XU Magazine - Issue 35

Issue 35

Main Contacts -

CEO: David Hassall (Co-Founder)

Managing Editor:

Wesley Cornell (Co-Founder)

Director of Strategic Partnerships: Alex Newson

Design & Communications

Manager:

Bethany Fulks

Creative Assistants:

Hebe Vermeulen, Robyn Consterdine

Editorial/News Submissions:

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

Advertising: advertising@xumagazine.com

E: hello@xumagazine.com

W: www.xumagazine.com

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

© XU Magazine Ltd 2014-2023. 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.

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The next wave of global growth for

What can their evolution teach us about innovation?

ApprovalMax

ApprovalMax is an awardwinning SaaS company that helps businesses and accounting firms implement robust financial controls. Their product automates the entire approval process to save time, money, and manual effort. Headquartered in the UK, they operate across global markets and employ staff in over 30 countries.

att leads the global sales and customer success teams. His role is pivotal to ensure ApprovalMax continues to grow in the Xero ecosystem and the company’s global customer base continues to get value from the product.

Kylie: Welcome to the team, Matt – we’re so pleased that you’ve joined ApprovalMax at such an exciting time of growth! We currently have just over 100 team members who are spread across 30 different countries. What inspired you to join ApprovalMax?

Matt: I’m really excited to be joining the team! The growth to-date speaks for itself, picking up several Xero awards and being shortlisted for others recently in several geographies is a testament to the great work the team is doing. Speaking with the Founders highlighted the exciting new product developments that are planned to continue this growth trajectory and I like that we are expanding into new markets with a goal of being an end-to-end accounts payable solution of choice.

Having come from another company within the Xero ecosystem, I was already familiar with ApprovalMax’s great reputation and best-in-class product. I’m glad I get to keep working in the cloud accounting industry because it’s great to be part of a mission where we help accountants, bookkeepers, and SMEs worldwide have a tangible impact on society.

Kylie: We definitely have a ripple effect when it comes to our

impact and the communities we serve, so you’ve joined the right team. Tell me about your background and what I’d find out about you if I was to look on your LinkedIn profile.

Matt: I originally have a legal background, working in-house for a small-cap listed technology company in the UK. I transferred internally to head up their customer experience department after realising that I enjoy being in the driver’s seat and making

Learn what’s new at ApprovalMax and how our team is building the product that helps businesses and accountants go strong.

Join Kylie Wing, Chief Marketing Officer at ApprovalMax, as she talks to the newest addition to the team: Matt Lowry, Chief Revenue Officer.

Image: Matt Lowry

decisions, rather than reactively acting on decisions in a purely legal sense! This experience gave me first-hand experience of board meetings and the impact that internal red tape can have on growth. If only we had ApprovalMax and some of the other leading ecosystem apps to help!

In late 2018, I joined the management reporting and forecasting app, Fathom, to launch their UK office. The role was to grow the revenue base significantly and I became their

MEET KYLIE

Kylie Wing is the Chief Marketing Officer at ApprovalMax, where she leads the marketing team to drive business strategy. As a member of the executive team, she collaborates closely with people in the Xero ecosystem to identify opportunities and enhance the company’s overall purpose. With her expertise, Kylie delivers impactful results for ApprovalMax and its customers, helping the company connect with the market and deliver value globally.

Head of Growth (EMEA), leading go-to-market activities in the EMEA region, primarily the UK and South Africa. Helping thousands of SMEs and advisors globally to change how they view forecasting and management reporting was a greatly rewarding experience and showed me first-hand the impact that great AccounTech can make to businesses globally.

Kylie: We have something in common. My previous role was also working for another company in the Xero ecosystem where management reporting and forecasting was a huge part of the value proposition. Helping SMEs and accounting firms understand the story behind the numbers was a big part of the inspiration. Now that you’re on a new adventure with us, what opportunities are you looking forward to diving into?

Matt: ApprovalMax is at such an exciting stage of growth, with all the recent and future product launches. I’m keen to work with the sales and marketing team to reach more of our target market to promote how ApprovalMax can really help lead the way forward!  A really recent example is the ApprovalMax and Airwallex

integration for UK businesses, providing an end-to-end accounts payable solution, ensuring a seamless experience for our customers in preventing fraud and implementing in-house financial controls. It’s great that we’re using Airwallex’s financial technology inside ApprovalMax to help businesses not only with payments, but scale across borders.

Kylie: Absolutely. We’ve just given our UK accounting partners another way to add value with this service without requiring access to client bank accounts. It’s automating the steps from approving it, to processing it, to paying it. I think it’s fantastic that our team has created a faster and smoother workflow, and that it can be done without having to leave the ApprovalMax platform.

Matt: Outside of that, we also want to continue making our existing customers happy and provide them with world-class customer support – this is particularly important as we scale to new markets and geographies. Personally, I’m also looking forward to continuing to advance our relationship with Xero accountants and bookkeepers,

Kylie Wing, Chief Marketing Officer, ApprovalMax

Image: The ApprovalMax Team

and assisting them with implementing in-house financial controls and workflows to their clients. That’s important because it ultimately adds deeper value to their relationships. I want to also add to that list the new corporate identity and brand direction that your team has been heavily involved in – what was the story behind the new branding?

Kylie: The ApprovalMax story is interesting because it goes as far back as 2014. The brand has evolved over the years, but at the end of 2022, we decided it was time for a new look. We wanted something that was deliberate, more modern, and software relevant. We exchanged our darker colours for ones that were brighter, lighter, and more energetic. It’s happening during a phase when there are a number of exciting internal changes and new people joining our team, such as yourself, Justin Campbell from Xero, Brendan Lucas as our Head of Accounting, and Cassandra Scott as our Head of Bookkeeping, just to name a few. Can you relate to the evolution of the brand, and why branding in SaaS is important?

Matt: The new brand looks clean and concise, which for me is imperative to stand out in any market. The timing is perfect as we move into a new stage of growth with a more comprehensive product. The new brand reflects the new stage of the journey that we are now on. Branding is important in any business model but with SaaS it’s important to stay front of mind given the nature of the subscription model – people are reminded every month that they are paying for the service which means that every month you need to continue to prove the value. Having a strong brand plays a huge part in that, as does providing a top-tier customer experience of course.

Kylie: The brand, the people, the product – all working nicely as one to help our customers go to the next level with their financial controls and more. Our latest product developments such as batch payment approvals for Xero users, and payments with Airwallex for UK businesses, mean customers get even more value. And our team growth means we’re able to put more

MEET MATT

Matt Lowry, Chief Revenue Officer, ApprovalMax

Matt is Chief Revenue Officer at ApprovalMax, where he leads global revenue initiatives and leads the Sales and Customer Success teams. Prior to joining ApprovalMax, Matt was Head of Growth (EMEA) for a scaling B2B AccounTech SaaS company and Head of Customer Experience at a B2B SaaS small cap publicly listed company. Outside of work Matt coaches, trains and competes in Brazilian JiuJitsu, holding the rank of brown belt.

into supporting customers around the world as we build out more features. We have plenty happening at ApprovalMax to keep readers of XU Magazine informed and engaged!

The accountant’s game-changing guide to preparing R&D tax claims

Mike Dean, Managing Director, WhisperClaims

Mike Dean is the Managing Director and Co-founder of WhisperClaims, an awardwinning Fintech company that empowers accountants to deliver an efficient R&D tax claims service with confidence, through intuitive software and expert support services.

Passionate about the digitisation of business processes, especially advisory services, Mike is your go-to for questions on the R&D tax relief scheme and how to get the most out of using WhisperClaims technology.

What are the essential tools and tactics that accountants need to confidently deliver an R&D tax service for their clients—and what role does R&D tax technology play?

n the last 12 months, HMRC have made changes to the R&D tax relief scheme in a bid to eradicate the malpractice that has developed within the R&D tax sector. While this extra scrutiny is welcome in a market that has, without any doubt, experienced problems due to a few bad apples, this shift in HMRC’s behaviour has caused some ripples to be felt across the R&D tax advisory sector. Some accountants are rightly seeing this as an opportunity to improve their operations, move their clients away from third party providers and implement a new R&D tax service offering under their own brand. They are realising that their clients are hungry for support, and there is a way to add more value to these client relationships.

Surely, this is what HRMC want to see as a result of legislation changes. A good accountant

who understands the claimant’s business and who can steer them effectively through the eligibility criteria is precisely the kind of advisor who should be preparing claims in the eyes of HMRC. A deep, existing relationship is the very best way for an advisor to identify legitimate R&D work, which in turn helps remove the risk of SMEs being exposed to bad practice.

So, what are the essential tools that accountants will need to deliver a dependable R&D tax service in-house, and what role can R&D tax technology play?

Guiding the client

First of all, it is critical to ensure that both the accountant and the client have a basic understanding of the R&D tax scheme. It is the client who should make the call as to whether science and technology is being advanced within a project, so preparing an R&D tax claim is something the

accountant needs to do with their client, rather than for them. A key factor in the claims process, therefore, is ensuring that the client has at least a passing understanding of the relevant parts of the guidance. But how?

To support the client through this process, the accountant needs to ask the right questions so that they understand what HMRC’s definition of R&D looks like and can assess if the eligibility criteria have been met.

This is where R&D tax software with wrap-around support can be useful. WhisperClaims guides the accountant through the conversation so that the right questions are asked. Questions flex around the data being input— none can be missed or skipped, ensuring all data is reliably gathered.

If reassurance is needed, live chat and 1-1 support channels give the accountant quick and easy access

Delivering an R&D tax service that clients can trust.

to a team of R&D tax experts to lean on for scheme or eligibility advice. While built-in learning tools, explainer videos, and links to HMRC’s online guidance help to remove uncertainty as the accountant and client work through the claim.

Simple processes

Having a simple, intuitive process that is applied in the same way every time, for every claim, is also an essential element to preparing robust and compliant claims.

Fully automated R&D tax software provides structure, relieves friction and keeps the accountant up to date with legislation. Qualification checks help identify potential issues early to quickly screen out ineligible work, while dynamic feedback guides the accountant through the process.

In addition, the accountant has the option to invite the client to work collaboratively within the app, so that they can contribute directly to the process where appropriate.

HMRC friendly reports

Once a claim is prepared, an automated report is downloaded at the click of a button, reducing the time taken to prepare the technical narrative and costs breakdown for submission to HMRC. This saves hours, if not days, of report-writing.

When preparing supporting documents for an R&D tax claim, it pays to remember: ‘less is more’. All that’s really needed is to make sure that HMRC can see the claimant has considered all the relevant parts of the guidance and assessed the technical work and costs appropriately; padding the report with irrelevant details, commercial or otherwise, is simply counter-productive.

The value the accountant adds is in the robustness of the claim produced and the advice that they can give to the client—not the length of the technical narrative!

The value of WhisperClaims software and support

With WhisperClaims, the accountant gains access to intuitive software and expert support services to help guide them through the claims process. R&D tax specialists have their fingers on the pulse, feeding legislation changes back into the software. The software itself is constantly evolving to ensure that claims remain robust and compliant with current legislation—a great example being the introduction of the Additional Information Form, a new process for claim submission that will be compulsory from August 2023 for all claims.

optional ‘Claim Review Service’

of reassurance that the claim has been thoroughly reviewed by an R&D tax expert prior to

All of this can be done without compromising on consistency or quality. Accountants can be sure that all claims are being prepared in the same way every time, and that their clients are receiving a robust and high-quality service.

“A good accountant is precisely the kind of advisor who should be preparing claims in the eyes of HMRC.”

WhisperClaims is already developing a solution to this that will ensure the submission process is as painfree as possible.

A common challenge faced by accountants is identifying eligibility within their current client base. If advice is needed, a ‘Portfolio Review Service’ helps them uncover low-hanging fruit and potentially overlooked companies, while also flagging clients who are unlikely to be eligible.

Once a claim has been prepared, built-in risk mitigation features will flag areas of weakness that should be reviewed, and an

Critically, accountants can be confident that they are minimising the likelihood of prompting an HMRC investigation. Even in the event of one being launched, the structured and consistent process of WhisperClaims software ensures an accountant can remain confident when responding to any additional questions HMRC may raise, with the added back-up of expert advice, guidance and support.

Sabby Gill CEO, Dext

XU: We’re joined at day two of Accountex by Sabby, the CEO of Dext. How are you finding it in your new role?

SG: I’m absolutely loving it, I’ve been here just over seven months now. The great thing about working for an organisation like Dext is being back in the accounting and bookkeeping space. I’ve previously worked for Sage for a number of years, so it’s great being able to come back into it and have that passion back again, for something that I absolutely love. I just love the thrill of working with accountants and bookkeepers, they’re so integral to growth around GDP economies.

When we’ve got five and a half million small businesses in the UK, they don’t necessarily have everything that they need, such as the expertise and experience of how to run a business properly, especially from an accounting, legislation, regulatory and compliance perspective. I’d like to think that Dext plays a major part in that, around the efficiency and effectiveness of their practice, giving them more time back, which is probably the number one thing I would say is the most critical thing that everybody craves for. Just the ability to get back time, whether that’s spending that time back in their own business or just taking time out for them personally.

Being back in fintech has been a real eye-opener in relation to technology and emerging technology. A lot’s changed in the two years that I’ve been away, which you can tell by just looking at the number of organisations that are here at Accountex. We have more people attending as I’m sure after Covid there was that sort of yearn for having social engagement and interaction. We could never have done this over Zoom in the same way that we can do this sort of conversation face to face.

Dext has been around for a while. I’d say it’s been one of the flagship companies for innovation within the fintech community. It was one of the main companies that was integrating with apps like Xero, Sage and QuickBooks and was really driving that change towards digitisation amongst the accountant and bookkeeping community, moving away from paper receipts and into a more digital world.

XU:

few months, looking at how we can expand the value and the stickiness of our applications, and how much more we can do to make organisations more effective and efficient in the way they go about processing and working on behalf of clients. I won’t let too much away, but there is some real exciting innovation, potentially some M&A activity that we are looking at. We are on a really powerful journey and over the next couple of years it’s going to be an exciting time.

How do you see Dext’s journey over the next three to five years, in terms of continuing to drive that innovation and being one of the companies at the forefront of that continued change and evolvement?

XU: Where’s your focus on a global perspective - have you got areas that you are going to be specifically looking at moving forward?

SG:

It’s a great point, we are probably the preeminent pre-accounting solution. We’re at the forefront of any flow that you could possibly imagine. We’ve got some other inroads into receivables, mainly because of legislation changes in places like France and Australia. But for us, it’s really about continuing the journey we’re on. We will be the best at extraction, whether it is paper, whether it is digital. We have an e-commerce solution that works with people like Amazon, eBay, Etsy, Shopify, all of those organisations.

If you are a small business and you operate on any one of those platforms, you still want the ability to extract invoice information and load it up. Today, we are on a great journey. We do 330 million transactions on an annual basis. The data quality is sitting at 99% of the information that we extract, 75% plus of all of those are using the latest, greatest technology such as applied AI.

Really, it’s about making sure that we continue that journey because so many organisations are dependent on that type of efficiency and effectiveness. There’s other things that we’re also thinking about, you’ll hear more about it over the next

Also, multilingual is always a big question that’s asked of everybody. What’s your thoughts on that at the moment?

SG: We’re in the major economies of the world that are more AngloSaxon, and also you have to think about accounting models. If you think about where our strengths play, we’re strong here in the UK, Canada and Australia, who all have similar accounting type models around VAT, GST, sales tax, whatever you want to call it. So, very strong presence in those geographies, which is also where the three general ledger integrators, Sage, Xero and QuickBooks, are all major players already. So, we’ll continue that journey in those particular jurisdictions. We’re also really strong in France, so that multilingual extraction engine, being able to do multi-language extraction and capability, we have that but it gives us an opportunity to go elsewhere.

It’s probably the one thing that I’m sure everybody thinks about, do I expand in more geographies and try and take on more, sometimes, complexity? It’s not easy setting up a new geography, jurisdiction, region or any of that stuff, but for us, the market’s big enough where

we already operate, and I think more value that we can provide in those particular markets is important.

There’s huge opportunity in North America, it’s very close to the Canadian market. Intuit is very strong there and we have a great partnership. We have some great alliances over there that literally turn around, and when they set up their financial operations, they’ll say, unless you’ve got Dext and Intuit, we won’t actually take you on as a business. It’s very strong and powerful to have that sort of relationship.

We’ve got relationships like that globally with Sage and with Xero and other partners. We just want to continue on the journey that we’re already on, but provide more value in the geographies we’re already in, before we try and take on the rest of the world.

XU:

How does it feel to be back at Accountex?

There’s a lot of you here at the Dext stand, people in orange

absolutely everywhere doing tons of demos.

How has it been out in the wild, seeing the team interact with people, and what’s your view on the conference so far?

SG:

This Accountex has been brilliant for us over the last two days. Everybody is tired, but it’s been very powerful. I think people forget about how important relationships are. A relationship on Zoom is not a relationship. Looking at people, looking in the whites of their eyes, looking at clients and being able to have a proper strategic discussion is really key. That’s very much what we’ve been concentrating on. People always talk about, is it worth it, do you get the value, and everything else, but sometimes, the value is in the relationship and the partnership rather than how many leads or enquiries.

For me, it’s more about just having a presence, having a place that everybody knows that we’re

going to be there, being able to see all the 50 people that we have here in orange T-shirts and very visible. It’s been a great show, and I saw that the footfall is 20% up from last year, and there’s even more people in the community, and more apps being provided. It’s exciting times with new emerging technologies and new capabilities coming to market. It’s always keeping us on our toes, and that’s the reason why over the next couple of months, we’ll share more, but I think there’s a real opportunity for Dext just to continue on the journey that it’s already on, and Accountex is a great platform to do that.

Image: David Hassall, CEO of XU Magazine, with Sabby Gill, CEO of Dext, at Accountex London 2023

5 biggest trends to come out of Accountex 2023

Made it to Accountex? Don’t worry. We have the inside word from the biggest accounting and bookkeeping industry show in the land.

ou may have missed the axe-throwing (yes, you read that right). Perhaps you even missed the whole thing. Just to recap though, Accountex London, May 2023 was its usual exciting self.

The biggest industry expo in the land didn’t fail to deliver. It was jam-packed full of insights and big innovations.

We were there. Proud to unveil the New Pixie platform and all our new features. Do have a read here. Don’t be surprised if you’re as excited as us.

We enjoyed the spotlight with queues of curious and long-time fans at our stand. It was a real validation of the pent up demand for an accounting practice management software that listens and delivers what small practice owners want.

There was plenty more on show too. All the biggest industry names and thought leaders were there. Accounting professionals from across the country shared their insights and experiences. It was our happy place!

To help you keep your finger on the pulse of the accounting

world, we’ve gathered the most compelling trends that are shaping the future of the profession.

Get ready to discover the gamechanging strategies, technological advancements, and client-centric approaches that are redefining accounting practices in the UK and beyond.

1. Eye on AI for the next big thing

UK accounting firms are rapidly adopting artificial intelligence, machine learning, and automation tools. These technologies can streamline routine tasks and allow accountants to shift their focus towards strategic and advisory roles.

