XU Magazine - Issue 39

independent news source for users of accounting apps &

magazine Issue 39

Main Contacts -

CEO:

David Hassall (Co-Founder)

Managing Editor: Wesley Cornell (Co-Founder)

Chief Revenue Officer: Alex Newson

Account & Partnership Assistant: Robyn Consterdine

Creative Assistant: Aidan McGrath

Editorial Translator: Lyla Lezghad

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© XU Magazine Ltd 2014-2024. All rights reserved. No part of this magazine may be used or reproduced without the written permission of the publisher. XU Magazine is published by XU Magazine Ltd (08811842), registered in England and Wales. Registered office: Office 1, Brunswick House, Brunswick Way, Liverpool, Merseyside, L3 4BN, United Kingdom. All information contained in this magazine is for information only and is, as far as we are aware, correct at the time of going to press. XU Magazine cannot accept any responsibility for errors or inaccuracies in such information. If you submit unsolicited material to us, you automatically grant XU Magazine a licence to publish your submission in whole or in part in all/ any editions of the magazine, including in any physical or digital format, throughout the world. Any material you submit is sent at your risk and, although every care is taken, neither XU Magazine nor its employees, agents or subcontractors shall be liable for loss or damage. The views expressed in XU Magazine are not necessarily the views of XU Magazine Ltd, its editors or its contributors.

8 COVER STORY ApprovalMax A new age for accounts payable and receivable

14 BGL BGL Launches CAS 360 Software in the UK

16 Zoho Meet Bigin: Zoho's CRM solution for small businesses

18 Paycada Take Control of Late Payments with Paycada

22 Mimo How Arjay Consulting improved client relationships with AP automation & credit with Mimo

26 INTERVIEW Apron XU Magazine sits down with Apron Founder & CEO Bogdan Uzbekov

30 Tidy Streamlining Surgical Success: How Tauranga Oral and Maxillofacial Clinic keep their stock Tidy

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.

XU Magazine interviews Allica Bank's Head of Partnerships Sophie Hossack

WorkflowMax by BlueRock

Introducing the key WorkflowMax by BlueRock integrations to power up every step of your workflow 40 Ignition

Rethinking your pricing strategy to create greater value and profitability for your accounting firm

An Inventory Bulls Eye: How Fishbowl Helped Raider Targetry Hit the Mark

Creating capacity with cloud software and AI

& Business Show Asia

A new look: The same amazing event but with more opportunity than ever

58 Xenon Connect How your accounting firm can easily charge for bookkeeping corrections 60 ClientWindow Game changing communications platform launches WhatsApp to email technology 64 Buddy Transforming Payroll for Accountants, Bookkeepers & Payroll Bureaus 66 Projectworks Why 2024 is the year to elevate your practice with software advisory services 70 AdvanceTrack Outsourcing Change Manager 72 XBert The Smartest Way To Use AI Is To Create New Revenue

EVENTS Accountex Accountex Summit Manchester returns for its sixth year

Spotlight Reporting 3 Ways Spotlight Reporting Can Help Your Business Thrive

Leave Management 82 Dext

How Dext and Xero connect to simplify the bookkeeping workflow

86 XERO NEWS What’s new in Xero

90 XERO NEWS

Airwallex Bill Pay, now available with Xero

94 SuiteFiles Simplify sharing with SuiteFiles Connect

96 Expense On Demand Innovations in Expense Tracking: AI & Machine Learning for Smarter Spending

98 AutoEntry by Sage Prepare now for the AI revolution!

100 G-Accon The Power of Automated & Integrated Spreadsheets

102 Institute of Certified Bookkeepers

The results are in – The Bookkeepers Survey 2024

106 Tim Hoopmann The Power of 'Appified' Spreadsheets

108 EVENTS The Business Show Asia

The Business Show Asia returns to Sands Expo & Convention Centre for 2024!

112 UPDATES AND NEW RELEASES

114 CLASSIFIEDS

118 AND FINALLY...

Dext announces the general availability of Dextension at Accountex London, 2024

A new age for accounts payable and receivable

The way we do things is constantly evolving, even if we don’t always realise it. As late as the 20th century, ice was big business.

It was manually harvested from rivers and ponds and delivered to houses and businesses, sometimes travelling all the way across oceans and seas. Now? Most people just go to their freezer. The international ice trade went the way of many other obsolete processes, into the past and out of our memories.

These days, technology has made the pace of change faster than ever before. But while no one would consider importing glacier ice from overseas, many other slow, manual processes still persevere. Consider accounts payable and receivable. The functions have historically been highly manual during all parts of the process, even after going online with the dawn of the internet and computing technology.

Now, we have the chance to fully reimagine accounts payable and receivable to happen seamlessly and with minimal intervention. Over the years, automation has made light work of single elements, like importing bills or

managing approval workflows, and it has the potential to help even more.

Here at ApprovalMax, we’re proud to be a part of this evolution – we want to make AP and AR just happen for businesses, their accountants, and bookkeepers, but still with the right checks and balances along the way.

Our latest product releases aim to do exactly that; offering a way to automate accounts payable and receivable from end-to-end, all in one platform. With this, we’re excited to enter a new era for how we approach AP and AR here at ApprovalMax. Introducing our two new products – 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.

Capture and ApprovalMax Pay (Beta)!

Automatically import bills into ApprovalMax

One of our most requested features is now here – an inbuilt automated data capture tool, ApprovalMax Capture. This kick-starts your accounts payable process by importing bills and receipts through photo or PDF upload, individually, in bulk, or via email.

These outstanding bills automatically funnel into you or your client’s pre-set approval workflows, so the right documents end up in the hands

“As a bookkeeper, we’ve moved from literally writing stuff up in Kalamazoo books and having really rigorous filing processes for paper-based systems, to everything going digital. These days, things happen much more quickly, with higher volume coming through, and that’s because we can handle accounts payable and receivable in a far more streamlined way. But with fewer people involved in the process, the question is ‘what we can do in software to make sure we're adding the financial controls we need?’ for things like catching duplicate invoices or checking that we haven’t paid one previously.”

Cassandra Scott, Head of Bookkeeping APAC at ApprovalMax

This article is Cont...

of the right people. With a little bit of set up, it all happens without lifting a finger!

Why use ApprovalMax Capture?

• All-in-one control. Take care of everything from ApprovalMax and simplify your tech stack –one less login for less hassle.

• Save time and reduce errors. Use automated data capture technology to import bill details faster and with more accuracy.

• Add extra layers of control. ApprovalMax Capture funnels incoming bills straight into your approval workflows before they enter your general ledger so they always go through your proper processes.

Manual data entry isn’t just time consuming but expensive too. The average cost of paying a PDF invoice is £13.93/AUD$27.67 and for paper invoices £16.13/ AUD$30.87 with most of this due to the manual work of inputting data from bills and processing for payment, including fixing errors.

With automated data capture, it’s easy to get things right from the start. Bills enter the system accurately and on time. Then, they automatically go through the right checks and balances so you and your team can focus on higher value tasks while feeling confident in your accounts payable data. With ApprovalMax Capture, this all happens via the one app to streamline the process even more.

ApprovalMax Capture is now available for Xero customers in all regions, with QuickBooks Online and Oracle NetSuite compatibility coming soon. To get started, simply add ApprovalMax Capture to your existing subscription, set up email preferences, and sync to approval processes.

A secure and convenient way to pay bills

We’re excited to launch a new way to pay bills directly from ApprovalMax. Using open banking technology, ApprovalMax Pay (Beta) allows you to pay approved bills directly from the

platform and build stronger financial controls across your entire accounts payable process. Why make payments from ApprovalMax though? Just think – it’s easier to travel an entire journey via one express train than get out halfway and change.

Currently, ApprovalMax Pay is available in beta for UK businesses using Xero. In a few simple steps, securely sync your bank account to ApprovalMax via open banking and pay approved bills with ease. Payments can only be made for bills that have been through your preset approval workflow, so you know funds are going to the right place.

Why use ApprovalMax Pay?

• Strengthen your financial controls. Feel confident knowing you’re paying a bill that’s gone through the right approvals process and internal verification checks, every step of the way.

• Protect your banking data. With ApprovalMax Pay, there’s no need to share sensitive bank

data. Instead, employees create a request, pay approved bills in a few clicks, and have this added to the audit log for full visibility.

• Avoid payment errors. There’s minimal risk of paying the wrong amount (or even person!) with ApprovalMax since there’s no need to manually copy payment details and amounts.

ApprovalMax Pay allows businesses, their accountants, and bookkeepers to securely manage payments from one platform. Extra security controls mean you can authorise only certain people to make payments and update beneficiary payment details, mapping these to a predetermined delegation of authority.

While ApprovalMax Pay (Beta) is only available in the UK right now,

watch this space – we hope to bring it to other markets soon.

The next phase for ApprovalMax

Since our first day in business, we’ve helped more than 15,000 customers automate their approvals for accounts payable. Now, with the addition of accounts receivable features, like sales quotes and invoices, and our new features ApprovalMax Capture and ApprovalMax Pay, we’re adding on to that journey for our customers and partners to give them end-to-end accounts payable and receivable automation. And we’re excited about what this new path brings!

By managing everything from POs to payments in one platform, it’s not only faster, more convenient, and safer, but you’re less likely to make errors and mess up your

processes. It takes just a few easy steps to set up workflows that go all the way from preparation to payment.

In a world where change is constant, and it’s only getting faster, we want to make life easier for our customers. By bringing each step of accounts payable and receivable into one place, combined with automation and built-in financial controls, we hope to take you there.

To learn more about ApprovalMax and our new products, visit: approvalmax.com FIND OUT MORE...

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Xero Marketplace

BGL Launches CAS 360 Software in the UK

@BGLdot

BGL is the world leader in compliance management solutions, delivering innovative software to 12,700+ businesses maintaining 1.4 million+ entities worldwide.

The Complete Company Secretarial, Trust and AML Management Software Solution

BGL has launched CAS 360, the complete company secretarial, trust and AML management software in the UK.

AThis article is

s the accounting world converges at Xerocon London, BGL Corporate Solutions (BGL), the world's leading supplier of compliance management software solutions, is thrilled to announce the launch of CAS 360 in the UK.

This innovative software solution promises to transform the landscape for UK accountants, corporate service providers, and company administrators, heralding a new era of efficiency and innovation.

A Leap Forward in Compliance Management

For 35 years, BGL has been at the forefront of developing cuttingedge compliance management solutions. With a global presence and trusted by more than 12,700 businesses, maintaining over 1.4 million entities worldwide, BGL’s multi-award-winning products provide cutting-edge innovation and are well-established in many markets.

CAS 360, now available in BETA in the UK, is the latest testament to this legacy. Designed to simplify and automate company compliance processes, CAS 360 integrates seamlessly with UK Companies House, providing automated alerts and workflows for managing companies (Annual Return confirmation statements, company registrations and common changes made by companies), trusts, AML compliance and much much more.

commitment to innovation and excellence. Our software will revolutionise how UK firms handle their compliance obligations and we couldn't be prouder of this achievement.”

“The launch of CAS 360 will revolutionise how UK firms manage their compliance obligations.”

Transforming the UK Market

“We are thrilled to bring CAS 360 to the UK market,” said BGL’s Chief Executive Officer, Daniel Tramontana.

"It's been two decades since we first introduced our Corporate Affairs System (CAS) desktop software here. The launch of CAS 360 in BETA reflects our unwavering

The introduction of CAS 360 is more than just a software launch; it represents a strategic move to empower UK firms with the tools they need to stay ahead in an increasingly complex regulatory environment. With features like automated document management, Xero integration, digital signing and robust data protection (ISO 27001 certification), CAS 360 offers a complete, user-friendly solution designed to meet the unique needs of UK businesses.

Welcoming Ashley Barker: Driving Growth and Building Relationships

BGL is excited to welcome Ashley Barker as the UK Business

Development Manager to coincide with the UK launch.

Ashley’s role is pivotal; he will be the cornerstone of BGL’s efforts to build solid and lasting relationships with prospective clients and partners. His mission is to ensure a smooth transition to CAS 360 and ensure clients receive unparalleled support and remarkable experiences.

“Ashley’s appointment underscores our commitment to the UK market,” says Warren Renden, General Manager – CAS 360, Ecosystem and UK at BGL.

"His expertise and dedication will drive the growth of our cloud products, ensuring that our UK clients are well-supported and able to fully leverage CAS 360's transformative capabilities.”

Innovation Rooted in Experience

Since its inception in 1989, BGL has been synonymous with innovation and excellence. The company’s journey from its early days of developing the pioneering Corporate Affairs System to the sophisticated cloud-based solutions of today is marked by a consistent focus on client needs and technological advancement.

The launch of CAS 360 in the UK is not just a milestone for BGL; it's a significant development for the entire UK accounting and compliance industry.

CAS 360 is built on a foundation of 35 years of experience, combining the latest technology with deep industry insights. The platform was designed to help firms manage their compliance obligations more efficiently, reducing the time and effort required to stay compliant. By automating routine tasks and providing real-time notifications and alerts, CAS 360 enables firms to focus on what they do best –providing exceptional service to their clients.

Looking Ahead: A Bright Future for UK Compliance

The future of compliance management in the UK looks bright with the introduction of CAS 360. BGL’s commitment to delivering innovative, multiaward-winning solutions continues to drive the company forward, and the UK market is poised to benefit from this dedication. Integrating CAS 360 into everyday compliance practices will streamline operations and enhance

compliance management's accuracy and reliability.

Join the Revolution

Experience the future of compliance management with CAS 360. Whether you're an accounting firm, a corporate service provider or part of a company group, CAS 360 provides a complete, integrated solution that simplifies compliance and enhances your operational efficiency. Don’t miss the chance to be part of this exciting new chapter.

The launch of CAS 360 is a highlight for those attending Xerocon London. It’s an opportunity to see firsthand how this groundbreaking software can transform your compliance processes and improve your firm’s efficiency. We invite you to visit our stand to learn more about CAS 360 and to meet Ashley Barker and the rest of the BGL team.

www.bglcorp.co.uk FIND OUT MORE...

For more information, visit:

The BGL Team exhibiting at an Australian accounting industry event in February 2024. From left to right: Daniel Tramontana (CEO), Jeevan Tohki (General Manager of Product), Vivi Chen (William Buck, BGL client), Anthony Fernandez (Product Manager), Ron Lesh (Founder and Managing Director), Cam Sundarakumar (Senior Business Analyst), Adriana Cavallo (General Manager - Customer Experience), Andrew Perera (Business Analyst).

Meet Bigin: Zoho's CRM solution for small businesses

Trusted by 20,000+ businesses, rated 4.8/5 on Trustpilot

@bigin

Annet Mathews, Product Marketing, Zoho

Meet Annet, a product marketer with Zoho. She found her solace in writing during her high school and never looked back. Armed with a Master's degree in English Language and Literature, Annet has spent over half a decade with Zoho, leading social media, expert interviews, video marketing, and lead nurturing initiatives. She often tries to turn tech into tales everyone loves with her simple way of writing.

Have you heard of the simplest CRM? Say hello to Bigin—the CRM for small businesses and startups to manage sales.

hen it comes to maintaining strong relationships with customers, businesses nowadays face numerous challenges. From tracking leads and sales opportunities to maintaining communication with them, the complexities of customer relationship management can often overwhelm entrepreneurs.

This is where a CRM system comes into the picture. A CRM tool can provide businesses with the capability to streamline business operations, improve customer interactions, and drive growth.

A study by Gartner found that businesses using CRM platforms can increase customer satisfaction by up to 50%.

Do any of these sound familiar?

• The struggle to manage scattered customer data and communicate with them on multiple channels.

• The perpetual battle to allocate time and resources effectively in managing your customers.

• Delays in responding to

customer inquiries, missed opportunities for follow-up, and inconsistencies in messaging across different channels.

Zoho's answer for a simple and streamlined business solution

Zoho, the SaaS powerhouse behind some of the slickest business software, has developed a simple and cost-effective CRM software—Bigin by Zoho CRM—that handles sales,

contact management, pipeline management, automation, and insights to improve customer relationships. 20,000+ businesses across the globe including real estate, education, retail, legal, manufacturing, trading, etc., use Bigin.

How can Bigin help you?

• Bigin consolidates all your customer information in one place and eliminates

the scattered nature of data, ensuring that all relevant data is easily accessible, organized, and can be efficiently managed within Bigin. From calls to emails to WhatsApp conversations, all interactions can be seamlessly managed right from Bigin.

• Forget about lengthy installations and complex configurations. With Bigin, you can have your account up and running in less than 30 minutes, thanks to customizable templates tailored to your unique business needs.

Experience Bigin with a 15-day nocredit card free trial. Paid plan starts only at $7

• Free up valuable time by automating repetitive tasks such as follow-ups and reminders. With Bigin's intuitive workflows, you can focus on what truly matters—nurturing client relationships and driving growth.

Unlike other software solutions that come with a steep learning curve, Bigin prides itself on its simplicity and ease of use. With a hassle-free setup process and a user-friendly interface, you can start leveraging its benefits from day one.

And the best part? You can try Bigin for yourself with a 15-day free trial and then upgrade to paid plans starting from $7 based

on your business requirements.

So what are you waiting for? Visit bigin.com or email me at annet.m@zohocorp.com for more details.

Take Control of Late Payments with Paycada Integrated Solutions for Streamlined

Receivables

Josh Skelding, Commercial 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.

In today’s fast-paced business environment, managing accounts receivable efficiently is crucial for maintaining healthy cash flow.

n today’s fast-paced business environment, managing accounts receivable efficiently is crucial for maintaining healthy cash flow. Yet, many businesses struggle with late payments and the administrative burden of chasing invoices

This is where Paycada steps in, offering a seamless solution that integrates with Xero to streamline your accounts receivable process.

The Ripple Effects of Late Payments

Late payments can cripple a business, leading to cash flow issues, a lack of working capital and wasted resources on chasing overdue invoices. Traditional methods of managing accounts receivable are often timeconsuming and prone to errors, leaving businesses frustrated and financially strained.

The Role of Technology

Paycada offers a smart solution to these challenges. By integrating seamlessly with Xero, Paycada automates the accounts

receivable process, ensuring timely payment reminders and real-time updates. This not only reduces manual processes but also improves cash flow management and working capital.

Key Features and Benefits:

• Automated Payment

Reminders: your clients will receive timely reminders, significantly reducing the occurrence of late payments.

• Real-Time Xero Data: Receive instant and accurate data from Xero, keeping your records up to date.

• Unlimited Invoices: Whether you’re managing a handful of invoices or thousands, Paycada handles it all with ease.

• Full Audit History: Maintain complete transparency and accuracy with a detailed audit trail for every transaction.

Enhanced Collection Service

For those persistent invoices that won't clear despite repeated reminders, Paycada offers an Enhanced Collection Service. Powered by Bluestone Credit Management, a regulated FCA collections agency, this fully digital service takes debt recovery to the next level. You only pay for the results delivered based on a no-win, no-fee model. This service ensures that you can recover outstanding debts without incurring unnecessary costs.

Paycada Partner Programme

Expand your service offering and enhance client satisfaction by joining the Paycada Partner Programme. As a technology partner, you can introduce Paycada's smart accounts receivable management to your clients, providing them with the tools they need to streamline their financial processes. The Partner Programme offers a

flexible commission structure, allowing your firm to benefit from an additional revenue stream. By partnering with Paycada, you not only help your clients manage their invoices more efficiently but you maximise your earning potential.

