XU Magazine - Issue 34

Are

asking

right questions?

Have you ever met a business owner who didn’t want to improve their business?

We emp ower our c lien ts wi th technol ogy tha t drives tangib le impac t in their b usiness pe rf ormance and rea l-time un ders tanding f or ou r adviso rs. So fo r us , W orkfl ow Max was an ob vi ous choice when it came to smal l business job and prac tice managemen t.

Juliet Hyatt-Brown from Lautrec Consulting Engineers work with WorkflowMax implementation partner Josh Licence from BlueRock Digital Juliet Hyatt-Brown Lautrec Consulting Engineers

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Licenc e BlueRock D igi ta l

Issue 34

Main Contacts -

CEO: David Hassall (Co-Founder)

Managing Editor: Wesley Cornell (Co-Founder)

Director of Strategic Partnerships: Alex Newson

Design & Communications

Manager: Bethany Fulks

Creative Assistants: Hebe Vermeulen, Robyn Consterdine

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© XU Magazine Ltd 2014-2023. All rights reserved. No part of this magazine may be used or reproduced without the written permission of the publisher. XU Magazine is published by XU Magazine Ltd (08811842), registered in England and Wales. Registered office: Office 1, Brunswick House, Brunswick Way, Liverpool, Merseyside, L3 4BN, United Kingdom. All information contained in this magazine is for information only and is, as far as we are aware, correct at the time of going to press. XU Magazine cannot accept any responsibility for errors or inaccuracies in such information. If you submit unsolicited material to us, you automatically grant XU Magazine a licence to publish your submission in whole or in part in all/ any editions of the magazine, including in any physical or digital format, throughout the world. Any material you submit is sent at your risk and, although every care is taken, neither XU Magazine nor its employees, agents or subcontractors shall be liable for loss or damage. The views expressed in XU Magazine are not necessarily the views of XU Magazine Ltd, its

116 ApprovalMax 10 expert tips for preventing Accounts Payable fraud

118 Institute for Certified Bookkeepers Australia Professionalism is Everybody’s Business

120 UPDATES FROM XERO

130 NEW TO THE XERO APP MARKETPLACE

134 INTERVIEW Castaway Forecasting Q&A with Michael Ford, Founder & CEO of Castaway Forecasting

138 EVENTS Accountex Visitor registration opens for Accountex London 2023

142 FOCUS: MENTAL HEALTH Tips for Managing your Wellbeing in 2023

146 UPDATES & NEW RELEASES

148 EVENTS Accounting & Finance Show Asia Bigger and better in 2023!

150 CLASSIFIEDS

153 XERO APP PARTNER OF THE MONTH

154 WOMEN IN ACCOUNTING

2023 Women in Accounting awards open to recognise top 50 changemakers in the industry

156 AND FINALLY... A personal note to say hello from Sukhinder Singh Cassidy, CEO of Xero

Track all items in your inventory and reduce costs of replacing lost, damaged, stolen and out-of-date stock

Are you asking the right questions?

Have you ever met a business owner who didn’t want to improve their business?

ntrepreneurs are driven by ‘the itch’. If you’ve felt it yourself, you know exactly what I mean. It’s that innate gnawing, discomforting feeling that comes from a deep, and often lifelong, conviction that there has to be a better way. The itch is never far away - it lives in your head, distracts your thoughts, nags at you. I’m no psychologist, but to me the itch is as deep as DNA. It’s not a learned behaviour, so it can’t be ‘unlearned’. There is no escape.

Entrepreneurs start businesses because the itch gets too much. They resist it, they damp it with logic, they try to ignore it, but it never goes away. As time goes on, it intensifies. Finally, they are compelled to do something about it.

The caricature view of the entrepreneur as a risk-taking, slick-talking hustler could not be further from the truth. The real entrepreneurs, the ones that you and I work with, are just people doing everything they can to scratch their itch. And no matter where they are in the world, no matter what industry their business serves, no matter what

age, sex, creed or colour, the itch, the belief, the drive to find a better way is exactly the same.

They can see the path ahead. They can see the forks in the road, the options, the decision points. And they need help to work out which way to go.

At Castaway, every day we talk to entrepreneurs and to the accountants who look after them. Our customer base is split evenly, so we get a healthy range of views from both perspectives.

The Entrepreneurs tell us they see the services their accountants provide on 3 levels:

1. They appreciate the compliance work that keeps their business on the right side of the law

2. They value the work that supports and sustains the business (bank loans, grants and the like)

3. They love the work that helps unlock the possibilities of the business (scratching the itch)

It should be no surprise that their level of ‘excitement’ about the fees they pay follows the same order.

Michael Ford, Founder & CEO, Castaway

Forecasting

Michael Ford is a lifelong entrepreneur with the battle scars to prove it. After 12 years with KPMG & PwC, Michael started his first business. Since then, he’s worked with thousands of businesses, built his own businesses, & founded Castaway, the most powerful business forecasting & modelling software on the market. Michael is a soughtafter thought-leader on the art of growing businesses. Michael is a published author, currently writing his next book. A keen road cyclist, Michael rides more than 10,000km per year, training to support Tour de Cure Australia.

The Accountants we talk to tend to fit into one of 3 categories:

1. A few tell us “my clients just don’t need that sort of stuff”

2. Some say they build budgets and forecasts when clients ask for them

3. For others, forecasting is the backbone of their advisory practice. Clients love the work they do and happily pay their fees

To the first group… who knows, they may well be correct. But if there’s even one entrepreneur on the client list, I guarantee that firm is not asking the right questions.

When we dig deeper with the second group, their focus is generally the entrepreneur’s second level of satisfaction, the sustaining and supporting work like applying for bank loans and grants, churning out annual budgets and the like. Although the demand generation is reactive, this work is useful for clients and can be readily systemised and productised into a profitable service… definitely a win-win.

The third group are different. They work differently, they think differently, they talk differently.

And they get different results for clients. By different, I mean better… much better. Of course, the question of “how” they are different has a hundred answers.

One thing stands out for me. The third group have gone beyond forecasting as a maths exercise focused on putting numbers on a page. They’ve evolved to embrace the idea of forecasting as a framework for exploring what is possible. This is a big step, in both mindset and methodology. They’ve found the holy grail - a way to help their entrepreneur clients scratch the itch, a way to help those entrepreneurs unlock the possibilities in their business.

It’s a simple idea, but it’s counterintuitive, especially for firms with strong compliance-based business models, where efficiency and capacity utilisation are the traditional optimisation tools.

But it’s also entirely intuitive. Clients perceive the greatest value when you help solve their biggest, most annoying problems. And for an entrepreneur, the ‘itch’ is the most significant long term problem there is. And forecasting, the process of looking ahead, considering scenarios, facing realities, game-planning responses, making decisions, is the best framework I know for unlocking possibilities, for finding solutions to the itch.

So how do the third group of accountants start the conversations with their clients? How do they build the interest? How do they get the clients to happily agree to engage them?

Well, the good news is we’ve seen lots of different approaches… and they all work very well. It’s a matter of finding something that

works for you. If you’re looking for somewhere to start, here’s a simple 3-step approach that involves zero selling, but is highly effective at unlocking possibilities for both you and your client.

1. Find the itch

Here’s an idea. Find a client. Take them to coffee, or to lunch, or just have a call. With genuine interest, ask 3 questions:

1. Why did you start this business?

2. What were your dreams for the business back then?

3. How have those dreams changed?

You’re looking for the itch.

Given the chance, and an engaged audience, most entrepreneurs love talking about their business. Some will open up immediately, the ideas and stories will just start flowing. For others, the conversation might take some time to get rolling.

If you’ve been in business a while, the daily grind, decision fatigue, pandemics and other challenges can wear you down … its all too easy to forget (or suppress) the original dreams for the business. In this situation, be patient and nurture the conversation. The memories will start to come back, a trickle at first and then more. Keep at it and you’ll see the imagination spring to life and the ideas start to flow. That’s the itch firing up again … it never goes away.

2. Run a Possibilities session

It’s not a strategy conversation. It’s not a business planning session. It’s not a SWOT session. It’s not even a forecasting discussion.

It doesn’t need to be complicated,

or deep, or detailed.

Grab a napkin or a sketchbook or a scrap of paper. Find a stack of post-it notes and some coloured markers. This is lo-fi design. We keep it plain and simple because the tactility, colour and physical movement all seem to help people access better ideas.

It’s a possibilities session. It’s about tapping into the itch, unlocking the possibilities that exist in the business and in the entrepreneurs’ mind. You don’t need to know all the answers, just the right open questions. Here’s a few ideas to get you started:

• If money were no issue, what would you change in the business?

• If you were a competitor, how would you compete against the business you run today?

• If someone gave you 50k to invest in your business (or pick an appropriate figure), what would you do with it?

• What stresses you or frustrates you about the business?

• If you could start this business again today, would it look any different?

• How would you double the size of this business? How would you halve it?

• What projects would you like to do in the business?

As the ideas come out, jot each one down on a sticky note. Use mind-maps, flow charts or create your own method to dig deeper or expand the thoughts into something more fully formed. Whatever it takes, capture the ideas and don’t interrupt the flow.

We do this at Castaway. Every time, we come away with enough ideas to fuel dozens of internal projects.

3. Rough out a roadmap

On a whiteboard, a glass window, or a big sheet of paper, make a timeline. Create 8 columns along a line, one for each of the next 8 quarters. If it’s a fast-growth business, change that to 8 months. Or make it whatever time interval suits you best.

Now grab the sticky notes full of ideas from the Possibilities session and start adding them to the time that makes most sense. This process is iterative and will trigger discussion on priorities, constraints, dependencies. It will likely spark more ideas too, so keep some blank sticky notes handy.

You might find as you work through the process that several alternate paths open up. They might arise from different options for priorities, or be pointed at different objectives, or different resource and staffing needs. This is exactly what you want. These

are key decisions and you now have the chance to make them consciously, with intent. This is a much more powerful outcome than letting the business just keep rolling along.

Connecting the roadmap to the forecast

Once the roadmap is done, you can proceed to build a forecast. Or forecasts, if there are still several roadmaps on the table. Like all forecasts, this also ends up as a bunch of numbers on a screen. However, it is so much more than the ‘fun with maths’ forecasts we talked about earlier. This forecast is now built from the roadmap you helped design for the business. Every number is part of the story of the business. And the story of the business is now designed to scratch the itch. It matters.

And when you come to compare actual performance against the forecast, the variances mean

something. When the actual results are different to what you expected to happen, there’s great value in the discussion. What worked? What didn’t? What should we do more of, less of? How should we refine our approach? The variance discussion is now the heart of a learning loop for the business.

And the best thing? You never run out of things to talk about. And the conversation is always about how you are creating value by helping the entrepreneur unlock their possibilities. And that is what it takes to scratch the itch.

To find out more about Castaway Forecasting visit our website: castawayforecasting.com

The Business Case for Credit Cards

When Staying Cash Positive is King

All business owners, regardless of their size and niche, know this: effective cash flow management is the cornerstone for the healthy growth of one’s company.

tarting a business is not for the faint-hearted. Let’s face it - the odds are unfavourably stacked against start-ups.

Unsurprisingly, the most cited reasons by business owners for seeing red on the balance sheet is the never-ending race to reduce the time between cash payables and receivables.

Without the resources and readily available working capital of larger corporations, small business owners are often left unmoored and isolated, with crushing debts and a mounting pile of unpaid bills.

The business case for credit cards

This is precisely where the use of corporate credit cards can provide an easy and elegant solution to help businesses improve their working capital and overcome liquidity shortages.

It essentially allows you to extend your payment time by syncing your bill payment dates with your card’s billing cycle.

Improving cash flow

A major rule of thumb for effective cash flow management is to preserve funds for as long as possible.

Thankfully, most major credit card issuers offer up to 55 days of interest-free payment period. This means that you can hold on to your cash longer without having to pay out of pocket to cover costs while waiting to get paid by your customers.

Paying by credit card is especially useful for unexpected expenses or larger tax bills. It is a convenient and readily available means to spread the cost of your financial strain over a longer period.

Plus, paying suppliers on time or even earlier with business credit cards can place you in their good graces. This can position you to negotiate more favourable payment terms.

Low card acceptance rates

Using credit cards to postpone payment dates seems like

Giorgio Giurdanella, Managing Director, Billhop UK

Giorgio is the managing director at Billhop UK. He has over 15 years of experience in various roles that span across card issuing, transaction processing and B2B payments. Giorgio’s rich background in seeing projects through from implementation to commercialisation gives him in-depth knowledge about consumer’s pain points within the B2B sphere and how best to tackle them.

the natural solution to many companies’ liquidity flow predicament. So why aren’t more businesses paying their suppliers with credit cards?

As it stands, there is £100 trillion worth of untapped cash within the B2B market for the sole reason that most vendors do not accept card payments.

Though unfortunate, it is easy to see where these vendors are coming from. Accepting credit cards comes with high processing fees and involves countless moving parts in order to fully integrate the system into their accounts receivable process.

According to a survey conducted by First Annapolis Consulting, 67% of suppliers cited high credit card processing fees as the largest deterrent to offering credit cards as a payment method.

Chances are that your B2B supplier may be reluctant to invest in a system that accepts credit card payments.

Billhop: Disrupting the traditional B2B payments landscape

While credit cards have been a staple payment method in the

This article is

“Simply put, there isn’t a solution as decidedly practical as Billhop when it comes to managing cash flow.”

B2C market for decades now, the concept of businesses paying one another by credit card is still relatively new.

That is why Billhop has been making waves in the B2B payment sphere. By combining existing credit card rails with proprietary technology, Billhop aims to address the low card acceptance rates within the B2B sector by allowing businesses to pay their bills with credit cards.

Traditionally, SMEs across Europe have mitigated the gap left by the time between paying suppliers and receiving payments from customers by taking out overdrafts, applying for loans and even resorting to invoice factoring.

Needless to say, these solutions are far from ideal and do not address the long-term, underlying problem that most small businesses are faced with - how to stop playing catch-up with their cash flow.

By using Billhop, you can make use of your existing credit-line without taking any additional steps to secure loans or funding. Simply put, there isn’t a solution as decidedly practical as Billhop when it comes to managing cash flow. No one else is offering what Billhop is doing in Europe.

Enhance your Accounts Payable

It might be hard to fathom that in this digitised work-from-home age, companies still process their Accounts Payable and Accounts Receivable manually. Yet, this is the case for businesses worldwide as they struggle to transition from their legacy systems and manual processes.

As a matter of fact, almost 1 in 5 organisations in the UK rely solely on manual data reconciliation.

Popular payment methods like cash, cheque and even bank transfer require a lot of time and manpower to monitor, record and track. The potential for human error is significantly increased and may even lead to huge fines when data is inaccurately reported.

Again, we see that by paying suppliers with credit card, businesses can streamline their inefficient processes and centralise their payments.

The data provided by credit card transactions can also be incorporated into enterprise resource planning (ERP) and accounting systems to further aid reconciliation.

Keep on top of your bills with Billhop and Xero

Billhop has teamed up with Xero to help simplify payments for small business owners, sole traders and accountants.

Our automatic data sync means you do not need to input information into separate accounts or match bills to payments. Once a bill is paid on Billhop, its status will be updated in Xero so you can track your payments in real time.

Do better business with Billhop

With Billhop, you can pay any supplier invoice with your preferred credit card thus allowing the opportunity to get paid from customers before your card bill is due. Your bottom line remains intact without having to apply for loans with high interest rates. It truly is the easiest solution for small and mediumsized business owners to optimise their working capital and do better business.

Find out more about how your business might benefit from Billhop’s payment service by visiting: billhop.com

Is your company giving away too much ‘free’ work?

Charlotte Brown, Director of Business Operations, Appogee HR

Charlotte Brown is a Director of Business Operations who knows the power of HR and productivity solutions. A finalist at the Women In Tech Excellence Awards 2021, Charlotte has been helping SMBs drive their businesses forward for over a decade through innovative HR tech.

t’s great to be able to give time away for free – just make sure you know how much of it you can afford.

The idea of providing ‘free’ work to customers, i.e. additional work on a project or service that your customer doesn’t pay for, seems a senseless notion to some. After all, why would you give your time away for free? Customers will take advantage and it would be costly for your business to provide itwouldn’t it?

According to Finance Online a staggering $7billion is lost due to unrecorded work activities.

Business – as we all know –has long been dependent on ‘freebies’. So much so that it’s now part of many people’s expectations. Whether it’s giving out free samples to entice buyers to try something new; rewarding customers with something extra, or even offering interest-free payment terms for a set period of time. It’s just that what appears to the end recipient as being free simply has a planned cost to the provider at the other end – most usually in time.

There’s no such thing as a free lunch

The reality about free work, all comes down to perception. As the timeworn saying goes, “there’s no such thing as a free lunch” and whilst this adage is mostly true, “free” isn’t always a bad thing especially if you’re keeping track of both your billable and nonbillable utilisation in one place so you can see exactly what work is being done and calculate the exact costs alongside your budgets.

Many businesses habitually provide free – or so-called probono services – simply because it’s part of their mission to be more socially responsible. They’ll do so because giving their time has positive public awareness properties that make them seem like a good organisation to be doing business with. Put simply, a small amount of time given away here and there can result in more billable hours in the future from new or existing clients impressed by this altruism.

The only thing that stands in companies’ way is recording this time. Free can become costly very quickly if firms don’t keep tabs on their billable hours where costs

The cost of unmanaged time is greater than you think.

@AppogeeHR

are attributed to them and those which they are willing to donate.

Knowing the interplay between the number of hours donated and the number of hours that are not is essential. It has obvious importance for being able to work out profit and loss, and even whether firms can really ‘afford’ to offer out free services at all.

Analysis of how much time is given away to who, how often, and by whom will determine whether certain projects are ‘worth it’. More in-depth analysis might even reveal which have gobbled up more time than managers might initially have thought, and what capacity employees have for being able to ‘give’ more of their time away to these pro-bono activities.

Time recording systems are essential for understanding just how much of your most precious resource can be apportioned to clients that may not generate any direct money. When done effectively time tracking can help you monitor employee time, manage projects, and track where your resources are going, however, it also goes beyond this, and can have a positive impact on many areas of your business.

Mitigate revenue leakage

Time tracking brings considerable success to organizations in the form of better results and better relationships. It gives

organisations the insight they need that enables them to reveal time losses, report errors, and identify revenue leakage. In doing so it helps reverse downward performance and productivity trends and brings in proper oversight.

Aid better and faster decision making

It’s highly likely that time tracking will increase billable hours by making project planning more efficient, and through easier timesheet management, time is better accounted for, meaning revenue lost due to billing errors is also eradicated. When organisations have better visibility around how staff are managing time, decision-making can be faster (and possibly more reactive and ‘better’), while problems can be spotted and managed, before they become larger.

Estimate costs for future projects

Understand exactly how much time a previous project activity took, especially if the activities are similar. Pinpoint areas where employees are spending too much time on non-productive low-value tasks. Equally, it will expose extra resources should one team be overachieving and have the capacity to take on additional tasks from another overloaded team. Time tracking data allows you to accurately estimate the costs of future projects. It can also help identify any variances and modify project costs before they get out of hand.

Maximise finance and productivity tool integrations

As with all good time tracking solutions they integrate with your existing productivity and finance tools to save you time and money. To help your teams to become even more productive, secure, and accurate in their day-to-day work. Keeping employees focused on deep work rather than jumping in and out of systems.

Identify areas for improvement

This can be tricky for many businesses as it’s likely you’ll need to have data available that you’re probably not already tracking. Make the most of your data and use it to take immediate action on areas that need improvements and more resources. Use the data Cont...

to assign the right tasks to the right people or allocate more staff to a project when deadlines are looming or assign staff to cover a period of employee absence.

Save valuable time and reduce error

Time tracking software saves time: according to Deloitte, 50% of professionals who do not have automated systems, (for example, time tracking) say manual data input and data adjustments are the most time-consuming parts of the process. Using leading time tracking solutions will ease the burden of manually tracking time in spreadsheets and reduce the risk of error in your reporting.

The true cost of not tracking time

Time is money and having no clear oversight of how or where your most precious resource is being spent will ultimately cost you. When taking a closer look at the statistics, the results uncover the current landscape for many businesses and it comes as no surprise that only 17% of employees are actively tracking their own time, according to research provided by TechJury.

This leaves the vast majority of employers with no clear indication of how their employees are managing their time on a daily basis and their productivity

rates. Poor time utilisation and untracked activities could have your business hemorrhaging money, put you way behind your competitors, and jeopardise customer relationships.

Future-proof your business with time tracking

It’s all about the bottom line. Streamlining your operations in any way will come with financial gains and time tracking is just one of the ways to do this. However, investing in time tracking technology is only as good as the strategy behind it. To ensure its effectiveness you’ll need to put the appropriate timetracking strategies in place to reinforce your chosen solution. In essence, with efficient time tracking and analysis smoothness is achieved, and better relationships result between both

employees and customers alike.

At a time when new business depends on the relationships, and what parties can bring to one another, having systems that automatically smooth things out has to be a bonus.

Not only will time tracking help you keep track of your costs, but it can uncover areas of your business where you can become more profitable and the potential for capitalisation - it’s a win, win!

Digital Signing, Done Simply Made

for Accountants by Accountants

Greater Control, Greater Flexibility, Greater Client Experience

Carefully crafted to suit the needs of accounting practices, big or small, FuseSign is a digital signing platform like no other.

Affordable, no hidden costs

Granular control over signing actions

100% mobile friendly

Purpose-built for the accounting industry

Secure with 2FA to mobile/email

No lock-in contracts

Highly customisable settings and features Intuitive, easy to use design for an outstanding client experience

Faster turnaround time

Less paper, less printing and less spent on stamps

Verified Analytics: The potential of automated data matching

hat is Circit’s new product, Verified Analytics, all about?

Verified Analytics combines independent access to transactional data with data matching to the GL. With quick, secure and reliable access to bank transactions, tests like expenditure testing or debtors testing are made more efficient and 100% verification of ledger records comes within reach.

What are the use cases for accounting?

Matching transactional data to client records can help identify potentially erroneous, high-risk or unusual transactions and visualise or identify trends in cash balances at a glance.

Some specific examples:

• Cash to sales reconciliation: verification of income in the financial statements

• GL cash reconciliation: 100% verification of GL bank transactions

• Receivables/Payables testing: 100% verification of year end balances to post-date transactional records

• Payables omission testing: verification over completeness

of year end credit balances

• Cash control testing: verification of controls by mapping how cash postings are handled in the accounting system

Beyond audit, having easy access to transactional data across all your client’s banking providers allows an accountant to aggregate, analyse and gain complete insight into their client’s cash flow, within a platform that allows them to quickly and easily query those transactions by leveraging Circit’s other products.

There are also use cases for Forensic Accounting, where instant access to bank records via trusted, secure APIs can identify potentially fraudulent transactions or those requiring further investigation, and aid in the tracing of assets.

How does Verified Analytics tie in with other products?

Verified Analytics is a part of the Circit platform which provides a range of specialised products. In leveraging Circit’s products, accounts and auditors can query and collaborate on specific samples and transactions. Excel uploads mean data from any

accounting system can be easily uploaded into Verified Analytics to leverage its analytics functions.

On the platform, hundreds of Open Banking APIs allow seamless and secure integration into banking providers, with new providers being added regularly across different territories.

Finally, what ISAs are there around testing and sample sizes? What do they say?

There are a range of ISAs that cover testing, sample sizing, use of technology and risk identification, and more. ISA 315 covers identifying and assessing the risks of material misstatement and focuses on enhanced focus on controls, specifically IT controls and consideration of data analytics for risk assessment.

It references automated tools and techniques for analysis. This is where Verified Analytics comes in: it can be used for all of this from analytics, to reperformance of bank reconciliations and verification of the entirety of bank transactions in the ledger. Also covered: significant disclosures such as liquidity and debt covenants, distributions

The FRC is increasingly encouraging the use of technology such as data analytics to enhance quality and increase sample sizes.

Dudley Gould, VP Business Development, Circit

Dudley Gould trained as an Auditor and worked at Moore Kingston Smith and KPMG. This experience made him realise the challenges being faced by accountants and auditors today: manual matching, small sample sizes and a lack of technology usage. He joined Circit in February 2021 to work on a product to address them: Verified Analytics.

and related party transactions, which can be easily accessed and reviewed against actual thirdparty bank data using Verified Analytics.

There is also ISA 500: Audit Evidence. This focusses on the source and reliability of evidence acquired, and corroboration of client obtained information. Verified Analytics enables simple access to third party data inplatform that can be used to corroborate client records.

Another example is ISA 560: Subsequent Events. This covers verification of after date balances, transactions related to disclosures in the accounts and identification of significant after-date transactions that may

require disclosure. All of this can be made easier and more efficient with direct access to data and a matching engine.

ISA 570: Going Concern is also applicable. A repeatable extraction of after date cash balances can provide ongoing review of going concern and an overview of accuracy of any forecasting and budgeting procedures the entity undertakes while also allowing post year end cash flows and trends to be viewed.

In conclusion, what can accountants gain from using Verified Analytics?

Companies are increasingly looking for more efficient, higher

quality accounting work and audits, while also providing more value. Leveraging a product like Verified Analytics brings more complete testing and automated matching within reach. This brings many advantages: adherence to ISAs and security standards, decreased risk and more efficient time usage for accountants and auditors.

Tired of saying, ‘We

help you with that’?

@seedlegals

Danny Bateman, Senior Business Development Manager, SeedLegals

Danny is Senior Business Development Manager for SeedLegals. With over a decade working with companies in the UK and Middle East, he loves empowering startups to grow and scale faster. Danny currently works with UK-based accountants to help them use SeedLegals to offer a more holistic, affordable and seamless service for their startup and SME clients.

Danny Bateman of SeedLegals explains how accountants can use legal-tech software-as-a-service to offer more value to clients.

