leaders. A massive thank you to them for taking the time to review each entry and supporting this community.

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Lorem ipsum Increase accuracy by up to 99%. No contract, plus fair and reasonable monthly pricing. Integrates seamlessly with Xero and others. Automate everything: create rules for even more time saving. Get all features from day #1 at no extra cost—including unlimited companies* & users.

* relevant for accountants and bookkeepers

8 XU Biweekly | No. 66

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Features

Saturday 21st October 2023

Unlock the Potential of Better Business Advisory with WorkflowMax by BlueRock By Ryan Kagan, Head of Growth and Partnerships, WorkflowMax by BlueRock

N CASE YOU MISSED THE LATEST NEWS IN THE JOB MANAGEMENT APP SPACE, LET ME RECAP: BACK IN MARCH, BLUEROCK, A TECH-LED AUSTRALIAN ADVISORY BUSINESS, ACQUIRED THE WORKFLOWMAX BRAND FROM XERO AND ANNOUNCED PLANS TO BUILD A NEW PRODUCT CALLED WORKFLOWMAX BY BLUEROCK WITH FAMILIAR AND ENHANCED FUNCTIONALITY TO MEET EVOLVING MARKET AND CUSTOMER DEMANDS. s the Head of Growth and Partnerships and employee number one at WorkflowMax by BlueRock, I want to emphasise our passion for WorkflowMax and its benefits for SMB owners, accountants, and bookkeepers. We’re thrilled to take over the reins and create an improved solution from the strong foundations Xero has set. On the eve of the accounting industry’s major event of the year, I’m incredibly proud to update you on our progress and invite you to witness WorkflowMax by BlueRock’s innovative job management software in action at Xerocon. Attending this knockout event for the third time, I’m excited to meet leaders of great practices and gain valuable insights from the amazing lineup of speakers. The role of the accounting and bookkeeping community is crucial to our success, as you have a unique lens into the world of small business and drive their daily operations’ performance and potential through your advisory work. Our new solution and the rich data/insights within it can help your clients optimise operations, increase efficiency, and boost profitability. We’re eager to share our plans for growing and scaling WorkflowMax by BlueRock. So, if you’re in

Sydney too, visit us at Xerocon.

Challenges in the accounting landscape present much opportunity The accounting and bookkeeping landscape today certainly is not the same as it was 5-10 years ago, and practices are continually faced with new challenges, demanding a shift towards more proactive and strategic advisory services. This could be daunting for some, but we think it is also a very exciting time. With automation and artificial intelligence (AI) becoming more widely used, accountants and bookkeepers can streamline workflows, analyse data more efficiently, and offer more-informed strategic insights to their clients. With this transition to a new future, accountants and bookkeepers must adapt swiftly to stay competitive and ahead of the curve. Recognising an opportunity to meet these changing needs, the new WorkflowMax by BlueRock product will provide accounting professionals with a front-foot approach to advisory accounting functions. How? The solution equips you with real-time data, sophisticated analytics, improved client management, more advanced app integration capabilities for extending your clients’ tech ecosystem, all with an improved user-friendly interface and experience — just some of the exciting features we will be showcasing at Xerocon.

Better technology means better advisory and healthier cash flows In this digital age, technology has become a critical asset for accountants and bookkeepers, and any small to medium sized business. Despite so many technological advances, delivering high

quality insights to clients based on accurate and real-time data is key to developing growth opportunities. Recently, I caught up with Michael Howe, the 2023 Young Accountant of the Year winner at the Australian Accounting Awards and an Associate Director in Accounting & Advisory at BlueRock. Michael specialises in financial projection and analysis, strategy and business planning, and compliance management, and he had some profound insights about BlueRock’s acquisition of Xero’s WorkflowMax brand and the software rebuilding process. “Utilising tools like WorkflowMax at both individual and macro levels presents a substantial yet underexplored opportunity in our industry. By deepening our knowledge of such products, we can stay ahead in advising clients, optimising their success while maintaining our competitive edge.” “Accountants and bookkeepers play such a pivotal role in the success of small businesses as the trusted advisors who provide crucial financial insights and guidance day in and out. Software like WorkflowMax enables us to advise our clients better with real-time information and act more like a strategic partner, helping businesses make informed decisions and promoting slicker operations for growth and success.” Recently, one of Michael’s key clients faced cash flow issues due to limited cost visibility on projects. After implementing WorkflowMax and using a standardised process for time tracking across the business, they found some holes in their own quoting and estimating workflow and discovered they had been massively under-pricing their jobs. With the help of their advisor and using the robust reporting

features available in WorkflowMax, they were able to re-scope their projects, increase revenue, and boost overall project profitability across the board, completely transforming their cash flow. “WorkflowMax has been a game-changer for our clients’ financial success,” says Michael.