Incorporating Paycada into your accounts receivable management strategy can transform the way you handle payments, ensuring better cash flow and reducing administrative headaches. Don’t let late payments hold your business back. Visit us on stand E2 at Xerocon or to get in touch with us, visit our website at www. paycada.com to discover how Paycada can help you streamline your accounts receivable process and enhance your financial stability.

By adopting Paycada, you’re not just improving your accounts receivable process—you’re investing in the future stability and growth of your business.

More about Paycada

Paycada is built by Fignum, a leading developer of cloud-

based software solutions for the financial sector. Specializing in digital payment processing as well as loan origination and servicing software, Fignum powers automated lending decisions with cutting-edge technology. Our extensive experience in creating software for the financial services industry allows us to tailor our platform to meet your specific needs.

Fignum is part of the Bluestone Group, a company with a longstanding history in financial services since its founding in 2000. This strong foundation ensures that Paycada is built on years of expertise and innovation, providing you with a reliable and efficient solution for managing your accounts receivable process.

Five powerful products

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

How Arjay Consulting improved client relationships with AP automation & credit with Mimo

Consolidating

the payments tool stack

This article is

ob is a Chartered Accountant and runs Arjay Consulting, a Fractional FD practice serving growing FMCG brands.

How did you get started?

Rob embarked on his professional journey in the Big Four, building his expertise and experience at firms such as EY and KPMG, where he specialized in Audit and Mergers & Acquisitions.

Rob most enjoys spending his time with clients. In this case, non-alcoholic beer brand Day's Brewing.

The trajectory of his career took a pivotal turn when he began assisting friends who were building companies in the food and beverage sector. They required assistance in developing financial models and strategizing financially, areas where Rob's experience and insight proved valuable.

His ability to simplify complex financial concepts for growing

@joinmimo

Henrik Grim, CEO & Cofounder, Mimo

Henrik is the CEO & co-founder of Mimo. He spent the last 12 years building and investing in the financial technology ecosystem across UK & Europe. He started his career at iZettle (acquired by Paypal) in 2012, helping small businesses accept card payments. Most recently, Henrik spent 5 years as an investor with early stage technology investor Northzone, and the European leader of digital SME lender Capchase.

businesses led to an increasing demand for his services. Consequently, Rob assumed the role of a Fractional Finance Director, catering to companies poised on the brink of growth yet not in a position to employ a fulltime finance expert.

The fractional FD position has enabled him to significantly contribute to the trajectory of these companies.

"I build deeper relationships with my clients using Mimo."

However, when serving his clients, Rob kept spending time across tools to manage Accounts Payable, FX, credit and cash flow.

Why Mimo?

Mimo stood out as a relevant tool for Rob, providing a single interface to manage payments and cash flow on behalf of clients.

Mimo's capacity to manage supplier payments across multiple currencies in a single process simplified accounts payable processes, removing the need for managing various banking relationships and minimizing transaction costs.

The platform's feature of offering

credit on supplier invoices was a game-changer, providing growing businesses the ability to bridge the cash flow gaps. This capability provided additional ability to grow, and Rob to act as a strategic advisor.

Furthermore, the seamless integration with accounting software like Xero and QuickBooks streamlined the reconciliation process, enhancing financial record accuracy and efficiency.

This not only saved time but also offered Rob and his clients clear, actionable financial insights, facilitating better strategic decisions.

By adopting Mimo, Rob was able to build deeper relationships with his clients. Efficient Accounts Payable & Payroll is a great value

add at zero marginal cost, and cash flow management & credit allowed him to act as strategic advisor.

The impact

By implementing Mimo, Rob has been able to save five hours per week on pay runs across his portfolio, significantly streamlining his workflow.

This efficiency is achieved through the use of a single tool to manage payments, consolidating what previously required three separate tools.

“I build deeper relationships with my clients using Mimo. Efficient accounts payable & payroll is a great value add at zero marginal cost, and cash flow management & credit allows me to add strategic value.”

As a result, Rob now has more time to spend with client employees, which is his preferred activity, allowing him to foster stronger relationships and provide better support.

Now, he's hiring to grow his practice and build on its success to date.

XU Magazine sits down with Apron Founder & CEO Bogdan Uzbekov

This article is

XU: Tell us about Apron’s journey. What problem are you out to solve?

BU: Apron was born out of a simple yet significant realisation: small business owners don't set up shop to spend hours drowning in invoices and admin. Unfortunately, that’s the reality

for many. Our mission at Apron is to change that narrative entirely.

We've built a product to address the pain points of SMBs and their accountants, consolidating hours of tedious work into minutes. We view payments not just as transactions but as part of a connected network involving businesses, accountants, and suppliers. This holistic perspective

allows us to reimagine the entire invoice workflow for a seamless and satisfying experience for all involved.

XU: What sets Apron apart from other solutions out there?

BU: What sets us apart is our commitment to building right alongside the communities we serve, so accountants, bookkeepers and business owners. Drawing from my experience at Revolut, we've built a robust technical architecture backed by a usercentric design. In other words, we listen to our users and make sure it’s built properly!

This combination has enabled us to acquire customers solely through word of mouth, a testament to the need for some real change. We talk a lot about offering an all-in-one accounts payable solution, and that’s exactly what we’ve built.

XU: How has Apron evolved since its launch?

BU: Apron started a simple ‘bills only’ solution but steadily evolved into all things money out. Our goal right from the start was to create an end-to-end solution for finance professionals and their clients.

Over the past two years that’s

The Apron Team (including dog, Tokyo) brainstorming in Scotland.

come to mean everything from invoice capture, to supplier payments, payroll payments, and reconciliation. The problem we saw was that accountants and bookkeepers were having to juggle too many apps and spend too much time handling client money. So it was important for us to keep things lean, to give them everything they needed in one place.

XU: The launch of the new invoice capture feature seems like a significant milestone for Apron. What was the inspiration behind this feature, and how do you see it benefiting your customers?

BU: Capture is indeed a significant milestone for Apron. The inspiration behind this feature comes from recognising the struggles faced by entrepreneurs in capturing and managing invoices efficiently. Traditionally, invoice capture tools have been tailored for finance professionals, overlooking the needs of multitasking entrepreneurs who are at the forefront of the payments process.

We understand that business owners like plumbers, caterers, and makeup artists are constantly on the move, juggling various tasks and responsibilities. Asking them to spend hours scanning receipts or grappling

are hard to miss when they rock up to an event.

with outdated software is simply unrealistic and counterproductive. This disconnect results in a strained relationship between accountants and their clients, usually leading to document chasing and unnecessary delays.

Apron Capture is our solution to this problem. Designed with a business-first mindset, it streamlines the entire invoice capture process, making it friction-free for both accountants and their busy clients. By eliminating unnecessary complexities, we empower business owners to focus on what truly matters: running their businesses effectively.

With Capture, there's no more

chasing after clients for missing documents or playing endless games of email tag. We've simplified the process to the point where even the busiest entrepreneurs will find it effortless to use. Also, Capture seamlessly integrates with our broader platform, completing the first part of that all-in-one solution I mentioned.

Ultimately, our goal with Capture is to not only alleviate the frustrations of invoice management but also to enable finance pros and business owners to think bigger and focus on driving growth and success.

XU: How does Apron prioritise customer feedback and incorporate it into the development process, particularly with regard to new features like invoice capture?

BU: Community has always been our North Star, and always will be. The mistake we see other apps and solutions making, is that they build without truly involving the people they’re building for. We’re constantly talking to the people who use our product, asking them what they need, and what frustrates them about the apps they have now.

We run regular webinars

Apron

where we encourage people to ask questions and suggest features. And we recently set up a Customer Advisory Board, to help get customer feedback into our priority workflows at board level faster. We’re also out on the road a lot, too, at events and conferences, giving demonstrations and getting inperson feedback from potential users.

One other priceless aspect of gathering feedback is our collaboration with design partners. These are real accountants, bookkeepers and business owners who use Apron day-to-day. We work extra closely with them to really pick out the specific problem areas that we need to solve for. I think that closeness sets us apart from other platforms.

XU:

How do you prioritise work when you’ve got so much feedback coming in?

BU:

That’s always a tough one, but generally we ask ourselves two questions: What are we building? And what are we not building? When answering the question of what we’re not building, we have to sometimes show some tough love on certain points of feedback. We have a clearly-defined central idea, or thread, if you like, of what we want to build. If a piece of feedback or a feature suggestion doesn’t fit with that goal, we have the confidence as a team to set it aside.

Prioritising, though, really comes down to leadership and communication. As a team, we’re constantly questioning our own ideas, and discussing what to do next. Our Product Managers are responsible for prioritising within their own areas. It’s then up to me to bite the bullet and make a decision about what gets done, and what can wait, in terms of Apron as a whole.

XU:

You mentioned Apron becoming the first ‘all-in-one AP’ solution for accounting and bookkeeping firms. What does this mean?

BU:

We recently ran a blog post on this, where we asked two of our users what they thought it meant. Again, this links to our ethos of working alongside our community, giving them what they need. For me, the answer is simple: All-in-one means endto-end. It means that you can upload an invoice or a bill, pull the information from it, set up an

approval workflow, get it paid and reconcile it in the books, all in one place.

One user in particular who echoes this sentiment is Lara Manton, Founder of LJM Bookkeeping Ltd. Lara is now on our Customer Advisory Board, but even before then, she had a clear idea.

“To me, an all-in-one solution entails having all aspects of the process consolidated in a single platform, facilitating easy tracking, complete visibility, and straightforward management. Ideally, the workflow should progress seamlessly from Apron Capture for document intake to recording bills in Xero, processing payments through Apron, and ultimately reconciling transactions back in Xero.” — Lara Manton, MICB

XU: Looking ahead, what future developments can we expect from Apron?

BU: There’s definitely a lot more to come, although pretty much all of it is under wraps at the minute. I know that’s a very secretive way to end this interview, so I’ll say instead that if you’re looking for a truly allin-one payments solution, please do consider Apron. Our website is www.getapron.com

FIND OUT MORE...

To find out more, visit our website:

Apron's solution is great for large firms and independent business owners like Dani Reid from Potter & Reid, and Marc Summers from Bubala.

SuiteFiles makes filing documents a breeze. With SuiteFiles’ integration with Xero and Outlook, our clients are finding document signing so easy and fast.

We love that signed documents automatically appear back in the right folders. The connected folders are much easier for clients than our previous Client portal.

Test it out for yourself with a free trial. suitefiles.com/trial

Benita Wright, Partner at Wright Doig

Streamlining Surgical Success: How Tauranga Oral and Maxillofacial Clinic keep their stock Tidy

rom routine outpatient extractions, to more complex inpatient procedures, TOMS don’t have time to manually track stock. So how do they do it?

About TOMS

John Bridgman is an Oral and Maxillofacial, or “MaxFax”, surgeon at Tauranga Oral and Maxillofacial Surgery (TOMS). The clinic, staffed by three MaxFax surgeons, 15 nurses, and three receptionists, caters to an average of 50 patients daily.

They offer a comprehensive range of oral and maxillofacial surgical services, from routine outpatient extractions to more complex inpatient procedures. John performs 90% of his surgeries at TOMS. He also operates at the Tauranga Public Hospital and Grace Private Hospital for public-funded surgeries or those requiring general anaesthesia.

Turning to Technology

Change can be tricky. Originally, TOMS operated with just two surgeons out of a single surgery,

@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.

managing their clinical stock manually. However, when a new surgeon joined and TOMS expanded to two operatories, the clinic faced increasingly complex stock control challenges.

Stock management began to occupy valuable nursing time; particularly with stock items made up of hundreds of components with varying expiry dates. They decided to turn to technology and started looking for just the right inventory management system. After much searching and evaluation, they found Tidy.

What TidyStock has improved

Since implementing TidyStock, John reports that their workflow has significantly improved, becoming more efficient and precise while requiring less time from fewer staff members. Managing their stock has become more enjoyable, with less drudgery associated with manual checks.

“Although the system relies on human input, when executed properly, it provides a perfectly accurate measure of what’s in the drawer,” John says.

TOMS have also found that having up-to-date stock levels has streamlined the ordering process, making it easier, quicker, and more accurate, knowing they are not over or underordering. The integrated system has resulted in TOMS’ entire team of nurses becoming happier and more efficient.

Deb Buxton, a nurse at TOMS, had a big part in managing the

clinical supplies and general stock needs both before and after the implementation of TidyStock.

Before TidyStock, inventory control was a laborious task, involving physical counting of implants, checking expiry dates, staying up to date with ordering, and managing spreadsheets for end-of-month invoicing. With TidyStock, these tasks have been simplified significantly.

“It has completely streamlined my workflow,” Deb says.

“I can now order stock with just a few clicks. Tidy generates our supplier purchase orders automatically.”

Now TOMS never run out of stock.

Prior to TidyStock TOMS had so many spreadsheets, they were practically drowning in paperwork. Now, they are on their way to becoming completely paperless, with Tidy doing the work for them. John says that “TidyStock works for everyone at TOMS,” whose staff have adapted

quickly to the system.

Fast forward to the present day, John says that the journey is “definitely” going in the right direction. TOMS are impressed with the excellent quality technology which simplifies complexities and eliminates distractions.

Good software allows for quicker consultations, making everything “just rapid.” John described the system being like a “well ordered filing cabinet” with information now found at just the touch of a button.

To find out more about how you can make your business Tidy, visit: https://tidyinternational. com/solutions

Sophie Hossack

Head of Partnerships

Allica Bank

This article is Current Business Bank Landscape and Frequent Concerns from Accountants about Big Banks

XU: What do you see as the biggest challenges currently facing the business banking sector in the UK?

SH: Having navigated through Covid, rising prices, higher borrowing costs and a challenging economic environment, many SMEs are finding it increasingly hard to access finance. With some banks tightening their credit appetite and reducing their exposure to particular sectors, they are also taking longer to give SMEs an answer as to whether they are prepared to provide financing for growth or working capital support.

Previously an SME might have had a dedicated Relationship Manager that understood their business and took an interest in their plans and ambitions, today many find themselves with an increasingly impersonal service,

unable to get speak to a human or spending a long time waiting on hold for a call center.

What’s more, despite the base rate currently sitting at 5.25%, SMEs are being let down when it comes to the interest they earn on their hard-earned cash. Whilst banks have gradually increased the rates they pay on fixed term and notice deposit accounts, most have been reluctant to increase much when it comes to interest earned on the current account. With many SMEs not having the luxury of being able to tie their cashflow up for longer periods, they are losing out on potential interest that could make a meaningful difference to their business.

XU: How have the needs of SMEs evolved in recent years, and how are big banks struggling to meet these needs?

SH: Staggeringly in 2023, over 140,000 SMEs had their bank accounts closed. With little warning these SMEs found themselves unable

to access their banking due to a change in their business, such a change in shareholding. Being de-banked and having their account frozen or closed is now a significant concern for business owners. As Relationship Managers have been withdrawn, banks can no longer effectively verify and validate a change in a business's circumstances or structure. Instead, it is quicker for a bank to freeze the bank account rather than understand what has changed.

XU: What are some of the most common complaints you hear from accountants regarding the services provided by big banks?

SH:

Over the last 10 to 15 years, accountants and their SME clients have been receiving such a low standard of service and support from the big banks. Unfortunately, their expectations have almost hit rock bottom, often having to wait on hold to speak to someone who doesn’t know them or their business about a time-sensitive query. This experience has

become normalised and they can’t see this changing.

Accountants enjoy solving problems for their clients, helping them to make sound business decisions and setting them up for success. This becomes really challenging when banks take months to make decisions on lending or setting up current accounts and if they don’t provide feedback on why an application has been unsuccessful. It’s hard for accountants to then help their clients on what their options and choices are.

XU: Can you share any insights on how Allica Bank is addressing these concerns differently from larger, more established banks?

SH: At Allica, we blend the very best of digital banking – quick processes, efficient decision-making and seamless account setup – with personalised relationship management. Each business customer has their own dedicated Relationship Manager. They’ll have their contact details; they’ll speak to them regularly and

will be able to build a good and supportive relationship with them.

In 2023, research conducted by our team of Allica Bank relationship managers, found that and a notable 82.3% of accountants responded that the ‘ability to talk to a person’ is a crucial factor when working with banks or lenders. At Allica we’re actively investing in our people and our technology to give accountants and SMEs the experience they deserve.

The Business Banking Service Gap for SMEs

XU:

What specific gaps in the business banking services for SMEs have you identified, and how does Allica Bank aim to fill these gaps?

SH: Allica is actively banking and supporting the UK’s established SMEs. These medium-sized businesses, typically with 5 to 250 employees, represent a tenth of the UK’s SME population. But they are disproportionately important

to our economy and our society, representing two-thirds of all SME turnover and employment and even more of the SME borrowing that drives productivity and jobs.

However, these businesses – the small warehouses, wholesalers and factories on the local industrial estate or the familyrun hotel, pub or restaurant – are at real risk of being left behind, notably by the big banks. Traditional banks have left our towns, closed their high street branches and removed the relationship managers who made lending decisions.

Established SMEs are complex and need greater levels of support, however the big banks have stopped catering for them, instead they’re focusing on microSMEs and large enterprises. This structural issue isn’t going away and it’s why Allica was built. We are focused on banking and supporting this underserved and vitally important segment.

XU: Can you discuss any recent innovations or services that Allica Bank has introduced to support SMEs?

SH: In 2023 Allica published ‘The Great British Savings Squeeze’. This report highlighted the stark difference between the traditional banks’ treatment of SMEs and corporate businesses when it comes to savings. With £150 billion of SME cash earning nothing and a further £125 billion earning 2% less than what is being offered to larger businesses, there is a clear need to raise awareness of the options available to these businesses.

Closing the gap on corporate savings rates and opening up the market to greater transparency provides an opportunity to give a well-needed – and well-deserved – £7.5 billion boost to the bottom line of SMEs.

Allica is proud to be championing this and we also have a leading

rate of interest (4.33% AER variable) on our instant access Savings Pot in our business current account. We are committed to helping SMEs make their cash work that little bit harder for them.

How Accountants Can Work Better with Banks

XU:

What role do accountants play in the relationship between SMEs and banks, and how can this relationship be improved?

SH:

Accountants play an integral role in helping their SME clients. They are the trusted advisors who support businesses to succeed. This is particularly true for established businesses, who rely on their accountant to have a deep understanding of their business, how they operate and their aspirations.

Historically, accountants and bank managers would work side by side, providing business owners with valuable, timely support and peace of mind. However, with the high street banks reducing their support and removing access to relationship managers, accountants have had to fill the

void and provide businesses with even more proactive support.

It’s important for accountants to know what banks are available and where to turn. A collaborative banking relationship can still exist, and it is key to have regular communication with the banks and to build your own banking network. This will ensure accountants are up to date with the right information that can help their clients.

Allica’s Partnership Team Launch and the Role of Supporting Accountants in the UK

XU:

Can you explain the purpose behind the launch of Allica’s partnership team?

SH: At Allica, we’re working on becoming the UK’s most recommended business bank. By delivering a relationship-focused service to the underserved established businesses, we have already become one of the UK’s most highly-rated banks and named the fastest-growing UK fintech in history, according to Deloitte’s UK Technology Fast 50. By continuing to grow and support businesses at this scale, we

believe the traditional banks will be encouraged to reassess and improve how they treat this community, whose success is critical to our economy and society. To achieve this, we can’t do it alone, we need to work hand in glove with accountants, helping them to support their clients.

