XU Biweekly - Issue 69 -2 December 2023 by XU Magazine

Saturday 2nd December 2023 | No. 69

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Spotlight Reporting Launches UK SME payments fintech Revolutionary ESG Reporting Crezco raises $12m, Tool as Demand Grows announces its technology is

S ENTERPRISES SEEK TO IMPROVE ESG INITIATIVES AND TRANSPARENCY, EFFECTIVE REPORTING BECOMES AN IMPERATIVE.

Environmental, social and governance (ESG) reporting is becoming an increasingly necessary aspect of business activity in 2023 and beyond. Not only are enterprises recognising the need to be involved in ‘measuring what matters’ beyond the bottom-line, but they are seeking solutions to the problems that organisations and communities face in this modern world. Recognising this need, Spotlight Reporting has today officially launched its standalone ESG Reporting solution, Spotlight Sustain.

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

Demand for ESG Reporting grows as regulations, sustainability and social causes boom In its sustainability predictions for 2023, global analysts IDC highlight the role of reporting in the ESG boom, stating that by 2026, “70% of organisations...will achieve improved operational efficiencies leading to distinctive business benefits of

improved ESG and financial performance.”

In addition, the Harvard Law School Forum on Corporate Governance (HLS) released guidance on ESG trends, also championing the critical role of reporting. Amidst the demand for return on ESG initiatives, the researchers find data and the means of capturing and sharing key insights is evolving. HLS states, “In this environment, companies need to start evaluating their ESG-related reporting with a rigour akin to that applied to their financial reporting processes. [...] Companies should evaluate seriously the internal systems and tools that are being used to collect, scrub, analyse, verify and report that data.”

enabling a new Xero feature

HE CLOUD-BASED ACCOUNTING PLATFORM HAS INTEGRATED CREZCO’S TECHNOLOGY TO OFFER ON-PLATFORM BILL PAYMENTS USING OPEN BANKING TO ITS UK-BASED SUBSCRIBERS.

Crezco, a UK fintech company using open banking to make B2B invoice and bill payments as convenient as B2C card payments, has achieved several major business milestones through securing funding and integrating its technology into global small business platform Xero. Crezco has secured $12m in Series A funding from

MMC Ventures and fintech-focused 13books Capital to enable further growth.

Additionally, its recent agreement with Xero has resulted in the technology being integrated into its bill payment feature which will be launched to UK small businesses at the end of the month. Underpinned by Crezco’s account-to-account payments API, Xero will be the first major small business cloud accounting software in the UK to offer on-platform bill payments using open banking. The solution will allow small businesses to simply

and securely manage, approve and pay their bills without leaving Xero’s platform. To achieve this Crezco uses open banking, a relatively new technology leveraging account-to-account (A2A) payments. In their new report, Xero has found that 50 per cent of UK small businesses are worried about their financial future amidst economic uncertainties. By leveraging Crezco’s technology and API, Xero’s new bill payments feature can help small businesses have a more accurate view of their cash flow.

Weel’s new bill payment experience is a huge win for bookkeepers and AP teams alike

EEL, AUSTRALIA’S LEADING SPEND MANAGEMENT SOFTWARE, HAS ANNOUNCED A SUITE OF RELEASES WITHIN THEIR BILLS PRODUCT, WHICH WILL CUT ACCOUNTS PAYABLE (AP) PROCESSING TIME IN HALF WHILE ALSO PROVIDING ENHANCED SECURITY AROUND INVOICE PAYMENTS. Among their newest innovations in the bills space,

Weel has launched an instant import from Xero function. This feature allows users to automatically extract approved bills from Xero and seamlessly import them into Weel for prompt payment. Actioned in a single click, this function serves to streamline the payments process by offering bookkeepers an accelerated method for efficiently managing clients' bills. Complementing this inno-

vation is Weel’s new supplier management feature. Weel customers can now save approved payee details for future bill payments.

Once a supplier is saved, it can be selected for any subsequent bill and their address and payment details will be automatically populated, further expediting the payment process. Another feature set to streamline the payment ex-

perience is Weel’s automated remittance notice.

As soon as a bill is paid, suppliers will receive an automated notice of payment via email, ensuring timely and transparent communication of payment status. The last of Weel’s recent updates to its bills product is the split line items feature, which allows Weel users to accurately capture and categorise individual expense

details from a single invoice, allowing for precise category tracking and enhancing overall accuracy in financial management.

While Weel first made its name through its innovative virtual cards expense management solution, its bill payment and management product has quickly become one of its most popular tools, solidifying Weel’s status as the leading AP solution in the market.

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The ability to seamlessly handle all company expenses from a single tool not only serves to streamline the accounting process, but also plays a pivotal role in effective cash flow management and cost control. These new releases are a testament to Weel’s ongoing commitment to delivering innovative solutions that empower businesses to optimise their financial processes.

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Updates Unlocking the power of open banking: a simple New in Quotient: and secure way to pay bills without leaving Xero A fresh take on Private Notes P R 2 XU Biweekly | No. 69

AYING BILLS IS A CRUCIAL PART OF THE CASH FLOW EQUATION, AND YET IT’S USUALLY A VERY MANUAL PROCESS FOR SMALL BUSINESS OWNERS. GETTING BILLS INTO XERO, PROCESSING THE PAYMENT AND RECONCILING EACH TRANSACTION CAN TAKE TIME AWAY FROM IMPORTANT TASKS, LIKE GROWING REVENUE AND MANAGING COSTS.

