Hello, Xerocon Brisbane 2025
SAVE THE DATE FOR XEROCON BRISBANE, FROM 3-4 SEPTEMBER 2025 AT THE SPECTACULAR BRISBANE CONVENTION & EXHIBITION CENTER. FOLLOWING THE SOLD-OUT SUCCESS OF XEROCON SYDNEY 2023, YOU WON’T WANT TO MISS OUT.
What to expect at Xerocon Brisbane 2025
• An unmissable conference
Join the Xero community from around the world and
be part of conversations shaping the future of accounting and business. Xerocon is a unique opportunity to celebrate our collective achievements, connect and explore the latest innovations on the Xero platform.
• Immerse yourself in beautiful Brisbane
Discover Brisbane’s charm, where the river meets parklands, with a vibrant arts and hospitality scene. With the Brisbane Convention & Exhibition Center as our home for 2025, Xerocon will embody the lively spirit of the
Sunshine State, famous for its sunny weather and welcoming atmosphere.
• Our best line-up yet Dive deep with industry insights from world-class speakers and valuable networking opportunities, alongside like-minded peers.
Xerocon Brisbane will feature speakers discussing technology, sustainability and wellbeing, making it what we think will be our most exciting event yet.
Find out more
CHASER, THE LEADING ACCOUNTS
RECEIVABLE PLATFORM, IS PROUD TO MARK ITS 10-YEAR ANNIVERSARY.
What began in 2014 as a tool to automate overdue invoice reminders has evolved into a globally
recognized platform, and has empowered over 7,000 businesses to manage credit control efficiently. In the past decade, Chaser has helped businesses recover £30 billion in late payments and saved more than 6 million hours of manual work by continuously advancing the field of credit manage-
ment with AI and automation.
Since its founding, Chaser has been dedicated to solving the critical issue of late payments, which continues to affect businesses worldwide.
Find out more
SMB Financial Management Platform Mimo Launches 'Get Paid' Accounts Receivable Product
Helping SMEs, Accountants and Bookkeepers Control Cash Flow and Get Paid Faster
MIMO IS PROUD TO ANNOUNCE THE LAUNCH OF ITS NEW ACCOUNTS RECEIVABLE (AR) PRODUCT, MIMO GET PAID, DESIGNED TO COMPLEMENT ITS EXISTING ACCOUNTS PAYABLE (AP) PRODUCT, MIMO PAY. TOGETHER, THEY ENABLE BUSINESSES TO MANAGE BOTH SIDES OF THEIR CASH FLOW IN A SINGLE PLATFORM, OPTIMISING THE ENTIRE PAYMENT CYCLE AND ENSURING FASTER PAYMENTS.
Through Get Paid, businesses can automate the
reconciliation of payments, send payment requests with automated reminders, and provide flexible payment terms and methods to customers. With a focus on making business payments effortless, Mimo will now enable businesses to get paid faster and manage cash flow with ease.
Henrik Grim, CEO & Co-Founder of Mimo, comments, “With the release of Get Paid, businesses can finally access a single platform to handle both incoming and outgoing payments in one place—because we
think that Accounts Payable and Accounts Receivable work best when they work together.” Mimo already works with hundreds of SMBs and finance professionals and processes several million GBP every month. The company was founded in 2023 by Henrik Grim (CEO), former General Manager of Europe at Capchase and Investment Manager at Northzone, Alexander Gernandt Segerby (CPO), and Andreas Meisingseth (CTO). It has offices in London and Stockholm.
Keep reading
Joiin: Meet our robust user controls for enhanced data access
WE’RE EXCITED TO INTRODUCE A HIGHLY ANTICIPATED FEATURE – FINEGRAINED USER CONTROLS. THIS UPDATE GIVES USERS PRECISE CONTROL OVER WHO CAN VIEW SPECIFIC COMPANY DATA, OFFERING ENHANCED SECURITY, PRIVACY AND TROUBLE-FREE ACCESS TO DATA.
What do the new finegrained user controls mean in practice?
To ensure sensitive financial information is only seen by the right people, now you can selectively restrict user access to individual com-
XU BIWEEKLY - No. 92
Newsdesk:
If you have any news or updates that you would like us to consider for inclusion in the next edition of the XU Biweekly, please email us at: newsdesk@xumagazine.com
CEO: David Hassall
Managing Editor: Wesley Cornell
Chief Revenue Officer: Alex Newson
Account & Partnership Assistant: Robyn Consterdine
Creative Assistant: Aidan McGrath
Advertising: advertising@xumagazine.com
www.xumagazine.com
‘Xero’ is a trademark of Xero Limited (New Zealand). XU Biweekly and XU Magazine is collaboratively produced by an independent group of Xero users and is not affiliated in any way with Xero. All other trademarks are the property of their respective owners.
© XU Magazine Ltd 2014-2024. All rights reserved. No part of this publication may be used or reproduced without the written permission of the publisher. XU Biweekly is published by XU Magazine Ltd (08811842), registered in England and Wales. Registered office: Office 1, Brunswick House, Brunswick Way, Liverpool, L3 4BN, United Kingdom. All information contained in this publication is for information only and is, as far as we are aware, correct at the time of going to press. XU Magazine Ltd cannot accept any responsibility for errors or inaccuracies in such information.