We’ve recently partnered with Nordens Chartered Accountants, and they told us that high street banks haven’t really understood their clients, their needs or their potential. Plus, it was very rare that they have taken the time to understand them as a business either.

Our focus is on earning their trust, helping deepen their client relationships and positively contributing to the accounting industry.

XU: How does the partnership team plan to support accountants across the UK? And what specific benefits can accountants expect from working with Allica’s partnership team?

SH: Our Partnerships Team are focused on providing accountants with the help they and their established

Allica’s partnerships and relationships managers at Accountex London 2024

business clients need. Practically, this means each accountancy firm will have their own dedicated Partnership Manager. A single point of contact for them to speak to at the bank. Someone who will know their firm and what’s important to them. The experienced team have deep industry knowledge and work with accountants all over the UK at different stages of growth. Accountants can confidently introduce their clients to their Partnerships Manager, knowing they will help to find solutions and support them through the current account application process.

Our team tends to have business current accounts set up in days (rather than weeks, or months!). They also act as a key conduit to other areas of the bank, for example the lending teams who provide commercial mortgages, asset finance and growth finance. Alongside our proactive relationship management, we provide firms with marketing collateral and support to help them confidently identify valueadd opportunities and discuss business banking as part of their conversations with clients. We are also launching our online ‘Accountants Directory’ this summer to help established

businesses find their local accountants and we’ll be hosting networking events for partners later in the year.

Allica’s Recent Launch of Accounting Software Integrations

XU:

Can you provide details on the recent launch of Allica’s accounting software integrations?

SH:

We know that good and reliable bank feeds are critical for SMEs and their advisors. Earlier this year we launched our direct integrations with Sage and Xero. This means that Allica Bank business current account customers can have their account transactions fed automatically to their accounting software. By sharing this data (including amount, date, time, direction, reference and merchant information) it can save business owners and their bookkeepers and accountants significant amounts of time, reducing manual work and the potential for error. Using these insights, business owners and their accountants can make the most of their finances, finding opportunities to grow and succeed. Our aim is to integrate

with the leading software packages, including QuickBooks, to help our customers run their businesses.

Alongside our accounting integrations we also integrate with Wise to help businesses with ambitions to expand and operate internationally. This allows them to use their current accounts to send international payments with transparent fees and no exchange rate markups. The Wise Platform integration means that our customers can complete the whole process of making an international payment quickly and conveniently within their own banking app. They will know upfront the total fees for making an international payment and be able to guarantee the exact amount is received by their recipient.

XU:

What’s next for Allica Bank? Are there any more integrations or features that you are looking to implement in the near future?

SH: We’re at a great point where we’re actively listening to our accounting partners, learning what they and their clients need most from Allica. We've had specific suggestions about creating an ‘accountants view’ and also dedicated client money accounts. We’re very open to hearing feedback from firms on how we can make the accounting-banking relationship even better.

Allica’s Business Rewards Account

Introducing the key WorkflowMax by BlueRock integrations to power up every step of your workflow A

s Head of Growth and Partnerships, I can confidently say that partnerships play a pivotal role in the development and success of new job management software like WorkflowMax by BlueRock.

“I’m thrilled to share more on our growing range of integrations that will really help small business customers.”

By collaborating with a diverse range of technology and service providers, we've been able to create a robust ecosystem that enhances functionality and extends our capabilities. These strategic alliances allow us to integrate complementary applications, such as accounting software, CRM systems, and various productivity tools, which streamline workflows and eliminate the need for multiple standalone solutions. Such integrations not only save time and reduce errors but also significantly boost operational efficiency and overall profitability for our users.

Moreover, partnerships are essential in fostering innovation and ensuring our software remains at the cutting edge of

technology. They provide us with access to broader expertise and specialised knowledge, which is crucial in addressing complex user needs and adapting to changing market conditions. I’m thrilled to share more on our growing range of integrations that will really help small business customers.

Manage your customers and sales pipelines

HubSpot

Launching end of June.

Integrate HubSpot with WorkflowMax by BlueRock to seamlessly manage your customer relationships and sales pipelines. HubSpot's powerful CRM capabilities allow you to track every interaction, automate follow-ups, and gain valuable insights into your sales process. This integration ensures that your customer data is always up-to-date and easily accessible, enabling your sales team to focus on closing deals and building strong customer relationships.

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.

Boost your ability to schedule and manage team capacity

PlanRight

Available now.

PlanRight enhances your scheduling capabilities by integrating with WorkflowMax by BlueRock to provide a visual overview of your team's availability and project timelines. Easily drag and drop tasks to reassign resources and adjust schedules as needed. This integration helps you maintain a balanced workload across your team, improving efficiency and ensuring that projects stay on track.

Runn.io

Launching in August.

With Runn.io integrated into WorkflowMax by BlueRock, you

This article is

can effortlessly plan and manage your team's workload. Runn.io provides real-time visibility into your team's capacity, allowing you to allocate resources effectively and avoid overloading your staff. This integration helps you optimise project schedules, ensuring that deadlines are met and your team remains productive.

Automate payments and expense tracking

Live now.

Integrating Xero with WorkflowMax by BlueRock streamlines your financial management by automating invoicing, payments, and expense tracking. Sync your job management data with Xero to ensure that all financial transactions are accurately recorded and up to date. This integration reduces the time spent on manual data entry and helps you maintain accurate financial records.

EzzyBills

Live now.

EzzyBills simplifies expense management by automating the capture and processing of receipts and invoices. Integrate EzzyBills with WorkflowMax by BlueRock to automatically extract data from receipts and sync it with your job management system. This integration helps you keep track of expenses in real-time, reducing administrative overhead and improving financial accuracy.

Power up your reporting insights

Dashboard Insights

Live now.

The Dashboard Insights integration provides WorkflowMax by BlueRock users with advanced reporting and analytics capabilities. Create custom dashboards and reports to gain deeper insights into your project performance, financial health, and team productivity. This integration helps you make data-driven decisions and identify areas for improvement.

SyncHub

Live now.

SyncHub connects WorkflowMax by BlueRock with your preferred business intelligence tools, enabling you to consolidate data from multiple sources and generate comprehensive reports. Easily visualise your job management data alongside other business metrics, providing a holistic view of your operations. This integration enhances your reporting capabilities and supports strategic decisionmaking.

Rally

Launching end of June.

Rally’s integration with WorkflowMax by BlueRock enhances your project management by providing powerful reporting and analytics tools. Track project progress,

measure team performance, and identify potential bottlenecks with ease. This integration helps you stay on top of your projects and ensures that you have the insights needed to deliver successful outcomes.

Etani

Launching end of June.

Etani enhances your administrative efficiency by integrating with WorkflowMax by BlueRock to automate data entry and reporting tasks. This integration helps you save time on routine administrative tasks, allowing you to focus on more strategic activities.

Get paid faster

AirWallex

Launching in July.

The AirWallex integration with WorkflowMax by BlueRock will simplify your global payments and reduce transaction costs. Automate invoicing and payment processes to ensure that you get paid faster and more efficiently. This integration supports multiple currencies and provides transparent exchange rates, helping you manage international transactions with ease.

Automate more of your admin tasks

Upsheets

Launching in June.

Upsheets integrates with WorkflowMax by BlueRock data to simplify data management and reporting. Automate the

Xero

transfer of data between your job management system and spreadsheets, and easily upload into Xero or other payroll apps. This integration reduces manual data entry and enhances your ability to generate accurate reports.

Notud

Launching in July.

The Notud integration allows you to digitise and streamline your administrative tasks. Capture notes, create to-do lists, and manage documents directly within WorkflowMax by BlueRock. This integration reduces the need for paper-based processes and improves your overall productivity.

Zapier

Launching later in 2024.

Zapier acts as a bridge between WorkflowMax by BlueRock and hundreds of other apps, enabling you to automate repetitive tasks without any coding. Create "Zaps" to connect WorkflowMax by BlueRock with your email marketing tools, CRM systems, and other business applications, ensuring that data flows smoothly across all your platforms. This automation not only saves time but also reduces the risk of manual errors.

WorkflowMax by BlueRock to easily store, access, and share project-related documents. This integration ensures that all your files are organised and readily available, improving collaboration and reducing the time spent searching for documents.

The Dropbox integration with WorkflowMax by BlueRock provides a secure and efficient way to manage your documents. Sync your files automatically and access them from any device, ensuring that your team has the information they need at their fingertips. This integration enhances document management and supports seamless collaboration.

management processes. Organise, share, and collaborate on files within a centralised platform, ensuring that your team has access to the information they need. This integration improves document accessibility and supports efficient project management.

Partner with implementation experts for optimal results

Working with an implementation partner or cloud integrator can significantly enhance the efficiency and speed of setting up your complete tech stack.

These experts ensure that all integrations are seamlessly configured, allowing you to fully leverage the capabilities of WorkflowMax by BlueRock and its partner applications.

This professional guidance not only helps achieve a smooth implementation but also makes sure that your business processes are optimised for maximum productivity and growth.

The Box integration offers advanced document management capabilities for WorkflowMax by BlueRockusers. Securely store, share, and collaborate on files with your team, ensuring that everyone has access to the latest documents. This integration helps you maintain control over your documents and enhances your workflow efficiency. SuiteFiles

Launching in August 2024.

SuiteFiles integration with WorkflowMax by BlueRock streamlines your document

For more information on finding the right partner, visit the WorkflowMax by BlueRock Partner Directory. Get in touch

Rethinking your pricing strategy to create greater value and profitability for your accounting firm

What would happen if you increase your fees by 20% – remembering a price increase goes straight to the bottom line into your profits?

Last year, Ignition carried out research that led us to publish an open letter for change, calling on accounting and tax professionals to reclaim the profitability they deserve.

We did it because the research showed that accountants have a tendency to prioritise their clients’ needs over their own business health, which can put their business at risk and lead to burnout.

As a recovering accountant and previous firm owner, I know all too well the fears faced in the accounting industry like changing

prices (pushing them up), the fear of asking for payment upfront, and saying yes to all clients' needs without any concerns for yourself or your firm, when we don't have time. These are some of the main reasons Ignition exists today.

In a recent podcast with Ryan Lazanis from Future Firm, we looked at various pricing strategies and methodologies, as well as ‘how big an increase is too big?’

What determines the right amount of value exchange between a firm and their clients? Based on that interview, we

@ignitionapp

Guy Pearson, Co-Founder and CEO, Ignition

Guy Pearson is the CEO and Co-founder of Ignition, the leading revenue generation platform for professional services.

Before co-founding Ignition in 2013, Guy started a progressive accounting firm, Scendar (previously Interactive Accounting). Guy and his cofounder, Dane Thomas set out to create Ignition, a platform that combines proposals, billing, payments and other essential workflows in one place.

learned that price increases and the confidence to implement these are crucial elements of the program to correct the firm’s margins and create capacity to enhance the service and the bottom line.

From qualitative insights and firsthand experiences shared on the Future Firm's online platform, a pattern emerges suggesting the most immediate and impactful strategy for a firm's growth could be increasing pricing.

It’s important to note that this observation is based on anecdotal feedback and professional

discussions, rather than empirical data. While these qualitative insights provide valuable perspectives, approaching pricing adjustment with a comprehensive understanding of your firm’s value proposition is key.

It's not only about adjusting rates, but understanding your Ideal Customer Profile (ICP), for example, size, location or industry, and recognising and communicating upfront the value and quality of the services offered.

But the prevailing fear that raising prices significantly (ie, by greater than 50%) for standard services could spell disaster for a firm seems to be a myth.

The real challenge, and opportunity, lies in the firm’s confidence and mastery of the tactics involved in re-evaluating its worth.

The evidence from numerous success stories within the Ignition community suggests a

well-considered pricing strategy doesn’t lead to the ruin of a business.

Instead, it contributes to its significant growth and profitability, because a wellcalibrated pricing strategy reflects the true value of the services provided, attracts the right clients, and supports the firm’s financial stability.

In the firm I started, we increased prices by 25% during the same end-of-financial-year period that I stopped being an active member of the team.

I think we lost one client out of however many hundreds we were dealing with, and the revenue went up.

So here lies the controversial stance: Is the traditional caution against raising fees a byproduct of undervaluing our services?

And more importantly, are we – as a profession – ready to reevaluate our worth and take the leap?

From Ignition data, I can tell you that the average price increase rolled out with our price increase feature in December last year, was 9%.

This is a far cry from 50% or even 25%, but with 9% being the average, and inflation being a factor (the old standard way to boost a price), there’s a significant range for consideration.

Let's challenge the status quo together and redefine the value of our services in the eyes of our clients and our community.

FIND OUT MORE...

Start your free 14-day trial today!

go.ignitionapp.com/sign-up

An Inventory Bulls Eye: How Fishbowl Helped Raider Targetry Hit the Mark.

n the dynamic landscape of high-tech industries, where intricate high-mix, low-volume production intersects with complex products and rapid technological advancements, achieving precision in inventory management can pose a formidable challenge.

Recognizing the critical role of robust inventory management in overcoming these challenges, Raider Targetry, a pioneering force in military training solutions, proudly unveils a groundbreaking advancement in efficiency through the integration of Fishbowl Inventory, a market

leading software solution for inventory management.

CEO & CTO Mick Fielding, alongside Executive Director Cody Webster, envisioned Raider Targetry’s global potential since its inception. Mr. Fielding emphasized the strategic importance of establishing a solid foundation for products and services to support the company’s growth trajectory, stating, “When we were looking at building the business, we knew that we needed an inventory management system that would support us today, but also into the growth that we would expect in the future.”

@Fishbowl

Craig Scarr, Marketing Director, APAC, Fishbowl

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

According to Simon Jupe, Fishbowl APAC Managing Director, “Accurate and efficient tracking of inventory movement from inception to its final consumption point is crucial for effective control and decision-making processes within a business. Investing in a system that enables both signature tracking and inventory tracking facilitates swift resolution in cases where physical transactions diverge from the system records.”

Tim Kelly, Digital Systems Manager at Raider Targetry, expressed the transformative impact of Fishbowl, stating, “Fishbowl’s been gamechanging for us in terms of having that single source of truth that everybody can refer to, to understand the status of any particular work order at any point in time.”

Further affirming his endorsement of the solution, Mr. Kelly emphasized, “Fishbowl’s also been fantastic in terms of helping us to save costs, in particular the labour cost of trying to coordinate all of these different production and work orders. The main thing though, that

Mick Fielding, CEO & CTO, Raider Targetry

Fishbowl’s really helped us with in terms of productivity is the ease of integration into the engineering software that we’re using. Implementing a new inventory management system is often a big commitment for any organisation. Thankfully, the Fishbowl support team is fantastic, and they’ve made it really, really easy for us to configure Fishbowl in a way that’s suitable for our organisation.”

The software’s capabilities extend to meeting regulatory requirements and ensuring compliance by providing accurate records, traceability, and comprehensive reporting features. Mr. Kelly highlighted Fishbowl’s prowess in digital track and trace, serialization, and managing complete bills of materials, ensuring the delivery of clean and clear, real-time information to the Defence Force.

got additional integration through the full depth of our bills of materials, and we’re tracking a lot of custom fields like NATO stock numbers and those kinds of things too.”

Mr. Fielding reiterated the strategic alignment of Fishbowl with Raider Targetry’s objectives, stating, “Fishbowl in particular has a number of features which support what we do. Fishbowl gives us a single source of truth for everything we do within the business, especially when it comes to production, but also supporting our R&D activities.”

Looking ahead, Mr. Kelly emphasized forthcoming enhancements, stating, “In the future, we’ve got an extensive amount of automated purchase order and production order planning coming into play. We’ve

Simon Jupe, Fishbowl APAC Managing Director, underscored the scalability of Fishbowl software emphasizing, “As high complexity, low volume businesses grow or evolve, Fishbowl software can scale to help our clients meet their changing needs. This flexibility can be essential, especially for companies dealing with diverse and evolving product lines.”

Mr. Fielding concluded, “As a company developing high-tech solutions, we need high-tech business processes that support

what we do, and especially those that scale with the business as we expand globally. The technology we’re developing has fast iteration cycles, they’re technically complex systems, and we need products that support the business that work in the same manner. Fishbowl was a natural fit for us and very much complementary to the tech stack we’d already brought on board. Now that we’ve partnered with Fishbowl, we’re really excited to see where the future will take us and we have full confidence that we’ve got the right partners in place to get there.”

Raider Targetry’s strategic integration of Fishbowl Inventory represents a paradigm shift in inventory management, reinforcing their commitment to operational excellence, innovation, and global growth.

FIND OUT MORE...

To find out more about Fishbowl, visit their website:

fishbowlinventory.com.au

Tim Kelly, Digital Systems Manager, Raider Targetry

Simon Jupe, MD Australia, Fishbowl

Creating capacity with cloud software and AI

XU Magazine spoke to Cameron Ford, Silverfin’s UK General Manager and Russell Frayne, Director of Transformation at Gravita a top 30 full service accounting firm.

Silverfin (www.silverfin.co.uk) is a cloud software firm started by an accountant for accountants ten years ago. It now supports over 800 accounting firms, including 30 of the UK's top 100, by connecting and standardising data and automating accounting processes.

XU: There’s a lot of hype in accountancy circles about the cloud and AI. Are accountants right to be cautious about adopting new technologies?

CF: I don’t think accountants, or any sector for that matter, can avoid the cloud or AI for much longer. Data is exponentially growing, compliance demands are becoming more onerous and there’s a new generation of worker who expects technology to make their job easy. It’s a context that can’t be ignored.

I’m still surprised by the number of firms not making use of the cloud to collect and share client data. We know there is a ‘capacity crunch’ in accounting that impedes company growth

as well as stifling professional development and adding to stress.

The cloud can play a significant role in helping ease this pain, streamlining processes, improving accuracy, and removing repetitive tasks that often lead to human errors. With live, standardised data accessible to your entire firm from anywhere in the cloud, it’s a footing for adopting AI and reaping the benefits.

XU: Can accountants really take advantage of AI?

CF: Any industry can use AI to become better at what it does and how it does it. Think of it as a tool to help automate tedious jobs, improve performance and be your best.

Also, it’s not a technology just reserved for largest firms or those that are synonymous with the tech sector.

There are examples all over the world that show how AI can be used to improve staff and client satisfaction. I’d recommend learning from them and ‘borrowing’ tried and tested models. Look for ways to use AI to prove the concept first and build from small gains towards bigger ones

XU: What’s the most important consideration for accountants when moving to this new world?

RF: Getting your data quality ready - thinking about where it sits, how it's stored

Cameron Ford, UK General Manager

Russell Frayne, Director of Transformation

and accessed should be a priority for all firms that want to thrive.

The whole data story is the gateway to enabling AI and taking advantage of the productivity, efficiency, and profitability it brings to your firm.

XU: Is that why you chose Silverfin as one of your AI partners?

RF: Working with Silverfin puts us into a very different position, when compared to other partner technologies. One of the big reasons I’m an advocate for Silverfin is the way in which it becomes the unstructured data aggregator and can slot into our existing stack with open APIs. It’s a process and methodology that’s so vital for success as the platform pulls everything together into one space, where teams can easily collaborate and seamlessly do their day job.

