XU Magazine - Issue 40 - Preview Release

Welcome to Issue 40...

magazine Issue 40

independent news source for users of accounting apps & their

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CEO:

David Hassall (Co-Founder)

Managing Editor: Wesley Cornell (Co-Founder)

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Creative Assistant: Aidan McGrath

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

8 COVER STORY Advancetrack The Human Touch

12 Avalara Automating tax management can drive efficiency and minimize risks for global businesses

16 Ignition 7 strategic steps to run a smart, profitable, and efficient accounting firm

20 CASE STUDY WorkflowMax by BlueRock Getting to the heart of things: Atria Designs levels up with WorkflowMax by BlueRock

26 CASE STUDY Fishbowl Fishbowl Helps Moto Armor Improve Operational Efficiency and Achieve YOY Growth

28 INTERVIEW Plooto Exclusive interview with Plooto Director of Customer Success Ryan Rego

We have been working closely with the CPD Certification Service to have our articles CPD Certified. As you are reading through the magazine any article that shows the CPD Certified logo has been approved to count towards your CPD points. We are really excited to have been able to secure this for our readers as it means all approved articles can now be used towards your CPD points and building up your CPD register.

Three client problems I solved so you don’t have to

The Human Touch

@Advancetrack

Kevin Reed

Kevin Reed is one of the UK's most senior accounting and finance journalists. He has written for, edited or managed various business and finance titles for VNU, Incisive Media, and Contentive since 2000 - and is now a freelance journalist and consultant. He is currently editor of Financial Accountant magazine.

Can accountancy practices get to grips with automation, AI, a scarcity of accountants... and evolving their skills mix?

Accounting talent: an increasingly scarce resource

The Accounting Talent Index, a new global research study from Advancetrack, reveals almost half of firms are being ‘significantly’ affected by an ‘existential’ crisis

As practice leaders look to create a sustainable and profitable future, their talent resource strategy will need to be laserfocused.

The first-ever Accounting Talent Index, conducted and produced by Advancetrack, lays bare that firms across the globe are stricken by skills shortages.

The index reveals that of 280 senior practitioners interviewed, 74% said their firm is ‘significantly’ or ‘severely’ affected by a lack of skills.

The 28-page report finds reasons for this ranged from more

competition for talent from commerce firms to fewer people attending and graduating from university, as well as the effects of the Covid pandemic and an ageing workforce.

Vipul Sheth, MD of Advancetrack, said:

“Our Accounting Talent Index, released today, shows how the acute lack of accountants has emerged as a critical bottleneck, and its impact has been nothing short of severe, impacting businesses, institutions and economies on a global scale. While the solutions are not exhaustive, or all yet identified, significant strides can be made by investing in the development of accounting talent, rethinking recruitment approaches, and promoting the essential role of accountants in supporting economic stability.”

Gain valuable industry insights, strategic recommendations and stay ahead of trends by downloading the Advancetrack Accounting Talent Index for free.

Getting to grips with resources management

Kevin Reed picks out talent and resource as critical areas for the future of both accountants and the practices in which they work.

When you’ve attended accountancy events (particularly tech-focused ones) over the course of 21 years, it can be difficult to spot trends at the next gig on the list.

Many of the ‘new tech trends in town’ have been driven by some form of regulatory change; from Lord Carter’s ‘digitisation of tax’ plans in the mid-noughties that have led us to Making Tax Digital (MTD), through to pensions auto-enrolment and its impact on payroll services.

There are also technological leaps that translate from the consumer into B2B; such as 3G and smart mobiles (aka the iPhone), which drove the creation of a gazillion apps.

However, looking at events over most two/three-year periods, one can be forgiven for thinking:

what’s changed?

Generative AI has been a part of public discourse for the last couple of years, while AI in the context of ‘robotics’ and automation has formed a central part of accountancy tech events since pre-pandemic.

All on show

I have a very unscientific way of gauging trends from the major accounting tech shows: look at the vendor list and try to gauge which ones are new or more prevalent. I might even just ask someone else who’s done the groundwork (journalists will cut to the quick wherever possible, particularly if it saves them legwork).

And, at Accountex 2024, it felt like there was a step change. Dozens of vendors offering a range of outsourcing and offshoring options. Of course, after a stellar few years, Advancetrack was literally front and centre.

It isn’t really for me to question the quality or capabilities of the vendors on show. But it seems that the market for outsourcing

and offshoring is growing – and finally out of the shadows. Outsourcing and offshoring aren’t ‘new’ – for example, Advancetrack is now in its 21st year – but it feels like there is a broader acceptance that both models are now a viable and valuable option in a resourcing manager’s armoury.

The Accounting Talent Index

And what has driven that acceptance? Well, it’s complicated. However, the launch of Advancetrack’s Accounting Talent Index, at its gbX conference, provides some pointers.

The Index highlighted that the number of people taking accountancy qualifications is (generally) falling; that accounting salaries for younger staffers is uncompetitive, and other professions are becoming more attractive.

What does it all mean?

There’s no doubt the pressures are, as Advancetrack’s new APAC general manager Craig McKell described it at gbX, a multiheaded “Hydra” of problems, including:

• You’re struggling to recruit;

• Fewer people are studying accountancy;

• Some of those you have may need to ‘re-skill’ in a world of AI and analysis;

• New recruits and existing staff salaries are rising; and

• Clients want more from you, but in a fragile economy where some are struggling.

It is no wonder then, that when resources are constrained and expensive, outsourcing and offshoring have come to the fore.

Ironically, those who outsource and offshore are also under similar resourcing pressures (though Advancetrack may well argue that their access to accounting talent is currently plentiful). However, AI and automation are also potential

answers to the resources question and a threat to the outsourcing model.

Threat vs opportunity

There are many that are petrified about this existential threat to the accountancy profession. As a journalist covering the profession for nearly 25 years, and easy for me to say, but I have to admit that I am more excited than concerned.

The accountant in practice has evolved into the ‘adviser of choice’ for businesses and individuals. Broadly speaking this has become even more intense postpandemic.

Technological developments have eroded, and continuing

to erode, some of the numbercrunching work undertaken by the profession. Ultimately, I think we will need fewer qualified accountants – at least in their current guise – than we have in the past.

However, the world continues to become more complex, and areas such as tax, accounting and audit follow suit. We are always going to need experts in these fields. But for practices to be sustainable, they will need to be laserfocused on data management and verification, while becoming better at communicating more frequently – and in a more valuable – way to their clients.

Whether it’s outsourcing, offshoring, AI or automation, there are various solutions to

the current talent and resourcing issues that accountancy faces. But the successful and sustainable practices of the future will be the ones that truly get a handle on talent, skills, and roles – in other words, good old-fashioned humans.

Kevin Reed is a freelance journalist and editor. His views may not represent those of Advancetrack.

STOP PRESS: Advancetrack launches Podsourcing® service

Advancetrack continues to evolve its offering! Podsourcing® combines the best of both offshoring and outsourcing. Find out more on the Advancetrack website, or read about Podsourcing® in the next issue of XU.

Automating tax management can drive efficiency and minimize risks for global businesses

ith the OECD’s Business Confidence Index (BCI) dropping to below pre-COVID levels before the start of this year, the outlook for businesses across various industries has been driven by the possibility of recession, rising inflation, and volatile consumer confidence, among other economic factors. As a result, businesses across the globe have shifted their focus to meeting efficiency goals, rather than putting a bullseye on unrestrained growth.

A goal around efficiency includes many of the same practices businesses have been leveraging for years, now coupled with the benefits of digital modernization.

To meet new goals around efficiency, businesses are leveraging technology that automates operations and processes; many on the backend. To cut down on added costs, time, and resources spent on low value business requirements, businesses have turned to areas like tax compliance as a part of their operations where they could be more efficient.

Tax compliance is an area especially ripe for automation within global businesses because easy-to-use automation solutions drive both time and cost reduction, protects businesses from harsh fines and penalties from audits, and creates a better overall customer experience. This

Luke Yamnitz

Luke heads up the "Strategic Verticals" partnerships team at Avalara, a leading provider of tax compliance automation software for businesses of all sizes. The team of Strategic Partner Managers lead Avalara’s top Fintech, Point-of-Sale, and Private Equity & Venture Capital partners, in addition to the "FastTrack-Build" accelerator for emerging technology partners.

is especially true for small and midsize businesses, which have fewer resources at their disposal.

According to research from Avalara, small and midsize businesses spend a combined 163 hours and more than $17,000 per month on manual sales tax management. That’s 163 hours that tax professionals could spend on numerous other and more important tasks to support their business’s bottom line. After all, an hour spent on tax management is an hour lost on other parts of the business, which can lead to growth.

The cost of manual tax compliance goes beyond time and money. Like many human-centric tasks, manual tax management is an errorprone process. Using outdated methods, like spreadsheets, makes it increasingly difficult for tax professionals to keep up with constantly changing tax rates and rules. The uncertainty surrounding manually managed tax rates and rules that are used to make tax determinations for a business creates unnecessary risk.

Tax can also serve as a barrier to business growth and expansion. Entering new markets and adding sales channels, employees, products, and/or services can trigger new tax obligations to

register and file in more locations. When businesses are looking for areas to cut costs and resources, and drive overall efficiency, tax compliance can quickly become the poster child for automation because of the low value that managing it provides to a business. Adding in the risk of getting tax wrong and the impact it can have on a business, the decision to automate makes even greater sense.

Automation not only allows businesses to reduce the time and money currently spent on manually managing processes that can be handled more quickly and accurately with technology, but it also reduces barriers to growth and enhances the value of existing technology and systems.

Automation decreases the tax complexity that often comes with business growth. The effort required to remain compliant in a few states is vastly different when you do business in most of the USA. Selling into more countries adds a whole new level of complexity. With automation, it’s easier to scale.

The rise in the adoption of automation signals that more businesses are realizing that tax is simply too complex to manage on their own. However, it’s still important for businesses to understand that not all technology is created equal. For example, if a business is using a solution that only handles tax calculation, they still have an obligation to manage the rest of the compliance lifecycle.

Avalara and Xero have a wellestablished strategic partnership, which brings sales tax workflows and easier management to the Xero platform. Working together, the sales tax compliance capabilities help small businesses, accountants, and bookkeepers simplify sales tax obligations for small businesses, with more reliable sales tax calculations on invoices, more flexible sales tax reporting, and filing via Avalara.

Xero also recently launched its auto sales tax capability, which was developed in partnership with Avalara. The embedded solution brings advanced sales tax workflows and management

directly into the Xero platform, enabling advisors and business owners to automate sales tax calculations, reporting and filing.

This auto sales tax capability is best suited for companies who invoice for their goods and services in Xero, operate across multiple jurisdictions, and have a mix of taxable, non-taxable and exempt goods.

Avalara's expansive tax content database and sales tax calculation engine, coupled with Xero's invoice and reporting capabilities, make it easy for both small business customers and their advisors to benefit from a seamless delivery of tax determinations and calculations on every transaction.

Learn more about Avalara + Xero at: avlr.co/xero

7 strategic steps to run a smart, profitable, and efficient accounting firm

@mckanas

Matt Kanas, Managing Director, Americas, Ignition

Matt Kanas is a seasoned professional who serves as the Managing Director, Americas at Ignition. With a proven track record of driving growth and innovation, Matt has earned a distinguished reputation within the technology industry. He brings over 18 years of experience in the accounting software industry, including working for leading companies such as Intuit.

If inefficient processes are holding your firm back from maximising revenue and profitability, it’s time to consider a smarter way to run your business.

Here are seven proven steps for fast-tracking your revenue, cash flow, and efficiency.

1. Clearly define your services, pricing, and packaging

Many firms are using outdated ways to price and package services. Yet strategic pricing and packaging can significantly enhance your firm’s profitability and operational efficiency. Effective pricing strategies

start by clearly defining and breaking down your services into detailed components. Once you’ve identified the services you’re offering, only then can you determine the value and put a price on each of those services.

This is where a three-option pricing system comes in, enabling your business to offer predefined service packages to clients. Clients understand exactly what they’re getting, when, and for how much, which improves communication

and sets clear expectations.

Using a platform such as Ignition allows you to easily build your service library and create predefined service packages using proposal options

2. Re-evaluate your billing model

Holding on to traditional billing models is another common culprit that can hinder efficiency and profitability for service-based businesses. Billing by the hour, manually tracking billable hours, billing after you’ve completed the work, chasing clients for payments – these are all entrenched habits that drain your resources and your profits.

Updating old billing models is key to managing your firm’s revenue. This includes rethinking how you bill and get paid – for example, shifting from billing upon completion to billing upfront or taking a deposit before the work begins.

When re-evaluating your billing practices, it’s important to have a billing and payments solution that can help you successfully navigate this transition. Ignition’s flexible billing options mean you can bill

hourly or use fixed fees, apply one-off or recurring fees, take upfront payments or deposits, and more.

3. Shift to upfront client payments

It’s no surprise that many firms suffer from cash flow issues if they’re stuck using outdated billing practices.