Want to make your accountancy practice more attractive to new and existing clients? Add more services and become a one-stop shop for startups and small

But how do you do that without hiring specialist staff?

uses SeedLegals for extras. You can choose to add SeedLegals as white label software to your existing digital services, or give your clients discounts for SeedLegals and claim a referral

Offer more with innovative

Established in 2016, SeedLegals is an online platform which combines automated legal documents with friendly, personalised help from a team of experts. Since 2020, the company has worked alongside accountants to provide clients with a seamless, affordable

Hilda Henderson

Benjamin Sanders

Antonio Simpson

Lucinda Becker

Over 50,000 companies have used SeedLegals to grow and scale faster. As well as straightforward business legals such as employment contracts, company policies and board management, the legal-tech service helps founders and business owners with the pivotal moments that matter:

• Secure S/EIS Advance Assurance

can’t

New user

Search users…

Do S/EIS compliance

Two thirds of all SEIS and over half of all EIS Advance Assurance applications are done on SeedLegals

• Claim R&D tax relief

In 2022, SeedLegals helped clients successfully claim an average of £43,000

• Set up option schemes Get an EMI valuation

One quarter of all UK EMI schemes are designed and managed on SeedLegals

• Do a funding round

Take an investment

SeedLegals is the UK’s number one closer of early-stage rounds in the UK with over £1 billion raised to date. The company

pioneered ‘agile funding’ to help companies take one-off investments outside funding rounds.

Make clients happy - and boost profits

By partnering with SeedLegals, you have the reassurance of offering extra services via a market leader. And with a more extensive set of services, even small practices can build a reputation as go-to accountants. One early adopter of SeedLegals is Peter Jarman, Partner at PJCO:

‘We’re now a one-stop shop for EMI, S/EIS and R&D tax relief. If we had to say to clients that we can’t do these services, it would feel like

we’re letting them down by not providing a proper service. We rely on SeedLegals to be our specialist in the background. With the volume and speed that SeedLegals processes tasks for us, we’re offering more services to our small and micro-business owners, with fasterthan-ever turnaround times.’

To find out more and book a call to explore partnering with SeedLegals, go to seedlegals.com/ for-accountants. After that, get ready to stop saying ‘Sorry, we can’t do that’ and instead, ‘Sure! We’d love to help.’

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5 things you should know about your Residential Construction Clients

s a company, we want to make sure that our customers succeed, and that our product plays an important role in helping our customers achieve their goals.

One of our team values at NextMinute is to sit alongside our customers and partners. We also have the value proposition that we “make life easier by managing pricing, planning, people and profits.” So, we recently put together a Customer Survey in order to get a better understanding of the needs and preferences of our customers, and to question are we delivering on what we promise?

‘They’ also say success is in the eye of the beholder, and our beholders are our customerswho are also your customers!

If you are a Trusted Advisor with clients in the Trade & Construction industry, here are some results from our Customer Survey that might help you understand the industry better.

Who are they?

Our average client is a 39 year old male builder, business owner, married with more than one child and has completed some form of tertiary education like trade school, college or university.

What do they need?

We asked our clients, on a scale of 1 to 10 how important are the below items to their business (answers in order based on the average response.)

1. Profit

2. Managing their team

3. Save time

4. Consistent work

5. Scheduling work

6. More clients

This re-confirms for us that our value proposition of pricing, planning, people and profits aligns with what our customers consider important in their businesses.

What do they want?

Emily Ossington, Global Partnerships & Strategic Alliances, NextMinute

I have worked in the cloud accounting space for the past 10+ years, in both an accounting & bookkeeping firm and within the Xero Ecosystem. I now have a great role at NextMinute where I lead our Partnerships channel which includes working closely with the Accounting & Bookkeeping community.

When do they want it?

NOW!

No, not really. This was not actually a question asked in this survey. The fact remains though, that there is never a wrong time to make improvements in your life.

What can you do to help?

Get to know them

The information we provided above is based on the average responses.

“Our average client is a 39 year old male builder, business owner, married with children”

We asked them to rank the importance of family time on a scale of 1 - 10. It was number one.

Other questions around ‘hobbies and freetime’ had a variety of answers, all of which included outdoor activities such as fishing, board sports, or playing sports with their family & friends.

These responses indicate that our clients value and want more time to spend outdoors with their family.

Spend some time understanding each individual client, what is important to them, what their personal life looks like and why they chose to start their own business.

This will help you base your services on the individual client needs and what they will value from you, all while having their best interest at heart.

Plus, it will give you something to talk about with them next time you catch-up.

Learn about their day-to-day

Learn about their daily routine, the best time to reach them,

We like to think we know our clients pretty well, but you know what ‘they’ say about assuming…

office preferences, work hours, meetings, onsite times, who does the invoicing & payroll, do they have admin staff. The list goes on.

This is going to help you understand where & when you fit in and if they prioritize the “back end” work.

Learn about the industry

Trade & Construction complex with differing laws, education requirements, certificates & license requirements. For example, a cabinet maker is a carpenter, but a carpenter is not necessarily a cabinet maker - so what differentiates them?

Knowing industry requirements puts you in the best position to give advice & market yourself as an industry expert. If you are looking to create a niche in your business that sets you apart, having this expertise helps you attract the right clients.

If you already have a few like trade businesses, start there. For example, if you have a carpentry client and a cabinet maker, you probably have a good grasp on the industry and market yourself to that specific industry only.

Set the expectations

Set your expectations with them - what will you need from them to make the relationship work, and in turn, what can they expect from you?

If you spent time learning about their day-to-day, you might learn that Wednesday at 9pm, after the kids are in bed, is the time they allocate for admin. This is the time you will most likely receive a response to an email.

learn about it or how to integrate it with their accounting software and existing processes.

“Our clients value and want more time to spend outdoors with their family. ”

You can partner with apps from the Xero Ecosystem, like NextMinute and incorporate these into your service offering. It is definitely a valueadd that your clients want & need.

Don’t forget, if your clients succeed, so will you.

Or you might learn, they have no plan or priority for the bits of the business you need, which will mean you need to consider how viable this relationship will be or if there is a way for you to help them prioritize the business finances.

Be their eyes and ears

These guys want time back in their life to spend with their families, but they are prioritizing their businesses instead.

The digital landscape is everevolving and technology can be a game-changer for these clients but they won’t give it the time to

If you’re looking to improve your relationships with your Trade & Construction clients, start by learning more about them and then consider partnering with an industry specific software like NextMinute.

Our dedicated team can help you build strong and effective relationships with your Residential Construction clients, reach out to emily.ossignton@nextminute.com and start the discussion on how to achieve greater success with these clients in your practice.

“Family time is ranked #1 for importance to Tradespeople”

Streamline your audits with approval automation: how ApprovalMax can help

@ApprovalMax

Konstantin Bredyuk, Director of Product, ApprovalMax

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

Konstantin has been advising numerous organisations on implementing 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.

pproval automation apps are changing business processes for financial approvals and businesses who are regularly audited.

Approval automation apps are designed to save time, streamline the approval process, and improve the overall efficiency of AP operations. By sending notifications and reminders to approvers, approval automation apps become valuable as it reduces the administrative workload for bookkeepers and accountants, freeing up time to focus on more important tasks.

If your client is regularly audited, you’ll want to make sure they have a comprehensive and organised way of making and logging their financial approvals. A huge bonus of using a cloudbased app is having an audit trail that’s automatically generated, as this means auditors get a clear understanding of the approval process. It’s also a win for your client as it helps ensure they stay compliant, while reducing their risk of fraudulent activities at the same time. During an audit, the ability to invite auditors to view workflows and audit trails with read-only access is helpful, as it streamlines the evaluation process and makes

audits easier to get through. Approval automation becomes an investment that pays off for clients who get audited regularly due to the reliability, transparency, and efficiency it provides when recording and tracking financial approvals.

ApprovalMax is a cloud-based approval automation platform that helps accountants prepare for audits by streamlining the approval processes and providing an organised and comprehensive overview of financial data. Read on to learn how our features simplify the audit preparation process for auditors.

5 ways ApprovalMax simplifies audits:

1. A delegation of authority policy is built into your workflows

It’s good to have a separate document for your delegation of authority, but how do you make sure it’s not just a piece of paper in a filing cabinet or an online document saved in a folder? If your clients are still doing approvals on paper, their files will need to be organised and stored so they’re easy to retrieve. Keep in mind that human error can still come back to haunt

your client during an audit if they are doing this manually! . Alternatively, if your client issuing email to grant approvals, during an audit they will need to search through inboxes to find the approval history for all approved documents. This can take up a lot of their time, effort, and result in missing information that’s been deleted.

With ApprovalMax, you can create your delegation of authority policy in an approval workflow, so authorisation rules are followed consistently each time. You can also show auditors quickly and easily how your approval process works based on the authorisation rules you have set up in ApprovalMax.

You can create a simple or complex approval matrix, set up approvals that happen one after the other or at the same time, and add rules based on cost limits, GL codes, and tracking categories.

2. Automatic audit reports and trails mean less manual work

With ApprovalMax, when a document is approved, a report showing all the details of the approval process is automatically created and added to it in Xero. This includes all decisions made,

Audits can be stressful for accountants. However, with the right tools, the process can become much smoother. Learn how ApprovalMax can help.

exceptions, comments, and more. If you want more information, you can find a full record of the approval process in ApprovalMax.

3. Create easier access for auditors

With ApprovalMax, you can invite auditors to view your workflows and audit reports. The auditors will have read-only access, so they can evaluate things safely without the risk of making changes. They can see all reports and requests for your organisation and add comments. To invite an auditor, go to the “Users” page, add a new user and choose the “Auditor” role from the drop-down menu.

4. Using built-in reporting to extract more information during an audit

ApprovalMax provides comprehensive reporting to help evaluate the compliance of approval processes. Auditors can see how approvals were granted and get a complete picture with searchable reports. You can also get an overview or dive into specific details by downloading reports in Excel. These reports help identify exceptions to the approval process, such as approvals delegated to someone else, requests that were

automatically approved, requests that were not finished, and approvals made by administrators instead of the person who was supposed to approve.

5. Want to show off your approval workflow? Just export it.

Alternatively, you can share information about your approval workflows without inviting auditors to ApprovalMax. Simply open the workflow and press the “Export workflow” button to produce a PDF document with a written description of the flow. For example, if it’s a purchase order workflow, the document will include a list of individuals who are authorised to create purchase orders, the rules for each request maker, and for every stage, a list of those who approve them, with the rules for each approver.

Take the pain out of audits with ApprovalMax

If you have clients who are regularly audited, getting them onto an approval automation tool that’s built with the audit process in mind can help them feel more positive and confident during an audit. It also provides confidence to board directors who are demanding to have financial

controls in place. ApprovalMax is a game-changer as its features allow auditors to easily and comprehensively analyse any approval process, without you or your client having to compile audit reports manually. We have accounting firms all over the world that say that their clients and auditors are pleased with the way ApprovalMax has changed their audit process, with several of them citing that it is a no-brainer if your client is regularly audited.

To summarise, here’s how ApprovalMax makes audits a breeze:

• Business critical processes are fully visible and traceable.

• Auditors have easy access to any document they need and find all the relevant authorisation data.

• Audit trails and reports facilitate data and process accuracy, which is the base for informed decision-making.

• Accountants benefit from time savings because the manual effort is minimal.

Could there be a smarter way to prepare R&D tax claims?

Mike Dean, Managing Director, WhisperClaims

Mike Dean is the MD and co-founder of WhisperClaims an award-winning UK-based fintech company delivering R&D tax claim preparation software and expert-led wraparound support services to accountants.

To date over 2,800 claims have been prepared by accountants using WhisperClaims to deliver an in-house R&D tax service for their clients, representing over £400 million of eligible spend.

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

any are asking themselves if their clients’ claims will pass muster, and whether there’s more they could be doing to ensure that their processes are good enough to withstand scrutiny from HMRC.

Alongside this looms the spectre of April 2023 changes to R&D tax legislation kicking in, company year-ends, personal tax returns,

and R&D claims with hard deadlines all piling up. Times like these make it difficult to find the time to dot the ‘i’s and cross the ‘t’s; even with the most robust of manual or outsourced processes, errors can creep in.

Controlling the process

Having a robust process that is applied in the same way every time, for every claim, is key to

preventing errors. This could be achieved through manual processes, however experience tells us that in any process the weak point is people. People can be inconsistent, rushed and forgetful—often convincing themselves there’s no need to follow processes, especially given the other pressures of running a busy firm.

So, how can accountants ensure that claims are produced consistently, even during the busiest times of the year? In short, software automation! WhisperClaims’ R&D tax claim preparation software is designed to ensure consistency of process and output. The question set is dynamic and flexes depending on the data being input, providing a structure to help guide the conversations between accountant and client. Questions can’t be forgotten or skipped over, so accountants can be certain that the data has been reliably gathered.

The recent reforms to R&D tax legislation and HMRC’s ramping up of enquiries has even the most battle-hardened accountants feeling a little rattled.

Owning the relationship

Another important factor to an efficient claims process is the relationship between the accountant and client. As an accountant you have a unique indepth knowledge of all aspects of the client’s business, including:

to go back to the client to get information or ask questions that were missed the first time around.

Report production through WhisperClaims is completely automated and reduces the time taken to prepare the technical narrative and costs breakdown for submission to HMRC. This saves the accountant hours, if not days, of report writing.

The client, on the other hand, is the competent professional in HMRC’s eyes, and are the only ones who can judge—with the accountant’s guidance— whether the work they have done constitutes an advance in science or technology.

With the right technology, training and support, it is absolutely feasible for the accountant to deliver an in-house service and collaborate with clients in a credible and efficient way. Just as technology has transformed every other aspect of the accountant’s role over the past decade, dedicated R&D tax claims software can empower accountants with a framework and structure that enables them to deliver a high quality service that is robust, compliant and — most importantly— smart.

Optimising time

WhisperClaims software introduces efficiencies in two main areas—data capture and report writing—and ensures all claims are produced consistently and to the same standard, reducing the need for checking and reworking.

Software doesn’t replace the need for a conversation with the client to a) educate them about HMRC’s eligibility criteria and b) talk through their projects to ensure they correctly identify which qualify. What software does do is provide the accountant with a robust set of questions, and a structure for the conversation. This reduces the risk of having

What difference does this all make? Fundamentally, it means the accountant can spend more time on the important parts—talking to their client, understanding eligibility and building the relationship—and less on the highly repeatable processes like writing a technical narrative. This in turn means they can process more claims at the same time without compromising on quality, consistency or customer service—a win all round!

Remaining compliant

The R&D tax relief scheme is less prescriptive than any other area of tax regulation. It is not, however, beyond the comprehension of a qualified accountant. Fundamental to helping clients reap the benefits of the R&D tax scheme is understanding what HMRC’s definition of ‘eligibility’ is, how to apply that knowledge when talking to clients about the R&D work they have been carrying out, and being able to determine where eligibility does or does not sit.

When an accountant adopts WhisperClaims they gain access to both software and a comprehensive suite of expertled services to bolster their confidence and understanding of the scheme. Our advice line—a variety of live chat and 1-1 channels—gives them direct access to a team of R&D tax experts who they can lean on for advice at any point in the claims process. On top of that, they can register for back-to-basics

training and immerse themselves in our extensive video and online learning materials.

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

Once a claim has been prepared within the app, our built-in risk mitigation features will flag areas of weakness that should be reviewed, and our optional ‘Claim Review Service’ provides an additional layer of reassurance that the claim has been thoroughly reviewed by an R&D tax expert prior to submission.

High quality service

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

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

For more information and to book your demo visit: whisperclaims.co.uk

1. Finances

2. Company structure

3. Pain points/problems

4. Plans for the future

How to protect your clients balance sheets in 2023

Paul Surtees, CEO & Cofounder, Capitalise

During his 13 years in investment banking, Paul started investing in and mentoring early-stage businesses. The more involved he became in their stories, the more he saw how hard it was for them to raise funds. And yet he knew money was available. He was determined to make it as simple as possible for small businesses to grow. Out of these realisations came Capitalise. He’s led the direction and culture of the company since it was founded in 2016.

mall businesses are the backbone of our economy. With 61% of the working population being employed by smaller companies, we rely heavily on their resilience. Yet, with economic changes such as Brexit and the pandemic, high inflation, supply chain issues and a rising rate of insolvency (the highest it’s been since the 2009 financial crisis), there’s a lot to manage and control.

Fortunately, accountants have risen above these challenges and have continued to step up, supporting their business clients

in their time of need. As we enter further into 2023, a different set of challenges will come into play, and clients will need access to continued support.

We know from the Bank of England data that typically small businesses are slow to react when there is a potential cashflow risk. Taking a more reactive approach, small businesses are behind the curve when it comes to borrowing compared to larger businesses.

If the proactive approach from larger businesses can trickle down to the UKs smaller enterprises, we can expect to see our small businesses better protected in 2023 as they start to react to changes in a more productive way. In fact, according to Bain & Company (2019) businesses that take action in crisis, outperform over the medium term.

What are the current key challenges small businesses are facing?

• Staff shortages

• Increased material costs

• Supply chain disruption

• Higher energy and fuel costs

• Rising overhead costs including rents and interest rates

How can you ensure that your small business clients are staying proactive?

As accountants, time again, you have advised small businesses on what actions to take to remain resilient, and this recession will

Paul Surtees discusses the macroeconomic impact on small businesses and the link between credit scores, funding and business’ balance sheets.

@Capitalisers

“70% of small businesses believe rising costs are their biggest challenge currently”

be no different. With regular client meetings, you can assess the business’ stability, forecast cashflow risk and opportunities and review business plans. This can be made easier with the use of credit information to see the health of your clients balance sheets.

Glen Collins, Head of policy at ACCA, describes how accountants and advisers can make an impact on the health and growth of businesses with their ongoing support:

“When you look at the work that accountants and advisers do, a lot of that is working through the options that will allow businesses to survive and prosper on the cash it’s got coming through. This is about providing the appropriate service, tailoring to a particular business’s needs and enabling them to plan, recover and grow.”

What actions could small businesses be taking?

There are a number of actions you can help your clients start taking to ensure they’re best protected in 2023. Below are a couple of key steps:

1. Reviewing job costing and pricing

Between inflation and continuous supply chain issues, the cost of materials is continuing to rise. Help your clients to price their materials accurately, and consider the importance of doing so on their profit margins and cashflow.

2. Help them negotiate better terms with credit profile

Credit scores impact a business’ access to finance, whether that’s looking for a loan with the best interest rates, tendering for new work, or looking to negotiate better supplier terms. A good credit score can set a business up for success. Research from Capitalises’ Get Fit For Business report found that only 29% of businesses even know their credit score. With Capitalise for Business, your clients can take

control of their credit profile and receive alerts on any changes to their credit profile, so they can get ahead.

3. Help them identify which companies to work with to minimise external risk

Encouraging your clients to credit check the companies they work with can help them to understand external risks. With Capitalise for Business, clients have the

ability to track the payment performance and credit profiles of other companies. So your clients can be prepared to know which terms to offer and which companies to work with. They can also feel more secure by checking the credit profiles of suppliers, identifying any potential issues in their supply chain early on.

4. Help them access funding when needed

THOUGHTS FROM ACCA

“When you look at the work that accountants and advisers do, a lot of that is working through the options that will allow businesses to surivive and prosper on the cash it’s got coming through.

This is about providing the appropriate service, tailoring to a particular businesses needs and enabling them to plan, recover and grow.”

70% of small businesses believe rising costs are their biggest challenge currently, so being able to access business finance can make a real difference in a difficult period. Whether your clients are looking to bridge a cashflow gap, or grow and purchase new assets, funding could bring a positive impact. The ability to access the right loan from the most suitable lender, without spending hours on multiple applications, can be a big help.

With Capitalise’s funding marketplace, your clients can access 100+ lenders, get specialist advice and apply to up to 4 lenders in one application.

However, with time and resources being a challenge when trying to offer more support and advice to clients, ‘Client Tools’ allows you to provide your clients with a 360 view of their cashflow in

a completely self-serve format. They will be able to access their Experian credit profile, check the profiles of companies they work with and apply for funding with a carefully selected marketplace of lenders.

Start 2023 by empowering your clients with the right tools for them to grow, without having to put in extra resources. Capitalise and the ACCA, have developed a complete guide on the predictions for 2023 and how to protect your clients against these challenges. To read more, you can download the full guide here

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- Glen Collins, Head of Policy, Technical and Strategic Engagement at ACCA.

Sign Here, There and Everywhere. FuseSign Takes Digital Signing for Accountants Global

useWorks is proud to announce that their Innovative and Industry focused digital signing platform, FuseSign is spreading across the globe with the official launch in the UK at Accountex London, May 2023.

With FuseSign, accountants have access to a cutting-edge platform built specifically for the industry to provide a user-friendly, secure, and customisable platform that streamlines document signing processes, enhancing overall productivity and creating a seamless client experience.

FuseSign has already established a strong user base among Australian and New Zealand firms with large mid-tier networks like Accru, Bentleys, DFK, MGI, Pitcher Partners and many more jumping on the Fuse-train. Flexibility from small to extremely large firms makes FuseSign a perfect

fit for global expansion and the company is excited to bring its cutting-edge technology to the UK market.

Co-founded by Melissa Voss and Scott Barber, their Chartered Accounting background brings deep insight to the frustrations accountants have and has contributed to the success of the growth of FuseSign. “Solving key pain points and delivering tailored and targeted solutions to real-life problems is at the core of our success” says Scott Barber.

The past few years has seen FuseSign achieve exponential growth & tremendous success in the Australian and New Zealand markets, where it has been praised for its intuitive interface, advanced customisation options, and robust security features. FuseSign allows documents to be signed and returned in a matter of minutes, being the accountants choice and a highly sought-after alternative to many expensive traditional electronic signing tools.

The launch of FuseSign in the United Kingdom is an exciting

Melissa

From a background in Chartered Accounting, Melissa understands the frustrations accountants have when dealing with technology in practice. Co-founding FuseWorks 10 years ago, Melissa enjoys the challenges of working within the accounting industry to deliver best practice on a global scale with a specific focus on streamlining digital signing and document delivery, striving for the ultimate client experience through technology adoption.

development for the accounting industry, and the platform is poised to disrupt the market by offering a solution that specifically addresses the needs of accountants.

“We are thrilled to bring FuseSign to the UK market, and we believe that our purpose-built platform will be a game-changer for the accounting industry there,” says Melissa. “As a Chartered Accountant myself I understand the specific challenges faced by accountants, and our platform has been designed to address these challenges head-on. With FuseSign, accountants can focus on delivering value to their clients, rather than wasting time on manual document processes.”

At the same time, FuseWorks remain fully committed to their original market and will continue to provide the same level of support and service that has made FuseWorks a leader in document automation and digital signing.

“Unlike most software vendors, FuseSign never planned to put boots on the ground and start

Scott Barber, Co-Founder, FuseSign

Voss, Co-Founder/ Head of Clients & Partners, FuseWorks

“Our purposebuilt platform will be a gamechanger for the accounting industry”

making noise from day one. Rather, Melissa, Jackson and the team first wanted to understand the processes and pain points of UK accounting firms, to see what problems they could solve, and where they could add value” says Jack Thiel, Co-Founder of Early Adopters Hub. “We saw firsthand the investment of time the FuseSign team made, completing a deep market research programme through the Early Adopters Hub in 2022. They spent hours listening to a diverse range of market-leading accountants in the UK, which has set them up well to deliver a unique and differentiated digital signing product that will serve the market well!” Jack said.

Built with accountants in mind, they understand the unique challenges faced by accountants in Australia and abroad, and FuseSign has been designed with these needs in mind. From seamless integration with popular accounting software to advanced tracking and reminders, FuseSign streamlines the document signing process and helps businesses operate more efficiently.

The FuseWorks Difference

FuseSign offers a range of features that make their digital signing platform unique and a rare-find for accountants. These features include but not limited to:

• Highly Customisable Settings

and Features: Tailor the platform to specific branding, workflow requirements and integrate with existing systems.

• Intuitive & User-Friendly Interface: Create a seamless experience for both clients and signers.

• Granular Control: Precise management over access and levels (view, edit, or sign).

• Advanced Security Features: Multi-factor authentication, GDPR compliant & ISO 27001 accredited.

FuseWorks’ innovative nature means they dare to do things differently. Their passion and commitment to the accounting industry revolve around client feedback and continuous improvement.

FuseSign’s Integrations

FuseWorks recognises that offering the best of breed in digital signing is amplified when integrated with the business technology stack.

In the UK, FuseSign integrates with other Cloud products Xero Practice Manager and FYI to be able to leverage shared data and automated workflows. These integrations allow clients to leverage a range of powerful tools that can help streamline their operations and save them valuable time and resources, along with having one single data source to avoid duplicated contact data.

The UK is seeing growth in FYI (also founded and achieving exponential growth in Australia) and Founder Rob Cameron says “Having the ability for FYI and FuseSign to integrate seamlessly makes for a powerful workflow combination, with the ability to send and track documents for signing via FuseSign directly from within FYI. The mutual respect for each other’s businesses, along with unified sales and support teams means this integration is a powerful combination.”

FuseSign’s intuitive integrations with other software providers help to improve clients’ workflow and efficiency, reduce errors, and enable clients to access a broader range of features and capabilities.

To find out more or to access a 14 day free trial, please visit: fusesign.com

“We are thrilled to bring FuseSign to the UK market”

The only digital signing platform purpose built for accountants –

Spotlight Reporting empowers accountants and advisors to provide great insight for clients, grow fee revenue, and create lasting value.

Partner with us

Our Super VCFO plan is perfect for firms wanting to deliver advisory services.

Customer Success

A specialist resource to help your firm onboard, get the right training, set goals and execute on advisory.

Simple, easy to use and easy connection to Xero

Account Management

Dedicated touch point for all account queries and ongoing 24/7 Help Centre support.

Partner Success Center

Exclusive access to thought leadership articles, case studies and useful checklists.

Tailored Training

Product experts will ensure your firm is up-to-speed and the first outputs are market ready.

Spotlight creates great value for our clients and our discussions with them

Craig Nevatt Chartered Accountants NZ

I think the software is amazing. It saves so much time in preparing meaningful management information.

Ian Cooper ICE Chartered Accountants

Gary James Greenfield Global Limited

Our Team

The Spotlight Reporting team has extensive accounting industry pedigree and a passion for transformation.

Four powerful products

Award winning products designed for progressive accountants.

Reporting, Forecasting and Consolidation for Xero users.

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

How to be the most valuable accountant

in a cost-of-living crisis

Successful accounting entrepreneur Cheryl Sharp puts into practice strategies to be a profitable and valuable accountant during a cost-of-living crisis.

When a cost-of-living crisis hits, everyone readily gives you advice on how to scale down, save money and batten down the hatches. Far fewer give advice on how you can not only survive but grow and thrive as a business owner throughout this time.

Although the news likes to remind us of all the businesses that fail during economic uncertainty, some of the strongest, longrunning businesses around started in a recession.

GoProposal members went through an exclusive webinar series, ‘The Recession Sessions,’ to teach them practical tips on protecting their mindset and sailing their business through a storm to great success.