XU: Can you explain how that aggregation pays off?

RF: Yes, take the example of when we're doing working papers and accounts. Silverfin is pulling data from different sources in different formats, and it's unifying it in one place. You can then pull so much more insight from that unified dataset.

XU: Can you highlight some key features of Silverfin that your customers find most valuable?

CF: If you asked any of our clients how Silverfin is transforming their business, they’d say it’s created speed, consistency, capacity and opportunities to thrive.

Silverfin game changers:

1. Accelerate account preparation with Silverfin. Clients quickly harness the power of live data connections, remove the ‘copy, paste, roll

forward’ data operations and benefit from the ease of consistent single entry efficiency.

2. Create capacity with Silverfin Assistant. Analysis of client files is automated, saving hours checking files and even helping to train junior staff as they work through the flagged anomalies.

3. Streamline manager and partner reviews. Enhanced control and consistency is highly valued by clients. With Silverfin, they can make efficient side-by-side comparisons and teams can collaborate in realtime.

4. Next-level staff-client communication. The information you need to do your job is all at your fingertips. Nothing is missing, teams have audit trails, and can interact and work together where the work happens.

XU: Can you give us a real-life example of the technology in action?

RF:

We have trained everyone on Silverfin Assistant. It’s fantastic for junior staff as they’re doing their day job with an Assistant on the side of the screen to prompt and guide them.

It will tell you what it's looked for, why it's identified something, and what the information is telling you, with full background information as well. Not only is this great for training, it’s freeing

up more experienced accountants to spend more time with clients.

XU: Can the role of accountants evolve with advancements in technology and software like Silverfin, or will the sector shrink?

CF: Nothing, including AI, is going to make accountants redundant. What technology can and should be used for is removing human errors, repetitive tasks and tasks that can be automated such as roll forwards. This makes work more interesting and fulfilling because people will have a chance to work more directly with clients.

Our AI is trained on financial data, so it not only improves consistency, compliance and throughput, but it also works with accountants to spot trends and create more profitable advisory opportunities. It’s a strategic shift in terms of what work is done and how, but it’s also a cultural one, made much easier by the AI technology backbone. I believe this will change the perception of accountancy being boring and make it a more attractive sector to join.

XU: How can firms ensure people are excited by the future and not scared?

RF: This is about mindset. The truth is, if you

make yourself replaceable, you will be replaced by AI in the future. That might seem scary, but we're in control of that destination. AI shouldn’t be about replacement, it’s about enhancement.

We’ve got so much time back from using AI to manage structured, aggregated data and automate the processes that were previously manual. We’ll use that saved time to have more regular and useful conversations with clients. We can really help them understand their business, their goals, their needs - rather than just focusing on compliance. Plus, we’re becoming a firm accountants that clients want to join because of our approach to technology.

XU: Do you have a top tip for introducing the concept of AI to teams?

RF: If you want to be a tech enabled, tech led firm you need to get the hearts and minds of your firm engaged. You need buy-in from the bottom up as well as top down and the trick is achieving harmony and a balance between the two.

I strongly recommend focus groups, with people who can become the champions as that sort of stuff matters too. With the Silverfin rollout, I spent a lot of time with people to help them understand why Silverfin was being adopted and the difference it would make to them as individuals and as a firm

XU: Can technology partners take a lead on this?

CF: It’s all about partnership. We might sell technology, but we know it’s the people in a firm that will use it - or not. We provide every customer with a dedicated customer success manager because all change is hard. The most successful implementations are with firms

that communicate their vision and identify the processes that should change before embarking on the transformation.

XU:

How can firms protect their data and compliance obligations during a significant programme of change?

CF:

Moving to the cloud and becoming smarter about data security is a goal you should always have in mind.

Concerns about compliance can’t be dismissed, but they can be managed if you take an approach that it’s done in an organised and secure way. For some accounting firms, the mere thought of migrating (client) data to the cloud conjures images of data breach nightmares. But moving to the cloud is actually the smartest move in terms of data security.

Cybersecurity risks often stem from outdated and – hence –vulnerable systems. While cloudbased solutions from Softwareas-a-Service (Saas) providers like Silverfin, offer enhanced security compared to traditional onpremises setups.

XU: Is there a best practice approach you recommend?

CF: No two firms are the same, so they should choose their technology partners carefully, in line with their strategic goals and technical capability.

Cameron's checklist for finding the right tech partner

• Do they have a proven track record of success? Look for case studies, and references.

• Do they share your vision and values?

• Do they have the necessary scalability, support services and flexibility to suit your workflows and objectives? Are they actively involved in research and development with a track record in emerging AI trends?

• Are they willing to listen to your unique challenges, and involve key stakeholders in decision-making processes?

• Are they capable of guiding and training your workforce so the value of AI is realised?

Key benefits AI delivers for accountants

AI trained on data

Silverfin Assistant runs hundreds of comprehensive AI-powered checks, fully integrated into your Silverfin workflows, to cut down the time needed to prepare client files. All suggestions are presented for approval, with the ability to create follow-up items.

Better customer service

With up-to-date client information instantly available, enhanced with AI analysis and suggestions, it’s easier to spot opportunities in the data and offer proactive advice to your clients.

Always-on training when analysing client files

Silverfin Assistant makes suggestions that can support the onboarding or up-skilling of new or junior team members. Clear and detailed explanations of the checks applied to the files provide the perfect way to bridge knowledge gaps and boost confidence, while reducing the reliance on senior staff.

XU: What would you say to a firm hesitating about going down this route?

RF: Investing in AI and the cloud to modernise is no longer an option. It’s now a must-do for profitability and growth. It won’t be long before the gulf between those firms that are tech enabled and those that aren't will be very apparent, and I’m certain that clients will gravitate to the leaders. Above all, use the experience of otherswith the right partner, technology and culture, anything is possible. You won’t look back and wonder why you didn’t do it sooner.

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Download your free copy of Silverfin’s whitepaper:

Beyond the hype: the real benefits of AI for your accountancy firm

Silverfin's recommended AI implementation steps

Russell’s three step plan for AI success:

1. LISTEN TO YOUR PEOPLE:

Get people from the business to tell you where they think AI would make the biggest impact in their day jobs. You need to dig under the bonnet and get people doing the day job to identify where the big wins are.

2. EMBED AI THROUGHOUT THE ORGANISATION THINKING ABOUT NOW AND THE FUTURE:

Embed AI in the mindset of the teams and their function, it will make it easier to take full advantage as technology develops in the future. Take a good look at pricing models when you do this - a per user licence can restrict your expansion, per file or unlimited models are more cost effective and flexible.

3. FIND THE RIGHT TECHNOLOGY PARTNERS:

Silverfin's AI strength and future roadmap was part of the reason for partnering with them. It’s investment in technology, and proven process for implementation has allowed us to start on our transformation journey quickly and laid the foundations to take full advantage of the benefits as they evolveover time.

A new look: The same amazing event but with more opportunity than ever

Accounting & Business Show Asia

2024 unveils its new look

@accandfinshow

Laura Binns, General Manager, Accounting & Business Show 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.

Enhanced opportunities at Asia’ leading tech & strategy event for accountants, finance leaders and business owners

The Accounting & Business Show Asia 2024 unveils its new look with a new logo and a fresh colour scheme

As the event continues to evolve and expand, the fresh colours mirror continuous commitment to providing invaluable technology-centric updates and insights for accountants, finance professionals and business owners. Set to return this 16 - 17 October at Sands Expo & Convention Centre, Singapore, it promises to be the most

important tech and strategy event in the region for accountants, finance professionals and business owners.

It is the same amazing event, just taken to the next level. The newlook Accounting & Business Show Asia boasts:

• 150+ exhibitors showcasing innovative digital enterprise solutions and services from across Asia

• 180+ expert speakers sharing their insights and ideas

• A CPD-accredited conference

agenda across 5 conference theatres: Digital Innovation, SME Finance Transformation, Digital Practice, The Enterprise CFO and SME Leaders

There are now more ways than ever before for the latest technology and solutions providers to reach Asia’s vibrant accounting, finance and business leaders who are looking to discover new solutions and steer their businesses to success:

• Expanded Content: A dedicated SME Leaders Conference Theatre has been added to attract more decision makers by sharing the latest digital trends, solutions and strategies for SME business owners and senior leaders to streamline operations, safeguard businesses and turbocharge growth.

• Enhanced branding and lead generation opportunities: With brand new elements on the dynamic exhibition floor and CPD-accredited conference, attendees can anticipate an elevated event experience. From intimate roundtable discussions to exclusive networking zones, the Accounting & Business Show

This article is

Engaging activities on the exhibition floor

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“We’ve finally been able to move away from spreadsheets and that means more live and accurate data when making business decisions.”

“With Projectworks we can see what’s in the works and what’s coming up - it informs 95% of what we do.”

“Projectworks is an amazing platform that gives our clients the past, present and future insights they need to compete at the top of their industry.”

Expand your practice and empower your consulting clients

Projectworks is the future of job management. We’re a professional services automation platform that’s easy to use, connects cross-departmental planning and gives your client’s time back to focus on the real work.

Start partnering with Projectworks. Visit our website www.projectworks.io/partner

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Valuable insights at a CPD-accredited conference agenda

Asia 2024 promises to deliver a collaborative and empowering platform.

Put your brand at the heart of Asia’s business landscape. Thousands of potential buyers attend The Accounting & Business Show Asia:

• Accountants

• Auditors

• Bookkeepers

• CFOs

• Credit Controllers

• CPAs

• Finance Directors, Controllers and Managers

• Payroll Specialists

• FP&A Specialists

• Tax Specialists

• CEOs

• Managing Directors

• Business Owners

• SME C-Suite Leaders

• Partners and many more from accounting Firms, SMEs and enterprises.

By sponsoring or exhibiting at the event, solution providers and brands gain multi-channel brand exposure by:

• Networking with thousands of accounting, finance and business professionals who are actively looking for new solutions for their organisation

• Sharing the stage with tech

and strategy pioneers and disruptors

• Hosting a roundtable session or VIP networking event to enable your sales team to get to know key buyers at the event

• Arranging 1-2-1 meetings with decision makers

Prime booth locations and speaking slots are limited. Reach out now to discover channels to amplify your brand and grow your sales:

Jason Lee, Business Development

Manager

jason.lee@terrapinn.com

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Laura Binns, General Manager

laura.binns@terrapinn.com

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the event

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Future of Accounting and Accountants in the Age of Automation

Key Trends and Developments in Accounting

• Shift Towards Cloud-Based Solutions: For example, software like MyT, QuickBooks Online and Xero allows accountants and their clients to access financial data from anywhere, facilitating realtime decision-making and collaboration.

• Increasing Importance of Real-Time Financial Data: Real-time data enables businesses to react quickly to market changes. An example is the use of dashboards that provide financial KPIs in realtime, helping businesses to pivot strategies swiftly.

• The Rise of Sustainable and Green Accounting Practices: This involves accounting practices that factor in environmental costs of business activities. For instance, calculating the carbon footprint of products and incorporating these considerations into financial planning and reporting.

• Integration of Blockchain Technology in Accounting Processes: Blockchain can be used for secure and transparent transaction recording, like using smart contracts for automatic

invoicing and payments, reducing the need for manual reconciliation.

Impact

of Technology and Automation

• Automation of Routine Tasks: AI tools like receipt scanning and data entry software automate mundane tasks, freeing accountants to focus on analysis and advisory roles.

• The Role of Data Analytics in Decision-Making: Tools like Tableau or Microsoft Power BI enable accountants to analyse large datasets and provide actionable insights to their clients.

• Cybersecurity in the Accounting Sector: Implementing secure cloud storage solutions and educating clients on phishing scams are examples of how accountants can protect sensitive financial information.

• Future Technologies Shaping the Accounting Profession: IoT devices, for example, can track inventory in real-time, providing accurate data for financial reporting and analysis.

@app_myt

Oumesh Sauba, CEO, MYT

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

Regulatory Changes and Compliance

• Overview of Recent Regulatory Changes: Mention specific examples like the GDPR in Europe affecting data privacy practices or the Tax Cuts and Jobs Act in the U.S. altering corporate tax rates.

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

• The Importance of Compliance in a Globalised Economy: Accountants must understand regulations not just in their own country but also in other jurisdictions where their clients operate, such as IFRS standards.

• Impact of International Accounting Standards on Business Practices: Adoption of IFRS by companies can lead to more transparent financial reporting and easier comparison across international boundaries.

• Preparing for Future Regulatory Challenges: Continuous professional education and leveraging regulatory technology (RegTech) solutions can help accountants stay ahead of changes.

Skills and Competencies for Future Accountants

• Critical Thinking and Analytical Skills: Accountants need to interpret complex data sets and provide strategic advice, moving beyond just number crunching.

• Technological Proficiency: Being proficient in advanced Excel, understanding cloud computing basics, and having a grasp of blockchain implications for accounting are becoming essential.

• Ethical Considerations and Professional Judgement: Accountants often face ethical dilemmas, such as client pressure to adjust numbers. Strong ethical principles guide them in making the right decisions.

• Communication and Advisory Skills in a Digital Age: The ability to communicate complex financial information in an understandable way to nonfinancial stakeholders is crucial.

Embracing Change in the Accounting Profession

• The Importance of Continuous Learning and Development: Encourage participation in webinars, online courses, and professional workshops to stay updated

with the latest trends and technologies.

• Strategies for Accounting Firms to Adapt to Technological Advancements: Firms should invest in new technologies and foster a culture of innovation, encouraging staff to experiment with new tools and processes.

• The Role of Professional Accounting Bodies in Supporting Members: These bodies provide resources like training programs, networking opportunities, and up-todate information on industry changes.

• Preparing for a Future Where Technology and Accounting Converge: Accountants should view technology as an enabler that enhances their role, rather than a threat to their existence.

Conclusion

In conclusion, the future of accounting is intricately tied to the ongoing evolution of technology, regulatory frameworks, and global economic landscapes. As these fields continue to develop, accounting professionals are poised to embrace significant changes that will redefine their roles and enhance their impact on business operations. The transition towards cloud-based solutions, the integration of

blockchain technology, and the adoption of sustainable accounting practices are just a few of the pivotal trends shaping the industry. Moreover, the importance of cybersecurity, the influence of real-time data, and the necessity for robust data analytics underscore the shifting focus from traditional accounting tasks to more strategic, advisory roles.

Accountants must therefore cultivate a suite of new skills, including technological proficiency, critical thinking, and strong ethical judgment, while continuing to adapt to the evolving demands of the profession. By embracing these changes and viewing technological advancements as opportunities rather than threats, accountants can leverage their expertise to drive business innovation and growth. In essence, the future of accounting promises not only challenges but also vast opportunities for those ready to navigate its dynamic landscape and harness the potential of emerging technologies to foster transparency, efficiency, and sustainability in financial practices. https://getmyt.com/ Accountants/

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Time for business

Discover the Dext & Xero advantage

Accounting as it should be – get accurate insights with real-time data collection and reporting

Adding Dext to Xero is a dream come true! A win-win situation on all sides.

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How your accounting firm can easily charge for bookkeeping corrections

Navigating the gray area of bookkeeping corrections when providing accounting services.

@xenonconnect

Gareth Salomon FCA, Founder, Xenon Connect

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

Gareth Salomon FCA, Founder of Xenon Connect, explains how to ensure that your accounting firm is paid for bookkeeping corrections.

t can be a murky area full of ambiguity. You agree a fee for taking care of the client’s year end accounts, tax returns and perhaps a review of the VAT returns – but the business owner wants to keep control of the day-today bookkeeping rather than outsource to your bookkeeping team.

Inevitably, this will lead to the need for corrective actions on

the bookkeeping data when it is passed to you. Herein lies the issue. From the client’s point of view their job is complete. The fact that the savings account activity has not been posted, supplier bills have been uploaded but the bank payments have gone on as spend items, items of negligible value have swamped the fixed asset addition codes and five different VAT codes have been used for

one supplier – all irrelevant to the client!

From your firm’s point of view, all this work needs to be rectified to produce accurate accounts and tax returns. This takes time and knowledge, and we all know that means an additional cost to your firm.

The Problem

"Tangible issues that make it easier for the client to stomach an additional bookkeeping fee."

So, what do you do? I bet from time to time your team has sucked up this additional work, probably because you just want to get the job out of the door and a back-and-to with the client (who may not have the technical ability to correct the items anyway) will just prolong the process. I also bet that, from time to time, your firm has absorbed the cost of this additional work – especially where fixed fees are involved. I know. I’ve been there.

The problem is that the process of communicating to the client the issues with the bookkeeping can be arduous. It

through Xenon Connect.

will probably involve explaining the fundamental principles of bookkeeping and who has time for that? Remember, the client has not agreed to pay for bookkeeping, or bookkeeping training.

The Solution

There is a way that you can quickly communicate the main issues that are affecting the bookkeeping to the client, without the need for manual writing of queries.

"Produce an overall bookkeeping health report in PDF format to send to the client."

At the click of a button, you can produce an overall bookkeeping health report in PDF format to send to the client, showing 20+ types of bookkeeping error affecting their records. You can also send a detailed list of each of those 20+ types of error showing them exactly which transactions require rectification. Many accounting firms are doing that right now, using Xenon Connect.

Now, of course, highlighting the

specific issues with the bookkeeping data to the client does not necessarily mean that they will have the capacity to fix them themselves. But this means that your firm can quickly provide them with tangible issues that make it easier for the client to stomach an additional bookkeeping fee. It is all about transparency and fairness.

Want to try Xenon Connect out?

Connect one free organisation to your partner account today.

Game changing communications platform launches WhatsApp to email technology

Solving the WhatsApp dilemma

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ersey based software company ClientWindow, which launched in 2023, may be relatively new but it is making significant waves in both the communications arena and in financial services, with accountants and bookkeepers especially experiencing the benefits.

What’s more, it has just released a brand new feature which will have a significant impact on how teams communicate with their clients by linking WhatsApp to business email.

We caught up with founding partner David Moehle to find out more.

What exactly is ClientWindow and how does it work?

Talking about software can sound complicated but ClientWindow is genuinely easy to understand! ClientWindow is a messaging tool which sits on your computer and on your phone. It works by connecting the types of communications tools businesses like to use most, their email, with their clients who like to use WhatsApp. It does this seamlessly in the background so no technical

knowledge is required - and your client doesn’t experience any change to how they message you.

Why did you decide to develop the software?

Myself and my business partner, Tim Zeale, are both chartered accountants working in practice. More and more we were beginning to experience a very real dilemma with WhatsApp and similar messaging apps. Our clients wanted to talk to us on WhatsApp, it's so easy and efficient for them. However, that cannot be said for their accountants. WhatsApp not only causes issues with compliance as it does not meet regulatory data retention obligations but it can also lead to all sorts of management issues as broader teams can’t easily read, or action these messages. We were seeing the same challenges reflected in many of our colleagues and peers. ClientWindow aims to solve these problems

Are the WhatsApp compliance issues a genuine risk?

David Moehle, Founder, ClientWindow

David Moehle, along with ClientWindow founding partner Tim Zeale, is a Chartered Accountant and partner at Jersey based accountancy practice, PKF bba. David also sits on the PKF UK and Ireland audit group and is the president of the Jersey Society of Chartered and Certified Accountants (JSCCA). Prior to his work at a PKF bba, David trained in a Big 4 firm before moving to a smaller organisation, where he led its expansion into the mid-tier.