There is also no standardised way for businesses in the UK to pay bills in bulk. Some banks accept payment files, while others don’t. At Xero, we’re on a mission to make this process easier and simplify the bill payment process. Today, we’re excited to share that we’re launching a new bill payment experience in the UK. We’re the first major small business cloud accounting software in the UK to offer on-platform bill payments using open banking. This gives you a simple and secure way

XU BIWEEKLY - No. 69 Newsdesk: If you have any news or updates that you would like us to consider for inclusion in the next edition of the XU Biweekly, please email us at: newsdesk@xumagazine.com CEO: David Hassall Managing Editor: Wesley Cornell Chief Revenue Officer: Alex Newson Account & Partnership Assistant: Robyn Consterdine Creative Assistant: Aidan McGrath Advertising: advertising@xumagazine.com www.xumagazine.com ‘Xero’ is a trademark of Xero Limited (New Zealand). XU Biweekly and XU Magazine is collaboratively produced by an independent group of Xero users and is not affiliated in any way with Xero. All other trademarks are the property of their respective owners. © XU Magazine Ltd 2014-2023. All rights reserved. No part of this publication may be used or reproduced without the written permission of the publisher. XU Biweekly is published by XU Magazine Ltd (08811842), registered in England and Wales. Registered office: Office 1, Brunswick House, Brunswick Way, Liverpool, L3 4BN, United Kingdom. All information contained in this publication is for information only and is, as far as we are aware, correct at the time of going to press. XU Magazine Ltd cannot accept any responsibility for errors or inaccuracies in such information. If you submit unsolicited material to us, you automatically grant XU Magazine Ltd a licence to publish your submission in whole or in part in all/any editions, including in any physical or digital format, throughout the world. Any material you submit is sent at your risk and, although every care is taken, neither XU Magazine Ltd nor its employees, agents or subcontractors shall be liable for loss or damage. The views expressed in this publication are not necessarily the views of XU Magazine Ltd, its editors or its contributors.

Saturday 2nd December 2023

to manage, approve and pay bills, without leaving Xero.

The new bill payments experience

Our new bill payments experience means you can now complete your entire accounts payable workflow in Xero, from start to finish. There’s no need to pay each bill separately, fund external wallets and accounts, enter credit card details, or export payment files.

This not only saves you from a lot of the manual processes associated with paying bills, but also gives you real-time visibility of upcoming payments, so you can take control of your cash flow. It’s free and easy to set up — all you need to do is connect your bank in Xero (don’t forget to check that your UK bank supports bulk payments via open banking). You’ll

then be able to select ‘Direct bank transfer’ as a payment method to pay bills in GBP from your bank account, either individually or in bulk.

You’ll authorise all payments using multi-factor authentication directly from your banking app or online portal, giving you peace of mind when it comes to protecting your business from potential fraud. And if your employees or advisor are preparing bills for payment, they can easily hand them to you for final review and payment authentication, so you stay in control of your bank account. Thanks to open banking, funds are available to your suppliers almost immediately. Best of all, there are no monthly subscription costs — once you’ve connected your bank account, you only pay when you select direct bank transfer as the payment method.

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ECENTLY WE RELEASED A RANGE OF EXCITING UPDATES: IMPROVED PRIVATE NOTES, NEW FILTERING OPTIONS FOR QUOTES ON YOUR DASHBOARD, AND NEW QUOTE STATUS OPTIONS TO HELP YOUR WORKFLOW. TO FIND OUT MORE, READ ON!

Improved Private Notes – now included on Draft Quotes Private Notes now have a proper home up in the top section above the Quote, meaning they’re no longer part of Questions & Answers (which used to get confusing). You can now add Private Notes to Draft Quotes, and you can also @mention one or more of your team to keep them in the loop.

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WorkGuru: Retentions Introducing Starter Churn Insights: and Serial Numbers Customer Retention for Startups now available I

E WANT TO MAKE SURE YOU’RE IN THE LOOP WITH ALL THE LATEST STUFF WE'RE ROLLING OUT.

the forum and have your say.

To learn about the nitty-gritty on how to make the most of WorkGuru's features, check out our support articles over here or our official channel. We're constantly updating them to stay on top of all the cool things our app can do.

Features

And by the way, this week, we've got some pretty neat releases dropping!

Serial Number Inventory Tracking

Give a shout-out to the ones you're excited about, and we'll be sure to take a good look for possible implementation. The ones with the most votes might just make it into the next round of updates.

• We're pleased to announce the release of a new major feature, Serialised Inventory Tracking. • Serial number inventory allows you to track the individual serial numbers of products in stock, as well as what you've used on both projects, and stock sales. • This lets you track the journey of a specific part all the way from the supplier, right through to your customer, for visibility and warranty purposes.

Take a wander through

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We're all ears for your thoughts, so take a peek at our feature requests forum.

N THE DYNAMIC WORLD OF STARTUPS, UNDERSTANDING YOUR CUSTOMERS’ BEHAVIOR IS NOT JUST BENEFICIAL — IT’S IMPERATIVE. THAT’S WHY TODAY, WE ARE EXCITED TO UNVEIL STARTER CHURN INSIGHTS – OUR LATEST OFFERING DESIGNED TO EMPOWER STARTUPS WITH ACTIONABLE CUSTOMER RETENTION INSIGHTS, WHEREVER THEY ARE ON THEIR GROWTH JOURNEY.

Why Starter Churn Insights is a MustHave for Startups Tailored Solutions for Growing Businesses - Every startup has a mission: to find product-market fit, scale, and establish a loyal customer base. Catering specifically to businesses in the $0-5 million ARR bracket, Starter Churn Insights is optimized for those who are finding their footing in the marketplace. For companies that are still experimenting with their product offering, pricing, or packaging, it may not make sense to do anything they can to save every customer. Instead, customers who cancel may leave valuable insights — the price was too high, the renewal frequency too fast — that could

help you create a stickier, better offering in the future. Deep Dive into Customer Behavior - With a standard survey template and set of cancel reasons, startups can now discover the core reasons behind customer churn, enabling businesses to strategically address and mitigate the factors leading to customer attrition. Turn insights into meaningful, business-transforming actions, whether it’s navigating through product-market fit, transitioning from the early R&D phase, or focusing on scaling revenue. Accessibility Meets Functionality - Startups with the Chargebee Billing Starter package can access a rich 30-day data history that provides a snapshot of churn reasons, all at zero cost. Seamless Integration with Chargebee Billing - Chargebee Billing users with the Starter package can now access Starter Churn Insights, via the side navigation bar in your Chargebee dashboard. If you do not find the ‘Retention’ selection in your navigation bar. Reach out at retention-support@ chargebee.com for assistance or to express your interest in accessing this feature.

