XU Biweekly - Issue 11 - 9th August 2021 by XU Magazine

Monday 09 August 2021 | No. 11

XU Biweekly The independent news source for Xero users, by Xero users

Accounting software with a purpose.

INTRODUCING THE NEW XERO APP STORE T

By Nick Houldsworth

ODAY, WE’RE THRILLED TO UNVEIL THE XERO APP STORE. IT’S OUR APP MARKETPLACE REIMAGINED – WHERE SMALL BUSINESSES GO TO DISCOVER AND BUY XERO CONNECTED APPS, AND APP DEVELOPERS GO TO GROW THEIR BUSINESS. Our vision is to become the most insightful and trusted small business platform, and we’re on a mission to get more apps in the hands of small businesses. Why? Because we know they support increased revenue and resilience. In fact, Xero’s report, The Job Ahead: Small businesses and the global economic recovery, revealed firms in Australia, New Zealand and the UK with five or more apps grew their sales by 4.3% in the year to December 2020, while those without apps saw a decline of 3.4%. Yet, a lot of small businesses still aren’t making the most of apps. For many, the choice can be overwhelming, while others don’t know what’s available, or lack the time to find out. The Xero App Store aims to solve this challenge by making it easier for small businesses and their advisors to discover, choose and buy the right apps to run their...

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SuiteFiles: Helping accountants migrate their files to the cloud during COVID

By Nick Houldsworth

ERO CONNECTS WITH OVER 1,000 APPS THAT HELP SMALL BUSINESSES AND THEIR ADVISORS SUCCEED, WITH MOST AVAILABLE IN OUR APP MARKETPLACE. EACH MONTH WE CELEBRATE AN APP PARTNER WHO STANDS OUT FOR HELPING SMALL BUSINESSES THRIVE. FIND OUT MORE ABOUT BECOMING A XERO APP PARTNER HERE. Congratulations to our July app partner of the month, SuiteFiles – a cloud-based document management tool that integrates with Xero to give advisors on-the-go access to their files, from anywhere. Instead of storing client information across several applications, SuiteFiles provides you with one source of truth for all your client data. SuiteFiles connects with

your Xero Practice Manager (XPM) account to auto-create folders for each of your listed clients. From there, you can see all of your client information, emails and SuiteFiles documents in a single place using the XPM documents tab. While SuiteFiles makes it easy to manage client data, protecting that data is a top priority. In addition to Xero’s security features, SuiteFiles comes equipped with extensive audit trails and activity logging, enterprise level encryption and data backups, and more. This ensures that only the right people have access to the right information.

Getting more accountants into the cloud SuiteFiles kicked off in 2012 to help small businesses, particularly small accountancy firms, become fully cloud based. Moving to the cloud meant getting rid of old IT infrastructure, reducing costs and saving the firms money, while also freeing up more time to look after their clients. “We believe that working in the cloud is...

Dext launches new product to simplify sales data: Dext Commerce

CCOUNTING SOFTWARE PROVIDER DEXT HAS ADDED A DIGITAL SALES PRODUCT TO ITS GROWING PLATFORM, FOLLOWING THE ACQUISITION OF GREENBACK WHICH REBRANDS TO ‘DEXT COMMERCE’. Dext Commerce allows accountants and bookkeepers to take on more digital sales clients by simplifying the collection and categorisation of sales data from 16 e-commerce, POS and payment platforms including Amazon, PayPal, Shopify and Stripe. It also integrates with Xero and Quickbooks Online, enabling accountants and bookkeepers to accurately submit eCommerce revenue into the largest accounting platforms. The solution solves the challenge of manually fetching and consolidating sales data from multiple commerce and payment platforms in different formats. Dext Commerce simplifies sales data and tax calculations across multiple countries, allowing accountants and bookkeepers to more prof-

itably service digital sales clients. Key Dext Commerce features include: • A digital record of sales transactions line by line to support compliance with new data regulations like ‘Making Tax Digital’ in the UK; • Making sure clients report and pay the right sales tax, wherever they sell;

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New Apps & Updates

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New: Scenario specific assumptions, expanded quick metrics and more forecasting flexibility from Fathom

HIS MONTH, WE’VE INTRODUCED IMPROVEMENTS THAT GIVE YOU THE FLEXIBILITY TO TAKE YOUR THREEWAY CASH FLOW FORECAST TO THE NEXT LEVEL.

Increased assumptions

E’RE NOW CLOSER TO 2022 THAN 2020! CRAZY, RIGHT? WELL IF THAT LITTLE FACT DIDN’T AMAZE YOU, HOPEFULLY OUR AWESOME NEW PRODUCTS WILL. JULY WAS GENEROUS, BRINGING ALL KINDS OF NEW PRODUCTS WITH IT, FROM BOOKING STAYS TO SENDING CRYPTO. SO, GRAB YOURSELF A SEAT AND FIND OUT WHAT WE DELIVERED AT REVOLUT.