We found out how ClientWindow is revolutionising how accountants talk to their clients.

Unfortunately, yes. According to the Financial Conduct Authority using messaging services, such as WhatsApp, on their own create significant compliance risks. Regulators have also acted against firms and individuals for misconduct involving the use of unmonitored or encrypted communication apps. However, evidence suggests that WhatsApp use is widespread, but the correct surveillance and retention of these messages is not. There are also insurance and GDPR risks in allowing off-channel communications – you wouldn’t allow staff to use their personal email for client communications and WhatsApp is no different. ClientWindow solves this problem by acting not only as a tool for excellent client communication but also as a compliance safeguard.

What makes your new feature special?

Our WhatsApp to email integration is a genuine game changer. There are quite a few communications platforms out there which pull together lots of channels such as WhatsApp and social media. However, our WhatsApp to email integration is unique in its field. The feature allows clients to send and receive messages

on their usual WhatsApp app on their smartphones whilst their accountant or the client services team they are communicating with send and receive messages on their normal work email. This allows for seamless communication between teams and clients, and the ability to integrate with email document filing, whilst also meeting regulatory and data retention requirements. It’s a one of a kind tool that you can use without any disruption to your client - so everyone gets what they want!

ClientWindow was developed with accountants and bookkeepers at the forefront of our minds

But is ClientWindow tailored for accountants and bookkeepers?

It definitely is! As accountants ourselves, ClientWindow was developed with accountants and bookkeepers at the forefront of our minds. Yes, it is such a useful tool that almost any professional services business could use it, but we do have several features that are all about making the lives of accountants easier.

For example it can really help with capturing invoices and receipts. Clients can conveniently send their invoices and receipts to a firm via WhatsApp, and then ClientWindow automatically sends these onto your own system such as Dext, AutoEntry and Hubdoc. Clients no longer need to install apps on their phones to manage the document capture process. Accountants and bookkeepers also have to request a lot of information from clients, which can be an arduous task at the best of times. ClientWindow can solve this with automated information

requests and access to editable online questionnaires that clients can complete for all types of information gathering, including tax self-assessment, VAT returns and even due diligence information and customer surveys. ClientWindow can invite customers to complete questionnaires via both WhatsApp and email, making the process a lot quicker.

What is next for the industrydo you think we have evolved as far as we can?

The tech and digital landscapes are developing so quickly, especially with AI. I think that we haven’t even begun to see how useful they can be for accountants and the finance industry. FinTech and RegTech may seem like buzzwords but these companies are developing tools and software which can really help firms improve efficiency and make the most of their resources.

We have a vision that AI copilots will join WhatsApp chats between clients and accountants, being able to perform tasks on command such as extracting

balance sheet reports directly from the clients’ ledgers or performing a cash flow analysis which can then be fed directly into the chat. For example, a command like “@AI give me a balance sheet at the end of last month” or “@AI what is the current bank balance of the company”. This could make accountants’ daily lives much easier.

It is also clear that data protection and privacy requirements are only getting stricter as are the requirements of regulators. Firms have to navigate all of this whilst continuing to provide excellent service to their clients - which is no small task. We can use technological developments to really help accountants and their firms, in a tangible, real world way.

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Transforming Payroll for Accountants, Bookkeepers & Payroll Bureaus

Leveraging Technology to Overcome Time & Profitability Challenges while Enhancing Accuracy

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K SME’s Employ 16.7 million people (61%), with small businesses alone (employing under 50 people) representing 99.2% of the business population.

These employers, due to their small size and the inherent complexity that was added to payroll over the years, do not have the necessary expertise to run and operate payroll in house. They rely on professionals like yourselves to pay their staff accurately.

be it a bookkeeper, an accountant or a payroll bureau is rising. Messing up payroll doesn’t take too much, however what we found was that once employees start losing trust in getting paid on time and correctly, this starts eroding all their relationships.

Improving payroll profitability lies in understanding clients and leveraging the right technology.

Yet payroll remains a muchundervalued service, seen very much as a commodity, where I’ve heard prices from as low as £4 per payslip.

Equally the criticality of payroll within the service provider space,

Studies show that 44% of employees consider leaving a job once they are not paid correctly, pushing up turnover within small businesses which can be significantly detrimental. This further drives a strain in their relationship with their trusted accountant or bookkeeper; encouraging them to look elsewhere.

Yet, when margins are extremely tight, how can you elevate your service to ensure better accuracy

@jonmifsud

Jonathan Mifsud, CoFounder, Buddy

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

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

Payroll; the repeating underpriced process you are doing for clients. One you wish to automate and provide more added value.

and less workload on your already stretched teams?

The key to improving payroll profitability and quality lies in understanding the types of clients that you serve and the technology that you can leverage.

Payroll clients largely fall into three buckets:

1. The Payrolls that never change, largely director only.

2. Salaried Payrolls that have some staff turnover; and require Holiday Pay and other absences

3. Employers who are heavy on Time and Attendance, where holiday pay is at its most complex and are generally heavy on computation requirements.

Most accounting firms we work with prefer people from the first and second group, where the

complexity is reduced. Yet, they spend significant amounts of time doing data entry, (repeated data entry) with little time left to add value.

That’s where key technology partners come in.

Having identified three key issues; there is no one-size-fitsall solution for these businesses. Yet the first step that the industry needs to make is to empower the collaboration between the service provider and the client.

Streamlining Payroll Review

The easiest first step to enable collaboration is the payroll review stage. To date; this largely happens through email communication or WhatsApp messages. Approvals done online through an auditable system can ensure there is no delay between the final approval and the team’s payout. A key area to ensure timeliness.

Integrating Data Entry & Absence Management

The next natural step for employers with Salaried Payrolls and employers requiring Holiday Pay, is the ability to notify their partner of starters, leavers and all absences. An integrated absence management system can give the edge, especially when calculating holiday pay. More interestingly, most businesses see this as being external to payroll, and may happily pay over and above for the ability to use holiday management software

Empowering

Employers with Hourly Workers

For Employers that are heavy on time and attendance; this could

mean using the same payroll solution to track and store the related data, or else leverage a solution that can integrate into the Payroll System. Top-tier payroll systems can convert raw working hours into accurate pay elements, based on working locations, roles and even time of day.

That leaves our first group, the payrolls which are always the same. What can we do there?

Following much consultation and discussions with professionals in the industry our team presented EverRoll™ the first fully automated payroll designed for service providers.

So what’s EverRoll™ about?

Imagine setting up your payroll clients which require little monthto-month hand-holding going into a system that can draft up the payroll, send it for review and once approved email payslips to all the staff, file RTIs, pay to staff through an integrated partner and even send that Journal to your favourite accounting software. All this while giving you oversight of the whole process and running like clockwork on a fixed schedule.

The best part is that if clients play ball, the system can handle Holiday Pay, and those Time and Attendance calculations we mentioned earlier for complex clients.

Does EverRoll™ need human oversight?

Like any AI or technology system, you want to ensure the payroll is correct. While there can be automated controls, nobody knows your client better than

yourself. So you’d be ideally placed to identify data quality errors within the process. Furthermore, if you’re looking for that value-add, we hope that by the time you win through automation, you can give back to your client, driving up your worth to the client and increasing stickiness.

Why would they need us if tech can do it?

Through AI and a little bit of knowledge these days you can do a lot of things. Why do people still hire a plumber if they can get step-by-step instructions, and have the materials delivered? It’s because they don’t want to run the risk of doing it wrong. If you’re leveraging automation, this should give you more time to communicate with your client, understand their plans and add value. SMEs, regardless of technology and the evolution of AI will still require their trusted advisors.

Profitable Payroll

Offering high-quality, profitable payroll services without driving your payroll team mad, is possible. Start today by understanding your client base and think of how you can involve them in your payroll process.

Why 2024 is the year to elevate your practice with software advisory services

Using a strong Xero integration to delight your clients

@projectworksio

Nicola Stewart, Content Marketing Manager, Projectworks

Nicola Stewart, Content Manager at Projectworks, is a skilled writer with expertise in consulting and business software solutions. She offers a unique perspective to the business world, distinguished by her ability to humanise complex topics with clarity and insight.

Exploring how consultants can transform client operations and develop new revenue streams by adopting job management software integrated with Xero.

024 is the year to elevate your practice with revolutionary software advice

Your consulting clients' most tedious tasks are a ripe opportunity for mutual growth. Consulting clients are time-poor and need help keeping their business organized, their projects on track, and their profit margins healthy.

A job management platform that automates tedious tasks and seamlessly syncs with Xero is the key to solving your client's problems and expanding your own practice. By helping your clients implement software that will revolutionize their business operations, you'll become an indispensable, trusted business advisor.

Keep reading to discover why 2024 is the year to elevate your accounting practice and deliver even more value to your consulting clients with a job management platform.

The key to your consulting client's heart

Your consultancy clients offer

their expertise to the world and work on our most challenging projects; because of this, their time is precious. Anything you can provide to save time will make your services an asset to their operations. Consulting and professional services clients, such as engineering services, architecture firms, and management consultants, didn’t become experts in their craft to spend time juggling spreadsheets. They want to get on with their work and deliver exceptional projects.

hours can make the difference between a profitable or costly project.

“Earn

referral commission and develop a software advisory offering for your clients.”

This struggle is where you can step in as an advisor to get them using an automated platform that saves them time and keeps their business thriving.

Expanding your advisory practice

Tracking billable hours on a spreadsheet or resourcing with MS Projects wastes a considerable amount of your client's time on maintenance and data entry. Not to mention how risky it is for their business. Minor errors in logging

You and your clients need a better system. You can help them find one by implementing leading job management software. Job management software can transform your clients' operations by streamlining project management, reducing errors, and providing real-time insights into their business performance. This allows them to allocate resources more effectively, track progress accurately, and make informed decisions that drive profitability.

What should you be looking for in a Xero integration?

All integrations aren't created equally. Some software platforms claim to integrate with Xero but only integrate with one part of their software—for example, you might find you can export your invoices, but there isn't a function to connect expenses. This inefficiency puts you and your client back where they started, copying data between two systems.

Plus, with a comprehensive Xero integration, you'll have full transparency of your clients' invoices, reimbursable and planned expenses, and purchase orders, making managing their books seamless and easy.

Your client's success is your success

When your clients succeed, so do you. Connecting Xero to your clients' job management tools will foster trust and drive mutual growth.

Once you start implementing software and providing advice to your clients, you'll also benefit from offering additional services that generate:

• Advisory services fees

• Implementation fees

• Ongoing support fees

• Referral bonuses

Then, as your clients find success using a better job management platform, you'll experience growth in the following ways:

so does the complexity of their financial and operational needs. This creates more opportunities for you to offer higher-value services, from advanced financial planning to strategic growth consulting.

Stronger client relationships

You build trust and loyalty by helping your clients achieve their goals. Clients who view you as critical to their success will likely retain your services and recommend you to others.

2024 is the year to add software advisory services to your practice

In 2024, almost all of your clients will be using some software to manage their books and run their business.

Enhanced reputation and credibility

When your clients thrive using job management software and Xero, it reflects positively on you as a trusted advisor.

Increased demand for advisory services

Successful clients are more likely to seek ongoing advice and services. As their business grows,

To continue supporting your clients in the coming years, becoming aware and skilled at using the best tools available will be an advantage for your practice. By mastering the best software on the market, you can provide value to your clients beyond traditional accounting support.

Simple to start, easy to master

Projectworks job management software allows your clients to manage their billable time, expenses, quotes, resources, future financials, invoicing, and leave. On top of this, there is a full suite of built-in reports to help you and your client dive deeper

into the business to make and track changes. Despite its powerful predictive tools, getting Projectworks up and running is simple. Projectworks is designed to be intuitive, minimize the learning curve, and integrate smoothly with Xero.

You'll earn referral commission and develop a software advisory offering for your clients. This is the best way to upskill, as we provide comprehensive training to ensure you can effectively utilize the platform for free. It's a win-win!

Contact the team

If you're looking for a Xero integration that has the "wow factor" for your consulting clients? Get in touch!

You can contact us by visiting projectworks.io/partners, or if you are attending Xerocon London or Nashville, visit our booth. We have lots of goodies to hand out to new partners, and we would love to chat!

If you're not 100% sure this is for you, email our partnerships team at angela@projectworks.io. We'd love to help you assess if a Projectworks partnership is right for your business.

Learn more about expanding your practice on our website:

projectworks.io/partner FIND OUT MORE...

Transform With Management Book Demo

Our Expense to effortlessly and ensure Meet the

Transform Your Business With Powerful Expense Management Software

Expense Management Software empowers you effortlessly manage expenses, streamline workflows, ensure compliance with ease. the tool that gives you more control than ever before.

Change Manager

AdvanceTrack MD Vipul Sheth runs through the change aspects that you’ll need to grasp to make outsourcing or offshoring successful.

U The metronome that is accounting and tax work often makes for a workplace and culture that is change-averse.

tilising outsourcing or offshoring requires change. And for practices, looking to move their critical production work away from the confines of their office (or indeed the country in which they operate) can be a scary and risky proposition.

A step change

So, what changes will an accountancy firm go through when outsourcing or offshoring? As previously stated, you will have people potentially far away undertaking work on behalf of your firm. And if they are isolated, they will never be able to support your firm effectively. So, you must understand that you and your service provider will need to keep collaborating with each other.

Wish list

Your accounting practice will then need to run a procurement process, and starting that off requires you to set out a ‘wish list’ of what you are looking for from your provider. This could (and

@AdvanceTrack

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

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

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

AdvanceTrack demonstrates compliance with international security laws including GDPR through certification to ISO27001:2022, ISO27701:2019 and BS10012 audited by BSI. Quality is certified to ISO9001:2015 and Business Continuity certified to ISO22301:2019

Groundbreaking ‘Accounting Talent Index’ launched

Have you seen the Accounting Talent Index? It’s new, groundbreaking, research into the global issues facing the creation, recruitment and retention of accounting professionals.

A joint project between AdvanceTrack and Smithink, we spoke to more than 270 senior accounting practice leaders across the UK, Australia, US and further afield.

“Our study aims to examine the

should) include: physical and IT security accreditations; values and cognisance of the law relating to employment/privacy/IT security. There are also ethical questions too; as a profession, accountants should be beyond reproach – your outsourcer should mirror that.

Outsourcing vs offshoring

It sounds counter-intuitive

dynamics driving the scarcity of skilled accountants and the cascading effects rippling through diverse sectors,” explains AdvanceTrack founder and MD Vipul Sheth.

“The research that underpins our index, in itself, provides great detail about the thoughts and attitudes of senior accounting practitioners to a global talent shortage.”

View the Accounting Talent Index visit: advancetrack.com/talent

that offshoring (the setting of someone to work on your firm’s behalf, full-time) is a slightly easier change process to manage than outsourcing (where multiple people could work for you as required). Basically, if you have someone new to work for you, they are trained and utilised –which would effectively be the case with an offshored member of staff. But if the project presented

is ‘AdvanceTrack is supporting us with outsourcing’, then more structure is needed in place. In the latter, it’s vital to remember that outsourced provision is still ‘human’.

Good signs

We’ve discussed the traits of practices that work well with us before (click here to read more). But it’s worth pointing out that any kind of change project requires senior support – leadership must be upfront and clear about what the project is looking to achieve, why and what change it is likely to involve. Of course, involving those most affected by the change early on is a great way to achieve buy-in.

What’s missing?

Outsourcing and offshoring projects, like all other projects, sometimes fail. We have seen some not work out. Open communication and collaboration, as mentioned before are crucial.

If those lines shut down then

it will fail… you will see staff that are meant to utilise the support just not bother (‘we told you it wouldn’t work’). And that’s more likely to happen if they weren’t involved enough during the earlier stages of the project. Remember that change is scary for those directly involved – particularly if is framed around their roles changing or disappearing. Secondly, if metrics aren’t put in place to measure the project’s success then it can’t ‘stick up for itself’.

Improvements in work turnaround, lock-up, and revenue per head should follow the use of outsourcing or offshoring, so they’re core metrics to gauge the project’s success.

The outsourcer’s role

AdvanceTrack doesn’t sit quietly on the sidelines while these projects unfold… we have worldclass processes and delivery models. It is inevitable that a firm working with us will have to modify what they do in some way shape or form.

AdvanceTrack’s team on its travels… again!

It was with the greatest pleasure and pride that we were able to take 25 of our staff away on holiday; a fantastic trip to Singapore and Malaysia.

These long-serving team members had served more than five years with us, and only five had ever stepped outside of India before. They followed the 37 who came away to Dubai last year (a trip that had been delayed for a long time because of the pandemic).

The latest journey took the team from the Marina Bay Sands Tower, Singapore’s ‘Little India’, to the Petronas Towers in Malaysia’s Kuala Lumpur and beyond.

There is a simple question I’ve been asked a few times about

the two trips: why do it? The answer is also simple: our slogan is that ‘accountants can change lives in the work they do’, and therefore we should change lives here too.

It’s also a terrific morale booster. The people travelling are clearly excited, but so are their colleagues too – particularly if their tenure is nearing five years!

And, on that point, we will look at other ways of rewarding our team. There are ‘employee of the month’ and ‘of the year’ awards and prizes, but as AdvanceTrack develops so do our people. Their working lives are evolving with the changing needs of our accountancy practice partners, and so how we recognise our people will continue to change too.

Secondly, many outsourcers see themselves as offering ‘extra bodies’, where we see tech and systems as integral in making this work as smooth and efficient as possible. Good systems and processes should support you in your measuring and benchmarking too.

The ability to operate in the cloud, AI, outsourcing, the digitisation of compliance, and increasing client requirements are driving accountancy forward. Are you and your people willing and ready to meet change head-on?

Vipul Sheth is founder and MD of AdvanceTrack

To find out more, visit our website www.advancetrack.com

The Smartest Way To Use AI Is To Create New Revenue

Generative AI isn’t just for writing emails for you.

Troy Brown, Co-Founder, XBert

Troy Brown is an experienced founder with a 25-year history in marketing and IT, working with leading Blue Chip brands. He co-founded XBert, an AI-powered work intelligence platform that helps accountants and bookkeepers get more work done. Troy's expertise in managing businesses drives his passion for enabling professionals to leverage AI for enhanced efficiency and profitability, serving as a success conduit between businesses and their finance teams.

The real value of AI lies not just in automating routine tasks, but in leveraging it to generate new revenue streams.

TThis article is

he accounting industry is at a crossroads where traditional practices meet cutting-edge technology. As artificial intelligence (AI) continues to evolve, its potential to transform how accountants and bookkeepers operate is becoming increasingly apparent.

XBert’s mission is to make accounting not only easier but also more profitable. By listening to feedback from professionals in the field, XBert has developed XBert Intelligence (XI) an enhanced AI engine specifically crafted for the unique demands of accountants and bookkeepers.

How does XBert Intelligence help you scale and grow revenue?

XBert Intelligence (or XI) acts like a super-smart, experienced member of your team, ready to tackle the unique challenges of the accounting world with powerful, easy-to-use tools.