If you submit unsolicited material to us, you automatically grant XU Magazine Ltd a licence to publish your submission in whole or in part in all/any editions, including in any physical or digital format, throughout the world. Any material you submit is sent at your risk and, although every care is taken, neither XU Magazine Ltd nor its employees, agents or subcontractors shall be liable for loss or damage. The views expressed in this publication are not necessarily the views of XU Magazine Ltd, its editors or its contributors.
panies. This new capability meets one of Joiin’s most requested features, providing an extra layer of customisation and peace of mind for our customers.
Meeting one of our most requested features
Our new fine-grained user controls have been one our most requested features.
Firstly, for central finance teams who want to maintain a holistic view of their group, while providing granular access to a wider range of stakeholders, you can now allow regional finance teams, business owners, individual franchises, or mid-
dle managers an unrestricted view of data relevant to them.
Secondly, you can also allow someone access to the Joiin platform to view data, which means they can action reports and see performance dashboards for their company, without you having to provide access to your source Xero system.
Remember: you can invite as many users as you like to access Joiin at no extra charge, as our subscription charges only relate to entities not the number of users.
Find out more
Introducing the MonthYear field in Zoho Forms
ZOHO FORMS IS CONTINUOUSLY EVOLVING TO MEET THE DIVERSE NEEDS OF ITS USERS. WHETHER YOU ARE ORGANIZING EVENTS OR MANAGING PROJECT TIMELINES, PRECISE DATE SELECTION IS OFTEN CRITICAL. TO MAKE THIS EASIER AND MORE FLEXIBLE, WE ARE EXCITED TO INTRODUCE THE MONTH-YEAR FIELD.
What is the Month-Year field?
The Month-Year field in Zoho Forms allows form creators to specify a particular range of months and years from which respondents can select.
Unlike traditional date
pickers, this feature focuses solely on the month and year, making it ideal for situations where day-specific selection is unnecessary.
Precision in time periods
By letting respondents select only relevant months and years, the field removes unnecessary clutter, ensuring they only focus on the options that matter.
Optimized for various use cases
The field can be configured to display past, present, or future months, offering flexibility for various time-sensitive operations. Keep reading
New in Calxa: Export Business Unit Trees
E INTRODUCED THE OPTION TO EXPORT AND IMPORT YOUR ACCOUNT TREES SOME TIME AGO AND NOW BUSINESS UNIT TREES HAVE THE SAME FUNCTIONALITY. THIS WILL BE NEW IN CALXA TO MAKE IT EASIER WHEN YOU WANT TO DO A LOT OF EDITING AND ALSO PROVIDES A BACKUP OF YOUR STRUCTURE.
How Do You Export A Business Unit Tree?
Exporting a business unit tree is a simple process.
• Select the tree from the dropdown list
Planyard Updates October 2024
Introduction
Over the past few months, we’ve been hard at work making Planyard even better—and we’re excited to share the latest updates with you!
Our mission is simple: to help construction companies eliminate the hassle of spreadsheets and double data entry, significantly reducing time spent on cost management while ensuring more accurate financials and forecasts. With our latest features and improvements, project management is now smoother and more reliable than ever.
Let’s dive into what’s new and how it can benefit you.
Knowledge Base Updates: New Resources Available
To ensure you’re fully equipped to get the most out of Planyard, we’ve made significant updates to our knowledge base over the past few months.
We’ve rewritten and added a lot of new content, including guides, videos, and step-by-step tutorials. Our goal is to support you, no matter where you are on your journey with Planyard.
Examples of the resources you’ll find in our knowledgebase:
• Getting Started: Content tailored for new compa-
nies just setting up Planyard, helping you integrate the platform seamlessly into your workflow.
• Project Workflow Video Tutorials: Short video tutorials of critical project workflows, perfect for introducing new colleagues to Planyard or getting an introduction to features not yet utilised.
• Feature Deep Dives: Indepth resources to help you learn more about specific features, so you can discover tools that might benefit your company and improve your processes.
Visit the knowledge base to explore these new resources
Find out more
Stay Updated on New Product Updates with A2X’s New Notifications Badge
RUNNING A BUSINESS OR MANAGING CLIENT ACCOUNTS CAN BE A WHIRLWIND, AND STAYING ON TOP OF THE LATEST PRODUCT UPDATES OFTEN TAKES A BACK SEAT. WE KNOW HOW BUSY YOUR DAY-TODAY OPERATIONS CAN GET, WHICH IS WHY WE’VE INTRODUCED A SIMPLE AND EFFECTIVE SOLUTION TO HELP YOU STAY INFORMED ABOUT THE LATEST ENHANCEMENTS IN A2X – OUR NEW NOTIFICATIONS BADGE.