We’re proud to sit at the heart of that discussion, unveiling Pixie Co-Pilot as part of our revamped Pixie launch. Hold on to your hats, folks, because it’s a gamechanger. When your clients send in requests, this incredible AI capability kicks into gear. CoPilot jumps right in and reads the email, strategising the best way to respond. It’s like having your own personal assistant in the background, doing the heavy lifting for you. It dives deep into

@usepixie

Will Rush, Head of Commercial, Pixie

With 6 years of experience in the accounting technology space and over a decade in sales will excels in helping accounting and bookkeeping firms optimize their processes through the adoption of innovative software solutions. With a consultative approach, he really understands the needs of accountants and bookkeepers today. Connect with Will for accounting technology expertise, sales strategies, or engaging discussions about rugby.

the Pixie system, hunting down the relevant documents you need.

Once it has all the information at hand, Pixie Co-Pilot creates a draft response. But hey, here’s the best part: you’re always in control. You have the final say on whether to send the response or make any changes.

It’s time to take your accountancy game to a whole new level. Check out Accounting Web’s story on this new feature. We’re thrilled to be part of that conversation.

2. Everyone is calling out for technology consolidation

At the end of the day, you just want all these apps to be in one place so you don’t have to go through all these different hoops to get your job done.

Pixie is picking up the pace on that score, choosing Accountex to launch our new version of Pixie. It was time to move to our next phase of capability, having listened to our 3000+ customers on what their top improvements were and delivering on those. More features in one place to run your practice accounting software. You asked, we delivered.

The game changers this year for your accounting practice

It was helpful to hear from leaders at Accountex, like Frances Kay, Carl Reader, and Will Farnell, who agreed that automation and accounting software for accountants is becoming ever more critical.

3. Data analytics front and centre

The Fintech Innovation Showcase was a favourite stream of ours. We had to love the talks from leaders Mark Edmondson, CEO & Founder of Inflo, who had AI and analytics on the mind.

The demand for data-driven insights is on the rise in the UK. Accountants are increasingly expected to interpret and analyse financial data to provide strategic advice, alongside their traditional auditing and reporting responsibilities.

This is another space we’re pleased to spend time. So much of our new Pixie software for accountants is about empowering performance with data. One of the new Pixie features that our customers have been pushing for is about tracking profit potential in clients.

These features make it easier to stay across what clients are in the

red or the black and how much time staff are taking to deliver the services. That data goes a long way to decide what services to focus sales on and what kinds of clients to invest more time in.

4. Sustainability and ESG reporting

The UK has been a global leader in requiring businesses to disclose their environmental, social, and governance (ESG) performance. As these requirements become more stringent, UK accountants are likely to play an increasingly important role in auditing and assuring these disclosures.

At Pixie we’re keeping a close eye on this. We’re already seeing on our system and from chats with our customers that this kind of service is popping up more and more.

5. Remote work and digital collaboration

The pandemic has significantly changed work arrangements, and many UK firms have adapted to a hybrid or fully remote model. This is likely to continue to shape the accounting industry, affecting both workforce management and client services.

Sure, we gave up the nostalgic view that popping by a colleague’s desk to brainstorm ideas is the be all and end all. But let’s be honest. Keeping the lines of communication clear and maintaining good staff oversight can still be difficult.

The new version of Pixie help you do just that. It’s funny how things work. Just when you need it, the technology is launched to help it happen. It feels a little like we (you and me) were meant to be, right?

Join the Pixie Community

Accountex was great and I’m sorry to miss you. But there’s more good times to come.

You don’t need to do it all by yourself. Whether you have a team of 3 or 300, its worth giving Pixie a look into. When was the last time you turned around to look at your business to say, ‘yep, I’ve got this covered’?

Power up your delivery - integrating vWork with Xero

Steve Taylor, Chief Technology Officer, vWork

Steve Taylor is the Chief Technology Officer for vWork. He is responsible for its technical roadmap including the API and integration strategy enabling the vWork app to be part of a highly connected, operational, eco-system. He has a deep appreciation for the issues companies face in delivering a great customer experience around last-mile delivery and is dedicated to creating an exceptional delivery experience through the vWork app.

It is no accident vWork is designed to fill a very specific part of the transport eco-system - that last-mile delivery between your door and your customers. It forms an important part of a connected ecosystem between your Customer Relationship Management (CRM) database,

any telematics tools your fleet may use and your accounting systems.

It natively integrates with a number of major brands in all these spaces - including Xero. This means customers can benefit from off-the-shelf

integrations with minimal time to implement and maximum value delivered - including keeping pace with any upgrades and new functionality that might be relevant.

“It means there is no double or triple handling of data between dispatch, the driver and accounts”

So what does vWork’s Xero integration let you do?

Xero was a very early integration partner. According to vWork CTO, Steve Taylor, it was in high demand by customers across both Australia and New Zealand and there was real synergy in the desire to add as much mutual customer value as possible.

“Any vWork customer can simply connect their Xero instance into vWork with confidence around maintaining data security and compliance,” says Steve. “We have looked to add as much value as we can natively, with the opportunity to extend this functionality out with further configuration to

How vWork’s native integration model creates an exceptional last-mile delivery ecosystem.

Designed as part of a connected ecosystem, vWork’s native integrations benefit those using its dispatch and scheduling software.

meet individual customer needs if necessary.”

Faster money through the door

One of the key things vWork’s Xero integration enables is the ability to instantly invoice on delivery. As a driver signs off on delivery completion in vWork, all the relevant information is immediately transferred into a Xero invoice. It takes seconds and can then be issued immediately or included in monthly billing. Either way it means billing for the delivery is immediately in Xero and more likely to be paid on time.

“It means there is no double or triple handling of data between dispatch, the driver and accounts - which is where so many errors or delays occur,” explains Steve. “The increased accuracy is a time saver in itself, as is the admin time in managing an otherwise largely paperbased system.”

vWork delivers a more efficient eco-system

This becomes even more powerful when vWork is integrated with a CRM - such as SalesForce - giving you a single

source of truth for reporting against a customer record. It creates further value again with vWork’s telemetry integrations with most of the major market players including EROAD, Linxio, Navman, and Webfleet.

“This dramatically reduces those ‘where are you’ calls and ensures dispatchers can give highly accurate delivery locations and track a truck’s progress in real time,” explains Steve. “It adds even greater value to vWork’s ability to enable three-way communication between driver, dispatcher and customer, creating the exceptional delivery experience every company is wanting to achieve.

Integrations with vWork not limited

Because vWork has been designed from the ground up to integrate with a wide range of other solutions, its ability to sit seamlessly in your tech stack isn’t limited by the integration partners it has.

“Billing for the delivery is immediately in Xero and more likely to be paid on time”

“Organisations with fleets of twenty through to five hundred or more vehicles can now seamlessly manage the delivery experience from accepting the order through to submitting the invoice. The dots in-between are connected by vWork with a light implementation footprint for your tech-team and high ROI from an operational perspective.”

“We have designed vWork’s API to be an extremely powerful tool. We have created integrations to meet a wide range of environments, including highly complex ERP operations,” says Steve Taylor. “The aim is for vWork to be as useful as possible, as quickly as possible. That means it needs to work the way you do - rather than forcing you into a different way of working - unless change is needed, of course. Your IT team being able to use our API to rapidly integrate vWork into your business is a key part of enabling this.”

FIND

To find out more visit: vworkapp.com/integrations

“Any vWork customer can simply connect their Xero instance into vWork with confidence”

Leave the data entry to automation.

Spend less time chasing and entering data. Spend more time building meaningful relationships with clients, sharing your knowledge and insights.

No contract, no hidden fees, no need to pay more for additional functionality. Integrates seamlessly with Xero.

Offer ends 2 July 2023.

HR Metrics You Need to Track

Unlock the Power of Your HR Data Today!

Christina Kryske, Customer Success Champion, HR Partner

Christina works with thousands of small and medium businesses to help them run their HR function more efficiently. She is passionate about HR that creates a environment where employees can thrive, while also meeting business goals.

Well run businesses need to incorporate HR data into their decision making. So what areas of HR should you be using data to track?

Employee Retention & Turnover

At the forefront of any successful company is its ability to retain its people. “Employee retention” is arguably the most important piece of HR data to be analysed by leaders. In fact, we often say that retention is the highest form of recruiting.

One method to assess your company’s employee retention strategy is to observe your employee turnover rates and the reasons employees leave. HR Partner has a reporting chart to track your company’s turnover rates and trends of termination reasons.

2. Time to Hire

Attracting and recruiting the right talent is a top priority for almost all organisations, and one key metric to analyse is “time to hire.” This important data point measures the number of days that pass

@HRPartner

“Retention is the highest form of recruiting.”

from the initial contact with a job candidate to the moment they accept your job offer.

By tracking this metric, you can gain insights into the effectiveness of your recruitment efforts and the efficiency of your hiring managers. For instance, a lengthy “time to hire” may indicate a need to streamline your hiring process or to improve communication with candidates. Importantly, it often means that the best candidates will be offered other positions and you’ll have to select from a reduced pool of applicants.

HR Partner has a built-in Applicant Tracking System that enables you to see this data as soon as you view your Recruiting Dashboard.

3. Compliance Reporting

One of the most critical functions of HR teams is compliance reporting, which ensures that your employees have the necessary training and documentation to comply with internal policies and industry

regulations. With an ongoing “compliance reporting” process in place, HR teams can identify and address any potential gaps before they become issues.

This proactive approach is crucial for mitigating risks and protecting your organization from potential fines and lawsuits. By regularly monitoring compliance metrics, you can gain insights into areas where additional training or policy updates may be needed, and take corrective actions as necessary.

Within HR Partner, you can store your employees’ renewable documents – including certificates, forms of identification, work visas, and more. But importantly, you can also run a report to see

which employees are missing a specific type of document. This report gathers informational data to assess if any of your employees need to deliver updated documentation in order to stay compliant with your organisation, as well as remind you of any renewable documents which need to be renewed.

You can also use checklists to require that all new employees upload these important files at the beginning of their employment, and on an annual basis for all employees. HR Partner has flexible reports so that all of your HR data that can be exported for further analysis.

Data reporting can be intimidating, but it doesn’t have to

be and if you’re not measuring at least these 3 key metrics, you’re doing your business a disservice.

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Does your company use an HR system you love? Are you running a team of 20-500 people? HR Partner helps you streamline your HR Processes and get all your employee information in one place. It is everything small and medium businesses need to manage HR records and processes.

Book a demo today, to effectively manage your employee records and streamline your HR operations:

www.hrpartner.io/demo

“HR teams can identify and address any potential gaps before they become issues”

If you are an Accountant or Bookkeeper looking to get your practice ready this EOFY, look no further! Our team of experts have created a free easy-to-follow checklist, with all you need to confidently engage your clients and grow your practice this EOFY and beyond.

AI: Enhancing Accountancy’s Human Touch

Jan Korecky, Chief Executive Officer, Datamolino

While being passionate about processes automation, Jan is also a big advocate of the human element in business. Seeing real people behind each organization and focusing on their needs first and foremost helps him find ways to simplify their day to day jobs. This approach is also reflected in great customer support as one of the cornerstones of Datamolino, which Jan cofounded.

Welcome to the era of artificial intelligence (AI) in accounting. An industry largely based on data analysis and precise calculations, accounting is ready for AI integration. The adoption of AI can revolutionize traditional accounting practices, making them more efficient, accurate, and insightful.

n the future, successful accountants will be those who embrace these technologies and use them effectively, while maintaining their professional judgment and personal touch in client relationships. A “technologically adept human touch” will become the new gold standard in accountancy.

How did we get here?

AI models have been in use

for some time. However, a renaissance period of AI was ushered in November 2022, with the release of ChatGPT, a generative pre-trained transformer. This AI language model, thanks to its easy user interface and public access, allowed anyone to start interacting with AI.

ChatGPT proved to be a versatile tool, and interest in AI has skyrocketed. There are now many other publicly accessible AIs,

like Google’s Bard or Anthropic’s Claude, and various purpose-built apps based on these and other AI models.

So, how can this benefit your business? How can you start using AI? What should you consider? How can you and your firm adopt an AI-first approach? Let’s explore.

Automation: The First Step towards AI

Many firms still rely too heavily on manual work, where basic automation could streamline their processes. Automation reduces manual errors and saves time. Tools like Datamolino demonstrate this advantage, by automating data entry and categorization of bills and receipts, reducing manual work and margin for error.

If you’re reading this, you’re likely using (or considering) Xero. The Xero ecosystem is a great place to start with automation, with over 1000 apps enhancing Xero’s functionality. Start with automating repetitive, well-defined tasks. Apps that

automate data entry of invoices and receipts, help businesses with payments, cash flow management, and reporting, should be your first consideration.

Automation first, Artificial intelligence second

AI takes automation a step further by mimicking human intelligence and improving over time. Unlike traditional automation, AI can analyze large data volumes, identify trends, make predictions, and automate complex tasks. However, it’s crucial to understand that AI, like humans, isn’t infallible and its performance can be affected by biased or incomplete data.

Transitioning from traditional automation software to AI is a paradigm shift. Traditional software follows pre-programmed instructions, while AI learns, adapts, and improves over time. This learning capability is a game-changer, enabling AI to handle unexpected scenarios and produce more accurate results, enhancing accountancy practices.

How can your business become AI-first with Xero?

The good news is, you’re probably already using AI. Xero uses AI to streamline data entry and classification tasks. Automated data entry tools like Datamolino use AI to capture data from your invoices and receipts. Other apps in the Xero ecosystem leverage AI, bringing innovation to your doorstep. Exploring the Xero ecosystem and understanding how it can help you today is crucial. Likely, it will be one of these apps that brings the AI capabilities your firm needs.

So, what about ChatGPT?

AI models like ChatGPT go beyond simplifying tasks. They possess unique capabilities such as understanding context,

generating text, and making predictions based on the data fed to them.

If you haven’t yet explored what ChatGPT can do, now may be a good time to start. You can experiment with these models. They can create text summaries of lengthy documents, assist with writing tasks, and even interpret data to some extent, enhancing productivity and efficiency.

Should you be worried if you’re not a ChatGPT prompt professional?

The AI landscape is in its infancy and evolving rapidly. New tools are emerging every day. You can expect companies like Microsoft and Google to integrate the best capabilities directly into your email, word processor, or spreadsheet software in the near future.

The technology is rapidly improving, and skills acquired today, such as prompting, can become obsolete quickly. I advise positioning your business to benefit from AI-infused tools by eliminating your technical debt. Revise your technology stack and ensure you’re using the current apps to their fullest potential. Likely, these apps will provide all the AI capabilities you’ll need in the near future.

Striking the Right Balance of Technology and Human Touch

Embracing AI-infused tools is more than adopting new technologies; it’s about strategic transformation. We must understand where these tools can add value, where caution is necessary, and how they can redefine roles and relationships. By doing so, we can chart a future for accountancy that is efficient, accurate, and value-driven.

Accountants still play a crucial role in client relationships, interpreting data, and making strategic decisions. In the future, successful accountants will be those who embrace these technologies and use them effectively, while maintaining their professional judgment and personal touch in client relationships. A “technologically adept human touch” will become the new gold standard in accountancy.

“A ‘technologically adept human touch’ will become the new gold standard in accountancy.”

Founder & Chief Executive Officer

Tech-led Australian advisory business BlueRock acquires

the WorkflowMax brand from Xero

Melbourne is well-known for its famed laneways and arcades, splashed with vibrant graffiti art, lush botanical gardens and a thriving business district. The city is also renowned for its distinct blend of contemporary and Victorian architecture and buildings, and is the base for over five hundred thousand SMBs who drive the small business economy.

Now, Melbourne is the new home for the team at BlueRock who have acquired Xero’s WorkflowMax brand and kicked off grand plans to take their new software to new places and spaces. With investment to boot, they are building a new product to truly scale the solution globally and offer an even richer job management capability. Leveraging the best

in breed technology, with a top-notch customer service and same pricing promise - there’s lots of reasons for you to find out more…

and scaled multiple businesses himself and plans to take the new WorkflowMax by BlueRock to the world. Fast.

Can you tell us about BlueRock?

XU:

We recently caught up with BlueRock’s Founder and Chief Executive Officer, Peter Lalor for a candid interview to understand a bit more about why they love WorkflowMax so much that they want to build a similar product!

Peter is an experienced Director, CEO and Chairman with a demonstrated history of working with entrepreneurial businesses and helping SMBs run successful, profitable operations. With a huge passion for technology and thinking differently, he’s also started

PL:

With three thriving offices based in Melbourne, Australia, we were founded in 2008 and quickly became known as a disruptive startup. BlueRock is a business for entrepreneurs, by entrepreneurs. We’re a growing team of business and technology experts who all work together to get the best outcomes for business owners. We know that business is tough, which is why we act as tech savvy advisors, and bring together lawyers, finance brokers, digital specialists, insurance brokers, financial planners, business advisory, consultants and systems

Peter Lalor

and software development experts...basically everyone a business needs on their team to make life easier.

BlueRock has grown quickly to become an international business, recognised on Top 100 lists and as a ‘Best Place to Work’ company for many years. We love what we do, and we understand how to attract and retain the best talent and clients. We also place great importance on giving back to the community and, through our Be BlueRock Foundation and certification as a B Corporation, we strive to have a positive impact on the world.

We live by this mantra: Do things you love with people you care about and good things happen.

XU:Why did BlueRock acquire the WorkflowMax brand?

affordable, cost effective job management solution.”

We’ve always been passionate about WorkflowMax and the benefits it brings SMB owners and we believe there is so much potential to build on the great foundations Xero has set with this product. We’re excited to build a new job management software solution, which we’re aiming to be familiar and similar (if not better), in terms of functionality, to meet evolving market and customer demands. And as a business ourselves, we’re focusing more and more on the development of tech and AI products that will support our SMB clients and advisors. The WorkflowMax by BlueRock product will be a fantastic addition to our offering and provide an even better experience for customers.

build a really comprehensive connection between the two systems

• Access to a brand new WorkflowMax by BlueRock open API with some exciting new app integrations

• We’re overhauling the reporting feature to provide better reporting and visualisation

• Refining the user interface and experience across the board

• …AND adding a pause on the timer! (that’s been one of the most “asked for improvements of all time”)

• A free migration service will be available for customers wanting to make the switch

XU:

As a tech-led advisory business, BlueRock is always looking for ways to improve the lives of SMB owners through technology and innovation. Xero’s WorkflowMax has been a solution that has ticked so many boxes for business owners including our own.

PL:

What is the roadmap for WorkflowMax by BlueRockwhat can customers expect?

When we heard the news about Xero’s plans to retire the current product, we were eager to jump in and take over the reins and build a new product from the ground up (to be known as WorkflowMax by BlueRock). BlueRock plans to keep all the great features, functionality and pricing that customers already know and love.

Ryan Kagan, Founder of BlueRock

Digital and his team have been implementing WorkflowMax, and designing/building custom integrations to the product for over 8 years.

“We’ve seen first-hand the value the product delivers and the popularity of this job management solution across many industries and business types. There’s still a real niche in the market for serving customers with a fully featured,

PL:

WorkflowMax by BlueRock is being designed with customer needs at the forefront. Since Xero’s announcement, we’ve talked to thousands of customers and taken on all the feedback to make sure what we are building will be even more efficient and easier to use than ever before. With the launch of WorkflowMax by BlueRock, we’ll be including the same features customers know and love, particularly when it comes to detailed quoting, managing jobs and costs, tracking time, and invoicing. We’re bringing our decades-long experience working with SMBs on how to efficiently run jobs for profit optimisation. The experience may be slightly different to what WorkflowMax was – but we know customers will feel right at home, saving time with an improved and more intuitive layout.