XI is specifically designed for the accounting and bookkeeping industry, distinguishing it from other AI tools currently in the market. It knows the ins and outs of accounting and bookkeeping, allowing you to ask it to perform

duties just like you would with a seasoned colleague. Whether it's analysing transaction patterns, identifying potential risks, or spotting growth opportunities, XI knows exactly what to do

Imagine being able to do the same level of quality work you manage across a handful of clients, to hundreds, without the effort. This scalability is crucial for expanding your practice without compromising the quality of your services.

XI is like having a sleepless expert on your team who's worked in accounting for decades

Just Ask XBert Intelligence

Custom XBerts is the first feature powered by XBert Intelligence (XI), designed to bring a new level of customisation and foresight to accounting practices. With Custom XBerts, professionals can build on the existing 80+ default alerts and create tailored alerts based on their clients' unique transaction patterns.

Setting up Custom XBerts is straightforward. Select the area where a problem needs solving,

such as bank accounts, bank statement transactions, invoices, journal transactions, or profit and loss. Then, specify the problem, and XI will take care of the rest.

Once set up, the approach, description, test results, and summary of the Custom XBert will be AI-generated according to your instructions.

This process ensures you, individuals or roles within your practice, get timely, personalised notifications about financial opportunities and risks, making it easier to give your clients the advice they need when they need it.

You Don’t Have to Check Every Client for the Same Thing

Let’s take a look at a few examples of what you can do with Custom XBerts.

You can ask XBert Intelligence to look at your client’s Profit and Loss and instruct it as you would a team member.

“Yo XBert, alert me when any of my clients' income drops 30% month on month, so I can set up an advisory meeting."

With just a few clicks, XI will create a custom XBert alert and explain how it will approach the instructions and what the benefits are.

Here’s a sneak peek of what you can do with Custom XBerts:

• Unreconciled Transactions: “XBert, Alert me when any of my clients' bank transactions haven’t been reconciled and are older than five days, so I can ensure my team is delivering on time”.

• Income Thresholds: “I want to know if the suspense account contains greater than $0 at the end of the month, so I don't have to open every single client account. ”.

• Specific Entries: “XBert, alert me when a manual journal is posted on the 30 June, on any of my clients, so that I can check any accounting changes”.

Simply type in the instructions, and XI will handle the rest!

The Future of Accounting is here.

XBert Intelligence (XI) is just getting started. Our commitment to innovation means that XI will

continue to evolve, bringing even more powerful tools and features to your accounting practice, enhancing client service.

We understand that the accounting industry is constantly changing, and staying ahead requires continuous improvement and adaptation. That’s why XI will receive ongoing updates and enhancements to ensure it remains at the cutting edge of technology.

With these ongoing updates, XI will not only help you manage current accounting challenges but also prepare you for the future. We are committed to supporting your growth and success, providing you with the tools you need to offer the best possible service to your clients.

FIND OUT MORE...

Find out how XI can grow your revenue:

Accountex Summit Manchester returns for its sixth year

Accountex Summit Manchester is returning to Manchester Central on 17 September.

This article is

“The

@Accountex

Caroline Hobden, Portfolio Director, Accountex

Caroline is a dedicated event professional with over 20 years of experience managing international business-tobusiness events. With a wealth of knowledge and expertise in running technical events across a variety of industry sectors, Caroline is the Director for the hugely popular Accountex portfolio, which includes Accountex in London (14-15 May 2025), Accountex Summit Manchester (17 September 2024), Accountex Espana (6-7 November 2024), a wide variety of virtual events and the monthly newsletter Accounting Insight News.

The 2023 edition was hailed a huge success, welcoming a 35% increase in attendees.

Accountex is heading up north for Accountex Summit Manchester.

The show will feature a lineup of more than 100 software and service providers, including big names such

quality of the speakers is exceptional. For me it’s a ‘can’t miss event’"

as Croner-i, Dext, 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/

About Silverfin

Cloud software for ambitious accounting firms with live client files, connected workpapers and AI you can trust.

Built by accountants for accountants, Silverfin supports over 340,000 client files a year for customers including 30 of the top 100 accounting firms in the UK.

Creating consistency and capacity, Silverfin helps firms thrive with improved quality, insights and the benefits of AI trained on accounting data. Our cloud Data Hub enables access to real-time data and eliminates errors so that preparing and submitting end-ofyear accounts and corporation tax returns often takes 50% less time.

Per client file pricing is fairer and creates flexibility as any member of staff, in any location, can work on a job, without worrying about incurring extra costs. So, start with as

few as 50 files per year and add more files whenever you need.

Launched last year in the UK, Silverfin Assistant continuously analyses client files to find unusual balances, missing transactions and outliers. Flagging these and suggesting fixes saves hours of manual checking, improves accuracy and boosts client service.

WANT TO LEARN MORE?

Book a quick discovery call with one of our team.

“You will leave feeling empowered”

“Accountex Summit Manchester is a one stop shop!” programme and exhibitors, attendees can look forward to a post-show drinks event for networking and unwinding after a busy day.

Accountex Summit Manchester last year welcomed nearly 3,000 accountants, bookkeepers, and finance professionals from across the north of the UK. Accountex is looking forward to the show that will bring the profession together again in the autumn.

Accountant for MC Accounting & Business Solutions.

The CPD accredited seminar programme boasts over 60 industry-leading speakers covering a wide range of topics, including Making Tax Digital, AI, diversity and mental health. With sessions held across four theatres, attendees will gain access to the thought leaders and

experts shaping the future of the profession.

Visitor Rebecca Holloway, Associate Director at Harold Sharp Limited commented, “If you want to see all the best speakers from the accounting industry, this is the place to be. There is just so much great content all in one day, you can’t afford to miss it.”

In addition to the education

Accountex Summit Manchester is taking place at Manchester Central on 17 September 2024. Join the mailing list to get notified when free registrations opens:

https://www.accountex. co.uk/post-reg/ FIND OUT MORE...

3 Ways Spotlight Reporting Can Help Your Business Thrive

Understanding the finer points of your financial situation is crucial in times of economic uncertainty.

Entrepreneurs and business owners don’t always fully engage with all of their financial data. This is completely understandable— not all business owners come from a financial or accounting background, and can feel at sea in the world of cash flow, budgets, and spreadsheets.

Enter Spotlight Reporting: a powerful suite of tools designed by accountants to help businesses track the metrics that matter. When utilised to its full potential, Spotlight Reports, Forecasts, and Dashboards can empower business owners to understand their data, make better business decisions, and take control of their economic future.

1. Data Visualisation and the Cashflow Waterfall

The most obvious immediate benefit of a Spotlight Report is the visualisation of important data in bright, easy-to-understand graphs and charts. Forget sprawling Excel spreadsheets, hefty stacks of paper, and lines and lines of seemingly disconnected numbers—Spotlight shows you exactly what you need to know, in a fraction of the time.

One example is our Cashflow Waterfall. While many business owners zero in on their profit and loss, a better indicator of business health is the state of their cash flow. Negative cash flow might be caused by one of many problems:

@spotlightrep

Matt Kekena, Product Experience Lead, Spotlight Reporting

Working closely with customers, Matt drives the product vision, strategy, and experience to help you solve problems and open new opportunities.

environment restrictions, overspending, poor product demand, a stagnant business model etc—but whatever the reason, poor cash flow is eventually insurmountable.

“Businesses don’t often live or die on profit alone. The old saying, ‘profit is an opinion, cash flow’s a fact’, is very true in a crisis. There’s all sorts of accounting jiggery-pokery you can do to get the numbers to look the way you want, but if the cash isn’t coming in, it can all be over really quickly.” Richard Francis, Spotlight Reporting CEO

By using our Cashflow Waterfall chart, business owners can pinpoint what is pushing them into the red, and use this knowledge to balance their inflows and outflows.

2.

Consolidated Reporting

For those of you who are part of a multi-entity group, consolidation is going to save you a lot of time. Instead of preparing a set of reports per entity, consolidated reporting surfaces and compares key metrics across your group in a single report, so stakeholders can evaluate performance efficiently and effectively.

Being able to identify over and underperformers in difficult periods can mean the difference between sink or swim for your company. Having the data on hand means you can spend more time and energy on those who are struggling, to help them stay buoyant. You could also survey the tactics of better performers, and implement them across the board to boost business performance. But if you don’t have holistic monthly performance insights, you might not even recognise which of your group are under performing.

For franchises, Spotlight Multi takes consolidated reporting one step further with our Rankings Page, which lets you rank entities based on the metrics you choose. You can quickly surface each entity's strengths and weaknesses, and review top, bottom, median, and average results too. Best of all, you can bring it all together—quickly and accurately—in a beautifully presented report, and give your network the visibility they require to unlock growth opportunities.

3. Forecasting and Scenarios

Usage of Spotlight Forecasting across our customer base has grown exponentially. Creating a forecast is the first step towards understanding how to keep your business running. To get the most out of the process, create three different scenarios for the next few months—what our CEO Richard Francis calls “the good, the bad, and the ugly”:

1. A best-case scenario. What does the future look like if everything goes according to plan?

2. A second scenario that factors in the reality of the situation. What is most likely to happen if things continue to take a dive?

3. Get to grips with the worstcase scenario. If you’re forced to close up shop, for whatever reason, can you pivot to online sales? Do you have enough in reserve to get your business through this period?

Our Comparison Pages allow you to compare actuals to forecasts, and track your progress. The goal of this exercise is to prepare for

various scenarios. Knowing the plan before the yoghurt hits the fan is going to save you precious time and energy if it happens. The last thing you need right now is to be worrying about the future, when you’re needed in the present.

If you need help with forecasting, our Forecasting Power Hour webinars have you covered.

By leveraging data visualisation, consolidated reporting, and robust forecasting capabilities, businesses can gain critical insights, streamline operations, and make informed decisions.

Adopting Spotlight Reporting's solutions can empower business owners to better navigate economic uncertainties and drive sustainable growth.

FIND OUT MORE...

Book a demo:

https://www. spotlightreporting.com/ book-a-demo/uk

Streamline Your Leave Management

Ditch outdated methods and

embrace a

smarter way to manage leave.

@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.

Managing time off - whether it’s annual leave, sick leave, parental leave - can be a time and resource heavy process for both you and your employees. M

ega-events, like the Olympics, or key periods during the year often lead to an influx of leave requests - both planned and unplanned.

For those of you with email inboxes overflowing with requests or manually keeping track in spreadsheets, it’s time to ditch those outdated methods and embrace a smarter way to manage leave.

Why a Leave Management System is a Game Changer

Imagine a world where employees

request leave with a few clicks, managers approve instantly, and leave balances are automatically updated. That's the power of an online and automated Leave Management System.

What does a leave management system offer you:

• Effortless Request Process: Employees submit leave requests electronically, specifying dates and leave types. No more digging through email threads or chasing down approvals.

• Customisable Approval Rules: Set up the approval process that suits your company, including having multiple or joint approvers.

• Flexible Leave Types: Want to track Time Off In Lieu (TOIL) a custom type of leave or different leave for employees in different locations? It’s easy.

Imagine a world where employees request leave with a few clicks, managers approve instantly, and leave balances are automatically updated.

• Real-Time Visibility: Managers see a clear picture of team leave schedules, preventing conflicts and ensuring adequate staffing day-to-day and throughout key events.

• Goodbye Spreadsheets: Ditch error-prone spreadsheets! Leave balances and accruals are automatically tracked within a leave management system, saving HR from tedious manual calculations.

• Transparency and Fairness: A centralised system ensures everyone plays by the same

rules. Transparent leave policies are readily accessible for all employees.

HR Partner has leave management at its core. We know how important it is for both the employer and employee, and that’s why we built a fully flexible platform, where customers can manage their leave the way that best suits their business needs. Including:

• Policies and documents in one central and accessible place

• Automated leave requests, approvals and accruals

• A customisable calendar for both managers and employees

• Intuitive reporting that allows easy identification of trends across the business, within teams or individuals

Moving from a manual to automated leave management system

There are a few things key in mind

when you are setting up your new leave management system.

• Find the system that suits your business: Spend time doing your research, there are lots of different systems available on the market. Take the opportunity for a demo or free trial, like HR Partner offers, to really understand how the system will work for you.

• Communication is Key: Clearly communicate the benefits of the new leave management system to your team. Highlight the ease of use, improved transparency, and the elimination of email clutter. HR Partner even provides tutorials for you to use with your employees.

• Data Migration: Don't fret about lost data. Many providers, like HR Partner, offer seamless migration assistance to move existing data into the new system.

Getting leave management right is important for all businesses.

Automatically

You want a process that not only works for the business but one that’s easy for employees to understand as well. Because let's face it, we’d all rather be enjoying our holidays than looking at spreadsheets and emails.

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.

www.hrpartner.io/leavecalculator.html

Make leave management a breeze. Speak to our HR experts to find out more:

www.hrpartner.io/demo

How Dext and Xero connect to simplify the bookkeeping workflow

Paul Lodder, VP of Accounting Product & Strategy at Dext, talks us through the value of greater collaboration between software providers.

BThis article is

y now, it’s clear accountancy is heading in one direction – a world whereby accountants and bookkeepers will spend far less time on repetitive bookkeeping tasks, and far more time on the work they’d rather be doing. The vehicle for all of this is technology, most notably automation.

If you’re a regular reader of the XU magazine, you'll know that this is something we feel strongly about at Dext. And, it’s got us thinking about what role we have to play in helping this new industry take shape. In short, the onus is as much on us as it is our partners.

smoother way of working with uninterrupted workflows. It’s an essential component of any software, and it’s one we’re always looking to build on at Dext.

The Xero-Dext connection

@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.

customers – and long may it continue.

Use case: HMRC & VAT compliance

“The first point of call – for software providers – is to make sure we connect with one another.”

If technology and automation is the answer, then it’s up to software providers to ensure users get what they need from the tools they use. And, with accountants and bookkeepers implementing multiple types of software, the first point of call –for us software providers – is to make sure we connect with one another.

Integrations promote collaboration and ensure a

One example – and perhaps our most important – is our integration with Xero. To the untrained eye it may seem that both share similar functionalities and serve the same purpose, and, to some extent, that's true. But the real value for accountants and bookkeepers (and their clients) is when these two softwares combine. Through a simple integration, you’re able to connect your bookkeeping and accounting workflows, ensuring a smooth flow of data from the moment your client submits a transaction, to the point at which you’re ready to publish items in Xero.

In this article, I’ll be highlighting a handful of the core use cases where that Dext-Xero connection is most effective. This is just one example of how tech providers are recognising the value of stronger integrations for their

Together, Dext and Xero make the VAT return review process so much easier. When you create a VAT return in Xero, you may have queries or concerns about certain transactions. Without Dext, you may not have visibility of the supporting paperwork associated with each transaction. That’s a lot of digging around for something that should be a quick and simple check. The Dext integration provides you with the option to view that paperwork within Xero itself, speeding up your VAT return review significantly.

Use case: HMRC & VAT enquiry

Any VAT return comes with the risk of an enquiry from HMRC. As we all know, this is a stressful, time-consuming predicament – with the possibility of a penalty plus interest. When an assessment is raised, it may be due to incomplete records. In other words, your return is missing information that has resulted in a possible underdeclaration of VAT.

Dext and Xero mitigate the risk

of an enquiry on two fronts. Firstly, Dext ensures real-time data collection that, if published on time, gives you everything you need in Xero for an accurate VAT return. But, if HMRC does intend on enquiring into the VAT returns, Dext and Xero are on hand to make sure you have easy access to all the information that the officer needs. Instead of digging through paperwork, Dext’s advanced search allows you to locate and export the relevant paperwork in a matter of clicks.

Use case: Cash flow and payments

Together, Dext and Xero facilitate the entire accounts payable process, ensuring accuracy and completeness at every stage, but more so, giving you confidence that your clients are paying and getting paid correctly. When looking at your ‘Aged Payables Detail’ in Xero, you may want to query a particular invoice. With Dext, everything you need to answer that query can be found within the Xero platform; there’s no need to search for or request a copy of the invoice – it’s there right in front of you. With the Supplier Statements functionality,

you can also cross reference the balance owed to a supplier with the balance in Xero and fix any discrepancies between the two.

Use case: Year-end process (reviews)

Whether you’re reviewing management accounts or yearend statutory accounts, context is key. But, without Dext or Xero, finding that context can be a long-winded process. With Dext’s Supplier Rules, you can extract key information from line items on invoices, giving you a clear indication of the nature of that invoice. It saves you from having to trawl through multiple invoices – giving you time back and reducing risk.

Use case: Billable expenses

Whenever you raise a sales invoice, you need to know whether or not to add a billable expense. It’s an important thing to remember as you may have already paid out the expense –and until that money comes back into the business, your client is out of pocket.

Together, Dext and Xero

streamline this small but necessary workflow. In Dext, you can mark the expense as re-billable and assign it to a customer. Once you publish that to Xero, it will flag that you need to add a billable expense when creating your sales invoice. Besides saving you considerable time on manual data entry, this functionality mitigates any cash flow implications.

Use case: PO Matching

If you raise PO invoices on behalf of your clients, you’ll know just how easy it is for things to get lost in translation. The PO list in Xero not only allows you to see what goods you have received in relation to which invoice, but also from a cash flow perspective, whether your client is accruing costs for an invoice they’re yet to receive.

Dext takes that one step further by automating the entire process. In Dext, we extract the PO number from the invoice, then flag and match that to any open POs in Xero, ensuring that all POs have been accounted for. It’s a seconds-saving feature, but it also removes all of that back and forth, Cont...

jumping from one platform to another.

Use case: Matching bank statements

Bank reconciliation is perhaps the most important part of record keeping, which makes consistency across your accounting records a fundamental part of the process. Whether your client is paying a supplier or a customer is paying your client, you want to make sure that any outstanding balances reflect their true position. Xero automates a lot of this by correctly matching everything against invoices that have been paid and the Dext integration accelerates this process even further.

outgoing transaction in your Xero bank feed. By clicking Autofill, you can also populate any invoice with all the information you need, hit publish and see all of that in Xero.

Use case: Tracking Categories

Final thoughts

“You can always trace things back to two key themes: the completeness of records and realtime data.”

At the point of purchase – or whenever a client takes a photo of their receipt – Dext extracts the data and matches it to the

When running reports in Xero, you can set up tracking categories to help enhance the business insights. It means you can delve into the numbers in greater detail, finding out exactly what you need to know about a particular variable – whether that’s a branch or region. With Dext, you can set those tracking categories at the point at which an item is uploaded to Dext. The Dext and Xero integration then ensures that all tracking categories are correctly pulled through when you publish to Xero. Dext also allows you to set up Supplier Rules, so you can automate this process if an invoice relates to a certain category, like a branch of the firm.

In this article we’ve taken a closer look at relatively specific use cases and the respective features that Dext and Xero offer. I hope it’s clear, however, that in all of these instances you can always trace things back to two key themes, namely the completeness of records and real-time data. These two factors underpin so much of the work that accountants and bookkeepers do – and they’re both at the centre of Dext’s integration with Xero.

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Find out more about Dext’s latest release

Client WhatsApp to Business Email Integration

Delight private clients who increasingly use WhatsApp and other messaging apps for all communication.

Centralise messaging data to offer team-wide visibility of conversations and comply with industry regulations and data retention obligations.

Seamlessly connect conversations between private clients on both WhatsApp and WeChat, and relationship teams who use business email as their main client communication tool.