Through the sessions I was joined by special guests to discuss 4 things successful businesses do differently during turbulent times. But how does that look in practice?

I talked to GoProposal member and successful accounting entrepreneur Cheryl Sharp, founder of Pink Pig Financials about the reality of proving your

value and growing your profits during a cost-of-living crisis.

Face storms head on

Whether it’s a recession, or a pandemic, storms will come. It’s the only guarantee you can get in business. While businesses that fail turn around and try to run away from the ‘storm’ and get blown by the wind, successful businesses know they cannot move backwards or stand still. They make progress by continuing to look forward, making incremental advances.

Cheryl has instilled this in all her team members, continuing to uphold their value of not doing discounts, while making positive, incremental goals and challenges...

“One of our big goals as a team last year was to stop giving things away for free and it was a really positive move – it means everyone holds each other accountable and pulls each other up. Nobody wants to be the only one who gives discounts. If someone in the office says ‘X has happened with Y client, should I charge them? Everyone jumps in and says ‘Yes!’”

James Ashford, Founder and Vice President, GoProposal by Sage

James successfully founded, established and sold client engagement platform GoProposal, all while facing a once-in-a-lifetime pandemic. Using his experience, and proven strategies he’s learned from the best in the business, he recently led GoProposal members through a Recession Sessions webinar series to equip them with the mindset needed to achieve their own success.

Focus on your Psychology, NOT the economy

The effect of your mindset on your business can be a downward (or upward) spiral: if figures are down and your accounting business isn’t performing, it can trigger you to believe the situation is bad. This makes you feel panic, and in a panic, your reaction is to restrict salaries, give client discounts, and generally cause bedlam in the business.

The results from these actions confirm your initial belief.

But we can guard our minds and flip the spiral upside down, and that’s what successful entrepreneurs do...

They willingly let go of their beliefs in order to try something new.

By instilling a positive mindset across the business, Cheryl finds she’s now in a position where her team come to her when they think prices should be raised, or when they want to try something new.

“When a new situation occurs, they don’t come to me asking what to do, they come to me proposing what

@GoProposal

they think we should do. They just want the confidence from me of knowing that they’re on the right path. We’ve all worked really hard to get to this point.”

Raise your targets continually

Most businesses believe there are easy times and tough times but in reality, there are tough times and tougher times. If it isn’t tough, it’s because you aren’t doing enough. Cheryl’s set some high targets to increase profit turnover this year, but that’s not all. As an accountant, you’re in a unique position where you can set the example to your clients and encourage them to raise the bar too.

“For so long I didn’t think I could achieve what I have, and now I’m able to be a cheerleader for my clients too. They know our stance on discounts, and I encourage them not to give their value away for free either.”

Thinking this sounds easier said than done, especially during a cost-of-living crisis? We asked Cheryl how she deals with

prospects who ask for discounts and use external factors as a reason...

“We turn it around on them and ask if it was their business, what would they do? That’s when it twigs for them that they’re asking exactly what they hate people asking of them. That’s all we do; it only takes that one reframing question for people to get it.”

Be realistically optimistic Successful, longstanding business owners know that times of economic uncertainty come around like winter. We should be planting in the spring, protecting in the summer, harvesting in the autumn and preparing to do it all over again in the winter. And just like the best farmers, we must assume each winter is going to be longer than any other.

This means you can be optimistic knowing winter will end, but you must be realistic with what cards you have to play now. Consider which clients you can best serve. What clients are out there looking

for a better accountant who is more proactive and positive?

Focussing on a niche client is an effective strategy and as Cheryl proves, a niche doesn’t have to be a particular industry.

“Our niche has broadened and evolved to families, in every sense of the word. We believe family is the world you build around you. We don’t have a niche in a specific industry, it’s more dependent on the type of person having similar values to us.”

If you challenge yourself to focus for the next 12-24 months on growth and contribution, you can come out of this in a very different situation. Change the concept of a recession into a procession. Your business will always be moving forward, just as we do in life through all weathers.

Learn how to strengthen your mindset, & more from Cheryl, here:

goproposal.com/blog/ accounting-withconfidence-through-a-costof-living-crisis/

“I’m able to be a cheerleader for my clients”

What do your clients need right now?

The challenging economic climate is continuing to heap pressure on SMEs across the UK. Some are looking at their balance sheets and wondering what they can cut back on.

But surely they wouldn’t fire their accountant?

o be frank, they might. In a challenging and competitive market, nobody is indispensable.

If accountants don’t deliver the service clients want, then they’ll simply go elsewhere to justify their spend. Some will head to firms advertising no-frills £99 packages, while others might try to do it themselves using basic accounting software.

Client service is the biggest area

where you can deliver the most value and prove beyond a doubt that you’re worth the spend, particularly during difficult times.

So what do clients need from you?

An accountant’s role and responsibilities have been shifting for a while. For one thing, accounting software has made it easier to automate labourintensive tasks – so much so that service and expertise are

what sets firms apart from the competition today, not routine work.

When we talk with Bright customers, one of our goals is to establish how they can use software to make their routine work quicker and free up time for their most valuable activities.

1. High-level forecasting

Clients need you to provide accurate and proactive

@brightsg_

Kevin McCallum, CEO, Bright Kevin is the CEO of Bright, a leading provider of accounting, payroll, practice management and tax solutions to accounting firms across the UK and Ireland.

Appointed Bright CEO in August 2022, Kevin has almost three decades of experience in and passion for the accounting software industry. His career has seen him work with the UK’s leading accounting software firms, IT services and cloud software companies.

forecasting and help them to plan their next steps. This is where cloud-based accounting tech is essential because it allows you to consolidate all financial data in one place and in realtime, making it easier to predict performance over the coming months. The ease with which you can provide an x-ray view of the entire ecosystem of financial performance even – or especially – as economic conditions change, will cement your position as a trusted advisor.

2. Maintaining positive cash flow

Without substantial cash reserves, it’s difficult to juggle wages, suppliers, rents and so on – even without the headache of late payments from customers.

Being able to manage a client’s accounts in real-time gives them a clear idea of income and expenditure and can highlight the risk of late or non-payment so they can act fast.

3. Navigating fiscal policy

In the latter part of 2022, we saw what has been dubbed the ‘disastrous’ mini budget (Kwasi Kwarteng’s Growth Plan – the less said about that the better!), followed by the Autumn Budget in November. In the revised budget, the government confirmed the ‘reversal of the majority of the tax measures set out in the Growth Plan.’

With so many changes, it’s hard for business owners to keep up. As their expert in regulation, they need you to help them to navigate the nuances of fiscal policy, ensuring compliance and identifying any new tax benefits and support measures.

4. Know your client’s business inside and out

A client-centric accountant knows how to enrich financial data with fresh insights and perspectives by asking questions, demonstrating their knowledge and, where

appropriate, challenging a client’s ideas and preconceptions.

5. Right people, right tech

The old adage is true – people buy from people. So, no matter how meticulous you are on financials and compliance, you’ll need the soft skills to match. A calm and empathetic accountant, with good communication and problemsolving skills, can really shine in a crisis, providing reassurance and creative solutions.

With the help of technology, you’re faster and more accurate in your reporting. You’re not weighed down by admin and you have more time to spend with clients, getting a handle on their hopes and ambitions, and listening to their concerns.

Process claims in seconds

No paper, no lost receipts

Control spend, reclaim tax

Reduce fraud, zero errors

Automate everything Book Demo

Q&A

XU: Explain your role within Futrli and your journey within the company.

HC: I am Futrli’s Chief Operating Officer (COO). As the COO, I’m responsible for overseeing the running of day-to-day operations at Futrli.

I have to be heavily involved in developing and implementing our long-term strategies, improving processes and systems to ensure that Futrli operates as effectively as possible.

I joined the team in 2015 to evolve and develop our strategy. During this time I helped grow our presence in the UK and Australia markets which involved travelling to Australia three times a year. It was an incredibly busy time with many an early morning and late night. Since then, we established our amazing customer success team, and launched our Futrli Academy to better support

our client base. Since the Sage acquisition last year, I hired our superb marketing team.

XU: Talk us through an overview of Futrli’s mission and aims.

HC: At Futrli, we are dedicated to developing our platform to increase the success rate of small businesses globally. It’s really as simple as that. I feel like this mission is particularly important in 2023 as we can see so many small businesses struggling to make ends meet in the face of rising costs.

XU: What sets Futrli apart from other reporting and forecasting software?

HC: The Sage acquisition of Futrli was transformational, enabling us to speed up the delivery of advanced features that we know are critical

to our accounting partners. We want Futrli to be the Advisory Platform for accounting firms. This means we have to go beyond having the most accurate forecasting engine in the ecosystem and beautiful drag and drop reporting functionality – we have to surface insights to accountants within their workflows.

Advisory shouldn’t be a standalone offering, it all starts with compliance and by ensuring we deliver the right information to our firms within those compliance workflows, the compliance conversation easily becomes one of advisory.

What’s more, our platform now does so much more than forecasting and reporting. It truly unlocks the advisory potential for our accountant clients and is a simple solution for small businesses. Once synced to ledgers, it becomes easy for accountants to offer value-adding

Helen Cockle Chief Operating Officer

advisory services to clients. Users can create dashboards and reports in minutes through our drag and drop reporting, perform variance analysis extremely quickly through our budgets and scenarios and – of course – our cash flow forecasting remains the most incisive on the market through our application of indirect and direct forecasting forecasts.

It has been such a difficult period for businesses. I feel our role to support experts who help small businesses navigate these challenges (accountants) has never been so critical. We all have the same mission and I truly believe that our understanding of an accountant’s workflow is what has enabled us to create the best platform for advisory.

XU:Futrli was recently acquired by Sage, how has the acquisition accelerated plans and what does joining the Sage family mean to you?

HC: For me, it is just so exciting to see all the plans that we have had for years, all the ideas and innovations that we put on hold because our team was too small and our resources too few, suddenly come to life.

Marketing is a great example. Incredibly, beyond attending events like Xerocon & Accountex prior to the Sage acquisition we didn’t have the budget for marketing. We relied on our product capabilities to drive advocacy within the market and spread the word. Now –while it worked incredibly well – having the ability to hire a team of experts, and use the vast knowledge within Sage has enabled profound change. We now have the budget to perform marketing campaigns that go far beyond events and emails. This means we can scale the awareness of the advisory technology available to all Firms.

Sage have really let us run with our plans and vision. Our feature

releases are coming thick and fast. Since the acquisition, we have overhauled our platform, created an intelligent userfriendly, Canva-esque, drag and drop reporting feature, and released a brand-new website. Over the next few months, we have some exciting new feature releases including scheduled reports, budgets & scenarios, and consolidations.

We’re here for the long run.

XU: 2023 has been a year of positive changes, updates, and new releases. Are there any new features lined up for Futrli this year?

HC: We are delighted to announce the release of our ‘budgets and scenarios’ feature. This is really going to open the potential to perform variance analysis quickly and easily. Users can create budgets in platform alongside multiple scenarios and forecasts to see how clients’ business goals are progressing against their expectations.

We are also releasing ‘scheduled reporting’ to sit within our reporting feature. Soon reports will be set to automatically send whenever users need them. Once a user has designed a report that suits their needs, they can set subsequent reports to send in the same style. We have also included a review phase into these scheduled reports, so Futrli users can have a glance to check everything is in order before passing it over to stakeholders. So yes… You can fire off CFO standard reports while enjoying happy hour. We’re cancelling endof-the-month-reporting-blues.

As part of our ‘consolidations’ release, users will be able to combine different sections or regions of a business into one data set. This means users can get a consolidated view of an entire business’ operations. What once took multiple sheets in Excel and heaps of formulae to consolidate,

can now be visualised at the touch of a button.

XU:

Many accountants, bookkeepers and business owners use Futrli globally, how important is it for Futrli to be a worldwide organisation?

HC: Our global identity is crucial to Futrli, we have always been an internationally connected organisation. From our launch in Australia way back in 2014 to joining the Sage family last year, our reach has always been international.

During the height of the international restrictions of Covid-19, it was technology that helped bridge the gap between communities, businesses, and networks. To me, this served as a reminder of the importance of technology to our global connections.

We have Futrli users that use our platform to support clients who are totally geographically distanced. Without the need to use our platform through face-to-face interaction, our most successful Futrli users think beyond the scope of their local networks and perform advisory for clients across a broad geographical area.

XU: We at XU have an exciting number of events ahead of us this yearwill Futrli be attending any?

HC: Definitely! We are delighted to be joining XU on 7 th March for a webinar with our good friends from Brearley and Co, a South Yorkshire-based firm, to discuss how they’ve empowered their clients to make the best business decisions to achieve their potential.

XU: Tell us about an experience/project that makes you proud to be a part of Futrli.

HC: I am proud of everything we have

achieved in our Advice team, which helps support accountants and small businesses. It highlights that we are more than just an advisory software. It shows that we understand the challenges accountants face when growing advisory services. Our ACA team of qualified accountants positively impact firms and establishes processes that set them up for success.

The team are also invaluable to our product development as their experience directly feed into our Enhancements.

XU: Futrli Academy offers a wide range of support to accounting firms, talk us through the importance of this service.

HC: Futrli Academy is a unique service designed to support both small businesses and accounting firms. For business owners, we work with them to make their business goals a reality through tailored advisory services. Our team of qualified accountants guide business owners to make strategic decisions informed by Futrli.

For accountants, we enrol them on our structured programme and create measurable goals to be achieved through

practical advisory activities. This programme is designed to sit comfortably within the busy world of the accountant and helps users learn methods to execute advisory services that are scalable and appropriate for each firm.

XU: How do you see Futrli progressing in the near future?

HC: We will continue to focus on delivering the ultimate advisory platform delivering powerful insights to Accountants.

XU: Talk us through an example of how Futrli can change the lives of those who use it.

HC: I was talking to one of our accountant users about this recently. They have a client, a family-run business, who make and install solar panels. This client had been making £200,000 a year in profit, the following year they had doubled their turnover but their profit had dropped to £150,000. They were overworked, seriously concerned about their business, and their margins were starting to freefall. If they carried on the way they were going they would go out of business. Their accountant stepped in and, using Futrli, was able to help put them back in control of their business.

At a glance through Futrli they could see instant issues. For example, their debtor days growing, their pricing was off, and they had some serious issues with their margins. Their accountant was able to get them back on track and could back their assessment of the situation with impactful visuals from Futrli. They also used Futrli to integrate non-financial data within their client’s strategies. Through this, the client was able to reassess how they followed their Leads.

Now they’re heading in the right direction. Instead of working incredibly long hours and at risk of losing their business, they are back in control. They work reasonable hours, they’re working better as a business, and the pressure has been taken off the family. What could have been a sad end to a once-successful business was just a blip. Through Futrli they made the right business decisions to stay in the game and become successful once more.

Accountex Australia, a new type of finance event

Accountex Australia is launching on March 15-16 2023 in Sydney - and is bringing an innovative twist to the classic expo.

The best of Accountex London, Europe’s no.1 accounting and finance event, which attracts over 10,000 visitors a year is coming down under next month with its unique Australian take on the traditional event format.

Accountex is already well established in the UK and in northern hemisphere markets, following the success of the recent launches in Spain and Canada, but this will mark the first

time the brand has gone to the southern hemisphere.

According to Alex Haughton, Commercial Director, Diversified Communications, Australian industries have been campaigning for the event to come to Australian shores, and they are going to get their wish.

“Accountex Australia will be an invaluable opportunity for these firms to scope the latest innovations and gain the practical and positive

@AccountexAus

Sinead Kavanagh, Product Manager – Accountex Australia, Diversified Communications

Sinead is an experienced product manager specialising in online, digital media, ecommerce and retail B2B events.

She is always interested in engaging new projects and broadening her skill set as she is passionate about continuous education and personal development. Personally, and professionally Sinead is a solutions focused individual and believes that every problem has a solution or can be overcome.

tools they need to help Australia’s businesses continue to be the strong backbone of Australia’s economy,” says Haughton.

It will mean Australian accountants and bookkeepers will have a dedicated, vendor-neutral platform to explore all the tech brands in the profession, who will be showcasing their innovations and technology across the two days, and offer connection with the global Accountex community.

Lucy Cohen, Co-Founder of Mazuma

With key brands such as BGL, DEXT, Fathom, Ignition, Intuit QuickBooks, MYOB, TOA Global and Xero, all confirmed as founding partners and a show floor of exhibitors representing over 100 different high profile brands, Accountex Australia is set to be a key stage for driving future financial innovation.

But it’s what’s happening alongside the show floor, that is what makes this accounting event different.

Not only will Accountex Australia feature a ticketed main stage with a program designed for multioffice firms in the morning and smaller firms in the afternoon, it will also offer a complete smorgasboard of engagement opportunities to help all in the profession connect with industry leaders and game-changers.

From one-on-one pricing strategy workshops, to industry roundtables, Pitch-fests,

Buzzlabs, parties or even being part of the growing number of podcasts available to the profession, Accountex Australia and their industry content crew has designed an event to ensure attendees can take practical takeaways back to their businesses and have fun while doing it.

Under the umbrella theme of the ‘The Future of Accounting’ the main stage will address the two most important issues for multioffice firms. The first day will cover strategies to improve the output of accounting teams, and the second will look at how to win the ferocious battle for talent.

“Firms are realising that they need to become better at adopting technology. If they can’t improve productivity, they need to squeeze more hours out of staff. This kills morale and increases churn, and the only way to grow revenue is to increase headcount,” says Sholto Macpherson, editor of DigitalFirst.

com, a blog on accounting and finance software and Accountex content crew member.

“In the current talent crunch, hiring staff takes longer and is more expensive than ever. Firms need to find a better way forward.”

The Main Stage is where the big challenges facing accountants and bookkeepers will be discussed by the accountants and bookkeepers themselves. So what are you waiting for? Hear directly from your peers and uncover endless content at the accounting and finance conference like no other.

Accountex Australia launches on 15-16 March at the ICC Sydney, register free now or upgrade your registration with a Deep Dive or Party ticket.

Leave the data entry to automation.

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

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

Make Recruiting Easy!

Fiona Adler, Director, HR Partner

Fiona is passionate about helping businesses get the tools and know-how to grow and streamline their operations. She has worked with SMB’s for over 20 years - creating online solutions that help them operate in the best ways possible. With a background in business consulting and an MBA, Fiona knows there is nothing more important than the Human Resources function.

ecruiting top talent is a challenge that many companies face – especially in the current environment. It can be difficult to attract the right candidates, ones that fit the skill-based requirements for the role, as well as ones that are a good culture fit and will be a positive addition to the team. But with the right approach, you can take steps to improve your recruiting results and bring in the best candidates for your organisation. Here’s how…

1) Build a Strong Employer Brand

Having a strong employer brand means that candidates are proactively applying to your company and when researching your company, they’re excited about the prospect of working with you. This means creating a clear, compelling message about your company and what it’s like to work there. Your employer brand should highlight your company’s values, culture, and mission, and communicate to potential candidates why they would want

to work for you.

To develop a strong employer brand, start by identifying your unique selling points. What sets your company apart from other employers in your industry? What benefits and perks do you offer that are particularly attractive to candidates? Use this information to guide your recruiting efforts and create a clear and compelling message about your company

2) Use Multiple Sourcing Channels

To attract the best candidates, you need to cast a wide net. Don’t rely on just one or two sourcing channels, such as a favourite job board. Instead, use a variety of channels to reach as many potential candidates as possible.

Some effective sourcing channels could include:

• Job boards: Posting your job openings on popular job boards can help you reach a large pool of candidates.

• Social media: Platforms like LinkedIn, Facebook, and Twitter can be effective for reaching passive candidates and building your employer brand.

• Referrals: Encourage your current employees to refer their friends and colleagues to your company.

• Networking: Attend industry events and conferences to meet potential candidates in person.

By using multiple sourcing channels, you increase the chances of finding that right candidate.

3) Streamline Your Application Process

Recruiting without an Application Tracking System is like trying to do your business accounts without Xero! It’s possible, but chances are you’ll lose track of where applicants are up to in the process which means there’s a high chance that you’ll miss out on the best

Need to Grow Your Team? These

5 Tips will save you time and help you recruit better candidates. Recruiting well is one of the most important activities you can do for your company, but it can also be one of the most time-consuming (and frustrating) tasks to do.

“Recruiting without an Applicant Tracking System is like operating without an accounting system.”

applicants - who simply move on if the process takes too long. It’s also inefficient and timeconsuming - so HR or people involved in recruiting tend to become jaded and unenthusiastic about the recruitment process.

A good Applicant Tracking System will include features such as;

• Easy process for applicants to apply (without needing to create a login)

• Ability to ask custom questions at the application stage (which makes for faster

• Easy-to-create email templates for communicating with applicants

• Customisable stages for keeping track of where applicants are in the process

• Ability to send out contracts requiring e-Signing

• Ability to add successful candidates straight into your HRIS system

By making the the recruiting process as simple and straightforward as possible, you can feel confident in encouraging more candidates to apply and

improve your chances of finding the right person for the job.

4) Be Strategic with your Interviewing Approach

It’s easy for interviews to become a ‘general chat’, but by being strategic in your approach, you will be more likely to identify the best fit for your company. Use a standard interview guide and a set of interview questions that get to the heart of the attributes you’re looking for. Then score each candidate against those

attributes. For best practices:

• Ask some open-ended questions that encourage candidates to share more about themselves.

• Use behavioral interview questions to assess how candidates have handled situations in the past.

• Use skills assessments or work samples to evaluate candidates’ skills and abilities.

• Evaluate candidates based on both their qualifications and their fit with your company culture.

5)

Provide a Positive Candidate Experience

Finally, it’s important to provide a positive candidate experience throughout the recruiting process. This means treating candidates with respect and transparency, and keeping them informed about their status and next steps. It also means processing their application quickly - as otherwise you risk candidates moving ahead with other offers.

HR Partner is the HR system with an HRIS and Applicant Tracking System all in one. It integrates with Xero for easy leave management and is super-simple to use.

>> Book a Demo Today <<

Right now, HR Partner is offering you 50% off for the first 6 months!

Or, if you want some assistance with a manual recruiting process, go to blog.hrpartner. io/hr-templates to get our free recruiting email templates, interview guide and more.

If you’d like to see how you can use an HR and recruiting system in one, please book a complimentary demo with us now:

www.hrpartner.io/demo

2023: The Year of Accounting Automation

Freddie Minns, VP of Product and Accounting Strategy, Dext Paul joined Dext with 20+ years in practice. ACCA qualified in 2003, Paul has worked on MTD and digital strategy, and provided support on digitalisation to accountants & bookkeepers across the country as well as providing solutions to clients’ challenges and supporting them to achieve their goals across accountancy, taxation and business advisory services. Paul is recognised as a leading expert on the implementation and benefits of digitalisation.

utomation’s arrival to accounting has been somewhat of a slow-burner. But there’s no denying that it has arrived. Does that mean every accounting and bookkeeping firm is using automation to its full potential, if at all? Not quite. But, in the last few years, the majority of firms now realise and see opportunity. In fact, 43% believe technology would make being an accountant easier.* It would appear this is the industry’s lightbulb moment.

In this article, I’ll be looking at why 2023 is the year of accounting automation – and how we, as an industry, can help to ensure it delivers. From early scepticism to widespread adoption, accounting tech has come a long way. And, while this is by no means the finish line, the industry should take stock of the journey so far, before looking ahead at what’s to come.

From doubters to believers

Change always tends to cause a stir, especially when it’s said to replace you. In 2014, it was estimated that 47% of job categories were susceptible to automation within two decades. Accountants and auditors were

second highest on the list of those at risk. This, and rightfully so, put many accountants and bookkeepers on edge.

But, ten years on, reality tells a different story. It’s clear that, at this moment in time, automation will only replace – or support –accountants and bookkeepers in the tasks most prefer not to do anyway. Think of things like chasing clients for paperwork, manual data entry, and checking that data for mistakes and errors. Alongside Dext, the number of tools available to support these types of functions suggests there is an appetite for automation, as opposed to the scepticism early on.

Concerns around technology having an adverse impact on recruitment have also quietened in recent years. In 2016, reports suggested that artificial intelligence was set to replace the work traditionally done by fresh graduates. Again, the current state of play paints a different picture, with technology actually boosting a firm’s chances of recruiting young talent. Those that embrace technology show a willingness to evolve and move with the times; that in itself is a huge tick for job-hunting graduates.

Why now?

When you look back at those early concerns and setbacks, it’s impressive how far our industry has come in its acceptance of technology. Today, as we look towards a new stage in that progression, the question is: why now?

First off, data is now a far more valuable resource than ever before. There will always be a need for “number-crunching” in accounting and bookkeeping. What’s more apparent now, though, is the value that data provides. Data insights, analysis and trends are key to driving a firm’s performance, not only for your clients but internally, too.

Firms now recognise that. And, while most accountants and bookkeepers are capable of spotting those patterns themselves, it’s far more efficient to lean on technology and automation tools.

Accounting automation’s arrival is also a product of the circumstances we find ourselves in. The Covid-19 pandemic only heightened the need for datacentric advice from accountants. Now, as we enter a cost-of-living crisis, businesses will likely turn to

A

Read on as Paul Lodder takes us through why we should be paying heed to accounting automation this year and what it can do for you and your firm.

those same people to help them navigate the situation. It’s why 48% of accountants have already said they feel more valued as a result of these tough times.*

The benefits of accounting automation

While most are familiar with the benefits of accounting automation, I thought it might be worth outlining the key benefits to those that are not. These are a select handful of the things you can achieve when you automate accounting, and there’s plenty more to come.

Save time

Whether you’re chasing clients for paperwork, analysing transactional data, or advising clients on their next business move, technology is there to help speed up proceedings. It is the time-saving assistant.

Higher levels of productivity

This links to the idea of saving time. Thanks to accounting automation, you’re able to spend less time on routine tasks. As a result, you can then redirect that attention, energy and time to more value-adding activities. It’s a case of getting more done in less time.

Show clients you’re digitally ambitious

Changes to consumer behaviour have forced businesses to adapt how they operate. An example of this is point-of-sale systems that we now pay through when in store. And the same goes for accounting firms. As businesses become more digitally adept, it’s likely they’ll look to firms who show that same level of adaptability.

Data accuracy

With so much of accounting and bookkeeping revolving around data, errors are inevitable. While these are innocent mistakes,

they can be costly. Accounting technology reduces the likelihood of these mistakes happening. Without the need to enter data manually, and with automated data checks, you add another layer of accuracy to your data management process.