In the new product launching officially in February 2024 customers and partners will experience some new stuff too:

• Leveraging of Xero’s API to

The team is completely customer obsessed and committed to building a user-centric product with continuous investment in product development now and into the future. We look forward to sharing our further plans and roadmap for post launch which includes a number of new features, product optimisations and some AI surprises, just to name a few. If customers and partners have not yet had the chance to add their feature requests they can do so here in the new Product ideas/feature request forum.

For customers who want to make the move over to WorkflowMax by BlueRock by 1 April 2024, we are offering 50% off the subscription price for 3 months*. We understand that there may be some momentary disruption to their businesses and we want to make the move as painless as possible to help customers to onboard to their new home for job management. There will be a free migration tool/wizard for customers and partners to transfer data over to the new system.

XU: How will WorkflowMax by BlueRock integrate with Xero or other accounting platforms and apps moving forward?

PL: As I mentioned, the new integration with Cont...

Xero is core to what we are building and we have future aspirations to drive further integrations into other accounting systems to be truly customerled. The interest from the ecosystem community has been overwhelming, so customers can expect a number of new options when it comes to integrating their business operations/job financial management software with other products they love like CRMs, document management, BI reporting tools, task management and more. We’re working with Bryan Williams from Hockey Stick Advisory to make sure we design, build and create a platform community that really drives value for everyone who is part of it.

XU: Can you discuss the details of the brand acquisition and what it means for WorkflowMax’s existing customers?

PL: BlueRock has been one of the thousands of customers using WorkflowMax over the years, experiencing firsthand the value it offers to SMB owners. We want customers to feel right at home with us.

We also think this is the perfect time for customers to review their business processes and

look at their needs (for not just now) but into the future to make sure the solution they choose is the right one that can accelerate their growth and potential. Of course, we hope that choice is WorkflowMax by BlueRock!

As part of the brand acquisition, Xero will continue to use the WorkflowMax brand and manage existing customer subscriptions until the WorkflowMax product is retired in June 2024.

XU: What role will the accounting and bookkeeping community play in WorkflowMax by BlueRock’s future growth and success?

PL: We see the relationship with the accounting and bookkeeping community integral to our success. Advisors have a unique lens into the world of small business and they help drive the performance and potential in the daily operations of a business through their advisory work.

We plan to launch a new and improved certified advisor program to help advisors be even more successful through the use of data. One of the key improvements we are launching in the initial release is an overhaul

of the reporting feature, allowing for even more data insights with an easier interface, giving advisors the ability to visualise data to highlight the most important insights that count. With even greater API connectivity, there’ll be more capacity to integrate with a deeper connected tech stack.

Leveraging the data that sits inside the WorkflowMax by BlueRock operational data set provides a significant opportunity for advisors to better consult and help businesses understand their potential, where to invest their time, and be more productive and profitable.

XU: How will BlueRock’s own expertise and resources help WorkflowMax by BlueRock expand its reach and customer base?

PL: From a design and development standpoint, we are not only bringing a world class engineering experience to this product, but we’re bringing a more robust, scalable and user friendly solution to market by using our internal expertise. We know first hand what drives performance in job management and we’ll be injecting our smarts, the combined wealth of experience

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we have in business advisory and software development/ implementations to help every small business solve their business problems and get more leverage out of their operations.

XU: What kind of values and culture will the new WorkflowMax by BlueRock business instill in its people and customers?

PL: Brace yourself, because this is the incredibly thrilling part! We’re revolutionising the game by acquiring the trusted WorkflowMax brand and fusing it with the very best of BlueRock’s values. The result, we hope will be a new generation of passionate advocates propelling WorkflowMax by BlueRock as the leading job financial management solution. We’re dedicated to offering our customers more than just an app; we want them to experience peace of mind, regain control of their business operations, and empower their teams to achieve productivity, profitability, and excellence. We hope many customers and partners will join us on this

journey, one we plan to fill with meaning, injecting joy, excitement and fun at every turn.

XU: What are the key dates and what should customers and partners do now?

PL: For any WorkflowMax customers and partners wishing to move across to the new solution here are the key dates and next steps to take:

December - January 2024

Free beta access for select WorkflowMax customers.

February - June 2024 - Live launch of the new WorkflowMax by BlueRock product being fully operational and available for all customers directly through the website or via the Xero app store.

June 2024 - Xero retires WorkflowMax

All WorkflowMax customers wishing to join our WorkflowMax by BlueRock community will need to migrate by 26 June 2024.

Get in touch

Jump over to the new website and register your interest to keep updated with our progress. Customers won’t automatically be migrated, so it’s important you understand the steps you need to take.

Watch a WorkflowMax by BlueRock information webinar

Join the Facebook group just for Partners.

Many of the implementation partner community are happy to continue to provide advice and support for customers through the transition. Reach out to them if you’d like help with a system audit / health check or if you have unique implementation needs.

The Well-Trained Client: The First Step for Real-Time Accounting

The last few years have been a busy period for the UK’s accountants. Making Tax Digital changed many fundamental processes, and the impact of Brexit took many by surprise, too.

ollowing the postponement of MTD for Income Tax, it might feel like we’re in a well-deserved period of calm. But this is the perfect opportunity to make key process changes that bring long-term benefits.

There’s never been a better time to get clients trained in the kind of digital skills that are vital if the ongoing digitisation of taxes isn’t to put a strain on them—or on you.

This is true no matter where clients reside, and it isn’t just a UK issue. Most western countries are on journeys towards the digitisation of taxes, which present very similar challenges.

Real-time

One vital digital skill is real-time accounting.

The goal is simple: clients address accounting and bookkeeping tasks when they arise, taking them in their stride as part of their working day.

For example, they will issue invoices and collect payment

when they’ve finished a task. If your client must be onsite to carry out their work, this can even be done immediately once the job has been completed.

They will take a snapshot of receipts or invoices when they’re received, so the data is instantly moved to their accounting. Regular bills can also be fetched from online locations, removing client intervention entirely.

Few accountants realise the scale of the accounting administrative problem facing their clients, or why a solution is so desperately required.

A National Federation of Self Employed & Small Businesses survey amongst its members revealed the following startling issues:

• More than half of small business owners say growth is held back by the time they dedicate to business administration.

• Over two-thirds say the admin

@AutoEntry

Brian Carolan, Product Owner, AutoEntry by Sage

Brian Carolan is Product Owner at AutoEntry. He has been working at the organisation since before its launch, helping guide the development and success of the world-class accounting automation product.

An expert on all matters relating to accounting, Brian has a deep understanding of not only AutoEntry but how customers use it.

Brian is dedicated to helping both the product grow and helping customers and users get the most from AutoEntry.

burden is preventing them from focusing on their business purpose.

• Three-quarters say they spend more time than they would like on issues like tax, accounting and more.

Clients “catch-up” at the weekend on tasks such as balancing the P&L, or inputting receipts, invoices and statement data into their ledgers, or preparing VAT, corporation tax or income tax returns.

As a result, their work/life balance is often awful. None of them started their own business to do admin, yet this is what eats much of their time.

Similarly, preparing for tax crunch times like quarterly VAT returns can be a recurring nightmare that just never goes away.

But real-time accounting means the data is already there. Quarterly VAT returns become a matter of tapping a few buttons, sense-checking a few columns,

“Client work/life balance is awful. None of them started their own business to do admin”

clicking to submit—and then returning to work. This can even be done during a coffee break.

New processes

The solution is a fundamental rethink by your client about their accounting and bookkeeping processes.

They need to introduce new processes, and possibly even ditch others.

Yes, this can be scary.

But ultimately, it’s about building healthy new habits when it comes to their finances.

Spending time now doing this will save time in the long run—and prepare them for the relentless digitisation of taxes. As their trusted advisor, you can help them through it. It’s much more straightforward than you might think.

Clients that aim for real-time accounting and bookkeeping make their own lives easier, and also make your life easier. For them, they might gain back hours at the weekend. For you, it means significantly less chasing paperwork or data, and always being able to help instantly upon request.

Even better, if you assist in helping the client adapt to realtime accounting and bookkeeping, you’ll appear to be a superstar in their eyes. You’ll literally give them back hours of their lives to spend with their families.

This massively enhances attempts to move into a trusted advisor role, thereby putting you in the best position for the future.

Results

AutoEntry was created to automate data entry, and it’s something we know a lot about.

So, let’s use that as an example of how it empowers real-time accounting and bookkeeping— and what the results look like.

The goal is to help clients create a new habit of scanning receipts, invoices and paperwork such as credit card statements. Real-time accounting means this must be done as soon as they’re received.

For example, if a builder client buys supplies from a wholesaler, they should scan the receipt in their van before they drive away from the car park. When

the morning’s mail is opened, receipts and statements should be scanned or snapshotted. Bills arriving by email should be forwarded to AutoEntry for automated processing.

Once these tasks are done, their accountant or bookkeeper pick-up the data, categorise it as required (or create rules to automate in future), and then publish to the accounting software.

Now, you may have tried to encourage this behaviour in the past, and come up against resistance. Clients have other Cont...

“The solution is a fundamental rethink about accounting and bookkeeping processes”

things to think about, and even a task as quick and easy as taking a phone snapshot of a receipt can be forgotten.

Habit formation

That’s why I talked earlier about habit formation. Once a habit is formed, it doesn’t go away.

True, it requires effort. But there’s significant amounts of guidance out there about good habit formation— and millions of success stories.

The NHS has published clinical guidance about the topic. It did so to encourage healthy eating, but we can easily adapt the processes to encourage real-time accounting.

Here are its basic rules:

• Set a clear goal. For your client this could be, “I will scan all receipts using the AutoEntry app, freeing up several hours of data entry each week”. Goals are always about starting something new. Be careful

not to set a goal to stop doing something. This is unlikely to work.

• Create a cue for the new habit. In other words, when will the AutoEntry app be used? For the client, this might be, “I will scan the receipt in the car or van immediately following a purchase”, and, “I will snapshot paper receipts as soon as I open the envelope”.

• Research suggests habit formation takes 10 weeks! In other words, it’s long-term investment— but after this it really will become automatic. Not undertaking the habit will feel odd.

Incentivising

Your role is to educate, and also enforce. Check in often with the client, and provide paradigms from your own accounting, or other clients.

You must also focus on the output of the good habits the client builds. This is the secret sauce that incentivises clients to

continue their new habits.

For example, the real-time data from AutoEntry feeds into reports that show instantly the cash flow situation for the client – especially if open banking is connected to the accounting software.

This empowers confident decision-making, such as making capital expenditure purchases or applying for financing. With realtime accounting, there’s no need for prep work, or hunting around for the data required to create reports.

The data is always already there, telling the necessary story.

“If you assist in helping the client adapt to real-time accounting, you’ll be a superstar!”

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Working smarter during tax season

Harnessing technology to save time during tax season

n today’s rapidly evolving business landscape, accountants face more challenges than ever before. The challenge of managing talent, while also balancing the need to drive business growth and deliver the best client service possible means that saving time is an ever-present need. In fact, in the 2022-23 Wolters Kluwer Accounting Evolution survey, “too much work, not enough time” was the key challenge reported by ANZ firms, who looked to technology to help save time.

Therefore, having tax return preparation and lodgment software that is simple to use, while producing accurate and reliable outcomes is a critical

piece of technology for accounting firms in 2023. Additionally, technology which integrates with client collaboration and tax research tools all help to streamline an accountant’s workflow at tax season.

Wolters Kluwer is acknowledged as a global leader in accounting and tax software solutions, tax research content and practical tools for accountants. The ability to support Australian and New Zealand accounting firms at tax time with both cloud software and knowledge solutions is unique to Wolters Kluwer, and our integrated solutions are saving accountants valuable time every day.

CCH iFirm Tax software can

Rakesh Naidu, Head of Product, Professional Software, Wolters Kluwer Asia-Pacific

Rakesh Naidu is the Head of Product for cloud tax and accounting software for Wolters Kluwer in Asia Pacific. Rakesh is passionate about designing solutions that solve customer problems and make it easier for customers to achieve their desired outcomes.

reshape the way accountants prepare and lodge returns, enabling them to improve productivity and drive growth. Together with CCH iKnow and CCH Business Fitness research and knowledge solutions, accountants can access Wolters Kluwer expert content such as the trusted Master Tax Guide from within the software or enjoy efficiencies of workflow with our new CCH iFirm Tax New Zealand and CCH Business Fitness Workpapers integration.

“Our integrated solutions are saving accountants valuable time every day”

CCH iFirm Tax automates and streamlines compliance workflows for the creation, tracking and lodgement of tax returns. In Australia, these include: Individual, Company, Partnership, Trust, Self Managed Superannuation Fund (SMSF), Fringe Benefits Tax (FBT) returns, Instalment Activity Statements and Business Activity Statements

(BAS). In New Zealand, IR3, IR3NR, IR4, IR6, IR7, IR526, IR833 and GST returns with IR4J, IR10 and IR215 attachments via Inland Revenue Gateway Services.

Features such as automatic prefiling, tax return print-preview, prior-year figures review and rollovers help to make the tax return preparation process quicker and easier.

@cchaustralia

For Australian and New Zealand accounting firms who are looking to save time during tax season, some critical technologies can help.

As a mature cloud solution – in fact, CCH iFirm Tax was the firstever cloud-based tax compliance software that gives users the freedom to work remotely at the speed of a desktop with the power of the cloud; critical for effective remote working.

To ensure a smooth transition to CCH iFirm Tax, customers have access to our own in-house Consulting team. Having a dedicated in-house team means that customers don’t need to rely on an external consultant for on-boarding as they familiarise themselves with a new product.

With best of breed security credentials, including Microsoft Azure cloud server (onshore) ISO 27001 certification and additional multi-factor authentication in our CCH iFirm Tax (AU), accountants can have full peace of mind.

Integrated tax research

Integrated content is available in our Cloud Tax solution in Australia.

industry-leading tax content and commentary. In Australia, CCH iKnow can be accessed directly from within our CCH iFirm Tax software, via the form item numbers, for convenient access to tax research and commentary.

New Zealand accounting firms can benefit from our CCH Business Fitness knowledge solutions and practical tools library.

Integrated Ledgers and Workpapers

integrated cloud software and knowledge solutions are here to support at every step of your workflow.

Wolters Kluwer is a leader in guiding accounting and tax firms through digital transformation. Across Asia Pacific, Wolters Kluwer inspires productivity, innovation and collaboration through CCH iFirm solutions.

CCH iFirm is a unified cloud-based platform providing an integrated software suite designed specifically for accountants. The CCH iFirm suite helps accounting firms run and grow their practice through deeply integrated modules, increasing automation and productivity. The solutions include: Practice Manager, Cloud Tax (for ATO or IR lodgments), Intranet, Client Portal, Document Manager, CRM, Digital Signatures, Workflow Automation, Reporting, and much more.

“The CCH integrations enable a seamless workflow that can save an average of 2 minutes per return” To learn more or request a personalised demo:

CCH iKnow is an award winning tax research platform which connects accountants to

In New Zealand, our CCH iFirm Tax (NZ) product is now integrated with CCH Business Fitness Workpapers. The integration of CCH Business Fitness IR10 worksheet with CCH iFirm Tax IR10 enables a seamless workflow that can save an average of 2 minutes per return. If your accounting firm is doing hundreds (or thousands) of returns per year, this can scale up to tangible return-oninvestment, as the time saved could be used for other billable work.

For accountants looking to work smarter rather than harder during tax season, Wolters Kluwer

Award-winning cloud software solutions for your accounting

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Relevant, accurate and timely tax research & quick answers

→ CCH iKnow

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Top 5 trends shaping accountancy in 2023

From AI to advisory services, Spotlight Reporting uncovers the top trends defining a

s we move through 2023 and technology continues to advance, while businesses weather shifting economic tides, the world of accounting is undergoing transformation. Leaders in the industry are those that are leveraging the likes of cloud software, artificial intelligence (AI) and automation, data protection services, and visualisation technology, and also understand the growing need for advisory services.

Gartner finds that 2023-2025 will mark a pivotal time for the financial industry, with those

that are able to marry traditional finance with rapidly evolving digital skills and tools the ones that will move from strength to strength. On top of this, accountants and business leaders that aren’t able to take up new capabilities might not be able to keep up with the pace of change.

Leveraging advanced technologies, and being able to step into an advisor role, can help firms improve their level of service, insights and reporting in order to gain a competitive edge and help businesses achieve notable success.

1. AI and automation power and advance everyday tasks

With the rise of widely accessible tools that are powered by AI, this is the big topic on everyone’s minds. When it comes to accounting, AI tools that directly cater to the finance industry aren’t new, but their functionality is constantly evolving.

For instance, in 2023 AI can analyse financial data, generate reports, and even identify patterns and anomalies that suggest accounting fraud. In an industry underpinned by numbers and data, it’s also hugely powerful when it comes to automating repetitive tasks so staff can focus more on strategy and reporting, while also saving potential human errors.

One of the most exciting areas of AI advancement that we’re seeing is around data insights and decision making. When powered by AI and automation, accounting data comes to life. It enables firms to far more easily perform cash flow forecasting, analyse salaries, analyse business performance, assess financial conditions, and predict drops or rises in the market.

Catherine Knowles, Freelance Writer, Editor and Creator

Catherine Knowles is a journalist, copywriter and researcher who has worked in the technology space for a number of years. Following a stint at a tech publication and education start-up she became a freelancer, completing projects for businesses throughout NZ and APAC.

pivotal period for the financial industry.

International Data Corporation (IDC) finds that global spending on AI, including software, hardware and services, will surpass USD $300 billion in 2026, up from USD $118 billion in 2022. This represents a compound annual growth rate (CAGR) of 26.5% over the forecast period, which is four times greater than the CAGR of the same period for worldwide IT spending (6.3%).

Such figures reflect a growing investment and focus on AI technology, which will inevitably have a continued impact on the world of accounting, with those willing to leverage the capabilities of the technology the ones that will come out on top.

2. Cloud-based accounting becomes a staple

One of the biggest changes in finance in the last few years is the rise of cloud-based accounting, with various software solutions bringing a whole new level of functionality and forecasting to firms and businesses of all sizes. Anywhere, anytime access, integrations with specialised services, and collaborative tools make cloud computing software services offer numerous potential benefits.

Over and above, the benefits we have seen stand out include the ability to reduce operations costs, flexibility of accessing data, minimised errors of data input, the ability to interact in real time with the same information, and the fact that not only the software but important changes in tax or other regulations are automatically kept up to date.

In addition, value-added services can greatly enhance reporting and forecasting capabilities. The best cloud accounting software is built for integration, meaning you can leverage the same stock data to generate reports. These reports can provide a clear overview into what’s happening into the business, including specifics such as cash flow, and offer insights that enable better decision making.

3. Data protection and compliance a top priority

Data protection and compliance are huge considerations in 2023, especially when it comes to dealing with sensitive information such as client data or financial information. The last few years have seen far greater importance put on data protection, with the likes of GDPR and different

governmental privacy acts outlining strict guidelines for data handling and storage.

Failure to comply with these regulations can result in severe consequences, including hefty fines, legal action, and damage to a firm’s reputation. As such, it’s crucial for accounting professionals to stay informed on the latest data protection and compliance regulations, and to implement robust systems and processes that guarantee safe and ethical handling of information.