S JULY DRAWS TO A CLOSE WE TAKE A LOOK AT THE SIMPRO FEATURES THAT HAVE ROLLED OUT OVER THE MONTH. READ ON TO FIND OUT ABOUT OUR RECENT HIGHLIGHTS, INCLUDING: • Enhancements for task templates and Gantt charts • Automation of the Cook’s Plumbing integration • Contract filter for Maintenance Planner

We first built assumptions into Forecasting to give you an easy way to explain key calculations, comments and assumptions. These notes are included in your new or existing Fathom reports and are derived from your main forecast value rules and timing profiles. We’re excited to announce that we’ve expanded this functionality. You can now...

Time for a holiday? Who are we kidding? Of course...

simPRO Gantt charts can help you track the progress of service and project jobs. Driven by tasks or cost...

Find out more

Book a stay and earn instant cashback

An easier way to track project and service jobs with Gantt charts

XU BIWEEKLY - No. 11

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 2014-2021. 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: 12 Jordan Street, Liverpool, L1 0BP, 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.

By Joanna Bellis

OU’VE TOLD US YOU WANT TO BE ABLE TO DISPLAY AND PRESENT QUOTES AND ESTIMATES IN THE STYLE THAT SUITS YOUR BUSINESS. AND THAT IT SHOULD BE EASY TO SEE THE PROFITABILITY OF A JOB’S SINGLE COMPONENTS. So today we’re thrilled to announce that it’s now easier to do both those things because we’ve added 'folders' to the quoting feature in WorkflowMax. A folder lets you group tasks and costs together into phases, or deliverables, so your customers can clearly know what you’re charging for at each phase. At the same time, you can see the detailed tasks and costs which make up each phase or deliverable that flows into the job.

Chaser releases in-app credit checking for UK organisations By Duarte Fernandes

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 Director of Strategic Partnerships: Alex Newson Communications Manager: Bethany Fulks Editorial Assistant: Kacey Wright

NEW XERO CONNECTED APPS!

Streamlined tracking for project and service jobs: simPRO July Update

By George Blew

By Allanah Miller

Monday 09 August 2021

By Anna Curzon

E ARE EXCITED TO ANNOUNCE A HUGE UPDATE TO SIMPLE FUND 360 AND SIMPLE INVEST 360 INCLUDING INTEGRATION WITH OUR NEW DIGITAL SIGNING PARTNER, FUSESIGN! THIS MEANS WE NOW SUPPORT 3 DIGITAL SIGNING SOLUTIONS IN OUR PRODUCT SUITE.

What's New? Simple Fund 360 and Simple Invest 360 digital signing with FuseSign now available! We are thrilled to announce FuseSign has joined the BGL ecosystem as our latest...

IMPROVE YOUR ANALYTICS AND FORECASTING WITH VERIFIED ACTIONABLE DATA

By Masha Komarova

VERY BUSINESS NEEDS AN INSIGHT INTO ITS CURRENT POSITION AND AN UNDERSTANDING OF WHAT’S COMING IN THE FUTURE. WITH XERO LAUNCHING ITS NEW XERO ANALYTICS PLUS TOOL, CASH FLOW PREDICTION BECOMES A MUCH SIMPLER TASK.

The importance of data for insights and forecasting Of course, whichever tool you’re using, the key to accurate reporting and forecasting is high-quality data – structured, verified and enriched with business context. An absolute must for making informed business decisions. Financial performance indicators can go far beyond what traditional...

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N THE PAST MONTH, WE’VE RELEASED A NUMBER OF FEATURES TO HELP YOU MANAGE THE LATEST CHANGES TO COVID-19 GRANTS, TAX AND PAYROLL. WE’VE ALSO RELEASED THE NEXT EVOLUTION OF OUR SHORT-TERM CASH FLOW AND BUSINESS SNAPSHOT TOOLS, TO HELP YOU PLAN FOR THE FUTURE WITH CONFIDENCE. As we all continue to manage the ongoing impact of the global pandemic, please do reach out if you need support.

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ODAY WE UNVEILED A NEW CREDIT CHECKING FEATURE THAT HELPS BUSINESSES MAKE MORE INFORMED DECISIONS ON WHO THEY CHOOSE TO DO BUSINESS WITH AND HOW THEY DO IT. THE FEATURE IS PART OF CHASER'S GROWING SUITE OF TOOLS TO HELP BUSINESSES BETTER MANAGE THEIR CUSTOMER RELATIONSHIPS, PROVIDING THEM WITH THE INSIGHTS THEY NEED TO SUPPORT BUSINESS GROWTH. "Chaser now provides business credit checking in-app so users can make more informed decisions on who they choose to do business with, and have the insights they need to make business decisions with confidence."

The importance of credit checking Getting a new customer is really good news, but there is always a risk factor involved. Without a prior relationship, you never know exactly what to expect and what will or will not work. That's where a credit report comes in, by providing a layer of objective security & transparency to kick off that relationship in the best way possible. A credit check usually addresses three important areas when engaging with a new...