Convenient Chat Messaging

WhatsApp Document Sharing

Benefits of ClientWindow

ClientWindow orchestrates conversations between private clients, who increasingly prefer WhatsApp, and business teams who need to use email. By centralising communications and ensuring team-wide visibility of messages, teams can easily manage their conversations whilst also meeting regulatory and data retention requirements.

Bulk Client Messaging on WhatsApp

What’s new in Xero

OThis article is

This article originated from the Xero blog. Any content, imagery and associated links are directly from Xero and not produced by XU Magazine. You can find the original post here

ver the last month, Xero have rolled out updates to key features, including bank feeds, tax, payroll, invoicing and more. And they’ve answered some of your most requested Xero Product Ideas — including updating their bank reconciliation screen so you can see up to 50 statement lines at once.

Global: Sort, search and filter statement lines in bank reconciliation

Over the next couple of weeks, Xero are rolling out an update to their bank reconciliation screen, allowing you to see up to 50 statement lines at once. This update was built on community feedback, closing out with 966

votes on Xero Product Ideas — one of the most popular ideas.

They’ve also added the ability to search, sort, and filter statement lines, making it easier than ever to find the information you need. Thanks again to Xero partners who added 1536 votes and comments across both ideas, and to their XPAC for getting involved in a bit of beta testing.

Global: Drill down into profit and loss account transactions in the Xero Accounting app

They’ve added a breakdown of each transaction in the profit and loss report in the Xero Accounting app. This helps you understand your profit and loss more intimately, by understanding the

transactions behind the numbers while on the go.

Global: Attach files to invoices in new invoicing

You can now attach files to invoices from the Xero file library to the new version of invoicing, without having to download them first. They’ve also made it easier to view your attachments side by side next to your invoice.

AU, NZ and UK: New guided onboarding in Xero Payroll

They’ve made improvements to Xero Payroll setup to save you time, including the ability to set up payroll accounts and pay frequencies directly from the payroll overview. Pay calendars

have also been renamed to pay frequencies.

NZ: 2024 annual changes to Xero Tax

If you’re a practice using Xero Tax, they’ve released a number of compliance changes for the new tax year. These include rates and threshold changes (ACC, student loan and working for families), IR6 trust return changes, and version numbers to replace CHECKSUM on returns.

UK: Schedule bills to be paid

You can now schedule bills to be paid on a future date. This change helps you avoid missing due dates, and control what comes out of your bank account and when to better manage cash flow.

US & Canada: Import your PDF statement to your bank account in Xero

To make it easier and quicker to get your bank transactions into Xero when you don’t use a bank feed, they’ve introduced a PDF import feature. This allows you

to import your PDF statements straight into Xero without the use of third-party software, if you’re in the US or Canada.

US: Xero Inventory Plus updates

They’ve synced Xero with Shopify’s Point of Sale (POS) system, making it easier to keep inventory in sync and eliminate the need for duplicate entry. This ensures orders from the system are imported to Xero and automatically completed to keep inventory and accounting up to date.

You now have the ability to add reorder points for your inventory items, so you can order your stock at the right time and reduce the risk of overstocking or running out of stock. They’ve added support for dropshipping as a fulfilment option, allowing you to track and manage your inventory in one place. You can now assign a vendor to your products. Purchase orders will be automatically created for dropship lines, and you can send the PO to the vendor. Once the vendor has shipped the product,

you can mark that the PO has shipped and this will complete the sale.

US: Introducing 1099 W-9 on the management tables

They’ve introduced bulk marking W-9s as received on the W-9 management table. If you have multiple 1099 contacts, you’ll now be able to quickly mark off when you have received W-9 information from outside of Xero.

US: Customise data in sales tax

If you use their sales tax functionality in the US, you can now better customise your data with the source selector feature. This will give you the option to combine and separate sales data sources in reporting, instead of working with separated reports.

To keep up to date with the latest Xero news visit their blog

blog.xero.com

A Airwallex Bill Pay, now available with Xero

irwallex is excited to announce the release of its new Airwallex Bill Pay solution, taking hours out of paying invoices and automating the entire process in one place.

With Airwallex Bill Pay, you can manage each step of paying a bill within the Airwallex platform, from uploading and importing invoices to approving and sending the payment, saving your finance team hours of manual work. Airwallex’s no-code integration with Xero means your teams can automate reconciliation and close the books faster each month.

Close your books faster with automated accounting integrations

Connect your Airwallex account to Xero so you can import approved bills from Xero directly into Airwallex for payment. All bill approvals and payment data are regularly synced to your Xero account to speed up your monthly reconciliation process. Leverage automatic two-way sync functionality to ensure all payments are correctly reflected in Airwallex and Xero, significantly reducing the risk of accidental overpayment.

Paying bills today is a manual, time-consuming process for millions of businesses

In speaking with customers, Airwallex learned that there are three key challenges you face

when it comes to your accounts payable process.

Fragmented workflows: There might be multiple tools a finance team must leverage – for invoices, approvals, and payments (domestic & international). All these workflows require time (and dollars) for teams to maintain.

Manual, error-prone processes: On top of that, keeping track of relevant information, approvals, and payments is a manual mess, leading to errors. Finance teams often use spreadsheets separately to get some level of visibility, exposing the business to costly human errors.

More hours spent on paying international vendors: Processing bills from international suppliers presents even more challenges. Traditional methods lack support for international payments, forcing manual workflows and extra work.

Speeding up your entire accounts payable process

Helping businesses like yours to reduce these inefficiencies significantly means you can focus more of your time on running your business and serving your customers. Using Airwallex Bill Pay, you can now automate nearly every step of paying both your domestic and international bills, from uploading the invoice to approving and sending global payments, all on the Airwallex platform, with transparency,

speed, and accuracy.

“Transitioning our accounts payable and corporate cards workflows to Airwallex has simplified our internal processes significantly. It means we no longer have to manage multiple tools across capture, approval, and payment of invoices and card management. Overall, the Airwallex platform has significantly reduced the time and cost of managing our accounts payable and expenses.”

Joel Stehr, COO, Bilue

Eliminate manual data entry with the support of AI

Employees can now upload or email bills directly to Airwallex, which will automatically extract all relevant details using AI and optical character recognition (OCR) technology, reducing manual data entry. With your chart of accounts imported from Xero, bills can be easily coded by employees as well. Users can also enable the email forwarding feature to create draft bills. Later, when the bill is ready for payment, Airwallex uses AI to check for duplicate invoices and check that the payment details match the invoice to ensure money is being sent to the right recipient.

“Getting our international invoices paid is much more seamless now compared to our previous process of paying bills manually through a separate banking system. We’ve reduced hours and

manual data entry for our finance team significantly. Plus Airwallex’s integration with Xero automates more of our reconciliation process.”

Ben Joy, Financial Controller, TDM Growth

Ensure responsible spending with multi-layer approvals

Multi-layer approvals give your business more control by ensuring the right people within your company review expenditure before payments are made. Approval flows can be set up depending on the bill currency and amount, and approvers can be set to be an employee’s manager, specific individuals, or specific roles. Comments and audit trails are included in a single tool for full transparency so it’s clear what’s been approved and by whom, and what the current status of the transaction is. Staff can also approve invoices on the go with the Airwallex mobile app.

Pay multiple bills at the same time – domestically and internationally

Airwallex Bill Pay solution allows businesses to simplify the process

of paying multiple bills to vendors across countries and currencies. Instead of paying individual bills and adding recipients one by one, Airwallex Bulk Payments features allow users to make all the payments in one go.

Pay bills using highly competitive international payout coverage and FX rates

Airwallex also provides a fast and cost-efficient process for sending payments to vendors once bills have been approved. Payouts can be sent to 150+ countries, in 60+ currencies with near instant payouts to 60+ countries. Because Airwallex allows money to be held in multiple currencies, you can pay your vendors without always needing to convert funds. If a currency conversion is needed, Airwallex’s competitive rates can help.

Your business account for global success

Airwallex exists to help companies around the world unlock new opportunities across borders while streamlining their financial operations. Airwallex’s global business accounts, powerful

payment processing solutions, corporate cards, and spend management workflows aim to save you time and costs as you scale. With Airwallex Bill Pay, businesses can make their accounts payable process more efficient, automated, and reduce manual errors. If you’re an Airwallex customer, try Bill Pay and integrate with Xero at no cost today. If you’re not an Airwallex customer yet, sign up online.

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Simplify sharing with SuiteFiles Connect

or modern firms, the ability to share, review, and collaborate on documents securely is more critical than ever for businesses.

SuiteFiles’ Connect client portals redefine how professionals and their clients interact, ensuring that the most sensitive files are guarded with the utmost care while maintaining seamless collaboration.

Here’s why SuiteFiles Connect is an invaluable tool for any business seeking to enhance their document management and client interaction processes.

Personalized professional client portals

With Connect Portal Branding, gone are the days of one-sizefits-all client portals. Now, you

can infuse your Connect client portal with the essence of your brand. From your proud logo to your signature brand colors, make every interaction within your portal a testament to your unique identity.

Personalizing your tech stack, specifically through customizing your client portal, significantly enhances brand recognition, professionalism, and trust with your clients, while also being easy to set up. This transformation not only reinforces your brand during every client interaction but also elevates the overall client experience with a coherent and professional touch.

Safeguard your most sensitive files

Scalable client portals offer a secure platform to send out

@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.

files for review and collaborate with clients on their documents. Requesting files becomes a breeze within your own client collaboration portal, as any needed file is uploaded directly into your chosen SuiteFiles location. This direct upload feature ensures that your files are not only received in a timely manner but are also stored securely, exactly where you need them.

Share and request files securely with SuiteFiles Connect

SuiteFiles Connect combines the security of a client document portal with the convenience of not needing to access an external application. This means you can exchange sensitive documents with the peace of mind that both you and your clients’ data are protected. Furthermore, SuiteFiles Connect notifies you as files are uploaded, keeping you up-to-date without constantly checking for new documents.

Effortless access with single sign-on

Understanding that ease of access is paramount, SuiteFiles Connect enables clients to use logins from Xero or Google for straightforward entry to the portal, or they can create their own SuiteFiles Connect account.

This article is

This flexibility ensures that clients have no trouble accessing their documents, making the process as smooth as possible for everyone involved.

Keep up-to-date with clients

The capability to co-edit files directly within the portal allows for unparalleled collaboration. Customize permissions so you can work together on documents, create comments, and exchange ideas without ever leaving your file. This feature ensures that feedback loops are closed faster, and projects move forward without unnecessary delays.

Easily maintain shared files

One of the greatest challenges in modern workspaces is ensuring that the lates versions of documents are readily available and easy to distinguish from outdated versions. With SuiteFiles’ client collaboration portal, live documents are saved directly to your client folders, eliminating the confusion and risk associated with sorting through multiple copies of files. This means you always have the most current information at your fingertips, allowing you to make informed decisions and provide the best service to your clients.

Incorporating SuiteFiles Connect into your daily operations brings a transformational shift not only in how you manage documents but also in how you engage with your clients. This platform isn’t just about security and efficiency; it’s about providing a branded, personalized experience that stands out. By customizing your client emails with your company’s logo and brand colors, you’re not just sharing documents; you’re extending your brand’s presence and creating a more cohesive and professional experience for your clients.

The value to your business

• Enhanced brand perception: Customizing the client portal with your branding reinforces

your professional image. Each interaction through the portal becomes a reminder of your firm’s attention to detail and commitment to excellence.

• Streamlined signing: The portal’s intuitive design and powerful features, like direct uploads, mobile signing, and real-time notifications, streamline your digital signing process. This efficiency means you can spend less time on administrative tasks and more on activities that grow your business and serve your clients better.

• Heightened security: With the increasing need for data protection, providing a secure platform for document exchange is crucial. SuiteFiles’ Client Portal ensures your sensitive information is guarded, building trust with your clients and giving you peace of mind.

The value to your clients

• Ease of use: With options for single sign-on using Xero credentials, accessing documents becomes hasslefree. This ease of use improves client satisfaction and can reduce the time it takes for you to receive important documents and approvals.

• Collaborative engagement: Clients can feel more involved in the process, leading to better outcomes and deeper client relationships.

• Confidence in security: Knowing

their sensitive documents are exchanged through a secure, branded portal reassures clients about the safety of their information. This confidence in your firm’s capabilities and its respect for privacy can be a deciding factor for clients choosing your services.

SuiteFiles’ Connect client portals are a powerful way to enhance both operational efficiency and client relationships. By personalizing the portal with your brand, you create a unique space for client interaction that not only secures documents but also strengthens your brand’s identity. This blend of functionality, security, and branding is what sets SuiteFiles apart, making it an indispensable tool for firms looking to elevate their client engagement and streamline their document management processes.

To find out more about Suitefiles, visit our website www.suitefiles.com

Innovations in Expense Tracking: AI & Machine Learning for Smarter Spending

@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

“Responsible AI is not just about liability - it's about ensuring what you are building is enabling human flourishing.” - Rumman Chowdhury, Parity AI

t’s no secret that companies the world over are increasingly turning to AI and machine learning technologies to streamline their processes - from recruitment and communications to general task management and notetaking.

These operational adaptations, no matter how small, can of course have transformative, positive impacts, but innovations in expense tracking are truly taking business efficiencies to another level.

Today’s tech offers unprecedented capabilities for not only automating mundane tasks, but improving accuracy, and providing valuable insights into spending patterns.

Namely, ExpenseOnDemand’s

leading expense management solutions and innovative, user-friendly platform enables organisations to harness the power of AI to optimise their entire expense tracking processbut what exactly does this mean for your businesses, day to day?

Can better expense tracking change my business?

AI in expense tracking is more than an automation of manual processes. Of course, tasks like data entry and expense categorisation are no longer cumbersome and timeconsuming, but did you know you can also enhance compliance, drive cost savings and essentially see a range of improvements across your entire business model?

Powerful expense tracking tools

can allow you to accurately parse through receipts, invoices, and transaction data, automatically categorising expenses based on predefined rules and historical patterns. From this, you can quickly identify patterns, anomalies, and trends in spending behaviour, helping you to take proactive measures to mitigate risks and optimise financial resources.

This leads to further benefits from a risk and compliance perspective, with tools easily detecting irregularities, such as potential fraudulent activities or instances of overspending.

As Sunita Nigam, part of the ExpenseOnDemand team, summarises, “AI and machine learning technologies are transforming expense tracking from a manual, labour-intensive process

This article is

Explore smarter spending with ExpenseOnDemand! Our AI-powered platform streamlines your process from scanning receipts to seamless integration, ensuring timely payments to your employees

into a more efficient, accurate, and insightful operation.”

Notable functionalities of ExpenseOnDemand for smarter spending

ExpenseOnDemand offers a suite of innovative features and functionalities that leverage AI and machine learning to streamline expense tracking.

One such feature is the receipt scanning capability, which allows users to effortlessly capture receipts using their mobile devices. AI-powered algorithms automatically extract relevant information from the receipts, such as the vendor name, date, and amount, eliminating the need for manual data entry.

The platform also employs automated expense categorisation, which categorises expenses based on predefined rules and historical patterns, providing users with accurate and consistent expense data. Furthermore, real-time expense analytics & insights enable users to gain valuable insights into their spending patterns and make informed financial decisions, as well as pinpoint areas for cost savings. The platform also used AI models to forecast future

spending patterns using historical data, enabling businesses to accurately project expenses and develop effective budget plans.

Say goodbye to financial risk

Leveraging AI in expense tracking offers a myriad of benefits that enhance accuracy, efficiency, and, notably, compliance.

• With AI-powered algorithms, the accuracy of expense tracking is significantly improved, reducing the likelihood of errors associated with manual data entry and categorisation.

• AI enables advanced fraud detection mechanisms, automatically flagging suspicious transactions and unauthorised expenses.

• By enforcing company policies and regulatory requirements, AI helps organisations maintain compliance and mitigate financial risks.

• AI-driven expense tracking solutions provide proactive spending alerts, notifying users of potential budget overruns or policy violations in real-time.

Ensuring compliance and mitigating financial risk are crucial priorities for all businesses, with compliance failures potentially resulting in severe penalties,

reputational damage, and legal consequences. Proactively addressing these compliance issues with AI therefore means that businesses can safeguard their financial integrity and foster a culture of accountability and transparency.

Embracing AI for smarter expense management

As predictive analytics and natural language processing are continuing to evolve, specific solutions for businesses are following suit. The ExpenseOnDemand team is continually on the lookout for adaptations and integrations to further enhance the experience for users on the platform, ultimately enabling more proactive decision-making and deeper insights into spending patterns.

There’s a better way to tackle expense management:

Prepare now for the AI revolution!

Real-world, genuine AI is coming to accounting this year. But to work effectively, it requires a secret sauce of which accountants and their clients have plenty

Based on headlinegrabbing generative AI breakthroughs such as OpenAI’s ChatGPT, this new AI handles administrative and repetitive tasks in ‘real time’, whilst recommending ways to make savings and drive business improvements. It helps with forecasting, cashflow management and generating and sending invoices, all via simple, natural language commands.

In short, it really is like having a human assistant. You talk to it. It talks back. It spots things you need to know, and it tells you. It really is a game changer.

Sage got the march on Xero with Copilot, its AI assistant that’s already available for early access.

The Power of Data

Regardless of the ledger you use, what powers the new AI revolution is accounting data. This is the secret sauce. After all, the AI can’t make helpful suggestions about your cash flow if there’s still a stash of paper receipts in a folder, waiting to be entered.

Just as with any human, the AI simply won’t be able to get the insight it needs without the right information. And this new AI really does dig down deep into the data, and also understands what it is. That’s why it’s so powerful.

@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.

quality accounting data.

For example, here in the UK we’ve seen open banking introduced, that makes it easy for accounting ledgers to hook into bank feeds so that they can get live data about transactions.

"When it comes to adopting the new AI, we need to focus on highquality data."

This takes care of accounting data that’s already in the digital realm. But what about all that paperwork businesses receive on a daily basis, like invoices, bills, receipts and statements?

What’s required to prepare now for AI assistant tools like Copilot are two things.

First, the accounting data flow needs to be always-on, so that it’s effectively 24/7.

Second, the data needs to be of a high quality. The general rule of thumb is that, if you feed bad and inaccurate data into a system, then you’ll get bad and inaccurate information out of it.

Luckily, there’s been a lot of work over recent years to try and ensure there’s a fast flow of high-

Okay, so some suppliers have tried to make life easier by emailing PDF versions of these documents. But there still needs to be a way of getting the data out of the PDF and into the accounting ledger.

Data entry

This is where AutoEntry comes in. You use your phone to take a snapshot of paperwork when it arrives, and we extract the data. You can then categorise it, and click to publish it straight through to the accounting software.

AutoEntry will even try to autocomplete the categorisation, based on what you used

previously. You can then create rules so that the entire process is automated. Just take a snapshot of the paperwork and we’ll do the rest.

Many people use their phones to take a snapshot of the paperwork—and if you can take a selfie then you can use our app. But you can also use a desktop scanner. This is useful if there’s a lot of paperwork to get through, such as if a client drops off their entire year’s accounting on your desk on 31 January.

It’s the same with those PDFs you receive by email. Just forward them to your special AutoEntry email address and we’ll extract the data in the exact same way. You can even provide the supplier with your special AutoEntry email, so the PDFs are emailed straight into AutoEntry.

Automation

The new AI breakthroughs are powered by something called machine learning. We know all about this at AutoEntry, because we’ve been perfecting it within our data automation extraction tool for years.

