XU Biweekly - Issue 14 - 18th September 2021

Saturday 18 September 2021 | No. 14

XU Biweekly

Accounting software with a purpose.

The independent news source for Xero users, by Xero users

Spotlighting the good days and bad days of small business

By Rachael Powell

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EING A SMALL BUSINESS OWNER IS ONE OF THE GREATEST ADVENTURES ANYONE CAN EMBARK ON. IT’S A JOURNEY FULL OF GOOD DAYS, BUT IT ALSO COMES WITH BAD DAYS. IT’S IMPORTANT TO RECOGNISE THAT THESE UPS AND DOWNS ARE A NORMAL PART OF THE JOURNEY THAT EVERY SMALL BUSINESS OWNER GOES THROUGH. Our new social series, Good Days, Bad Days, shines a light on the realities of small business ownership, as told by our customers.

We’ve used documentary-style videos to tell the stories of seven small busi-

ness owners from Australia, New Zealand, the US, the UK and Singapore. They candidly describe the challenges they’ve faced, as well as the most rewarding moments that remind them why they started their business.

Throughout the making of Good Days, Bad Days, we sought to understand the mindset of small business owners – what they do to overcome the bad days and enjoy the good ones. The unique insight we found was that adaptability has been key to these small businesses on their entrepreneurial journey.

Meet the small business owners and to read more...

XEROCON IS BACK!

By Tony Ward

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F I CAN THINK OF ONE WORD TO DESCRIBE THE LAST 19 MONTHS, IT WOULD BE RESILIENCE. AS A COMMUNITY OF ADVISORS AND SMALL BUSINESSES, WE SUPPORTED EACH OTHER, AND WE ENDURED. I’M THRILLED TO ANNOUNCE THAT AFTER A TWO YEAR HIATUS, WE’RE BRINGING BACK XEROCON, THIS TIME TO THE GREAT CITY OF NEW ORLEANS FROM MAY 2526, 2022 AT THE ERNEST N. MORIAL CONVENTION CENTER. We hope you’ll join us, at what some have affectionately coined as the ‘Coachella for accountants and bookkeepers’, to reconnect with other forward thinking professionals, to celebrate accomplishments, and to learn more about the latest Xero tools and features. It’ll be a well deserved break after tax season, and we can’t wait to host you. Find out

more about the event and how to purchase your ticket here. We’ll continue to update you on the agenda, speakers and entertainment over the coming weeks.

Known for its festive spirit, live music, unique heritage and traditions, New Orleans also embodies resilience and perseverance. We witnessed the recent devastation from Hurricane Ida, and our thoughts are with those affected, and with the communities who are rebuilding.

We’ve established a fundraising campaign with Americares to support the people and communities impacted by Hurricane Ida, the California wildfires, and other natural disasters. Xero has also pledged to match up to US$20,000. Americares is a health-focused relief and development organization that responds to people affected by poverty or disaster with life-changing medicine, medical supplies and health

programs. If you are interested in contributing, you can donate here.

Stay tuned for more on Xerocon, and we can’t wait to see you next May.

Accounting software with a purpose.

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New Apps & Updates

2 XU Biweekly | No. 14

By Jyoti Patel

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UR 2021 ACCOUNTING AND BOOKKEEPING INDUSTRY PERFORMANCE REPORT TAKES A CLOSE LOOK AT THE PERFORMANCE OF THE INDUSTRY BETWEEN APRIL AND MAY 2021. OVER 500 PRACTITIONERS FROM ACCOUNTING AND BOOKKEEPING FIRMS OF ALL SIZES TOOK PART AND THE DATA GATHERED GIVES US CLEAR INSIGHT INTO THE INDUSTRY AS IT STANDS TODAY. The report covers the key aspects of running a successful accounting and bookkeeping practice, from recruitment and growth to supporting clients through the pandemic. Overall, the data shows that the industry has been remarkably resilient, with just over half (51 percent) of respondents telling us that their business is growing at a similar rate or even faster than it was pre-pandemic.

We recently held a live panel with industry experts to discuss how key insights from the report can be used to future-proof your accounting and bookkeeping practices.