Building better businesses together At WorkflowMax by BlueRock, we believe that through strategic partnerships, businesses can work together to better service the needs of the market. We live in a world of connected ecosystems, where advisors, businesses and software applications need to speak to benefit from improved operations and better business outcomes. By working together with Implementation Partners, Certified Advisors, and Ecosystem Partners, we can collaboratively re-imagine growth opportunities for small to medium sized businesses and enhance outcomes through shared data and insights. As an example, we will continue to leverage the deep integration with Xero and will continuously maintain our integration endpoints so we’re always offering customers a best in breed, integrated system between their accounting software and their job management needs. We are building WorkflowMax by BlueRock from the ground up and leveraging technology via Amazon Web Services (AWS) cloudbased infrastructure. AWS allows us to provide advanced security and gives us the ability to easily scale operations and make releases faster. Rest assured, customers will be able to enjoy the same trusted features from

one of the most sought-after Xero integrated apps worldwide, but with a more intuitive user experience and the addition of exciting new features. Our new partnership program (launching later in October) for advisors provides a fantastic opportunity for accounting and bookkeeping businesses to grow together with WorkflowMax by BlueRock. You’ll get the benefit of potential new revenue streams in proactive advisory, retained support and education in new features and ways of work. “Having WorkflowMax seamlessly integrated as an extension of our advisory packages allows us to leverage its full potential. It also enables us to analyse data at a macro level across all clients, identifying trends and opportunities to enhance their businesses as well as our own. It’s a powerful tool that empowers us to deliver exceptional value to our clients.” - Michael Howe Young Accountant of the Year and Associate Director in Accounting & Advisory at BlueRock

Become a WorkflowMax by BlueRock certified advisor If you’re interested in getting certified on the new WorkflowMax by BlueRock product, hit the link below and register your interest. You will be the first to know when the new partner program launches in 2023. You’ll get early access to the software and can earn commission, plus other incentives. We’ll also provide a range of resources, training and education to get you up to speed on how this solution will add value and empower your clients through a unified and structured toolkit that elevates your strategic advisory capabilities to deliver better insights.

Here’s a snapshot of the most frequent questions accountants and bookkeepers are asking us • Will you be making improvements to the Xero integration? We are looking at numerous ways to build upon the current Xero integration. Elements like the ability to edit fields on the invoice after approval, supporting multi-currency, synchronising payments both ways, and pushing documents into Xero are some of the improvements we plan to make. • How can I migrate my data to WorkflowMax by BlueRock? There will be a free migration tool available for customers wanting to migrate their data over to the new platform. We will be releasing more details about how this migration tool will work over the next few months. • Will you be introducing an inventory and stock control solution or integration ability? We don’t have plans to build inventory management into WorkflowMax by BlueRock currently. We will, however, be building additional endpoints in our API to allow for deeper integrations into third party inventory management solutions. • What support will you offer? Where will your support be based? We will (at minimum) replicate the support capabilities and channels that Xero currently offers to WorkflowMax customers. The new WorkflowMax by BlueRock business will have support team capabilities distributed around the world to provide 24-hour support. There’ll be a Facebook users group too.

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Features

XU Biweekly | No. 66

Navigating the changes to R&D

Saturday 21st October 2023 11

Parlez-vous français?

By Mike Dean, Managing Director, WhisperClaims

EEN TO CRACK DOWN ON PERCEIVED ABUSE OF THIS GENEROUS TAX CREDIT SYSTEM AMONGST SMES, THE GOVERNMENT HAS INTRODUCED A TRANCHE OF CHANGES THAT ARE MAKING THE CLAIMS PROCESS MORE CHALLENGING. This included a reduction to the deduction rate scheme for SMEs and a cut to the SME credit rate for all but the most R&D-intensive companies (i.e., those with 40 per cent of their expenditure on R&D) in April. This came alongside the new requirement for new claimants and those who have not made a claim in the last three financial periods to submit pre-notification of their claim to HMRC digitally. As a result, for those affected, HM Revenue & Customs has to be informed within six months of the end of the period of account to which their claim relates from 1 August. If that wasn’t enough, HMRC has now brought in the delayed Additional Information Form (AIF), which has further increased the complexity and work involved in preparing successful claims for clients from 8 August. However, it isn’t all doom and gloom as technology is stepping in to make these processes easier.