Even if your business isn’t ready to make the leap from hourly to fixed-fee billing, you can still implement billing processes that will guarantee you’ll get paid. Just like when signing up for a gym membership, firms can collect payment details upfront when clients sign a proposal using a tool such as Ignition. This puts you, rather than your clients, in control of the payment process and allows you to collect the payment automatically when the invoice is due. You can then transition to upfront payments, before the work even begins.

4. Transition to recurring revenue

If your business is stuck on a roller-coaster revenue recycle, it may be time to transition to recurring revenue or diversify your revenue streams to protect your cash flow year-round. For Marcus Dillon, CPA and President of Dillon Business Advisors (DBA), transitioning from a traditional accounting practice to offering more comprehensive client advisory services (CAS) has led to increased revenue. DBA now offers Essential, Premier, and

spend time on the phone giving advice you probably should be charging for. Ultimately, it all adds up and means you and your staff are working, at least in part, for free.

Effective pricing strategies start by clearly defining and breaking down your services into detailed components.

Elite core packages for CAS.

5. Engage clients with a clear scope of work

One of the fastest ways for firms to lose out on revenue and profits is by not having a clearly defined scope of work when engaging clients. You’re not only missing out on an opportunity to communicate your firm’s true value, but also introducing ambiguity to the client relationship. Clients don’t know exactly what they’re paying for, and your staff members are unclear on the services they should be delivering – exposing your business to scope creep.

When sending clients your proposal or engagement letter, it’s vital to include the scope, frequency, and pricing for the services you’re offering, alongside your payment terms, so everyone is on the same page.

Luckily, Ignition enables you to templatise proposals and engagement letters, meaning it takes only minutes to create proposals that provide clients with complete clarity on the scope of services.

6. Get paid when the scope changes

Even if your business is diligent in engaging clients with a clear scope of work, chances are that you’re not charging them for all the ad hoc services you’re providing. It’s all too easy to assist clients with a ‘quick favour’ or

The solution? Refer back to your original signed agreement to remind clients what is or isn’t in scope, and charge them for additional services appropriately.

Thankfully, Ignition makes it easy to bill for any ad hoc or out-ofscope work using the instant bill feature

7. Automate time-consuming processes

Once your firm has redefined its approach to pricing and packaging, engaging clients, billing, and payment collection, it’s time to tackle the biggest challenge holding many firms back – administrative burden. Automating manual client engagement, billing, and payment processes is the key to scaling your business, and your revenue, more efficiently.

Taking stock of your current processes is the first step to helping you identify the biggest efficiency gains for your business. You can then implement platforms, such as Ignition, to help automate the way you run your business and unlock more revenue.

FIND OUT MORE...

Discover how Ignition can transform your firm.

Try for free

Getting to the heart of things: Atria Designs levels up with WorkflowMax by BlueRock

Ryan Kagan, Head of Growth and Partnerships, WorkflowMax by BlueRock

With 20+ years' experience scaling businesses through digital solutions, Ryan Kagan, Head of Growth and Partnerships at WorkflowMax by BlueRock, is a seasoned leader in account management, product, partnerships, and business growth. Formerly a Director at BlueRock Digital, he propelled the startup to success. Prior roles at Deloitte Digital involved driving digital enablement and transformation through strategic advisory. Now, Ryan strives to build a thriving platform community where all prosper.

Migrating software systems can be tough. Reinventing your business operations is even tougher. But with the right software, and the right consultants, you can get it right the first time.

Alot of midsize businesses have the same problem: it’s hard to see past what you’re used to. And this is the case even for firms, like Atria Design, who specialise in fresh visions and off-the-wall solutions.

Samuel Kassis, Founder & CEO, Atria

Atria Designs are a passionate, innovative, multi-award-winning business who design for some of Australia’s best builders and developers. But like many businesses that grow rapidly from small beginnings, Atria hit some speed bumps.

Founder & CEO Samuel Kassis started Atria nearly 10 years ago, and over time Samuel had grown well aware of many of the issues they faced. The aftermath of the Covid pandemic was the perfect time to explore new directions, after Atria had a “bit of a staff shift.” With a mix of new and old hands aboard, Samuel was ready to take the time to find out what would really work for the business.

To do this, he turned to James Hickey, of JHC Consulting Group.

Designing a relationship

Samuel had two main goals for Atria Designs’ engagement with JHC Consulting: he wanted better business data, and more actionable reporting. In the building and design service space, this is more easily said than done. Materials become unavailable or more expensive, builders have to juggle their own commitments and clients, and then there’s always the weather. A certain amount of flexibility has to be built into a building design firm’s business practices, and this can make time-tracking and reporting difficult to nail. But it has to be done, or a lot of money can slip through the cracks. JHC’s approach was making sure that the right people were using the right processes – and that Atria had the right software to power them. That’s why he suggested they use WorkflowMax by BlueRock.

“The new WorkflowMax by BlueRock shows significant promise,”

James says. “The improvements in the tech stack and integration capabilities have been particularly impressive. The ability to link with platforms like Power BI enhances the reporting and analytics functionalities, which is a big step forward for users. What’s more, BlueRock has improved WorkflowMax by enhancing its integration capabilities, providing more robust reporting options, and streamlining the user interface. These improvements make it easier for businesses to manage their workflows and access critical data in real time, which aids in better decision-making and efficiency.”

People, strategy, systems, software – in that order.

Migrating software isn’t always as easy as it should be. Problems often arise less from the actual migration process than from ingesting out-of-date or just plain wrong data. For the migration to work well, these errors need correcting – but at the same time, useful historical data needs to be preserved. For Samuel and Atria Designs, this was very much the case – but the situation was

This article is

complicated by the fact that the Xero edition of WorkflowMax had been set up wrong. “I’ve had consultants in the past that came alongside WorkflowMax, who didn’t understand our business and what we were trying to achieve –or even how we actually bill and invoice,” Samuel explains.

Luckily, JHC understands that every business is different, and they took the time to properly research and reinvent Atria’s business processes before encoding them in software. Their empathetic, people-and-systems-first approach not only worked – it paid instant dividends. JHC’s strength is in data management and presentation, and after understanding the people, systems and processes, data can be ingested, cleaned, and put to work.

our head against the wall,” Samuel says.

“It all makes sense. It all works smoothly.”

“WorkflowMax is a costeffective, all-in-one job management software that can transform your business operations” -

James Hickey, Founder, JHC Consulting

The results have been huge for the team at Atria Design. They now have clean, clear data with which to make business decisions. They’re getting precise measurements of time, jobs, and finances.

balance sheet. “The team is now really well-equipped to use the new systems effectively, and the ROI for Atria is substantial.”

“One of the benefits of having James on board through the migration from the old WorkflowMax by Xero to the new WorkflowMax by BlueRock is that he really understands data,” Samuel says. “James discovered we weren’t really using the old WorkflowMax to its full capability, but he was able to say ‘this is the best program for you guys, because we can see all the benefits of where it’s going to go.’ So we kept with it, and had him help us through the transition process, which was really beneficial."

Samuel and James agree: this careful approach meant that the pain of migration was minimised, and benefits were realised sooner than they’d otherwise have been.

“Overall, the integration project with Atria went quite smoothly,” James says. “We successfully migrated data from WorkflowMax (WFM) by Xero, to new WorkflowMax with integrated Power BI for advanced reporting, and streamlined several operational processes.”

“If we didn't have James, I could tell you now, we would be bashing

“They can now access comprehensive data insights through Power BI, which was not possible before,” James says. With new WorkflowMax, they have a unified workflow for managing quotes and invoices, linked with their sales processes, and they can generate real-time reports for better decision-making. The team, he says, will see significant time savings across job management and project delivery timelines, thanks to the streamlined workflows and automated processes.

There will be quantifiable savings where it’s most visible, James adds – the bottom line of the

“Financially, they can expect increased revenue from improved strategic decision making, while cost savings will come from optimised operations, as well as reduced need for additional software solutions,” James says. “They’ve quantifiably reduced the time spent on job management tasks, improved project delivery timelines, and they’re increasing sales and revenue from having better strategic alignment across the business."

Meanwhile, Samuel says that with WorkflowMax by BlueRock fully implemented in the business, it’s finally approaching its full potential.

“The thing I do love about WorkflowMax is the sync with Xero,” James says. “For the job financial management side of things, sending your invoices through to Xero, it all makes sense. It all works smoothly.” Cont...

James Hickey, Founder, JHC Consulting

Atria's striking designs are easier to get out the door, thanks to WorkflowMax and JHC Consulting

“WorkflowMax helps you manage your projects efficiently and make data-driven decisions to drive growth” - James Hickey, Founder, JHC Consulting

If they didn’t have WorkflowMax, it’d be a different story, he notes. There’d be a huge amount of manual workarounds for job and performance tracking. “It’s great for our team to track their time, and input time data straightaway. For job tracking, it’s really great."

For both Samuel and JHC, a big positive of the migration from old WorkflowMax to WorkflowMax by BlueRock is that the user interface has, at long last, been polished to a bright shine.

“Migrating across to the BlueRock WFM has been a bit of a shift because things look a little bit different, but it’s a lot more user-friendly. It’s a lot prettier, let’s be honest. It looks really nice and efficient, and you can tell they’ve put a lot of effort into making it cleaner and better.”

Designs and JHC Consulting to down tools – but it’s not. In fact, it’s just the start.

Atria’s staff are thrilled with the change in operations: not only are they more efficient, but they’re happier in their jobs. The investment has paid off in spades. “After what I’ve been able to do now, I wish I’d engaged someone like James sooner. Being able to really understand your business, your output, and being able to track data well, I wish I’d had those tools earlier,” Samuel says. “I can tell you now, there would have been a lot less heartache with both staff members and clients.”

essential for staying competitive,” James adds. “WorkflowMax is a cost-effective, all-in-one job management software that can transform your business operations.”

You and your clients could win by using Atria’s software stack too

• WorkflowMax – WorkflowMax by BlueRock job management. Boost your productivity, profitability and performance. Do it all from anywhere –quotes, jobs, scheduling, time tracking, invoicing, reporting, and more.

“WorkflowMax is fantastic for our team to track their time, and input time data straightaway.” - Samuel Kassis, Founder & CEO, Atria Designs

Transform your business operations with WorkflowMax – and the right consultant

With the move to the new WorkflowMax complete, and the first phase of workflow and process transformation concluded, you’d be forgiven for thinking it was time for Atria

For his part, James and the team at JHC say they’re very happy with how the project went with Atria, and they’ll continue to recommend the new WorkflowMax to clients. WorkflowMax, James says, can help businesses like Atria by providing a comprehensive solution for job management, time tracking, and reporting. It streamlines operations, enhances data visibility, and integrates seamlessly with other tools like Xero and Power BI, leading to improved efficiency and better strategic decisions.

“And from meeting the WorkflowMax by BlueRock leaders, I can see a major commitment to continuous improvement, which is

• Xero – Xero is accounting software for thriving businesses. Xero’s online tools have all the financial insights to make better decisions and simplify business admin.

• Microsoft Power BI – Visualise any data and integrate the visuals into the apps you use every day with Power BI, a unified platform for self-service and business intelligence.

• Wordpress – One of the most popular, powerful, and customisable CMS systems in the world

• Response Database Integrations – Specialises in innovative data solutions to drive business performance, growth, and efficiency.

• Microsoft 365 – Atria Designs uses a market-leading Microsoft suite, including Microsoft Teams (for sharing PowerBI), Outlook Templates and SharePoint

A great design is everything, whether it's for a kitchen or a business

All your accounting workspace needs, one unified platform.

SuiteFiles combines document management, secure client communication, digital signing, and world-class integrations into one seamless experience.

Spend more time doing what you love, and watch your business thrive.

1. Better processes across the business, happier and more productive staff, and more proactive leadership

2. Correctly-implemented modern software stack that helps keep the business on track rather than hindering it

3. Accurate timekeeping and workflow management with WorkflowMax, and powerful, accurate reporting with Microsoft Power BI

Want to become a WorkflowMax partner?

From full implementation partners, to certified business advisors and ecosystem partners

– we encourage you to join our community.

FIND OUT MORE... Results

Find out more about the new WorkflowMax by BlueRock partner program at :

workflowmax2.com/ become-a-partner

Coachbar + WorkflowMax

Coachbar is proud to work with WorkflowMax as a foundational customer of ChannelBoost, our flagship software that helps software providers grow their partner channels. ChannelBoost offers everything you need to increase your ROI from indirect sales channels: increased engagement, efficient channel management, and a unique, integrated partner directory.

Coachbar has three products that support the full software selection and implementation lifecycle. There’s software selection education for small businesses through StackPlan; our AppVentory software enables tech advisors to discover and optimise apps within their client base; and ChannelBoost is for businesses that make and sell software. Together, the Coachbar suite revolutionises the way tech advisors work with software providers, to achieve better outcomes for small businesses.

If you’re a software provider, who wants help to start or improve your partner channel with accountants, bookkeepers, or software consultants, get in touch with the team at Coachbar today. Visit coachbar.io to find out more.

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Fishbowl Helps Moto Armor Improve Operational Efficiency and Achieve YOY Growth

Data-Driven Inventory Management Boosts Efficiency

Fishbowl software improved Moto Armor's inventory management by saving time and reducing manual labor, boosting their business growth.

M

oto Armor was founded in 2016 with a vision to bring high-quality, Americanmade parts for Offroad UTV platforms.