Hosted by Kat Bond, Head of Partner Consulting...

Read more XU BIWEEKLY - No. 14 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 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.

Saturday 18 September 2021

Enjoy better visibility of your contacts in Xero

NEW XERO CONNECTED APPS!

XENON CONNECT UK - Xennon Connect helps businesses & advisors improve the accuracy of their bookkeeping, providing insight into financial performance indicatiors and automatically detecting and cleaning up bookkeeping errors in Xero.

By Simona Turin

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ODAY, WE’RE PLEASED TO SHARE A NEW MILESTONE ON OUR JOURNEY TO IMPROVE THE CONTACTS EXPERIENCE IN XERO FOR OUR SMALL BUSINESS CUSTOMERS AND THEIR ADVISORS. IT’S A REFRESHED DESIGN THAT WILL MAKE IT EASIER TO CREATE AND MANAGE CUSTOMER AND SUPPLIER CONTACT IN-

STAYING UP TO DATE WITH PAYMENT DISBURSALS IS NOW EASIER

P

RACTICE IGNITION HAS MADE IT EASIER TO UNDERSTAND WHAT’S HAPPENING WITH YOUR CLIENT PAYMENTS, INCLUDING ANY PAYMENT DISPUTES OR CLIENT REFUNDS YOU’VE ISSUED, VIA THE UPDATED DISBURSALS VIEW. THIS TRACKS WHEN CLIENT PAYMENTS COLLECTED THROUGH PRACTICE IGNITION REACH YOUR LINKED BANK ACCOUNT.

Next time you head to Payments > Disbursals, you’ll see a more detailed and accurate view of all your client payment disbursals. You’ll be able to easily view disbursal details, including any payment disputes or client refunds, and have peace of mind that the disbursal amounts are accurate and up to date.

We’ve also improved our Disbursals data export, allowing you export data for a selected date range and view all payment collections for that period in one file to make any reporting and reconciliation you need to do much easier.

FORMATION FROM LIST VIEW PAGE.

Contacts is a core part of our global platform and many of our products rely on it, from invoicing and bank reconciliation to quotes and purchase orders. So to deliver the features you want in contacts over the long term, we need to upgrade our underlying technology.

This milestone is a positive sign that our product and technology teams are making progress ‘under the hood’, so we can deliver a better experience for you in the long run. I hope you enjoy the new experience and look forward to your feedback, so we can continue....

Find out more

How to Set Up Google My Business (for Trade Businesses)

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OR MANY YEARS, GOOGLE MY BUSINESS (GMB) WAS ONE OF THE MOST UNDER-USED TOOLS FOR BUSINESSES. PERHAPS IT’S BECAUSE A GOOGLE BUSINESS LISTING USED TO BE LIKE ADDING YOUR PHONE NUMBER TO THE YELLOW PAGES – A SET-AND-FORGET SCENARIO. But over the last couple of years, Google has invested heavily in the platform, and many trade businesses are discovering that the tool can do so much more. Google My Business is essential if you want people to find your business on Google, and crucial for driving new potential customers your way.

Here we take a deep dive into the world of Google My...

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How to establish a Delegation of Authority policy and stick to it effortlessly

THE

Read more

AVAZA GLOBAL - A unified work management solution that includes project management, resource scheduling, time tracking, expense management, invoicing and powerful reporting - all in one place. Sync your invoicing in Avaza with your accounting workflows in Xero.

SPHERICS UK - Spherics is a cloudbased platform that combines technology and climate science expertise to allow businesses to understnad their carbon footprint. It automates the collection of expenditure data and other business activities to calculate in line with the Greenhouse Gas Protocol. Make zero net a reality, quickly and affordably.

OPEN PAYOUT GLOBAL - Open Payout automates Etsy and WooCommerce accounting with zero configuration. Immediately open your payouts and invoices in Xero without setting up account and tax mappings. Easily group your sales by country to calculate domestic or international VAT, create weekly or monthly invoices for each payment gateway and more.

The Document Acknowledgement Report is here!