By Amy Hayes

NTRODUCING OUR NEW ‘SIMPLIFIED ACTION PLAN’

Our newest update to the clarity platform has now made it easier than ever to create focus, responsibility, and action with your clients. Using our simple card system, you can now easily sort through what-needs-doing and what’s-been-done, creating a more visual, engaging, and fun way to engage your client and get your team involved too. A simplified action plan is exactly what your clients need.

Chargebee's Summer 2021 Product Updates: Solving Complexity for Uninterrupted Growth

T’S BEEN A HARD YEAR, BUT THE SUBSCRIPTION WORLD SEEMS TO BE BOUNCING BACK BIGGER, BETTER, AND FASTER THAN EVER BEFORE. IN FACT, THIS IS THE QUICKEST POST-RECESSION RECOVERY THAT GLOBAL BUSINESSES HAVE SEEN IN THE LAST 80 YEARS! Of course, you’re here because you knew that already. And you’re looking to ride that insane growth wave in the best way possible. But gearing up for growth implies setting up your tools and teams to solve increasingly complex workflows. More sophisticated sales motions. More resilient product enhancements. More streamlined financial...

FIRMTRAK GLOBAL - Transform your financial data into timely reports with valuable business insights. These insights help to track profit, cash flow, growth and other key performance indicators (KPIs). Designed to accelerate performance, increase efficiencies and drive profits with less stress and in less time.

BUDGETLY AU - Budgetly's prepaid corporate cards make expense management easy. Get physical and virtual cards with smart spending rules, budget categorisation and Xero sync. Maintain control of expense budgets in real-time, while giving staff the flexibility they need to do their jobs effectively.

MINDBRIDGE AU, CA, NZ, UK & US The world’s leading risk discovery platform for financial integrity helps auditors, accountants, and financial professionals to become more efficient and profitable. Have your financial transactions risk scored to identify anomalous patterns of activities, unintentional or intentional errors like fraud.

AREX UKL - AREX is on a mission to drive interest rates down so SMEs can retain more of their money. It's an invoice financing app; finance any sized invoice at any time, with money in the bank the next day. Unlock cash trapped in your unpaid invoices.

Airwallex strengthens end-to-end offering in Australia with new online card payment acceptance solution

O BETTER SUPPORT THE GROWING NEEDS OF BUSINESSES, LEADING GLOBAL FINTECH PLATFORM AIRWALLEX TODAY LAUNCHES ITS ONLINE CARD PAYMENTS SOLUTION IN AUSTRALIA, STRENGTHENING ITS CAPABILITY TO PROVIDE END-TO-END FINANCIAL PRODUCTS AND SERVICES FOR BUSINESSES LOOKING TO GROW WITHOUT BORDERS. Airwallex’s online card payments solution was first launched in the UK in 2020 and subsequently in Hong Kong earlier this year. Today’s availability in...

News

XU Biweekly | No. 11

Monday 09 August 2021 3

Top tips to ace the Xero Award nominations By Jared Baker

The power of giving together

HE PRESSURE FROM THE ONGOING PANDEMIC HAS MEANT A STEADY INCREASE IN RECOVERY ASSISTANCE NEEDED BY COMMUNITIES AROUND THE WORLD. HOWEVER, AMID THE CONSTANT CHALLENGES AND UNCERTAINTIES, SMALL BUSINESSES ARE PROVING TO BE THE NEW POWERHOUSE FOR RAPID RESPONSE TO HELP THOSE IN NEED. Collective giving is a powerful force. The concept is simple – when many individuals each give a small amount, the quantum can make a real change in the world. This has been a driving force behind the rise in workplaces establishing employee giving and corporate philanthropy programs to support local communities in need. The idea proves that you don’t need a lot of money to be part of a collective giving movement with real social impact. With the back-to-back crises of the past 18 months, there has never been a more important time for us to come together.

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Celebrating 11 years with our bookkeeping family at ICNZB’s annual Bookkeepcon21

FTER THE YEAR THAT’S BEEN, THOSE IN THE WORLD OF BUSINESS ARE DUE FOR SOME WELL-DESERVED RECOGNITION (NOT TO MENTION A CELEBRATION). THAT’S WHY THE XERO AUSTRALIA AWARDS ARE BACK FOR FY22 TO ACKNOWLEDGE AND SHARE ALL OF THE HARD WORK AND RESILIENCE THAT WENT INTO FY21. This year, we have 13 major award categories in total, acknowledging the incredible variety of businesses in Xero’s community. Whether it’s a salon run by a ‘midlifepreneur’, a creative cloud accounting firm or a global SaaS company, there’s truly an award

IRWALLEX, A LEADING GLOBAL PAYMENTS PLATFORM, TODAY ANNOUNCED PLANS TO ESTABLISH CAPITAL 49, A NEW VENTURE CAPITAL FUND SET UP BY AIRWALLEX FOUNDERS, THAT WILL INVEST INTO EARLY STAGE, HIGH-GROWTH TECHNOLOGY-ENABLED COMPANIES POWERED BY AIRWALLEX’S INFRASTRUCTURE. The new fund aims to raise US$200 million through the Airwallex founders and other investors, and will look for opportu-

It was fantastic to see over 230 attendees at this year’s conference as New Zealand’s bookkeeping profession continues to evolve into a thriving, supportive community. The theme for this year was ‘We’re Taking Care of Business’, aimed at recognising the significant contribution bookkeepers have provided to businesses dealing with the challenges arising from the pandemic.