Why we created the notifications badge
A2X is constantly bringing you new tools and improvements to make ecommerce accounting easier. However,
with so much going on, it can be tough to keep track of all the updates. While we’ve always had a What’s New section listing our latest features, we know not everyone remembers to check it regularly. So, we’ve made it even easier for you to stay in the loop.
How it works
Whenever we roll out a new feature, a red dot will appear on the What’s New button within the A2X app. This visual cue is your heads-up that there’s something new waiting for you.
Click on the ‘New’ section to see a quick dropdown that summarizes the update(s). Once you’ve checked out the summary, the red glow
Staying informed has never been easier
• From the cog, choose Export tree
• The spreadsheet will be saved to your computer
The spreadsheet structure is fairly simple, linking the detail business units to a parent row and specifying how headers are consolidated (or not).
Making changes in a spreadsheet is easier if you are one of those people who has to deal with hundreds or even thousands of business units. Just move them around and create the structure you need, ready to import.
REPORTING TOOLS HAVE BECOME ESSENTIAL.
That’s why G-Accon’s latest update for QuickBooks focuses on BI Friendly Reports that simplify the way you collect, organize, and visualize data. These new features make it easier to generate insights in real time, helping teams spend less time on manual data tasks and more time making strategic decisions.
New BI Friendly Reports
G-Accon lets you easily connect and work with data in BI tools. These reports are structured to help you efficiently pull, arrange, and interpret data, making it easier to make fast, data-driven decisions. Each report is set up following best practices in data organization, formatting, and presentation, so everything you need for BI analysis is clear and easy to find.
Solving Common Reporting Challenges with BI (Business Intelligence) Friendly Reports
With this new notifications badge, you’ll never miss an update. Anytime you see that glowing red dot, you’ll know there’s something new. Click, review, and stay up to date with all of A2X’s latest features and releases.
Short and sweet updates
We know your time is valuable, so our updates will be brief and to the point. You’ll find concise summaries that cover the main highlights, along with links to dive deeper if you want to learn more.
G-Accon’s Latest Updates: BI Friendly Reports for QuickBooks Users
friendly reports in G-Accon make it simple to build detailed reports with templates and options that anyone can use—no advanced BI skills required!
Benefits of Using G-Accon
Using G-Accon’s BI (Business Intelligence) friendly reports in Google Sheets provides several advantages:
• Seamless Data Integration: Connects directly with QuickBooks, to bring data into Google Sheets automatically.
Keep reading will disappear (until the next exciting update is released).
With BI friendly reports,
Build Complex, BI Friendly Reports in Minutes: BI
Find out more
Integration with inFlow Inventory: Streamline Inventory Forecasting
AT STOCKTRIM, WE ARE CONSTANTLY WORKING TO SIMPLIFY AND OPTIMIZE INVENTORY FORECASTING FOR OUR CUSTOMERS. IN LINE WITH THIS COMMITMENT, WE ARE THRILLED TO ANNOUNCE OUR LATEST INTEGRATION WITH INFLOW INVENTORY, ONE OF THE LEADING INVENTORY MANAGEMENT PLATFORMS FOR SMB’S. THIS NEW INTEGRATION BRINGS POWERFUL BENEFITS FOR BUSINESSES LOOKING TO ENHANCE THEIR INVENTORY PLANNING AND MANAGEMENT PROCESSES.
Why This Integration Matters
In today’s fast-paced market, efficiently managing your inventory is critical to maintaining profitability, ensuring customer satisfaction, and staying ahead of competitors. inFlow Inven-
tory is widely known for its comprehensive inventory management solutions, and with StockTrim’s powerful forecasting capabilities, businesses now have the advantage of precise demand predictions directly integrated into their workflow.
Key Benefits of the StockTrim & inFlow Inventory Integration:
• Seamless Syncing of Inventory Data: The native integration allows for smooth syncing of inventory data from inFlow to StockTrim. This means that all your product details, stock levels, and sales history are automatically fed into StockTrim for accurate forecasting and analysis.
• Improved Forecasting Accuracy: By merging inFlow’s detailed inventory management with StockTrim’s machine learning algorithms, users can now
& Management
forecast demand more accurately. This helps you reduce stockouts, avoid overstocking, and make better purchasing decisions to improve cash flow.
• Automated Order Recommendations: StockTrim’s integration with inFlow allows for automated and optimized reorder recommendations based on predicted demand. You’ll receive insights into when and how much stock to order to ensure that your shelves are always appropriately stocked.
• Enhanced Supply Chain Efficiency: With StockTrim’s advanced forecasting linked directly to inFlow’s inventory data, businesses can optimize their supply chain, reducing lead times and ensuring timely stock replenishment.
• Faster Decision-Making: Real-time data syncing between inFlow and StockTrim empowers
businesses to make faster, data-driven decisions. You'll gain clear visibility into stock levels and future needs without having to manually cross-check multiple systems.
How It Works
The StockTrim and inFlow Inventory integration works by syncing all relevant product, location, and inventory data directly between the two systems. You’ll be able to access detailed forecasting reports in StockTrim, leveraging the sales and inventory data already stored in inFlow.
Who Will Benefit?