By Bec Allen

K

EYPAY'S DOCUMENT ACKNOWLEDGEMENT REPORT IS HERE!

By Masha Komarova - ApprovalMax

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ANY COMPANIES AND ORGANISATIONS HAVE A DELEGATION OF AUTHORITY POLICY IN PLACE. IN TERMS OF ACCOUNTS PAYABLE IT SPECIFIES WHO APPROVES WHAT: AMOUNT THRESHOLDS, EXPENSES BY DEPARTMENTS, AND SO ON. Depending on the size of the organisation and its budget, delegation of authority can entail quite complex approval procedures,

especially for large amounts that have to be approved at all levels: from a line manager to the CEO. Implementing this policy and organising it appropriately can be quite time-consuming, but it does reduce risks in the long run.

How to establish delegation of authority for expenditure approval Here are a few tips to get you started with your...

Find out more

You asked and we delivered! A favourite feature is getting an upgrade in the form of a highly requested report. Currently, global documents can be added to the system and set up to require employee acknowledgement; however, users need to access each individual employee's record to identify if a document has been acknowledged. This can be frustrating and time consuming if there are more than just a handful of employees.

Just imagine: You’re completing an audit to ensure that all of your employees have signed off on the new Work from Home policy. You have 250 employees and you need to check each employee’s file to identify who has not acknowledged the document. Who has that kind of time?

What’s New? KeyPay users will no longer need to spend valuable time reviewing every employee’s record to confirm acknowledgment

of global documents; instead, they can run one report and send reminders in a matter of minutes. The Document Acknowledgement Report allows you the option to: • Filter the status by Acknowledged or Not Acknowledged • Filter by Document, Employee or Location • Send reminders directly from the report • Export the data to CSV, Excel or PDF The option to tailor the search will assist KeyPay users by increasing efficiency and...

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News

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Saturday 18 September 2021

Digital marketplaces to report sellers’ incomes from 2023

By Amaya Woods

I

By Millie Vingrys

• Innovation in Collections & Recoveries • Technology Innovator - Person of the Year • Technology Team of the Year • Payment solution of the Year

F YOU’RE AN ELIGIBLE SMALL BUSINESS OWNER IN VICTORIA, AUSTRALIA, YOU COULD GET A $1,200 REBATE BY SUBSCRIBING TO XERO’S WORKFLOWMAX – THE END-TO-END JOB MANAGEMENT SYSTEM IN THE CLOUD.

Launched in 2017, these awards recognise excellence and innovation in the credit and collections industry. They aim to reward technological innovation within the industry and highlight the success of both companies and individuals who lead the way in enhancing credit and collections technology.

“The Awards are unique in their focus on technology, they are setting standards for the future. The range and quality of the entries is a celebration of the diversity...

As part of Xero, WorkflowMax is proud to be a supplier to the Victorian Government’s Small Business Digital Adaptation Program. The program has been extended to 5 December 2021 so we wanted to remind you about it and let you know we’re here to help The Victorian Gov....

Most notably, new rules around customs declarations have caused pain and confusion for many. For some this has led to stock shortages, and delays in being able to get goods to customers.

The Government’s trade statistics revealed a 37% drop in export and import trade. Additional regulations will come into force on 1 October regarding documentation and border checks on animal and plant products entering the UK. To help small businesses get to grips...

Read more

Find out more

Find out more

C

HASER IS DELIGHTED TO BE SHORTLISTED FOR FOUR CATEGORIES AT THE CREDIT & COLLECTIONS TECHNOLOGY AWARDS 2021:

HMRC OUTLINES CHANGES TO LATE PAYMENT PENALTY REGIME

By Glen Foster

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RADING BETWEEN THE UK AND THE EU IS A LOT DIFFERENT THIS YEAR. SINCE THE BREXIT TRADE DEAL WAS IMPLEMENTED, THERE HAVE BEEN NEW RULES BUSINESSES HAVE HAD TO CONTEND WITH.

H

The government intends to reform sanctions for late submission and late payments to make them ‘fairer and more consistent across taxes’. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA).