In such a reality, technology is assisting accounting firms to capture and protect data better, and adhere to regulations accordingly. Automated, built-in compliance can generate greater peace of mind and help firms to prioritise data protection and compliance in their practices, in order to safeguard sensitive data and maintain the trust of clients and stakeholders.

4. Visualisation tech in greater demand

Visualisation technology is becoming increasingly important for accountants in 2023, as it allows financial data to be Cont...

presented in a way that’s accessible, informative and greatly aids in business decisionmaking.

Through the use of graphs, charts, and other visual aids, complex financial information can be distilled into easily digestible formats, allowing stakeholders to better understand their business or franchise, and make more informed decisions. This technology also allows for realtime data analysis, providing accounting professionals with a deeper understanding of business performance and trends.

On top of this, visualisation technology can help identify areas for improvement and potential risks, enabling businesses to take proactive measures to address any potential issues. This is especially important during uncertain economic times when businesses are looking for ways to ensure profitability and mitigate changes in customer behaviour or costs.

5. Advisory services level up firm’s reputation and offering

Advisory services have become a staple for leading accountants in recent years and through

into 2023, as businesses more commonly seek strategic guidance and insight. While traditional accounting services such as bookkeeping and tax preparation are still important, advisory services offer a higher level of value by providing a broader perspective on all things financial.

Offering insights on financial planning, forecasting, and risk management, allows accountants to help businesses make more informed decisions and have a higher chance of achieving their strategic aims. On top of this, advisory services can help accountants build stronger relationships with their clients, by becoming a trusted partner in their business success.

As a result, accountants who offer advisory services can differentiate themselves from competitors, and provide a higher level of service that is increasingly in demand from businesses of all types and sizes.

Ongoing change and increased opportunity

The accounting industry is set to undergo a number of exciting changes and developments in 2023. From the continued rise of

digital technologies such as AI and cloud software, to the increasing importance of advisory services, these trends will have a significant impact on how accounting professionals work and the value they provide to their clients.

By embracing these trends, firms can gain a competitive edge, help clients to enhance their financial performance, and better manage risk. However, it’s important for accounting professionals to stay informed and adaptable, as the pace of change is only set to accelerate in the years ahead. Overall, the future of accounting looks bright, with many opportunities for innovation and growth.

Join the Inspire Tour 2023: Future-Proof Your Bookkeeping Practice

he Institute of Certified Bookkeepers (ICB) is thrilled to announce the highly anticipated Inspire

Tour, taking place from June 12th to 28th in seven vibrant cities across the country. This intimate tour is designed to

Ami Copeland, CEO, Institute for Certified Bookkeepers

With a background in media broadcasting and commercial branding, Ami led ICB’s Marketing, Communications and Partnerships function for five years before becoming CEO at the start of 2023. She is committed to continuing to raise the profile of bookkeepers and of ICB, and to maintaining the quality and status of membership whilst expanding the organisation’s reach.

empower bookkeepers with the knowledge and tools they need to future-proof their practices. With headline sponsors Sage and Auto Entry, and support from Apron and Xero, this event promises to be an unforgettable experience for all attendees.

Unleash Your Potential

The Inspire Tour 2023 is your opportunity to dive into the future of bookkeeping and unlock your professional potential. Immerse yourself in a dynamic learning environment filled with captivating talks, engaging panel discussions, and handson workshops led by industry experts. From the latest trends in technology to best practices for efficiency and growth, this tour covers it all.

Meet Leading Industry Experts

Get ready to gain invaluable insights from renowned professionals in the field. The Inspire Tour boasts a stellar lineup of speakers who will share their expertise, success stories, and practical advice. Discover new perspectives and strategies that will revolutionize the way you manage your bookkeeping practice, ensuring you stay ahead of the curve in an ever-changing industry.

@ICBUK

Connect, Collaborate, and Network

The Inspire Tour isn’t just about learning; it’s also an excellent opportunity to connect and collaborate with like-minded professionals. Engage in meaningful conversations, build lasting relationships, and expand your professional network. Take advantage of dedicated networking sessions to exchange ideas, share experiences, and explore potential partnerships.

Experience the Inspire Tour Online

We understand that not everyone can make it to the in-person

events. That’s why we have organized an exclusive online event on the 28th of June. Join us from the comfort of your home or office as we bring the Inspire Tour directly to your screen. Gain access to the same valuable content, participate in live Q&A sessions, and connect with fellow professionals virtually.

The Inspire Tour is an exceptional opportunity for bookkeepers to future-proof their practices, enhance their skills, and explore the latest industry trends. Don’t miss your chance to be part of this transformative event. Join us on the Inspire Tour from June 12th to 28th and secure your spot today!

Paul Shipway

Chief Commercial Officer

Joiin

XU: In this Q&A, Joiin’s Paul Shipway answers our questions and tells us about future plans, AI features and hitting 2million reports run on the platform.

Paul Shipway is the chief commercial officer at Joiin – the consolidated reporting app. Having grown businesses from start-up to exit and supported others in doing the same, Paul deeply understands the many challenges business owners and finance teams face.

He recognises the true value accurate and timely financial data plays in the success of any business, small or large, and is working with the team at Joiin to help deliver this to an evergrowing number of multi-entity businesses around the world.

Firstly, can you tell us about you and your role at Joiin?

PS: I’m the chief commercial officer at Joiin. I came on board about three years ago, just after launch, as a non-exec director to advise the board on growth. I’m now full time to drive that growth, working alongside a talented team that includes our co-founders and the board, as well as product, customer success and marketing teams, plus an array of partners.

XU:Tell us a bit about Joiin, what kind of businesses benefit most from using the platform, and why?

PS: Joiin is a cloud-based financial reporting platform that helps businesses consolidate their financial data from multiple sources, such as Xero, QuickBooks, Sage, and spreadsheets.

It is utilised by a diverse array of businesses that rely on our platform on a regular basis –whether daily, weekly or monthly. These businesses range from accounting and advisory firms to multi-entity companies operating in industries such as franchises,

property, ecommerce, healthcare, family offices, and beyond.

XU: How does your reporting platform stand out in such a busy accounting software market?

deployment and peace of mind, and they’re both ticked from the outset.

PS:

The real differentiators for us are ease of use and time to value. Time to value is a measurement of how quickly a new customer will reach that first moment where an application delivers real worth for them. With Joiin, a first-time user takes on an average only 7 minutes before they have run their first set of consolidated financial reports; whereas for other software that can typically take hours, days or even weeks. We believe our time to value is unsurpassed.

XU: What contributes to this ‘time to value’ –is it being user-friendly, or the support you offer your users?

PS: The Joiin platform is so simple and intuitive in its design that 94% of our customers self service, meaning they require no support whatsoever. Because most of our customers do not need support, our customer success team is better enabled to respond quickly to those that do require assistance, with support tickets typically resolved within 90 mins.

We also have livechat available on our platform for anyone looking for an immediate response, plus on-demand demos and an array of YouTube support videos.

XU: How does Joiin’s integration with Xero and other accounting platforms benefit businesses, and what kind of impact does it have on their financial reporting and forecasting?

PS: Firstly, it’s important to highlight that our integrations with Xero, QuickBooks and Sage enable swift and secure set up of your group reporting on our platform. We know our users want ease of

In terms of impact, we poll our customers regularly for insights and feedback – and they tell us that they save on average 8.3 hours per month, with some saving up to 3.5 days per month when automating their multientity and/or multi-currency group reporting with Joiin. This means our customers can deliver accurate and timely financial data more quickly and efficiently.

XU: Is there a feature that you’re particularly proud of that helps businesses in terms of financial reporting?

PS: We’re extremely proud of Joiin’s varied reporting. Many customers simply use our off-the-shelf reporting for its ease of use, but many also like our custom reporting for its flexibility when creating reports tailored to specific needs. With custom reporting, both the data and format can be chosen by you, enabling reports to be created in a format that may be familiar for your internal and external stakeholders.

XU: Can you give us an example of how Joiin has helped a business improve its financial reporting and forecasting?

PS: A good example is a large property management business, with over 100+ property locations, which was struggling to keep track of its financial data. The company used a variety of different accounting systems, making it difficult to consolidate data, generate accurate reports and get a clear picture of financial performance. By implementing Joiin – and replacing Excel and days of work – they could immediately see a consolidated view of all property and their financial status.

They now use Joiin to review their best performing properties and Cont...

analyse by geographical areas. Essentially, Joiin gives them a single version of the truth, increases visibility of property performance and substantially reduces their team’s workload.

XU: How does Joiin ensure data security and privacy for its users?

PS: Our background in technology and experience in building apps means we have a very strong view on getting security right across the business, app and data from the get go. We continuously train the team on cyber security and access controls and constantly review their skills, including random tests to ensure the correct processes are being followed.

We’re Cyber Essentials certification registered and later this year will be accredited for SOC2 then ISO27001. For us, security is inline with trust. Our customers can trust us but we know that top-notch security is a key element in gaining that trust.

XU: How does Joiin stay up-to-date with the latest developments in financial reporting and forecasting?

PS: We live and breathe technology, finance and fintech advancements. We achieve this by being curious in nature – which means loads of research, attending conferences, and working with business and accounting leaders. We also focus on our customers, their feedback good or bad, as well as their suggestions and feature requests.

XU: How has Joiin evolved since its inception, and what are your plans for the future?

PS: We have evolved significantly. When we first launched, we had a simple MVP tool that allowed businesses to track their consolidated financial data through three simple reports. Now we have

custom reporting, multi-client, sales and purchase reports, APIs, and a raft of key features that support multi-entity, multicurrency reporting globally.

In terms of plans for the future, we have a detailed roadmap that we collaborate on with our customers, plus we are developing and implementing AI into our platform. Like every business we see AI as a twofold experience – improving how we work internally and improving how customers work within the platform.

XU: Can you talk about any partnerships or collaborations that Joiin has formed recently?

PS: We are working closely with App Advisory Plus, Approvalmax, Mayday, NettTracker and Roveel, with further partnerships in the pipeline. We enjoy the collaborative aspects of working with other software vendors and see these partnerships as added value for our customers, as they are with companies whose applications complement the work we are already doing around multi-entity and multi-currency reporting.

We often run joint promotions and webinars, currently collaborating on a State of Month End industry-wide survey, which everyone is welcome to take part in here: https://form.typeform. com/to/dwNNOPpw

XU: What is Joiin’s approach to customer feedback, and how do you use it to improve your product?

PS: Customer feedback is essential to our product development process and we collect it in a variety of ways, including online surveys, email feedback and phone and video calls. We then make changes based on the feedback we receive and update our customers on a regular basis.

We are constantly amazed by the innovative ways our customers utilise our platform, often surpassing our initial expectations and creating unique use cases.

XU: What milestones has Joiin achieved that you are most proud of?

PS: In 2023, we’ve not only seen the number of companies that rely on Joiin for their reporting needs grow beyond 30,000 globally in over 100 countries, but this month we also celebrate hitting 2,000,000 consolidated financial reports run on our platform.

XU: What advice would you give to businesses looking to improve their financial reporting and forecasting processes?

PS: Firstly, when seeking to enhance your processes, establish clear goals and then identify the software that aligns best with what you’re aiming to achieve.

Once you’ve achieved this initial step, consider other important factors, such as data security, ease of use, sustainability (ensuring the longevity of the application and its support), and value for money.

You’ll then be best placed to make an informed decision and select software that not only meets your immediate needs but also aligns with long-term strategy.

We were looking for software that could process smaller spare part sales while also managing larger-scale projects in tandem. We found Tidy has tidied up our purchasing and the integration of sales and projects working off the same inventory system has improved our operations.

Matthew Fisher, Managing Director Autoline

Users of

Conference kick-off

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

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

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

t’s that time of year: when we ponder whether we’ll get a ‘proper’ summer, and the major accounting conferences begin.

First-off, it was wonderful celebrating 20 years of AdvanceTrack. This year, the

AdvanceTrack Conference was held in the magnificent British Museum (where we’ll be heading for in our 21 st year too).

“It was about the future of your firm, your people and your clients,” explains AdvanceTrack MD Vipul Sheth. That’s the message we wanted to get out there. “Working alongside you, we’ll help you navigate those three pillars.

“The reason we do these events is around culture and people, all of those things – not six hours of technical updates,” explains Vipul.

“While our processes, technology and security are fundamental from an operational point of view, the relationships we build with clients must be as good as the relationships our clients build with their clients. We are people-centric and well-organised, and that is mirrored in the practices we work with.

“People buy from people; and people keep coming back if you demonstrate that human piece. If you don’t, then they don’t come back.”

Xero’s Jamie Eddy spoke of a three-pronged set of challenges and opportunities that practices must understand and leverage, namely: your reputation; managing your talent; and, therefore, your capacity to undertake work.

Our newly-appointed sales director Dermot Hamblin covered a range of topics, from how to manage change in your practice, through to new developments in the world of business and accounting Technology.

Brian Coventry from Cloudcapcha spoke about the importance of differentiating your practice from others, and capturing data from your clients allows you to offer a unique service.

Accountex London

It was, by all accounts, a recordbreaking show – certainly in terms of attendees. Of the show itself –the big players put in a lot of effort into their stands and presentations. In fact, there were presentations across 13 stands for the whole of the two days.

As the 2023 conference season kicks off in earnest, Vipul Sheth gauges the delegate (and software company) temperature after the cooling off of MTD.

While there was an element of a post-MTD lull, in that there were few big product announcements, it was noticeable how busy the aforementioned stages were. People were hungry for information. And this information wasn’t specifically ‘post-MTD’; instead, there was a range of strategic and operationallythemed sessions.

I was delighted to serve as a panelist on the ‘Are outsourcing and offshoring the solutions to the recruitment crisis?’ session.

Ironically, some of the outsourcing session covered MTD’s impact on changing the way practices work with their clients, particularly around the increasing amount of bookkeeping that firms’ clients require. Advocate practitioners on the panel spoke of being unable to manage their workload with outsourcing support.

First stop in Oz…

What is your practice’s purpose? You might say ‘it’s to create tax returns and accounts’. You could go bigger, bolder and broader: ‘To be the best accountancy firm in the world.’

I went to Australia in April with a couple of tasks to undertake. Firstly, to help develop our standing; secondly, to attend the Clarity/Smithink/AdvanceTracksponsored ‘Accountants Re:Bootcamp’.

The bootcamp saw some 50 accountants gathered, across three days, to really question their approach to what their firm does.

It made the practice leaders delve into the fundamentals of what the practice is there for, and why –while challenging them to understand and prioritise what they need to change in terms of maintaining or improving its success.

And, to go through this process, the first thing that is broached is: ‘what’s your firm’s purpose?’

MEET DERMOT HAMBLIN

We catch up with AdvanceTrack’s new sales director Dermot Hamblin, and discuss his current role, along with his storied background in accountancy and tech.

What is your current role and responsibilities?

I’m the new sales director –AdvanceTrack MD Vipul Sheth and I have known each other for a long time. Vipul has high values and lives by them, which I support.

He’s asked me to help continue AdvanceTrack’s growth. I’ve always had a passion to ensure that existing clients are well looked after, so I’m not just here to win new work. The opportunity in this sector is great, and I want to play a positive part in the AdvanceTrack team.

What is the future for you and AdvanceTrack?

Accountants want someone who tells it to them straight: no crazy demos.

From my experience in both working in practice, and alongside them as AdvanceTrack’s clients, I think many accountants struggle to nail down what their purpose is. A large proportion of them complete higher education and choose accountancy as a ‘good payer and solid career’. A vocation…? It is often not.

Some of the most successful accountants I (and AdvanceTrack) have worked with have an entrepreneurial background – in terms of parents and close family members. This drive and missionfocused mindset is supported by the financial and technical expertise they learn.

Making sure that tax returns and accounts are calculated correctly is very important. But, ultimately, practices end-clients see greater value from being supported

I’ll speak sensibly with them and discuss the business case. We want to make accountancy practices greater than they already are. Firms are realising that outsourcing and offshoring are viable options to enable them to be more productive, flexible, and to scale up.

I also see geographies that AdvanceTrack can expand into, as well as a broadening of its services - it’s a very exciting time. I’m really excited by our audit offering.

How can accountants contact you?

I can be reached at: dermot.hamblin@ advancetrack.com, and I’d welcome the opportunity to chat with either potential or existing clients.

in their various missions and ambitions.

Second trip around the corner… Xerocon!

AdvanceTrack is heading back to Australia - for Xerocon Sydney 2023. We are delighted to be an exhibitor for Xerocon Sydney, which is on 23-24 August at the ICC Sydney, Darling Harbour. If you’d like to catch up at the event then please pop by – and if you’d prefer to schedule a chat then contact Vipul at advice@ advancetrack.com.

To find out more, visit our website:

Let your clients do the talking: tips for marketing success

With so many firms falling into the small business category, you won’t be alone in having limited resources to invest in marketing. Activities like updating the website, posting on social media or running ads may fall on team members who have to fit them around their ‘day job’. An out-of-date website, no recent reviews and a poor social media presence are all an instant turn-off for many prospective clients today. While

you might not have the budget for a dedicated marketing professional, there are simple and effective ways to market your firm.

1. Get the word out

If someone has a memorable meal in a restaurant, they tell their friends about it – and accountancy isn’t much different. Delighted clients tell positive stories about the brilliant service they’ve had. This often happens

@brightsg_

Karen Bennett, Chief Marketing Officer, Bright

Karen joined the company in 2014, playing a crucial role in growing the BrightPay Payroll Software brand, and scaling the sales and marketing teams to what they are today. Karen is responsible for creating and accelerating the company’s marketing strategy and brand recognition. She’s focused on thought leadership to promote our exceptional product innovations that enable customers to streamline their business processes.

organically, but don’t be afraid to ask supportive clients to post a positive review on Google or Trustpilot. You can also ask a client’s permission to include them in a list of case studies on your website or social media.

2. Understand your clients

Understanding your clients allows you to tailor your service to meet their needs, while also informing your marketing strategies. Companies with more resources

When you deliver a good service, your reputation helps you attract new clients – essential if existing users are approaching retirement or winding down their businesses.

for marketing put a lot of effort into understanding their clients –their behaviours, values, life-stage and more. An alternative to this is to build deeper and more personal relationships with them. In a world of low-cost and often impersonal accountancy services, your reputation as a trusted advisor will help you stand out. It could be as simple as considering their age – the soon-to-retire owners of a tea shop will have a drastically different plan and outlook from an ambitious startup firm hoping to disrupt their sector.

3. Go after small and digitally savvy businesses with digital marketing

Your established clients may still be using legacy systems and manual processes. However, with the average age of a business owner continuing to fall, the generation of digitally savvy business owners will have little time for outdated practices. Of course, you’ll be using the latest tools to provide clients services, so you should portray this through your marketing efforts. Furthermore, it would be best to utilise digital platforms to deliver this message to your target audience.

Social media isn’t just for pictures of your food anymore, it’s an essential platform of everyday life, and as such, is the perfect

environment to capture the attention of your prospects.

4. Penny for your thoughts

One of the best ways to sell yourself to potential clients is to demonstrate exactly what you can do. Industry blogs, business and industry magazines, podcasts, webinars, and conference panel sessions all welcome experts to comment, discuss and pen thought leadership articles on a whole range of topics. That might be about new regulations, sectorspecific issues your clients are facing, or even how you’ve made service a priority.