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nities to invest among companies within Airwallex’s ecosystem, across a number of industries including e-commerce, SaaS, digital and technology, business services and enablers, and fintech. To date, Capital 49 has completed investments in two such fintech firms. “We are so excited to share the news of our new fund,” said Jack Zhang, Co-founder and CEO of Airwallex and Founder of Capital 49.

By Rachael Powell

T XERO, WE KNOW THAT LIKE ALL GREAT CHALLENGES, WE CAN’T DO EVERYTHING OURSELVES, WHICH IS WHY WE ARE BUILT ON PARTNERSHIPS. WORKING CLOSELY WITH OUR PARTNERS ALLOWS US TO BRING MORE PEOPLE ON THE JOURNEY TO HELP US ACHIEVE OUR PURPOSE OF MAKING LIFE BETTER FOR PEOPLE IN SMALL BUSINESS, THEIR ADVISORS AND COMMUNITIES AROUND THE WORLD. We’re thrilled to announce our latest global partnership, a three-year global agreement with DFK. This partnership will provide even more small businesses with access to the tools and insights they need to be successful. DFK will be awarded the new Xero Global Partner status, and Xero will become the platform of choice for DFK’s...

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Fiskl and GoCardless partner to help small businesses take direct debit payments globally ISKL, THE GLOBAL MOBILE-FIRST FINANCIAL MANAGEMENT AND ACCOUNTING SOLUTION, TODAY ANNOUNCED A PARTNERSHIP WITH GOCARDLESS, A LEADER IN ACCOUNT-TO-ACCOUNT PAYMENTS, AND THE LAUNCH OF RECURRING DIRECT DEBIT PAYMENTS

By Melanie Morris

AIRWALLEX FOUNDERS LAUNCH NEW VENTURE CAPITAL FUND, CAPITAL 49

AST WEEK, WE WERE DELIGHTED TO ATTEND THE INSTITUTE OF CERTIFIED NEW ZEALAND BOOKKEEPERS (ICNZB) ANNUAL BOOKKEEPCON, CELEBRATING 11 YEARS WITH OUR BOOKKEEPING FAMILY IN THE NORTH ISLAND’S STUNNING TE ROTORUA-NUI-A-KAHUMATAMOMOE, ROTORUA.

for everyone. Alongside the core benchmarks, each award has its own unique nomination criteria, meaning you can enter multiple categories depending on your business’ eligibility.

Xero welcomes DFK as a Global Partner, bringing joint value to member firms

FOR FISKL CUSTOMERS. The partnership between Fiskl and GoCardless delivers to small business customers the most reliable payment method for automated invoices. GoCardless will significantly reduce...

NSW JUST BOOSTED ITS SUPPORT FOR SMALL BUSINESSES IN LOCKDOWN. HERE’S WHAT YOU NEED TO KNOW By Dion Sereni

By Rachael Powell

URING UK DAYTIME HOURS ON TUESDAY 27 JULY, THE XERO PLATFORM EXPERIENCED AN OUTAGE THAT AFFECTED MANY OF OUR CUSTOMERS’ ABILITY TO LOG INTO XERO FOR SEVERAL HOURS. THE ISSUE HAS NOW BEEN RESOLVED AND OUR SERVICE HAS RETURNED TO NORMAL.

signed to offer small businesses fast access to funds that would help them pull through...

Many of our customers and partners have contacted us directly via our customer experience team and social media channels, and our teams internally have been working really hard to respond. We also wanted to share with you what we know about what happened as we continue our investigations to understand more about the cause. We acknowledge that this issue was a considerable inconvenience for our customers and had a real impact on your day - so...