Whether you’re a small/ medium-sized product business, a growing e-commerce store, or an established retailer, this integration is designed to help you.
Keep reading
2024 Xero Beautiful Business Fund winners revealed
XERO, THE GLOBAL SMALL BUSINESS PLATFORM, TODAY ANNOUNCED THE 28 SMALL BUSINESS AND NON-PROFIT WINNERS OF THE 2024 XERO BEAUTIFUL BUSINESS FUND, EACH WINNING A SHARE OF THE NZ$750,000 GLOBAL PRIZE POOL.
The winners represent a diverse group of organisations committed to driving meaningful change and redefining what’s possible in the field they operate in.
Winners from Australia, Canada, New Zealand, Singapore, South Africa, the UK and the US were selected based on a 90-second video demonstrating how they would use the funding to support their future business goals. Xero small business and non-profit customers could enter under four categories: Innovating for environmental sustainability, Trailblazing with technology, Strengthening community connection, and Upskilling for the future.
The 28 country winners each receive NZ$20,000 (or local currency equivalent) and four global win-
ners receive an additional NZ$50,000 (or local currency equivalent).
The winners for 2024 are:
Innovating for environmental sustainability
Other Matter® (Australia) offers an innovative and environmentally responsible alternative to traditional vinyl decals, and is the global winner in the ‘Innovating for environmental sustainability’ category. Crafted from a sustainable, algae-based polymer, the decals are fully recyclable and ensure a circular lifecycle. Funding will help Other Matter move production from being handmade to automated systems.
Jessie French, founder at Other Matter®, said, “It’s a tremendous honour for Other Matter® to be recognised as the global winner in the sustainability category of the Xero Beautiful Business Fund. This achievement not only underscores our commitment to innovation and environmental responsibility but also comes at a pivotal stage. The prize will be directed towards scaling, a critical step in ensuring the success and viability of our
decals as a sustainable alternative to toxic PVC signage and non-petrochemical material solutions. We are excited to accelerate our mission with this support.”
The additional country winners include:
• Glory Allan (Canada)
• Confidential Document Destruction (New Zealand)
• Seven Clean Seas (Singapore)
• House Harvest (South Africa)
• KAPDAA (UK)
• Sea Quester Farms (US)
Trailblazing with technology
Prosthetic Art Technology (Australia) is the ‘Trailblazing with technology’ global winner. Using a combination of advanced technology and sculpture, Prosthetic Art Technology empowers and supports people by providing life-changing silicone prosthetics. They’ll use the funding to upgrade key modelling software, purchase a new 3D printer, and research new 3D scanning technology.
Sophie Fleming, founder
SPOTTED ON SOCIAL
SPOTTED ON SOCIAL
of Prosthetic Art Technology shared: "We are utterly thrilled to have won the Xero Beautiful Business Fund. These funds will have a significant impact on how we can develop and innovate our business through the use of technology. There is a huge gap in bringing prosthetics to life for the people that need them, this gap is physical, geographical, and financial. Thanks to the fund, we can now continue to work to bridge the divide."
The additional country winners include:
• Flourishing Postpartum (Canada)
• Cusp Studio (New Zealand)
• Tack One (Singapore)
• Atomedge (South Africa)
• Primary Care International (UK)
• Ocean Conservation Research (US)
Strengthening community connection
The Bowling Club (New Zealand) is a community eatery offering $4 meals—or free for anyone in need.
Keep reading
Twenty-eight
HR Partner Earns New ‘Fastest Implementation – Small Business’ Award
WE’RE THRILLED TO SHARE SOME BIG NEWS—HR PARTNER HAS ONCE AGAIN BEEN RECOGNIZED WITH MULTIPLE G2 AWARDS, AND WE’VE ADDED SOMETHING EXTRA SPECIAL TO THE LIST: FASTEST IMPLEMENTATION – SMALL BUSINESS.
This new accolade is a testament to the hard work and dedication of our team who build and continually improve HR Partner, as well as our outstanding customer success team who ensure every new customer hits the ground running.
The Fastest Implementation award highlights how our powerful technology
and personalized support come together to get customers fully operational in as little as a few hours. Whether you prefer to get up and running on your own or need a helping hand, our customer success specialists are always there to guide you through the process. No lengthy onboarding, no hassle—just quick results that keep your business moving forward.
Our G2 Fall Award-Winning Lineup
In addition to Fastest Implementation, HR Partner continues to shine in key categories:
• Easiest To Do Business With
• High Performer
BGL recognised as one of Australia's most innovative companies
BGL CORPORATE SOLUTIONS (BGL), AUSTRALIA'S LEADING PROVIDER OF COMPANY COMPLIANCE, SELF-MANAGED SUPERANNUATION FUND (SMSF), INVESTMENT MANAGEMENT, IDENTITY VERIFICATION AND AI-POWERED PAPER-TO-DATA SOFTWARE SOLUTIONS, IS PROUD TO ANNOUNCE THAT IT HAS ONCE AGAIN BEEN RECOGNISED BY THE AFR BOSS MOST INNOVATIVE COMPANIES PROGRAM AS ONE OF AUSTRALIA’S MOST INNOVATIVE COMPANIES.