Actionable data

The days of ordinary data are behind us. With actionable data, you can assess a client’s business activity, benchmark insights, and even leverage it to incentivise teams at your own firm. As clients continue to turn to their accountants and bookkeepers for business advice, those able to do more with their data are sure to stand out.

Stronger client relationships

Think of it like this: with automation, you save time; you can also get more done in less time, enabling you to focus more on advising your clients. Back that up with accurate, actionable data and you’re now an invaluable asset to your client’s business. This will only strengthen your working relationship. It may also justify any increases you make to their pricing plan.

What next?

While understanding, exposure and appetite for accounting technology may be at an all-time high, there is still work to be done around its implementation. This is the next step – and for many it may feel like a big one. In fact, nearly 30% of accountants and bookkeepers say they don’t have the tools to automate accounting processes*.

This may come as a surprise, considering the general awareness around automation and the tools available. But it’s so often the implementation and application of these tools where firms get stuck. In the past,

building your own accounting tech stack was a complicated and costly addition, exclusive to those who could afford it. Fast forward to now, and the picture is again very different.

There are hundreds of automation tools, many of which are either free or inexpensive. They’re also easy to adopt and use. And the fact that these connect and work together in some capacity makes the entire process much less of an ordeal.

The challenge now is for software providers, like Dext, to support accountants, bookkeepers, and their clients, with this next step. What’s great is that we, as an industry, have already come so far. Where we were, versus where we are today is a journey in itself. What comes next is the exciting part.

*The statistics in this article have been taken from a Dext survey, consisting of three-hundred accountants and bookkeepers answering questions on the past, present and future of accountancy

info.dext.com/uk-2023-

“From early scepticism to widespread adoption, accounting tech has come a long way.”

How to choose a virtual CFO in 2023

ny healthy business brings together key ingredients to create a powerful whole. One ingredient that cannot be left out is financial expertise.

A Chief Financial Officer (CFO) brings crucial insights and skills into a business. This is someone who does far more than whip up a spreadsheet and understands numbers. They understand the financial foundation of your operation, and bring expert assistance and management qualities to your team. Ultimately, their work helps to drive forward and underpin the business’s mission, vision, values and even culture.

A CFO is someone that is, at the heart of it, a keen problem solver. Of course, they are well versed in accounting functions, understand the fiscal health of the business and file regular reports. They know how to draw on raw data and interpret long and short term trends to aid in strategic decision making, and they know how to draw on the latest and greatest accounting software to automate and streamline processes, and realise better trend analysis and forecasting.

Sitting at the C-suite level, a CFO is the link between the financial side of the business and the rest of the leadership team, is able to communicate clearly and present

noteworthy findings. They know what’s happening right now, and are looking to the future to help move the whole business forward.

A virtual CFO brings this functionality into your business as and when you need it, without the need for hiring a full time employee. With a virtual CFO you may be investing in a single person or have access to an entire firm. Either way, outsourcing this skill opens you up to being able to choose what specialist services you require, and move into a new chapter or phase of growth.

The what: Understanding the role and function of a virtual CFO

Known by various names, such as CFO-as-a-service, fractional or outsourced CFO, the term ‘virtual CFO’ describes different organisations or firms that offer the functionality of a CFO in a remote, outsourced setup. It’s a way to tap into financial expertise without the expensive overheads of a full time employee, or the difficulties of hiring someone with the required skill set.

The main job of an in-house CFO is to oversee financial planning, maintain and report on financial activities, and manage risk. A virtual CFO can do all of this and more and is able to drill down

Catherine Knowles, Freelance Writer and Content Creator

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

Understanding and choosing the right CFO services for your business means a far greater chance of ongoing success.

As financial expertise becomes imperative, virtual is the way of the future

into specifics such as acquisitions, partner collaborations, gap analysis and accounting software. Increasingly popular with start-ups and small to medium businesses (SMBs), virtual CFOs can be taken on for everything from basic assistance - such as insights to improve profitability and cash flow management - right up to specialised strategic input.

One popular virtual CFO service for businesses struggling to grow is financial gap analysis. This takes you back to the beginning, offering a thorough exploration of your business’s finances, including a closer deep dive into risks and opportunities, with a clearer view on future-focused strategy. From here you can step into decision-making, looking at how to maximise resources for more sustainable success.

Cash flow is crucial. According to the Australian Government, micro businesses (40%) and other small businesses (45%) reported maintaining short-term cash flow or liquidity as the most common reason for seeking finance. The second most common response from micro and other small businesses was to ensure survival of business at 35% and 37% respectively. A virtual CFO can

offer different approaches and tools to help plan and forecast with cash.

Meanwhile, business analysis and cost structuring helps to maximise revenue by identifying and focusing on low friction revenue streams, while also reducing expenses where possible.

On the forecasting and projections front, financial models, built and tailored to your organisation by your virtual CFO, help to clarify growth planning. As such, this turns into reporting, which can be shared with other C-suite members to ensure all key stakeholders are on board. Management reporting is a valuable service that ensures those who need it have access to clear dashboards with KPI information.

When it comes to profit and risk, a virtual CFO is able to offer advice and suggest tools that can help to maximise profit and ensure growing recurring dividends are built into standard operating procedures, while risk is

effectively mitigated. Touching on external funding, post-investment financial management helps to manage stakeholder expectations while fundraising services break down jargon to ensure you know what you need to.

At the end of the month or period, accounting and audit support is needed. A virtual CFO can help to deal with auditors and offers additional capacity to meet deadlines, ensuring you don’t miss the mark.

Finally, a virtual CFO, as their name suggests, offers greater access to financial technology and automation tools for your organisation to keep operations running smoothly. Tools previously reserved for large corporations can now be accessed by SMEs.

In the Australia and New Zealand region, small businesses are in a phase of growth, with a recent IDC survey finding that 57% of A/NZ SMBs have moved through the pandemic-related crisis and out of survival mode. Cont...

“While a virtual CFO may still sound futuristic to some, this is in fact a very real and very beneficial service for many businesses.”

These organisations have shifted into either growing and transforming their business or are now thriving in new modes of operation, IDC states. The survey also finds that IT spending is on the rise, as businesses look to digital technologies to assist in productivity and collaboration. In this instance, a virtual CFO becomes a guide to understanding the best technological support for you.

The why: The advantages of virtual CFO services

With today’s talent pool dramatically reduced and budgets tight, a virtual CFO is an obvious way to bring in expertise about a diverse range of financial topics and tools without having to bring on a full time employee. It’s cheaper as there’s no overtime or benefits, you can choose when and how you use their services, they have a depth of experience that comes with working with different companies, are professional and adaptable, and enable you to trial different offerings.

You may invest in a virtual CFO to help grow your business, to aid in rapid change, to improve or better understand cash flow, to adapt to audit adjustments or difficulties, or to simply help your business’s financial status to run more smoothly.

When it comes to growing your business, while you may have regular accounting transactions sorted, you may benefit from senior level financial advice and oversight. A virtual CFO can work with your management team, take into account your present and historic reporting, and work with you on a tailored growth plan.

Another top reason to bring on a virtual CFO is if your business is changing significantly or quickly. In this instance, understanding your financial setup is important. From here you can identify and measure key factors driving business performance, perhaps implement software tools for timely updates and forecasting, and understand the ins and outs of the steps you need to take to effectively move through this time of change.

Whether cash flow is getting tight due to broader economic factors, or you have an exciting new opportunity in the works, bringing on a virtual CFO can assist in better understanding and maximising cash flow. In addition, the virtual CFO can help in reporting and negotiating with potential lenders or investors to give you a cash injection should you need it.

In the instance of financial reporting difficulties, or your business’s backend not running

smoothly, a virtual CFO can assist in revealing where the problems lie and help to resolve this. There may be a knowledge gap, the workload may be too high for your full time staff, or there may be deeper issues. An objective, highly skilled person can help to rebuild and refine your financial operations.

Across all of these individual services there are numerous benefits. A virtual CFO provides flexibility around time commitment, they have scalable expertise - meaning you can start basic and build up from there, they can offer greater perspective on your operations as a whole, and they bring a financial lens to your leadership and management team.

Over time you may find your virtual CFO helps in reducing risk through identifying and recommending strategies to mitigate poor practices, improving the understanding of when and how to spend money to grow the business, improving internal productivity as your in-house team is freed up from financial tasks, and reducing business costs through improved efficiencies and reduced expenses. You’ll also gain greater visibility over your business, with easy to understand and informative reports regularly available.

The how: What to look for in a virtual CFO

A top tier virtual CFO will act as a partner to your organisation, understanding your history, your goals, and the way you operate, helping to improve or drive forward your internal operations and strategy.

When it comes to finding the right virtual CFO for you, there are a few key factors to consider. Before committing to a long term plan it pays to do your research and make sure they align with your priorities and timeframes.

Right away, check that they have experience in working with businesses similar to yours as this will ensure they are coming into your business with existing expertise and knowledge base. Check that they have the appropriate availability for your needs and timelines, that they are flexible to your requirements, and that their rates are competitive.

The best virtual CFOs go beyond offering simple financial advice and baseline reporting to become a member of your team. Their assistance, backed by accounting professionals with a variety of experience, tune into your unique business needs. In addition to regular bookkeeping and forecasting, they are able to help with high-level strategy and can even step in to help define and refine business aims - both long and short term.

Another quality or differentiating factor of a top tier virtual CFO is their ability to tailor their offerings. They can take over all areas of financial services, or take on only what’s required. Say your business has been operating with the same tax accountant for

years, your virtual CFO can leave that in their hands and take on other financial activities - such as forecasting and planning. They are also able to make adjustments as and when needed.

Other features to look out for is if they offer ownership of cash flow, both macro and micro, to minimise the risk of running out of funds. They can provide accurate, simple and timely reporting that highlights the company’s present and predicted financial future that can then be shared with stakeholders. They deliver actionable insight to aid other leaders and managers to make informed decisionsincluding analysing raw data to provide outcomes or conclusions that track back to original insights.

They are also able to assist the executive team on the likes of company strategy and execution development, gathering and analysing data to support strategies, and handling transformations within operations and technology. And they are able to optimise performance, including identifying areas of improvement, with the ability to build necessary systems, integrate them and drive development.

Finally, pricing is important. The majority of accounting firms charge hourly rates which can grow to high costs. Virtual CFOs often charge a flat fee with no locked contracts, only a notice period for cancellation of services. To add value they can provide access to financial reporting and accounting software that minimises manual tasks or double handline to reduce downtime and overheads, and optimise outcomes.

Virtual CFOs: The way of the future is here

While a virtual CFO may still sound futuristic to some, this is in fact a very real and very beneficial service for many businesses, particularly SMBs looking to level up, improve financial processes or meet challenges.

A quality virtual CFO service offers unmatched knowledge, skills and experience that can be directly relevant and tailored to your business’s needs and goals. They can be brought in for specific tasks, for instance to help during a growth phase, in funding and raising capital, to prepare for an audit, or to implement a new strategy, or they can be used for regular assistance throughout the year.

Your virtual CFO can offer greater insights and perspective over how your business operates on the financial side, your cash flow, and what you can change to meet your strategic aims. It helps to implement best of breed systems and tools, establishing best practices along the way, and it helps to define your short and long term financial strategy, backed by data and forecasting tools. Ultimately, a virtual CFO can bring peace of mind around your financial function and your big dreams.

If the only update your software gets each year is price, it could be time to

switch

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How Sunshade Handles the Heat of Business

Doria

Kao, Education Lead & Marketing Strategist, Tidy

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

In search of the answer, three members of the Tidy team headed to Sunshade’s showroom and workshop in the beautiful Hawkes Bay region of New Zealand.

unshade Group Ltd (the home of three brandsSunshade, Douglas Innovation and Rainbow Shade) is an import, light manufacturing, and distribution business, with customers around New Zealand. They import and distribute Ziptrak® outdoor blind systems, shade sails, and outdoor fabric and textile products, across the country.

Based in Hastings, they also

supply and install various products for direct retail and commercial customers within Hawkes Bay. If you’ve sat down at a bar or café in New Zealand, chances are you’ve come across one of Sunshade’s Ziptrak® systems or Shade7 umbrellas.

Welcome to Sunshade

Stepping into the showroom, we’re greeted by a series of stunning outdoor living displays.

Canopies and awnings fill the space above us, set against lush garden backdrops.

Rob Brady, Sunshade’s Business Advisor, has generously taken the afternoon off to show us around.

“These ones are our Ziptrak blinds. We import them from Australia, then all the pieces are cut and custom built in our workshop here,” he introduces.

Rob Brady leads us past the showroom to take a glimpse behind the curtain and watch the team at work. The workshop is abuzz with activity as apprentices and tradespeople dart across the floor, sawing, sewing, cutting, and packing.

Heading upstairs, we find a fabricator carefully marking out measurements along a length of metal. Around him, there are stacks of metal offcuts lined against the walls, and a growing pile of textile pieces from various projects bundled on the floor.

Looking around, it’s clear Sunshade is a bustling place. With

@tidyint

From powder-coated pieces to aluminium cuts and a raft of textiles sprawled across the workshop, Sunshade is a whirlwind of activity. With so much going on, it could get gusty, so how do they keep things under control?

27 employees, three business units, multiple projects on the go, and a myriad of materials stocked, there’s a lot to stay on top of. So, we return to the question, how do they keep it under control?

Searching for a Solution

We flash back to early 2019, when Sunshade was still using a combination of Word documents and on-premise software. This made remote, on-the-go work difficult. They were also using two siloed systems for project management and accounting, meaning that manual intervention was required for invoicing. Hence the hunt for an integrated solution began.

As they were now users of Xero, Sunshade was searching for cloud-based software that had a seamless interface with Xero. Also on their criteria list was the ability to handle both inventory and project management in a single program.

A standout solution was TidyEnterprise; a project and inventory management software with built-in Xero integration. TidyEnterprise is now a natural part of the daily routine. Everyone at Sunshade interacts with it on a day-to-day basis. From timesheetonly users to the admin team and salespeople using the inventory, quoting, ordering, sales and project management functions, TidyEnterprise plays a core role in Sunshade’s operations and management functions.

Project Planning

Before production commences; before the power saw whirs, or a single mark is even made, managers map out their projects. What materials do we need? Who do we assign to it? How long is it estimated to take?

This information is all planned and tracked in the Quotes and Projects sections of TidyEnterprise, where project managers allocate materials from inventory to

projects and production. As projects get underway, the actual usage of time and materials can be recorded against the allocated plan and factory efficiency can be measured.

Not only does this help Sunshade keep track of information for the current project, but it also helps them to make informed decisions and adjustments to future ones. The data captured is immensely valuable for project planning.

Informed Forecasting

Sunshade has gained more visibility over multiple aspects of their business with the help of TidyEnterprise’s reporting functionality.

“A positive impact we’ve seen, is increased visibility on project profitability and business overhead time,” Brady says.

This helps Sunshade with project forecasting and budgeting for upcoming periods, allowing the business to optimise decision making and resource allocation.

“With the help of reports, we’ve got stock planning under control,

Cont...

“A positive impact we’ve seen is increased visibility on project profitability and business overhead time”

so we can be less reactive and can make fewer, but more accurate and informed orders.”

Additionally, when Sunshade found they needed insights beyond what was offered by TidyEnterprise’s default reports, Tidy worked with them to build reports that fit their needs.

“We needed some custom reports written to accommodate our changing reporting requirements and make use of the data,” Brady explains.

Systems That Speak

A major pain point that Sunshade originally sought to remedy, was the lack of communication between different systems. Accounting and project management being split across separate programs, meant time, materials, and expenses had to be entered twice for each project and task.

Using TidyEnterprise, information is now automatically sent from

TidyEnterprise and Xero, and to their CRM system.

“A big benefit was the direct transfer of financial functions to Xero,” Brady says. “Also, the direct transfer of sales leads, contacts and quotes between the systems.”

This means valuable hours are no longer being exhausted in the unnecessary duplication of administrative work. Effort spent re-entering and cross-checking information across systems can be reallocated elsewhere in the business.

The Wave of Learning

Adopting new software brought about many benefits for Sunshade, but it also came with an unexpected set of challenges.

“Something we weren’t anticipating was the need to educate employees on the importance of capturing accurate data, now that we had the system to do so,” Brady says.

The change in process took some time to get used to. While TidyEnterprise provided Sunshade with more ability and opportunity to collect and capitalise on data, it was a shift for the team in terms of their workflow.

Blue Skies Ahead

Sunshade’s drive for excellence continues as they work to improve every aspect of the business. Their relationship with Tidy also allows them to directly share desired features and enhancements.

Looking forward and with TidyEnterprise on their team, Sunshade forecasts bluer skies for their business, employees, and customers.

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

“A big benefit was the direct transfer of financial functions to Xero”

Making Tax Digital: What now?

There’s only really one government directive to which the UK’s accountants and bookkeepers have been paying undivided attention in recent years: Making Tax Digital, or MTD.

Brian Carolan, Product Owner, AutoEntry by Sage

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

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

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

But what’s going to happen now? Postponement has followed postponement. Most recently this occurred with MTD ITSA at the end of 2022, when its start date was moved from 2024 to 2026.

t the same time, the threshold was raised, substantially decreasing the initial cohort, and early in 2023, HMRC paused the pilot programme for newcomers— meaning nobody can now signup to MTD ITSA.

In this article, we gaze into the crystal ball and try to imagine what MTD will look like from this point onwards to help you prepare for an uncertain future.

However, none of this should be considered cast-iron facts and should be taken with a pinch of salt.

The story so far

That very first timeline for MTD was announced back in 2015, with the publication of the optimistically entitled “Making tax easier: The end of the tax return”. The goal was a fully digital UK tax system in less than five years:

• 2016: Personal Tax Accounts (so taxpayers can manage their tax affairs online).

• 2018: Income Tax and Class 4 NICs.

• 2019: VAT.

• 2020: Corporation Tax.

Initially, things seemed to be going well. Personal Tax Accounts arrived in December 2015,

squeezing in ahead of the 2016 planned delivery date.

The pilot programme for Income Tax launched in April of 2017 and in fact, has remained in place since, making Income Tax one of the longest-running MTD schemes—even if it was only in 2022 that major vendors like Xero produced software able to use it.

Alas, the world conspired against HMRC. Events like Brexit derailed projects.

Furthermore, HMRC was busy consulting the public and businesses about MTD. It became clear the existing approach was too aggressive.

Phased introductions

It’s very difficult to determine the future direction of MTD because,

“It became clear the existing approach was too aggressive”

quite simply, nobody in the government or HMRC is talking about it right now.

But the rollout of MTD for VAT provides clues we can use to guess the future shape of MTD ITSA, and then MTD for Corporation Tax (CT).

A key trend was that initially ambitious plans transformed into phased, gradual rollouts that took years to apply.

While MTD for VAT began in April 2019, it wouldn’t be until April 2022 that its rollout was finally completed and, essentially, it became just one more compliance requirement for those registering for VAT.

And now, with the latest postponement at the end of 2022, it seems MTD ITSA is following this pattern of a phased rollout. Each phase is seemingly designed to shrink the number of sign-ups, thereby relieving stress on those involved in the accounting—from accountants to HMRC itself.

MTD ITSA’s initial £10,000 earnings threshold has been lifted to £50,000 for the first cohort in 2026.

This is then lowered to £30,000 for the second cohort in 2027.

There will be additional cohorts after this (HMRC is currently consulting on how to proceed), and this could mean MTD ITSA’s rollout is unlikely to complete until as late as 2030.

Somewhere along the line, general partnerships will once again be included, too.

Other questions remain to be answered, such as if digital linking requirements will once again be lessened for a short period, as with MTD for VAT.

And will HMRC offer the vaunted free software for MTD ITSA?

This wasn’t offered for MTD for VAT because, HMRC said, businesses should be able to afford the software. But MTD ITSA is all about individuals, who might baulk at paying to do something that can currently be done for free. It’ll certainly be difficult to imagine, say, a retiree being happy to pay for software to declare pension income.

MTD for Corporation Tax

As mentioned, we have little information about MTD ITSA’s rollout.

But what we know is a Library of Alexandria compared to how little we know about the shape MTD for Corporation Tax (CT) will take.

Once pencilled in for introduction as soon as 2026 (with a pilot pencilled in for 2024), following MTD ITSA’s postponement it’s now possible the full rollout of MTD for CT might not be completed within this decade.

What’s curious about MTD for CT is that there may well be different versions for different kinds of business— and this is where a phased introduction might occur.

In HMRC’s response to a consultation around MTD for CT, several groups were identified as raising concerns.

For example, charities and non-profits might simply be exempt from MTD for CT because of the administrative burden. Alternatively, the need for quarterly reporting might be eased for certain kinds of businesses, although other MTD requirements like digital record keeping would be retained. Cont...

“The MTD initiative is not going anywhere, despite the postponements”

There was also discussion that a threshold of anywhere between £10,000 and £100,000 per annum could be applied. Again, it isn’t difficult to imagine this being a phased introduction across a number of years, with larger businesses asked to join first— with the idea being they can best afford to weather the transition and also already have experience of MTD for VAT.

MTD: What’s really changed?

Although it’s been a tricky rollout this far,

MTD is considered a success by HMRC. It’s already narrowed the tax gap for VAT, and continues to do so.

At a time when online-only tax agents are undercutting the high street, any advantage needs to be grabbed with both hands.

“Going digital needs to be considered on a process-by-process basis, potentially using return on investment as a measure”

In other words, the MTD initiative is not going anywhere, despite the postponements. Accountancy practices are well advised to use the extra time before the introduction of MTD ITSA to continue their organic progress towards digitalisation—and taking their clients with them.

Gradual change is always easier than sudden, forced change required to meet a deadline. It allows more time for mistakes and to ensure things are perfect for you.

Above all, however, digitalisation is an easy win in terms of competitiveness. This has always been true, since the introduction of the spreadsheet back in the 1970s. Any accountant or bookkeeper prepared to embrace technology is always richly rewarded in cost savings.

Going digital needs to be considered on a process-byprocess basis, potentially using return on investment as a measure. AutoEntry can save up to 90% of the processing time when it comes to data entry from receipts and invoices, for example. It’s not just a step forward when it comes to digitising a practice. It’s a leap forward, and one of the lowerhanging fruits when it comes to any digitalisation process.

Practices should be looking for end-to-end solutions, covering everything from the initial client engagement, to choosing the very best accounting software. In our world of MTD, joined-up thinking is the basic requirement to prepare for the future.

Learn more about AutoEntry by Sage, including a 3-month free offer:

Aider Advisory Software – helping accountants simplify compliance & scale advisory

@AskAider

Alix Dougherty, Content Marketing Manager, Aider

Aider’s Content Marketing Manager, Alix Dougherty, specialises in writing content that is tailored to online marketing. With over 3 years experience writing for digital content, Alix is an expert in writing compelling business stories. She believes in Aider’s advisory software solution, and is excited to share the Aider story and mission with accountants.

How Aider syncs with Xero to help accountants upsell advisory services

In January 2022, Aider’s Advisory Platform entered the FinTech space – a software solution designed to help advisors save time.

ver the past year, Aider has fine-tuned their platform and released several new features that help accountants and bookkeepers automate data analysis and offer their clients’ accurate, actionable data projections.

With a new and improved dashboard, an intuitive checklist for data compliance, and a plug and play cash flow estimate tool,

Aider’s platform is simplifying the way advisors do business.

While Aider’s platform has evolved, their mission remains the same: to offer a software solution that saves advisors time so they can focus on scaling their services.

Making it easier to bring client

Xero files to a more complete & accurate state

Aider built their Advisory Platform to complement Xero. With over 3.5 million users, Xero is leading as the most intuitive, easy-touse accounting software; helping accountants manage bank reconciliations, expense management and more.

But before Aider entered the FinTech space, something missing from the market was a tool that integrates with Xero to help accountants do more than just accounting – Aider bridged this gap.

Accountants have so many financial tasks they have to help their clients with – from compliance, to taxes, to cash flow, and so on. Aider’s Platform seeks to automate these tasks, so that accountants have more time to

“A software solution that saves advisors time so they can focus on scaling their services”

upsell advisory services. Let’s see how…

“We know accountants are really busy and a lot of their time is taken up by compliance work. So how can they quickly find out which clients have a cash flow issue or a big tax bill coming up? How can they monitor their entire client base? Accountants have a huge opportunity to create and offer advisory services for their clients, but those services are hard to scale without the right time and tools.

Aider’s mission is to save advisors time by providing an early-warning system that helps them improve compliance and create a more scalable advisory proposition that clients will love.”

– Brendan Roberts, CEO & Founder

Syncing with Xero in real-time to present accountants preanalysed data

Aider’s integration with Xero is

seamless – accountants simply need to login via their Xero account and all of their data will sync in real-time. Using AI modelling, Aider pre-analyses client data as it is pulled across from Xero, and in just a few moments advisors have an effortless, aggregated view of all of their clients’ data.

No longer do they don’t need to open multiple tabs in Xero to compare how their clients are performing. Aider sheds off hours of time so that accountants can re-focus on other tasks; such as upselling advisory services.

and a small business owners perspective – that’s why they developed a tool that does it for them.

Aider’s Platform was designed with the goal to save time. So when it comes to the hefty task of compliance it only made sense to incorporate a quick and easy data compliance tool.

“Aider’s mission is to save advisors time by providing an early-warning system”

Simplifying compliance with a quick & easy data compliance tool

The team at Aider understand first-hand just how daunting compliance can be both from an accountants perspective

Just recently, Aider released a new data compliance checklist for GST reporting that helps accountants spot, at a glance, incomplete tasks and recordkeeping anomalies. Instead of spending hours sifting through numbers in Xero, Aider users can simply click into the ‘Data Compliance’ tab and see what’s happening with their clients straight away.

Improving efficiency with accurate cash flow estimates

In addition to a triaged dashboard and an intuitive checklist for data compliance, Aider also has an automated cash flow estimate tool to help accountants look ahead for their clients with accurate projections.

Aider’s AI draws its projections from historical cash flow data and real-time bank transactions to help advisors gain an accurate scope of how their clients’ cash flow is likely to look in the future, should they continue their current spending patterns. Aider also provides advisors with a clear view of their clients’ historical cash flow trends so they can easily spot issues to help their clients avoid payment spikes.

Advisors can quickly and easily share these insights with their small business clients via the

platform, instilling a sense of urgency for their clients. This creates the opportunity for accountants to be more proactive and upsell advisory services, such as advising their clients how to improve cash flow, in order to avoid negative estimates coming true.