Since 2016, Moto Armor Has doubled in size almost every year.

For Moto Armor to achieve such impressive YOY growth, the company had to improve its

operational efficiency. For the past couple years, the team noticed how much harder it was to manage inventory, order raw materials, and track parts internally throughout the process from raw to finished products.

Challenge

In any company that begins to scale, an efficient inventory

management process can make all the difference and save precious time and money.

The Moto Armor team was wasting just that, manual labor and time tracking and managing their inventory manually via spreadsheets, constricting them from focusing on other things that could improve and drive the business forward. @Fishbowl

Scott Kartchner, General Manager of Moto Armor on how using Fishbowl supports business growth

The team started looking for inventory management software and came down to a few companies, one of which was Fishbowl.

“After being able to demo multiple software options, Fishbowl was a no-brainer. Being a company from Utah appealed to us as well as how easy the software was to navigate through.” – Scott Kartchner, General Manager

Solution

After choosing Fishbowl and going through the implementation process, Scott admitted that the process wasn’t fun, due to the amount of work.

The team had to input thousands of part numbers while integrating their current software applications with Fishbowl.

But as soon as everything was implemented, they quickly noticed how much more efficiently they were handling inventory, orders, and work processes. The team was able to reduce manual labor, handle large quantities of orders, and improve scheduling all in one platform, utilizing Fishbowl’s powerful automation tools.

“Fishbowl has helped us manage inventory, sales, and productivity all in one place.” -

Scott Kartchner, General Manager

Ultimately, Fishbowl has enabled Moto Armor to work more efficiently, giving them time back to focus on what they do best, creating high-quality, American-made products for their customers.

Moto Armor is a leading manufacturer of UTV accessories

Exclusive interview with Plooto Director of Customer Success Ryan Rego

XU: Can you provide an overview of Plooto and its primary functions in accounts payable and receivable?

This article is

RR: Plooto is an all-in-one payment automation solution that securely automates accounts payable and receivable for small-to-midsize businesses and their accounting firms, saving them time and helping them gain control of their cash.

Plooto makes it easy for more than 10,000 North American

businesses to customize and automate payment workflows, reduce time spent chasing approvals, and mitigate human error in accounting processes.

XU: How does Plooto differentiate itself from other accounts payable and receivable software in the market?

RR: Unlike other point solutions that manage either AP or AR – often requiring separate software to facilitate approval logic – Plooto is a true

end-to-end, automated solution. We’ve made Plooto approachable and user-friendly, from the pricing – which is per entity, rather than per user, so the savings grow as your business grows – to the interface, on which we get consistently positive feedback.

We also offer top-tier product support and hear from our users that our response times outpace other software.

XU: What are some common pain points businesses face in cash management that Plooto addresses effectively?

RR: Plooto allows businesses and accounting professionals to be hands-off with manual tasks, while keeping the hands-on security of your chosen approval settings. Rather than relying on bank feeds and CSVs, you can reconcile in a fraction of the time with Plooto. You stay informed throughout the payment process with consistent updates on the status, and can also set tailored approval controls to reduce the risk of fraud and allow only necessary team members to access payments.

XU: How does Plooto's technology simplify manual payment and accounting processes for businesses?

RR: A two-way sync with Xero, QuickBooks, or NetSuite alleviates the need to manually enter and reconcile payment data. Plooto offers multiple payment methods and supports payments to vendors across 20 currencies to 40+ countries, so you can manage all AP and AR from one platform. Say goodbye to tedious bank lines, cutting paper checks, and email thread approvals.

XU: Can you highlight any specific features of Plooto that enhance total control over cash management for businesses?

RR: If knowledge is power, then Plooto plays a part in powerful cash flow management.

Automating the payments portion of your cash flow process ensures you have control over when and how you pay and get paid – giving you clear insight into dollars in and out of your business. When you’re on top of your cash management, you’re able to make smarter, more timely business decisions.

XU: How does Plooto integrate with other accounting software platforms?

RR: Plooto integrates directly with Xero enabling powerful end-toend payment automation and reconciliation. Once the connection is established contacts, bills, and invoices are imported into Plooto.

After a user initiates the payment, approval rules that have been set up are activated, the payment is made, and Plooto reconciles your records in Xero. We offer similar two-way integrations with QuickBooks and NetSuite.

XU: What kind of businesses benefit the most from using Plooto?

RR: Businesses with finance teams still using manual accounting processes can see immediate time savings and error mitigation from using Plooto.

For accounting practices, Plooto is a single platform on which to manage their entire book of business – securely automating client payments so they can spend more time growing their firm.

XU:

What are the onboarding and support processes like for new Plooto users? How easy is it for new customers to get started?

RR: It takes less than 15 minutes to create an account and complete the verification submission. Once you pass security checks, you should be ready to start transacting within one business hour. The process is simple enough to complete yourself, but our customer success team is also available to help you get started with a demo, training, and the right resources.

XU: How does Plooto leverage automation to reduce the manual workload for finance teams?

RR: Teams can use our Plooto Capture feature to email or upload invoices and let Plooto do the work of automatically importing the data into accounting software like Xero.

Accounting teams can then send funds through Plooto to pay the invoice, which is automatically synced back into Xero and marked as paid. Approval processes based on roles, responsibilities and even dollar amounts ensure you can control spend and security without additional human effort.

XU: How does Plooto's reporting and analytics capabilities help businesses make better financial decisions?

RR: Plooto gives you visibility and control of funds going in and coming out of you (or your client’s) business, and auto-reconciliation with your accounting software means you can have confidence you’re getting complete data to forecast your cash flow. Automation enables speed to insight, so your finance decision makers are equipped with timely data.

XU: What role does customer feedback play in the development and improvement of Plooto's features?

RR: Two of our company values are innovating for our customers and championing their success. We love engaging with Plooto users at live events and through one-on-one interviews. These conversations keep us close to pain points and real-world needs that we strive to solve both through our platform development and customer support.

XU: Looking ahead, what are some future developments or features that Plooto plans to introduce to further enhance cash management for businesses?

RR: We’re excited to announce new capabilities that will provide businesses with even more ways to take control of their cash very soon! Stay tuned in the coming months.

Join The Future of Accountancy & Finance

3rd Annual Accountex

Canada

Conference

&

Trade Show Returns

November 5-6, 2024

A Thriving Hub for Accountants and Finance Professionals

The second annual Accountex Canada Conference & Trade Show, held in 2023, marked a significant milestone for the accounting and finance community, drawing over 700 accountants and finance professionals nationwide. This 2-day conference and trade show, with 60 industry vendors, provided an unparalleled platform for networking, learning, and growth, solidifying its place as a must-attend event in the industry calendar.

Accountex Canada 2023 was a hub of activity, with attendees eager to connect with peers, explore new products and

services, and gain insights from leading industry experts. The event featured an impressive lineup of top-tier speakers, including Jamie Golombek, Regan McGrath, and Tim Coakwell, who delivered engaging and informative sessions. Their expertise and passion resonated with the audience, leaving a lasting impact.

Highlights and Testimonials

The success of the conference was reflected in the positive feedback from participants. One attendee commented, "Great energy! The trade show offered face-to-face networking opportunities with such a diverse range of accounting

@AccountexCanada

Steve Dempsey, General Manager, Accountex Canada

Steve has been managing events across Canada for 30+ years, from trade shows and conferences to awards shows and galas. With a wealth of knowledge in several B2B industries, Steve leads a dedicated team that produces Accountex Canada (Nov 5 & 6, 2024), the fastest-growing accountancy & booking conference & trade show in Canada, and the recently launched Accountex Canada webinars.

and fintech providers.” This sentiment was echoed by many, highlighting the vibrant and dynamic atmosphere that characterized the event. Another participant noted, "The sessions were packed with valuable insights and practical tips that I can directly apply to my work," emphasizing the high-quality content and its relevance to their professional development.

"Accountex 2023 was a great show! We got amazing leads, and our booth location was top-tier. We loved participating in it and can't wait for next year!"

The conference also received praise for its organization and opportunities for exhibitors. A vendor shared, "Accountex 2023 was a great show! We got amazing leads, and our booth location was top-tier. We loved participating in it and can't wait for next year!" Such testimonials underscore the event's success in facilitating meaningful connections and driving business growth.

Looking Ahead: Accountex Canada 2024

Building on last year's event momentum, Accountex Canada is gearing up for its third annual conference, scheduled for November 5-6, 2024, at the Metro Toronto Convention Centre.

This article is

"Great energy! The trade show offered face-to-face networking opportunities with such a diverse range of accounting and fintech providers.”

The upcoming event promises to be even more impactful, with an expanded program and new features designed to enhance the attendee experience.

Exciting Additions and Sessions for 2024

One of the major highlights for Accountex Canada 2024 is the introduction of 25+ CPD-verified sessions, ensuring attendees can earn continuing professional development credits while gaining cutting-edge knowledge. The conference will feature three stages, each dedicated to addressing the industry's most relevant and requested topics. These include Succession Planning, AI, Ethics, Tax and Payroll Updates, Marketing, and Strategic Planning.

The "Main Stage" will host a series

of high-profile sessions, such as:

• How To Work Less and Get More Done by Joe O'Connor

• AI & The Future of Work by Swish Goswami

• Choose Your Own Adventure — Remedies Taxpayer Issues by Amanda Doucette

• Top 5 Biz Myths by Ron Baker

• Bridging the Generational Gap in the Workplace by Kim Tabac

• AI and the Alignment Problem: An Ethical Consideration by Garth Sheriff

These sessions are designed to provide attendees with actionable insights and strategies to navigate the rapidly evolving accounting and finance landscape.

New Features: Bookkeeper's Base Camp and Professional Lounge

Accountex Canada 2024 will also introduce some new features to enhance the attendee

experience. The Bookkeeper's Base Camp, offered by Jo Wood and Zoe Whitman, will offer a dedicated area for bookkeepers to network and relax with peers. This initiative aims to foster community and provide a supportive environment for sharing best practices and insights.

Another notable addition is the Professional Lounge, where attendees can learn how to optimize their LinkedIn profiles and maximize their professional exposure. Led by Ashley Leeds, this interactive space will provide valuable tips and hands-on assistance, helping participants enhance their online presence and leverage LinkedIn for career advancement. Participants will also have the opportunity to refresh their LinkedIn photo with a professional headshot photographer.

Continuing the Legacy of Excellence

As Accountex Canada moves into its third year, it continues to build on its legacy of excellence. The conference's commitment to delivering high-quality content, fostering valuable connections, and addressing the evolving needs of the accounting and finance community remains unwavering. With an exciting lineup of speakers, innovative sessions and leading fintech providers, Accountex Canada 2024 is set to be an unmissable event for professionals looking to stay ahead in their field. Make sure to mark your calendars for November 5 – 6th, 2024, and join us at the Metro Toronto Convention Centre for an unforgettable experience!

Elevating the Bar

Kendermar’s

Approach to Service

and Efficiency

@tidyint

Amelia Douglas, Content Creator, Tidy

Amelia began working as an apprentice in the Marketing team at Tidy at the beginning of this year. With a passion for creating engaging content with a positive impact, Amelia provides an exuberant flair in bringing Tidy’s vision to life.

When inefficiencies started leading to supply chain disruptions for Kendermar, they needed a solution. So who did they turn to?

FThis article is

ounded in 2010 by Ken and Mary McCabe, Kendermar Distributors Ltd is a family-owned enterprise with deep roots in Ashbourne, Co Meath. Spanning a 10,000 sqft facility, the company is a prominent supplier of an extensive range of products including crockery, cutlery, cooking utensils, glassware, and disposable items.

Catering primarily to the hospitality sector, including contract caterers, educational institutions, and various other entities, Kendermar stands out for its unwavering commitment to superior service and customer satisfaction. The company operates with a dedicated team of nine employees, who are pivotal in ensuring smooth operations and high-quality service.

Culture and People

Kendermar is defined by its close-knit, family-oriented culture. The company fosters a sense of community among its staff, promoting a supportive and collaborative work environment and the longevity and dedication of the staff are testaments to that.

Many employees have been with Kendermar for over 13 years, contributing to the company’s growth and stability. This continuity has been instrumental

in maintaining the high standards of service that Kendermar is known for.

Enhancing Efficiency Each Step of the Way

Before choosing TidyStock, Kendermar Distributors had relied on an older solution for well over a decade. Despite its initial effectiveness, the old system struggled with maintaining precise stock levels, leading to inefficiencies and disruptions in the supply chain.

The challenges prompted the search for a more robust solution that could offer real-time inventory management and better integrate with the company’s existing tools.

TidyStock emerged as the ideal candidate. Its seamless integration with Xero and its real-time stock management capabilities promised to streamline Kendermar’s inventory processes and enhance overall supply chain efficiency. The transition to TidyStock was executed smoothly, with minimal disruptions, and Kendermar adapted quickly to the new system.

Benefits from Start to Finish

The implementation of TidyStock has yielded several significant benefits for Kendermar Distributors. One of the most notable advantages is the access to real-time stock information.

This has led to a remarkable boost in accuracy of inventory information, which is crucial for effective decision-making regarding stock ordering and replenishment.