BGL achieved an impressive rank of #13 in the Technology category and #83 overall on the AFR's 2024 Most Innovative Companies list. This marks the 4th time in 6 years BGL has been included on the AFR list.
“This is a sensational achievement by the BGL team,” said BGL’s Founder and Director, Ron Lesh. “I’m
incredibly proud of each and every team member for their hard work and passion for innovation.”
BGL’s 2024 AFR submission featured the BGL AI Assistant, the world’s first generative AI tool for financial analysis, transforming how BGL clients—accountants, administrators and advisors—interact with financial data, unlocking deep insights into SMSF, company and trust financial statements.
Integrated into BGL's Simple Fund 360 and Simple Invest 360 software solutions, the BGL AI Assistant analyses balance sheets, operating statements and cash flow statements, delivering intelligent commentary, identifying trends, assessing financial strength, evaluating performance and highlighting any cash flow concerns and red flags.
Keep reading
XBert Partners with AJ Chambers to Revolutionise Data Quality and Reporting for M&A Transactions
X• High Performer Small Business
• High Performer Asia
• Momentum Leader
• Users Love Us
• Fastest Implementation –Small Business (New!)
What Our Customers Are Saying
“I find it easy to use; changes can be made simply, and the system is not complicated. Implementation was very straightforward and took minimal time. As a daily user of the system, I find it simple to navigate, and if there are ever any problems, customer support is consistent with the fast service they provide.”
Keep reading
BERT, A LEADING PROVIDER OF AI-POWERED DATA QUALITY SOFTWARE FOR ACCOUNTANTS AND BOOKKEEPERS, IS THRILLED TO ANNOUNCE A STRATEGIC PARTNERSHIP WITH THE MERGERS AND ACQUISITIONS ARM OF AJ CHAMBERS, A WELL-KNOWN SPECIALIST IN ACCOUNTANCY RECRUITMENT AND M&A ADVISORY.
Will Rush, UK General Manager at XBert, commented on the partnership:
"This partnership with AJ Chambers will bring our technology to the forefront of M&A transactions in the accountancy sector. With Xbert’s AI-powered insights and advanced reporting capabilities, firms now have
the ability to present their businesses with unparalleled clarity and accuracy, ensuring every critical detail is visible. We believe this partnership will not only improve the due diligence process but will also unlock greater value for all parties involved in M&A deals."
This collaboration aims to enhance the quality of data and streamline reporting for firms preparing for a sale, undergoing acquisition, or acquiring a new practice. By integrating XBert's comprehensive reporting and workflow automation tools, the partnership will enable firms to present detailed, accurate, and accessible financial data, ensuring smoother and more informed M&A transactions.
James Gosling, Director at AJ Chambers, expressed
his enthusiasm:
"We are extremely excited to be announcing this partnership with XBert. Whether it be preparing for sale, during a sale process, or acquiring; quality of data and the ability to easily and readily bring up reports on different matters is extremely important for a variety of reasons.
The practice-level reporting on XBert was pretty comprehensive and in-depth, covering almost all key metrics and information any acquirer would want to see; from client breakdown, type of work, charges, quality of data on a particular client – to even capacity within the team! I cannot stress the value and benefit such a tool can bring to any discussions."
Find out more
Chaser wins AI in FinTech Award at Global FinTech Awards 2024
IM THRILLED TO SHARE THAT CHASER HAS WON THE AI IN FINTECH AWARD AT THE GLOBAL FINTECH AWARDS 2024.
As part of the Fintech Live 2024 conference in London, these awards recognize incredible innovations and achievements across the Fintech industry. After being shortlisted in September, it is an honor to have Chaser's software recognized with an award among some of the most innovate fintech businesses in the UK.
Held at the iconic 155 Bishopsgate, the ceremony gathered top innovators, thought leaders, and pioneering companies, all committed to advancing financial technology in transformative ways.
This year, the awards highlighted a wide array of groundbreaking achievements, from artificial intelligence and digital banking to sustainable fintech solutions. With 51 finalists
across 12 categories, the awards night recognized those driving financial innovation forward, paving the way for a more accessible, secure, and sustainable future in finance.
FinTech LIVE London not only hosted the awards but also offered an exciting platform for attendees to engage with top executives, participate in cutting-edge discussions, and access an elite network shaping the future of the financial industry. This two-day event series—along with upcoming shows in Dubai, Singapore, and New York—continues to connect fintech professionals worldwide, pushing the boundaries of what technology can do for finance.
Chaser received this award for its newly released technology that is helping organizations around the world to reduce late payments and protect their revenue with the help of artificial intelligence, including:
Payer rating
This AI-powered feature analyzes customer payment history and trends to assign each customer a rating of “Good,” “Average,” or “Bad,” helping businesses quickly identify payment risks. By categorizing customers based on their likelihood of paying on time, organizations can better prioritize follow-ups and protect their revenue flow.
Late payment predictor
Leveraging AI, the Late Payment Predictor generates a probability score for each invoice, forecasting the likelihood that it will be paid late.