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News & Updates Deputy Launches ScaleXP is a ezyCollect enhances B2B payment Global Gratitude Xero Staff Pick collection with new Direct Debit Movement: Authority on customer or Credit W T Application forms feature E 4 XU Biweekly | No. 69

HE MOVEMENT EMPOWERS BUSINESSES TO DEMONSTRATE THEIR DEDICATION TO EMPLOYEE WELL-BEING AND RECOGNITION.

Deputy, the leading shift work management platform, has unveiled #ASimpleThanks, calling for people all around the globe to lead with gratitude when interacting with shift workers who serve on the frontline of society. The initiative will be rolled out as part of Shift Worker Sunday on 26 November. The world’s 2.7 billion shift workers make up two-thirds of the global working population and they form the foundation of society. From hospitality venues to retail stores and even hospitals, they are responsible for so many of the daily moments that make our communities thrive. However, given how deeply embedded they are in our lives, shift workers often get taken for granted. In fact, according to Deputy’s 2023 State of Shift Work Survey, 50% of shift workers in ANZ said that being valued and recognised for their contribution would result in more positive working conditions overall. Following Deputy’s launch of Shift Work Sunday as an international holiday to celebrate shift workers last year, this year, the company is on a mission to give shift workers the recognition and appreciation they deserve through a grassroots gratitude movement, #ASimpleThanks.

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Payment service troubleshooting for Square + Xero integration Overview

• Easily reconnect/reauthenticate your integration when your customers are getting an error in paying Xero invoices through the Square “Pay Now” button. • For those using the Square + Xero integration.

Saturday 2nd December 2023

E ARE SO EXCITED TO ANNOUNCE THAT SCALEXP HAS BEEN SELECTED BY XERO AS A ‘STAFF PICK’ OR ONE OF THE APPS THAT THEIR TEAM LOVES.

We’re thrilled to announce that ScaleXP has been selected as a 2023 Xero Staff Pick from the 1000+ apps in the Xero app store. This is great recognition for all the hard work that the team has put into creating one of the top Xero integrations for finance teams! With 25+ reviews in the Xero App Store, all of which are 5-stars, it’s fantastic to hear what a difference ScaleXP has made for organisations across the UK, Ireland, Australia, Canada, the US and more. Here are just a few comments submitted b ScaleXP customers: Game changer with amazing customer support "We are using ScaleXP to untangle a number of complexities in our business model. ScaleXP is giving us the agility we need to make business decisions in a more informed way and at a faster pace than we’ve even been able to before. The client support team has been exceptional in digging into our needs and ensuring the platform is delivering!" - Michele O. Best consolidation and reporting tool on the market "We use Xero software across multiple entities. ScaleXP is by far the best product I have come across in the market. The ability to tailor the consolidation and reporting (easily) is something unique at this price point. Any issues you have in creating your custom reports and the customer support team are on hand to help. It is some of the best customer support I have experience over any software tool/platform." - Hamish B. Effortless navigation and exceptional reporting – ScaleXP excels! "What sets ScaleXP apart is its exceptional reporting capabilities. It delivers comprehensive, accurate, and insightful reports that provide valuable data-driven insights. Whether you’re tracking performance indicators, analysing trends, or assessing the impact of your actions, ScaleXP presents the data in visually appealing formats that are easy to understand and share with stakeholders.

ZYCOLLECT, A LEADING INNOVATOR IN B2B PAYMENT AUTOMATION SOLUTIONS, PROUDLY INTRODUCES ITS LATEST FEATURE – THE DIRECT DEBIT AUTHORISATION (DDA) ON CUSTOMER OR CREDIT APPLICATIONS.

This new addition empowers businesses to streamline recurring payment collections during client onboarding, ensuring timely and hassle-free payments. AJ Singh, CEO of ezyCollect, expressed enthusiasm about this latest addition, stating, “We are thrilled to introduce our new Direct Debit on Customer or Credit Applications feature. This update not only makes it more convenient for businesses to receive timely payments but also provides a seamless onboarding experience for their customers.”

ScaleXP offers a range of customisation options, including personalised dashboards and customisable reports, catering to individual needs and preferences. The tool’s flexibility and versatility make it suitable for businesses of all sizes and industries.

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With responsive and knowledgeable customer support, ScaleXP goes the extra mile to ensure a seamless user experience." - Joel G.

Once enabled, customers can conveniently authorise direct debit payments as part of their customer or credit application. Following approval of the credit application, businesses can automatically collect payments, eliminating the need for separate DDA forms and chasing down late payments. This feature delivers a multitude of benefits to businesses: Enhanced Efficiency: By automating payment authorisation during the onboarding process, businesses significantly reduce the time and resources expended on reviewing separate application and DDA forms and chasing late payments.

Jane Evio, Head of Customer Success at ezyCollect, offers insight, explaining that the traditional method of obtaining automated payment commitments through separate DDA forms “proves to be cumbersome for both businesses and customers,” adding that “often, these are paper-based or manually done.” She emphasises that “with the introduction of our DDA on Online Customer or Credit Application Forms, we offer a practical yet transformative solution to address these challenges head-on.”