Whichever route you take, as in most areas of business or life, it’s

all about preparation. If you want to stick to the more traditional clients and don’t have a burning desire to serve the digital native disruptors, that’s fine – ultimately, it’s about delivering impeccable service to clients, whoever they may be.

There’s A Better Way To Tackle Expense Management

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The Dull, Dirty, and Dangerous: How Autoline is Revolutionising it all

@tidyint

Doria Kao, Education Lead & Marketing Strategist, Tidy

After completing her internship with Tidy, Doria joined full-time last year with a degree in Strategic Management from the University of Waikato. An avid wordsmith, she brings her passion for storytelling to both product education and marketing at Tidy.

With large projects under their belts like delivering a large-scale milk plant bottling line upgrade, Autoline estimate around 60% of New Zealand’s bottled milk passes over one of their conveyors at some point between the cow paddock and your fridge at home!

For companies around New Zealand, their robot and automation solutions are the secret to labour-saving, consistency, and high-quality production. Given their large-scale projects, it was vital for Autoline

to find a project management system that could keep up. Enter TidyEnterprise; a project and stock management software with the depth and flexibility to serve Autoline’s needs.

Autoline’s Story

Autoline began as a family business over 30 years ago, selling press feeder and bowl feeding solutions to the manufacturing industry. As the company grew, it introduced New Zealand to SlotPro (aluminium T-slot extrusion) and used the

aluminium profile to build its first conveyor systems and guarding. With a progressive development approach, Autoline continued to expand, diversifying into robotics with the acquisition of Carbines Engineering; New Zealand’s leading robotics integrator.

Today, Autoline is still 100% family-owned and have established themselves as New Zealand’s pre-eminent conveyor automation company. They continue to lead as the robotic, automation, and conveyor experts, bringing the latest technology and innovations to New Zealand.

The Three Ds

The rule of thumb to determine which tasks are best suited for robots is the Robotics Three Ds Principle: The Dirty, Dull, and Dangerous. For a long time now, robots have replaced or assisted work that is repetitive, unhygienic, or risky, in heavy industries.

What sets Autoline apart, is how they supply robotic welding cells to a range of industries for everything from heavy metal fabrication to aluminium gates, trailers, fireplaces, and more. The

This article is

From painting and palletising to welding and assembly, Autoline have transformed industrial processes across a broad host of industries.

company also provides conveying solutions to many different industries in NZ, such as food and beverages, plastics, logistics, and many others.

Software Challenges

Prior to using TidyEnterprise as a project management software, Autoline faced several challenges. The company’s previous enterprise resource planning software was not very flexible, particularly given the range of products and services Autoline required.

“We were looking for software that could process smaller spare part sales while also managing largerscale projects in tandem,” says Matthew Fisher, Managing Director of Autoline.

In addition, the company had limited support with its previous software, and any training or assistance was hard to come by. Autoline struggled to integrate projects and smaller spare part sales into one software solution.

The Solution

ago and found the Kiwi company more approachable and flexible. TidyEnterprise software allows Autoline to process smaller spare part sales while managing largerscale projects too.

Eight staff members across the sales, purchasing, and administration teams at Autoline use TidyEnterprise. It plays a key role in stock management, assembly productions, purchasing, project management, and spare part sales.

“The integration of sales and projects working off the same inventory system has improved our operations”

“We have found Tidy has tidied (no pun intended) up our purchasing so any project purchases or expenses are able to be attached directly to a project, also the integration of sales and projects working off the same inventory system,” Fisher explains.

TidyEnterprise’s integration with Xero tied everything together, improving communication between the two software applications. This allowed for a more efficient and accurate accounting process.

“We were looking for software that could process smaller spare part sales while also managing larger-scale projects in tandem”

“The integration of sales and projects working off the same inventory system has improved our operations,” says Fisher.

They’ve also found it easy to train new employees and get them up to speed on how to use TidyEnterprise.

A Bright Future

Autoline sees a bright future in the industry, with a focus on developing and improving in-house processes. They’ve recently started a journey into lean manufacturing, virtual robot (VR) programming, and live stock control with barcoding and scanning.

Autoline made the switch to TidyEnterprise just under 10 years

With the implementation of TidyEnterprise, Autoline has also been able to streamline its processes and communication between teams.

This will enable Autoline to further streamline their processes and improve their inventory management, making them an even more efficient and effective provider of robotic welding, automation, conveyors, and SlotPro solutions.

Brilliant people use brilliant software

Innovative software for accountancy, payroll, tax and practice management.

The Business Show: The World’s Biggest Business Event

Start Or Grow Your Dream Business At The Business Show

Karina Kundzina, Social Media & Content Creator, Business Show Media

I graduated from Falmouth University in 2020 and swiftly moved to pursue a career in the marketing industry. I joined Business Show Media in January and have quickly adapted to the world of business events and marketing. Creativity is the heart and soul of what I do and thus I aim to bring this through our social media platforms and creative content across our shows.

The Business Show aims to support aspiring entrepreneurs and SME and small business owners by helping them grow a successful business.

Built from the ground up to equip, educate and encourage the small business owners and entrepreneurs of the world, The Business Show gathers and showcases the knowledge and services of hundreds of business experts and leaders. It’s jam-packed with everything you could possibly need to succeed in the world of business in 2023, with 750 incredible exhibitors, 200 inspiring seminars and unmissable masterclasses.

The Business Show is dedicated to helping you learn, grow, and succeed, so no matter the industry there will be something for you to uncover; this is the perfect place for business professionals. There are also a number of co-located shows to suit all your business needs and help you keep up-todate with industry trends and advancements.

When and where can you visit one of our shows?

• The Business Show Singapore, 30th & 31st August 2023, Singapore Expo.

• The Business Show Los Angeles, 20th & 21st September 2023, Los Angeles Convention Center.

• The Business Show London, 22nd & 23rd November 2023, ExCeL London.

• The Business Show Miami, 6th & 7th March 2024, Miami Beach Convention Center.

More about The Business Show

The Business Show Singapore

- The Business Show Singapore is the leading event for helping aspiring entrepreneurs and SME and startup owners to start, develop, and grow their dream business. The show gives you access to the products, services, & guidance you need to carve your path to success and propel your business to new and exciting heights. With 5,000 visitors in attendance, 300 incredible exhibitors, and over 350 unmissable seminars, this is the place to be in August.

The Business Show LA & Miami - The Business Show

This article is

is expanding into the US this year as it lands at the LA Convention Center in September. It’s set to inspire 15,000 US entrepreneurs, business owners and professionals. There are 300 industry-leading suppliers and 150 fascinating seminars and masterclasses. If you want the business of your dreams, come to the show and discover everything you need to make your company thrive.

The Business Show London - the show has been running in London for over 22 years and has been met with great success. The event focuses on connecting 30,000 entrepreneurs, SMEs and industry professionals under one roof. With 750 exhibitors showcasing their products and services, and 200 incredible seminars and masterclasses, you are sure to come away with more knowledge and an awareness of your next steps.

The B2B Marketing Expo California & Miami in conjunction with The Sales Innovation Expo - Business Show Media has recently acquired

The B2B Marketing Expo. This is the leading event for marketing professionals in the US. The show offers advice and guidance on how marketers can advance their business and their personal careers. There will be over 5,000 in attendance exploring how they can market in new and innovative ways. The show will run alongside The Business Show Los Angeles and The Business Show Miami.

A bit more about our colocated shows & what we do:

You will be able to find a number of different sub-shows at The Business Show. We have dedicated zones at the event to make navigating a little easier. Here are our co-located shows and a little on what you can expect to gain from attending:

Going Global Live - this is the leading event for taking your business overseas. It supports you with help and advice about global expansion and exporting/ importing products. Going Global

Live provides businesses with everything they need to know about trading in some of the world’s most lucrative cities, countries and regions.

Retrain Expo - this is the leading event for retraining and upskilling.

Retrain Expo offers you or your business everything you need to successfully adapt to the ever-changing industry. The Expo helps you re-skill and retrain for the future.

Working From Home Live - this supports you and your business by helping you adapt to flexible working be it remote working or a hybrid model. Whether it’s setting up your new home office, utilising the latest technology to keep in touch with colleagues and clients, or ensuring you’re looking after your health, Working From Home Live has all the products and services you need to work remotely successfully.

Future Working Show - this zone focuses on digital transformation

“The leads we got from The Business Show are simply fantastic”

and the future of work by offering products, tech, and services to business owners looking to evolve and modernise their processes.

Sustainability Zone - the brand new Sustainability Zone will provide a toolkit with everything you need to help make your business greener and lessen the impact of harmful processes on the environment.

Why should you visit our shows?

Not only can you learn how to grow and develop your business but you can also benefit from numerous learning opportunities, panel discussions, masterclasses, speed networking and inspiring keynote and seminar talks. It’s the perfect opportunity to gain knowledge, develop connections for your business, and unleash your true potential. Here are some of the exciting opportunities waiting for you at the show:

Panel Discussions - there will be a panel of experts in different

fields debating a range of topics. They will cover present and future challenges of these subjects and there will be a chance for you to interact with experts in a Q&A.

Masterclassesan opportunity to receive interactive mentoring from industry experts in close quarters. Masterclasses cover everything from financing your business and setting up trademarks to marketing, and finding the right property.

Speed Networking - an opportunity to connect, mingle and grow your professional network. Speed Networking involves one-minute minimeetings in a corporate take on speed dating. The perfect chance to meet more industry experts and grow your connections.

Keynotes & Seminarshear success stories from industry experts and inspiring entrepreneurs who have started from scratch and are now running multi-million-pound businesses.

In the 2022 edition, we saw inspiring talks from Harpreet Kaur, Piers Linney, Mark Dixon, Mikey Pierce and many more.

Business Show Media strives to provide some of the best business events and networking opportunities in the field. Take advantage of the opportunities provided at the show and get involved!

If you’re interested in the show, whether as an exhibitor, partner or simply a visitor, visit our website here. Alternatively, reach out at enquiries@ thebusinessshow.co.uk to discuss how you can get involved at the show.

Register for your FREE ticket today: greatbritishbusinessshow. co.uk

“There is no better event to be at than this show”

Sam Allen, Yell.com

Why the human touch is still an essential part of global business

t ExpenseOnDemand, we are always keen to ensure our solution is current and flexible. As a global leader, we use our extensive data sets to monitor the latest trends in global employee expenses. This enables us to see how businesses are behaving and adapting to economic, political and other factors across the globe.

Employee expenses can give valuable insights into businesses and how employees are working, interacting, entertaining, travelling domestically and internationally.

Recent data has shown some interesting and unexpected results as car mileage claims have increased hugely in the last 12 months, given renewed appetite for face-to-face client and colleague meetings.

This is certainly a surprising and interesting trend and could be due to millions of employees struggling with the hybrid or Work-From-Home (WFH) model as well as suffering from welldocumented Zoom fatigue.

Many employees have admitted that these video calls don’t offer the same impact as meeting in person. As a result, the desire to meet colleagues and clients is returning back to pre-pandemic levels.

This trend highlights that businesses need to reconsider how their employees are working as well as how they want to work. To defeat this WFH burnout, organisations need to understand this reality and its issues so that they can survive and thrive in this new and ever-changing working world – what is more, employee expenses are showing us just one of the many ways employee needs are changing. Simply using an ‘office-style’ culture to conduct virtual work might now be seen as forcing a square peg into a round hole, and also not necessarily what many employees want.

This isn’t to say employees don’t want hybrid working as this is still a hugely popular solution, they want hybrid working that includes time in the office and at home and also time on the road meeting clients and contacts.

Nearly half of businesses across

Sunil Nigam, CEO & CoFounder, ExpenseOnDemand

ExpenseOnDemand was launched in 2003 by founder Sunil Nigam after seeing how cumbersome employee expense claiming was, whilst serving as CFO for a technology company. “It took so long to submit, then to repay employees. A fast, sophisticated solution didn’t exist, so I created one”.

We offer an end-to-end solution using AI and smart technology. It captures receipts and seamlessly integrates into accounting systems. The tool is intuitive, affordable, and customisable. We constantly improve based on customer feedback.

the US and Europe recently admitted working to optimise their corporate travel policy by decreasing their environmental impact due to regulatory requirements. What is more, increased business travel is now attracting attention (and remains a significant contributor to emissions), where international travel along with mileage claims continue to increase.

Technology at ExpenseOnDemand can help with all this. For example, many of our clients use our Google Mapping service to calculate routes and mileage rather than allowing employees to manually enter what is often estimated miles.

As a result, we have seen companies save a staggering 27.8% on mileage payments, resulting in a reduction in their spending as well as minimising the impact on the environment by always ensuring the most efficient route is used for travel.

Mileage and entertainment are often the biggest expenditures from employees and with both of them rising rapidly, it is essential

businesses with large workforces use technology to monitor and manage these.

Our cutting-edge tech is helping firms automate processes, spot duplicate receipts and easily authenticate claims often saving them thousands or even millions in costs every year.

These trends show how business expenses and employee working habits are changing continually and why at ExpenseOnDemand, we believe it essential that tech solutions offer a flexible and tailored solution that allows businesses to hand-pick the services they need when they are required. We tailor our solution to mirror current business processes and trends rather than forcing our clients to change to match the tech. We pride ourselves on ensuring our tech is market-leading and our costs are completely transparent and remain very competitive.

At ExpenseOnDemand we are also offering a 30-day free trial, with the option to sign up for our “pay as you use” model, allowing our clients to have flexibility and reassurance that they are not tied into a long-term commitment.

How ExpenseOnDemand benefits businesses and their staff?

ExpenseOnDemand works seamlessly with staff working remotely or hybrid. Employees no longer need to send paper claims to claim their expenses and they can benefit from:

1. Claimants and Approvers using the app submitting claims & approving them within minutes.

2. Photographing receipts and submitting & approving expenses in seconds.

3. Approvers viewing historical claims instantly for better

control.

4. Ensuring there are no duplicates with any employee claims.

5. Expenses being made in any currency.

6. Finance being able to choose from 100+ functions.

To find out more about how ExpenseOnDemand can help your business please visit:

expenseondemand.com/

Tushir Patel

Co-Founder

XU: We’re joined by Tushir from Capium today on day 1 of Accountex. So, how are you guys finding the event so far?

TP: It’s been busy for us. It was a good first day and we’re expecting the same for the second day. We have lots to showcase at the moment. We’ve got a new time and fees module and charity accounts that we’ve launched as well in the cloud. We’ve had a lot of interest from a lot of customers and hopefully some more leads coming through the launch today.

XU: That’s great to hear. And as a matter of interest, leading up to the show, what made you focus on pushing those?

TP: Good question. I hate to labor on a point, but we were one of the first in the market with a full Cloud Suite product. I’d probably say, a pioneer in that. But what’s happened is we’ve seen a lot of vendors push on with that as well competitively.

What we’ve had to do is listen to our marketplace and to our clients and ask ourselves, what do they need next? And part of that was looking at time and fees and looking at charities. We’re now also revamping the whole language, technology and the platform itself ready for bringing out AI machine learning when the market is ready for it.

XU: That sounds exciting! What do you feel

the main itch is that needs scratching at the moment amongst the accounting community?

TP: It’s all been about simplicity and ease because accountants themselves, they’re totally snowed under with work and I think from that perspective we just need to make their lives a lot easier going forward. If there’s anything that we can do to try and simplify and speed up their time, so they can focus on more profit-making areas, then that’s what we’re trying to do.

XU: Have you guys got anything in the pipeline over the next 12 months? Can you give us an idea of what’s happening, without giving away any trade secrets?

TP: Time and fees and charities are what’s coming out now. We’re then aiming to build a much more integrated platform between all the modules and themselves. The speed and the essence of everything for an accountant is what we are looking at and focusing to actually push on.

I think from that perspective we’re bringing out new bookkeeping and payroll aspects. We’ll then probably start looking at AI and machine learning as we’re doing some research into it and hopefully by next year we’ll see what we can showcase.

XU: With AI and machine learning, how do you see it having an impact on

the way that accountants and bookkeepers will operate going forwards?

There’s obviously a bit of skepticism amongst some people. It’s like, “Oh, are we going to have a job left?”, which is probably said at every single innovation along the way, but everybody still does have a job left.

How do you see it actually enhancing the offering that they can give to their clients?

TP: It’s in very early stages at the moment but I don’t think there’s anything to be scared about necessarily. There’ll always be something to do. Accountants and Bookkeepers are still the brains behind their operations.

I think what it will do is probably help to speed up mundane tasks going forward. It will probably become more pervasive for business, where they just deal with all robotic answers to questions that customers may have. I think that’s step one. I don’t think we should be even looking at step two or step three at the moment until we’ve got past that point. I think it’s going to be more service-led more than anything else after that.

To find out more about Capium, visit our website:

Beyond the Basics

Unlocking the Full Potential of Digital Transformation in Accounting Firms

@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.

he digital landscape is changing at unprecedented pace. Alongside the ubiquitous rise in cloud computing, mobile devices, social media, and big data analytics, the recent developments in AI are transforming the whole spectrum of automated accounting capabilities from bookkeeping, to tax preparation, audit support, fraud detection - and everything in between. So it’s perhaps not surprising that the vast majority of accounting firms are already someway along the path to digital transformation.

Nowadays, failure to embrace digitalisation puts firms at a disadvantage, leading to reduced efficiency, lower levels of client and employee satisfaction, and challenges with recruitment and retention of team members. To stay relevant and competitive, a digital strategy is now a business imperative.

Yet the reality for many is that they are barely scratching the surface of what digital has to

offer. As a result, firms are missing out on significant opportunities to dig deeper and dramatically improve the way they operate and support their clients.

The key to unlocking the full potential of transformation, is to understand your firm’s level of digital maturity, and always strive for the next.

So what does a ‘transformed’ firm currently look like, and how can it be achieved?

The digital transformation ‘blueprint’

In digitally innovative accounting firms, you would be pushed to find paper - anywhere. All files, correspondence and notifications are digital. Unnecessary manual data entry is banished, with receipts, invoices and other financial files all automatically fetched and categorised from platforms into accounting software. Records are retrieved, sent, reviewed and signed electronically. Accounting workflows are seamless because backend processes are too: holidays, sick days, flexible-

working arrangements and timetracking are recorded, processed and approved, and workflows are updated instantly for embedded efficiencies.

Meetings increasingly take place virtually. And digitally savvy, often geographically dispersed, fee-earners have become proactive advisors, offering virtual FD services and checking in with clients to advise in realtime. Everyone in the firm has excellent working knowledge of the business software and apps in use, and there is a practicewide desire to embrace the latest technical advances the world has to offer - to ensure the evolving needs of clients and stakeholders are continuously met.

Common transformation pitfalls

If the blueprint is your firm’s goal, but your digitalisation efforts have so far failed to deliver as anticipated, the chances are, it’s a result of one or more of these common pitfalls:

• Not investing in researching and implementing the right-fit digital solutions

What does a ‘digitally transformed’ firm currently look like, and how can it be achieved? Read on as Paul Lodder discusses the transformation blueprint, common pitfalls and key points for success..