What is the Additional Information Form (AIF)? The AIF emulates the eligibility requirements that exist within the R&D regime and requires claimants to address directly how they meet the required outcomes set out within legislation. It is broken down into four main sections: 1. Business details 2. Contact and agent details

3. Accounting period 4. Qualifying expenditure and projects The first three sections are fairly straightforward, but frustratingly require duplication of information already typically included in a claim. However, it is the final section where much of the additional work is generated. It requires a claimant, or their agent, to outline: • Which schemes the claim is being made through — SME, RDEC, or both • Which categories of costs are being claimed for in each scheme • How much of the qualifying expenditure is a result of qualifying eligible activities • How many eligible R&D projects the claimant incurred costs for during the accounting period • Details of any subsets within the claim—Up to a maximum of 10 with the described projects representing at least half of the eligible expenditure • The total qualifying expenditure, divided into SME and RDEC figures, for each project This information submitted via the AIF, must be sent to HMRC ahead of the Corporation Tax return (CT600/ CT600L). Within the return itself, claimants or their agents must also ensure that box 657 is checked to confirm that the AIF has been submitted. As the entire claim is contingent on this process, client and their agents alike cannot afford to make a mistake or miss a step.

What does it require firms to do? From 8 August, a claim submitted—regardless of claim dates or when the

claim was prepared—must have an AIF attached. For claimant companies, it will mean providing more information than ever before to HMRC, as we have outlined. The tax authority has made it clear that claims not accompanied by an AIF will not be valid and will be rejected on the spot. Of course, many businesses rely on the help of accountants and tax advisers to submit claims for them. As a result of this change, accounting practices need to update their both claim preparation and submission processes to ensure the correct information is submitted. In both cases, the AIF creates additional complexity and administration at a time when both businesses and their agents are having to deal with other considerable changes to this tax relief. These recent changes, combined with the existing administrative requirements of R&D tax credit claims, have made it more challenging for smaller firms to provide a competitive tax service. Inevitably, some of the smaller businesses that rely on these firms’ services have had to look elsewhere at a greater cost or forgo the tax benefits of R&D tax relief altogether.

How can technology help practices? WhisperClaims is determined to make this transition as easy as possible for accountants by providing them with a robust and compliant framework for preparing genuine R&D tax relief claims.

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JOIIN’S GROWTH STORY WINS OUT By Paul Shipway, Chief Commercial Officer, Joiin

T JOIIN, WE’RE DELIGHTED THAT OUR GROWTH AS A COMPANY WAS RECENTLY REWARDED WITH TWO AWARDS AT THE FINTECH AWARDS SOUTH WEST FOR BEST GROWTH STORY OF THE YEAR (SPONSORED BY DELOITTE) AND FINTECH EXPORTER OF THE YEAR (SPONSORED BY W LEGAL).

Year award – sponsored and presented by industry-giant Deloitte – feels like a prestigious chapter in the unfolding narrative of our success. A recognition of and a testament to how far we’ve come in such a short time with a product-led growth approach at our company’s strategic core.

The awards recognise the achievements of the thriving FinTech sector across the UK’s South West, celebrating the fantastic companies making a difference and bringing innovators and digital experts together for an exciting awards evening.

We launched our first minimum viable product in 2019 and achieved our first revenue in Q1 2020. Since then, our company has snowballed, with recurring subscription payments increasing dramatically due to the rapid scaling of our business and expansion into crucial new markets.

As a fast-growing software-as-a-service company, we pride ourselves on delivering a globally available cloud-based consolidated financial reporting platform. In particular, the Best Growth Story of the

The Joiin story

Along the way, we’ve firmly established our platform in the finance and accounting space as a trusted brand, now boasting over 30,000 plugged-in companies

across 103 countries globally. Just 31% of our customers are in the UK, with exports accounting for 69%, including 24% in Australia, 20% US and 4% each in Canada, Singapore and New Zealand. Our growth strategy is driven by a product-led approach – meaning our entire company comes together to create a product that people want to buy in the first place and then stick with. Our recent awards back up our faith in that approach, which runs through everything we do – from our free trial and focus on continuous customer feedback to how we let our product do the talking. Being product led is our ethos.