Reduced Churn: Simplifying the application and payment process improves customer satisfaction and lowers churn rates, as customers find it convenient to apply and pay for products and services.

The DDA on Customer or Credit Appli-

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The streamlined process also ensures the timely delivery of goods and services. Increased Revenue: Prompt payment collection improves cash flow, leading to increased revenue for businesses.

Xero unveils ‘auto sales tax’, powered by Avalara, making tax calculations and reporting more seamless

EW CAPABILITY SIMPLIFIES AND AUTOMATES SALES TAX CALCULATIONS, REPORTING AND FILING FOR SMALL BUSINESSES AND ADVISORS. Xero, the global small business platform, today announced the release of its auto sales tax capability, helping to provide reliable sales tax calculations, comprehensive reporting, and automated filing options for small business owners and their advisors.

How to reconnect your Xero account • Sign in to the Amaka dashboard and log in using your Square credentials. • Go to the Connected Accounts page. • Expand the options menu by clicking ••• next to the Xero account that you wish to reconnect. • Click Reconnect and follow the prompts to complete the re-authentication of your account. • Go to the Integrations page and toggle on the integration to activate it.

cation Forms feature seamlessly integrates with ezyCollect’s online Credit Application forms.

Developed in partnership with Avalara, a market leader in tax compliance automation, the embedded solution brings advanced sales tax workflows and management directly into the Xero platform, enabling advisors and business owners to automate sales tax calculations, reporting and filing. This new capability is currently best suited for those who invoice for their goods and services in Xero, operate across multiple jurisdictions, and have a mix of taxable, non-taxable and exempt goods. Use cases

for auto sales tax will expand beyond invoices in the coming months. “With more than 13,000 sales and use tax jurisdictions in the U.S., and constantly changing rules and regulations, businesses are spending valuable time on calculations and reporting — and still ending up with errors,” said Meg Higgins, SVP, Global Partners at Avalara. “Avalara’s expansive tax content database and sales tax calculation engine, coupled with Xero’s invoice and reporting capabilities, make it easy for both small business customers and their advisors — who often file on their customers’ behalf — to get tax right. With Avalara embedded in the Xero platform, customers and advisors will benefit from a seamless delivery of tax determinations and calculations on every transaction." Key features include: • Quick, guided setup

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News

6 XU Biweekly | No. 69

Saturday 2nd December 2023

Nominations open Lightspeed Xero Summer Series: Ignite for the 2023 Karbon Oxygen Summit your potential in 2024 Excellence Awards

HE KARBON EXCELLENCE AWARDS RECOGNIZE SOME OF THE MOST PROGRESSIVE, INSPIRING AND TRAILBLAZING ACCOUNTING FIRMS FROM AROUND THE WORLD.

Nominations for the 2023 Karbon Excellence Awards are now open and close on December 31, 2023. Nominate your own accounting firm, or another firm using Karbon that is doing unique things, inspiring others, and making a positive impact on the wider accounting profession. First awarded in 2022, the Karbon Excellence Awards are awarded annually across six categories. The 2023 winners will be announced in January 2024.

Karbon Excellence Award categories Category one: Sustainability Recognizes an accounting firm that is making an outstanding contribution to sustainability practices and is a leader to their peers and clients by being purposeful, community-minded, and kind to the planet. Category two: Diversity & Authenticity Recognizes an accounting firm that is championing diversity, equity and inclusion across the accounting profession, and achieves this in a unique, approachable and authentic way. Category three: Balance & Culture Recognizes an accounting firm that is promoting work-life balance and healthy work habits, as well as using innovative solutions to champion purpose and motivation amongst their teams. Category four: Connectivity Recognizes an accounting firm that is championing connectivity and embracing openness through innovation with technology, automation, and integrated solutions. Category five: Client Excellence Recognizes an accounting firm that is demonstrating leadership, innovation, and a commitment to excellence in client service. Category six: Practice Excellence The Practice Excellence category is the major award and recognizes an accounting firm that is creating extraordinary outcomes through outstanding leadership and innovation, demonstrated by sustained success and growth.

T’S TIME TO COME TOGETHER. AFTER COUNTLESS HOURS SPENT BEHIND OUR SCREENS, LIGHTSPEED IS CHAMPIONING US TO COME UP FOR SOME AIR— REACH OUT AND MEET THE REAL PEOPLE BEHIND THE WORLD’S BEST BUSINESSES WITH ITS GLOBAL OXYGEN SUMMIT. From October 25th-27th, Global Commerce Innovators congregated at Montreal’s Marriott location for Lightspeed’s first annual Summit. Bringing together over 300 partners, customers and industry leaders for three days of informative sessions, insightful panelists, exciting updates from Lightspeed’s executive team. The event exceeded expectations, with groundbreaking revelations on the future of hospitality, retail and golf.

If you missed this year’s invite, we’re happy to share the juiciest bits with you here, from key takeaways to memorable quotes that inspired and stoked the Lightspeed fire for what’s to come. Three key themes emerged: 1. Technology and innovation in a POS partner is the path to scaling and growth 2. Automating tasks to improve efficiency and focus on customer experiences 3. Personalisation in all aspects of the customer journey is paramount to success

A POS partner to scale sophisticated businesses Real customers facing real challenges Things got cozy for our Lightspeed Fireside Chat. Hosted and moderated by our President JD Saint-Martin, it was an intimate talk with two incredible leaders, and Lightspeed customers, Melissa Joy Manning CEO of her namesake Brooklyn-based jewelry company and Peter Litvinenko, Corporate Food & Beverage Director for boutique hotel brand Life House. The chat might have been informal but it navigated through some meaty business topics. From sustainability to hiring practices and some personal career highs and lows for Litvinenko and Manning— the fireside chat was full of hot topics. Here they share how Lightspeed’s advancements in technology and innovation are helping them scale and grow. Plays well and partners well with others “We were looking for a company that could grow with us."