Ultimately, it means no more manually jotting down mileage figures, or working out the calculations. The data is right there, ready and waiting for you. TripLog sends the data through as an invoice, for example.

It’s yet another data flow that you can automate. And that’s what we need more of, moving forward.

Digital tax

Even if you’ve no plans to adopt AI assistants (which would be a mistake—you should at least take a look at them), there’s another reason why you should be focussing on 24/7 fast flows of high-quality data: the government-mandated digitisation of taxes.

Here in the UK, we have the Making Tax Digital initiative, which already applies to VAT. Next year we’ll all need to start preparing for the introduction of Making Tax Digital for Income Tax (MTD IT), too.

"The AI breakthroughs are powered by machine learning. We know all about this at AutoEntry"

It powers the automation that makes AutoEntry so invaluable. And it’s automation that you’ll need to focus on to prepare yourself and your clients ahead of when the AI assistants go mainstream.

What can be automated in your working processes? You need to think hard about it.

For example, did you know that there are apps for your phone that can measure car mileage? Examples include MileIQ and TripLog. They not only automatically track your mileage, but they do so in a way that’s compatible with the government’s requirements.

Accuracy is up to 99%, including human review of any data our computers are unsure about. (With industry-standard data privacy protections, of course.)

With AutoEntry you pay only for the data extraction you use, via a monthly subscription that you can cancel at any time (up to 24 hours before renewal). Everything else is unlimited, including the number of client companies you add, the number of user accounts, and even the amount of cloud storage you use for the documents.

Accountants and their clients need to get into a whole different frame of mind when thinking about their accounting data. Yearly check-ins just for compliance are no longer an option. Data needs to be 24/7, and accurate.

It’s no mistake that the big accounting software companies like Sage are aiming to have their AI assistants ready for the introduction of MTD IT. AI assistants are going to make complying with MTD IT’s demands significantly easier for everybody.

Why AutoEntry?

When it comes to adopting the new AI, we need to focus on getting that flow of high-quality data.

AutoEntry is designed from the ground-up for just that task.

Why not sign-up for a free trial of AutoEntry? It takes minutes. There’s no need to sign-up to a contract, and you’ll get 25 free credits. You don’t even need to provide any payment details, such as a credit card.

The Power of Automated & Integrated Spreadsheets

How G-Accon Scales Financial Processes With Two-Way Data Efficiency

@orianagrr

Oriana Gorrin, Freelance Business Copywriter

Oriana Gorrin is an educator and business copywriter who has worked at the intersection of tech and accounting for the past years. She serves the community by sharing knowledge through blogs that simplify financial practices in the UK, AU, and US markets. With a passion for innovation and communication, she advocates for human-led content that connects with the audience.

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In this interview, Dave Sellick Founder of Sidgrove discusses how to integrate G-Accon and Google Sheets to improve financial reporting.

Over the last year, Dave has been unlocking G-Accon's versatility. He continues to explore APIs and connectivity potentials between different applications.

"There's a whole bunch of mini solutions that I've created with the tool, and over the last year, just even the ability with G-Accon […] to push (data) back into accounting software has been one of the most transformational things for the way I do accounting.”

Unmatched Scalability

G-Accon helps improve scalability and financial reporting quality for his clients. Dave explains it automates the data transfer between Xero and his reporting system. “For any given management reporting, I might have like 20 or 30 different reports I need to pull from Xero […] I can basically update (this) data from the accounting software

into my management reporting at the click of a button,” he highlights.

He also stresses G-Accon's role in scaling operations. “When I have a new client, it's just a case of copying the spreadsheets, loading the same templates in G-Accon, and within 10 minutes or so, I can have (complete) management accounts (data) automation set up.”

“I appreciate what G-Accon are doing, and it's a great product.”

— Dave Sellick, Sidgrove

Leveraging the Power of Spreadsheets

As Dave shows, one of G-Accon's top benefits is that G-Accon enables users to leverage the power of spreadsheets by sitting natively within Google Sheets as an add-on. He states: “We don't need to have a massive tech stack if we're really harnessing and leveraging the power of spreadsheets. And I think G-Accon allows us to do that by creating the connectivity from accounting software through to spreadsheets. It means we can […] really focus on just getting the best out of the spreadsheet tools.”

Multi-Entity Reporting Benefits

Dave also emphasises the multientity reporting features. As he puts it, “We can pull down from not just one company, we can pull down from as many companies as we want all within the same spreadsheet […] we can then set up postings to post in between those companies, and this is just a workflow that would be really difficult within Xero […] I'd say that's one of the really game-changing (workflows) that I've been (using G-Accon for) recently.”

[...] I'm here to show people that they can also be beautiful… something that looks as beautiful as the web apps.”

“Spreadsheets

are the best tool for management reporting and forecasting” — Dave Sellick, Sidgrove

Dave values G-Accon for offering highquality yet affordable products. He says, “I appreciate what G-Accon are doing, and it's a great product.”

Spreadsheets Are Thriving

According to Dave, spreadsheets, the format in which G-Accon resides, are more relevant than ever. "Spreadsheets are the best tool for management reporting and forecasting," he claims. Dave believes there needs to be more awareness of spreadsheets' potential.

When it comes to reporting, Dave affirms, “(Accountants) know spreadsheets are good; they just don't think they can look beautiful

Comments by Dave Sellick about G-Accon were not solicited or paid for in any form. He freely offered his honest thoughts and statements.

FIND OUT MORE...

Revolutionize your reporting. Try G-Accon for Xero for free today.

www.accon.services/xeropartner-landing-page.html

The results are in – The Bookkeepers Survey 2024

Time to rethink everything you think you know about bookkeepers.

@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.

The Institute of Certified Bookkeepers (ICB) has released the results of its latest survey, which challenges many of the long-held assumptions about the profession.

Myth 1

Bookkeeping and payroll services are undervalued

Contrary to popular belief, the ICB survey demonstrates that bookkeepers are earning above the norm. While the UK median average salary is £34k, 20% of those surveyed are earning over £40k. The news for those in practice is even better – with 40% earning over £40k. 60% expect their turnover to increase in the next 12 months.

Myth 2

Bookkeepers just do bookkeeping

While bookkeepers excel in record keeping and reconciliation, they have expanded their product offering outside of traditional

bookkeeping services. Over 60% of bookkeepers surveyed are running payroll and 45% are managing Self Assessment Tax. Other popular services for bookkeepers include CIS, Corporation Tax Returns and advisory services.

ICB CEO Ami Copeland comments: “There really is no such thing as ‘just’ a bookkeeper. Their close relationship with clients allows them to offer valuable insights and support business growth. It’s no surprise that more and more small businesses look to bookkeepers for additional services. And they make such a difference! A great bookkeeper can be a real

business accelerator – identifying cost savings and controlling cash flow with real-time data.”

Myth 3

The hourly rate is king

54% of bookkeepers are working part time with a variety of hours – the most popular being 20 hours per week.

Bookkeepers are shifting away from purely charging by the hour and combining different pricing methods to maintain their profit margin and stay competitive. As the variety of services offered grows, pricing and billing methods are becoming progressively flexible. Over 50% are now using monthly retainer payments and 40% are using fixed rate pricing.

Myth 4

AI will replace bookkeepers

Despite advances in technology, bookkeepers are optimistic about the future of their profession. They acknowledge the benefits of technology but emphasise the

irreplaceable human element in providing value to businesses. 95% of bookkeepers surveyed are feeling confident about the future, and 60% are expecting their turnover to increase in the next 12 months.

Ami Copeland:

“Bookkeepers are incredibly tech savvy and eager to use the efficiencies that software can bring – they’re not seeing it as a threat. Bookkeepers know that their value isn’t just in reconciliation and transactions, it’s their ability to understand and connect with clients on a human level that brings real value. In fact, bookkeepers are often the driving force behind tech adoption among small businesses. They are open minded about incorporating AI into their business processes to enhance their service delivery.”

Myth 5

most popular being 20 hours per week.

Ami Copeland:

“It’s no surprise that bookkeeping attracts people who are keen to improve their work/life balance. We recognise that many of our members begin studying bookkeeping while on a career break to have children, or people who are looking for a complete career change. It’s fantastic to see that these people don’t need to compromise on their business growth or financial rewards to achieve a happier lifestyle.”

Myth 6

Bookkeeping practices are too small to have an impact

“Bookkeepers are in the engine room, supporting the nation’s small businesses.” - Ami Copeland

70% of bookkeepers surveyed have their own practice, versus 11% employed in a business and 9% in a bookkeeping or accountancy practice. They are small businesses – 78% have 1 – 2 employees and just 15% have more than five employees. However, what they achieve is remarkable. More than 65% of those practices have more than ten clients, and 35% have more than 30 clients each.

room, supporting the nation’s small businesses. It’s incredible to see the breadth of impact bookkeepers are having on the economy.”

Ami concludes:

You need to work more hours to be more successful

Bookkeeping is one of the most flexible careers available – with independent, flexible working powered in part by the revolution of cloud-based software. The ICB Survey finds that 54% of bookkeepers are working part time with a variety of hours – the

The most popular industries for bookkeeping businesses to work with are construction and trades, professional services such as accountants and solicitors, service industries and e-commerce. 36% are working with landlords and 35% are working with hospitality businesses.

Ami Copeland: “Bookkeepers are in the engine

“The ICB Survey emphasises the entrepreneurial flair, innovative approach, and substantial impact made by bookkeepers. By debunking stereotypes and shedding light on their vital contribution, the survey reveals the pivotal role bookkeepers play in supporting businesses' financial health and growth. From flexible working arrangements to diversified service offerings and forward-thinking attitudes toward technology, bookkeepers are a progressive force in today's business landscape. We hope these results elevate the status of bookkeepers and foster a deeper appreciation for their invaluable contribution to the economy.”

www.bookkeepers.org.uk/

Routines and your Mental Health

Routines are a great way to look after your mental health. Establishing a daily routine can improve our relationships, physical health, productivity, focus and they have been shown to reduce stress. Routines can also help us cope with change when life is uncertain.

Here are some daily habits that help me keep to a routine and look after my mental health

1. Get a restful sleep each night

Sleep is a vital part of our physical and mental health. It is important that we maintain a similar routine each day for when we wake up and go to sleep. Cutting down on screen time and coffee or alcohol prior to sleep can make for a more restful night.

2. Eat well and eat healthy

Certain foods can affect your mental health. To support improved mental health, try

expanding your current diet to include foods packed with mood boosting nutrients like:

• berries and bananas

• beans

• whole grains

• fatty fish, like salmon Drinking plenty of water throughout the day can also have a benefit.

3. Cut back on social media

Our diet of news and social media is as important as our diet of food. Stay informed but not overloaded with news and social media.

To spend less time on social media try:

• Keeping your phone outside the bedroom when sleeping or in a drawer when at home

• Try reading a book rather than reading a screen

• Turn off all notifications

4. Strengthen your relationships

Humans are social creatures, and strong relationships can have a positive influence on your mental health in various ways. Social interactions on a regular basis are great for making positive and important connections and providing emotional support.

5. Move your body on your own terms

Exercise is an import part of my daily routine. It helps to relieve stress, lift my mood and keep me relaxed. Exercise and movement

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.

can involve something different for each person. It’s important that it is enjoyable for you.

6. Know when to take it easy

On difficult days it might be challenging to keep to your routine. Instead of dwelling on it, or abandoning your routine altogether, adapt it to make it work for you. If you’re stressed or withdrawing from things you enjoy, go easy on yourself.

7. Make time for rest

While what constitutes “rest” may vary from person to person, it generally means giving your mind and body the opportunity to unwind and restore. Resting and being kind to yourself is an important part of your routine and good for your mental health.

These routines can help improve your mental well-being, but they can’t “cure” a mental health condition. Sometimes we need additional support. Remember support is available and the sooner you seek it out the better.

The Business Show Asia returns to Sands Expo & Convention Centre for 2024!

he Business Show

Asia is the leading event for business owners, entrepreneurs, and startups looking for guidance, resources, and knowledge to help them start or grow their dream business.

The Business Show launched in Singapore in September 2022 and welcomed 5,000 business owners and entrepreneurs. It was met with great success due to the increasing demand for products and resources in the world of small businesses and startups. This year, the event has rebranded to The Business Show Asia and is expected to be the biggest yet, boasting 8,000 attendees, incredible keynote

sessions, and limitless networking opportunities.

The organisation behind the event, Business Show Media, have a proven track record of developing and growing their shows year after year with a special, golden 50th edition of The Business Show London being held in November. Having been running for over 24 years, it is certain that The Business Show Asia will be met with great success.

This year on the 28th & 29th of August at The Sands Expo and Convention Centre in Singapore, The Business Show Asia is offering exclusive insights, guidance, and resources. The

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

Emily Lumbard is the Social Media and Content Manager for Business Show Media. She has been with the company for almost two years and is responsible for managing the social media and writing the various copy for Business Show Media’s portfolio of events.

jam-packed agenda will fulfil every entrepreneur and small business owner’s thirst for knowledge. With incredible keynote speakers from such organisations as Google, Forbes, Amazon, and PayPal, you will have the opportunity to get ahead of the game and create the business of your dreams.

At the event, you will find the top suppliers from the fastestgrowing SMEs in Singapore. Each will have products, services, and resources to revolutionise your business model and change your business for the better. You’ll have complete access to all the opportunities on offer and you never know what you might discover. There will also be interactive masterclasses hosted by leading experts like Amazon, Far East Organization, and NextZen Minds. This is a chance for you to learn in a closequarters environment, a session that would ordinarily cost you a lot of money but is completely free to attend with your ticket.

This year, the Going Global Live Zone launches in Singapore. After running in London for over 15 years, the show aims to support businesses that are embarking on their international expansion journey. You’ll find information, products, and services on importing and exporting, language translation, market-entry, freight services, offshore recruitment, and many

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more topics. There will also be globalisation specialists who have years worth of experience in overseas expansion who you can meet face-to-face to network with and ask all of your burning questions. You might find the right services or advice to accelerate your international growth so you won’t want to miss this one.

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 Asia now. We’ll see you on the 28th & 29th of August at The Sands Expo and Convention Centre!

Get your ticket now www.asiabusinessshow. com FIND OUT MORE...

Updates

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

Client Window clientwindow.com

ClientWindow has released a brand-new feature which integrates WhatsApp with business email. Unique in its field, the feature allows clients to send and receive messages on their usual WhatsApp app on their smartphones whilst the accountancy team they are communicating with send and receive messages via their normal email platform. This allows for seamless communication between teams and clients whilst also meeting regulatory and data retention requirements.

Dext dext.com

Dextension seamlessly integrates Dext's powerful accounting tools into Xero. Streamline your workflows, enhance data accuracy, and save time with a single view of your favourite Dext features within your Xero interface. Dextension is a free downloadable browser extension, available on the Google Chrome Web Store. Switch it on with one click to bring your software experience together.

Expense On Demand expenseondemand.com

1. Entertainment details of Employees/Guests data is available for export using our Report Writer.

2. Automatic transaction feeds available to Claimants once, Finance Manager has connected the expense app with their Bank.

3. Claimants can be assigned multiple credit cards ensuring transaction management of cards in a single place.

4. Automatic matching saved receipts to credit card transactions using improved AI technology .

5. Improved AP Automation functionality that includes generating purchase orders.

6. Improved scanning of receipts both on the mobile and the web.

This will allow matching receipts to scanned data instantly.

7. Introduction of expenses using a ‘Container’ functionality - where Claimants can enter and save multiple items and, submit using a single click.

8. Improved Leave management functionality - making it easier to understand and onboard claimants to enter leave.

9. Expense Policy will include a ‘Time based’ policy

10. Enhancement to the existing Carbon Footprint - making it easier to understand

11. Improved analysis available to Finance Managers to enable better decision-making.

G-Accon accon.services

What's new? G-Accon for Xero's latest upgrade sharpens your intercompany eliminations. This update simplifies setup and reconciliation processes. With automated data flow, your transactions will be tailored to your business needs. Upgrade your reporting and financial accuracy. All in one go.

HR Partner hrpartner.io

Introducing the HR Partner Leave Calculator: Your key to saying goodbye to formulas forever and helping your team turn their holiday dreams into reality! This free online tool is designed specifically for busy HR professionals, or people with HR responsibilities, and it eliminates the need for manual calculations, saving you valuable time and frustration. That means more time for strategic HR initiatives, and less time working out which formula to use!

Projectworks projectworks.io

We have two new updates in

Projectworks for enhanced invoicing functionality. You can now reconcile negative value invoices (credits) from Xero and set different hours per day at an organisational level.

Tidy tidyinternational.com

We’d like to share some of the new and recent additions made to TidyWork:

1. Material items can now be added to your Purchase Orders or Sales Orders by searching for them using their reference.

2. Receiving items can now be done without invoicing them

3. You can now select which tasks, times, materials, and expenses to invoice from projects

XBert xbert.io

IXBert, announces the release of XBert Intelligence (XI) – a new generative AI engine specifically designed to help accountants and bookkeepers generate new revenue streams. Custom XBerts, the first XI-Powered feature is designed to bring a new level of customisation and foresight to accounting practices. With Custom XBerts, professionals can build on the existing 80+ default alerts and create tailored alerts based on their clients' unique transaction patterns.

Zoho bigin.com

In addition to supporting direct integration with WhatsApp for business, you can also initiate conversation with our latest updated templates. Other new updates include greater workflow automation, enhanced UI, and mobile app updates for iOS, iPadOS, and Android. And hey, we've also integrated with Shopify!

Dext announces the general availability of Dextension at Accountex London, 2024

ext, the leading bookkeeping automation platform provider, has announced the release of Dextension, a browser extension that unlocks productivity for bookkeepers and accountants.

Available for free to all Dext users via the Chrome extension store, Dextension represents a significant advancement in accounting automation.

The launch of Dextension highlights Dext’s continued commitment to innovation, making it effortless to work with Dext and leading cloud accounting solutions. Dextension is a free downloadable browser extension, available on the Google Chrome Web Store. Users can switch it on with one click to unify their software experience, enabling

customers smooth transitioning between Dext and their accounting software. The browser extension provides many features that streamline accounting workflows and provides critical context to dashboards and bank reconciliation by allowing users to see attachments and request missing paperwork directly where they do that work.

Back in 2011, Dext became the world’s first service to automate the collection and data extraction of receipts and invoice for accountants, bookkeepers and their small business clients. Since then, and for over a decade, Dext has broadened its deep expertise working with bookkeepers, accountants and business owners across industries from construction through to retail to reduce the friction in bookkeeping with automation and applied AI

processing over 1M documents a day.

Stephen Edginton, Chief Product and Technology Officer, explains the development of Dextension: “At Dext, we strive to make accounting effortless, we worked closely with some of the best bookkeepers across the world and observed how they worked – they spent significant time between Dext and their accounting software – context switching, reconciling the bank, switching tabs, navigating between organisations – repetitive work. Over 500 users have helped us refine the extension, and we will continue to enhance it to further automate bookkeeping and save time”

“In the age of AI, tools like ours are a great example of how technology can elevate the indispensable role bookkeepers and accountants play, using automation to free them into doing more. That is what creates smart, strong businesses and we’re proud to be showing the wider tech industry how to innovate in ways that help people make the most of their expertise”. Sabby Gill – CEO Dext

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