Ken McCabe, Managing Director of Kendermar, noted ”having real-time stock information gives us great confidence in knowing we have everything we need to do business. TidyStock really does help keep our stock as accurate as possible which makes us much more efficient."

"Having real-time stock information gives us great confidence in knowing we have everything we need to do business"

The enhanced accuracy has also contributed to a reduction in overstocking and stockouts, optimising the supply chain and improving customer service.

In addition to real-time stock tracking, TidyStock’s user-friendly interface has been well-received by the team. The efficiency features of the platform, such

as automated stock alerts and streamlined order processing, have been particularly valued.

Keeping an eye Towards the Future

Since opening their doors, Kendermar has established itself as a preferred supplier for three of Ireland’s largest contract caterers—KSG, Gather & Gather, and Apleona—as well as the leading hospitality group, Press Up Entertainment Group.

The endorsement from such prestigious clients underscores Kendermar’s ability to meet and exceed the high standards expected in the competitive hospitality sector.

"TidyStock really does help keep our stock as accurate as possible which makes us much more efficient"

This status highlights the company’s reliability and solid reputation within the industry.

Looking towards the future, Kendermar is optimistic about its ongoing success and growth. Although there are no immediate plans for physical expansion, the company remains agile and ready to evolve in response to emerging market trends and customer demands. The team is continuously exploring opportunities to enhance their offerings and adapt to

the dynamic landscape of the hospitality industry.

As the company progresses, its focus on innovation, customer satisfaction, and sustainability will drive its future achievements and reinforce its reputation as a leading supplier in the hospitality industry.

To find out more about how you can make your business Tidy, visit:

https://tidyinternational. com/solutions FIND OUT MORE...

Embracing AI and Automation for MTD for ITSA for Businesses and Accountants

Embracing AI and Automation for MTD for ITSA: A Comprehensive Guide for

Businesses and Accountants

Introduction to MTD for ITSA

The UK government’s Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) aims to simplify tax processes for sole traders and landlords.

Starting in April 2026 for those with incomes over £50,000, and extending to incomes over £30,000 in April 2027, MTD for ITSA mandates digital recordkeeping and quarterly updates via HMRC-compatible software.

Key Requirements

1. Digital Records: Maintain and store income and expense records digitally.

2. Quarterly Updates: Submit updates to HMRC every quarter.

3. Annual Summary: Complete an end-of-year process to finalize tax data.

Benefits

• Accuracy: Automation reduces human errors.

@app_myt

Oumesh Sauba, CEO, MYT

Oumesh Sauba is the visionary founder and CEO of MyT Limited, an innovative AIpowered accounting app and software tailored to meet the bookkeeping and recordkeeping needs of freelancers and micro businesses. He previously directed Sauba and Daughters Co, a wellestablished accounting firm based in Croydon. With over 15 years of experience as a Chartered Management Accountant, Oumesh specializes in financial accounts, management accounts, and taxation.

• Efficiency: Streamlined processes save time.

• Compliance: Regular updates ensure adherence to tax regulations.

AI and Automation in MTD for ITSA

AI and automation play a pivotal role in helping businesses and accountants adapt to MTD for ITSA. Here’s how:

1. Automated Data Entry: AI-

powered tools can automate the entry of financial data, minimizing manual input and reducing errors.

2. Real-time Reporting: Automation enables realtime updates and insights, making it easier to track financial performance and meet quarterly reporting requirements.

3. Error Detection and Correction: AI algorithms can identify discrepancies and suggest corrections, ensuring accurate record-keeping.

4. Predictive Analytics: AI can analyze historical data to predict future financial trends, aiding in better financial planning and decision-making.

How MYT AI-Powered Bookkeeping Software Can Help

MYT, an AI-powered bookkeeping software, is designed to streamline the MTD for ITSA process. Here’s how MYT can assist:

1. Seamless Integration: MYT integrates with HMRCcompatible software, ensuring

compliance with MTD for ITSA requirements.

2. Automated Record-Keeping: MYT automates the recording of income and expenses, reducing the need for manual data entry and minimizing errors.

3. Real-Time Insights: MYT provides real-time financial insights, helping businesses and accountants make informed decisions and stay on top of their financial health.

4. Quarterly Updates: With MYT, businesses can easily submit quarterly updates to HMRC, ensuring timely compliance.

5. AI-Powered Analytics: MYT's AI capabilities offer predictive analytics, helping businesses forecast future trends and optimize financial planning.

Practical Steps for Transition

1. Choose Compatible Software: Select HMRC-approved software like MYT that integrates AI and automation features.

2. Training: Educate staff on using new digital tools effectively.

3. Stay Updated: Regularly check for HMRC updates and attend relevant training sessions.

Support and Resources

HMRC provides extensive support through webinars, guides, and a variety of compatible software options to assist in the transition to MTD for ITSA.

Conclusion

MTD for ITSA is a significant step towards digitalizing tax processes, with AI and automation providing the tools needed for a smooth transition. These technologies enhance accuracy, efficiency, and compliance, ensuring businesses and accountants are wellprepared for the digital tax future. MYT's AI-powered bookkeeping software stands out as a valuable tool in this transition, offering seamless integration, automated record-keeping, real-time insights, and predictive analytics.

To find out more, visit our website:

Why businesses of all sizes need strong financial controls

Financial controls are vital policies and procedures put in place to keep financial records in check and protect company assets. Yet the vast majority of businesses don’t have strong controls in place, according to our latest research.

Head of Financial Controls North America, ApprovalMax

Three in four businesses don’t have the right financial controls in place to protect their business; only one-quarter (25%) of businesses report having strong financial controls in place, the research shows.

How can businesses of all sizes build better financial controls, especially with the help of their accountants and bookkeepers? We consulted our ApprovalMax experts to learn more:

Angela Bierman, Head of Financial Controls North America, ApprovalMax

Why is it so important for businesses of all sizes to have strong financial controls?

Strong financial controls are

the guardrails of good decisionmaking in any business. A lot of smaller companies may hear the term ‘financial controls’ and think ‘that’s not for me, my company isn’t big enough. But no matter the size, every business has something to protect and no one wants to lose money to fraud or carelessness.

How can accountants help their clients to build and maintain these strong controls?

As trusted advisors, accountants not only provide services but valuable education. Many small business accountants can help clients design, monitor, and adjust financial controls as circumstances change and their business evolves. It doesn’t have to be a huge project to deliver a full playbook of financial policies and procedures – simply asking questions like ‘How are you protecting your business from phishing emails?’ can highlight potential risks.

How can bookkeepers help their clients to build and maintain these strong controls?

By working closely with clients, bookkeepers can identify the types of controls clients may need to put in place and where they

@ApprovalMax

Konstantin Bredyuk, CEO & Co-Founder, ApprovalMax

With roots in business process management and optimisation software development, Konstantin has undertaken hundreds of product implementations for ApprovalMax clients worldwide.

Konstantin has advised numerous organisations on automation, financial controls, and client collaboration capabilities using Xero-based trusted app stacks, with business profiles ranging from SMEs to large accounting and advisory practices.

can help. We can also help them set up the workflows around these controls and monitor them as needed.

Are there any specific requirements or guidelines around financial controls in North America, where you’re based?

Across North America, guidelines around financial controls vary. Companies operating in the US capital markets are subject to the Sarbanes Oxley Act (SOX) and all companies listed in Canada are subject to Bill 198 (unofficially “C-SOX”).

Where do businesses –especially smaller ones – often misstep when it comes to controls?

Some small businesses misstep when it comes to financial controls by simply copying the financial controls of another company without assessing what will work for them, or where their own areas of risk are.

If you find your team is always processing exceptions to the guidelines, they weren’t customized enough for your unique ways of operating – or you’ve outgrown them!

This article is

Angela Bierman,

Cassandra Scott, Head of Bookkeeping APAC, ApprovalMax

How do you define financial controls?

Financial controls are mechanisms that govern financial management within a business. They’re checks and balances put in place to ensure there is integrity around a businesses’ financial data, processes, and output.

When is the best time to set up financial controls?

Cassandra Scott, Head of Bookkeeping APAC, ApprovalMax

While the new financial year is always a good refresh, there’s nothing that stops people from fixing their financial controls immediately! If you wait and try to make everything perfect before starting, there’s always the risk that you’ll get distracted and never get it done.

Stuart Hurst, Head of Accounting EMEA, ApprovalMax

finances so can help develop processes around purchases and sales as a starting point.

Accountants can also play the enforcer role in a firm, making sure processes are followed, which some business owners may feel uncomfortable with.

Where do businesses –especially smaller ones – often misstep when it comes to controls?

They probably put too much trust in people over processes to be honest and they often move so quickly that controls get neglected. In the worst case, this puts you at risk financially.

Why is it important for businesses of all sizes to have strong financial controls?

Ensuring that you have Integrity around your financial information is critical, particularly if you're needing to provide that to other stakeholders or selling a business. For example, are you buying a business, seeking financing, or do you have Australian Taxation Office or other legal compliance obligations? It even extends further out to things like marriage breakdowns.

Financial controls are also vital for fraud mitigation. In businesses there can be a fine line between success and failure; you want to protect the financial resources of that business from any misappropriation or mishandling, whether intentional or not.

How can bookkeepers support their clients to build and maintain these controls?

As bookkeepers, we're very deeply embedded in the dayto-day mechanics of business operations and that gives us unique insights into workflows, processes, and procedures. Through this, we have the ability to spot where there are weaknesses or flaws in those processes, as well as the capacity to work with business owners to try and fix those gaps.

How do you define financial controls?

They are ultimately controls that safeguard cash, whether this is directly in terms of peoples bank access or more indirectly, such as approval processes for purchase orders.

Why is it so important for businesses of all sizes to have strong financial controls?

Financial controls serve several purposes. They help stop worst case scenarios, whether that be because of fraud or simply poor spending decisions.

It also means so much more time needs to be spent building controls down the line which can be messy the more people are involved. It’s much easier to build solid foundations from day one!

Are there any examples, like with your own clients, where you’ve seen first-hand the benefits of stronger controls?

Head of Accounting EMEA, ApprovalMax

Financial controls also help maximise the use of your money. You’d be amazed how much money can be wasted without the right controls in place. A prime example is on subscriptions set up that are never used but not cancelled.

How can accountants help their clients to build and maintain these strong controls?

Accountants are in a prime position to help build controls. They have a great grasp of

We saved a client over £10k over a six month period by bringing in a robust purchase order system. Previously he was paying for stuff that never arrived!

Whether your business is large or small, there are huge benefits to building robust financial controls and using automation to help keep them in place.

Want to know more? Download our latest guide to learn about tightening your financial controls for Xero users:

Stuart Hurst,

really adds up

more time & flexibility for you we match you with global talent

more value-added advisory enjoy expertise -driven growth

ACCOUNTING & BOOKKEEPING MARKETING

Release your staff from entry-level tax and compliance work Your dedicated team at The Back Room takes care of mandatory accounting and bookkeeping tasks – so you can do more higher-value work

Boost your marketing capability Our full and part-time talent covers all the bases – from lead generation, nurturing and general support to content creation and social media management

ADMINISTRATION

Grow your business – not your admin overhead Our skilled assistants handle a host of recurring tasks that eat up time and attention That means more time working on the business, less time down in the weeds

How to partner with founders of earlystage startups on financial and accounting fundamentals

s an accountant or bookkeeper, navigating the financial intricacies of a startup can often feel overwhelming. Simplifying these processes not only alleviates your burden, but also sets a robust foundation for the company's future and positions you as a true partner and asset to the startup founder.

Key financial focus areas for accountants at early-stage startups

Most of the time, a startup founder won’t be a finance expert — and they shouldn’t be. They’ll understand what’s happening with the business on a fundamental level, but they’ll value freeing up their time so that they can stay focused on

customers and products. Here’s where you come in to help. If you are working with early-stage startups as an accountant, your scope will likely stretch beyond that of a typical accountant. These are six areas the founder will likely care about most and where you can be the biggest asset:

Core accounting & tax - This is typically what the founder will be looking for.

• Basic bookkeeping: Accurate record-keeping is foundational for understanding the startup’s financial position and making informed decisions. The startup’s investor will also expect some level of financial reporting from the founder as well. The startup doesn’t necessarily need GAAP-

@mercury

Dan Kang, VP of Finance, Mercury

Daniel Kang is VP of Finance at Mercury working to reimagine a better banking experience for startups and businesses of all sizes. Before leading finance for Mercury, he was VP of Finance for Digit and has also worked in finance and strategy at Square, Vista Equity Partners, and Bank of America. He holds a BS in Finance and Philosophy from NYU Stern School of Business.

compliant, audited financial statements at this point, but as the accountant, you should have a basic grasp of their financial picture.

• Taxes: Understanding and meeting tax obligations helps the company avoid legal complications and costly financial penalties. In the beginning, this will mostly be for income tax filings but could also cover sales & use taxes, filing for R&D tax credits, and other tax incentives potentially available for a startup.

Operations - Founders often want help running their finance operations as well which can include activities below.

• Payroll: Ensuring the team is compensated accurately and on time is non-negotiable. This is a pretty direct reflection of the company's reliability and respect for its workforce.