What does ‘product-led’ mean for customers? Firstly, high satisfaction yet lower pricing.

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FinTech News Introducing Gift Cards on Venmo Revolut doubles Financial Crime Headcount to Combat Rising Industry Fraud A R 12 XU Biweekly | No. 66

S WE APPROACH THE HOLIDAY SEASON, WE’RE INTRODUCING NEW WAYS TO CELEBRATE AND GIVE A GIFT TO FAMILY AND FRIENDS WITH VENMO. LAST YEAR, WE INTRODUCED VENMO GIFT WRAPS TO HELP CUSTOMERS ADD A PERSONAL TOUCH TO THEIR GIFT. TODAY, WE’RE EXCITED TO INTRODUCE GIFT CARDS IN THE VENMO APP WHICH OFFERS A NEW WAY TO SEND A GIFT THROUGH VENMO FROM BRANDS YOU KNOW AND LOVE.

Venmo’s new gift card feature makes it easy to send a custom gift card to friends and family with just a few taps in the Venmo app. Eligible Venmo customers can select a gift card from popular brands, including Starbucks, Amazon, Sephora, DoorDash, Target, Chipotle and Uber, and personalize their gift card with an ani-

mated design. Terms apply. Consumers continue to embrace digital gift giving as a simple and convenient way to celebrate any occasion big or small. According to a 2021 Venmo Gifting survey, seventy-eight percent of Venmo customers use Venmo to send money as a gift for family and friends. Additionally, forty-five percent of users surveyed have sent a digital card in the past year. By introducing gift cards on Venmo, it is easy to securely send a thoughtful gift for any occasion, whether you’re celebrating a birthday, giving a gift to a friend or family member who just started college, or just sending a Monday morning treat to your favorite iced coffee friend. You can send a gift card through Venmo by following a few simple steps in the Venmo app:

Saturday 21st October 2023

How To Send a Gift Card on Venmo

• Open the Venmo app and hit the Pay/Request button • Search and select the User you want to send the Gift Card to • Enter the amount you’d like to gift and a note to the recipient • Tap the Gift Icon • Select the gift card brand you want to send and the design • Preview and review your gift card • Tap Purchase gift card Venmo’s gift cards feature is now available to eligible customers through a collaboration with InComm InCentives. Don’t have a Venmo account? Creating one is easy and free – sign up online or download the Venmo app through the Apple or Google Play app stores.

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Tandem appoints 5 essential Pleo features we new Head of ESG announced at our Beyond event

SG EXPERT, JAMES STREETER, APPOINTED INTO NEWLY CREATED ROLE AS THE UK’S GREENER DIGITAL BANK TAKES FURTHER STEP TO ENSURE GREEN MISSION IS AT THE CORE OF BUSINESS. Tandem, the UK’s greener digital bank, has appointed James Streeter as Head of ESG, supporting its drive to keep sustainability at the core of Tandem. In this newly created role, James will set the environmental, social and governance (ESG) strategy for Tandem; taking responsibility for the bank’s policies, compliance and targets, while ensuring integration of ESG across Tandem’s products and propositions. James brings over 25 years experience to Tandem.

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ND THAT’S A WRAP ON THE FIRST STOP OF OUR EUROPE-WIDE TOUR! YESTERDAY, WE WERE JOINED BY HUNDREDS OF INDUSTRY LEADERS IN LONDON TO LEARN ABOUT THE NEW WAY OF FINANCE. FROM INSPIRING TALKS ABOUT THE FUTURE OF AI TO LEARNINGS FROM OUR CUSTOMERS ON HOW THEY’RE MODERNISING THEIR FINANCE FUNCTIONS, IT’S SAFE TO SAY BEYOND EVENT #1 WAS JAM-PACKED. But let’s not forget the Pleo feature announcements we shared with attendees. We’re always working hard behind the scenes to build genuinely useful features, and we see these five as key to helping our customers optimise their spend management processes. So without further ado, here’s what’s brand-new at Pleo…

1. Vendor cards Does your business have a Zoom licence or Slack subscription? Maybe you send emails through Hubspot or Salesforce? Our brand-new Vendor cards offer a simple way to manage your recurring payments and digital spending, clearly separating them from employee expenses. These are bound to be a dream for finance teams. Let's say your colleague in marketing looks after LinkedIn paid ads. And someone in your IT department is responsible for paying for AWS. As an admin, you can now assign them each a virtual Vendor card exclusively for these payments. Automate the payment, set the right spending limit and make sure you never go over budget – just set and forget!