• Trying to replicate traditional processes using digital tools

• Too much focus on compliance as the driver

• Perceived (and often actual!) low return on investment

• Poor stakeholder engagement of internal staff, clients, or both

• No time to train staff and/or clients

• Not enough focus on measurement and meaningful KPIs

• Low visibility of digital change and the associated benefits

• Lack of senior accountability

Senior accountability - and bandwidth - is key to driving change

Firms that are serious about optimising their digital strategy are now specifically recruiting for a cloud accounting specialist, cloud champion, tech advisory manager, digital solutions expertor even digital partner.

Crucially, these professionals need to combine accounting knowledge and skills with tried and tested digital improvement strategies. Just as importantly, they need the seniority and/ or influence to drive significant change to be effective and accelerate the realisation of

benefits. They also need the bandwidth.

However, this often requires a shift in perspective regarding the importance of fee-earning.

It could be that this person is 100% non-chargeable, to focus on digital strategy. Although maintaining a small portfolio of clients, helps keep a finger on the pulse of opportunities to improve, and get feedback on new solutions and processes from a user group. Whatever the split of this person’s time, ultimately they need the seniority to affect change, both internally, and externally with clients.

Getting clients onboard

There are numerous advantages for clients who embrace their accountant’s digital know-how. And it pays dividends to invest time in showing clients how digitalisation will result in greater efficiency, accuracy and insights, for their business, leading to better decision-making and financial outcomes.

Beyond education, it’s also worth taking the opportunity to explain how you will help clients achieve the benefits by:

1. Delivering training and support: showing them how to use software and processes saves so much time and heartache in the long-term.

2. Providing incentives: offering additional - or premiumservices to those who use technology.

3. Making it easy: recommending user-friendly software and being on-call to support through the entirety of their adoption process.

4. Leading by example: ensuring everyone in the firm is familiar with software and processes to demonstrate the firm truly believes that the technology is worth investing in.

The power to change everything through automation

Often digitalisation starts with automating the accounting firm’s most time-consuming tasks such as bookkeeping, accounting, invoicing and client communication.

Of course, the opportunity doesn’t end there. As well as automated accounting and pre-accounting software, best-of-breed automation is also available to digitalise every function the firm needs to operate, including: Cont...

• Document management software

• Communication tools

• Time and expense tracking software

• Virtual meeting software

• Finance systems

• IT automation systems

• HR systems

• Sales automation software

• Marketing automation platforms

• Customer service automation systems

The tools that make up the firm’s tech stack will likely change over the course of time. So easy integration between the chosen solutions is vital, and should be a requirement for any new technology deployed by a firm.

Digital maturity = braver decision-making

Sometimes, the strategy deployed does not result in successful/ fast enough digital adoption. The firm then has difficult decisions to make about whether it needs to further change its systems, processes and team training - or direct employees/ clients to an accounting firm that is at an earlier stage of digital transformation. After a certain point on the digital journey, often the only way forward is to make braver decisions and answer the big questions, like, is it time to:

• Make the transformation lead fully non-chargeable to focus their time on digital strategy?

• Only onboard clients if they are prepared to embrace your systems and processes?

• Specialise in a few select

systems or brands?

• Deploy a new talent strategy?

• Update the pricing model to reflect service changes?

• Reposition as a digital business with a digital service offering?

The way in which a firm is able to approach these big decisions depends on its level of digital maturity and whether the partners can trust what their data is telling them about team and client performance at any given time. In most cases, the deeper the digitalisation, the better the insight and the braver the decision-making process.

High-quality, complete and realtime data sets are now achievable for most clients, with very limited manual lifting. Automated data processing and checking are saving practices up to a staggering 40% of the time previously spent manually retrieving, reconciling and reporting on clients’ data. Mistakes are also much easier to detect and correct when data is collected, extracted, processed and reconciled automatically.

This automation all adds up to improved recoverability, as well as ‘more hours in the day’, every day, to dedicate to other things. As a result, firms are now finding they have decisions to make regarding what to do with the time they have back. For example, offer more value to clients, or nurture a healthier and happier team by alleviating stressful deadlines, and/or manage the age-old problem of overwork? With the UK shining a spotlight on mental health and wellbeing in the workplace, increasingly firms

are realising that putting ‘people before (more) profit’ is not only the right thing to do, but also leads to better long-term business outcomes.

As a decision-maker in your firm, you may choose not to reinvest the time saved and the ROI generated from adopting digital solutions, back into the business. You may want to give the time back to your team. Digitalisation does not mean doing more work. Instead, it enables you to accomplish the same tasks in a more efficient, expedient and productive way.

Ultimately, digital transformation never stops as there will always be opportunity to refine automation to get deeper and faster insights, and take it to the next level. The key is not to resist the changes it brings, but embrace them. As my colleague, Tax Expert Paul Aplin OBE puts it:

“We’re on the cusp of a revolution with the advances in generative AI. The speed of change - and its scale - is staggering. Roles are changing, and changing quickly. And the harsh reality is that if people don’t embrace these changes, they risk being out of a job.”

10 - 11 October 2023

Suntec Convention Centre, Singapore

D I G I T A L I N N O V A T I O N

B e i n s p i r e d b y t h e r e g i o n ’ s d i g i t a l f i n a n c e a n d a c c o u n t i n g e x p e r t s a s t h e y s h a r e t h e i r v i e w s o n t h e l a t e s t d i g i t a l s o l u t i o n s a n d t r e n d s . D i s c o v e r h o w i n n o v a t i v e b u s i n e s s e s a n d a c c o u n t i n g f i r m s a r e t a c k l i n g t h e m o s t c o m m o n c h a l l e n g e s w h i l e l e v e r a g i n g t e c h n o l o g y t o c r e a t e o p p o r t u n i t y

S M E F I N A N C E T R A N S F O R M A T I O N

O u r t h e a t r e c u r a t e d s p e c i f i c a l l y f o r a c c o u n t a n t s a n d f i n a n c e l e a d e r s i n A s i a ’ s m a n y t h o u s a n d s o f S M E s D a y 1 c o v e r s h o w t o k i c k s t a r t t h e d i g i t a l i s a t i o n o f y o u r f i n a n c e f u n c t i o n a n d p r o c e s s e s , w h i l e D a y 2 t a k e s i t u p a l e v e l f o r t h o s e w h o a r e f u r t h e r a l o n g i n t h e i r d i g i t a l t r a n s f o r m a t i o n j o u r n e y

G R O W Y O U R B U S I N E S S

D i s c o v e r h o w t h e l a t e s t d i g i t a l i n n o v a t i o n s i n a c c o u n t i n g a n d f i n a n c e c a n e n a b l e y o u t o g r o w y o u r b u s i n e s s o r p r a c t i c e . O n D a y 1 , t h i s t h e a t r e w i l l f o c u s o n c a s h a n d h o w t e c h n o l o g y c a n h e l p t o b o o s t y o u r l i q u i d i t y O n D a y 2 , t h e a g e n d a w i l l c o v e r h o w t e c h n o l o g y i m p a c t s y o u r f i n a n c e s t r a t e g y a n d t e a m m a n a g e m e n t

D I G I T A L P R A C T I C E

T h i s i s o u r t h e a t r e f o r a c c o u n t i n g a n d b o o k k e e p i n g f i r m s T h e s e s s i o n s w i l l c o v e r h o w t o d i g i t a l i s e y o u r f i r m , w i n n e w c l i e n t s a n d a u t o m a t e m a n u a l p r o c e s s e s t o f r e e u p y o u r t i m e t o a d d m o r e v a l u e t o y o u r c l i e n t s D a y 1 w i l l f o c u s o n P r a c t i c e M a n a g e m e n t w h i l e D a y 2 w i l l f o c u s o n B u s i n e s s A d v i s o r y

T H E E N T E R P R I S E C F O

C F O s o f t o d a y a r e e l e v a t i n g t h e i r r o l e s a n d t a k i n g o n a b r o a d e r r a n g e o f r e s p o n s i b i l i t i e s B i g b r a n d s a n d l a r g e c o m p a n i e s r e q u i r e d i g i t a l l y s a v v y f i n a n c e p r o f e s s i o n a l s w h o c a n l e a d w i t h i n s i g h t s a n d g u i d e t h e i r b u s i n e s s e s t h r o u g h t o d a y ’ s v a s t a r r a y o f v o l a t i l i t i e s . I n t h i s t h e a t r e , y o u w i l l h e a r f r o m t h e b e s t i n t h e i n d u s t r y a n d d i s c o v e r h o w t o n a v i g a t e t h e w a y a h e a d i n y o u r o w n o r g a n i s a t i o n

STP and Payroll for Withholding Payer Number (WPN)

ithholding Payer Number (WPN) is allocated to individuals, and some nonindividuals, who do not have an Australian Business Number (ABN) but have withholding obligations under Pay as You Go (PAYG).

WPN’s may also be required by individuals that employ household domestic services, for example, nannies, carers, cleaners, gardeners, or housekeepers.

The National Disability Insurance Scheme (NDIS) enables direct employment of a staff member if you self-manage your NDIS funding. CloudPayroll has seen a growth in participants (or a nominee of the participants) processing their payroll with CloudPayroll as they have a WPN only.

Non-individual WPN holders include:

• Embassies

• International entities

• School canteens

• Sporting clubs

Single Touch Payroll started in July 2018 for employers with 20

or more employees, and July 2019 for employers with 19 or few employees and is mandatory.

Employers with a withholding payer number (WPN) have so far been exempt from reporting Single Touch Payroll (STP) but will be required to start from 1 July 2023.

By choosing CloudPayroll, an easy-to-use cloud-based payroll solution, you can process your pay run and report STP with a WPN as well as:

• Pay your employees via bank. aba file (or alternatively CloudPayroll offer a 2-day direct debit payment method).

• Calculate PAYG and pay direct to ATO each pay run or provide a report to assist with payment each quarter.

• Calculate superannuation and pay automatically to each super fund (optional).

• Provide a Timelog feature for employees to record hours worked for approval to be included in the pay run.

• Leave management.

As part of CloudPayroll’s onboarding and implementation

Joanna Cruickshank, National Sales Manager, CloudPayroll

Joanna has been a small business owner, is a qualified accountant and is passionate in helping people get the best payroll solution for their organisation.

process we manage the setup process. This includes, if applicable, setting up multiple pay rates, for example, evening shift, Saturday or Sunday etc. Training is personalised to ensure a smooth transition from your current payroll solution. You receive ongoing unlimited phone and email support at no additional cost, ensuring you have the peace of mind that you can get prompt assistance if required.

To find out more please contact CloudPayroll on sales@ cloudpayroll.com.au or phone 02 9042 2689

Read more about why CloudPayroll is an ideal easyto-use payroll solution for individuals and some nonindividuals who use a WPN and need to report STP.

Finsit: smarter, simpler reporting for accountants

Now fully compatible with CCH OneClick or Xero bookkeeping software, finsit is our financial reporting and forecasting tool.

A client’s time is a precious resource. The more efficiently and clearly that accountancy practices like yours can display insights in presentations, the better-informed clients will be. Producing slick, smart reports and forecasts is simple with finsit.

Informed with your own customised KPIs, the product delivers a stylish, straightforward 360-view of the business. Finsit also makes it easy to track client engagement, so you have a clear idea of what each client is most focused on.

Make complex information simple with finsit: out-of-the-box business intelligence.

Simple to set up, easy to use

“Five minutes and you are up and running” –that’s what Grant Thornton says about finsit onboarding. We’ll set finsit up complete with your own brand logo and colours, allowing you to really own your financial projections. Our user-friendly interface equips you to create stylish, clear and dynamic financial reports – which your clients can easily understand.

Customise your KPIs

With finsit, you can draw data from five different bookkeeping solutions and analyse it using your own custom-built KPIs. In addition, you can use finsit’s report editor to build customised financial reports for use across all your clients. Finsit represents the next generation of financial reporting and insights software.

Monitor your clients

Finsit tracks how your clients engage with the financial insights you generate – including graphs, charts and other assets. This equips you to create smooth financial reports and forecasts, based on what your clients are most interested in.

Finsit thus provides you with the means to improve client retention and ensure that clients fully understand your work

Scan to find out more about finsit

The Future of Financial Reporting and Forecasting in Modern Accountancy

Wolters Kluwer provides software and services to tax and accounting professionals working in complex, compliance-driven environments. We help our customers make critical decisions every day, by providing expert solutions that combine deep domain knowledge with specialised technology and services.

In the wake of a global pandemic, the importance of financial reporting and forecasting has never been more critical.

s Britain traverses a long and uncertain economic road, amid persistently high inflation and signs of a slowing global economy, businesses need to ensure they have perspective at all times.

The ability to produce a 360-degree view of a business, based on real-time data, is now paramount. Like all businesses, accountancy practices must have a clear view of the threats and opportunities that may impact their clients. This equips them to advise on what decisions can help achieve the best possible outcomes. They also need to produce timely and relevant forecasts in today’s rapidly changing economic landscape

of business variables. Many of the old tools and technologies that practices are still using will not make the cut in this age of uncertainty. And there’s no time like the present to re-evaluate.

At Wolters Kluwer Tax & Accounting UK, we aim to deliver deep impact when it matters most. In this article, we shed light on how practices should expect reporting and forecasting to develop over the short and long term. We’ll also cover some of the game-changing results that may help to win new business, and accelerate practice growth.

Retrieving and reporting on real-time data may be key to navigating a recession

Many practices, including those that are fully digitised, have not moved to using more modern reporting and forecasting tools. This is despite the fact that most firms are aware of the limitations of using spreadsheets as their primary tool for reporting, preparing budgets, and forecasting. The manual data entry and preparation usually associated with spreadsheets is a common complaint.

However, an even more profound concern is that most spreadsheets are not connected to digital bookkeeping systems. Nor are they usually connected to systems that efficiently automate data collection and analysis. The data fed into them is often not timely enough to present a contemporary, and accurate, view of a business. It is also not easily refreshed to reflect realtime changes in any number of economic variables.

Globally, sectors such as insurance, manufacturing and healthcare have been reporting against real-time data for decades. This allows them to get a better view of their customers and produce products faster –and in some cases, to save lives by informing better decisions.

So what’s holding accountancy practices back? It’s not entirely clear. The reality, however, is that accountants need to embrace

Wolters Kluwer Tax & Accounting UK

the commercial and operational value of real-time data. As UK businesses navigate a difficult cost of living crisis, real-time data could be the driving force needed to weather this storm. To get a current 360-degree view of any business, accountants must ensure that reporting is streamlined and data is obtained in real time.

Client Reporting Should Become an Opportunity

If you are using spreadsheets for reporting, a bad-case scenario is that your clients don’t find the results visually compelling. This might let down your brand. A worst-case scenario is that your clients don’t understand the results enough to have a meaningful conversation about them.

We live in a fast-paced, digital, visual world. Beautiful, intuitive user interfaces surround us. Buying consumer goods such as books, gifts and viewing experiences is now guided by

contextual, highly relevant user experiences. These are often personalised to the individual. As Gartner says, user experience (UX) is the sum of the effects caused by a person using a digital solution. UX efforts concentrate on the experience people have when interacting with a specific product or solution.

It’s time to close the user experience gap in accounting. If you are still using time-consuming spreadsheets to display results, your clients will notice the vast difference in user experience between spreadsheets and the technology they use in their own lives. Any opportunity to brand and design your client’s user experience is an opportunity to do better business. Indeed, it might possibly be an opportunity to do more business.

KPIs Should be 100% Customised

Between profitability KPIs, liquidity KPIs, efficiency KPIs, and non-financial KPIs, many

practices may feel submerged in performance indicator measurement. However, traditional KPIs may not cover all the elements important to your individual clients.

When it comes to KPIs, businesses may have to ask themselves some tough questions. Does your KPI technology support the individual needs of any given client? Are your KPIs an accurate measure of success that will help explain progress, and identify trends for clients? Can you connect KPIs to fuel forecasting, so that you can make the best business decisions for an individual set of parameters? Are the KPIs you set for clients inspiring meaningful conversations, or helping to create new business?

KPIs today must be customisable so that advisors can produce a relevant, 360-degree view of any client’s business. This helps to tell a story that is relevant and impactful to them. With the current economic instability and cost of living crisis, efficiency Cont...

KPIs may need to be amended. Profitability KPIs may need to be monitored with a more critical eye. The ability to customise and fine-tune KPIs is more important than ever before.

Forecasting for Better Predictions

It’s time to move from a culture of reactive decision-making to real-time reporting, and business planning informed by forecasting.

Accurate and timely forecasting positions your clients to make better predictions for long-term business growth and expansion. It can help them to understand the direction they are heading in, and what they can do to affect that direction.

Forecasting may also help to remove the fear factor of uncertainty that many businesses are experiencing right now. In uncertain times, a strong financial forecasting function can be a game-changing strategy.

Forecasting may help businesses determine whether they need to quickly pivot their business strategy to change outcomes. It may also help them to test and trial the impact of different business strategies, and alter them based on profitability timelines. Most importantly, it equips businesses to plan for worst-case scenarios with foresight and visibility.

Forecasting, real-time reporting data, and more streamlined visual reporting displays form the future. Coupled with individualised, customisable KPIs, today’s modern practice has every opportunity to provide better service for a more resilient, future-proofed client portfolio, and to gain more clients through these new differentiators.

Get in touch

At Wolters Kluwer, we create value for customers by providing them expert solutions. We offer finsit: a smarter, simpler

reporting and forecasting tool for accountants. We combine deep domain knowledge with advanced technology and services to deliver better outcomes, analytics, and improved productivity for our customers.

Finsit has already been in use in various European countries. We’re delighted to bring it to the UK complete with its brand new forecasting module, plus available integrations with CCH and other bookkeeping solutions.

To find out more about finsit, get in touch.

To find out more email cchsoftware@wolterskluwer. co.uk or visit the Wolters Kluwer website: wolterskluwer.com

Suitable for all business sizes in any industry

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Setup, training and free ongoing support via phone and email

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Enquire now about a free demo and for further information: cloudpayroll.com.au/become-a-partner.

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Is not engaging in the latest tech holding you back?

Is the incorrect or lack of use of technology holding back your business potential?

Amanda Linton, CEO, Institute for Certified Bookkeepers Australia

Amanda was appointed CEO of ICB in November 2017, having previously served as an ICB Director. With extensive experience as a bookkeeper, sole trader and running a multiperson bookkeeping practice, Amanda is also a registered BAS Agent, was a finalist in the Telstra Business Woman of the Year Awards in 2008 and awarded MYOB Partner of the Year in 2012. Amanda continues to represent the Bookkeeping community at various consultative forums, and leads ICB’s leadership team for both the day to day operations of ICB and the continuing operational growth and development of ICB.

W

e frequently talk about the use of technology being the key pin and centre point to anything that bookkeepers and professional advisors provide for small business in 2023, the digital age. Recently I had the privilege of travelling overseas from Australia visiting Chile, Peru, Columbia, Panama and then to spend some time in the United States of America.

As both CEO of ICB Australia, and a very passionate bookkeeper at heart, even a magnificent holiday like this often means that your brain doesn’t completely switch off.

I found it amazing to watch how technology, that we consider mainstream use in Australia, is approached very differently in different countries around the world, and that’s assuming it’ in use at all.

At times I wonder whether we live in a micro bubble here in Australia. The effective use of up to date technology to help us achieve the results that we are

aiming for our clients as advisors, is central to the way in which professional bookkeeping, is conducted here, as in many other parts of the world.