Enabling advisory at scale – helping accountants do what they do best, better

Just like Xero, Aider was born with the vision of simplicity & automation in mind

With a background in accounting, and financial experts on their team, the team at Aider know all too well that accountants have the knowledge and skills to help their clients businesses grow; as well as their own respectively –

they just don’t have the time. And that’s where Aider fits in.

“Accountants already have the expertise to be a proactive advisor, they just don’t have the time or the tools. Aider’s Platform helps them quickly identify clients that need their help. It translates complex financial information into customerfacing content to support client conversations, making it easier to be more proactive and scale up their generating client services.”

– Phil Dominick, Product Manager & Accountant

Start your 14-day free trial of

“Advisors have an effortless, aggregated view of all of their clients’ data”

Five reasons to help convince your paperloving clients to digitise their bookkeeping

Lucia Hrnciarova, Customer Success and Communication, Datamolino

Lucia is part of a 5-star rated Datamolino Customer Success and Communication team helping clients with onboarding and optimising their bookkeeping processes. She is passionate about digital solutions and introducing them to end users in an approachable way. After several years spent in corporate communications, she has found a unique intersection of technology and human aspect in Datamolino.

ven if you are a techsavvy accountant who has been using Xero or another cloud-based accounting solution for some time, it is possible that you are not utilising it to its fullest potential. The success of adoption of any digital tool depends on the people who use it and the processes they follow. If you have a client who prefers to drop off a bag of paperwork at your office at the end of each month, you may still be forced to do their accounting the old-fashioned way. This includes sorting through physical documents and manual data entry.

It is completely understandable why some small business owners may be hesitant to change. They have a lot on their plates and consolidating physical paperwork in one place may seem like a bullet-proof process to follow. To be fair - there may be a small group of clients for whom “shoebox” accounting will remain the only realistic way to do bookkeeping. However, from my experience of helping clients with

their bookkeeping automation, I can say that for most people, digitising their bookkeeping processes is absolutely in their reach and best interest. After all, accurate accounting is essential to the success of any business.

All of this may be crystal clear to you as an accounting professional, but not as much to some of your clients. If you want to assist them in transitioning to more efficient and secure processes, you will need to have solid reasoning to back it up. These five reasons can help you convey your message and get even your most reluctant clients on board to digitise their document collection and processing.

1. Access from anywhere, anytime

One of the biggest obvious advantages of cloud accounting is that it can be accessed from anywhere with an internet connection. In theory, this

should be a game-changer for small business owners who are constantly on the go. Nevertheless, if they still hand over physical documents to you, it leaves it at a missed chance. Throughout the month they need to constantly collect and keep track of all the paperwork while making sure not to lose any. Things can get even more complicated if they travel between different business locations or they need to collect paperwork from other stakeholders in the company on top of their own too.

With online bookkeeping tools like Datamolino, they can upload and access their documents wherever they are continuously throughout the month. They can either import documents via web app or snap a picture of their receipts using the mobile app. Every relevant person from the company can have their own access and import the documents themselves no matter whether they are in the

There are still some sticking to old ways, get them onboard at last

Convert your hesitant clients to digital bookkeeping by highlighting key benefits it will bring to their business

“By processing invoices as soon as they arrive, your client acquires a real-time view of their financial position”

office, meeting clients or working from home.

2. Better collaboration

Collaboration is essential in any business, and cloud accounting makes it easier than ever.

As mentioned already, when documents are collected digitally, your clients are able to import all documents continuously throughout the month. In Datamolino, each folder gets assigned a unique email address, so your client can easily forward their email invoices for processing as soon as they receive them. This makes a world of difference as it helps ensure you will not have to hunt your client for remaining paperwork at the last minute.

You can also easily collaborate on documents with your client just like you would in “real” life. For example, in Datamolino you can clarify any questions or instructions in the comments underneath each document. Documents are clearly labelled and organised in a searchable online archive, so both you and your client can understand the status of each transaction. Identical documents get flagged as duplicates, so your client does not need to worry about importing the same document twice by mistake either.

3. Improved security

Dealing with paperwork can create a range of security issues that can cause headaches for accountants. Physical documents tend to get easily damaged or lost. As for digital copies, you as an accountant have limited capability to store them locally in a secure way.

Cloud based tools including Datamolino remove the need for physical storage space. Your clients data is stored in a central cloud archive for as long as you have an account with us. Original documents are automatically exported along with the captured data into Xero, so you and your client are not locked-in. This

gives your client peace of mind ensuring their documents are safely backed up and everything is easily accessible in their Datamolino folders.

4. Time savings both for you and your client

At Datamolino, we believe that nobody starts a business with the intention of drowning in paperwork. This applies to both you and your clients. Fortunately, many bookkeeping tasks can be automated, freeing you from tedious manual data entry tasks and saving you and your clients valuable time.

With Datamolino, time savings start with automatic data capture from receipts, bills and invoices. Additionally, correct tax code, ledger account, and tracking categories get assigned to each document based on your automation settings. Not having to manually code each transaction leaves you with more time to focus on delivering value-added activities. By automating the timeconsuming and repetitive aspects of bookkeeping, you can provide more personalised and impactful services to your clients.

5. It is good for their business

Implementing an effective accounting process is essential in ensuring your client’s financial

records are accurate and up-todate. In return, accurate financial records are crucial for your client to make informed business decisions.

By processing invoices as soon as they arrive, your client acquires a real-time view of their financial position. This allows them to make adequate decisions about spending, cash flow and future investments. By knowing exactly when invoices are due and when payments are expected at any given time, businesses can plan ahead and avoid any cash flow shortfalls and reduce likelihood of errors, such as double or missed payments. And ultimately this points to why you want to help your clients streamline their document collection and processing in the first place - so they can focus on their business.

“Digitising bookkeeping processes is in the best interest of any business”

Expect more from your software

Paul Shipway, Chief Commercial Officer, Joiin

Paul Shipway is the CCO at Joiin – the consolidated reporting app. Having grown businesses from start-up to exit and supported others in doing the same, Paul deeply understands the many challenges business owners and finance teams face. He recognises the true value that accurate and timely financial data plays in the success of any business, small or large, and is working with the team at Joiin to help deliver this to an ever-growing number of multi-entity businesses around the world.

e all expect a lot from technology. We’re often welded to our devices, immersed in them. Think iPhones and their wealth of apps; the power of Xero and its easy-on-the-eye visuals; B2B platforms like Hubspot, which is lovely to use and consumer tools like Grammarly, which is a user’s delight.

As we all use technology more and more, our expectations have been shaped by and are helping shape the software around us.

Suppose you’ve recently explored the market for new cloud finance software. If so, you’ve likely become aware of a new interplay between vendors and consumers, shifting the market with the more innovative software vendors rightly responding.

This article includes a summary of what you, as a consumer, can expect from today’s software vendors. These include a user experience you enjoy elsewhere,

IN A NUTSHELL

Shifting software expectations and what these mean for you

• A consumer-grade experience you enjoy elsewhere – software that’s easy to implement, use and scale. Think plug and play.

• Added value realised early on – software that’s more intuitive, simpler, and quicker to adopt. But don’t mistake

added value being realised early on, a more meaningful relationship with your vendor, and pricing that’s easier on the pocket. Let’s look at each of these and delve into the benefits for you.

A user experience you enjoy elsewhere

Away from finance, Grammarly

simpler for ‘basic’.

• A more meaningful relationship – opportunities to play your part in a product’s development. Vendors and consumers work together.

• Easy on the pocket pricing – means less of a vendor’s costs are included in the price you pay. Traditional sales layers stripped away.

is an exciting example. It smartly simplifies a minefield of a subject that makes most of us wince: grammar. As you write, Grammarly responds, and you interact via an easy-on-the-eye and intuitive interface. It’s easy to set up, implement and scale across your writing platforms from email to Word – an example of what we call ‘self-service’ in the software market.

You should justifiably expect more, and vendors are right to respond smartly.

Innovative software vendors understand that customer expectations have changed and will look to build more meaningful relationships.

So, if you’re exploring new cloud finance software, can you realistically expect a Grammarlylike experience?

With a platform like Joiin, you can. Our consolidated reporting platform is designed to be selfservice. Despite consolidations being a hugely complex task, the nuts and bolts of Joiin crunch your data to create great-looking consolidated group reports. Much like Grammarly makes grammar effortless, so Joiin makes consolidated reporting simpler.

But don’t let phrases like ‘effortless’ and ‘simpler’ fool you that today’s software platforms are in any way ‘basic’. Behind these powerful platforms, developers often adopt evangelical zeal to ensure the software remains easy to use. The mantra is ‘simpler, simpler, simpler’ (for you, the user).

Added value realised early on

Driving positive team adoption of a new software system can be demanding, so ease of use is essential. Otherwise, day one or even month one of your transition becomes stressful and challenging, with value only realised after considerable time and effort have been committed.

This is where the mantra of ‘simpler, simpler, simpler’ wins out. Today’s software vendors prioritise ease of use as this makes adoption quicker and saves you time. Coupling ease of use with free trials and freemium/ premium models, backed by on-demand demos and video tutorials means new customers can jump on board with minimum effort.

With Joiin, our free trial enables you to test our platform to see if it meets your needs before subscribing to a paid plan. You also get in-app and in-person support with a wealth of ondemand onboarding videos and content designed to be used at your convenience.

A more meaningful relationship with your vendor

Today’s software vendors constantly work to improve their products based on highly valued customer feedback and insights, which inevitably leads to an improved user experience overall. If you decide to utilise a software product in today’s market, you can justifiably expect to play your part in its development. And it is this interplay between software vendors and consumers that leads to more meaningful relationships happening in the market.

If we jump back to the writing assistant Grammarly, you know you’re using a product, but an intriguing thing also happens –you feel a part of it. You know it’s helping you to write better, but you’re also building a more meaningful relationship with the app and its developers through your feedback and suggestions, especially alongside the inand out-of-app support that Grammarly provides.

At Joiin, we value customer feedback and have implemented 300+ platform updates based on our users’ suggestions. We also appreciate that our relationships with customers benefit them and our product. Our mutual gain is a better product.

Pricing that’s easier on the pocket

When a software vendor and its customers have focused on the mutual goal of a simpler, easyto-use product that incorporates user feedback and suggestions, the vendor can offer a lowerpriced product.

The product’s features, performance, stickiness and virality do much of the selling.

In tandem, today’s vendors realise they can strip away traditionally accepted complex layers of presales, sales, and onboarding. Of course, these multiple sales layers must be paid for, and a more traditional approach would see them covered by a higher product price. Cont...

Thinking more innovatively, today’s vendors have realised they can do without these complex layers and therefore offer much lower pricing, making a purchasing decision far more accessible. And because the primary focus is on the product being easy to use and intuitive anyway, vendors have found they can operate successfully with much smaller sales, onboarding and success teams (with fewer overheads to cover in the price).

If we switch back to the above point about more meaningful relationships, many of today’s software vendors also reject the idea of schmoozing customers to funnel them along a sales process to close the deal, instead focusing on a relationship of mutual benefit: making the product as good as it can be.

Product-led growth

Of course, we’re talking about product-led growth (PLG) – a phrase gaining prominence that you’ve likely come across in the software market.

So, what is product-led growth?

It is a business strategy that places a software vendor’s product at the centre of initial contact to successful uptake and use. The product’s features, performance, stickiness and virality do much of the selling. Because it is product-led, the

strategy incorporates freemium to premium models, free trials, customer feedback and product development involvement.

You don’t have to look too far back to see the beginnings of product-led growth. In 2009, Salesforce led the way with its Service Cloud product; since then, many other software-as-a-service (SaaS) products have entered the market. And since 2009, the increasing capabilities of pocketsized mobile devices have delivered richer digital experiences for consumers.

According to the PLG collective, “tech-savvy users are now demanding software that is more beautiful, intuitive, powerful, and affordable than the tools they used before.”

The latest stats show that product-led growth uptake is rising. 58% of companies have already started doing it, according to Gainsight’s recently published Product-led Growth Index Report, with 47% planning to double their investment.

Is Joiin a product-led growth company?

Yes, we’re very open about our PLG strategy and why it is

important to us. From our free trial and focus on continuous customer feedback to how we let our product do the talking, being product led is our ethos.

For us at Joiin, it’s about our entire company coming together to create a product that people want to buy in the first place and stick with.

With 32,000 entities across 103 countries relying on us, we’re dedicated to ensuring our product is easy to use, continuously improving and typically lower in price than our sales-led competitors. We’re incredibly proud of our 100+ 5-star customer reviews on the Xero App Marketplace.

If you’re exploring finance software, ask if your money is being spent filling the sales funnel behind you. And the next time you speak to a salesperson, ask who is eventually paying for this conversation.

“The product’s features, performance, stickiness, and virality do much of the selling”

A Stronger Foundation Of Evidence

Circit is built for accountants and auditors to verify the world's assets at source.

Over 1,500 evidence providers such as banks, solicitors, funds, debtors and creditors use the Circit platform to respond to requests.

Circit helps teams save time on processes, tracking request statuses and collaboration with evidence providers.

The result? Elevated client experience and streamlined direct from source collection.

DESIGNED FOR ACCOUNTING, AUDIT & TAX TEAMS

Client collaboration

What does awesome client collaboration look like?

The

xternal collaboration is an art made up of various intersecting workflows and apps. In the right framework it can be magical; in more dysfunctional set-ups it can be outright chaos.

If you’re somewhere in between, you may be running into setbacks when working with clients. This could be anything from losing correspondence, waiting long periods of time for documents and signatures, or prolonged back-and-forths which delay service delivery. To ensure your client engagements run smoothly, we’ll look at the workflows which

support collaboration and how to make them more efficient.

Completing the approval process

Problem

Securing sign off is the final and potentially most frustrating stage of collaborating with clients. If clients must access and navigate several apps to sign off work, you’ll likely need to do some coddling.

Example

App fatigue is real for professionals but can be doubly frustrating for clients who aren’t familiar with your apps.

@suitefiles

Additionally, if urgent documents are being received as nondescript emails, you’ll be penning follow-up emails until you get a response.

Solution

The best way to make your document turnaround faster is to invest in apps with great CX (client experience) and look for integrations between the systems you’re using. Another method would be to pare down your app stack using features from existing apps that you may be paying a separate subscription for. For example, centralizing your digital signing and file sharing to one platform so that clients only have one interface to navigate.

File/signing requests should be backed with context such as a note describing the intended action and a due date to prompt action. Adding these details will distinguish your requests from the rest of the emails in your clients’ inboxes. As will having your branding, logo, and colors in the emails your clients receive from your signing platform.

Avoid losing momentum by tracking the status of your documents and following up with any blockers stalling your progress. We’d recommend automating follow-up so that

Jessica Hill, Marketing Manager, SuiteFiles

Jessica introduces businesses to SuiteFiles with campaigns heavily featuring lightning bolts and dogs. She can be found lunching, perusing and wandering around her adopted hometown of Wellington, New Zealand.

most common client collaboration pitfalls from organizing correspondence to getting signoff on completed work

scheduled reminders warn clients that they’re running short on time.

Result

Following these recommendations will keep chasing to a minimum, bringing a tidy resolution to your client engagements and making your service delivery more efficient.

Managing correspondence

Problem

Keeping up-to-date with clients is difficult when you’re receiving several emails a day in an already crowded inbox.

Example

It can be even more complicated if you’re reliant on manually saving each email to your document management system. In a busy work week, standards will inevitably slip, leaving you searching through your inbox to source an important email. If you’re sharing a client with a colleague and their correspondence isn’t being stored in a central location, you won’t even be able to find it yourself.

Solution

The solution is simple – you need to delegate the manual task of saving and filing emails to an automated workflow. As emails are received, they should be

flagged for automatic saving into a chosen folder.

Result

Once saved and filed, you’ll be able to view all of your correspondence history from one spot. On top of this, your conversations will be stored logically next to your client files so that you can have a full picture of your engagements.

Moving forward, every client interaction you have will be backed with context giving you greater confidence in future interactions.

Gathering documentation

Problem

According to our customer community, gathering documentation is the number one difficulty professional services firms have when engaging clients.

Example

It’s easy for file requests to fall off a client’s radar and put a halt to your lodgements. Without the appropriate contact info, bank account details and credentials from your tax office, you risk delaying your overall output and at worst, missing important deadlines.

Solution

It pays to consider the other

end of your online document gathering. Essentially, the client experience of uploading and downloading files as well as navigating your platform.

To cater to clients, look for a portal which prioritizes ease of use, including a straightforward interface and features such as single sign on. When clients are ready to access your portal, they’ll be able to log in to the platform independently and navigate without contacting you for support.

Result

For clients, this translates to a better experience of uploading and reviewing their files. For you, it’s facilitating your clients’ ability to self-service and send through documentation promptly. Download our guide to get all of the above in a PDF alongside advice on staying up-to-date on files shared with clients, clientbased document management, and a client collaboration case study.

Download the full guide for a client collaboration case study and more:

suitefiles.com/landing/ client-collaboration

Award-winning cloud software solutions for your accounting

Maximise practice efficiency with a suite of full cloud solutions

CCH iFirm

→ Practice Management

→ Client Accounting

→ Individual Tax

→ Document Management

→ Client Portal

→ Digital Signatures

Relevant, accurate and timely tax research & quick answers

→ CCH iKnow

→ CCH iKnow Practical Tools

→ CCH Q&A

→ Capital Gains Tax Reporter

Learn more about how our

Automate, Integrate and Accelerate with Tall Emu + Xero

Tall Emu CRM: A Game-Changer for Small to Medium Businesses

The number one challenge Tall Emu customers look to solve is eliminating multiple systems to streamline sales and operations.

ar too often businesses large and small suffer by not having the right tools to run their day-to-day operations. Teams are juggling manual processes, Excel spreadsheets, sticky notes, untracked and lost emails, confusion over sales orders, inaccurate stock levels, no visuals of pipelines, scribbling on bits of paper and other clunky ways of working. Fortunately, this unproductive approach can easily become a thing of the past by working with Tall Emu.

Tall Emu is purpose built to work seamlessly with Xero offering an

end-to-end solution from first contact with a lead until long after the sale is made.

Developed, managed, hosted, and supported in Australia, Tall Emu is a leading customer relationship management (CRM) software solution designed to help businesses manage their customers, sales, inventory, and operational processes more efficiently.

As well as being packed with all the usual features of a CRM, Tall Emu provides a powerhouse of next level functionality,

Mike founded Tall Emu over 20 years ago and has been helping businesses across Australia and New Zealand to work smarter ever since. Based in Sydney, Mike lives and breathes Tall Emu CRM, and exceeding customer expectations is his focus. Not only does Mike love helping businesses run faster, but he is also an enthusiast of cars and boats, taking his need for speed to the sky and is currently training to obtain his pilot’s licence.

helping to take businesses to their maximum growth potential. Tall Emu integrates not only with Xero, but also works with many existing apps and tools businesses use every day including website lead forms, bank feeds, Google Maps, WooCommerce, Shopify, Stripe, Campaign Monitor, Mail Chimp, freight companies and many others.

Solving Pain Points for SmallMedium Businesses

Common challenges small to medium businesses are often desperate to solve when they contact Tall Emu, include improving daily processes around monitoring leads and sales, keeping track of data, and managing stock.

Tall Emu can do all of this, plus stacks more. By hooking Xero data into Tall Emu CRM, Tall Emu saves time and resources as well as giving a full view of the business from lead to sale and post-sale customer interactions.

Tall Emu is ideal for businesses that sell, make, or distribute physical products and need a complete business software.

@TallEmuOz

Mike Nash, Founder & CEO, Tall Emu

“Tall Emu is purpose built to work seamlessly with Xero offering an end-to-end solution”

Below: Client onsite meeting with BluSky Products (Wayne Gates) and Tall Emu (Mike Nash & David Northmore)

Although Tall Emu is labelled as a CRM system, it has most of the functions of an ERP system without the price tag. Tall Emu is often referred to as a “mini-ERP”.

Improved Data Accuracy

Maintaining different databases for client information becomes unsustainable in keeping important data synchronised and well-managed. Tall Emu CRM brings all data together in a simple to use yet powerful system. One source of truth for all company data puts an end to confusion around project statuses, customer history, sales pipelines and most areas of business operations.

Reduced Costs

By automating many manual processes, businesses can reduce their labour costs and improve their overall profitability. Many Tall Emu customers have been able to significantly expand their businesses without adding a single extra employee.

Tall Emu acts as a silent team member who never takes annual leave!

Quoting and Selling

Tall Emu CRM allows businesses to generate professional, branded web-based quotes which can be emailed or sent by SMS to customers and can be signed and accepted online. Accepted quotes can be transferred into Xero or MYOB accounting systems, saving on data entry. Quick, easy, and professional transactions make any business look like the superstars that they are.

Enhanced Customer Management

Customer management is critical for businesses that want to maintain long-term relationships with their customers. By integrating Tall Emu and Xero, businesses can gain valuable

insights into their customers’ purchasing behaviours and preferences. This enables businesses to personalise their marketing and sales efforts, which can help them attract and retain more customers over time. Tall Emu will also synchronise contacts and key communications directly from Outlook into CRM, so customer interactions are never lost or misdirected.

Powerful Inventory Management

Simple but extremely powerful inventory management is one of the standout functions of Tall Emu. Connecting Tall Emu CRM and accounting systems, businesses can quickly and easily track their inventory levels and sales.

What has previously been difficult, becomes automated and easy with Tall Emu including multi-location management of stock and serviceable assets, batch and serial number tracking, multicurrency calculations, ecommerce website stock levels – with all relevant data automatically integrating with Xero.

Tall Emu solves one of the most complicated and time-consuming tasks of calculating landed costs – considering the original price of the product, transportation fees (both inland and ocean), customs, duties, taxes, tariffs, insurance, currency conversion, crating, handling, and payment fees.

Simplifying the Manufacturing Process

Many Tall Emu CRM customers are using the system’s robust manufacturing component to manage their make to order process. An item which is made from raw materials, CRM can do the heavy lifting on planning and managing the process. With Tall Emu CRM, manufactured items are made by generation of a work order which can be scheduled and viewed on a calendar, assigned to a person, assigned to an area/ production space, dynamically consumes raw materials, and produces an output item (bill of materials).

Sales Pipeline Visibility and Activity

It doesn’t get much easier to plan sales trips with an interactive Google Maps directly in CRM. Easily plot the best travel route to meet with existing customers, as well as source new leads, adding them directly from the map into CRM with a simple click.

“Tall Emu acts as a silent team member who never takes annual leave!”

“It has most of the functions of an ERP system without the price tag”

Managing sales pipelines is also super simple, with Tall Emu’s Kanban view, businesses can easily see what stage deals are at or assign leads to specific team members.

How Tall Emu Compares to Other CRM Systems

The sheer number of systems out there and where to go to find answers can be extremely overwhelming. To break it down simply, Tall Emu is set apart from other ‘similar’ systems by several key stand outs.

• Tall Emu is an Australian developed, supported and hosted CRM. Our team is based in Australia, making Tall Emu perfect for Aussie and New Zealand businesses. Developed for ANZ business needs, supported in a local time zone and knowing there’s always someone to talk to, locally, who speaks with relevance to individual business needs.

• Seamless and deep integrations

with both Xero and MYOB –included in the subscription fee.

• No setup fee. Free assistance with set up and onboarding.

• Free support and free training videos, unlike others which impose a support plan fee.

• Inventory management is included in the subscription fee, unlike others which charge an add on.

Affordable & Easy to Get Going

Given its powerful and extensive functionality, it would be easy to assume the cost and effort to get going with Tall Emu is high. However, although Tall Emu provides a huge range of features, subscription fees are extremely affordable for any sized business. Subscriptions are AUD$65 per month per user, payable annually, or $85 per month per user for a flexible monthly access.

A big concern from many businesses looking to set up a new system or software is the

time and energy involved. Tall Emu is unique in that on average customers are up and running within a short timeframe, unlike other CRM systems. Of course, for more complex businesses, some additional onboarding may be required but usually customers get going very quickly.

Getting Started with Tall Emu

The ideal first step to learn more and see if the system matches business needs, is to check out Tall Emu’s website and view a customisable demo. Pick and choose which bits of the CRM are of interest (such as inventory, synching with Xero, sales pipeline, and manufacturing). To take Tall Emu for a spin, use real company data or demo data in a 14-day free trial (no credit card required!).

“What has previously been difficult, becomes automated and easy with Tall Emu”

Data Privacy Day: Modern accountancies reap the rewards of responsible data practice

Kluwer Tax & Accounting UK

Wolters Kluwer are experts in providing software and services to tax and accounting professionals who work in complex, compliancedriven environments. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialised technology and services.

As modern practices move towards cloud accounting, accountants are reaping the rewards of being able to access, process and analyse data faster.

ig data can lead to transformative insights that can generate new business lines and help clients prosper in innovative ways. However, with larger data sets comes increased responsibility.

Responsible data processes and procedures are paramount for maintaining the trust and confidence of clients. On 28 January, businesses worldwide marked Data Privacy Day. This day seeks to raise awareness about protecting the privacy of personal and confidential data online.

Across the UK, accountancy practices are joining in this international effort as they work to safeguard data through appropriate technology and best practice. However, those advisors using cloud accounting platforms already have an added advantage. Today’s cloud accounting suites are more secure than ever before. Moreover, they also feature extensive functionality to promote the safe handling of data. From the secure transfer of data and messages to multifactor authentication, cloud-based practices have the cutting edge.

At Wolters Kluwer Tax & Accounting UK, our growing digital portfolio is rooted in our commitment to being digital-first. In this article, we’ll explore how

practices are doing more with data – more securely than ever before.

Busting the myths of data security in the cloud

For many years, there was a commonly held belief amongst practices that holding clients’ data in the cloud was a security risk. Many practices therefore avoided cloud adoption or full cloud services implementation, because of concerns about storing data on remote servers.

It is high time this cloud security myth was debunked, and gradually this is becoming the case. When the Cloud Industry Forum (CIF) surveyed 250 UK-based businesses in its annual Cloud: Driving Business Transformation study last year, it revealed that cloud security mindset had changed. The study identified that security now falls behind budget and legacy integration issues, in terms of companies’ top concerns surrounding cloud adoption. 61% of companies in the study said they now feel more secure using the cloud.