The changes will see interest charges and repayment interest harmonised to bring VAT in line with other tax regimes, including ITSA. Under the new regime, there are two late payment penalties that may apply: a first penalty and then an additional or second penalty, with an annualised penalty rate. All taxpayers, regardless of the tax regime, have a legal obligation to pay their tax by the due date for that tax. The taxpayer will not incur a penalty if the outstanding tax is paid within the first 15 days after the due date. If tax remains unpaid after day 15, the taxpayer incurs the first penalty.

This penalty is set at 2% of the tax...

Find out more

H

MRC HAS PUBLISHED A CONSULTATION THAT OUTLINES PLANS TO IMPLEMENT REPORTING RULES FOR DIGITAL PLATFORMS FIRST PUT FORWARD

BY THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD).

In February 2020, the OECD consulted on proposed rules setting out how digital platforms should collect information about the income of sellers and report it to tax authorities.

Under the new rules, websites and applications based in the UK will be required to report sellers’ income arising in the previous calendar year to HMRC. The reporting deadline will be 31 January of the year following the calendar year.

HMRC stated that the new rules will improve international co-operation in regard to the exchange of information for...

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What you need to know about e-invoicing, an easier way to invoice

By Adam Williams

MRC HAS PUBLISHED A POLICY PAPER OUTLINING THE FORTHCOMING CHANGES TO THE PENALTIES FOR LATE PAYMENT AND INTEREST HARMONISATION FOR TAXPAYERS.

By Adam Williams

By Simon Foster

M

OST AUSTRALIAN BUSINESSES USE INVOICES IN SOME FORM, EITHER SENDING THEM TO THEIR CUSTOMERS OR TO RECEIVE BILLS. THE WAY THEY DO SO, THOUGH, CAN SOON CHANGE WITH E-INVOICING, THE LATEST GOVERNMENT INITIATIVE TO IMPROVE DIGITISATION BY EQUIPPING SMALL BUSINESSES WITH A NEW TOOL TO STREAMLINE THEIR OPERATIONS. E-invoicing is a way to exchange invoices with other businesses that removes the hard parts and makes the whole process faster, more secure and more efficient.

Businesses that adopt e-invoicing can save big, too. Each time an e-invoice replaces a paper or PDF invoice, it can save a business up to $20. This can add up fast for the 89 per cent of Australian small businesses (and their bookkeepers) still processing paper or PDF invoices manually.

We know it’s a challenging time for many small businesses right now without adding more to the mix. Since e-invoicing is just...

Read more

NOMINATIONS ARE OPEN FOR ICB'S 2021 LUCA AWARDS

T

HE OSCARS OF THE BOOKKEEPING WORLD ARE COMING THIS NOVEMBER, AND NOMINATIONS ARE NOW OPEN! The LUCA awards provide a unique opportunity to recognise outstanding achievement in the bookkeeping profession, as well as highlighting the favourite software and apps as chosen by the nation's bookkeepers.

To celebrate the Silver 25th Anniversay of ICB, the sought-after awards of Luca Pacioli (the Cistercian monk who is credited with first documenting the process of double-entry bookkeeping that endures today) will be molded in silver!

The night will host a 25th Anniversay Dinner, with the premier of ICB's 25th Anniversary film, the reveal of the LUCA Award winners, and plenty of dancing to live music.

Tickets are on sale now!

All nominations must now be submitted by their nomination platform, Awards Force, by the 1st October.

Submit your nominations here

By Heidi Pérez-Vidal

T

ODAY MARKS THE START OF HISPANIC HERITAGE MONTH IN THE UNITED STATES WHERE WE’LL BE HONORING THE CULTURES AND CONTRIBUTIONS OF HISPANIC AND LATIN AMERICANS. WE WILL ALSO CELEBRATE OUR HERITAGE ROOTED IN ALL LATIN AMERICAN COUNTRIES. In the inaugural year of launching Xero’s Hispanic and Latinx employee resource group (ERG), Los Xeros, I couldn’t be happier to be one of the co-chairs for the ERG and lead this year’s celebrations.