Many of the tools available have been developed in countries other than Australia, including those I mentioned above, yet the adoption and use of these technologies, in a business sense, has been approached and applied somewhat differently.

Given the globalisation of business, globalisation of tech company presence, I was nothing short of astonished at the lack of technology enablement in (mostly) small to medium businesses that I observed and researched. Astonishing, given every second person (in the USA in particular) appeared to have the latest mobile phone, the latest technology on their wrist or on their finger, the latest technology in cars and in homes.

Now let me preface what I’m about to say, by I understand government regulation, red tape, and reporting requirements

of a jurisdiction, often impact technologies we use and how we use them. The journey we take business owners on to increase productivity and efficiencies is often reflective of the environment we operate in.

What I’ve come to realise is Australia’s use of technology in small and medium business is, in many ways, at least decade in front of some other countries across the world, including the USA.

Whilst visiting beautiful state of Texas in the USA, I was fortunate enough to spend several days with a lovely lady who has built a successful career in her own professional bookkeeping practice. Never one to miss an opportunity, I asked if I could interview her about the ways in which bookkeeping and the business environment in the USA is different, or similar, as to what it is in Australia.

Whilst there are a significant number of similarities, and at the end of the day, with application of International Accounting

@ICBaustralia

Standards, the result of which is that core services we provide are almost identical. The way in which we utilise technology (or don’t) to achieve these outcomes, is markedly different.

For those of you that may not be aware, across the USA, each state is responsible for setting the rate of, and collecting, its own sales tax. It also differs state to state as to as to which goods and services attract the tax, if at all. This creates an interesting set of dynamics when you have, for example, a business owner in California, being serviced by a bookkeeper or adviser that’s located in, for example, Texas.

The non-harmonisation of tax rules and tax rates across America, clearly presents a unique set of challenges that we don’t face here in Australia. As a result, many advisors work with SMEs inside their own jurisdiction, or perhaps across only one state border.

The setup and environment of the American banking system, much simplified industrial relations systems, and the lack of regulation over who can call themselves a professional bookkeeper and provide bookkeeping and advisor services, also presents both relief and challenges that again are not seen here in Australia.

In speaking with my newfound Texan friend, whilst she acknowledges that processes are changing and automation advances over the next 5 to 10 years are likely to significantly impact the way in which she works as a bookkeeper, there appeared to be little urgency to incorporate, particularly automation related technologies into her bookkeeping practice.

According to her, there is little appetite from the small business community to make, what for some, is clearly a significant shift in technology use. The uncertainty around how accurate would data generated by automated technologies be or how that data might be used, or seen by regulators, clearly plays a significant role in adoption rates and use. It reminded me of starting my bookkeeping practice all over again in 2005.

What these conversations did do, was to get me thinking about the untapped potential of these small businesses. What would their level of success be if they were to take a more proactive approach on getting the right technologies in place? A continuing conversation with many, including in the Australian business landscape.

The technology exists, so why are small businesses reluctant to invest in these technologies and

how does a good bookkeeper or advisor assist?

The potential benefits of enabling the latest technology are often underestimated by small business owners, or there is a perception that they are too small to benefit from these advanced tools and systems.

When this is coupled with some resistance to, or fear of change, a perceived lack of need, and or nervousness about the complexity and learning curve that will come along with implementing these new systems, it can be a difficult and often stressful conversation encouraging business owners to look at viable options.

It’s important that as advisors we are well versed on the benefits of having these systems in place, so that we can be ready for the conversations help dispel some of the myths and the fears that business owners may have.

Many business owners have a fundamental lack of awareness of what solutions are available to them. A skilled advisor not only helps implement solutions but should be integral in the design of the ecosystems that would be of most benefit to a business.

We can agree that the use of the latest technology provides significant benefits to a business. Cont...

It’s important, however, that all businesses assess their needs and explore how technology can address their pain points, enhance their operations, and stay competitive in today’s digital market. After all, the wrong technology can create just as many problems and pain points as if there is none in place at all.

A quick reminder of some of the many benefits that can be obtained by utilising the latest technology:

• Implementing efficiencies and improving productivity reducing administration time and resources.

• Providing competitive advantages by offering better customer experiences, faster response times or more innovative products and services.

• Attraction of employees, particularly those from younger generations who expect businesses to adopt modern technologies and who value a tech savvy working

environment.

• Improved data management, including tools for data collection, analysis and insights that can drive informed decision making.

• Improved security over our systems, processes and data, by utilising proper security measures to make you less vulnerable to data breaches, hacking attempts and other cyber attacks.

Cloud-based job scheduling and dispatch software that delivers

•Proof of delivery, time stamped and auditable

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•Real-time invoicing

•Template driven software - works the way you do

•Integrates with existing business tools

5,000+ active users

Over 400,000 jobs per month dispatched Customers in 10 countries

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I ask again, is not engaging in the latest technologies holding you and your business back?

To find out more, visit our website: icb.org.au

Asia’s largest technologycentric event for accountants and finance professionals returns

Get ready to transform in 2023

The Accounting & Finance

Show Asia is now in its sixth year and is the go-to event for accountants and finance professionals from SMEs, large enterprises and accounting firms across the region looking to discover and implement the latest digital innovations and technology solutions in their organisations.

The events of recent years have accelerated technology adoption across Asia at an unprecedented rate, with businesses of all sizes and across all industries realising years-worth of digital transformation in a matter of months.

Businesses of all shapes and sizes are now re-evaluating the

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

Laura joined Terrapinn in 2018 and launched the first edition of the Accounting & Finance Show Asia. The show, now in its sixth year, works to drive up the adoption of digital technologies amongst SMEs, enterprises and accounting firms in Asia. Laura and the Terrapinn team are now planning for the 2023 edition, scheduled for 10-11 October 2023.

technologies they have in place and assessing whether they meet their needs both for right now and the years ahead.

The Accounting & Finance

Show Asia brings together the businesses and accounting firms who are actively sourcing and purchasing technology solutions to ensure they can streamline their processes, safeguard their businesses and leverage data in everything from their decision making to employee and client engagement.

We have an engaged community of accounting and finance professionals across Asia, and we will bring thousands of them together in-person on 10-11 October 2023 at Suntec Convention Centre, Singapore to discover the very latest digital innovations.

Whether you’re looking to target SME finance teams, finance functions in large enterprise or professional services firms

The accounting and finance landscape is changing, how do you make sure you’re a part of this growth?

providing accounting and bookkeeping services, or all the above, the Accounting & Finance Show Asia is where you can generate new business.

SME FINANCE LEADERS

In the Asia Pacific region, SMEs comprise 90% of enterprises and employ 50% of the workforce. This is a huge market and cannot be ignored as a business opportunity. At the Accounting & Finance Show Asia you can meet Asia’s CFOs, Finance Directors, Heads of Finance, Finance Managers and Business Owners from micro, small and medium sized businesses in all industries.

ENTERPRISE FINANCE LEADERS

The roles of CFOs in large businesses have been transformed by technology

and will continue to evolve over the years to come. Digital transformation and technological innovation can be the finance leader’s best friend. Reach and engage CFOs, Finance Directors, Heads of Finance, Finance Managers, FP&A Specialists, AR/AP Specialists who are leading large businesses across the region.

ACCOUNTANTS AND BOOKKEEPERS

Accounting firms across Asia have seen their processes, ways of working and the nature of their offerings transform dramatically in recent years. Corporate services firms continue to shift and adapt and are hungry to discover the latest solutions to help them to stay future-ready and grow their client base. Managing Partners, Partners, Directors, Accountants and

Bookkeepers of accounting and bookkeeping firms, professional services firms and corporate services firms will all be present at the event.

With 5 dedicated conference theatres, there’ll definitely be an opportunity for your organisation to showcase thought-leadership and get your brand in front of your target audience:

DIGITAL INNOVATION

Be inspired by the region’s digital finance and accounting experts as they share their views on the latest digital solutions and trends. Discover how innovative businesses and accounting firms are tackling the most common challenges while leveraging technology to create opportunity.

SME FINANCE TRANSFORMATION

Our theatre curated specifically for accountants and finance leaders in Asia’s many thousands of SMEs. Day 1 covers how to kickstart the digitalisation of your finance function and processes, while Day 2 takes it up a level for those who are further along in their digital transformation journey.

GROW YOUR BUSINESS

Discover how the latest digital innovations in accounting and finance can enable you to grow your business or practice. On Day 1, this theatre will focus on cash and how technology can help to boost your liquidity. On Day 2, the agenda will cover how technology impacts your finance strategy and team management.

DIGITAL PRACTICE

This is our theatre for accounting and bookkeeping firms. The sessions will cover how to digitalise your firm, win new clients and automate manual processes to free up your time to add more value to your clients. Day 1 will focus on Practice Management while Day 2 will focus on Business Advisory.

THE ENTERPRISE CFO - NEW!

CFOs of today are elevating their roles and taking on a broader range of responsibilities. Big brands and large companies require digitally savvy finance professionals who can lead with insights and guide their businesses through today’s vast array of volatilities. In this theatre, you will hear from the best in the industry and discover how to

navigate the way ahead in your own organisation.

Prime exhibition booths are selling fast. Get ahead of the competition, book early to secure your ideal position in the conference agenda and at the exhibition hall, contact us now:

Laura Binns, General Manager

laura.binns@terrapinn.com Book a meeting

Perry Zhao, Event Manager perry.zhao@terrapinn.com Book a meeting

FIND

Visit the event website: terrapinn.com/ AFShowAsia2023

and Releases: March 2023 Xero’s Exciting New Features

These updates origitanted from Xero. You can read all of their updates here

Partner Updates

As a leading provider of cloud-based accounting software, Xero continues to impress its users with a steady stream of innovative features and releases. Over the past few months Xero has introduced several exciting updates to enhance the user experience and provide even more functionality. In this article, we’ll delve into the latest advancements from Xero since the 1st March 2023 that have made managing finances and running businesses more efficient and enjoyable.

Xero HQ & Practice Manager

To help provide a single source of client data across their practice products, Xero has made changes to the way you work with clients and client contacts. Practices created after 6 March 2023 have a more unified client experience and the ability to share a single contact across multiple clients.

Xero has also reduced the risk of duplicate client records. When you create a new organisation

outside of Xero HQ, it no longer creates a client record in Xero HQ. When you create the record in Xero HQ, you can choose to add a new client or link an existing Xero organisation to an existing client. You can also now see the bank name and bank feed deprecation date for each client when you export your client list in Xero HQ.

Practice Manager (NZ)

Xero has made numerous updates for New Zealand tax users, including:

Release of 2023 tax forms

All of the 2023 income tax forms are now available for preparation and electronic filing using gateway services (GWS).

We’ve updated the 2023 forms in the following areas:

• Additional residential rental income fields added to all forms

• IR3 – PIE income worksheet added

• IR3N – tax identification number and tax jurisdiction added

Small Business Updates

Journal Reports

A new version of the Journal report is available, which lists the double entry postings made when you add or change a transaction in Xero that impacts your general ledger (Xero website). Use the report to see all journal entries made in your general ledger (chart of accounts).

Learning with Xero

Xero’s education courses, webinars and certifications have been updated. Log in to Xero Central and go to My certifications to view and print your certifications and badges. To see the events you’re registered for and other learning, go to your History.

• IR1261 – Overseas income schedule added to the IR3

• Removal of overpaid provisional tax fields for IR3, IR3N, IR6, IR8 and IR9

Rates and threshold changes

• ACC rate increases to $1.46 per $100

• ACC maximum income increases to $136,544

• ACC maximum payable increases to $1,993.54

• Student loan threshold was $20,280 now $21,268

• Student loan adjusted net income threshold unchanged at $500

• Student loan repayment rate unchanged at 12%

• Maximum family tax credit threshold before tax increases to $38,647

• MFTC abatement rate increases from 25% to 27%

• Family tax rate changes

• First child from $5,876 to $6,642

• Second child from $4,732 to $5,412

• Best start tax credit increases from $3,120 to $3,388

General Ledger Reports

The General Ledger report has become the General Ledger Summary report the General Ledger Detail report, which a record of your business’s financial transactions. It summarises all the revenue and expenses of the business, plus the debts owed and assets owned.

Xero Go App (UK)

The Xero Go app now allows you to select your financial year-end date during the set up process. You can also view the business report to stay on top of your business performance.

Multi-currency Reports

To cater to businesses operating globally, Xero introduced multi-currency invoicing capabilities. Users can create and send invoices in different currencies, allowing for smoother transactions with international clients. The system automatically converts the invoice amounts to the selected currency, simplifying cross-border financial operations and eliminating the need for manual calculations.

If you have multicurrency, you can now run the following reports in another currency: Balance Sheet, Budget Variance report and Profit and Loss report

You can also now view details of foreign currency transactions within the Income by Contact and Expenses by Contact reports.

Report Preferences

You can now set report preferences for all reports and turn on Compact view. These include the accounting basis and whether to show or hide decimals.

Business Snapshot Analytics

You can now view six new financial ratios on the business snapshot dashboard, including current ratio, debt ratio and current liabilities to net worth.

Hubdoc (CA & US)

Hubdoc’s bank statement extraction feature now supports statements from Bank of America.

Analytics Plus (AU)

You can now edit your short-term cash flow projection to include or exclude BAS and PAYG W amounts.

Common Formats & Related Reports

You can access new common formats and related reports on the Aged Receivables Summary, Aged Payables Summary, Receivable Invoice Summary and Payable Invoice Summary. For example, view approved, sent and paid transactions on the Receivable Invoice Summary with just one click.

Xero Accounting for iOS

Xero have upgraded the layout of the Profit and Loss report on the iOS Xero Accounting app. It’s now consistent with the web version of the report.

New to the Xero App Marketplace

New App shout-out

Are you a new Xero-connected App? Let other Xero users know... email alex@ xumagazine.com

ASSIST

Accountant Tools assist.biz

Smart document management & information recognition for bookkeeping automation. Extract data from your invoices, receipts & other business records for quick automated entry into Xero.

BatchPay Payments batchpay.com.au

Pay as many bills as you’d like in a single batch payment! All bills awaiting payment in Xero can be paid in a single batch using BatchPay. BatchPay exports your payment file, emails remittances and produces a summary report. All payments are synced back into Xero.

Beds24 Channel Manager & PMS

Invoicing & Jobs beds24.com

Automate routines and simplify workflows with Bed24’s multiproperty management tools, incuding automatic updates for inventory and prices, a booking engine and secure gues payment collection. From small to midsize hotels, B&Bs, hostels and holiday rentals.

BzTrack Bills & Expenses

bztrack.com

Automatically analyses professional services firms accounting data to track & offset carbon emissions for every project they do. You can then share their efforts with your network.

ClockOn Payroll HR, Time Tracking clockon.com.au

ClockOn’s integration with Xero makes reporting simply. Send all of your journal data accurately to Xero, or roster and collect times in ClockOn and pass the ClockOn generated costings into Xero seamlessly. Simply link your Xero account using an easy one-time setup process to get started.

DataFetcher

CRM

datafetcher.com

The easiest, but most powerful way to import Xero data to Airtable with no code. Connect to hundreds of third-party applications in Airtable and transform your data, customising how it’s pulled into your base.

Finsit

Accounting Tools, Reporting wolterskluwer.com

generation and giving the ability to bulk transfer invoices all at once. Reduce manual data entry and get more accurate data.

IdentityCheck by StackGO Accountant Tools stackgo.io/identitycheck

IdentityCheck helps streamline customer onboarding and meet compliance. Customers upload their government-issued identity document and a selfie via a guided web app. IdentityCheck automatically verifies a match, then records the outcome in a secure vault. IdentityCheck removes friction, saves time, and securely processes and stores identity information.

Nimble by Voltex

Invoicing & Jobs, Time Tracking nimble.voltexelectrical.com.au

Simplify and standardise the complex and boring admin tasks with Nimble by Voltex’s communityinspired app for electricians in Australia. Making life easier for electricians so they can spend more time focusing on their customers.

Online Check Writer Payments

Please note: this is not an exhaustive list of new Apps in the Xero App Marketplace. You can see all Xeroconnected Apps at apps.xero.com

Free invoicing and cashflow management, from handling paymentes to negotiating supplier discounts, making paying bills faster, saving you hours every week. Plus, invoice on-the-go from your phone to get paid even quicker!

CarbonInvoice

Invoicing & Jobs

carboninvoice.com

Your one-stop-shop for all things reporting and forecasting. Turn your Xero data into easy to understand graphs and charters, perform 3 way forecasting on cashflow, balance sheets or P&L, and create branded mamangement reporting for your clients that automatically updates.

HomeBozz

Invoicing & Jobs

assetbozz.com

Easy management of your tenant invoices, automatically syncing all customer contacts in HomeBozz with Xero at the end of each day, simplifying your invoice

onlinecheckwriter.com

Online Check Writer changes the way small and medium businesses process accounts payable and receivable with their effortless, allin-one platform. Pay and get paid by Digital checks, Printable checks, eChecks, ACH, RTP, Wire, Credit Card, and one-click check mailing at low transaction fees.

OysterHR Payroll HR oysterhr.com

A global employment platform for people-centric companies to confidently hire, pay, and retain the

best talent across 180+ countries. Oyster’s deep local guidance and people-first experiences has built a thriving global workforce to help businesses grow with ease.

Payworks Payroll Payments payworks.ca

From Payroll to HR, workforce management is about more than tools. If you’re looking for outstanding, expert service paired with modern technology, you’re in the right place. Payworks gives Xero users a streamlined experience through direct integration with the Xero Online Journal.

PracSuite Invoice & Jobs, Payments pracsuite.com

A practice management system for allied health professionals that offers deeper functionality, powerful workflows & genuine expert su port. Sync your invoices & payments directly with Xero.

Propeller Powered Documents, Invoicing & Jobs propellerpowered.co.uk

A cloud-based Workforce Management Syster for small to medium Contractors, providing digital certification and real time

access to job data, ensuring compliance with regulations. Desiged to eliminate paper, reduce admin time and manage quote to invoice in one, easy to use system.

Propte Accountant Tools propte.com

Export multiple Xero Companies’ data into a single CSV file with one click through Propte’s Xero API integration, directly into Microsoft Excel or Google Sheets. Save time, reduce error and automate. Includes all journals to build any report including GL, BS and PnL.

SageData Reporting Reporting sagedata.net

A business intelligence platform to help automate the export of all your Xero data in as little as 3 mins. Export transactions, invoices, transfers, reports, clients, accounts and more with no coding required.

Senomix Timesheets Reporting, Time Tracking senomix.com

Calculate project billing and employee work progress in seconds with Senomix’s easy project time tracking for small and mid-sized businesses. Import your

project details directly from Xero to start time track- ing right away. Available on Windows, Mac and mobile.

Torii

Bills & Expenses, Reporting toriihq.com

An automated SaaS Management Platform for increasingly distributed and decentralized businesses. Unlike conventional tools, Torii empowers an organization’s entire business to come together.

Wise FX Bills

Bills & Expenses, Payments wise.com

Connect with Wise, the fast and easy international business account, to automatically sync your activity with Xero for over 50 currencies. Effortlessly pay bills, vendors and employees in seconds and choose to reconcile manually or automatically.

Zetpy Ecommerce, Inventory zetpy.com

Automate Xero’s Inventory and Orders Sync with eCommerce Sales Channels like Lazada, Shopee, TikTok Shop, Shopify, WooCommerce and Magento.