This enables finance teams to proactively address highrisk invoices and take early action to reduce overdue payments.
Recommended chasing times
Using data-driven insights,
this AI feature suggests the best time and day to send payment reminders to customers, ensuring that follow-ups happen when they're most likely to prompt action.
By automating optimal reminder timing, businesses can improve collection efficiency and enhance cash flow reliability.
These three features were praised by judges at the Fintech Awards 2024 for helping businesses efficiently and effectively reduce late payments and mitigate their negative impacts on cash flow.
The Global Fintech Awards 2024
The Global Fintech Awards 2024 celebrated a wave of transformative solutions reshaping finance, underscoring the vital role that innovation plays in making financial processes more efficient and secure.
Keep reading
Prepare, adjust and output a trial balance for an unlimited number of clients with AccountsPrep, an add-on to your AutoEntry subscription.
Get started now
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How to partner with founders of early-stage startups on financial and accounting fundamentals
AS AN ACCOUNTANT OR BOOKKEEPER, NAVIGATING THE FINANCIAL INTRICACIES OF A STARTUP CAN OFTEN FEEL OVERWHELMING. SIMPLIFYING THESE PROCESSES NOT ONLY ALLEVIATES YOUR BURDEN, BUT ALSO SETS A ROBUST FOUNDATION FOR THE COMPANY'S FUTURE AND POSITIONS YOU AS A TRUE PARTNER AND ASSET TO THE STARTUP FOUNDER.
Key financial focus areas for accountants at early-stage startups
Most of the time, a startup founder won’t be a finance expert — and they shouldn’t be. They’ll understand what’s happening with the business on a fundamental level, but they’ll value freeing up their time so that they can stay focused on customers and products. Here’s where you come in to help. If you are working with early-stage startups as an accountant, your scope will likely stretch beyond that of a typical accountant. These are six areas the founder will likely care about most and where you can be the biggest asset:
Core accounting & taxThis is typically what the founder will be looking for.
• Basic bookkeeping: Accurate record-keeping is foundational for understanding the startup’s financial position and making informed decisions. The startup’s investor will also expect some level of financial reporting from the founder as well. The startup doesn’t necessarily need GAAP-compliant, audited financial statements at this point, but as the accountant, you should have a basic grasp of their financial picture.
• Taxes: Understanding and meeting tax obligations helps the company avoid legal complications and costly financial penalties. In the beginning, this will mostly be for income tax filings but could also cover sales & use taxes, filing for R&D tax credits, and other tax incentives po-
tentially available for a startup.
Operations - Founders often want help running their finance operations as well which can include activities below.
• Payroll: Ensuring the team is compensated accurately and on time is non-negotiable. This is a pretty direct reflection of the company's reliability and respect for its workforce.
• Customer payments: Streamlining the process of receiving payments affects the company’s cash flow and, by extension, the business's operational viability.
• Vendor payments: Timely payments to vendors preserves essential business relationships and prevents supply chain disruptions.
• Cap table management: If your customer is an investor-backed startup, the founder might ask for help with keeping a precise record of equity ownership. This can be especially tough in the early years of a startup when there are dozens of shareholders that might include a handful of friends, family, and angel investors.
Depending on the specific industry, there might be an additional item or two on this list that you need to focus on as an accountant. But for the most part, this list of six basic finance functions will cover 90% of what the startup will need help with in its early days, and represent where you can lean in most.
While strategic financial planning isn’t necessarily an accountant's responsibility, it is important to understand your client’s business well enough that you can provide input and basic insights into the business model’s sustainability and scalability. The best outsourced finance professionals will be the ones that can also be business thought partners to founders. You should understand the basic financial aspects of the business, including
Breaking Free from Friction Fatigue
By Riley Malins, Content Writer, SuiteFiles
Ihow they are acquiring and retaining customers, what revenue growth looks like (just a basic understanding of this is okay), and how any hiring, marketing, or vendor spend is expected to impact its burn rate and cash runway in the future.
Focus on setting a solid financial foundation
When considering the right partner for their startup, a founder will look to an accountant or accounting firm that can understand its business model and industry. A founder will also look for a willingness to roll up your sleeves to help establish core financial workflows, such as:
• Playing an active role in mapping what the workflows will look like so that it’s clear what the roles and responsibilities will be between you and the founder. For example, maybe a bookkeeper will handle all vendor payments and customer invoicing, but the founder will be more involved in approving major expenditures and will review monthly financial reporting. This could also involve things like aligning on your vendor payment terms or SLAs to ensure timely payments.
• Partnering with the founder on what its chart of accounts and cost centers should look like. Having the right setup here can make a big difference in the ability to understand the business well. Think about this as the data structure for understanding the business.