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HIS ARTICLE WAS PUBLISHED ON THURSDAY, 28 JULY 2021. AS THE COVID-19 SITUATION CONTINUES TO DEVELOP, YOU CAN FIND THE INFORMATION YOU NEED ON GOVERNMENT SUPPORT AT SERVICE NSW. Earlier this month, the Federal and NSW governments announced a support package for businesses impacted by the Greater Sydney lockdown. This included three payment types, the first of which – the COVID-19 business grant – was a one-off cash injection de-

UNEXPECTED OUTAGE – 27 JULY 2021

Features

4 XU Biweekly | No. 11

What if your costs increased by over 10%? Managing foreign exchange exposure with World First By Simon Smallwood

ORE THAN A YEAR AFTER BEING DECLARED A PANDEMIC BY THE WORLD HEALTH ORGANISATION, THE FULL AND LASTING IMPACT OF COVID-19 ON GLOBAL TRADE REMAINS TO BE FULLY UNDERSTOOD. CASTING A FRESH SPOTLIGHT ON SUPPLY CHAIN VULNERABILITIES, THE PANDEMIC MAGNIFIED PROBLEMS THAT HAD BEEN PREVIOUSLY OVERLOOKED. THE IMPACT COVID-19 HAD ON SUPPLY AND DEMAND ACROSS THE WORLD ECONOMY TRIGGERED UNPRECEDENTED LEVELS OF VOLATILITY AND HIGHLIGHTED THE IMPORTANCE OF RISK MANAGEMENT FOR BUSINESSES. In the years preceding the pandemic, the markets had remained relatively calm, and in spite of a few spikes in volatility in 2016 following the Brexit vote, 2018 and 2019 were somewhat stable. This meant many small businesses did not consider developing a company-wide foreign exchange poli-

cy. So, on March 20, 2020 when sterling fell to its lowest level against the US dollar for 35 years, with the GBP/USD exchange rate moving from 1.3157 to 1.1494 in the space of a few days (a shift of around 12.6%), companies that were making US-dollar payments from sterling during that period, without any forward contracts in place, would have witnessed a dramatic difference in the amounts received from the same payment had it been settled on March 10, compared to March 20. The trifecta of volatility, debt expansion and low interest rates therefore made businesses re-examine their risk management strategy in a way that hadn’t been done since the 2008 global financial crisis. Adopting a strategy to protect against foreign exchange risk and exchange rate volatility affecting import and export prices is subsequently more important than ever, but what can finance directors and business owners do to reduce risks from future fluctuations?

Find out more

Monday 09 August 2021

XERO'S SOUTH AFRICA ROADSHOW 2021

HILST WE'RE STILL UNABLE TO MEET IN PERSON, XERO WILL BE BRINING ANOTHER SHOW TO US DIGITALLY ON THE 24TH - 26TH AUGUST, WITH THE SOUTH AFRICA REMOTE SHOW 2021.

The show will cover many topics such as how to achieve the best mindset and skill sets you need for success, as well as how to use the right toolsn to help accelerate your business. There will be two mornings especially for the accounting and advisory community, and another dedicated to the growing small business community.

For The Accountants & Advisors This year we will be getting a glimpse into Xero's newest products in action. You'll learn the real power of apps and how they can help your business to succeed. We'll be joined by some of South Africa's top digital accountants to share their invaluable insights with us too.

Xero's experts will be sharing why online accounting is amazing for your business. Hear from our guest speakers about their journey from starting out in South Africa, to achieving success. The entire show will be hosted on Zoom, so you can access it from almost anywhere!

For The Local Businesses

Reducing emissions and odours for a cleaner future

XERO SPONSORS

THE VOID

How Armatec Environmental Ltd apply their practical environmental expertise to the industry

By Michelle Nicol

RMATEC ENVIRONMENTAL LTD IS NEW ZEALAND’S LEADING SUPPLIER OF AIR POLLUTION CONTROL EQUIPMENT AND INDUSTRIAL FIBREGLASS PRODUCTS. WE SPEAK TO MANAGING DIRECTOR, BRYAN HOLYOAKE ABOUT HOW THEY HELP CLIENTS MANAGE EMISSIONS AND ODOUR CONTROL THROUGH CHEMICAL ENGINEERING EXPERTISE AND TECHNICAL INNOVATION. Armatec has seen lots of changes over its 30 years in business, including growing awareness and legislation to protect the environment.

Bryan believes that their success comes from a vital drive to protect Earth’s eco-system that’s matched with practical, commercial concerns. “People are much more aware of the environment, absolutely, but they’re economically rational as well,” he says. “If you run a multi-million-dollar manufacturing organisation or food processing facility, you’re not going to overspend on a space that simply doesn’t need it. You’re likely going to go bankrupt if you make decisions like that. So, what we do is only as valuable as the business case. If they don’t see any value in reducing emissions or odour, they

wouldn’t even call us.”

Industrial problem solvers “Problem-solving, practical environmentalists” is how Bryan describes this family-owned business. Clients from a range of industries including wastewater utilities, dairy plants, pulp and paper manufacturers and food and chemical producers seek out Armatec’s environmental expertise as he explains: “Here in New Zealand, local government and councils give companies and organisations permission to emit a certain amount of gases and particulates as part of their processes. They

must achieve a certain emission limit. Otherwise, they’re in breach and could be shut down, and generally those limits are continuing to get more and more stringent. So, most industries need a form of scrubbing solution in order for them to fit under those limits. That’s where we come in. We are able to provide the equipment and design the technology, size and optimise it for them.” Armatec’s products range from fibreglass pipes and tanks to specialised air scrubbers that filter out noxious gases. They have a mix of international and locally developed product ranges...