• Customer payments: Streamlining the process of receiving payments affects the company’s cash flow and, by extension, the business's operational viability.

• Vendor payments: Timely payments to vendors preserves essential business relationships and prevents supply chain disruptions.

• Cap table management: If your customer is an investor-backed

This article is

startup, the founder might ask for help with keeping a precise record of equity ownership. This can be especially tough in the early years of a startup when there are dozens of shareholders that might include a handful of friends, family, and angel investors.

Depending on the specific industry, there might be an additional item or two on this list that you need to focus on as an accountant. But for the most part, this list of six basic finance functions will cover 90% of what the startup will need help with in its early days, and represent where you can lean in most.

While strategic financial planning isn’t necessarily an accountant's responsibility, it is important to understand your client’s business well enough that you can provide input and basic insights into the business model’s sustainability and scalability. The best outsourced finance professionals will be the ones that can also be business thought partners to founders. You should understand the basic financial aspects of the business, including how they are acquiring and retaining customers, what revenue growth looks like (just a basic understanding of this is okay), and how any hiring, marketing, or vendor spend is expected to impact its burn rate and cash runway in the future.

Focus on setting a solid financial foundation

When considering the right partner for their startup, a founder will look to an accountant or accounting firm that can understand its business model and industry. A founder will also look for a willingness to roll up

your sleeves to help establish core financial workflows, such as:

• Playing an active role in mapping what the workflows will look like so that it’s clear what the roles and responsibilities will be between you and the founder. For example, maybe a bookkeeper will handle all vendor payments and customer invoicing, but the founder will be more involved in approving major expenditures and will review monthly financial reporting. This could also involve things like aligning on your vendor payment terms or SLAs to ensure timely payments.

life a lot easier as the company grows and scales. Determine clear financial processes from the start, ensuring they're scalable and adaptable to the business's growth.

"One of your main financial responsibilities as a finance professional for an early-stage startup is ensuring that you’re taking the right small steps"

Remember that at this point, one of your main financial responsibilities as a finance professional for an early-stage startup is ensuring that you’re taking the right small steps to make the future state of the company’s growth a lot less painful. This foresight reduces the need for time-consuming overhauls or corrections down the line. Get things in as best shape as possible at the start.

• Partnering with the founder on what its chart of accounts and cost centers should look like. Having the right setup here can make a big difference in the ability to understand the business well. Think about this as the data structure for understanding the business.

• Encouraging the founder to keep clear records of every dollar that comes in and out of the business, and to save and organize all contracts and agreements in a centralized place for easy reference whenever needed. It’s much harder to remember why certain transactions occurred on what terms and to dig through your inbox to find old agreements. This’ll be crucial when preparing financials and during financial audits.

• Establishing a shared financial process to manage recordkeeping across the company will make everyone’s

For founders, simplifying financial operations is not just about reducing their workload; it's about creating a solid foundation for sustainable growth. By focusing on key financial areas and methods for streamlining operations, an accountant or accounting firm can help a startup ensure that its financial backbone is not only resilient and scalable, but relatively easy to manage.

Three client problems I solved so you don’t have to

@projectworksio

Mark Orttung, CEO, Projectworks

Mark Orttung, a top voice in professional services, shares his extensive experience growing a successful software service firm through a series of refreshingly human articles. He offers practical advice you can apply to your practice and your clients' businesses.

Mark Orttung leverages his expertise from growing a success service firm to solve your consulting clients' biggest problems.

Common Problems I Solved That You Can Solve for Your Clients Too

Fighting the trademark office, losing a major client, and striving to stay relevant in a crowded market. What if I told you this is just the tip of the iceberg of what your clients struggle with at their software service firm?

It's true, running a service firm isn't always rainbows and sunshine.

I know firsthand because I built Systems in Motion/Nexient from under $35 million to over $130 million in revenue and faced all these challenges and more. Now that it's all said and done, I've started to put pen to paper and share my experience of how I overcame some of these big challenges.

My hope is that by reading these articles, you'll gain expert insight into the experiences of your consulting clients and how to help them conquer these common challenges.

Below, I share three of these challenges and how I overcame them. Be sure to click through to read the full articles on our blog after each segment.

called Systems in Motion. I was in a weekly meeting that most of the company's leadership would join to go over our new projects and staffing assignments. As a newcomer, it was a chaotic meeting but was clearly central to how the company ran.

“I built Systems in Motion/Nexient from under $35 million to over $130 million in revenue and faced all these challenges and more”

Challenge #1: Balancing revenue and talent costs

"Cancel the engineering manager's offer letter." The statement came out so quickly and matter-of-factly that I almost didn't stop the meeting to ask what was happening.

In 2014, I was in my first few weeks as CEO of what was then

I had the curiosity/ presence to stop the meeting and ask what that statement meant. Had we offered someone full-time employment? Yes. Had they already quit their current job based on our offer? Yes. So I interjected, "Don't cancel the offer." There was a shocked silence in the room. I had clearly just done something that broke from the norms here.

It took me a while to really appreciate the two conflicting objectives that would challenge

me for the next seven years as I ran a product development consultancy… read more.

Challenge #2: Managing client relationships

"Our client just gave us notice that they will be rolling off more than 50 people immediately. Also, they believe we've mishandled the engagement so badly that we should pay them $700k."

This update from one of my client partners is the kind you feel in your stomach. It is pretty much the worst possible news you can hear when you're running a business.

At the time, Nexient had around 250 employees on billable work. For 50+ of them to roll off was catastrophic. They'd most likely move to our bench, which typically ran at around 5-7% of our revenue.

This development would increase it to

15-20% and finding new billable work for them all could take months. Our model was built to have 5-7% invested to support our bench, and a large increase would mean the firm would start to lose money. Also, this was our second-largest client at that time, and it was showing all the signs of going away for good.

We had a huge problem… read more.

Challenge #3: Standing out from the competition

At heart, I'm a product manager. I love taking ideas and trying to figure out how to package them up to be a complete product offering. One of the first things I always focus on is what differentiates the product or service offering.

Not long after I joined Nexient, I tried to figure out how we would differentiate ourselves. At the time, there were

more than 10,000 software development consultancies globally and I wanted us to have a unique place in the market.

So I started by looking at our home page (see the image below). We were a firm of just over 200 people, but our website claimed to do almost anything an enterprise could need. I failed to see how we could be great at all of these things, and when I looked at our competitors' websites, it seemed like they were also making these claims… read more.

If you enjoyed these snippets, click here to follow Mark on LinkedIn.

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XU Magazine sits down with Buddy Co-Founder & CEO David Seisun

XU: Can you tell us the story behind the inception of Buddy Payroll? What inspired the creation of a payroll company focused on people?

This article is

DS: Buddy Payroll was born out of a need for an integration between Xero and Deputy—two products we were offering through Sixteen Limited, my SAAS company in Malta. We noticed a significant gap in the market when it came to integrating these systems for seamless payroll processing. Despite reaching out to existing payroll providers in Malta, none

were willing or able to offer the necessary APIs to connect Deputy with Xero.

This challenge led me to connect with Jonathan, our CTO, and together we saw an opportunity to create a product that could bridge this gap. As we brainstormed, we decided to start from a blank slate and reimagine the entire payroll process. It quickly became clear that at the heart of payroll is people—after all, payroll exists because of people, and even the payroll professionals themselves are people who rely on it for their own paychecks.

This realization inspired us to build a payroll system that puts people at the center of everything. By focusing on the human element, we aimed to create a solution that not only meets technical needs but also supports the real people behind every paycheck.

XU: What were some of the initial challenges you faced when starting Buddy Payroll, and how did you overcome them?

DS: Starting in Malta, one of our biggest challenges was navigating compliance. Maltese payroll laws are often vague, relying heavily on interpretation or the notion of 'that's how it's been done for the last 20 years.' This pushed us to build a robust compliance mechanism within Buddy, allowing us to accurately interpret legislation and translate it into our software. This approach led us to establish processes that go beyond the status quo, ensuring we dig deep into the legislation and our software ticks all the boxes for full compliance.

Another challenge was the lack of formal payroll qualifications in Malta, meaning that technically

DAS24

anyone could offer payroll services. This motivated us to create a user-friendly, yet powerful software that ensures compliant payslips, even for users with little to no payroll expertise. These challenges ultimately shaped Buddy into a highly reliable and accessible platform.

XU:

In what ways does Buddy Payroll differ from traditional payroll software providers services?

DS: At Buddy, we started with a blank slate, free from the constraints of legacy systems. This allowed us to build Buddy Payroll from the ground up, specifically for the 21st century. Payroll has evolved significantly in recent years, and we recognized the need for a solution that addresses today’s unique challenges. Unlike traditional providers, whose systems often have cores built decades ago and have been retrofitted over time, Buddy was designed to meet the complex demands of modern payroll from day one. This approach ensures that our software is not just a patchwork of updates, but a cohesive, forward-thinking solution tailored to today’s needs.

One of the key ways Buddy stands out is by saving time through automation. We’ve built features that automate repetitive and low-value tasks like entering leave hours, managing allowances, and

calculating holiday pay. These tasks, while essential, can be incredibly tedious—especially when you’re running on a tight deadline. In such situations, all you wish for is that everything goes smoothly and remains compliant, yet the burden on the payroller to manually handle these tasks can be overwhelming. By automating these processes, Buddy not only ensures compliance but also significantly reduces the stress and workload on payroll professionals, allowing them to focus on more strategic and valuable tasks.

XU: Can you elaborate on some of the innovative features that Buddy Payroll offers to enhance the payroll experience for businesses and their employees?

DS: At Buddy Payroll, we've developed a concept we call the Payroll Trinity, which we believe is essential for achieving accurate and efficient payroll processing. This trinity involves the payroll expert (bureau), the employer, and the employee—all three parties play a critical role in ensuring a successful payroll process.

To support this trinity, we’ve designed Buddy Payroll with features that facilitate seamless communication and collaboration between these three key players. For example, our platform

includes real-time data sharing and collaborative tools that allow payroll experts, employers, and employees to easily exchange information, address queries, and ensure that everyone is on the same page throughout the payroll process.

XU: Who are the key members of the Buddy Payroll team, and what unique skills do they bring to the company?

DS: Buddy Payroll was co-founded by Jonathan and me, each bringing distinct perspectives to the table. Jonathan is our tech wizard, with extensive experience in building state-of-the-art cloud software. His expertise in mathematics and complex problem-solving makes him the ideal CTO for developing payroll software that is both innovative and reliable. I complement his technical prowess with my corporate experience, ensuring that our business strategy aligns with market needs and long-term growth.

Beyond the founding team, we have Jeremy, who leads our Customer Success Team. Jeremy ensures that our customers are not only well-served but also heard, providing critical feedback to the development team to continually refine our product based on real-world scenarios.

Mark heads our growth efforts in the UK market, leveraging his deep knowledge of payroll transformations. His expertise is instrumental in helping us expand our presence and reach new prospects in the UK.

XU: How do you ensure that your team remains motivated and aligned with the company's vision of making payroll about people?

DS: Our core values— Growth Mindset, Share the Knowledge, Carry Your Own Bag, Team First, and The Right Way—are the foundation

Buddy team on a trip to Sicily

of everything we do at Buddy. These values ensure that every team member is aligned with our mission and works towards our shared goals.

To maintain this alignment and foster a collaborative culture, we hold quarterly townhall meetings. These gatherings are an opportunity for the entire team to get up-to-date on the latest developments and direction of the company. More importantly, we create an open space where everyone is encouraged to share their ideas and opinions, ensuring that every voice is heard and that we collectively shape the future of Buddy.

XU: Can you share some insights into the company culture at Buddy Payroll? What makes your workplace special?

DS: At Buddy Payroll, our company culture is defined by a deep sense of collaboration, innovation, and mutual respect. What truly sets our workplace apart is the ownership each team member feels—not just over their tasks, but over the success of the company as a whole. We trust our team to take initiative, bring their unique ideas to the table, and challenge the status quo.

We’re also committed to fostering a learning environment. Whether through informal knowledge-sharing sessions or more structured professional development opportunities, we encourage continuous growth and support each other's learning journeys. This commitment to growth is what drives our ability to innovate and stay ahead in the industry.

Another aspect that makes our workplace special is our open communication and transparency. Everyone at Buddy Payroll has a voice, and we make it a point to listen. Whether it’s in our regular team meetings or just in dayto-day interactions, we value feedback and use it to improve, both as individuals and as a company.

Finally, what binds us together is our people-centric approach. We genuinely care about each other, our customers, and the impact our work has on the broader community. This shared purpose creates a supportive and motivating environment where everyone feels they’re contributing to something meaningful.

XU:

We know you recently launched in the UK, what motivated this decision, and how has the response been so far?

DS:

The decision to launch in the UK was driven by several factors, including the close ties between Malta and the UK, and the fact that English is our second language, making the UK a natural first choice for our expansion. However, we wanted to ensure that this move was strategic, so we took the time to thoroughly understand the UK market and its payroll landscape.

Our journey began in 2021, when we started diving into UK payroll legislation and speaking with payroll professionals to identify the challenges they face. We were encouraged to find that the UK's payroll legislation and structure

are well-organized. However, we quickly noticed a gap in the market—most existing software providers were relying on legacy systems, and despite the buzz around cloud solutions, very few were actually leveraging true cloud infrastructure at the core of their software.