CCOUNTANTS AND BOOKKEEPERS, JOIN US FOR XERO SUMMER SERIES

Get ready to soak up the summer vibes at the Xero Summer Series – a new event that promises to set the stage for success in 2024. We’ll be turning up the heat in February and early March with a sizzling blend of keynote speakers and networking, set against the sun-kissed landscapes of our vibrant cities – Perth, Adelaide, Melbourne, Brisbane and Sydney. As we await the return of Xerocon Australia in 2025, the Xero Summer Series promises to start your year off with a fresh perspective. Xero Roadshows will be back in August and September, offering even more opportunities for growth and connection.

Hear from our brilliant lineup of guest speakers Kicking off the afternoon will be Louise Southall, our Xero Economist. Louise will be on stage to share how macroeconomic trends impact small businesses and their advisors. “I love nothing more than talking about economics and small business, so I’m very excited to be doing a deep dive into our latest Xero Small Business Insights data at the Xero Summer Series,” Louise said. “I’ll also talk about how accountants and bookkeepers can use this information when engaging with their own clients. This series is a fantastic way to kick off the year, and will help attendees set-up for success in 2024.” Bernard Salt AM will then take the stage. As one of Australia’s foremost social commentators and business analysts, he’ll out-

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their future as businesses seek more support

MIDST THE SKILLS SHORTAGE, PRACTICES PLAN TO SERVICE A GROWING DEMAND FOR ADVISORY BY LEVERAGING AI AND OFFSHORE TEAMS. Xero, the global small business platform, has released a new report revealing Singapore’s accounting and bookkeeping sector is undergoing significant transformation, driven by technology innovation and shifting client expectations. Xero’s State of the industry report surveyed 300 accountants and bookkeepers working in Singaporean practices to provide insights into how economic pressures,

the skills shortage, emerging technologies – particularly artificial intelligence (AI) – and small business needs are shaping advisory’s future. The survey found that nearly three-quarters of respondents agree they now have to offer more advisory services to adapt to client and industry needs and opportunities. As a result, the majority (95%) of practices now provide at least one advisory service. However, for just under half (44%) of these firms, this was a change made within the past year.

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Next up we’ll be joined by Dr. Amantha Imber, an organisational psychologist and founder of Inventium, Australia’s leading behavioural science consultancy. The session will stir your creativity and explore innovative ways of working. “I am so excited to be presenting at the Xero Summer Series. I’ll be sharing science-backed and practical tools to help innovate the way you work. If your work days feel like a game of whack-a-mole, then I guarantee you’ll leave with some tools that will help you take back control,” said Dr. Imber. In Sydney and Melbourne, Xero’s tech strategist James Bergin will give us a glimpse into the future. “Tech is moving at such a rapid pace, that a small business might look very different in the next decade or so,” he said. “As an accountant or bookkeeper, it’s important to understand how these technologies have the potential to transform your clients’ needs in the years ahead.” We will have another special guest from Xero delivering this session at our Adelaide, Perth and Brisbane events. Guiding you through this sun-soaked afternoon will be our MCs, three dynamic members from our Australian Xero Partner Advisory Council – Aly Garrett, Jason Robinson, and Sarah Lawrance. Their infectious energy will ensure that this afternoon is not only insightful but also a whole lot of fun.

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Enhancing Nonprofit Financial Reporting with Custom Terminology

O Singapore’s accountants & bookkeepers are securing Keep reading

line the case for a bigger, better, more prosperous Australia. Excited to join us at Xero Summer Series, Bernard said, “Australians are adaptable, aspirational and irrepressibly optimistic about the future. I will make the case and present evidence to show why I have confidence in the future of Australia. Come along and say hello!”.

UR LATEST RELEASE INTRODUCED FATHOM'S CUSTOM TERMINOLOGY REPORTING FEATURE. DESIGNED TO GIVE YOU GREATER FLEXIBILITY IN CREATING FINANCIAL STATEMENTS, LEARN HOW CUSTOM TERMINOLOGY LETS YOU TAILOR REPORTS TO YOUR NONPROFIT'S SPECIFIC REQUIREMENTS. Last month, we released our Custom Terminology feature — one that our customers' feedback played a significant role in guiding. We wanted to make it fit-for-purpose, and one purpose we heard a lot from is not-forprofits (NFPs), charities and other unique organisations that required greater flexibility in their financial reporting. Financial reporting is more than just numbers; it's a narrative that tells the story of your organisation's performance, challenges, goals, and future projections. With Custom Terminology, you now have the power to craft this narrative using terms that res-

onate best with the language of your nonprofit or charity organisation.

Tailoring Reports for Nonprofit Success Nonprofits, charities, and unique organisations now have the ability to replace standard financial terms with nomenclature that aligns seamlessly with their reporting needs. Here's how Custom Terminology can elevate your nonprofit financial reporting: Reflecting your organisation's identity Craft financial statements that mirror your organisation's identity by using terminology preferred by your stakeholders. Aligning with accounting standards - Create financial statements that adhere closely to accounting body standards such as GAAP or IFRS, ensuring precision in your region.

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

* relevant for accountants and bookkeepers

8 XU Biweekly | No. 69

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Features

Saturday 2nd December 2023

How Automation Can Fuel Growth in Smaller Accountancy Practices By Wolters Kluwer Tax & Accounting UK

MALL AND MEDIUM-SIZED PRACTICES ARE BEGINNING TO LEVERAGE AUTOMATION TO ACHIEVE BUSINESS PROCESS GOALS, AND ACCELERATE DIGITAL TRANSFORMATION PLANS. It may seem that only large enterprises are employing automation at scale. However, small and medium-sized practices are beginning to leverage automation to achieve business process goals and accelerate digital transformation plans. In 2022, Gartner predicted that Robotic Process Automation (RPA) software end-user spending would increase by 19.5%, following 31% growth in 2021. They also stated that increased visibility of automation tools has made them seem more accessible to small and medium-sized practices. At Wolters Kluwer Tax & Accounting UK, we’re certainly seeing this trend amongst our users, as customers look to us to help them with that journey beyond their existing technology. In this article, we’ll examine how small and medium-sized practices can use automation to fundamental-

ly change the way they work – with a view to boosting efficiency and productivity. We’ll also specifically look at how automation can help to fuel practice growth.