We started Los Xeros to create a space for anyone at Xero who identifies as Hispanic or Latinx or those who support the community or want to be an ally. We want to bring people together to discuss issues, explore challenges and share ideas to drive progress. Learning about others’ journeys, needs, and concerns can be very humbling and impactful. It is almost cathartic to see the world through others’ eyes, and being able to experience that in a safe space. To me, that’s what an ERG is all about. When you are part of an ERG, you are part of...

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Events

6 XU Biweekly | No. 14

Saturday 18 September 2021

5 REASONS TO ATTEND THE ACCOUNTING & FINANCE SHOW ASIA 2021 All the latest technologies and digital insights for accountants and finance professionals

PRODUCT, PRACTICE GROWTH AND PLATFORM

By Kevin Fitzgerald

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By Laura Binns

T

HE ACCOUNTING & FINANCE SHOW ASIA 2021 IS THE BEST PLATFORM TO HELP ACCOUNTANTS AND FINANCE PROFESSIONALS FROM AROUND THE REGION TO PLAN FOR 2022 AND BEYOND The fourth edition of The Accounting & Finance Show Asia is returning this 21-22 September in a virtual format, bringing together the region’s accounting and finance professionals, and business owners from SMEs, enterprises and accounting, bookkeeping and audit firms.

In two years of disruption, businesses around the world have adapted very quickly

to rethink their processes and navigate the challenges. To build and grow on the efforts of the past year, this largest gathering of the year for Asia’s accounting and finance professionals will share updates on the latest digital tools and technologies alongside expert advice on how to plan and prioritise for 2022 and beyond.

The show is less than a month away so here are the 5 top reasons why accountants and finance professionals need to be part of this two-day virtual event: 1. 100+ expert speakers sharing their insights

HE PAST YEAR HAS SEEN US SHIFT SO MANY OF THE WAYS WE LIVE AND WORK, WITH CONFERENCES MOVING ONLINE AND OUR DAILY COMMUTE BECOMING A SHUFFLE FROM THE BEDROOM TO THE DINING TABLE. With this in mind, we’ve created an agenda for our upcoming Xero Roadshow Asia 2021 that looks at the present state of the ac-

counting industry, as well as the insights, trends and innovation shaping it for.

Alongside industry leaders, we will share the latest and greatest accounting tools to elevate your practice and all the newest technological developments in the accounting world.

Here are some things we have in-store:

We’re close to wrapping our annual accounting industry study for Singapore and Hong Kong. The full results will be unveiled at Xero Roadshow Asia 2021.

Meanwhile, let’s take a look at some of the key findings, we learnt from the 2020 study: • The top 15% of practices grew their revenue at a rate 2 to 3 times faster...

State of the Accounting Industry 2022

Find out more

Read more

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HE XERO UK ROADSHOW RETURNED ONCE AGAIN TO HELP YOU MOVE FORWARD IN THE ACCOUNTING WORLD.

The Start Of Something Amazing

W

OW, IT WAS AWESOME TO HELP LAUNCH THE TRENCHES SUMMIT LAST WEEK (13TH - 14TH SEPT).

Like so many of us, XU has really missed the buzz of in-person events. However, when David Boyar and Paul Meissner approached us with the idea for the Trenches Summit we just knew we had to be involved.

An event that focused on content from great speakers including Xero's own Joseph Lyons, sponsors relevant to the accounting and book-

keeping industry. They truly did deliver on a promise of a great no-nonsense event.

Trent McLaren, Head of Accounting at DiviPay and accounting thought leader, shared his delight at the event. "With most of the country having to work through a lockdown, seeing the community come together like this is always inspiring. The speakers were on point, the sponsors had a good show.

I'm excited to see where the Trenches team take this summit in the future! It's sure to be a staple in the

Australian Accounting calendar moving forward!"

Even better, the event managed to raise $7,000(AUD) for charity.

Thank you so much to everyone who made this happen.

Twitter and LinkedIn feeds were full of great posts from delegates and sponsors enjoying the 2 days. It almost felt like we were back at Xerocon without the skateboard ramp or the doughnut wall!