This realization confirmed that there was a significant opportunity for Buddy Payroll to bring a modern, cloud-native solution to the UK market. In our first few months, we've already begun conversations with a wide range of businesses, from small and medium enterprises to large Top 100 Accounting firms in the UK. The feedback we've received when their teams see and use our software has been empowering, to say the least. Helen Rodgers, Managing Director at Knutsford Admin Ltd, even remarked, "Me thinks Buddy - Making Payroll About People is about to be everyone’s favorite buddy :)." It’s clear that there’s a strong appetite for a more flexible, innovative approach to payroll, and we’re excited about the opportunities ahead.

XU:

Were there any specific challenges or opportunities you encountered when entering the UK market?

DS:

Entering the UK market definitely came with its set of challenges, but these also opened up exciting opportunities for us. One of the main hurdles was ensuring that Buddy Payroll could meet the unique expectations of the UK market, which is both mature and highly competitive. UK businesses have access to a wide range of payroll solutions, so we knew we had to bring something truly innovative and valuable to the table. Adapting our product to fully comply with UK-specific payroll regulations required careful attention to detail, as we wanted to ensure that our software was perfectly aligned with local requirements from day one.

Buddy with Ami Copeland at Bookeepers Summit

The biggest challenge in payroll, however, is the critical importance of the function itself. Payroll is a cornerstone of any business, and a single wrong decision can have a significant impact on the entire company. People need to be absolutely sure of every move they make in payroll. This meant that providing strong assurances and developing a very robust product was key to our success. We focused heavily on creating a solution that businesses could trust implicitly, knowing that it would handle their payroll needs accurately and reliably.

However, this challenge also highlighted a significant opportunity. We quickly realized that many of the existing payroll solutions in the UK still rely on legacy technology, creating a clear demand for a modern, cloudnative alternative that offers greater flexibility and efficiency. This gap in the market allowed us to position Buddy Payroll as a forward-thinking solution designed for today’s businesses. One of our clients, after seeing our demo, remarked that they wished they had done it sooner, recognizing the immediate benefits of transitioning to a more streamlined and innovative payroll system.

Moreover, we’re constantly being approached by other tech providers in HR and accounting who are eager to integrate their

services with our software. They see the value in offering payroll through Buddy to their clients, further validating our approach and expanding our reach in the market.

XU: Are there any new markets or regions you're planning to expand into next?

DS: The UK is going to be our primary focus market for the next couple of years as we have identified that there is quite a lot to do here. As for future markets, no specific plan yet but Ireland might end up being the next region.

XU: Can you give us a sneak peek into any upcoming features or services that Buddy Payroll is working on?

DS: At Buddy, we’re focused on adding real value to the payroll function, which has evolved beyond just processing end-of-month salaries. Payroll now impacts every individual in a company, and we recognize the need for more advanced tools to support this. We’re excited to be working on features that will incorporate genuine AI—not just marketing buzzwords, but AI that truly helps service providers and businesses gain deeper insights into their payroll data. These upcoming

features will analyze underlying data and provide actionable insights, empowering decisionmakers to make more informed choices and optimize their payroll processes.

XU: How do you see the payroll industry evolving over the next decade, and what role do you envision Buddy Payroll playing in that future?

DS: Payroll has been evolving steadily, and over the next decade, we see it becoming less of a monthly task and more of a constant, integral part of company operations. Employees are increasingly seeking more than just a paycheck; they want a system that offers flexibility and supports their overall well-being.

Buddy is well-positioned to embrace and lead these changes. From the start, we've placed people—not just employees—at the heart of everything we do. We envision a future where individuals have greater control over how they are rewarded for their contributions, allowing them to choose the forms of compensation that best support their lifestyles and goals.

Technology will be crucial in managing them in real-time. Buddy is prepared for this, as our focus has always been on leveraging advanced technology to simplify and enhance the payroll experience. As the industry shifts towards a more personalized and inclusive approach, Buddy will continue to innovate, ensuring that our solutions not only adapt to but also anticipate the complexities of the future.

Buddy sightseeing London :)

Breaking Free from Friction Fatigue

n a work environment where digital tools are supposed to enhance our productivity, many organizations find themselves battling an invisible enemy: Friction Fatigue.

This phenomenon manifests when employees become bogged down by a plethora of disjointed software tools, resulting in decreased efficiency and a substantial drain on both productivity and employee morale.

The Rise of Friction Fatigue

Friction Fatigue arises from the excessive mental effort required to switch between multiple software applications to complete basic tasks. This constant context switching not only slows down workflows but also increases the risk of errors and diminishes job satisfaction. Over time, what begins as a minor inconvenience can escalate into a major blockade to operational efficiency.

Consider the daily routine of an account manager who needs to access CRM systems, email, document management, and financial reporting tools. Each tool requires separate logins, has its own interface, and demands a distinct operational method. The effort to maintain accuracy and

efficiency amidst these platforms can lead to cognitive overload, increased error rates, and ultimately, decision fatigue.

Real-World Implications

The implications of Friction Fatigue extend beyond individual frustrations, affecting entire teams and projects. Miscommunication, inconsistent data, and duplicated efforts are just a few of the challenges that arise from a disjointed

@ApprovalMax @SuiteFiles

Riley Malins, Content Writer, SuiteFiles

A lover of a good yarn, Riley Malins has built captivating narrative designs for web3 giant Futureverse, while leading global marketing campaigns for Spotify, FIFA, and Authentic Brands Group. Committed to enhancing the digital storytelling of small businesses, Riley combines industry expertise with a creative flair to elevate their online presence.

software ecosystem. These issues compound, leading to project delays, customer dissatisfaction, and an overall decrease in the quality of work.

The psychological toll on employees is significant. The frustration from navigating these complexities daily can lead to burnout, decreased employee engagement, and a higher turnover rate. These factors not only affect the well-being of employees but also impact

This article is

the organization's bottom line through increased recruitment and training costs.

Strategies to Combat Friction Fatigue

The first step in combating Friction Fatigue is recognizing the need for streamlined operations. Organizations can begin by conducting a thorough audit of their current technology stack to identify redundancies and points of friction. The goal is to consolidate and integrate as much as possible, reducing the need to switch contexts and thereby enhancing workflow continuity.

Adopting integrated software systems can transform chaotic workflows into seamless processes. These platforms merge various functionalities into a single interface, reducing cognitive load and simplifying

operations. For example, SuiteFiles offers a comprehensive solution by integrating document management, email, and digital signing capabilities, allowing users to perform multiple tasks within a unified system.

Moreover, automation plays a crucial role in alleviating Friction Fatigue. By automating routine tasks, organizations can minimize the need for manual intervention and allow employees to focus on more strategic activities. This not only speeds up operations but also reduces the chances of human error, further enhancing efficiency.

Training and Change Management

Implementing new technologies requires careful change management and comprehensive training programs. Employees need to feel confident using new

systems; hence, organizations must invest in regular training sessions and provide ongoing support to address any teething problems. This investment in training ensures that the transition to integrated systems is smooth and that employees can fully leverage the new tools at their disposal.

Next Steps

Ultimately, the journey to overcoming Friction Fatigue is continuous. It requires a commitment from all levels of the organization to embrace change, continuously evaluate the effectiveness of technological tools, and remain flexible to adapt as needed. Leaders must foster a culture that prioritizes efficiency and supports the use of integrated tools, encouraging a holistic approach to technology adoption.

As organizations look to streamline their operations and reduce the impact of Friction Fatigue, it’s clear that the integration of comprehensive digital workspaces like SuiteFiles isn’t just a technological upgrade—it’s a strategic imperative. By reducing friction in daily operations, companies not only enhance their immediate productivity but also set the stage for long-term growth, employee satisfaction, and sustained competitive advantage.

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

Manually exporting GL data to spreadsheets is DEAD

In 2024, GL data automation is king and G-Accon is leading the way

et’s be honest, you’re too busy to manually suck data out of Xero and into Excel so that you can manipulate your management packs. That’s why we built G-Accon.

For small to mid-sized finance teams and accounting firms, your reliance on manually exporting data to spreadsheets is a dying practice. Get excited, we’re here to make sure you never manually export data out of your favourite GL ever again.

At G-Accon, we understand the challenges you and your teams

face and we offer a solution that revolutionises your workflow.

Here’s how G-Accon will completely rock your world:

Efficiency and Time-Saving

G-Accon automates data transfer between platforms like Xero and Google Sheets, significantly reducing the time you spend on repetitive tasks.

Andrey Kustarnikov, CoFounder & CEO, G-Accon

Andrey Kustarnikov is the Co-Founder & CEO of G-Accon, with over 25 years of technical expertise in software development, microservices architecture, and cloud integration in the financial and banking sectors. He received an MBA degree and an MS in physics. Using these skills, he was able to build G-Accon, a tool that has proven its value to accountants and CFOs using Google Sheets. Andrey is excited about G-Accon’s future.

Dave Sellick, founder at SidGrove, noted, "It's shaving 80% of the time off doing repetitive processes. I wouldn't be an accountant if I had to do it the other way now." This efficiency allows accountants to focus more on analysis and strategic planning rather than manual data entry.

"It's shaving 80% of the time off doing repetitive processes. I wouldn't be an accountant if I had to do it the other way now."

Flexibility and Customisation

The ability to create highly customizable reports is crucial for meeting specific client needs. G-Accon enables accountants to tailor management packs and financial reports seamlessly. As Dave highlights:

"The best way to get the data from the management pack, from your accounting software into a spreadsheet is via an API integrator like G-Accon."

This flexibility ensures that financial teams can produce precise and relevant reports for their clients.

API Integration

G-Accon acts as a simplified API connector for Xero, providing an

optimal way to pull and push data accurately and efficiently. This integration eliminates the risk of errors associated with manual data entry and ensures that financial data is always up-to-date. The seamless connection between accounting software and spreadsheets streamlines the entire data management process.

Collaboration

This real-time collaboration ensures that all stakeholders are always on the same page.

Reliability

“The best way to get the data from the management pack, from your accounting software into a spreadsheet is via an API integrator like G-Accon."

Enhancing collaboration is vital in today's distributed work environment. G-Accon leverages Google Sheets to allow real-time updates and seamless client interactions. Dave stated:

"Google Sheets is more collaborative than Excel. Clients update allocations live, knowing that any box that's blue, they can use."

G-Accon is known for its reliability and consistency. Users trust that it will deliver accurate data every time. As one accountant mentioned, "It's a very reliable product. I’ve never had issues with it, and it consistently delivers accurate data." This reliability is essential for maintaining the integrity of financial reports and making informed business decisions.

The era of manual data exports to spreadsheets is dead. Embracing modern tools like G-Accon not only enhances your efficiency but also positions your finance team for future success.

At G-Accon, we are dedicated to helping finance teams, drastically

transform how you work and level up your ability to execute each month.

Here's How We've Bolstered Our Platform At ExpenseOnDemand, Making It a Genuine Game-Changer For Xero

Customers

@ExpenseOnDemand

Sidd Nigam, Director, Expense On Demand

Sidd brings extensive experience in strategic partnerships across sales, product development, channel partnerships, engineering, operations, legal, and marketing. He excels in driving revenue growth through post-sales partnerships and optimising customer and partner experiences.

With a background at companies like Goldman Sachs, Microsoft, and Meta, Sidd now leads sales and marketing efficiency initiatives as a Director at ExpenseOnDemand

Business finance; a movable feast, ever-shifting sands, a landscape in flux. Whatever your chosen analogy, one core fact remains the same: it’s an industry as changeable as it is competitive. So what does that mean for you and your business?

t means staying ahead of the curve is vital. At ExpenseOnDemand, we understand the need for innovative solutions. Solutions that not only simplify expense management, but that integrate with the tools you already use. No one needs extra work on their plate, right?

We’re excited to unveil our latest suite of features, built specifically with Xero customers like you in mind. Let’s dive in and find out more.

New Offerings We’re Bringing To the Table

Imagine having over 100 functions at your fingertips; each tailored to streamline and enhance your expense management process.

From automated credit card feeds to advanced vendor management, and beyond – we’ve made some big strides to ensure our platform continues to help change the game, for small businesses and Xero users alike.

Automated Credit Card Feed with Plaid Integration

Tired of manual data entry and the inevitable errors that come with it? Our new integration with Plaid allows you to –automatically and with no fuss –sync your credit card transactions with ExpenseOnDemand.

Securely connect your bank accounts, and capture all your credit card transactions in realtime: ensuring pinpoint accuracy and saving valuable time.

Container Functionality

Good organisation is the key to effective expense management. With our new container functionality, you can group all related expenses into categories, such as travel, or project-specific costs.

This simplifies tracking, reporting, and analysing expenses in a big way; providing you a clearer view of spending patterns and helping you stay within budget.

Enhanced Vendor Functionality

Managing vendor relationships just got easier. A whole lot easier.

Our enhanced vendor management capabilities not only allow you to track and record expenses related to specific vendors – you can also process payments directly within the platform.

This significantly accelerates your accounts payable process and ensures timely payments. The result? Stronger, more positive vendor relationships.