• Encouraging the founder to keep clear records of every dollar that comes in and out of the business, and to save and organize all contracts and agreements in a centralized place for easy reference whenever needed. It’s much harder to remember why certain transactions occurred on what terms and to dig through your inbox to find old agreements. This’ll be crucial when preparing financials and during financial audits. Keep reading
N A WORK ENVIRONMENT WHERE DIGITAL TOOLS ARE SUPPOSED TO ENHANCE OUR PRODUCTIVITY, MANY ORGANIZATIONS FIND THEMSELVES BATTLING AN INVISIBLE ENEMY: FRICTION FATIGUE.
This phenomenon manifests when employees become bogged down by a plethora of disjointed software tools, resulting in decreased efficiency and a substantial drain on both productivity and employee morale.
The Rise of Friction Fatigue
Friction Fatigue arises from the excessive mental effort required to switch between multiple software applications to complete basic tasks. This constant context switching not only slows down workflows but also increases the risk of errors and diminishes job satisfaction. Over time, what begins as a minor inconvenience can escalate into a major blockade to operational efficiency.
Consider the daily routine of an account manager who needs to access CRM systems, email, document management, and financial reporting tools. Each tool requires separate logins, has its own interface, and demands a distinct operational method. The effort to maintain accuracy and efficiency amidst these platforms can lead to cognitive overload, increased error rates, and ultimately, decision fatigue.
Real-World Implications
The implications of Friction Fatigue extend beyond individual frustrations, affecting entire teams and projects. Miscommunication, inconsistent data, and duplicated efforts are just a few of the challenges that arise from a disjointed software ecosystem. These issues compound, leading to project delays, customer dissatisfaction, and an overall decrease in the quality of work.
The psychological toll on employees is significant. The frustration from navigating these complexities daily can lead to burnout, decreased employee engagement, and a higher turnover rate. These factors not only affect the well-being of employees but also impact the organization's bottom line through increased recruitment and training costs.
Strategies to Combat Friction Fatigue
The first step in combating Friction Fatigue is recognizing the need for streamlined operations. Organizations can begin by conducting a thorough audit of their current technology stack to identify redundancies and points of friction. The goal is to consolidate and integrate as much as possible, reducing the need to switch contexts and thereby enhancing workflow continuity.
Adopting integrated software systems can transform chaotic workflows into seamless processes. These platforms merge various functionalities into a single
interface, reducing cognitive load and simplifying operations. For example, SuiteFiles offers a comprehensive solution by integrating document management, email, and digital signing capabilities, allowing users to perform multiple tasks within a unified system.
Moreover, automation plays a crucial role in alleviating Friction Fatigue. By automating routine tasks, organizations can minimize the need for manual intervention and allow employees to focus on more strategic activities. This not only speeds up operations but also reduces the chances of human error, further enhancing efficiency.
Training and Change Management
Implementing new technologies requires careful change management and comprehensive training programs.
Employees need to feel confident using new systems; hence, organizations must invest in regular training sessions and provide ongoing support to address any teething problems. This investment in training ensures that the transition to integrated systems is smooth and that employees can fully leverage the new tools at their disposal.
Next Steps
Ultimately, the journey to overcoming Friction Fatigue is continuous.
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By Dan Kang, VP of Finance, Mercury
The next evolution of Airwallex
WE’RE CHANGING THE WAY WE PRICE AND BUNDLE OUR PRODUCTS INTO FOUR TIERS TO SIMPLIFY HOW YOU CHOOSE THE PRODUCTS THAT BEST MEET YOUR NEEDS.
Since we launched nine years ago, we’ve been rolling out new products to continually upgrade the Airwallex suite, all to empower our customers to operate across borders.
To do that, we’re building an end-to-end global payments and financial operations platform that comprehensively supports a broad
range of businesses to get paid, hold treasuries, and send funds across global markets, along with the software to seamlessly integrate into existing operations.
To that end, we’ve evolved from offering FX and global payout solutions to a complete business account offering with the launch of virtual and physical cards, expense management, bill pay and reimbursement software and payment acceptance.
However, as we’ve expanded our product range - and there’s much more to come.
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PayPal Reports Third Quarter 2024 Results
PAYPAL HOLDINGS, INC. (NASDAQ: PYPL) TODAY ANNOUNCED ITS THIRD QUARTER 2024 RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2024.
The earnings release and related materials discussing these results can be found on PayPal's investor relations website https://investor.pypl. com/financials/quarterly-results/default.aspx.
PayPal Holdings, Inc. will host a conference call to discuss these results at 5:00 a.m. Pacific time (8:00 a.m. Eastern time) today.
A live webcast of the conference call will be available at https://investor.pypl.com. In addition, an archive of the webcast will be accessible for 90 days through the same link.
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Venmo is Now Available as a Payment Option for MoonPay Users
TODAY WE ARE ANNOUNCING THAT ELIGIBLE U.S. USERS CAN NOW USE VENMO TO FUND THEIR ACCOUNTS ON MOONPAY.
Now, Venmo’s more than 60 million monthly active users can seamlessly fund transactions on the MoonPay platform using their Venmo balance or linked bank account, credit card, or debit card in Venmo. This integration gives consumers a new way to use their Venmo ac-
counts and offers MoonPay users the safety and convenience users have come to know from Venmo.