Honestly, this event had something for everyone! We can't wait to do this again.

The two day digital event, which took place over the 15th and 16th of September, was hosted by Glen Foster, John Coldicutt and Vikki Bean, packed full of useful insights and updates on how accountants and bookkeepers in practice can make the most of the Xero suite.

The entire event was held virtually online to ensure the safety and wellbeing of speakers and attendees. Whilst it's a shame we're still unable to attend a lot of events in person like we used to, brininging the Road-

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show directly to peoples desks has made it more accessible than ever before.

Key topics were covered such as the upcoming changes to Making Tax Digital, Brexit, today's evolving small business landscape, digitisation and the power of the Xero platform.

We were led through the latest and best products and features Xero has to offer, such as the new Xero Tax, with practical hints and tips to work even more seamlessly in your practice.

Whilst we didn't have the usual network element of in-person events, Xero's utilisation of polls, chats and social media kept us engaged, with plenty of beautiful selfies shared throughout the show.

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Features

8 XU Biweekly | No. 14

Saturday 18 September 2021

HOW TO SOLVE THE TOP THREE CHALLENGES ACCOUNTING AND TAX PROFESSIONALS FACE AT TAX TIME

By Rakesh Naidu

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OLTERS KLUWER RECENTLY SURVEYED 260 AUSTRALIAN AND NEW ZEALAND ACCOUNTING AND TAX PROFESSIONALS FOR THE WOLTERS KLUWER 2021 TAX SEASON CHALLENGES REPORT. THIS ARTICLE TALKS ABOUT THE TOP 3 CHALLENGES ACCOUNTING AND TAX PROFESSIONALS FACED AT TAX TIME. Sixty-four percent of the survey respondents confirmed their number one challenge at tax time was keeping up with recent taxation legislation changes. This isn’t new - for several years, we have seen how ongoing legislative changes create challenges for accounting firms and tax practitioners.

Fifty-three percent of firms grappled with obtaining all necessary data and documents from clients. And the third most common tax time challenge, with 43 percent of respondents, was recognising the need to improve productivity outcomes.

All of these challenges are underpinned by the fact that accounting and tax profes-

sionals provide “always-on services” in an economy that is facing constant corona-impacted change. Employees and clients expect you to stay ahead of the curve and help keep them there too. This is why Wolters Kluwer have created products which provide a firm with digital automation software, practice management tools and online research capabilities. These products help you with task-based workflows, as well as examples and practical guidance to enhance your services roadmap. Also, tools such as calculators, checklists and flowcharts are available for your needs.

Here’s how to overcome the three major challenges the Wolters Kluwer 2021 Tax Season Challenges Report identified and future proof your accounting firm.

1) Ever changing legislation Remote work is tough for any professional to manage by themselves —but...

ISSUE 28 OUT NOW! How do you choose an expenses solution that is right for both your business and staff?

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SPOTTED ON TWITTER...

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E HAVE BEEN W O R K I N G CLOSELY WITH THE CPD CERTIFICATION SERVICE TO HAVE OUR ARTICLES CPD CERTIFIED. As you read through our sister publication, XU Magazine, any article that shows the CPD Certified logo has been approved to count towards your CPD points.

The CPD Certification Service was established in 1996 as the leading independent CPD accreditation institution operating across industry sectors to complement the Continuing Professional Development policies of professional institutes and academic bodies. The CPD Certification Service provides support, advice and recognised independent CPD accreditation compatible with global CPD principles.

Find out more

By Sunil Nigam

E

XPENSEONDEMAND APP HELPS GLOBAL BUSINESSES AUTOMATE THEIR EMPLOYEE EXPENSES BY OFFERING FLEXIBLE PRICING AND ONLY PAY FOR FUNCTIONS THEY USE. Automation is at the forefront of both survival and profitability for millions of businesses around the globe. Whether you employ 5 or 200 people, it has become imperative that you source the right tech to automate as many business processes as possible and this trend has only been accelerated by the pandemic.