Save up to 90% on data entry processing time Try for free

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EVOLUT, THE GLOBAL FINANCIAL SUPERAPP WITH MORE THAN 35 MILLION CUSTOMERS WORLDWIDE, HAS REVEALED A SIGNIFICANT EXPANSION TO ITS FINANCIAL CRIME (FINCRIME) HEADCOUNT, DOUBLING ITS SIZE SINCE 2021. RECOGNISING THE CRITICAL ROLE OF HUMAN INTELLIGENCE IN FRAUD DETECTION AND PREVENTION, ALONGSIDE CUTTING-EDGE TECHNOLOGY AND AI, REVOLUT IS COMMITTED TO TACKLING THE RISING THREAT OF FINANCIAL FRAUD WITH A 360 DEGREE APPROACH.

Revolut Invests in Fraud Talent In response to this threat, where over £1.12bn was lost to fraud in the United Kingdom in 2022, Revolut is in-

vesting in world-class talent to help tackle fraud. Data disclosed by the company today revealed more than a third of Revolut's workforce is now dedicated to fighting Financial Crime, with over 2,500 FinCrime experts across 6 markets, spanning key functions such as product development, data science, customer support, operations, and anti-money laundering. This represents a doubling of Revolut’s FinCrime team's size since 2021. Revolut’s continued investment in fraud protection is proving successful, with the company having prevented more than £200m in potential fraud against its customers in the last 12 months.

Staying ahead of the shift In recent times, due to the increased sophistication of

fraud prevention technologies used by businesses, fraudsters are shifting from ‘fraud’ to 'scams'. Data from UK finance reported an 18% decline in unauthorised fraud 2021-2022 compared to APP Fraud which increased; accounting for 41% of all fraud losses in 2022 in the UK. Despite this industry rise in scams, Revolut has demonstrated success in staying ahead of criminals; having today reported a 35% reduction to APP Fraud on its platform since June this year. Over the last year, Revolut has reported a doubling in the number of scams beginning on the four major social media platforms where currently two thirds of all Revolut attempted fraud is initiated.

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Procurify New Feature: Decentralize Spending and Start Earning With Procurify Spending Card

E ALL KNOW HOW CHALLENGING THE LAST FEW YEARS HAVE BEEN, AND GIVEN THAT THE WORLD HAS ALL BUT SHIFTED TO A WORKFROM-HOME LIFESTYLE, OPERATIONAL LEADERS NEED TO BEGIN EMPOWERING TEAMS TO PURCHASE WHAT THEY NEED, WHEN THEY NEED IT, IN ORDER TO HIT TARGETS AND CONTRIBUTE TO GROWTH. But spending (and better yet, managing spending) in a remote-first world isn’t all sunshine and rainbows. No, no. In many cases, it requires too many approval steps, takes too much time, and lacks the visibility required to accurately forecast for the future. To solve this problem, we’re pleased to introduce our latest feature to the Pro-

curify Platform: spending card.

Procurify

What the heck is spending card? We’re glad you asked… Procurify spending card is a fee-free, low-risk way for teams to decentralize spending and purchase what they need, when they need it. With spending card, finance and operations teams can streamline purchasing timelines and guarantee compliance, all while retaining administrative control. Most importantly, this feature empowers organizations to safely scale their spending without losing visibility into the who, what, where, why, and when of each and every purchase.

and pre-approve funds for quick and safe spending • Empower teams to purchase what they need, when and where they need it • Tame rogue spending and maintain organizational control and accountability with enhanced visibility • Accelerate reconciliations and eliminate time-consuming reimbursements • Reduce the risk of fraud and increase security

With spending card, you can:

Not only does spending card empower team members to spend flexibly and securely, but it contributes to even greater success in 2022 and propels our customers forward on their journey to accomplish their missions. More time saving, less money wasting. Purchasing quickly is only one piece of the spending pie.

• Issue cards in minutes

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