This evident change in how businesses think about data security in the cloud isn’t unsubstantiated. Hosting private data in the cloud is more secure

than using an on-premises data centre. As McKinsey notes, all major Cloud Service Providers have made significant investments in their underlying security capabilities. Their business models depend entirely on best-in-class security. As such, they have invested billions in cloud security cybersecurity experts, tools and methods.

Modern practices using cloudbased accounting platforms also have an added advantage. Both vendors and Cloud Service Providers are dedicated to rolling out the latest security measures and updates. This involves keeping on top of different controls, procedures and technology to protect the personal data stored with their platforms.

The data security benefits of cloud-based accounting platforms

When looking at best practices in data security, it’s useful to reflect on how far practices have come. Before digital transformation, practices dealt mainly with paper. They often posted sensitive documents to clients, and physically stored these documents on company premises. The data security implications here are obvious.

Wolters

Many practices thus became more digitised, but moving to the electronic management of documents and communication is not the holy grail of data security. Email impersonation scams are not uncommon. As the government’s National Cyber Security Centre (NCSC) reveals, phishing and messages from cybercriminals – often impersonating brands or government agencies – are on the rise.

In fact, the NCSC’s Suspicious Email Reporting Service (SERS) received 6.4 million reports during 2022. 67,300 scam URLs were removed as a result. This brings the total number of reports to SERS since 2020 to 15.8m, with 198,500 take-downs.

Education can help people to identify and spot the common tricks that cybercriminals use. Nevertheless, the merits of using secure documentation management and messaging within cloud-based accounting platforms should not be underestimated. When both accountants and their clients are logging into a secure online messaging portal, it means that data becomes centralised and more secure. These platforms also automatically track documentation versions and retain an audit trail of communication. This means you can track how data has been accessed and updated.

Protecting client data with secure multi-factor authentication

One of the most extolled merits of the cloud is that it removes geographic limitations. Accountants can balance

workloads between offices with digital documents that can be accessed anywhere, at any time.

However, it’s precisely this ease of access that makes many practices nervous. In truth, not everyone across a practice needs access to all data. Cloud-based accounting platforms handle this expertly with the use of permissions. Permissions can be mapped to each user, giving them access to specific business units and security groups. It means that advisors may only have access to their own client accounts. Senior administrators within practices can control who has access to what.

However, practices must look beyond setting permissions, and take steps to guard against external threats. It’s an increasing concern. The Verizon 2022 Data Breach Investigations Report revealed that an alarming percentage of attacks in 2022 were caused by threat actors using stolen credentials. A very simple tool, yet very effective.

This is why most cloud accounting platforms are using multi-factor authentication to help safeguard data. Also often referred to as two-factor verification, multifactor authentication helps to combat stolen passwords. It requires a second factor (such as a code generated on a mobile phone), in addition to the password, as part of the login and authentication process. This requirement adds another layer of protection against hacking and attempts to steal credentials. If a cybercriminal obtains a password, they’ll still need physical control of that mobile phone to gain access to the cloud accounting platform.

Empowering clients with data

Data Privacy Day isn’t the only good time to reflect on how data is empowering businesses, and how important good data practice is to building client trust. At Wolters Kluwer, we look forward to further opportunities to create value for our customers with data. Solutions such as our CCH OneClick product help accountants to transfer client data securely, with the added security of multi-factor authentication access. Our aim is to transform customer interactions across the entire journey into a seamless, customer-focused, end-to-end digital experience.

1. Cloud Industry Forum, ‘CLOUD: DRIVING BUSINESS TRANSFORMATION’, 2022

2. McKinsey, ‘Debunking seven common myths about cloud’, 2020

3. National Cyber Security Centre, https://www.ncsc.gov.uk/

4. National Cyber Security Centre: ‘NCSC reveals top government email impersonation scams taken down in 2022’, 2022

5. Verizon: ‘2022 Data Breach Investigations Report’, 2022

To find out more about how Wolters Kluwer can support your move to digitalisation, please do get in touch.

Glancing backward, looking forward

Thoughts on AdvanceTrack’s 20th anniversary from its founder and MD Vipul Sheth – though his main focus is on the

he beginning

“I started out with the ambition to create a business that was, first and foremost, to build capacity for practitioners who saw that their challenge was a lack of time for themselves, and their people, to better serve their clients,” says

“It was, and still is, about harnessing technology and people resource to create a business that would enable accounting practices to have a real impact on their business owner clients and families.”

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

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

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

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

Continuity certified to ISO22301:2019

And, so 20 years ago, Vipul used his own experience from working in a variety of practices to form AdvanceTrack.

Ups and downs

“There were false starts along the way,” Vipul admits. “The biggest challenge we had was, when we looked at the landscape, we didn’t want to be a ‘me too’ operator.” In other words, copying larger scale outsourcing outfits would not work for a nascent business. Besides economies of scale, Vipul saw that firms would likely stick with more established players – particularly if the offering was essentially the same.

“So, we as a business had to make a choice: to do things differently. Way back in 2003 was where we inevitably had some missteps –but our first version of our cloud platform was born during 2005/06. As Xero was born, we were in the cloud.”

Building a technology business – one that involved a high level of trust between AdvanceTrack and its potential practice clients

AdvanceTrack founder and MD Vipul Sheth.

exciting (and challenging) times ahead in the worlds of technology and accountancy.

- meant Vipul ‘built the business with bootstraps”. “There were hard yards traipsing up and down with my brochure, convincing people they should entrust us with their business and their clients’ data.”

The here and now – and Covid AdvanceTrack deploys hundreds of people across the UK and India. It is certified under all the major data security and organisational ISO/BSI standards. It is established and successful. But its ‘proof of concept’ came during Covid.

Vipul describes AdvanceTrack as having “tech so embedded within our organisation – the way we use it and interact with it – that moving to a home-based model during Covid was practically Seamless”.

“Our 17+ years of being a cloud business allowed us to move at

pace to support clients – and our own staff knew we had a plan that meant they could work and be safe. It was an incredibly important time for us.”

Not only was the AdvanceTrack service ‘always on, as if nothing had changed’, but practices also saw that they didn’t always need staff in the office – or anywhere physically near to them. “That has definitely helped overcome a perception barrier – people can work with you from Glasgow, Manchester, Sydney or India.”

Looking ahead

If we take the ‘now’ and ‘immediate future’, then Vipul is concerned that practices will postpone or row back on their digitisation plans, following further delays to Making Tax Digital (MTD) for firms in the UK. This, he believes, would be a grave mistake.

“You should never base a business plan on what the government’s proposing to do. The whole concept of MTD (or digital tax filings anywhere in the world) should encourage practices to think digital. And the key to digitisation is it enables those clients willing and able - and wanting a higher, more useful, level of service from their accountancy firms – to put the data in a format that can be used to provide that proactive service.”

“Whether someone in-house at your clients can access all these apps to help them run their business better – or you as their accountant are bringing your expertise to bear – it gives clients more useful and timely information to help them make better business decisions. And you as an accountant need your clients to be successful and grow.”

Vipul suggests that many businesses only look for funding days before they need it. “A

proactive accountant with client visibility would have identified the funding issue much quicker.”

The future landscape

Things have moved on so quickly in the past 20 years in the worlds of technology and accountancy but that pace will at the very least be maintained, if not accelerate, Vipul believes.

“Remote will be the norm; staff working in the world,” he says. While there has been the return to the office for many staff, to support training and development, Vipul’s idea of ‘remote working’ is more nuanced. “Look at the way the Big Four firms have set their operations up with global services centres … the accounting practice will directly employ fewer technicians – and their work will focus on checking and validating files rather than ‘crunching’ them.” External service hubs – alongside further automation – will manage processing.

“Technologists in the office will support both the practice and their clients in being connected: ‘integrators or interfacers’. There will also be the business strategist role: supporting owner-managers by understanding their ultimate life goals and ambitions – and how their business can help them in achieving those goals.”

ADVANCETRACK’S 20TH BIRTHDAY

If we’re celebrating AdvanceTrack’s 20th birthday, then there has to be a party! Well, a party atmosphere at least, at the AdvanceTrack Conference on 9 May at the British Museum in London.

And the atmosphere should be electric, for we have one of the world’s greatest accountancy thinkers presenting. Paul Dunn, chief story-teller at Clarity, B1G1 co-founder, and a four-time TEDx speaker is a key speaker. Paul made his mark on the profession with the Accountants’ Boot Camp, through which 17,000

practitioners partook. His ‘Firm of the Future’ book (co-written with Ron Baker) is widely regarded as a breakthrough text for professional services firms.

Also on board we have the effervescent Paul Shrimpling; and we’re delighted to welcome back Louise Wilson from leading outsourced calls and live chat provider, Moneypenny. More very special guests to be confirmed!

If you’d like to find out more, please contact Vipul Sheth at advice@advancetrack.com.

Open banking and the automation of billing and invoicing will see further ‘ties’ made between accounting systems – particularly seamless payments. “There’s so much activity in this space already.”

“Because of that, I think we’ll see a fully-fledged managed accounts reports service as the norm for pretty much every different sized business. The funders will drive this because, as they become more sophisticated and want to better interrogate the books, it will drive

more business owners to use accountants (and tech) to better manage their books and current financial position.”

Vipul Sheth is founder and MD of AdvanceTrack Outsourcing

FIND OUT MORE...

Learn more at: advancetrack.com

What’s the right practice management software for your firm?

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

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

7 steps to implementing the right technology approach

If you’re looking for practice management software, what are some of the critical considerations to assess, to ensure you’re choosing the right software for your firm’s unique needs?

ractice management software brings together the people, process and technology that drive an accounting firm forward.

Choosing the right practice management solution is critical to gaining a competitive edge. More than ever firms are under pressure to manage profit margins, resource planning, shortage of talent, and the increasing demands of clients. Firms must focus on enhancing their practice management capabilities or growth might

multiply current problems and make it is almost impossible to meet changing client behaviours and expectations.

In this article and follow up guide, we share some insights to help you decide on the right practice management technology approach for your firm.

practice management system keeps everything organised and everyone on the same page.

What is practice management software for accounting

firms

Practice management software enables accounting firms to organise and manage their front- and back-office operations.

“A practice management system keeps everything organised and everyone on the same page”

• streamline the running of their practice

• automate tasks and data flows

• assign, track and collaborate on jobs and tasks

• provide powerful real-time insights.

With firms dealing with hundreds, even thousands of tasks across the business, a

Practice management for accounting will continue to adapt rapidly in response to the growing focus on digital transformation. The pandemic lockdowns and remote working have only accelerated its use across the world. Many firms moved to the cloud during the pandemic, which meant that even with team members working remotely – accounting firms could easily organise and track jobs, manage tasks, maximise resource utilisation and billable hours and ultimately margins.

To achieve the maximum benefits, your practice management software needs to enable maximum efficiency. Spending most of your time and energy on urgent organisational demands at the cost of strategic objectives hinders your ability to grow your

client base or focus your team on higher value work. In the case of Australian accounting firm, Hartmann-Cox, a good practice management system was the critical factor in being able to take on the additional workload during the global pandemic – without taking on additional staff. For New Zealand firm Inspired Accountants, the resource planning functionality in their practice management software alone has saved 96 hours per year – time which could be better utilised on billable work.

When choosing an accounting practice management solution the question has to be: what solution will help me manage my firm and gain the competitive advantage I need? When you know where you want to take your firm you can determine your practice management software needs.

Seven steps to choosing the right software

There are multiple factors that go into your decision-making process before investing in practice management software and many factors to assess, such as:

• Cloud-based model

• Managing data securely

• Supporting intelligent practice workflows

• Enabling virtual growth and client communications

• Software integrations with other tools

• Visibility over your practice

• Support available

• Cost vs value

We have developed this complimentary guide to help you develop the right technology approach in choosing the right practice management software for your firm and support your purchasing journey.

Across Asia Pacific, Wolters Kluwer inspires productivity, innovation and collaboration through CCH iFirm solutions.

CCH iFirm is a unified cloud-based platform providing an integrated software suite designed specifically for accountants.

“CCH iFirm [Practice Manager] is integral to our business and has delivered years of considerable capacity planning benefits”

Manager, CRM, Digital Signatures, Workflow Automation, Reporting, and much more.

Download this complimentary eBook guide

Wolters Kluwer is a leader in guiding accounting and tax firms through digital transformation.

The CCH iFirm suite helps accounting firms run and grow their practice through deeply integrated modules, increasing automation and productivity. The solutions include: Practice Manager, Cloud Tax (for ATO or IR lodgments), Intranet, Client Portal, Document

Ami Copeland Chief Executive Officer ICB

The future’s bright, the future’s bookkeeping says ICB’s new CEO

The youngest CEO of the youngest major accountancy body opens up about the opportunities and challenges facing bookkeepers

Today, we have the pleasure of interviewing the newly appointed CEO of ICB UK, Ami Copeland. She has a wealth of experience in the finance industry and we are excited to hear her insights and vision for the future of ICB UK. As the leading professional body for bookkeepers in the UK, ICB UK has a crucial role to play in supporting and promoting the bookkeeping profession.

led to your appointment as CEO of ICB?

“You’ve got to believe in yourself, take risks and do what scares you”

The XU Team has worked closely with the ICB UK team over the past few years and we have loved all the opportunities that has brought us to reach out and work with some of the best bookkeepers in the world. Throughout our partnership we have had the opportunity to get to know the awesome ICB team closely including Ami.

We look forward to learning about Ami’s plans for the organization and how she intends to drive growth and innovation in the industry. So, without further ado, let’s get started!

XU: Can you tell us about your background and experience in the industry that

AC: Well, I got the promotion after working at ICB as Director of Communications for several years. I was responsible for all the fun stuff - running events, like our annual conference the Bookkeepers Summit, supporting our community and generating our content. What I’ve really been trying to do is drive a member-centric culture within the organisation and make sure that we never lose sight of our purpose which is to empower bookkeepers and provide a trusted benchmark for the profession.

XU: As an influential role model for aspiring female leaders, what advice would you offer to women starting out in their careers? And how will you continue to inspire young women to choose a career in business?

risks and do what scares you. It’s well-documented that women don’t apply for jobs unless they’re over-qualified for them. Well, by that point it’s too late and you’ll be applying for a job that won’t challenge you. So step out of your own way! If you’re never messing up and making mistakes it’s possible you need to learn to get out of your comfort zone and accept that nobody’s perfect. I also think it’s really important to ask for help and seek out people who will support you. At ICB, we love shouting about the achievements of our (78% female) bookkeeping members and we connect them with others who can lead the way and offer a helping hand.

XU: In your opinion, what makes bookkeepers such a valuable asset to the finance industry, and how does ICB UK support their professional development?

provide a trusted benchmark for the profession”

AC: You’ve got to believe in yourself, take

AC: Good bookkeeping is vital to the healthy functioning of the UK economy. Professional bookkeepers provide trusted, expert support to business owners to turn the numbers into a narrative that empowers businesses to make informed decisions. At ICB,

“ICB’s purpose is to empower bookkeepers and

we support the professional development of our bookkeepers through ongoing education alongside technical and regulatory updates that enable them to stay up-to-date with the latest industry trends and best practices.

XU: Can you share some of the unique challenges faced by bookkeepers in the current market, and how does ICB UK help them overcome these challenges?

AC: Change is constant in our profession. MTD, basis period reform, AML, increased regulation, increasingly global trade, all conspire to provide the bookkeeper with a neverending flow of businesses who need their expertise to lean on and, dare I say it, shoulder to cry on! Couple that with all the cool tech that automates processes on the one hand but adds additional work on the other, and you’ve got a lot of opportunities and challenges for bookkeepers. At ICB, we are committed to equipping our bookkeepers with the technical skills, ethical mindset and business intelligence to navigate this changing landscape and adapt to new technologies.

XU: How does ICB UK aim to raise awareness of the importance of bookkeepers and the role they play in ensuring the financial stability

of businesses? And what do you love most about the bookkeeping profession?

AC: ICB engages with businesses, government bodies, business organisations and other stakeholders to promote the value of good bookkeeping and represent the views of professional bookkeepers. Personally, what I love most about the bookkeeping profession is seeing good people do good work that brings satisfaction and financial stability to themselves and the businesses they work with. It’s such a good news story that it’s difficult to stop gushing about it!

XU: ICB has a strong reputation in the market, how do you plan to maintain and build upon that reputation?

XU: How do you plan to drive growth and innovation at ICB, and what initiatives do you have in the pipeline?

AC: I’m excited to be working with excellent training providers in new territories to enable more people to join the bookkeeping profession around the world. We’re also investing heavily in technology and introducing new products and services that meet the evolving needs of our highly in-demand members.

XU: ICB has a diverse range of members, how do you plan to address the unique needs and demands of each segment?

“ICB’s strong reputation comes from leading a global bookkeeping community united by high standards”

AC: Thank you. I agree! ICB’s strong reputation comes from leading a global bookkeeping community united by high standards, passion for the profession, and a commitment to making the business of running a business better for everyone. We intend to maintain and build upon that reputation through listening to our members and continuously analysing the needs of the market.

AC: We are so proud of our diversity at ICB. Maya Angelou said “in diversity there is beauty and there is strength” and we know it makes us more effective as a team and we see how it strengthens our membership as a whole. We’ve designed our online on-demand exams with accessibility at the core and we want to continue to break down barriers into the accountancy profession. One of the first things I did in my new role is create a D&I Committee that will feed back to our executive team and sensecheck our work so that we can ensure we are supporting our diverse network of members. We believe in creating opportunities for growth, learning, and connection, and we strive to provide a platform for all members to share their talents and perspectives.

XU: Can you speak to the company’s commitment to corporate social responsibility and sustainability, and how these values will be reflected in the business strategy moving forward?

Above: Hear Xero’s MD Alex von Schirmeister discussing the value of bookkeepers at the Bookkeepers Summit

AC: We’re a purpose-driven organisation and we believe that together we can make a positive impact on the world. Our organisational values are purpose, passion and progress and, in fact, building a sustainable organisation and workforce is one of our key strategic objectives. You could say that CSR and sustainability are integral to the success of any business these days and so ICB is exploring new ways to reach under-served communities, reduce our environmental footprint and make a meaningful contribution to the world of work and learning.

“ICB wants to continue to break down barriers into the accountancy profession”

But it’s not always easy! Like a lot of businesses we’ve experienced teething problems while adapting to a more permanent hybridworking model and there’s a lot of economic factors at play at the moment which make life for a small business fairly unpredictable. I just keep trying to be open-minded, humble and honest. I think the job of any manager or company leader is to provide clarity and consistency for the team. I find that just showing people that you believe in them can be really motivating.

XU: How do you plan to foster a strong and motivated team at ICB, and what kind of company culture are you hoping to cultivate?

XU: Can you give us a glimpse into your long-term vision for ICB, and where you see the company in 5-10 years?

XU: Lastly, what message would you like to share with the employees, shareholders, and customers of ICB as you begin your new role as CEO?

AC: This is a really exciting time to be working in the bookkeeping profession and I’m ambitious for what we can achieve together. I’m committed to delivering value and making a positive impact on the bookkeeping profession, small businesses and economies around the world. Together, we will spread the transformative power of good bookkeeping to every corner of the earth.

AC:

I’m really lucky to be working with a team of passionate people who believe in our purpose and are committed to making progress every day.

AC: Our long-term vision is that behind every good business there’ll be a good bookkeeper and behind every good bookkeeper there will be ICB.

A Stronger Foundation Of Evidence

Circit is built for accountants and auditors to verify the world's assets at source.

Over 1,500 evidence providers such as banks, solicitors, funds, debtors and creditors use the Circit platform to respond to requests.

Circit helps teams save time on processes, tracking request statuses and collaboration with evidence providers. The result? Elevated client experience and streamlined direct from source collection.

DESIGNED FOR ACCOUNTING, AUDIT & TAX TEAMS

How to maximise value from your business tech

Sunil Nigam, CEO & CoFounder, ExpenseOnDemand

Our story is your story. You want to empower your finance team. You’re motivated by processes, accuracy and efficiency. And, you want your team to do their finest work. We want the same thing.

Our vision is to help you achieve your story, by providing you and every business a leap in value. We offer enterprise class functionality, which is smart, simple & intuitive and affordable by all, and helps employees to focus on their core job. That apart, we continually update our technology to make our solutions current and always affordable to everyone.

When I am not at work, you will catch me mentoring young entrepreneurs, debating Indian history & global economics, reading a book, or cooking a meal for the family.

t ExpenseOnDemand

we are always keen to ensure our solution is current and flexible and we recently commissioned an extensive survey of business leaders* to understand how firms around the globe are utilising their tech subscriptions. The results of our survey highlighted a staggering 75% of business leaders believe the tech they subscribe to was overpriced in 2022 and yet many tech providers have started off 2023 by increasing prices further.

Inflation is pushing up costs globally which means many tech solutions face increased fees for servers, energy, staff and many other rises across their businesses which has inevitably led to many passing these price rises on to their customer base. This is fine if the service on offer is perceived as good value for money but for many business leaders, this is simply not the case

with the vast majority believing many of their subscriptions were already overpriced before these recent hikes.

We are pleased to confirm, unlike many other tech providers we are keeping our prices the same as last year to help our continually growing client base.

According to a recent survey from Simply Business, over four in five (81%) small businesses are worried about how the costof-living crisis will affect their business. Many have already had to deal with rising costs and crippling energy bills and the additional increase in tech subscriptions will mean many firms looking for alternative providers even if the process of moving is complex.

Along with rising costs, millions of business leaders believe the tech services that they need to

help automate and speed up their business processes don’t offer them the best solution as they are a ‘one size fit all’ solution with no way of tailoring these for specific needs. In fact, according to our survey over half (59%) of business leaders globally want a more tailored solution from their tech provider. Many small businesses are currently paying for a vast portfolio of functions but only utilising a small number of these.

How to reduce the cost of your tech subscriptions

Review all your current subscriptions – Many businesses are paying for historic solutions that no one is actually utilising anymore. This review often reveals unnecessary outgoings and can reduce costs.

Avoid contracts– Look for solutions that offer no or monthly contracts so you can cancel these if you don’t need them.

Majority of Business leaders think tech subscriptions are too expensive, yet prices continue rising

Shop around – Most tech solutions for businesses have multiple providers and offer varied solutions. Many business owners often commit to a solution with little research as they need to access the platform ASAP especially if it is business critical such as accounts or expenses.

Get feedback from staff - Many business leaders assume a tech solution is effective or adds value to their business because staff are using it but often a quick conversation with teams can reveal that this isn’t the case.

Take control – Set reminders to cancel when you sign up and schedule regular reviews to see how the service is utilised.

At ExpenseOnDemand, we allow businesses to hand-pick what services they need, and we can tailor our solution to mirror their current business processes rather than forcing them to change to match our tech. We pride ourselves on ensuring our tech is marketleading and our costs are not only completely transparent but remain very competitive.

At ExpenseOnDemand we are also offering a 30-day free trial, with the option to sign up for our “pay as you use” model, allowing our clients to have flexibility and

reassurance that they aren’t tied into a long-term commitment

How ExpenseOnDemand benefits businesses and their staff?

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

1. Claimants and Approvers can use the app within minutes.

2. Photograph receipts and submit & approve expenses in seconds.

3. Approvers can view and manage all historical claims.

4. ExpenseOnDemand ensures no duplicates with any employee claims.

5. Expenses can be made in any currency.

6. Finance can choose from 100+ functions.

To find out more about how ExpenseOnDemand can help your business please visit – www. expenseondemand.com

*Research commissioned by Research without Barriers – June 2022

To find out more, visit our website: expenseondemand.com/

The Riches in Niches

How Tom Edwards, CEO of OASYS, focuses on the hospitality industry.

How OASYS uses Scott’s Add-in to power, and differentiate their practice with bespoke reporting.

SCOTT’S ADD-INS: Tell us about how you came to be CEO of OASYS.

Tom Edwards: Well, I swore I would never become an accountant. But I soon realized I liked solving problems and

helping others. This led me into the arms of accounting and the wonders of Excel.

SA: Tell us about OASYS.

TE: OASYS is an accounting firm, founded in 2000, that specializes in serving the hospitality industry. We work with entrepreneurs who have a vision, and need specialized financial help that is tailored to the restaurant and hotel industry. The entrepreneurs have historically been beaten to the punch by larger organizations. We help level the playing field for them.

SA: What are some of the ways you help level the playing field?

TE: Given our deep understanding of the drivers of hospitality, we can provide KPIs, financial models, and insights that are uniquely tailored to their businesses. Then, as the owner is contemplating growing organically or through acquisition, we ride along with them, advising on the financial considerations of these decisions.

SA: I would think that advising restaurants would come with some perks, no?

TE: Well, yes. I try and time my meetings around lunchtime at the restaurants, and show up looking hungry. But seriously, folks in the hospitality industry are fun people to work with, and very appreciative of our help.

SA: What are some advantages of focusing on a niche market like hospitality?

TE: Everybody knows everybody in this industry. So, if you do good work, the word spreads rather quickly. Almost of our business is by referral from existing clients.

SA: Let’s shift the conversation to talk about one of the tools OASYS uses to power the Advisory and Interim Finance Director practices.

TE: Typically, people who run restaurants may not be so financed based, so we need to present information to them in a way that works for them,

Scott Miller, Founder, Scott’s Add-ins

Scott Miller is the Founder and CEO of Scott’s Add-ins, a Saas based productivity tool that integrates Excel with accounting systems. A degreed accountant, and lifelong entrepreneur, Scott has developed many solutions for the intersection of Finance and Technology.

and everybody has a different way they want to look at KPIs. A fine dining restaurant will be interested in how long they can keep the table and sell more bottles of wine, whereas a street food vendor is all about the volume and getting the number of units out.

We use Excel combined with Scott’s Add-in to give the operators the reporting they need to watch over the business. The reporting may take the form of monthly accounts, weekly profit, or even a three to five year business plan. Using the =SCOTT functions, we can create beautiful Excel reports linked to Xero data, that can be refreshed at any time.

To expand on this, we generate KPIs like average sales per week, labor percentages, and food cost percentages. While Xero is a fantastic accounting system, it doesn’t give you the depth of information you can get by building it in Excel. We’ve also experimented with off-the-shelf reporting/dashboarding apps, but keep coming back to Excel and Scott’s Add-in, as the tool of choice for giving clients exactly what they need, and making OASYS a differentiator in the marketplace. Some clients like graphs, others tabular reports with an accompanied narrative. It’s about tailoring your offer to the audience.

SA: What do you like most about Scott’s Add-in for Excel and Xero?

TE: Frankly, there a number of things that really stand out.