Collectively or individually, these features are way more than superficial, bolt-ons. They're carefully designed to change –in a meaningful way – how you manage your business expenses.

By giving you greater control and insight into your operations, ExpenseOnDemand provides an indispensable tool for Xero users aiming to elevate their expense management game.

Boost efficiency, profitability and cash flow with Ignition by automating proposals, billing, payments and workflows in a single platform.

7 Big Wins For Xero Users

ExpenseOnDemand offers several key features that particularly benefit Xero users; enhancing the overall experience, and streamlining the financial management processes.

Interested to learn more? Glad you asked. Here's how:

1. Seamless Integration

• Automatic Data Sync: ExpenseOnDemand integrates completely seamlessly with Xero, enabling the fullyautomatic synchronisation of expense data. All your critical data – expense records, receipt scanning, and reports – are touchlessly transferred to Xero, without the need for any manual intervention.

• Real-time Updates: Any changes or updates made in ExpenseOnDemand are instantly reflected in Xero, ensuring that your financial data is always up-to-date and accurate. No more contradictory expense data.

2. Enhanced Expense Management

• Automated Credit Card Feeds: With features like the automated credit card feed via Plaid integration, Xero users can automatically import and categorise credit card transactions. Again, you’re

looking at a big reduction in manual data entry and errors.

• Container Functionality: Organise expenses into containers for specific projects, trips, or categories, making it a breeze to manage and track specific expenses. This organisation helps with better reporting and analysis within Xero.

3. Streamlined Approvals and Compliance

• Auto Approval Function: Set up automatic approval workflows for expenses below a certain amount, reducing the need for manual approval processes and speeding up reimbursement times.

• Policy Compliance: You’re able to ensure all expenses adhere to company policies with built-in compliance checks, helping maintain accurate records in Xero.

4. Improved Reporting and Analysis

• Customisable Reports: Generate detailed and totallycustomizable expense reports within ExpenseOnDemand that are easily exported to Xero. This gives you more comprehensive, complete insights into spending patterns.

• Advanced Analytics: Use ExpenseOnDemand's analytics tools to enhance clarity in expenses, which can be synced

with Xero for more robust financial analysis.

5. Our User-Friendly Mobile App

• Mobile Accessibility: ExpenseOnDemand offers an intuitive mobile app, allowing employees to capture and submit expenses onthe-go. Expenses are then automatically synced with Xero, providing real-time updates and reducing administrative overhead.

6. Global Support and MultiCurrency Handling

• Global Reach: ExpenseOnDemand supports multi-currency transactions – ideal for global businesses in diverse economic regions. This ensures all expenses are recorded and converted in Xero, for consistency in financial reporting.

• Dedicated Support: Xero users also benefit from our dedicated, 24/7 customer support. Any –and we do mean any– issues or queries are promptly addressed, facilitating smooth integration and operation.

Ultimately, integrating ExpenseOnDemand with Xero is about three bottom-line benefits. It means enhanced expense management; improved accuracy; Cont...

and valuable time savings. This allows you and your business to focus more on strategic financial planning and less on low-payoff admin tasks.

How the Platform Benefits

Small Businesses With AI

AI-Powered Features

Our AI tech automatically captures and inputs expense data from receipts, invoices, and credit card transactions – drastically reducing manual entry and the potential for errors. In addition, AI algorithms can analyse expense data and categorise it more accurately, saving precious time and ensuring consistency across your financial records.

There’s also an upside in terms of fraud detection. AI continuously monitors expense claims for anomalies and flags suspicious activities, helping to prevent fraud and protect your business’s financial integrity.

And that’s not all. When it comes to predictive analytics, AI gives insights and forecasts based on historical expense data; aiding in better budgeting and financial planning, ensuring you stay ahead of financial challenges.

Expense Management Tools

With AI-powered expense management tools, small business owners can leverage a whole host of operational difference-makers:

• Automated Approval Workflows: Set up rules for automatic approval of expenses below a certain threshold, streamlining the approval process and accelerating reimbursements.

• Real-Time Expense Tracking: Track live expenses via an intuitive dashboard, giving you immediate visibility into spending and financial health.

• Credit Card Integration: Autoimport and categorise credit card transactions through integrations (with providers like

Plaid), ensuring all expenses are accurately captured.

• Customisable Policies: Define and enforce expense policies within the platform. This ensures compliance with company guidelines and reduces the risk of policy violations.

• Mileage Tracking: Use GPS and Google Maps integration for accurate mileage tracking and smarter travel expense reporting.

• Vendor Management: Manage and pay vendors directly through the platform. This keeps all expense-related activities in one place, for streamlined operations and better partner relationships.

Key Take: What Are the Advantages For Small Businesses?

So – if we zoom out and look at the big picture – what does this all mean for small business owners like you? What key benefits do users yield?

Well, by automating manual processes associated with expense management, small businesses achieve new levels of cost efficiency. These savings can be redirected to more critical areas of the business, promoting faster growth and efficiency. Similarly, automated data entry, smart categorisation, and streamlined approval processes unlock valuable time savings for business owners and employees – allowing you to focus on core business activities, rather than administrative tasks.

AI significantly reduces human errors in expense reporting, leading to improved accuracy in financial records and minimising the risk of costly mistakes. Enhanced compliance is the result of customisable policies and real-time tracking – reducing risk and upholding financial integrity –and you also gain better financial control through real-time insights and predictive analytics, for more informed decision-making and proactive financial management.

And as your business grows, ExpenseOnDemand grows with you, offering the scalability to meet your evolving needs. The platform offers more advanced features and integrations to dovetail with your growth, ensuring dynamic support and flexibility.

Eyes On The Future Of Finance Management

For Xero users and small businesses, the future of finance management is bright – and AI is at the forefront of this transformation.

With AI-driven innovations, you can expect more streamlined processes, enhanced accuracy, and deeper insights into your finances, with far-reaching impacts that have the potential to revolutionise your operations. At ExpenseOnDemand, we’re proud to be leading the charge in this new era; delivering a platform that not only meets the evolving needs of today but anticipates the demands of tomorrow.

As an industry we continue to grow. In-step, we will continually integrate cutting-edge features to further simplify expense management. That guiding dedication to innovation ensures that small businesses and Xero users alike always have access to the most advanced tools, enabling you to stay ahead in an increasingly competitive landscape.

Through AI, ExpenseOnDemand is not just making finance management easier; we help you redefine what’s possible.

Business Expense Management Reimagined: Streamline, Control, and Grow Book A Demo FIND OUT MORE...

Turning accounts payable into revenue generating activity

How accounting and bookkeeping professionals can use automation to unlock new service offerings

Accounts payable is critical to a healthy finance function. But it’s one area many accounting and bookkeeping professionals avoid taking on, for a few reasons. Many consider it risky, especially with rising rates of fraud, or just too time consuming and manual to be worthwhile.

Yet there are a growing number of those in the industry using it to expand their service offerings, grow revenue, and create an all-round better experience for clients and teams.

Technology – in particular automation – is the key that opened this door. In the past,

accounts payable was a highly manual process that lacked transparency. Bills would come in, be placed in someone’s desk tray for approval, then eventually go on to be paid. Even with newer technology, like email and cloud accounting, there’s still limited visibility that can be easily taken advantage of by nefarious players. “Previously, we could have only done AP if we were in a client’s office and able to see everyone and

guarantee all bills were approved,” says Brendan Lucas, Head of Accounting APAC at ApprovalMax and Founder of Next Dimension Accounting. “When working remotely, we typically left AP to the client because it was too hard to manage without any real oversight.”

However, the right approach can unlock a whole new world of accounts payable.

“People have been apprehensive about AP in the past, both from the bookkeeping and client side, because of the access to client money. Obviously if you make a wrong payment, it’s not your money.”

Lara Manton, Head of Bookkeeping EMEA at ApprovalMax and Director of LJM Bookkeeping

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Introducing AP as a service

More and more, accountants and bookkeepers are overcoming the roadblocks to offer accounts payable as a service, both standalone and as part of broader offerings.

This sees them taking on part or all of the AP process for clients, taking care of the input of bills, getting approval, batch preparation and, in some cases, making the payment.

Why are they taking on a once off-limits task? First, to boost revenue. Offering AP as a service expands their business and introduces a new, recurring income stream with different fee structures. More clients are also seeking this kind of service – many accountants and bookkeepers say they first started due to client requests.

Not only does this introduce a new revenue stream, it’s recurring revenue; usually on a monthly basis. This guarantees a consistent amount of work vs the volatility of tax or consulting work.

But the service adds to more than just the bottom line. Lucas says offering AP as a service boosts the overall quality of accounting data, which has a big impact for those offering it as part of broader services. “At the end of the day, we can't do our management accounting unless we've got all the expenses in the system because otherwise it doesn't make sense.”

With up-to-date AP insights and accurate data, accountants and bookkeepers can save time and feel confident in the numbers they’re working with.

Finally, it pays off in client satisfaction and retention. “We’ve found where we offer that complete package we have a lower attrition rate, which is huge for us,” says Lucas. “It 100% offers a competitive advantage. Offering more value and reliability to a client through better processes and experiences builds a better relationship – and good relationships last longer.”

So, whether you already offer accounts payable or are new to it entirely, how can accountants and bookkeepers create and standardise this service for

clients? Read our guide that takes a closer look, drawing on insights from ApprovalMax’s expert advisors who have navigated this themselves. Our guide will help you:

• Uncover opportunities: Is AP as a service right for your firm and clients? Explore what you should consider regarding your existing clients, processes, and team.

• Set up the right processes: De-risk AP as a service and streamline processes with the right technology and workflows to make light work of the traditionally manual task.

• Adapt and refine: Technology lays the base groundwork for smooth AP as a service. From there, refine the process to meet the needs of your client, team, and practice. Download the guide now:

FIND OUT MORE...

approvalmax.com/ accounts-payable-as-aservice-guide

How to Sell Accounting Advisory Services

Last year, Spotlight Reporting surveyed over 1,100 accountants from firms around the world, asking for their insights on current and upcoming trends in the accounting industry.

The resulting Global Advisory Trends Report is well worth reading, but one of the biggest insights we uncovered was that just over 42% of accountants surveyed would like more than 50% of future revenue to come from advisory services.

Currently, only 20% of respondents are achieving that level of advisory revenue.

This movement towards greater advisory revenue is something I’m seeing on the ground as well:

advisory services are on the rise, and offering more services to more clients is definitely something practices are looking at this year.

With that in mind, here are a few steps you can actively take to sell/ upsell advisory services to your base.

1. Organise your client base

First, conduct a portfolio review and categorise your clients in a way that makes sense for your firm. Some questions you can ask yourself include:

• What industry do your clients belong to?

• How big is their business?

• What are their goals?

• What services do

@spotlightrep

Gurpreet Lidder, Senior Account Manager, Spotlight Reporting

As a dynamic business professional, Gurpreet's core area of expertise is providing strategic advice and nurturing relationships with his clients. He provides tactical insight for a wide range of clients across many industries.

you already offer them?

• What services could you offer them?

By grouping businesses together and tracking services offered, you’ll start to identify service gaps where you could be adding more value. Don’t assume that if a particular client isn’t asking for a service, they don’t want it—they might not be aware of what you can really do for them. It’s up to you to be proactive!

At the end of the day, the best strategy here is to focus on what your clients need, and offer them the services that will help them reach their goals.

2. Package your services

“Be an extension of the client's company—you want to live and breathe it."

The best and most practical way to organise your services is to build monthly packages, rather than offering one-off sessions—a bit like a subscription model.

Designing tiered packages according to client size and need is definitely advantageous. They’ll be a good baseline that will allow you to tweak and scale services efficiently and effectively. But while this approach works well—you’re charging for value,

increasing the potential ROI per client, and the client understands exactly what they get each month—it’s still really important to be flexible.

Client needs can change as their businesses grow or contract, or when economic conditions throw a spanner in the works. If a client approaches you for a one-off service, it’s far better to build it into the monthly subscription, instead of hitting the client with a lump-sum fee.

Furthermore, the tiers you design may also not be the perfect fit for every client on your books. If this is the case, the best approach is to discuss options with the client, get a real understanding of what they’re after, and then build a monthly service structure that works for them and for you. They’ll really appreciate you going above and beyond.

3. Sell the package

Once you know what you want to offer clients, the next step is to sell those services. Selling can feel more natural for some than others, but it’s all just a matter of keeping things simple and asking the right questions.

For example:

• What is the current situation of the business, and where is the client looking to go?

• What are their current roadblocks?

• And what future problems could they face?

“Don’t assume that if a particular client isn’t asking for a service, they don’t want it—they might not be aware of what you can really do for them."

Once you get that understanding, you’ll be able to demonstrate the value and pay-off of having an expert like you supporting them in achieving what they want. Be an extension of the

client's company—you want to live and breathe it. This will build exponential rapport with your client but also enable you to offer your advisory skills in the best way possible.

Finally, when it comes to advisory, you need to emphasise the outcome. A monthly management report isn’t just a report; it’s actionable insights you’ve put together that can help a company reach their goals. The hardcopy enables the client to stay on top of what is happening in the business, but it’s the monthly meeting with you that really makes all the difference.

spotlightreporting.com/ solutions/advisors FIND OUT MORE...