The Venmo integration comes on the heels of PayPal’s integration with MoonPay which gives users the ability to fund their accounts on MoonPay via PayPal. Venmo is rolling out now to be used by MoonPay users and its extensive partner network in the United States.
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We’ve welcomed Onfolk to Tide
WE’RE EXCITED TO SHARE THAT, ON 18 OCTOBER, WE ACQUIRED ONFOLK – A LEADING, HMRC-RECOGNISED PAYROLL SOLUTION FOR SMES, WHICH FOCUSES ON ACCOUNTING, PENSIONS AND PEOPLE SYSTEMS.
We’ve been hard at work welcoming Onfolk to our platform, and we’re confident that this new addition will bring us even closer to our goal of giving our members everything they need to run their business in one single app.
Say hello to Tide Payroll
At Tide, we live by our company values, which include “members first”. This means that we’re constantly thinking about how to make things easier for our mem-
bers: how to simplify their daily tasks, so they can focus on growing their businesses.
Our friends at Onfolk share this focus on supporting SMEs, which is why this acquisition felt so right. Now that we’ve integrated Onfolk into our platform, we’re also pleased to announce what this will look like for our members: say hello to Tide Payroll.
We’ll be opening up a waitlist for this exciting new feature to our existing members, so keep an eye out for more information coming soon to your inbox. We’d also like to reassure existing Onfolk customers that they’ll be able to continue using their service as normal – and in time, we’d love to welcome you to Tide.
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PayPal and Global Payments Join Forces to Simplify Checkout with Fastlane
PAYPAL HOLDINGS INC. (NASDAQ: PYPL) TODAY ANNOUNCED AN EXPANDED COLLABORATION WITH GLOBAL PAYMENTS INC. (NYSE: GPN) AIMED AT TRANSFORMING CHECKOUT EXPERIENCES.
This partnership will see Global Payments offer their U.S. merchants enhanced PayPal and Venmo branded checkout solutions and accelerated guest checkout through Fastlane by PayPal. Fastlane enhances the shopping experience for consumers and drives increased conversion rates for businesses leveraging the platform.
"We're excited to deepen our collaboration with Global Payments by enabling more partners to introduce our innovative products and solutions to a wider audience of
consumers and merchants," said Suzan Kereere, President, Global Markets, PayPal. "This partnership demonstrates the velocity by which we're innovating, and the impact we can have on transforming the checkout experience for consumers and merchants alike."
Global Payments and PayPal have collaborated for over 15 years, delivering a range of payment solutions for millions of merchants worldwide. As a key strategic partner, Global Payments serves as a top acquirer of PayPal's branded checkout solutions across Europe, the UK, Canada, and beyond, signifying a commitment by both companies to enable commerce on a global scale.
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Tide and Adyen unite to enhance small businesses payments with Tap to Pay on iPhone
TIDE, THE UK’S LEADING BUSINESS FINANCIAL PLATFORM, HAS PARTNERED WITH ADYEN, THE GLOBAL FINANCIAL TECHNOLOGY PLATFORM OF CHOICE FOR LEADING BUSINESSES, TO ENABLE SMALL BUSINESSES TO ACCEPT IN-PERSON CONTACTLESS PAYMENTS USING ONLY AN IPHONE AND THE TIDE IOS APP.
Tide is making Tap to Pay on iPhone available to all new and existing Tide merchants with an iPhone*. Using only their iPhone, members will be able to accept contactless payments from customers – removing the need for terminals.
New members joining Tide will soon have Tap to Pay on iPhone automatically enabled in their Tide app, which means
they can immediately start accepting payments on their iPhone as soon as they sign up for a Tide business current account.
Tap to Pay on iPhone allows merchants of all sizes to accept all forms of contactless payments, including contactless credit and debit cards, Apple Pay, and other digital wallets, using only an iPhone and the Tide iOS app — no additional hardware or payment terminal needed.
The ability to accept contactless payments anywhere and on-the-go will help new and existing Tide members to provide their customers with a much smoother and secure checkout experience.
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GoCardless: A better dashboard and a better experienceProduct updates - Autumn 2024
FROM PAUSING SUBSCRIPTIONS FOR MULTIPLE CUSTOMERS AT ONCE TO DATA THAT CAN HELP YOU MAKE SMARTER AND FASTER BUSINESS DECISIONS, DISCOVER WHAT’S JUST LAUNCHED:
Dashboard improvements
Pause Subscription templates
Are you going on holiday and you need to pause your services and payments?
Now you can pause and resume your subscription templates in bulk. This means all your customers on a Subscription template with the payment collection date set to “Collect on a specific date” will be paused at the same time.
Manage your subscriptions in bulk with just a few clicks on the GoCardless Dashboard and spend less time on payment admin.
Get clarity on payment statues
You’ve been asking for more clarity on what different payment and mandate statuses mean. We’ve listened and added explanations to the dashboard to help you understand the journey of a payment and when it’s due to be paid out.When you’re on the payments or mandates pages, simply hover over a payment or mandate status on a desktop or click on a status on mobile, to see what a status means and if you or your customer need to take any action.
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