First, the tight integration with Xero data. It does exactly what it says it can do. Once we build an Excel sheet, we can refresh it with new Xero data in seconds. No exporting, importing, etc. When I first installed the add-in, I watched the three minute video, then started building my first client workbook. Ten minutes

later, I had something to share with the client. The add-in is super intuitive, in that it uses custom Excel functions like =GL, and =RANGE to do its work.

We’ve had great adoption throughout our firm due to the ease of getting started with the add-in. The task pane lists all of the functions, and spells out in English, exactly the logic of what you are trying to do.

SA: Does OASYS use Xero Tracking Categories for client coding and reporting?

TE: Yes. We use tracking codes for different restaurant locations. We use the =XTRACK functions to create a P&L by location, with comparative analysis between locations so the owner can see how the locations perform against each other.

SA: I’m assuming that OASYS has built an Excel template using the add-in, that you repurpose for different clients?

TE: Exactly. We have a control tab on the template where we simply change the Xero organization, tracking categories, and reporting

dates. The add-in does the rest, by pulling in and summing up all the Xero data that is required. It’s super easy to change from one client to another, once the core is there.

SA: Last question. What would you say to some accounting professionals that may not feel completely comfortable with Excel, and building these models?

TE: I get it. In reality, I am probably well below average in Excel skill, but in terms of what we need it for, I’m pretty good at it. And you can pretty much Google any questions you might have about Excel and find the answer. Lastly, Scott’s provides a bunch of get started templates on their site, which is a great place to start.

“Excel combined with Scott’s Add-in gives clients the reporting they need to watch over the business”

“Scott’s provides a range of get started templates on their site, which is a great place to start”

ApprovalMax: 10 expert tips for preventing Accounts Payable fraud

ccounts Payable (AP)

Fraud can be a major headache for organisations, with potential consequences that range from financial instability to reputational damage. A recent report from PwC’s Global Economic Crime and Fraud Survey 2022, revealed that companies are losing an average of 5% of their annual revenue to fraud, with cybercrime and asset misappropriation being the two most common forms of fraud. However, the good news is that prevention is possible.

With the right tools and strategies, organisations can create a robust system for preventing AP fraud. By taking proactive measures and leveraging modern technology, like ApprovalMax, companies can create effective strategies and systems that keep them protected long-term. To help you get started, we’ve put together these 10 expert tips.

10 Tips for Preventing Internal Fraud

1. Automated systems: Streamline your financial processes with automated systems like ApprovalMax, to reduce the risk of internal fraud by providing real-time monitoring

and detection of any suspicious activity as it happens.

2. Segregated responsibilities: Divide responsibilities among employees to ensure that no single person has complete control over your organisation’s finances.

3. Regular audits and risk assessments: Conduct regular internal audits and risk assessments to stay one step ahead of fraud. This is also a crucial step in identifying vulnerabilities and detecting fraud before it becomes a serious problem.

4. Restricted access to sensitive data: Keep your financial information secure by restricting access to only authorised employees. This protects your company’s data from falling into the wrong hands.

5. Stay informed of fraud trends: Stay up-to-date on the latest fraud trends and tactics. This helps organisations adapt their fraud prevention strategies to keep up with evolving risks.

6. Regularly review and update internal controls: Internal controls are not a set-and-forget measure. Make sure to implement

@ApprovalMax

Konstantin Bredyuk, Director of Product, ApprovalMax

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

Konstantin has been advising numerous organisations on implementing 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.

regular internal control reviews to ensure your policies and systems reflect changes in the organisation and keep your fraud prevention efforts effective.

7. Regular fraud awareness training: Provide regular fraud awareness training for all employees. This educates them about the risks of fraud, how to identify it, and how to report it.

8. Cultivating a culture of integrity: Build a culture of ethics and transparency among employees to reduce the risk of internal fraud. Help your employees understand and identify fraud, and feel confident in reporting it.

9. Fraud reporting mechanism: Create a reporting mechanism that empowers employees to report suspicious activity anonymously. This will help your employees to feel confident that they can detect and address fraud quickly, keeping your organisation protected.

10. Incident response plan and cybersecurity measures: Have an incident response plan and robust cybersecurity measures in place to minimise the impact of any fraud that might occur, while preventing future fraud.

Protecting your business with ApprovalMax

As a business and finance leader, it’s important to stay ahead of the curve when it comes to preventing internal fraud. And, with technology constantly evolving and improving, it’s easier than ever to make lasting improvements to your company’s financial well-being.

At ApprovalMax, we understand the ever-evolving landscape of fraud prevention and have equipped our platform with the necessary tools to secure your financial well-being.

Here’s how we can help you take your financial management to the next level:

• Automated approval workflows: Delegating financial authority (DFA) is a key aspect of fraud prevention. With ApprovalMax, setting up and enforcing your DFA policy is simple and straightforward, and with approval speeds up to 50% faster than manual methods, you’ll have more time to focus on the work you value most.

• Audit trails and reports: ApprovalMax automatically generates detailed audit reports

and trails. These critical tools make fraud attempts less likely, and provide valuable evidence if something does happen.

• Restricted access to Xero: ApprovalMax approvers can only access the information they need to approve documents, preventing access to the general ledger. This means that sensitive information is kept safe and secure.

• Detection of changes after approval: ApprovalMax’s fraud detection capabilities keeps you informed of any approved documents or changes made in Xero, giving you peace of mind in your financial management systems.

• Matching bills and purchase orders: With Bill-to-PO matching, ApprovalMax automatically detects and blocks approvals in case of any discrepancies. This means that you only pay for what was ordered, in the correct amount.

• Supplier approvals: With ApprovalMax, you can have confidence in your supplier purchases. The built-in supplier approval workflow and ability to limit purchase order requesters

guarantees that only authorised suppliers are used, reducing the risk of fraud.

Protecting your business from AP Fraud

As the world becomes more digitally advanced, it’s important to take steps to protect your business from the risk of Accounts Payable fraud. PWC’s recent report highlights this growing concern, but the good news is that there are ways to prevent it from happening. By following our 10 tips for preventing internal fraud and using ApprovalMax as a tool to establish financial controls, you can create a comprehensive process for financial management and help ensure the financial security of your business. Secure

Professionalism is Everybody’s Business

How do you foster a culture of ‘Professionalism’ in your small team?

Amanda Linton, CEO of ICB Australia challenges us to think about what true professionalism looks like in practice.

What is professionalism?

Is it just jargon, a fancy ‘buzzword’ or something useful we can use to grow our business and enhance our reputation?

There is little point in talking about the importance of professionalism in a business, or how professional you are, unless the whole team is invested in meeting the same standards.

In my experience, the term ‘professionalism’ can mean different things to people— even among those in our own bookkeeping teams.

To some, it’s about showing up on time and doing good work. To others, treating our clients and coworkers with dignity and respect. Or just behaving ethically.

Do you see where this is going?

Confused interpretations of professionalism in our workspace can unintentionally lead to inconsistent service. That is, how we serve our clients and support one another.

As human beings and fellow consumers, we’re hard-wired to fear inconsistency, aren’t we?

Inconsistent service makes us anxious and mistrustful because we never know what we’ll get from one contact to the next. Whether it’s your hard-to-reach telco, always-late tradie, or unhelpful workmate.

Questions for the team

You can help yourself and motivate your team by jointly defining the professional standards of behaviour you expect of each other in your roles.

To begin, ask your team: What are the practical standards of service our clients should expect of us? And what service standards should we expect of each other to do our jobs well?

Here are some areas you might focus on.

Punctuality

Someone who arrives on time shows respect for others.

This is more than just getting

@ICBaustralia

Amanda Linton, CEO, Institute for Certified Bookkeepers Australia

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

to work on time. Punctuality includes being at your desk ready for work and on time for client appointments and staff meetings. And it’s about managing your available hours so that tasks get done on time. It’s also about honoring each other’s time.

Ponder point: Showing up late may make people think you procrastinate or are lazy or disinterested.

Looking the part

How you present yourself says a lot about your professionalism.

While everyone has a personal style, there are standards for most work situations.

Grooming—hair and makeup— should reflect good taste. If a uniform is required, it should fit and be clean and ironed to present a neat appearance.

If you work from home, you may prefer to dress in casual, comfortable attire but still want to feel like you’re at the office. Just be mindful of unexpected drop-in visitors.

Loyalty to the business and the team

Loyalty is an essential character trait in an employee…

More than staying in a job for a long time, loyalty is about being a good ambassador for the business—in and out of business hours. Is your whole team invested in the vision?

That includes respecting clients’ privacy and confidentiality, not undermining ‘the boss’ with coworkers and strangers, and never gossiping about workmates.

And as their employer…

When your team feels trusted, respected, and well looked after, they perform better, experience less burnout, and stay in their jobs longer. They are also more inclined to ask for time off rather than call in sick unexpectedly.

Support of co-workers

We all know that when we help others, we feel more fulfilled, happy and motivated.

Helping our co-workers builds a stronger team in which everyone can and wants to succeed. When team members feel comfortable approaching each other when there is a problem, high productivity and morale ensue. And any ‘cruisers’ among them— those who do just enough to get by—are quickly challenged by their peers.

Telling the truth

Trustworthy professionals don’t make excuses or act like a victim.

In business, as in life, we need to take responsibility for the situations in which we find ourselves. That means owning up to mistakes rather than attempting to pass the buck or lie. ‘It’s my client’s fault, It’s my partner’s fault’, and ‘It’s my coworker’s/boss’s fault’ are dismal excuses that undermine team harmony and the quality of the work.

If a client complains or the work falls behind, honest team members promptly address the problem and look for a solution.

Work ethic

Professional team members know when to get to work.

It’s okay to allow team members a certain amount of personal time during work. But taking longer than they should enjoying coffee and talking to workmates, surfing the net or taking personal calls and texts during the day can quickly disrupt workflow.

So, dear colleagues, what marks would you give yourself and your team in the above areas? And, in what other ways could you serve your clients and each other better?

Next issue

Having decided acceptable standards of professionalism for your business, sometimes, as manager, you must take individual team members by the hand and coach them in order to get the performance you expect. I’ll talk about how to do it in our final article.

Meanwhile, over to you.

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

What they’ve been working on... Updates from Xero

This article origitanted from Xero. You can read the original update here

We’re proud to operate in a way that respects the planet, supports our communities and helps our people thrive. Here are the latest initiatives at Xero that support our ongoing efforts to become more environmentally sustainable.

Xero sets climate targets to work towards a net-zero future

We recently announced emissions reduction targets to 2030, as the next step in our journey towards net-zero emissions by 2050. These near-term targets build on our existing ‘Net Zero @ Xero’ carbon reduction program, and align with climate science.

The targets support the Paris Agreement goal of limiting global warming to well below 2 degrees Celsius above pre-industrial levels. The targets are:

• 42% reduction in Scope 1 and 2 emissions from FY20 by FY30

• 17% reduction in Scope 3 emissions from FY20 by FY30

• Net-zero* emissions no later than FY50

We will work towards achieving these targets by focusing on the areas of increased renewable energy uptake, being more strategic about business travel, and switching to more sustainable catering wherever possible. We aim to report our performance against these targets in the financial year ending 31 March 2023.

Helping UK small businesses to reach net-zero with Ecologi

We’re excited to welcome Bristolbased climate tech start-up, Ecologi, to the Xero App Store to help service-based small businesses in the UK track and reduce their impact on the environment.

It’s more important than ever for the business community to play its part in protecting our planet. During the recently concluded COP27 summit, there was an increased call for stronger action on net-zero. But for smaller businesses, it can be difficult to know where to start.

Ecologi’s app will give thousands of service-based small businesses the opportunity to access Ecologi Zero, a simple-to-use and accurate carbon accounting platform for free — enabling them to measure their emissions. This will help to make carbon tracking and climate action more accessible for smaller businesses in the UK.

Sukhinder Singh Cassidy appointed as Xero’s new CEO

The Board of Xero Limited announced the appointment of Sukhinder Singh Cassidy as Xero’s new CEO, from 1 February 2023. Sukhinder will succeed Steve Vamos who, after serving almost five years as CEO, is retiring from the role and plans to return to his previous portfolio in business coaching and leadership development as an advisor, director and investor.

Sukhinder is an experienced Silicon Valley executive, with more than 25 years’ global leadership experience, including as President, Asia Pacific & Latin America at Google; President at StubHub; founder of theBoardlist; founder of Joyus, where she was CEO; and co-founder of Yodlee. She has significant public and private board experience with multiple companies.

Sukhinder started at Xero on 28 November 2022. She is working

closely with Steve to manage the CEO transition, with Steve remaining available to advise through to the end of May 2023.

Xero establishes a technology base in India

In November, we announced that we’re establishing a Xero base in India, where there is deep technical talent, to enhance our existing hiring and development programs for technology roles. Through a strategic partnership with Infosys, a global digital services and consulting company, we’re setting up a Xero-managed centre of technical talent at an Infosys campus in India.

Over the coming months and years, we plan to grow our technology team in India, focusing initially on attracting engineers and developers to fill roles which will help accelerate our delivery of products and features to benefit our customers.

This is an important step in our strategic approach to increase our team of world-leading technical specialists, to support our continued sustainable growth and the ongoing value we deliver to our customers. At this stage, we don’t have any plans to establish a Xero go-to-market function in India.

Our priority is to establish our presence in India and plan the

design of our future workplace which will include the usual Xero features that will support our new Xeros to do the best work of their lives. Our plan is to have a mix of Xero and Infosys employees working together in a space that embodies our Xero values and culture.

New collaboration with Intel empowers small businesses

We announced a collaboration with Intel to help empower small businesses owners to better manage their finances. Xero is the only accounting software provider included in the launch of the Intel Software Advantage Program, which helps small businesses gain more visibility over their financial position, so they can grow faster and smarter.

In the United States, Canada, Australia and the United Kingdom,

Xero customers who purchase an eligible Intel vPro® PC (desktop or laptop) will receive an exclusive offer for Xero’s cloud accounting solutions. The Intel software bundle for business provides small businesses with access to key software, extended trials, discounts, and app credits worth more than $500 USD.

A new partnership with BMO to streamline bank reconciliation

At Xerocon New Orleans, we announced a new partnership with BMO Financial Group in Canada, and we’re excited to share that this partnership has now been extended to customers in the US. Our BMO bank feed is now available for small businesses in the US and Canada, allowing their BMO transactions to automatically flow into Xero once a day.

Xero’s half year 2023 financial results

Xero continued to deliver strong growth momentum in its half-year financial results to 30 September 2022 (H1 FY23), with more small businesses placing their trust in our cloud technology and open platform to run their business and meet critical compliance needs.

Xero News | Dec 2022

Our H1 FY23 performance highlights include operating revenue growing 30% (27% in constant currency) to $658.5 million, total customer lifetime value increasing 30% to $13 billion, and subscribers up 16% to 3.5 million.

Ecosystem

New additions to the Xero App Store

Last month, we welcomed some

The environment small businesses are operating in around the world remains complex. They continue to navigate and adapt to increasing inflationary and interest rate pressures and challenges in accessing talent, while responding

to the evolving needs of their customers. Times like these strengthen the case for small businesses to adopt cloud technology that enables their businesses to be more efficient and effective.

new apps to the Xero App Store, including invoice template app Billdu, property management accounts payable solution

CondoWorks (Canada, USA) and bulk EFT/batch payment processing app BFI Pay (South Africa).

What’s new so far this year... Updates from Xero

This article origitanted from Xero. You can read the original update here

Xero supports Data Privacy Week 2023

We recently supported Data Privacy Week 2023 (January 2228), which aims to educate businesses on best practices around data collection, and spread awareness about online privacy. As a Data Privacy Week 2023 Champion, we recognise the shared responsibility of all organisations when it comes to maintaining customers’ privacy and promoting transparency around data use.

Data Privacy Week’s three recommendations for businesses when it comes to respecting data include: conducting an assessment, adopting a privacy framework, and educating employees. However, for many small businesses around the world, these steps can be challenging if they don’t have the skills, resources or confidence to adopt them.

Since July 2021, the Xero Responsible Data Use Council has been meeting quarterly to discuss the challenges that small businesses face when it comes to

data use, collection and privacy. The Council has developed a number of resources to help small businesses understand these topics and provide practical tips on how to get started.

These include a guide on how to create a data use policy, tips on controlling data privacy, a glossary of terms, four steps to data protection, and an article explaining why terms and conditions are critical to data privacy. A new video has also been released to support Data

Privacy Week 2023, about data collection minimisation. This is a key concept that underpins responsible data use.

Xero’s Responsible Data Use Commitments align with the objective of Data Privacy Week 2023 — to spread awareness about online privacy, educate communities on managing personal information, and encourage businesses to respect data and be more transparent about how they collect and use customer data.

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Our inclusion in the 2022 Dow Jones Sustainability Index

Xero has been included in the 2022 Dow Jones Sustainability Index (DJSI) for the second time in a row. The DJSI is regarded as one of the most important benchmarks for sustainability and lists the world’s leading sustainable companies across 61 countries.

In 2022, we improved our overall score by three points to 44 (up from 41 in 2021).

This recognition complements progress we have made as part of our Net Zero @ Xero program, which was established in 2019 and outlines our commitment to offsetting 100% of our carbon emissions. In November 2022, we took the next step towards netzero emissions by setting emissions reduction targets in line with climate science.

Xero improves its score in the 2023 Bloomberg GenderEquality Index

As part of Xero’s continuing commitment to gender equality, we are pleased to announce our inclusion in the 2023 Bloomberg Gender-Equality Index (GEI).

This is the fourth consecutive year we have been included in the index, and we’re pleased to see our scores have improved each year.

The 2023 GEI represents 484 companies from 11 sectors across 45 countries and regions that are committed to a more equal

Ecosystem

New additions to the Xero App Store

Over December and January, we

and inclusive workplace.

Xero’s flagship partner event moves to a global format

Xerocon, one of the world’s premier events for cloud accounting leaders, will move to a global format from 2023. This will provide more opportunities for our growing communities of accountants and bookkeepers to connect, while holding the event in different cities across Xero’s key regions.

The next Xerocon will be back in Sydney, Australia from 23-24 August 2023 at the ICC Darling Harbour. Looking ahead to 2024, Xerocon will return to the United Kingdom and the United States, and in 2025, Xerocon will make its debut in Canada and then to Australia.

More details such as venues, dates and ticket sales information will be shared in the coming months. While the events are global, the content will be tailored to different experiences and regions.

Four ways customers can get their banking data into Xero

One of the most important accounting jobs for small businesses and their advisors is bank reconciliation. However, entering bank transactions manually is often time consuming and error-prone.

We’re always looking for ways to help customers get accurate banking data into Xero, whether it’s via direct bank feeds or

Hubdoc’s new bank statement extraction tool. Read the blog for four ways that customers can get their banking data into Xero.

Latest product news

We’ve made a number of updates in Xero over the holiday season, to add even more value to customers. Some of the highlights include:

• Australia & New Zealand: The ability to autocode incoming eInvoices from suppliers (a highly requested feature from customers)

• Canada: Expanded income tax

• coverage in TaxCycle, with T1 income statements as well as an updated GIFI mapper

• Canada & US: Even more banks added to our new bank statement extraction tool in Hubdoc

• UK: The ability to reauthenticate

• bank feeds within Xero, rather than leaving our platform to do this via online banking

welcomed over 20 new apps to the Xero App Store, including lawn and gardening scheduling tool SortScape, payments

management platform Benji Pays (Canada only), and Google Sheets integration Collately

Master the art of client collaboration!

Our 6-page guide is designed to help you with:

Completing the approval process

Catering to clients by consolidating your apps and automating follow up.

Managing correspondence

Handling your inbox so every interaction is backed with context.

Gathering documentation

Improving file sharing so clients can self service.

Sourcing accurate information

Cutting out copies of files so every document is its own source of truth.

New to the Xero App Marketplace

New App shout-out

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

Accounting.bi

Reporting accounting.bi

A powerful data management and visualisation tool that connects Xero with PowerBi and Excel. Build reports that sync in real-time with your accounting system and other data sources.

Acume eInvoicing acumelimited.com

Acume is accounts payable automation software designed around the eInvoicing standard which also brings together OCR (Optical Character Recognition) technology to extract information from PDF’s (ABBY Vantage) and configurable workflows and approvals all in a single solution. Acume provides header and/or line-level coding options.

Agicap Other agicap.com

The leading European cash flow management software that centralises your financial data in real time. Automate your most critical process by leveraging bank feeds, Xero invoices and your own forecasts.

Billdu Bills & Expenses billdu.com

Quickly and easily create professional-looking invoices, estimates, purchase orders and more, wherever you are, with Billdu’s professional invoice maker for small businesses.

a single system for planning, resourcing, service delivery and billing. Improve business by bring people, processes and technology together.

CondoWorks

Property-Realty condoworks.co

CondoWorks is a paperless platform to receive, code, approve and pay vendor invoices. It is designed for property management companies and all managed online. This will save you time and money and help you build better relationships with staff, boards and vendors.

DataRails

Financial Services datarails.com

Financial planning and analysis platform for Excel users, that automates data consolidation, reoprt- ing and planning. Enable your finance teams to unlock strategic value for your business.

HospoPay Digital Wallet

Bills & Expenses

hospopay.com

A hospitality e-invoicing platform that allows venues to recieve, manage, pay and reconcile invoices received from suppliers. Manage your entire accounts payable process with HospoPay’s digital wallet.

Keeper Accountant Tools keeper.app

Powered by a 2-way sync with the client’s Xero or QuickBooks file, you can see and edit data directly in Keeper.

Method:CRM

CRM, Invoicing & Jobs method.me

Simplify your day by leveraging powerful sales, marketing and customer service tools to run your op- erations efficiently. Close more leads, upsell your customers and free up time with Method.

Mosaic.tech Reporting mosaic.tech

A real-time analytics and planning platform that helps your team get from data to decision faster. It provides clear visibility across ERP, CRM, HRIS, and Billing systems in a matter of minutes.

Moss Bills & Expenses getmoss.com

Manage and track all of your companies outgoings in one place, whether that’s company cards, invoices, or employee expenses. Get rich insights on your companies spend based on realtime data.

P2P Agri Reporting p2pagri.com.au

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

Brevity

CRM, Time Tracking brevity.com.au

Brevity empowers community care organisations, providing

Keeper is an all-in-one app to help accountants run a better month-end close. Thousands of accountants use it to get timely responses from their clients, catch coding errors, deliver deliver reports your clients will actually read.

Completes the planned vs actual monthly cashflow management for farmers by providing key management analytics, as well as charting and management accounting using historic Trial Balance Xero data.

Pappy Connect Payments pabbly.com/connect

Pabbly Connect is an integration

application that connects multiple applications together so that you can send data from one of your applications to another and sync your data across multiple applications. Currently, Pabbly Connect has over 1000+ integrations.

PayTraQer Ecommerce saasant.com/app-paytraqer

Automate your e-commerce accounting in Xero for Amazon, WooCommerce, PayPal, Stripe, Square, Clover and Authorize. Net sales with ease and precision. Reduce the time and effort required to record sales.

PIMS Accountant Tools pimssoftware.co.uk

Our software does invoice approval, but much more than that it helps you manage purchase invoices. It has financial controls, VAT checking, financial reports, role-based security, With various input methods, including AI processing is efficient, easy, and

accurate. A Purchase Invoice Managemement System is not just an approval tool.

Prospero Professional Services goprospero.com

Prospero lets you create beautiful & professional-looking proposals that help you impress your clients and close better deals. With a range of customizable proposal templates and ready-to-use content, you can save time from building everything from scratch, so you can focus on reaching out to more prospects and growing your business.

Qokoon Ecommerce qokoon.ai

Understand your financial data like never before with Qokoon’s powerful tools. Create and analyse easy to understand management re- ports and make better informed, data driven decisions.

Invest in your clients

Resly Invoicing & Jobs resly.com.au

Resly combines the latest technology with simplified trust account- ing, all wrapped up in an intuitive and easy to use system. Specifically built for management rights and holiday letting.

Rise People Accountant Tools risepeople.com

Manage HR, benefits, payroll, and more with Canada’s first and only all-in-one people management platform that helps companies and their people thrive. Effortlessly map journal entry items and sync your payroll data.

SortScape Invoicing & Jobs sortscape.com.au

A simple job scheduling software for lawn & garden maintenance businesses. Add route planning, time tracking and customer messaging to Xero. Spend more time earning and less time driving.

Super Simple Payroll HR yellowcanary.com.au

Easy to use software that allows you to quickly automate Superannuation Guarantee Charge Statements. Super Simple is designed to help you stay compliant with your superannuation obligations.

Sync by theFinanceStack Accountant Tools syncdata.app

Sync by theFitnessStack converts existing spreadsheets into a centralised hub to monitor and organise all your financial data. Connect on your own terms and create any combination of reporting you can imagine.

Synced Accountant Tools syncedhq.com

Reduce data entry by automating document processing and publication from bills, receipts and supplier statements into Xero. Synced makes bill management and bookkeeping a breeze.

Syrve Point of Sale syrve.com

Smart hospitality software to cut through the monotony of everyday tasks, to help you focus on and build a strong business advantage. Syrve drives your operation in powerful new ways, simplifying your accounts.

Tahua Bills & Expenses tahua.io

Reduce double handling, reconciliation, reporting and transparency to help impact your grants mission with Tahua’s grants/ contracts management platform. Integrates with Xero to reduce double handling.

TaxFitness Accountant Tools taxfitness.com.au

TaxFitness has over 100 tax planning strategies for accountants! Evolve beyond the spreadsheet and create professional, automated tax planning reports for your clients, giving yourself a competitive edge.TaxFitness has over 100 tax planning strategies for accountants! Evolve beyond the spreadsheet and create professional, automated tax planning reports for your clients, giving yourself a competitive edge.

Taxify (UAE) Point of Sale taxify.ae

VAT compliance made simple for the UAE. Generate UAE compliant VAT returns with an audit file in a simple and quick process with TaxifyUAE and Xero. Ease the pain of VAT compliance.

Transport Exchange Group Custom Integration transportexchangegroup.com

The leading SaaS and marketplace platform for road transport and

logistics! Collaborative trading, efficient resource allocation, invoice and billing functionalities all tailored to the road freight industry.

Wagestream Financial Services

wagestream.com

Give your team the flexibility, tools and advice they need to improve financial health, including access to flexible pay, real-time visibility of earnings, supermarket discounts and expert financial coaching.