First of all: what exactly is RPA? RPA is often referred to as simply ‘automation’. This technology can be woven into a number of existing software applications, many of which are often used within accountancy practices. Businesses in all sectors are using RPA to automate repetitive, menial tasks. There is no one-size-fits-all approach to automation, but the first tasks that practices automate are usually administrative. When tasks are automated effectively, they can be removed from a human’s daily task list. This frees up time to focus on more lucrative tasks, ones that rely on human intellect and imagination. As an additional bonus, automation should ultimately reduce errors. Anyone that has been tasked with a large amount of manual data entry knows just how easy it is for small errors to mount up. Automation can help to prevent these

causing significant issues.

What can SME practices automate with RPA? We’ve already mentioned data entry as a top candidate for automation. However, any number of processes – including invoicing, reporting, and order fulfilment – can be easily automated. Tasks that strictly rely on rule-based actions, which require minimal human decision-making, are also prime candidates. Here are some great examples of where RPA is being successfully implemented in the tax and accountancy sector: Client Onboarding: automation streamlines the onboarding process by efficiently collecting your clients’ information, verifying identities, and creating necessary documents. Chatbots and digital forms enhance the client experience, while ensuring compliance with regulations. Payroll Processing: automation can save working time in finalising payroll calculations, tax deductions, and generating pay stubs. It also ensures accurate and

timely payments to employees. Direct deposit automation also eliminates manual entry and reduces the risk of human error. Tax Compliance: automation helps to maintain accuracy and timeliness in tax-related processes. It ensures that tax forms are prepared correctly, submitted on time, and aligned with the latest tax regulations. This reduces the risk of penalties. Billing, Invoice Processing, and Reconciliations: automating invoicing and payment tracking accelerates cash flow and reduces the chances of billing errors. It can also reconcile accounts and flag discrepancies, leading to more accurate financial records. Financial Reporting: automated systems can gather and analyse financial data from multiple sources. This enables faster and more accurate reporting, which in turn supports better decision-making and enhances transparency. Employee Onboarding and Offboarding: automation may simplify the administrative tasks associated with employee transitions.

This includes account setup, access granting, and documentation processing. In turn, this leads to smoother onboarding and offboarding experiences. It is also important to take best practice principles into account when implementing RPA. Accurate and clean data is the foundation of effective automation. Before integrating automation, it's essential to ensure that the data you're working with is accurate, consistent, and properly organised. This might involve data cleansing and validation processes to minimise errors and discrepancies. In addition, you should consider taking a gradual and staged approach to automation implementation. Starting with a few select processes can allow practices to identify challenges, and refine their long-term approach and strategy based on real-world experiences. Successfully automating a few processes early on can also demonstrate the value of automation to stakeholders within a practice. This can help to secure financial support for further

automation initiatives.

Wait: Are RPA and AI the Same Thing? It may be useful to address this common question. Many practices may feel they are not at the right stage of their digital evolution to implement Artificial Intelligence (AI). In a nutshell, RPA and AI are different beasts. RPA refers to the use of software robots to automate repetitive, rule-based tasks within existing business processes. AI refers to the simulation of human intelligence through learning from experience – and can therefore include tasks such as problem-solving, making business predictions, and adapting to new commercial circumstances. Practices may find the steps taken to implement successful automation helpful for an AI-driven future. RPA may handle standardised tasks. In the future, AI could provide extra levels of efficiency for more complex workflows. Accountants could be wise to keep their finger on the technological pulse.

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Saturday 2nd December 2023 11

AUTOMATED DATA EXTRACTION By Katie Hawking, Head of Practice Solutions & Sales Enablement, Dext

HERE DO I START? AUTOMATION. IT’S A SMALL WORD BUT IT CAN DRIVE BIG CHANGES FOR YOU, YOUR BUSINESS, AND YOUR CLIENTS.

Building Partnerships By Paul Shipway, Chief Commercial Officer, Joiin

TRONG, MEANINGFUL PARTNERSHIPS DRIVE JOIIN’S NEXT GROWTH PHASE. Whether collaborating with customers, app vendors supporting each other, or affiliate partners spreading the word, strong partnerships offer the keys to success. When I started at Joiin, we had quite a rudimentary, minimum-value product but tons of ambition to get more customers on board. Over the last few years, our product and customer base has grown exponentially, organically. But what excites me, as Joiin heads into the next growth phase, is how interconnected all our work has become. For example, at Joiin, we continue to work alongside our customers to develop our product. At the same time, our collaborations with other app vendors feed into product development initiatives and help customers decide on the best tech stack for them; all the while, our expanding network of affiliates spreads the word, bringing in more customers

and tech partners. And so this productivity loop continues.

Joiin platform, you can expect to play your part in its development.

For readers currently building their businesses or supporting others in the process, the idea of work interconnecting isn’t going to break any new ground. However, a product-led approach may be a unique proposition for many. Being product-led and using this approach to drive growth means our entire company comes together to create a product that people want to buy and then stick with. It also guides our belief that we must continuously find new and different ways to engage with key people around our product and make all this work interconnect.

We often go direct to individual customers – and are not scared to do so – to discuss their product ideas, scope what’s required, and start the work. Rob and Tomek, two of our co-founders and directors, steer our product development roadmap alongside customer input.