HR Software for Small & Medium Businesses Streamline your HR processes and free up your time

TV HAS LAUNCHED A BRAND NEW, HIGH OCTANE, SATURDAY NIGHT GAME SHOW - THE VOID - WHICH WILL AIR AT 8PM ON ITV, AND XERO ARE SPONSORING IT!

This exciting new 7 x 60 minute primetime series will see contestants put themselves to the test to take on a wide range of demanding mental and physical challenges - all whilst navigating the terrifying prospect of falling into ‘The Void’. The Void – a daunting and unforgiving chasm of 520,000 litres of water stretching across the arena floor - is one of the biggest bespoke water tanks ever constructed for a game show.

If you catch Xero sponsoring The Void make sure to share it with us on any of our social platforms!

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6 XU Biweekly | No. 11

Features

Constructing a process to eliminate revenue leakage Using job management software to control and profit from scope creep with NextMinute

Monday 09 August 2021

Virtual events in 2021: How to get the most from attending

A user guide from the Accounting & Finance Show Asia By Laura Binns

T By Emily Mason

EAKY TAP? CALL A PLUMBER. LEAKY POOL? CALL A TILER. LEAKY ROOF? CALL A BUILDER. BUSINESS LEAKING MONEY? CALL A... BOOKKEEPER, ACCOUNTANT, ALL OF THE ABOVE? Generally, tradies on a job site know the what, when, who and why of the job. However, this information is often hand-written on a post-it note or worse, it is just in their head. You, and them, know the business is bleeding money, but you don’t know where from. How are you meant to help them if the information of every job is being retained

somewhere inaccessible. In the accounting world, we all know of “scope creep”, it has been discussed time & time again, and of course we are not the only ones affected. For the trades it is more commonly referred to as “variations” specifically on a fixed price job. Scope creep is not a bad thing, it is unplanned & unexpected growth in the scope of the job - but it can cause a negative impact when there is no system in place to deal with it, or ability to identify it. I hear the same scenarios over and over from tradies: • “If it is less than $500, then we just write it off” or;

• “If it takes less than 1 hour, we just get on and do it” • “I told the client whilst we were discussing something else” So, what if there are 10 x “minor” changes requested throughout the job and each cost $450? That could be $4,500 worth of revenue leaking from the business because it is not tracked. And what if each variation took 45 minutes? That is 7.5 hours, nearly an entire working day. The staff still need to get paid for their time, the materials still need to be used...

HE PAST YEAR HAS SEEN EVENTS ACROSS THE GLOBE FLIP TO VIRTUAL. HERE WE SHARE WHAT SETS THE ACCOUNTING & FINANCE SHOW VIRTUAL EVENTS APART, AND HOW TO GET THE MOST OUT OF THEM IN 2021. Accounting and finance professionals the world over have been clearing time in their diaries year-after-year for the key industry events each year. The conferences and exhibitions for the industry provide a unique platform to meet up with your industry contacts, benchmark your progress and learn about what’s new particularly with the latest digital tools and tech. In 2020, suddenly these events were all moved online with mixed success. “You’re on mute” became the catchphrase of the year and many event experiences felt a little clunky and unstable with hard to navigate virtual event platforms. Others showed great promise, and it was clear that there was some great potential in this medium, particularly while in-person events were simply not possible.A year on, the Accounting & Finance Show Asia team has adopted the best virtual event platform in the business and honed its event calendar to deliver a slick online attendee experience. Its series of events provide a genuine replacement for in-person events in markets where it’s not yet possible to bring back large-scale exhibitions and conferences.

What sets the Accounting & Finance Show Asia virtual events apart?

ISSUE 27 OUT NOW!

XU magazine

• The virtual platform is simple, clear and so easy to use When you log onto an Accounting & Finance Show Asia event you will be able to find your way around instantly. The pages and content load easily wherever you are, and whatever device you’re using and you can begin networking and viewing on demand sessions straight away. • The balance of live and interactive sessions and on-demand content The vast majority of the event runs as live sessions where you can interact with the speakers, ask questions and engage with other attendees of the sessions in real time. It’s your chance to get your most pertinent questions answered and to hear how others in your industry are tackling your common challenges. If you miss a session, it will be available on demand so that you can catch up and we have a...

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Features

8 XU Biweekly | No. 11

Monday 09 August 2021

3 SIMPLE WAYS TO BOOST EMPLOYEE MORALE

You can’t do everything, but even these 3 things will make a difference

By Fiona Adler

020 WAS A WILD RIDE, AND YOU’D BE FORGIVEN FOR FEELING UNCERTAIN ABOUT WHAT THE FUTURE HAS IN STORE FOR US. EMERSION CEO PAUL DUNDAS SHARES THREE STEPS THAT EVERY BUSINESS OWNER CAN TAKE TO PREPARE FOR UNCERTAINTY, AND ENTER THE NEW FINANCIAL YEAR IN A POSITION TO GROW.