WOWzer Backup & Restore Accountant Tools

wowzerbackupandrestore.com

WOWzer backup and restore is designed by accountants, for accountants to automate the backup function for your Xero data. It allows you to restore a full copy to a new Xero organizations.

Xelation

Ecommerce xelation.org

Take the headache out of reconciling WooCommerce orders as invoices in Xero by synchronizing in real-time. Map line items to their corresponding accounts in Xero. Multi-site and multi-currency.

Rob Brady, Sunshade Business Advisor

Michael Ford

Founder & CEO

Castaway Forecasting

XU: Congratulations on the release of the cloud version of Castaway. Compared to previous product builds, how does this one feel?

MF: Thank you. Ah, what a question. This is the third complete rebuild of Castaway in 15 years and of course a necessary one as the world moves away from desktop products. Building cloud software has been a mammoth challenge, especially for a complex forecasting tool. There’s a different technology language, intricate calculations to wrangle, security, privacy, and legal pathways to navigate. I’m so proud of the product we’ve created, it’s powerful engine and the futureproofing we’ve set up. I can’t say I enjoyed every day of the last 3 or 4 years, but I can see a bit of blue sky now we’ve released.

XU: Will you share with us what’s new and what we can expect?

MF: Sure. Castaway cloud is a brand new tool. It’s more powerful than Castaway desktop and we’ve spent time focusing on the user experience. Castaway is known for it’s powerful modeling engine and that’s still there, for sure, but we’ve introduced some incredible dashboard and reporting capability that takes this version way beyond anything we’ve been able to offer with our desktop versions. Castaway is built to enable quick, but robust forecasts with fantastic professional output. Of course, it also delivers the traditional powerful, flexible, robust and thorough forecasts our tools have always been known for.

XU: You’ve spoken with us before about the impact of COVID

on your business and how important collaboration and communication were for the team.

Since then, we’ve seen a global shortage of staff in general, but software engineers in particular. How did Castaway respond to this resource challenge?

MF: Our engineering and product teams are led well, so we have retained the core teams throughout the cloud build. We did see a bit of a reshuffle as

one or two of our staff moved around. We also managed to hire a few excellent staff in all areas of the business. I’m always looking for the right people to join us as we grow. I’m aware there are so many companies like ours in this situation and have spoken to a few peers about how they manage. Things are starting to settle down and, at the same time, collaboration technology is enabling more resourcing options.

XU: Your passion for the sustainability and health of small businesses

has driven your career and delivered your legacy. Do you still feel strongly about small business?

MF: Absolutely. Nothing has changed for me and there’s so much work to be done. I guess I will always be looking for ways to educate and communicate with businesses and the accountants who serve them. I have hundreds of ideas for tools and processes to help various industries understand business operations and improve financial literacy and performance.

XU: Where will we see you and the team this year?

MF: We’ll be exhibiting at Accountex Sydney in March, exhibiting and speaking (hopefully) at Accountex London in May and likely exhibiting at Xerocon Sydney in September. We’ll be out and about speaking and making appearances at other events, but these are our current commitments. We’ll find ourselves on the road a bit more in 2023, keen to connect again with our customers.

XU: ChatGPT and similar AI tools. What are your thoughts on how these language models will impact the accounting industry?

MF: Like most people interested in technology, we’ve looked at ChatGPT and I think it’s impressive. The natural language responses are only going to improve and these types of are here to stay. We’ve asked it all sorts of questions and I’m impressed at the standard of output.

AI will augment the routine and repetitive tasks that accountants do, freeing them up for highervalue work requiring thoughts, ideas, decisions and innovation. AI should improve the accuracy of financial reporting and make auditing easy. From a forecasting point of view. AI can certainly help with the maths but not so much the qualitative aspects of financial forecasting or business modeling. Calculators are required for the output, but the process still requires a combination of hindsight, insight and foresight from the business owner for the input.

At the moment, I don’t think accountants and advisors need to be concerned too much about AI taking over their entire roles. Accountants are currently under so much pressure from their clients to deliver all sorts of value. If AI can reduce this pressure, then it’s a great thing for the industry.

XU: Are you still cycling 10,000km a year?

MF: It’s only early, but I’m on track to reach 10,000km in 2023. My workload in 2022 prevented me from meeting my cycling and charity leadership responsibilities. This disappointed me because I ride to support Tour de Cure Australia, our chosen charity. We raise funds for cancer research and help to raise the awareness of cancer prevention and the importance of research in communities and schools.

To find out more about Castaway Forecasting visit our website: castawayforecasting.com

Visitor registration opens for Accountex London 2023

Europe’s largest accountancy and finance event is returning to ExCeL London.

ccountex London is taking place at ExCeL on the 10-11 May 2023, for our biggest show yet. Over two days, we’re excited to bring together 8000+ accountants, in-house finance professionals and bookkeepers from all over the world for the free annual event. More than 250 top fintech companies will be giving software demos and there will be a diverse CPD accredited education programme for visitors to explore.

Our focus last year was reuniting the community after three years of no shows during the pandemic. We wanted to get people back to face-toface business and feeling comfortable at the exhibition again. But this year we’re delivering a lot more, an even bigger show, a jam packed programme and a larger

Caroline Hobden, Portfolio Director, Accountex

Caroline is a dedicated event professional with over 20 years experience managing international business-tobusiness events. With a wealth of knowledge and expertise in running technical events across a variety of industry sectors, Caroline is the Director for the hugely popular Accountex portfolio, which includes Accountex in London (10-11 May 2023), Accountex Summit Manchester (19 September 2023), a wide variety of virtual events, the bi-monthly e-newsletter Accounting Insight News and a host of global events including Accountex Canada, Accountex Spain and Accountex Australia.

exhibition with a wider range of exhibitors. We want Accountex to be somewhere that visitors can come with their teams, bond, learn, explore and have fun.

Global brands will be exhibiting at the show, including FreeAgent, Intuit QuickBooks, IRIS, Sage, Taxcalc and Xero, alongside new

@Accountex

A

Over the 10-11 May 2023, Accountex London will be back for the eleventh year and for its biggest show yet.

“It was unbelievable from start to finish, the suppliers were exceptional and maintained great professional knowledge.”

start-ups driving the industry forward. Visitors will have the opportunity to meet the teams behind the companies, see software demonstrations and ask their questions in person. Also exhibiting is HMRC, who will be offering guidance following the MTD delay announcement, and presenting vital updates as part of the educational programme.

Our CPD accredited education programme consists of over 250 sessions across 10 theatres and two main stages of keynote presentations. With the landscape of accounting and finance always evolving, this year we have some new themes, including sustainability, ESG and climate change, and how the accountancy profession can help take responsibility and communicate the right messages to their clients.

Also high on the agenda is mental health, diversity and inclusion, especially looking at wellbeing during the economic downturn, and how people can look after their teams, clients and themselves. A common thread in this year’s

programme is highlighting issues that affect people inside and outside of the workplace, with the menopause and neuro diversity among the topics in the spotlight.

Another big theme this year is the recruitment crisis, with sessions covering the wage war and why fewer young people are joining the profession. Some speakers will even be challenging the concept of the recruitment crisis all together and questioning if company culture is the key to it all.

Many of the established theatres will be returning this year; Tax and Compliance, Bookkeepers and Small Business, Accountants in Practice, the ACCA Theatre and the Accountants in Industry Theatre.

We’re excited to bring you some new additions too, such as the Communication Theatre, where sessions will cover how to build and maintain relationships with good communication, and even how to work with different personality types.

The new Practice Growth and Resilience Theatre will tackle issues around growth and stability in a time of recession, and how

“My number one conference. Perfect venue, size, speakers. But the real gold is the networking.” - Kathryn Vincent, Long White Cloud Accounting

accountants can advise their clients through the cost-ofliving crisis.

“2022 was my first time attending Accountex so I wasn’t sure what to expect. It was fantastic, lots of useful seminars, demo’s and chances to meet with current and new suppliers. The atmosphere was amazing and it was really nice to enjoy being part of the accounting community.”

Said Sarah Kitchener, Director of

Olive Branch Bookkeeping Ltd following a visit to Accountex London 2022. Alongside a packed seminar programme and a floor full of exhibitors, we’re providing plenty of opportunities for visitors to network and connect with the accountancy and finance community. New features include our Bookkeepers Base Camp and Networking Bus. We’re also bringing to London a popular

feature from Accountex Summit Manchester, the Accountex photobooth.

You can now register for Accountex London, taking place at ExCeL on the 10-11 May 2023.

For further information and to apply for a free ticket to attend, please visit: accountex.co.uk/ london

Use priority code ACC210 when booking your ticket.

“A real eye opener to the forever changing industry we are in.”

- Rachael Prideaux, Founder, Figure Fairy

Tips for Managing your Wellbeing in 2023

he commencement of a new year is a great time to reassess how you will take care of yourself and your wellbeing over the coming 12 months. Taking care of your mental health is something you need to focus on each day. Consistency is the key. By doing so you build resilience in preparation for those times when things may become more challenging. It is during these times that we rely on the good habits that we have cultivated around taking care of our mental health to help get us through.

If we also understand the triggers in our lives that lead to increases in our stress levels, then when they occur, we can acknowledge them and focus on things that will help to alleviate the stress.

Here are some ideas to help you to manage your wellbeing:

Look after yourself

Taking care of you is not a selfish act. Take time to eat well no matter how busy you are. Drink plenty of water. Exercise regularly. Exercise is one of the key activities

I do daily to look after my mental health. Do your best to get enough sleep. My aim is between 7-8hrs per night so I can function effectively each day.

Breathe

Focus on your breathing. Especially when you are feeling stressed or anxious. Take a moment to stop and take evenly spaced breaths – try to use your whole diaphragm. Do this whenever you feel your stress levels increase.

Stay connected

We are social by nature. It is important to stay connected so you do not feel alone. Reach out to family and friends and talk honestly with them about how you’re feeling. It may feel uncomfortable at first so first try choosing someone who you know will be supportive.

Do something you enjoy

I love doing things I really enjoy. It puts a smile on my face. Doing something you like can improve your confidence and help you stay well. Make time to do things you

Tim Hoopmann, Speaker and Trainer

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

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

enjoy, like working in the garden, painting, listening to music or reading.

Challenge your negative thoughts

We all have negative thoughts; however, it is how we manage them that is important. Question the facts behind your thoughts and assumptions, rather than letting them dictate your mindset. Try focusing on the positive things in your life and for what you are grateful.

Take the Beyond Blue Mental Health Check-In

Completing the check-in will help you understand what kind of support you might need right now. Beyond Blue are here to help you find that support. You will be asked 10 questions about how you’ve been feeling over the past 4 weeks. Your answers will help:

• Measure your level of distress

• Help you find the support that’s right for you.

Your answers and your result are anonymous. You can decide what you want to do with your result.

UNLOCK YOUR POSSIBILITIES

POWERFUL INTEGRATED 3-WAY MODELLING

Numbers you can trust

Answer the questions that matter

Engaging reporting made easy

Model complex scenarios in minutes

Be ready for anything

Beyond Blue will give you some recommendations to get you started.

The check-in is an evidence-based assessment known as the K10. It’s commonly used by Australian GPs (doctors) and mental health professionals to understand the level of support you may need. Here is the link: Beyond Blue Mental Health Check-In

What will happen after the checkin?

• Find out what range of distress you fall into, ranging from low to very high.

• Learn what that means.

• Get recommendations about what steps to take next.

• Get help to find the support that’s right for you.

Beyond Blue won’t diagnose you with a mental health condition. Only a mental health professional can give you a diagnosis.

Seek out support

We all have good days and bad days. Then there are those days when something isn’t quite right, you’ve got something on your

mind, or things just seem too much.

It can make a real difference having someone to talk to. To hear what you have to say. And to give you advice.

Beyond Blues free mental health services help connect you to that person. Here are some options:

Connect with Beyond Blues online peer support community

Anonymously read, share and learn from people who understand what you’re going through. Posts are moderated by qualified counsellors. Share your lived experience with our welcoming peer support community at the Beyond Blue Forums.

Here is the link: https://forums. beyondblue.org.au/

Talk or chat online to a counsellor

If you’re going through a hard time right now, the Beyond Blue Support Service is available 24/7 for brief counselling. Their

counsellors will listen and help you find the extra mental health help you need.

Get free, confidential counselling by calling a counsellor on 1300 22 4636

Find a mental health professional

Looking for ongoing mental health services? Beyond Blue explain what different mental health professionals do and how to find one near you.

Here is the link: https://www. beyondblue.org.au/get-support/ find-a-mental-health-professional

Beyond Blue works with the community to improve mental health and prevent suicide, so that all people in Australia can achieve their best possible mental health. They have been providing supports and services to people in Australia for 20 years. I have been a speaker for Beyond Blue for over 5 years.

Updates and new releases from Xero connected apps

New feature shout-out

AccountancyManager

accountancymanager.co.uk

Bright’s payroll software – BrightPay – is now going online. It looks like BrightPay, it feels like BrightPay, but now it will be fully cloud-based, giving users new and improved features such as multi-user payroll processing and the ability to process payroll anywhere, anytime, from any device.

Aider aider.ai

Because Aider is committed to building an intuitive platform for advisors, they continuously improve their platform. Releasing new features every month, advisors can get access to more automated tools to help them scale their businesses.

Aider recently released these features:

• Data compliance checklist for GST reporting + other compliance tools

Custom tags & filtering dashboard feature – to help advisors benchmark data And more!

Stay up to date with Aider’s Advisory Software updates

Capitalise capitalise.com

New feature update: Client Tools

Our new feature allows you to introduce an impactful service, without the time or resource strain.

Invite your clients to sign up and they can access:

Their full Experian credit profile

• The credit profiles of customers and suppliers, helping to protect against risks

A service to review and improve their credit score

• Funding eligibility calculator

• A funding marketplace of 100+ lenders

Datamolino datamolino.com

Our Review&Export feature has been a major time saver for some time. That is why we recently launched further improvements to this functionality. Reviewing, categorising and exporting multiple documents from Datamolino to Xero in a comprehensive view is now even more intuitive and user friendly, making bulk export a breeze. As many rely on Datamolino for line item extraction, we tweaked it for easy coding of every line from your bills too.

ExpenseOnDemand expenseondemand.com

Mileage - Fuel Card

The Mileage function has been enhanced for the Finance Manager to setup the Fuel Cards for Claimants to claim mileage expenses. This ensures only the correct capture of business miles travelled and the calculation of the private miles thereafter.

Foreign Exchange / Currency Rates

A new option has been added

for a Finance Manager to import a set of Foreign Exchange Rates for Claimants to select from when claiming their foreign spend expense instead of the Claimant adding the exchange rates themselves.

Expense Policy Dashboard

The Finance Manager can now view the Expense Policy Dashboard giving them an overview of all expenses in the Subscription for a selected date range. They can now view and analyse the Top 10 Categories, Claimants and Approvers who have the maximum expense policy violations.

Multiple Vehicle

This advanced functionality allows you to assign Multiple Vehicles to Claimants who want to claim business miles. Businesses can mandate the use of a preferred vehicle when Claimants have registered to use more than two vehicles.

Passenger and Load Allowances on

the Web

This function allows the Claimant when claiming Mileage to also claim for Passengers they take with them in their vehicle and carry any equipment on that journey.

Compliance Statement

This expense policy allows the business to setup and display to Claimants a Compliance Statement. The statement will require the Claimant to confirm that all expenses they are claiming adhere to the business’s expense policy & processes.

Fuseworks fuse.work

FuseWorks is proud to announce that their Innovative and Industry focused digital signing platform, FuseSign is spreading across the globe with the official launch in the UK at Accountex London, May 2023.

With FuseSign, accountants have access to a cutting-edge platform built specifically for the industry to provide a user-friendly, secure, and customisable platform that streamlines document signing processes, enhancing overall productivity and creating a seamless client experience.

GoProposal goproposal.com

COMING SOON: GoProposal integrates with Sage Accounting

As of 6th March GoProposal & Sage members will benefit from this integration. With one click you can send a proposal along with a quote for the client. An invoice is then

generated automatically for them as soon as the proposal is won.

HR Partner hrpartner.io

HR Partner now includes a performance management module for employee reviews and goal setting. Get input from multiple sources, schedule reviews and keep everything in one place!

ICB UK bookkeepers.org.uk

Online bookkeeping training

Get early bird access to ICB’s new online study hubs to help you pass your professional qualifications and become a Certified Bookkeeper in your own time. www.bookkeepers.org.uk/shop

Scott’s Add-ins scottsaddins.com

Scott’s Add-in announces Templates for our add-in for Excel and Xero. Get started faster, building financial art. Many of the

templates have been created by our customers to be shared with our user community. Browse the free templates.

SeedLegals seedlegals.com

New for 2023: SeedLegals now offer legal advice for funding rounds and as an annual subscription, General Counsel as a Service. The SeedLegals Exit service - all the legals docs to sell a business - launches in Q1.

Suite Files suitefiles.com

Product updates - OneDrive for Desktop, GreatSoft integration, and live notifications as colleagues share files and folders with you or message you on an existing task.

Bigger and better in 2023!

& Finance

Asia

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

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

to

s we begin 2023, it’s crucial to be making the most of your marketing dollars. If you’re looking for opportunities to reach and

engage with Asia’s accounting and finance leaders, we bring you the Accounting & Finance Show Asia 2023.

This year’s show will bring together a bigger conference, a bigger exhibition and a bigger crowd on 10-11 October in Singapore. It’s a true marketplace with 3,000+ accounting and finance leaders from businesses of all shapes and sizes who are actively looking for new digital tools and technologies for their business gathered under one roof and presents an unrivaled opportunity for your company to grow in the Asia region.

Here are a number of key event aspects to leverage on:

THOUGHT LEADERSHIP PRESENTATIONS

Establish pre-eminence in the marketplace by taking up a speaking slot. Such content strategy displays your unique selling proposition and the ability

to tackle pressing challenges facing the industry. With 5 pillars of conference themes, there’s definitely a suitable topic for you to demonstrate expertise and innovation.

EXHIBITION SHOWCASE

Create brand awareness and reinforce your market position on the bustling expo floor. With extensive branding and signage, you’ll be well-positioned to showcase your solutions and engage accounting and finance professionals, business owners from SMEs, enterprises and accounting, bookkeeping and audit firms in Asia.

EXTENSIVE EVENT MARKETING CAMPAIGN

Gain brand exposure across multiple channels such as partnerships, email marketing and digital marketing, extending the reach to new and targeted audiences.

A

The Accounting

Show

is set

return to Singapore on 10 - 11 October 2023.

The perfect platform to get your digital solutions and services in front of Asia’s accounting and finance professionals.

NETWORKING

Our dedicated Networking Team works to pinpoint the key leaders in the industry and personally invite them to attend the event so that you can meet them. Enjoy unlimited networking opportunities before, during and after the event, online and faceto-face.

Our floorplan and agenda are both filling up faster than ever! These pacesetting solution providers and apps are already confirmed to be at the show:

Title Sponsor: Xero

Diamond Sponsor: Spenmo

Platinum Sponsor: Aspire Gold Sponsors: Peakflo, WorldFirst Silver Sponsors: GrabForBusiness, OFX

and many more exhibitors!

If you’re looking to reach the accounting and finance leaders of the region’s SMEs, large enterprises or accounting firms, you need to join us at the Accounting & Finance Show Asia 2023. It couldn’t be easier to find out more. Simply contact us or

book a meeting below for more information:

Laura Binns, General Manager

laura.binns@terrapinn.com

Book a meeting

Perry Zhao, Event Manager

perry.zhao@terrapinn.com

Book a meeting

Payroll & HR

New Zealand Australia

ipayroll.co.nz cloudpayroll.com.au Outsourcing Professional Services Do more for your clients with SeedLegals Book a call

ipayroll.co.nz cloudpayroll.com.au

Year

If the only update your so tware gets each year is price, it could be time to switch

wolterskluwer.co.uk/switch

Xero App Partner of the month

Xero’s app marketplace has over 1,000 apps which help small businesses and their advisors reach their goals. Each month Xero celebrates an app partner who stands out for helping small businesses thrive.

We are very happy to be named App partner of the month as Xero has been part of Datamolino journey from early on. Ever since the launch of our Xero integration in 2014, Datamolino has processed and automated millions of documents for thousands of satisfied Xero users.

Datamolino automates data capture and processing for bills, receipts and invoices. Information is automatically captured from relevant documents, then coded and exported directly to the Xero ledger significantly reducing time

you would otherwise need to spend on repetitive bookkeeping tasks and manual data entry. Benefit from greater efficiency, accuracy and control over your accounting, so you can focus on higher-value tasks that drive your business forward.

“Datamolino works well for both the small business operator or any accounting practice serving small and medium-sized businesses. There’s hardly any reason to continue doing things manually when it comes to accounts payable processing,” Jan Korecky, co-founder of Datamolino says.

Precise line item extraction, fair pricing and unlimited number of companies and users you can onboard are only some of its perks. Helpful customer support done by real people is something Datamolino users can always rely on. Jan explains: “We see customer support as a key element. Supporting our customers on their automation journey is a cornerstone of what we do at Datamolino.”

Try it out yourself: Start your free 14-day trial.

https://www.datamolino.com/trial

2023 Women in Accounting awards open to recognise top 50 changemakers in the industry

Call for nominations to recognise exceptional women who are at the forefront of driving change and innovation in the accounting industry

ominations are now open globally for Ignition’s 2023 Women in Accounting awards to recognise and celebrate the top 50 inspiring changemakers in the accounting and bookkeeping industry.

Now in its sixth year, the awards are open to all women in the accounting industry across the globe, including public accounting, private industry, government, bookkeeping and technology.

Ignition Co-founder and Chief Executive Officer Guy Pearson said, “The Women in Accounting awards recognise exceptional women who are at the forefront of driving industry change and innovation, and opening doors for the next generation of female accountants and bookkeepers.

“I had the privilege of being mentored by several inspirational women early in my accounting career who inspired me to go

on to build and scale my own successful accounting firm. The Women in Accounting awards started as a way to pay it forward by recognising the amazing contributions of women in the industry and their impact on the community and future leaders.”

Ignition, the world’s first client engagement and commerce platform for professional services, launched the Women in Accounting awards in 2018. The awards have since attracted over 1,500 nominations from around the world, recognising 250 women from countries such as Australia, Canada, New Zealand, South Africa, United States, and the United Kingdom.

In 2023, the Women in Accounting awards will focus on sparking lasting confidence in women leaders and fostering a sense of community.

“A lack of confidence can inhibit some women in the industry from

reaching their full potential”, said Guy Pearson, one of the twelve judges for the 2023 awards. “We hope that by recognising their achievements, we can ignite real change in confidence and help more women back their own abilities and skills and seek out stretch opportunities.”

Charlene Rhinehart, Founder of Wealthy Women Daily, LEDE Fellow at Chicago Southsider and 2023 Women in Accounting judge said, “I’m excited to serve as a judge for this year’s Top 50 Women in Accounting to put a face to stories that aren’t always broadcast in mainstream media. Women all over the world can read the stories of the Top 50 Women in Accounting, see themselves in between the words, and get a glimpse of what’s possible for them.”

Nominations for the 2023 Women in Accounting awards are open from March 1st until April 5th, 2023. The top 50 winners will be announced on May 2nd, 2023.

10 years of Ignition Transforming how professional services do business with clients

In 2013, Ignition Co-Founders Guy Pearson and Dane Thomas set out on a vision to transform the way people in professional services and their clients do business together.

Fast forward to 2023, over 6,000 accounting and professional services businesses around the world use Ignition to operate more efficiently, improve cash flow and grow revenue. Ignition has helped its customers do business with over 1 million clients, and processed approximately US$2.7 billion in client payments.

“When we speak to customers about the impact of introducing Ignition into their businesses, they single out efficiency and time-saving, along with how easy it is to get paid.”

Guy Pearson, Co-Founder and CEO at Ignition.

“We’re working every day to make Ignition better and better.”

Dane Thomas, Co-Founder & Chief Product Officer at Ignition

It’s been a wild ride for the first 10 years and we’re just getting started.

SPECIAL OFFER

Get 25% off Ignition for 10 months*

*Available to new customers who sign up to our Professional or Scale monthly plans by 31st of March, 2023.

wanted to take a moment to say hello to you, and thank you for being a Xero customer! I recently stepped into the new role as Xero’s CEO, and it’s a privilege to serve all of you - our Xero team, our investors, and all the communities of which we are a part. Xero is a special company with the potential to contribute even more to your journey as small businesses, advisors and partners, and I look forward to getting started.

It’s also a deeply personal opportunity for me, as the daughter of two small business owners, and having owned multiple small businesses. My view of entrepreneurship was formed at a very young age when I helped my parents (who were doctors running their own medical practice) hand complete their general ledger and file their taxes year after year. In our small hometown of St. Catharines, Ontario, Canada, I learned what operating a small business was really all about through the lens of completing our family’s income statement of revenues and expenses each year, and working

as a receptionist in my parents’ office each summer. I also saw first-hand the critical role that small business plays in driving prosperous communities and economies.

Many years later, I chose to be an entrepreneur myself. In between larger executive roles at Google and StubHub, I started three companies of my own in tech (Yodlee, Joyus and theBoardlist) and found my own passion for small business building. It’s also where I first encountered Xero as a customer, when we at theBoardlist needed our first accounting system, and which we continue to (happily) use today.

From the days of handwriting entries into my father’s ledger to today’s cloud-based tools, we’ve come a long way in enabling small businesses to save time, and focus on building their businesses. But there is so much more opportunity to partner with all of you, and power your dreams and those of your customers.

To deliver on this promise, we at Xero need to operate with a small business entrepreneur’s mindset,

and to do so with enhanced clarity, strength and speed. We need to do so by focusing on driving a better customer experience - whether that’s through new features, supporting you when you need it most, or bigger innovations. We will continue to listen and understand your needs as a community of entrepreneurs.

There is always room for improvement and we’d love to hear from you about how we can make Xero even better, together. Please continue to access support through Xero Central or reach out and be vocal - whether that’s through Xero Product Ideas, Community Discussions on Xero Central or you can drop me a note at CEO@xero.com or connect with our team at Xero events. You can always keep updated about what’s happening with Xero on the Xero Blog.

I’m so excited about the opportunity to lead the next chapter for Xero. We are successful because of you and on behalf of all Xeros, thank you for your loyalty and support.

Xero’s new CEO, Sukhinder Singh Cassidy, recently wrote an email to Xero customers welcoming herself and providing an insight into her journey so far. We are excited to share a copy of this email, as sent by Xero.