The worldwide lockdowns caused the technological revolution that was bubbling away slowly to explode as so many technologies which used to be convenient pre-COVID have now become essential tools. Businesses simply cannot survive without Zoom calls, Slack chats, remote systems, cloud solutions and many others. These have become a key

part of our working day, and so many other technologies have adapted quickly to the ‘new normal’. In the last 12 months, many services have advanced in what ordinarily would have taken years and this has solidified what we now all know which is that we don’t need to sit in the same office from Monday to Friday.

For many years, the ExpenseOnDemand app has been offering our clients around the globe a simple solution allowing employees to remotely upload and claim business expenses from any mobile device, including approving them on the phone. And it integrates within minutes with Xero, to automatically upload all transactions. How cool is that! Our tech solution meant we were, therefore, perfectly placed to help our clients when the pandemic struck in early 2020 as their staff dispersed from offices...

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Saturday 18 September 2021 9

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Features

10 XU Biweekly | No. 14

Getting in control of your post-lockdown finances

TEN YEARS OF E-COMMERCE GROWTH IN JUST 90 DAYS How integrated inventory management and reporting helped many businesses rank not tan

Practical tips for navigating the new normal

By Chris Findlow - MarketFinance

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HE POST-CORONAVIRUS BUSINESS MARKET IS LIKELY TO LOOK VERY DIFFERENT TO THE PRE-PANDEMIC WORLD WE WERE USED TO. STRATEGIC PRIORITIES WILL CHANGE, CUSTOMER BEHAVIOUR AND BUYING HABITS WILL EVOLVE AND DEVELOPING A STABLE INCOME WILL BECOME AN INCREASINGLY DIFFICULT PROPOSITION. In the uncertain times that lie ahead, remaining adequately funded and profitable is going to take plenty of fast thinking and hard work from the businesses that survive the crisis. Chris Findlow, Head of Partnerships at MarketFinance, explains why companies will require a tight grip on their financial management in the post-lockdown business landscape.

The business impact of the pandemic As businesses across the globe return to some kind of operational trading, it’s important for us all to stop and consider the enormous disruption and financial upheaval that the coronavirus crisis has caused for businesses around the world.

The global impact of COVID-19 has proved to be a massive challenge for the business community, and we’re not out of the woods yet, even with lockdown now being eased. Companies have been faced with the multiple issues of an unplanned shutdown, the difficulties of remote and

distanced working and the twin financial pressures of reduced revenue and negative cash flow – and these challenges won’t disappear overnight.

In a post-lockdown business landscape: • Strategic plans have been decimated – no-one in the business world was truly prepared for a global pandemic, or the scale of the impact it would cause. Bill Gates may have attempted to warn us back in 2018, but COVID-19 caught the majority of us off guard.

Plans that seemed sensible, risk-free and attainable just six months ago now seem like pie in sky.

This is leading many businesses to rein in spending, reassess strategic plans and aim for survival rather than growth in the current market.

• Operational logistics are challenging – the need for social distancing, safe working conditions and non-contact deliveries is making it difficult for businesses that can’t operate solely via remote working.

Teams must work in lesser numbers, or on a shift basis, and that means most companies are not operating to full capacity.

• Revenue and customer sales are an unknown quantity – with a recession already beginning to bite, being able to predict your sales figures and revenue targets is hard work.

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Saturday 18 September 2021

By Rhys Roberts - Cloudsolve

A

T THE HEIGHT OF THE PANDEMIC, A DECADE OF E-COMMERCE GROWTH OCCURRED IN JUST 90 DAYS, A 2020 MCKINSEY STUDY REVEALED. ADOPTING SMARTER TECHNOLOGY WAS THE KEY FOR MANY BUSINESSES. The last 18 months has seen an extraordinary 2 speed economy, with a mix of “winners” and “losers”. For those in the former group this has been a phenomenal period for businesses, with e-commerce a key driver. Those less fortunate have experienced lockdowns, recession and in some cases business failure.

At the beginning of 2020 (even with the benefit of hindsight) I can see no obvious clues as to how COVID-19 would differently impact different businesses. That is not the case now: with the world irrevocably changed there are some clear indicators as

How local accounting firm cut time & costs spent on Accounts Payable by 85%

to which businesses will be best positioned for financial success for 2022 and beyond.