Let’s look at some examples.

Collaborating with customers

We now collaborate better with our customers and implement their product requests more effectively, and it’s safe to say that our platform has grown in popularity as a direct result of this work.

Developing dashboard reporting with customers

As mentioned above, our product-led strategy has at its core the belief that working in partnership with customers to develop our product is best.

For example, when we launched our product’s dashboard – which provides our customers with a highly visual one-page financial overview, meaning they can easily stay up to date with the metrics that matter most to them.

If you decide to utilise our

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Automated data extraction is fast becoming a staple in accounting and bookkeeping. As someone who works at one of the industry’s leading providers, you may well expect to hear that from me. But, like so many others, I’ve seen the impact this smart but simple technology has had on our profession. But that’s not to say everyone is onboard. At Dext, we still meet so many accountants and bookkeepers yet to embrace automated data extraction. Much of that is down to a lack of confidence on how to implement this kind of technology, which creates uncertainty. If that sounds familiar, then this article is for you – a beginner’s guide on how to introduce automated data extraction at your firm. These suggestions are based on my own experiences, both during my time in practice and working in the wider accounting technology space, most recently at Dext, where I now help others get the most from their accounting tech. I hope you find them useful. I certainly wish I’d had some of this knowledge when I started.

1. Understand and Define Your Goals There are plenty of non-starter stories when it comes to introducing automation. And so many of those can be traced back to a lack of preparation and understanding. The key, then, is to better understand your automation needs. There are three ways to do this. First, it’s impera-

tive that you align your tech strategy with wider business objectives. What are the problems you are trying to fix and how might software help you solve them? Next, ask your team what they want to see. Where are their sticking points? And how do they feel about automating them? Remember, they’ll be the ones using it. Finally, talk to your clients. Try to get a sense of their needs and expectations. And, the key question, are they open to using technology, or will you need to adapt the way in which you work with them in order to accommodate their needs? A quick word on cost. When adding new technology, you’re signing up to a continuous contract, so it’s essential that the software in question is a long-term investment and not a temporary fix. Think forward and far ahead. You should also decide whether you intend to absorb the costs or oncharge to your clients. Many firms I’ve worked with will do a mix of both depending on the client.

2. Create a Team of Stakeholders Introducing any form of technology to your business is a team effort. It may start as one person’s fleeting idea, but without the collective buy-in from your employees and clients it will remain that way. A successful implementation leans on the expertise of numerous people. Call together a taskforce of your most engaged and digitally-savvy employees – we often refer to them as cloud accounting specialists, or digital transformation experts. This group should be responsible for overseeing the early days of your automation journey and beyond. That may involve helping

others get up to speed, managing expectations and combating fears. You can also incentivise your wider team with rewards to help ease resistance and increase uptake. You might even want to gamify the process to create friendly competition The point is, change takes time, but it also takes more than one pair of hands. Bring your best people together to give yourself the best chance of success.

3. Engage Your Wider Team Change depends on effective communication. In the case of software, that means more than a one-off email. You’re making a significant addition to your firm and modifying the way it functions. If possible, try to build a comms plan with clear milestones. That may include an official announcement, product training, client reviews and regular team meetings to check in on how things are progressing. The more open you are with your plans, the more likely people are to buy into the project. Work with your specialist sub-team to build and share a strategy that keeps everyone engaged and involved. This will also allay any fears from those in the wider business around their job security. Automation technology is here to make their lives easier, leaving them free to spend time on more interesting work.

4. Keep Your Clients in the Loop Once you’ve decided on the level of involvement you want your clients to have with your automation tool, pull a comms plan together that lets them know what changes they can expect.

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FinTech News

12 XU Biweekly | No. 69

Saturday 2nd December 2023

Volt launches in Australia Funding Circle and Atom bank Revolut appoints entrepreneur as period of rapid growth agree new lending partnership and tech expert to Group Board continues for the company

OLT, THE GLOBAL REAL-TIME PAYMENTS PLATFORM, TODAY ANNOUNCES ITS EXPANSION INTO AUSTRALIA FOLLOWING A PERIOD OF SUSTAINED GROWTH FOR THE UK-HEADQUARTERED FINTECH COMPANY. FOLLOWING VOLT’S $60M FUNDING ROUND EARLIER THIS YEAR, THIS DEVELOPMENT MARKS THE LATEST STEP IN ITS AMBITIOUS GROWTH PLANS TO MEET MARKET DEMAND FOR REAL-TIME PAYMENTS ACROSS THE GLOBE. Having already established itself across the UK and Europe, and expanding its global footprint by entering the South American market via Brazil in 2021, with a network of more than 5,000 banks, Australia represents a

significant milestone for Volt and the account-to-account (A2A) payments industry. Volt’s gateway will be integrated with PayTo, an Australian digital payment platform that enables consumers to authorise and control payments directly from their bank account. While the adoption of real-time payments in Australia is still relatively new, with debit and credit cards dominating the payment landscape, there is appetite for new and innovative payment methods. A recent report from Cognizant found that Australia is the second leading market in the adoption of new payments technology.

UNDING CIRCLE, THE UK’S LEADING SME LENDING PLATFORM, AND ATOM BANK, THE UK’S FIRST APP-BASED BANK, TODAY ANNOUNCE A NEW LENDING PARTNERSHIP THAT WILL PROVIDE UP TO C.£150M OF FUNDING TO SMALL BUSINESSES.

Atom bank is a long-standing and returning investor in the Funding Circle platform. This latest commitment, the third partnership between the two organisations, brings Atom bank’s total lending with Funding Circle to c.£800m. The new lending partnership will support SMEs through the latest iteration of the Government-backed

Recovery Loan Scheme (RLS) offered by Funding Circle, which aims to help improve access to finance for SMEs. Atom bank will harness Funding Circle’s powerful technology and distribution platform to deploy much-needed funds to support UK SMEs and deploy capital to the real economy; helping businesses manage their finances, grow and power their communities.