Accountex Summit Manchester returns for its fifth year

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 (15-16 May 2023), Accountex Summit Manchester (19 September 2023), Accountex Espana (7-8 November 2023), a wide variety of virtual events and the monthly e-newsletter Accounting Insight News.

heads up north for Summit Manchester on 19 September 2023 at Manchester Central

Accountex

Thousands of attendees are expected to return to Manchester Central on 19 September 2023, as Accountex heads up north.

Over 100 software and service suppliers are set to be exhibiting at the show, including Sage, Xero, Wolters Kluwer, Dext, IRIS,

FreeAgent, RDI Solutions, Bright and Intuit Quickbooks. Visitors will have the opportunity to meet the teams behind the brands, get 1-on-1 demos, find new solutions and learn practical tips.

The CPD

accredited seminar programme, made up of 60+ industry leading speakers will be packed with sessions on everything from Making Tax Digital and Penalty Reform, to cryptocurrency and mental health.

@Accountex

“Great to get up to date, in an ideal venue, with excellent seminars & helpful suppliers”

Across four theatres, visitors will discover the latest insights from the most critical thinkers in the profession.

Katie, a Business Advisor from CHFB shared her experience: “It’s great to not only meet people but to get your brain flowing, because there may have been things that you haven’t thought of and things that your company needs which you didn’t even know existed. So apart from the networking, for us it’s about education and learning.”

Amidst the education programme and exhibitors, there will also be a post-show drinks event for visitors to network and relax after a busy day. After its huge success last year, the photobooth will also be back for the second year, so visitors can get snapped and have a memento of their day.

Last year, Accountex Summit Manchester brought together 2,000+ accountants, finance directors, bookkeepers and more from all over the north of the UK. Accountex are excited to deliver another exciting event, and reunite the profession in the autumn.

Visitors can register their interest for the show taking place at Manchester Central on 19 September 2023: accountex.co.uk/post-reg/

“Apart from the networking, for us it’s about education and learning”

What is mental health?

ental health affects how we think, feel and act. It also affects our everyday life, such as work and relationships. Looking after our social and emotional wellbeing is as important as keeping our body healthy. When we’re feeling emotionally healthy, we can be fully present with our family, friends, and community.

Research shows that good mental health is linked to:

• improved learning

• creativity

• higher levels of productivity

• better social relationships

• good physical health

• increased life expectancy

Mental health is a state of mental well-being that enables people to cope with the stresses of life, realize their abilities, learn well and work well, and contribute to their community. It is an integral component of health and well-being that underpins

our individual and collective abilities to make decisions, build relationships and shape the world we live in.

The mental health continuum

It can be hard to talk about mental health. Maybe your family and friends feel uncomfortable talking about it. Maybe you don’t know where to start or how it relates to you. Beyond Blue have developed the mental health continuum to help you talk about social and emotional wellbeing. It will give you the words to describe how you’re feeling, and to ask how others are feeling. It can also help you decide what steps to take to look after your mental health right now.

Why a mental health continuum?

Our mental health is not a static state. It can change gradually over time. We might start to

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.

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

feel unsettled but move back to feeling healthy in a few days. Or we might move from feeling unsettled to really struggling. This is when we may need to seek professional support. Many of us will experience a mental health crisis in our lives, but we don’t stay in crisis. We’ll move beyond the crisis into a period of healing and then another healthy period when we’ve recovered.

Let’s take a look at each section of the mental health continuum:

1. Healthy

I feel capable and confident in my ability to handle daily pressures. I am thinking clearly and am hopeful about the future. I will maintain my healthy routines and stay connected with loved ones.

Feeling - I can handle things and my feelings.

Thoughts - I have a hopeful outlook and clear thoughts.

Connections - I have positive and engaging relationships.

Routines - My routines are healthy (includes sleep and diet).

Functioning - I am engaged with daily activities and making positive contributions.

When you are healthy you should keep connected, continue your healthy routines and be active and mindful.

2. Unsettled

I haven’t been myself lately. I feel irritable and am having trouble concentrating. I’m not quite sure why I’m feeling the way I am.

Feeling - I am worried or restless. I may be irritable or frustrated. I have mood fluctuations.

Thoughts - I am filled with self-doubt and have difficulty concentrating.

Connections - I have difficulty connecting or engaging with others.

Routines - I am experiencing changes to sleep or diet.

Functioning - I feel unmotivated and have difficulty performing daily activities or tasks.

When you are feeling unsettled you should speak with friends, family or your GP. Practice self-care.

3. Struggling

My mood swings have been more frequent. I feel distressed and a growing sense of hopelessness. I’ve been withdrawing from the things I normally like to do and the people I am close with. I think I might need professional support.

Feeling - I have ongoing high or low moods. I feel I am in

emotional distress. Thoughts - I have feelings of helplessness.

Connections - I am withdrawing from relationships.

Routines - I have a loss of my usual routines. I am engaging in destructive behaviour.

Functioning - I am struggling to complete daily tasks. I am losing enjoyment in activities.

When you are struggling you should speak with friends, family, or GP. Practise self-care. Obtain mental health support or talk to a counsellor.

4. In crisis

I feel worthless and unable to control my negative thoughts. Daily tasks feel impossible. I need professional support immediately.

Feeling - I am feeling worthless. Thoughts - I am unable to control negative thoughts.

Connections - I have been isolating myself.

Routines - I am lacking personal care.

Functioning - I have been unable to complete daily tasks.

When you are in crisis seek support from a GP or another health care professional. Ask someone for immediate support with this if needed.

5. Healing

My moods have been more stable and I’m thinking more clearly. I’m starting to feel like myself again. I’m becoming aware of the therapies that are working for me and I will continue to use them.

Feeling - I am returning to more familiar and more stable moods I

have improved self-belief. Thoughts - I am more confident. My thought are clearer. I find it easier to make decisions.

Connections - I am reconnecting with others and reflecting on these positive relationships. Routines - I am returning to familiar routines. I am taking greater self-care.

Functioning - My motivation is returning. I have re-engaged with daily activities or tasks.

When you are healing, continue to focus on maintaining improvement. Be kind to yourself and keep going if you have small setbacks.

6. Healthy

I feel stronger and more resilient. I have a better understanding of myself and am better equipped to handle stress moving forward. I know what coping strategies work for me, and I will use them alongside practising self-care.

Feeling - I am stronger and more resilient. I feel better equipped to handle things. Thoughts - I have regained a strong sense of self. I can manage negative thoughts.

Connections - I am better at setting boundaries I feel able to support others.

Routines - I have strengthened routines. I have a greater investment in self-care.

Functioning - I have a strong engagement in activities. I have a sense of pride and capability.

When you are healthy you can review/build support network. Practise self-care and create a plan for future challenges.

Updates and new releases from Xero connected apps

New feature shout-out

AutoEntry autoentry.com

AutoEntry’s mobile app has been updated to a major new release! It’s now even more intuitive and easier to use, with better performance and stability, plus improved compatibility with future devices and operating systems.

Bright brightsg.com

Have you met the new kid on the block here at Bright? BrightTax has been developed from BTCSoftware’s core system to make your life easier by handling your clients’ finance and tax obligations. The benefits? A dual-access database, the ability to access client info in-browser, real-time changes, and tag returns with critical iXBRL data. Check out the Bright website to find out more: www.brightsg. com/brighttax

Datamolino datamolino.com

Datamolino has made enhancements to their data capture speed. There is also a new full screen line items view for users that need to drill into line items. The focus on customer support and ease of use remains top priority.

Expense On Demand expenseondemand.com

1. Google Mapping ServicesGoogle Call API Controls

Using this newly added feature

to the Mileage functionality, a Finance Manager can now configure the Google Mapping Services to limit the character input by Claimants searching for an Address / Postcode using the Google Calls.

This makes the process quicker for Claimants searching for Addresses / Postcodes whilst claiming Mileage expenses.

2. Open API

Now by using our Open APIs, customers connecting their external systems to ExpenseOnDemand, can now Add new / Update their existing data & Fetch lists of their Customer/Cost Centres.

3. Xero Integration Enhancement

Our Xero Integration has been simplified with all the setup steps visible to the Finance Manager - making the Accounting Integration more user-friendly.

4. Build Your Own Report

The ‘Google Location’ with ‘Date & Time’ fields for receipts, has been added to the existing list of fields for a Finance Manager to select from, when creating their own custom reports.

5. Receipt - Viewing receipts made easier for Finance Finance Managers can click the new ‘Download Receipt’ button now available on the header of the receipt panel on the WEB.

6. Claimant Analysis of the

Expense List - On Mobile

Claimants can now view and analyse their expenses and the various statuses using the chart view for all expense categories.

HR Partner hrpartner.io

HR Partner has flexible reports so that all of your HR data that can be exported for further analysis. On top of these three priority HR data metrics you should be tracking, you can also run reports on employee data, contact details, leave, expense claims, timesheets, and more! And if you need assistance, we’re here to help.

Wolters Kluwer AU wolterskluwer.com

CCH iFirm Tax (NZ) is now integrated with CCH Business Fitness Workpapers. The integration of CCH Business Fitness IR10 worksheet with CCH iFirm Tax IR10 enables a seamless workflow that can save an average of 2 minutes per return.

Your ultimate EOFY checklist

If you are an Accountant or Bookkeeper looking to get your practice ready this EOFY, look no further! Our team of experts have created a free easy-to-follow checklist, with all you need to confidently engage your clients and grow your practice this EOFY and beyond.

UNLOCK YOUR POSSIBILITIES

POWERFUL INTEGRATED 3-WAY MODELLING

Numbers you can trust

Answer the questions that matter

Engaging reporting made easy

Model complex scenarios in minutes

Be ready for anything

Forecasting Process

Michael Ford, Founder & CEO, Castaway Forecasting

Ford is a lifelong entrepreneur with the battle scars to prove it. After 12 years with KPMG & PwC, he started his first business. Since then, he’s worked with thousands of businesses, built his own businesses, & founded Castaway, the most powerful business forecasting & modelling software on the market. A published author, currently writing his next book, & a keen road cyclist, he rides more than 10,000km per year, training to support Tour de Cure Australia.

ver the years, I’ve written many words on the philosophy of forecasting, what makes a great forecast and why forecasting (done right) is critical to the success of any business. In this article, we’re going to change the cadence a little. I’d like to offer you a simple framework for building great forecasts… clear, practical, hands-on steps you can put into action today. Note that this is a simplified version of the process we use here at Castaway. Reach out to us if you want a more comprehensive explanation.

Before we get into the detail, I’d like you to keep in mind the 3 foundation beliefs of forecasting:

1. We judge a forecast by the quality of the conversations it creates and the conversations that created it, so the process is far more important than any individual forecast

2. Forecasting is not about trying to predict a certain future. The goal instead is to be highly prepared for an uncertain future

3. A forecast should never be just a maths exercise. Great forecasts tell the story of the business, where it is heading and how it intends to get there

With those words in mind, let’s get into the process. Creating a great forecast works through 5 stages:

1. Preparation

2. The story workshop

3. Build the forecast model

4. Analyse and optimise

5. Communicate

The first time through may take some time. We’re investing time in designing the future of the business, something that entrepreneurs don’t do nearly enough of, so the effort is worth it. The good news is the process gets quicker and easier over time as the forecasting ‘muscle’ gets stronger.

Step 1: Preparation

This step is critical to the outcome. Preparation involves getting clear on:

1. The Purpose of the forecast - what we’re building, the audience we’re building for and why we’re building it (the question/s the forecast needs to answer)

2. The Business we’re forecasting - the business model, historic performance and how success is defined

3. The Approach to the forecast - the level of detail, the forecast ‘mood’ (aggressive, realistic, conservative) and

how the outcomes need to be communicated

Step 2: The story workshop

With the preparation done, it’s time to bring the team together. Get advisors, business owners and (ideally) operations personnel together to design the business story that will underpin the forecast. My strongest tip… close the laptop and get away from the keyboard. This is a creative session that works best with whiteboards, sticky notes and coloured markers. Keep the agenda simple and focused.

Start the session by summarising the Purpose of the forecast (what, who & why), followed by a quick walkthrough of financial performance over the last few years. Numbers are the accountant’s super-power, so tell the story as you see it. Pay close attention to signs of distress and success. These will be hot-button topics for the business… helping here is a high-value exercise.

Keep it brief, but touch on the drivers of operating cashflow and the cash conversion ratio (ie profit and working capital), focusing on changes, trends in specific areas, and the overall picture. Look also at key movements in fixed assets,

investments, equity, funding and cash. Your aim is to set the scene for the next part of the workshop.

Now have the owner or manager recap (again briefly) the recent history of the business in their words. We’re aiming to connect the financials with the business activities that drive them… suppliers, products, customers, competition and the industry overall. The areas they’ve focused on, changes that have been introduced, the things that have worked and those that haven’t.

Next, shift the focus to the next 12-24 months. Where do they see the market going, what risks and opportunities do they see ahead, what changes do they want to make, what concerns them.

By this time, the group is primed for the most important part of the session, designing the story of the business. The aim is to get clear on how the team expects the business to perform over the forecast period. We find the story building process works best when approached as a series of layers. One framework we get great results from is:

1. What would happen if we do nothing different in the business (business resilience)

2. What don’t we like about that outcome

3. What changes will we make to change that outcome (operations improvement)

4. What risks and opportunities do we choose to address

5. What changes will we make to manage the risks and work the opportunities (strategic improvement)

This approach builds the story as a set of solutions to a series of problems. This becomes a powerful statement of intent for the business, based on explicit assumptions and clear decisions that address specific issues.

The quality of the inputs at this stage mean the variance analysis meetings in months to come have significant meaning, because they can focus on the

variance between experience and expectation rather than the simple difference between actual and forecast numbers.

Step 3: Build the forecast model

With the story agreed and written down, building a forecast is now an exercise in attaching numbers to the story. As number specialists, we accountants should find this a comfortable task. However, this is also the point where many people miss the opportunity to turn a good forecast into a great forecast model, something that creates real value for an extended time. What’s the difference between good and great? Here are a few ideas:

1. Build operations drivers into the model as much as possible (units, transactions, headcount, capacity utilisation or whatever else counts in your situation)

2. Build real life business dynamics into the model, connecting different lines with % or unit-based relationships

3. Anticipate the questions that people will ask of the model and add functions that make it easy to both do the analysis and see the impact of changes

The more dynamic your model, and the better it reflects the underlying business model, the more useful it will be.

Step 4: Analyse and optimise

With the forecast in place (and ideally built as a business model), the next stage is to sanity check the numbers. Don’t spend too long on this task, but make sure the time you spend is effective.

In this stage, you’re assessing the forecast as a whole, the Profit & Loss, Balance Sheet and Cashflow outcomes, the KPIs and metrics and the overall business direction. Do the numbers make sense? Do they accurately reflect the story that underpins them? Do they reveal any logic holes? As you analyse, you should also be looking for areas that can be further improved, or which

deserve more management attention.

By the end of this stage you have a robust forecasting model, designed to reflect the key dynamics of the business model and to tell the underlying story of the business.

Step 5: Communicate

If we accept that the higher aim of a forecast is to both reflect and motivate business change and improvement, then we also accept that communication is critical. How we tell the story is even more important than the specific numbers we have to report. Educated listeners are well aware the forecast will be wrong. What they want to know is the bigger picture behind the numbers –the assumptions, the decisions, the initiatives, the imperatives and the timelines. The story told around this framework is entirely more compelling than rows and columns of numbers.

Visual communication can be a highly effective aid here. I say ‘can be’ because there’s an art to communicating effectively using graphs and dashboards and images. A bunch of graphs chosen because they look good and slapped on a page is not effective visual communication. Good dashboards take time and thought to design for maximum communicative impact.

Summary

There’s a lot more to forecasting than meets the eye. Done well, the forecasting process is the foundation that develops the business story, drives the business plan, guides business improvement and underpins a forward-looking, strategically aware business culture. Done poorly, you have numbers on a page.

Learn more on our website: castawayforecasting.com

Xero’s FY 2023 Financial Results

Xero has announced their full year financial and operating results to 31 March 2023 (FY23). You can read their statement here, which originated on the Xero blog on 18/05/23.

aving started my journey as Xero’s CEO in February this year, I’m pleased to share our strong FY23 operating results, and I’m deeply excited about our opportunity to help power the global small business economy.

Our results demonstrate Xero’s resilience in a complex macroeconomic environment, our valuable customer proposition, our increasing efficiency, and commitment to even more disciplined, customer-focused growth.

We grew FY23 operating revenue by 28% (25% in constant currency (CC)) to $1.4 billion, which contributed to a 45% increase in adjusted EBITDA compared to FY22 to $301.7 million. This drove a significant increase in free cash flow to $102.3 million, reflecting a free cash flow margin of 7.3% compared to 0.2% in FY22.

We also incurred non-cash impairments and associated costs, and restructuring charges during the year. This led to EBITDA decreasing 26% compared to FY22 to $158.4 million. This included a $77.9 million impairment to Planday (mainly reflecting a reduction in market valuation multiples along with operational performance), $48.5 million of impairments and other costs related to Waddle, $34.7 million in restructuring costs, and non-cash accounting revaluation gains of $17.9 million.

Total lifetime value grew 23% (21% in CC) to $13.4 billion. This was driven by double digit subscriber growth across all regions – as average monthly churn (0.90%) remained low and ARPU improved 10% (8% in

CC). This underscores the trust customers place in Xero to help them manage their businesses.

Financial results

Performance highlights FY23 (All figures are in NZD and comparisons are made against FY22)

• Operating revenue increased 28% to $1,399.9 million

• Total subscribers increased by 470,000 to 3.74 million

• Annualised monthly recurring revenue (AMRR) grew 26% to $1,553.8 million

• Total subscriber lifetime value grew $2.5 billion to $13.4 billion

• Gross margin percentage remained flat at 87.3%

• Adjusted EBITDA increased $93.0 million to $301.7 million

• Operating income grew 61% to $57.3 million

• Net loss grew $104.4 million to $113.5 million

• Free cash flow was $102.3 million, up $100.2 million

• Total available liquidity $1.1 billion, cash on hand, shortterm deposits and undrawn committed debt facilities

Our strong underlying operating result is underpinned by continued revenue momentum from both subscriber and ARPU growth. We’re pleased to deliver these results – supported by our program to improve operational efficiency and effectiveness. This gives us greater ability to deliver better value for all stakeholders and take advantage of the significant opportunity ahead.

We remain focused on delivering ongoing value for customers through our product and technology efforts, while continuing to invest in our multi-year platform modernisation strategy to unlock

long term efficiency, scalability, productivity and speed to market improvements.

Our next chapter

We’re pleased with Xero’s FY23 performance and we continue to execute well. We enter FY24 with strong momentum, but there is much more to do.

We’re positive about the multiple levers Xero has to deliver growth – including driving further adoption of cloud accounting and deepening customer engagement – as we strive to deliver the world’s most insightful and trusted small business platform. We are committed to building on the strong momentum that you can see in our FY23 results, and pursuing our aspiration to build a higher performing global SaaS company.

I’m excited about the opportunity to help drive Xero’s next chapter of growth.

I’d like to extend my sincere thanks to our Xero team, our customers, partners, shareholders, and everyone who supports Xero.

Best,

Sukhinder Singh Cassidy CEO

You can find Xero’s FY23 results materials on our Investor Centre:

xero.com/about/investors

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