The last year has been a wild ride for all of us. In Australia, while we sheltered from many of the problems of the wider world, we still found ourselves navigating all manner of lockdowns, restrictions, new rules and procedures, brought in with little notice and few precedents. Many businesses (and financial markets) are well on the way to recovering to a pre-COVID state, with some even improving upon their ear-

ly-2020 positions. But as the new financial year rolls around, you’d be forgiven for feeling a little anxious about the future. While we are living in uncertain times, there are steps that every business can take to minimise their risk, maximise flexibility and enter the 2022 financial year in a stronger position than ever. As the old saying goes, “no plan is a plan to fail”...

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Create the Restaurant of the Future with Digital Self-Ordering Solutions from Sapaad By Karina Rapose

ISCOVER WHY SELF-ORDERING CHANNELS AT YOUR RESTAURANT ARE IMPERATIVE NOT ONLY TO PROVIDE SAFE AND CONTACTLESS ORDERING FOR YOUR CUSTOMERS, BUT ALSO TO SKYROCKET YOUR REVENUE AND FUTURE-PROOF YOUR BUSINESS... It’s no secret that the pandemic has been a game changer for the F&B and hospitality industry. While several restaurants pivoted in innovative ways by shifting their sales strategy to online, ongoing capacity restrictions and social distancing mandates continue to challenge the dining out scene. Enter digital self-ordering solutions. Self-ordering through Kiosks and QRcode based platforms isn’t entirely new. However, their popularity has drastically increased with the changes brought on due to Covid-19. And with the world on its path to recovery, these self-ordering solutions are positioned not only to give guests the peace of mind of contactless ordering but also necessary fixtures for additional revenue and customer retention. The benefits of restaurant self-ordering solutions go beyond contactless ordering. These platforms are proven to reduce customer wait times, optimize staff productivity, increase revenue, save costs, improve efficiency, and delight your customers. Setting up a self-ordering channel at your restaurant should be simple and stress-

free. With select leading restaurant management solution providers, you can get up and running in minutes. No expensive hardware or complex IT infrastructure is required. You can create a beautiful self-ordering channel– such as Kiosks and QR-code based systems– to let your customers enjoy a quick and convenient Order & Pay experience.

Quick & Convenient Ordering With digital self-ordering channels at your restaurant, you can empower your customers to place orders independently and customize them at their own pace and liking. They can order and pay with just a few taps on a beautiful and intuitive Kiosk. Or can scan a QR code to browse your digital menu, and order and pay from the convenience of their own phones. No menu cards or paper receipts; no contact, no hassle. It’s quick, convenient, and contactless.

Reduce Customer Wait Times Bust queues at the counter during busy hours by offering guests the ease and flexibility of self-ordering. Let your customers avoid crowds and skip long lines to place orders quickly and conveniently at their fingertips. Give them the assurance of safe and socially-distanced ordering, while reducing wait times, increasing overall customer satisfaction and keeping them coming back.

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We’ve waived remittance fees to Malaysia Square, Inc. has announced plans to acquire Afterpay

TWO OF THE FASTEST GROWING GLOBAL FINTECH COMPANIES HAVE ANNOUNCED THEIR PLAN TO ENTER A SCHEME IMPLEMENTATION DEED IN WHICH SQUARE WILL ACQUIRE ALL OF AFTERPAY'S SHARES. The acquisition will help the two companies advance their shared mission of economic empowerment and financial inclusion, enabling them to bring better financial services and products to a wider audience of consumers. “Square and Afterpay have a shared purpose. We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles. Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands.” said Jack Dorsey, Co-Founder and CEO of Square.

Square plans to integrate Afterpay, the 'buy now, pay later' platform, into its existing Seller and Cash App business units, which will enable merchants of all sizes to offer BNPL at their checkout. The integration will help accelerate Square's strategic priorities for its Seller and Cash App ecosystems, giving Afterpay consumers the ability to manage additional features within the Cash App. “Buy now, pay later has been a powerful growth tool for sellers globally. We are thrilled to not only add this product to our Seller ecosystem, but to do it with a trusted and innovative team.”” said Alyssa Henry, Lead of Square’s Seller business. The addition will strengthen their growing networks of consumers globally with flexible and responsible payment options. The transaction has an estimated value of US $29 million and will be closed in the first quarter of 2022, subject to certain closing conditions.