"Access to finance remains crucial for small businesses, so we’re delighted to once again be partnering with Atom bank to help more SMEs get the funding they need to win. The Recovery Loan Scheme is an important way for us to be

able to say yes to more businesses in line with our medium-term plan, and we’re continuing to extend our track record of delivering robust and attractive loan returns for our investors, in spite of the changing economic environment." - Lisa Jacobs, CEO, Funding Circle

"We’re delighted to strengthen our long-standing relationship with Atom bank via this new lending partnership. We aim to build strong, long-lasting partnerships with our investors and repeat transactions are a testament to that." - Dipesh Mehta, Co-Head, Global Capital Markets at Funding Circle

Dan has over 30 years of experience building and managing high-performing engineering and research teams, as well as scaling platforms and infrastructure that can support billions of customers. Dan held senior positions at Google in Paris, at Microsoft in Redmond and Dublin, and at HP Labs in Palo Alto.

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EVOLUT, THE FINANCIAL GLOBAL SUPER APP WITH OVER 35 MILLION CUSTOMERS, HAS ANNOUNCED THE APPOINTMENT OF DAN TEODOSIU TO THE BOARD AS A NON-EXECUTIVE DIRECTOR.

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PayPal Announces Executive Funding Circle Appoints Rachael Leadership Changes Raymond as UK Head of Broker Alipay+ partners with Yapily to develop open banking P F payments solutions in Europe

LIPAY+, THE CROSS-BORDER DIGITAL PAYMENT AND MARKETING SOLUTIONS PROVIDER, HAS ANNOUNCED A LANDMARK PARTNERSHIP WITH LEADING EUROPEAN OPEN BANKING PLATFORM, YAPILY, TO EXPLORE THE APPLICATION OF OPEN BANKING ON VARIOUS MOBILE PAYMENT PLATFORMS AND ENHANCE CONNECTIVITY BETWEEN CONSUMERS AND MERCHANTS GLOBALLY. The collaboration marks a crucial step in the growth of Alipay+’s global partnership programme. The partnership will catalyse the deployment of an even more convenient and secure payment option for millions of European consumers, in addition to the 1.4 billion consumer accounts already connected by Alipay+ across Asia.

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Enabled by Yapily’s open banking infrastructure, consumers who bank with European financial institutions will be able to make cross-border payments to Alipay+ merchants across the world directly from their bank accounts with smooth payment experience and security. The introduction of such account-based payments is set to streamline Alipay+’s payment process and bolster trust for merchants. Based on Yapily’s open banking payments infrastructure, Yapily and Alipay+ will jointly develop new solutions to provide the premise for merchants to increase transaction value by engaging customers throughout the buying journey, and connecting them to promotions and value-added services.

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AYPAL HOLDINGS, INC. (NASDAQ: PYPL) TODAY ANNOUNCED SENIOR LEADERSHIP CHANGES THAT UNDERSCORE THE COMPANY'S COMMITMENT TO BUILDING A HIGH-PERFORMING ORGANIZATION, SERVING ITS CUSTOMERS, AND DRIVING PROFITABLE GROWTH.

Isabel Cruz will join PayPal as Chief People Officer, effective November 27. Michelle Gill is joining PayPal as EVP, General Manager of a newly formed Small Business and Financial Services Group, effective today. Diego Scotti will join PayPal as EVP, General Manager of a newly formed Consumer Group and Global Marketing & Communications organization, effective December 4. "We are redesigning PayPal with our customers at the center and creating an environment that unleashes our teams to move with speed and build the best possible

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products and experiences to meet their needs," said Alex Chriss, President and CEO of PayPal. "I'm excited to welcome world-class leaders to PayPal who believe in our mission and have the expertise to help scale our global business."

UNDING CIRCLE, THE UK’S LEADING LENDING PLATFORM FOR SMALL BUSINESS BORROWERS, TODAY ANNOUNCES THE APPOINTMENT OF RACHAEL RAYMOND AS HEAD OF BROKER.

Positioning for its next phase of growth, Cruz will be accountable for attracting, retaining, and developing talent at PayPal as well as the company's global real estate strategy. Cruz joins PayPal from Walmart where she was most recently SVP and People Leader for Walmart's Global Technology, Services & Corporate teams, leading talent strategies and people initiatives supporting more than 30,000 associates, globally. Cruz previously led the people function for Walmart's U.S. e-commerce business. She joined Walmart following a 20-year career with General Electric (GE) that included roles with GE Capital & GE Power.

Rachael, formerly at GoCardless, a leader in direct bank payments, and Donnelley Financial Solutions, will lead the broker team in the UK and focus on the ongoing growth and expansion of the introducer community, where Funding Circle has a dedicated service to help more small businesses get the access to funding they need to support their businesses.

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As Funding Circle continues to invest in its team and technology, Rachael will charge the way in ensuring the introducer community is able to offer the best possible service to their clients. Rachael has a diverse career history, including roles

as a Senior Associate at Myers La Roche Limited, as well as being appointed as Sales Director at Donnelley Financial Solutions (DFIN) in 2019. Before joining Funding Circle, Rachael was at GoCardless where she headed up the Enterprise & Corporate Sales Development teams. Alexander Allen, Managing Director at Funding Circle, says: “I am delighted to welcome Rachael to the Funding Circle team. The Broker community is crucial in ensuring we continue to help even more small businesses with the business finance that backs them. Rachael and her team will continue to pave the way in growing and nurturing our vital relationships with thousands of introducers and, equally importantly, even more small businesses who rely on this important channel. I am excited to see what 2024 has in store for them."

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