The Business Show LA is Back!

The Business Show LA returns to the Los Angeles Convention Center for 2024!

he Business Show LA returns on October 9th10th 2024, offering unmatched networking, insights, and resources for entrepreneurs and startups.

The Business Show Los Angeles Editorial

The Business Show LA is the leading event for business owners, entrepreneurs, and startups seeking the guidance, resources, and knowledge necessary to launch or scale their dream business. Returning to the LA Convention Center for its second year on October 9th and 10th, 2024, this event is a must-attend for anyone with an entrepreneurial mindset

and a passion for business and innovation.

Last year's launch in LA set a high bar, bringing together thousands eager to tap into a wealth of knowledge and networking opportunities. This year's show promises to be even more impactful, expecting over 8,000 attendees, incredible keynote sessions, and limitless networking opportunities.

The Business Show LA will showcase a remarkable lineup of keynote speakers from some of the most prestigious companies globally. Attendees will gain insights from industry leaders representing Grow with Google, Siemens Energy, LA Galaxy, and

@TBS_US

Romy Duggal, Social Media & Content Executive, Business Show Media

Romy Duggal is the Social Media and Content Executive at Business Show Media. She crafts compelling press releases, articles, blogs, and content for our diverse catalogue of shows, enhancing brand presence and engagement.

Paramount, as well as Rachel McCord from Female Founders/ LaunchPreneur. These experts will share invaluable knowledge and experiences, providing attendees with the tools and inspiration needed to elevate their businesses.

Networking Opportunities

One of the highlights of The Business Show LA is the chance to network with like-minded individuals and industry leaders. Drawing in entrepreneurial minds from across the country, the event will feature dedicated networking areas where you can connect with potential business partners, investors, and mentors. Building a strong network is crucial for business success, and this event offers the perfect platform to make those valuable connections.

Innovative

Workshops and Masterclasses

Beyond the keynote sessions, The Business Show LA will offer a series of innovative workshops and masterclasses tailored to address specific aspects of business growth. These sessions will be led by experts in fields such as digital transformation, leadership development, and

This article is

WHERE MONEY DOES BUSINESS

Money20/20 USA is the world’s biggest, most influential gathering of the global money ecosystem including banks, payments, tech, startups, retail, fintech, financial services, policy, and more.

This is where you come to accelerate deals, build partnerships, raise your profile, and make breakthroughs that grow your business so you can succeed in whatever comes next for the industry.

Get max ROI for your business now. Here's what you can expect:

/ 3500+ Leading Companies

/ 1 in 3 C-Suite Attendees

/ 350+ Industry-Leading Speakers

/ 85% Of The World’s Top 20 Banks

/ 66% Of USA’s Top 20 Fintech Unicorns

Need we say more? Don’t miss out, get your pass right now and use code XUM250 to save an extra $250.

www.us.money2020.com

financial management. Attendees will have the chance to engage in hands-on learning and gain practical skills that can be immediately applied to their ventures.

A Hub for Top Suppliers

At The Business Show LA, you will find top suppliers from the fastest-growing SMEs in the region. These suppliers will showcase products, services, and resources that can revolutionise your business model and drive growth. Exploring the exhibitor booths will allow you to discover new tools and solutions that can enhance your business operations and efficiency.

The B2B Marketing Expo US

Running alongside The Business Show LA is The B2B Marketing Expo US, the leading event for marketing solutions and innovation. This expo offers a world-class event agenda focused on how marketing professionals can advance their businesses and personal careers. With hundreds of suppliers and expert speakers, attendees will have the opportunity to discover the

latest technologies and services available in the marketing industry.

The B2B Marketing Expo US also features educational interactive masterclasses. These sessions will cover a wide range of topics, including the latest trends in digital marketing, effective content strategies, and innovative marketing technologies, and are a fantastic opportunity to learn directly from experts who dominate the marketing world. The show aims to put you in an ideal position to have valuable connections with other marketing professionals, industry leaders, and potential clients.

Showcasing Cutting-Edge Business Solutions

The Business Show LA will showcase 300 exhibitors with top-tier products and services to elevate your business. Alongside, The B2B Marketing Expo US will present 150 exhibitors focused on B2B marketing solutions, offering key insights into the latest tools and strategies to boost your company's presence and competitiveness. This diverse lineup ensures you access cuttingedge resources essential for driving business growth.

Live Panel Sessions

The Business Show LA and The B2B Marketing Expo US will also feature live panel sessions, where industry experts will discuss current trends, challenges, and opportunities in the business world. These sessions provide a platform for lively discussions and the exchange of ideas, offering attendees a chance to gain different perspectives on various business topics.

Testimonials & Feedback

The Business Show LA has received exceptional feedback from a diverse array of participants, including attendees, keynote speakers, and exhibitors. This broad spectrum of praise underscores the event's

significant impact and the value it delivers to everyone involved.

One of our partners (Professionals US), expressed, “Excellent to exhibit at The Business Show US Los Angeles and meet so many interesting business people and professionals. LA and California are great places for local and international business. We look forward to developing our valued contacts and speaking soon.”

Liana Zavo from ZavoMediaPR shared her transformative experience as a keynote speaker: “The experience of speaking to a large audience for the first time in LA, particularly addressing founders, was truly groundbreaking for me. It marked a significant moment of personal and professional growth, opening up new possibilities and paving the way for future endeavors.”

Elizabeth Jose Esteves of Holistic HR Solutions also praised the event, saying, “Thank you The Business Show US for helping Holistic HR Solutions participate in our first show and the opportunity to be speakers. Definitely was an amazing experience and we can’t wait for next year.”

These testimonials underscore the impact of The Business Show LA, adding value to business professionals at every level.

Join Us!

So what are you waiting for? If you’d like FREE access to knowledge and resources which would otherwise take you years to find, then you need to register for your ticket to The Business Show LA now. We’ll see you on the 9th & 10th of October at The Los Angeles Convention Centre!

Updates and new releases from Xero connected apps

Are you a Xero-connected App? Got a new feature or update you’d like to share with the Xero User community? Email alex@ xumagazine.com New feature shout-out

Expense On Demand expenseondemand.com

1. Roll Back Expenses - At any time, the Finance Manager can roll back exported expenses.

2. Smart Scan ImprovementsScanner automatically populates expense fields from webscanned receipts in the expense claim form.

3. Manage your Credit Card using our Automatic Feed - Directly import transactions for UK, Europe & US. New Zealand & Australia..

4. Expense Claim ContainerClaimants can create a container/ report to enter multiple expense items in a single report.

5. Split Expense Category Management - Finance Managers can create a special category like "Accommodation", and add sub-categories such as Room Rent, In-room Dining, Internet, Laundry, etc. to it, allowing claimants to enter subtotals for each sub-category.

6. Anti-Fraud - Finance Managers

are alerted to expense items claimed by multiple claimants using the same receipt.

HR Partner hrpartner.io

Take away the pain and guesswork in figuring out leave balances.

Try the FREE Leave Calculator here.

Projectworks projectworks.io

More custom field enhancements

As we continue to level up custom fields, you can now show so you can now:

1. Show project budget custom fields on the Time Entry list screens as filters, group, and column options; and

2. Show project and user custom fields on Expense list screens as filters, group, and column options.

As with all of our custom fields, these are available for select, multiselect and checkbox field types

Rechound rechound.com

• Reconciliation approvals and certification

• 445 and custom period functionality

• Printable monthly report for audit and validation

• Account groups for reporting

Tidy tidyinternational.com

We’d like to announce that our new patient management solution, TidyClinic, can now be found on the Xero App Store.

Developed with insights from healthcare professionals, TidyClinic allows you to easily create patients and seamlessly schedule appointments, covering everything from prescriptions to treatment plans.

THE BUSINESS SHOW

LOS ANGELES

Building Resilience for Better Well Being

R

This article is

esilience, the ability to bounce back from adversity, is crucial for maintaining your mental health. In today's fast-paced and unpredictable world, challenges and setbacks are inevitable. Developing resilience enables individuals to cope with stress, navigate through difficulties, and emerge stronger.

Mental health, encompassing emotional, psychological, and social well-being, is deeply interconnected with resilience. When faced with adversity, a resilient person can manage stress more effectively, reducing the risk of mental health issues

such as anxiety and depression. This ability to adapt and recover is not innate but can be cultivated through various strategies.

How to become more resilientFortunately, resilience is something that people can build in themselves. It takes practise and focus, however it is achievable.

Maintain a positive outlookOptimism and a constructive perspective on life's challenges can significantly influence how one responds to stress. Instead of viewing setbacks as insurmountable obstacles, resilient individuals see them as opportunities for growth and learning. This mindset fosters hope and motivation, essential components of good mental health.

Development of strong social connections - Supportive relationships with family, friends, and colleagues provide emotional support, practical assistance, and a sense of belonging. These connections can buffer against the impact of stress and enhance one's ability to cope with difficult situations. Engaging in community activities and nurturing social bonds can therefore play a pivotal role in building resilience and promoting mental well-being. Volunteering is a great way to be connected and give back to your community.

Tim Hoopmann, Speaker and Trainer

Experienced founder with a demonstrated history growing small business. Strong entrepreneurship and professionally skilled in Business Planning, Cloud Technology, Sales, Marketing, and Operations Management. A passion for helping small businesses use technology as a key enabler to increase productivity and decrease costs.

Self-care practices are vital for resilience and mental health - Regular physical activity, adequate sleep, and a balanced diet contribute to overall wellbeing and stress management. Mindfulness and relaxation techniques, such as meditation and deep breathing exercises, can also help maintain emotional equilibrium and reduce anxiety.

Developing problem-solving skills and setting realistic goals can enhance resilience - These skills empower individuals to tackle challenges proactively and effectively, reducing feelings of helplessness and boosting selfconfidence. By breaking down problems into manageable steps, resilient individuals can navigate through adversity with greater ease.

Resilience is integral to maintaining your mental health. By fostering a positive outlook, nurturing social connections, practicing self-care, and developing problem-solving skills, individuals can enhance their resilience and safeguard their mental well-being.

Building resilience is a lifelong journey that requires ongoing effort and commitment. It is something that needs to be worked on daily. When you build your resilience you will discover its benefits are invaluable for leading a healthy and fulfilling life.

Bill360 introduces Advanced AR Automation Solution to accelerate growth for accountants and their clients

@Bill360AR

Anton Wurr, Director of Marketing, Bill360

I Innovative SaaS-based Platform

Launches to Xero Users at Xerocon

ntroducing Bill360, the end-to-end accounts receivable (AR) automation solution that accelerates growth for accountants and their customers.

The company, based in Tampa, Florida, launched its SaaS-based, AI-enhanced platform in August 2023 and has quickly built a roster of 7,000 users within targeted small to medium-sized B2B companies.

Bill360’s state-of-the-art AR technology digitizes the invoiceto-cash process, generates financial insights, and produces workflow efficiencies. This unlocks opportunities for accountants to elevate their advisory services for their clients and frees up capacity to expand their practice.

The solution syncs with existing accounting software (Xero® and

Bill360 is an innovative, SaaS-based accounts receivable (AR) automation and payments platform, designed specifically for small to medium-sized businesses issuing invoices. The solution is available to accountants to elevate their practice, and to software providers to enhance their solutions. For end users, Bill360 creates significant value by reducing the cycle time of receivable payments, improving cash flow, and simplifying financial operations. For more information, visit www.bill360.com

QuickBooks®), typically within an hour, and seamlessly provides:

1. Automated invoicing with customizable reminders

2. Branded collaboration portal for suppliers to communicate with their buyers for questions, send notifications, attach notes and review past invoices

3. Embedded payments options, including cards, ACH, and Buy Now Pay Later financing

4. Receivable Assessment, Reporting, Reminders, Triggers, etc.

5. Unique approach to risk assessment that provides faster funding, even for large value payments

6. Live US-based support for accountants and end users

Bill360’s users are realizing 48% reduction in DSO (Days Sales Outstanding) accounts receivable on average when they use the platform for six months or more. Bill360 will be exhibiting at the Xerocon conference in booth #E20, where conference attendees can speak with our experts and view a demo, which is also available on demand at www. bill360.com.

“Cool new technologies are enabling AR automation to become more powerful and accessible, elevating the role of accountants to advisory with their clients”, said Jody Padar, The Radical CPA. “It’s great to see companies like Bill360 bringing their

innovation to address cash-flow automation and improvements.”

A copy of Jody’s newest book, Radical Pricing: How to Optimize Profits, Delight Customers, and Build a Top-Value Firm, that focuses on helping accountants transform their practices into advisory services, will be available to visitors at Bill360’s booth at Xerocon.

Bill360 is founded by a group of B2B payment veterans and led by Paul Hunter, entrepreneur and former CEO of Sterling Payment Technologies, which was acquired by EVO Payments International in 2017. “We are thrilled to introduce Bill360 to accountants and enable them to improve cash flow for their practice and for their clients”, said Hunter. “The platform was built over years, working closely with B2B business owners and accountants. We were driven by the quest to create a solution that produces financial results and ease of adoption. You can expect more innovations through our partnerships with accountants and software companies.”

About Bill360:

Chuck A. Accounting Clerk