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STARLING BANK ACQUIRES BUY-TO-LET SPECIALIST MORTGAGE LENDER, FLEET MORTGAGES

TARLING BANK HAS ANNOUNCED THE ACQUISITION OF SPECIALIST BUY-TO-LET MORTGAGE LENDER FLEET MORTGAGES IN A £50 MILLION CASH AND SHARE DEAL. Fleet Mortgages, based in Hampshire, focuses on providing mortgages to professional and semi-professional buy-to-let landlords, only via mortgage adviser distribution channels. To date, it has originat-

ed £2.3 billion of mortgages and experienced zero credit losses. It currently has circa-£1.75 billion of mortgages under management. Starling will become the sole funder of future originations, with Fleet Mortgages able to build on its successful lending operation by accessing Starling’s growing deposit base. Day-to-day operations at Fleet will continue unchanged with the company’s existing and highly-respected management team. The acquisition - Star-

ling’s first - is part of a wider plan at the bank to expand lending through a mix of strategic forward-flow arrangements, organic lending and targeted M&A activity. Anne Boden, CEO of Starling, said: “The acquisition of Fleet Mortgages is the start of our move into mortgages as an asset class and builds on a number of forward-flow arrangements that we’re doing with leading non-bank lenders.

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Savings Vaults now live for GB customers on Standard plans By Emma Potter

ESTRICTIONS HAVE LIFTED! SO, IT’S ONLY NATURAL THAT WE’LL SPEND A LITTLE MORE. BUT THAT DOESN’T MEAN OUR SAVINGS SHOULD SUFFER. VAULTS ARE THE FASTEST, EASIEST WAY TO SAVE MONEY. WITH SAVINGS VAULTS, YOU CAN EARN 0.15% INTEREST ON YOUR FUNDS AND REACH YOUR FINANCIAL GOALS FASTER. KER-CHING! Here’s how you can maximise your money with Savings Vaults:

Standard plans can now earn 0.15% annual interest paid daily on your GBP funds

instantly, any time There are loads of ways to fund your Savings Vault securely. Choose one-off transfers to fund as you go, or make it effortless with scheduled deposits and spare change roundups. Stash your cash without the fear of commitment or fees - just interest. Then, withdraw money whenever you need it.

Your money is protected Enjoy peace of mind when you save. With up to £85,000 covered by the FSCS, your money's secure in Savings Vaults.\ Ready to start saving towards your financial goals?

Ready to start saving towards your financial goals?

Let the cash pile up with daily interest. Upgrade to one of our paid plans to get up to 0.4% interest on GBP and 0.65% on USD.

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By Emma Potter

N SUPPORT OF CUSTOMERS WHO ARE SENDING MONEY TO FRIENDS AND FAMILY FIGHTING COVID-19 IN MALAYSIA, REVOLUT IS WAIVING TRANSFER FEES FROM AUD TO MYR UNTIL 10 AUGUST 2021.

How long will the transfer take? International transfers can take up to 5 business days to reach the recipient's account, but MYR transfers to a bank account in Malaysia usually take up to 1 business day with Revolut. Pretty quick, right?

What’s your exchange rate? You’ll get the interbank exchange rate for your transaction if it’s made within your exchange limit and during exchange market hours. Mark-ups apply outside of these hours and on certain currencies. Get more details here.

Is there a limit to how much I can transfer? While this special waiver on transfer fees stays in effect until 10 August 2021, our exchange limits vary based on your subscription plan. This page will show you everything you need to know.

How do I get started? If you’re already a Revolut customer, you can send...

Starling Bank revenue rises 600%

TARLING RELEASES A TRADING UPDATE FOR THE QUARTER TO 30 JUNE 2021 AND ITS REPORT AND ACCOUNTS FOR THE PERIOD ENDING 31 MARCH 2021. THE RESULTS DEMONSTRATE STRONG AND RESPONSIBLE GROWTH, CONTINUED PROFITABILITY AND A STABLE FIXED COST BASE. Starling’s 2021 annual report and accounts cover a period of 16 months, from 1 December 2019 to 31 March 2021. The bank changed its financial year-end from 30 November to 31 March, to help stakeholders better compare financial results on a quarterly basis. From 2022 onwards the report will cover a regular 12 month period ending on 31 March every year. For the period to 31 March 2021, revenue rose by nearly 600% to £97.6 million, from £14 million for the previous period, ending 30 November 2019, while loss after tax more than halved to £23.3 million from £52.1 million. Starling’s deposit base grew by nearly 500% to £5.8 billion (2019: £1 billion), while customer account numbers more than doubled

to 2.1 million (2019: 926,000) and lending shot up to £2.2 billion from a very low base. Starling broke even for the month of October 2020 and has recorded a profit every month since then. Results from Starling’s latest trading update show that revenue reached £42.8 million in the three months to the end of June 2021, Q1 of its current financial year, putting the bank’s annualised revenue run rate at more than £170 million. Starling continues to add new accounts - at the rate of one every 34 seconds. As of 30 June 2021, Starling has more than 2.3 million open accounts; 1.8 million retail current accounts, 374,000 accounts for small and medium-sized enterprises (SMEs) and 126,000 euro and US dollar accounts. As at 30 June 2021, its share of the UK small business banking market reached 6.3%, up from 3% a year earlier. Its deposits reached more than £3.9 billion for its SME customers and more than £2.8 billion for retail customers. A typical SME customer in credit at Starling holds an average balance of...

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