Management Consulting firm McKinseys found that “reinventing the organisation for speed” was key to success in the post COVID-19 era. “An organisation designed for speed will see powerful outcomes, including greater customer responsiveness, enhanced capabilities, and better performance in terms of customer efficiency revenues and return on capital”, their report stated.

With a commercial accounting background that spans change management and technology adoption, I know firsthand the power of technology to lead reinvention.

And yet, while CFO-level accountants in larger organisations have the ear of the CEO, in mid-sized businesses processes and systems often lag behind the owner’s vision.

The owner can see the opportunity for...

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XU Hub expensemanager brings seamless integration with Xero to enhance functionality and Automate AP

By Sharon Nouh

is now live on Apple News!

R

EAD HOW EXPENSEMANAGER TOGETHER WITH XERO RESOLVES NUMEROUS PAIN POINTS FOR LOCAL AUSTRALIAN ACCOUNTING FIRM, BREAKTHROUGH ACCOUNTING.

About Breakthrough Accounting Breakthrough Accounting is a bespoke accounting firm on the Central Coast specialising in Not-for-Profit accounting, business accounting and virtual CFO services. When Breakthrough Accounting suffered multiple pain points within their AP processes, fortunately Zac and the team discovered expensemanager, Australia’s leading spend management platform, which seamlessly integrated to their existing Xero system to completely revolutionise their entire accounts payable (AP) process.

The Pain Points Unfortunately, Breakthrough Accounting previously suffered multiple ‘Pain Points’ that resulted in excessive time and resource constraints, hindering their next layer of success when it came to internal AP processes.

• Manual paper processes played a significant role in the pain points at Breakthrough Accounting, where staff would find themselves shuffling through paperwork to complete a simple task such as approving invoices for payments.

When dealing with the issue of holding and storing this paperwork, this trickled into other issues including risk & security management and no digital copies of invoices.

• Human/Administration errors were another significant risk for Breakthrough Accounting. Staff would spend hours completing Administration work. With any human process comes the potential for errors, which would result in additional time spent on tasks to minimise risk of error.

• Unintegrated software systems were tried and tested to manage Breakthrough Accounting’s expenditure. Not only were the total cost of these systems excessive, they...

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Saturday 18 September 2021

Super September updates are here

By Elizabeth McGrath

N

OW THAT EVERYTHING’S OPENING UP AGAIN, WE THOUGHT IT’S TIME TO TAKE THINGS UP A NOTCH. AND WHAT BETTER WAY TO MAKE AN IMPRESSION THAN WITH YOUR COMPANY’S NAME ON A SLEEK NEW CARD? We’ve also made bulk payments easier to make, to help with all that new business you’ll be doing. Explore this and all our other super September updates:

New and improved hub navigation Our personalised hub navigation shows products relevant to you first. It’s more accessible too; simply scroll through one centralised screen and new categories for easier searching. You can also now pin or unpin products to your web side-menu for easy access. It’s your hub, your way

Get your business name on company cards

front, and the employee’s name on the back.

Be prepared for admiring glances...

Save time with easier bulk payments You can now select multiple counterparties to pay at once or upload a CSV file – all executed with one simple 2FA. Our new error system is more intuitive and the messages are easier to understand.

Get notified on your payment links It's always helpful to know when you've been paid, right? That's why you can now turn on email notifications so you know when your payment link has been paid. No more having to log in to your account to check.

That’s all, folks That's all for now. See you next month for more news on our latest product updates!

Personalise your company’s physical debit cards with the business name on the

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Stripe Expands Bank Debits For Canadians

M

ONZO BANK HAS RECENTLY CELEBRATED THEIR COMMUNITY OF BUSINESS CUSTOMERS REACHING THE 100,000 MARK!

That means Monzo are helping 100,000 small business owners keep on top of their finances and can focus on doing what they love.

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NEW: Add payment protection when you send USD outside of the US

By Emma Potter

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50% off your first 3 months

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USINESSES IN CANADA AND THE US CAN NOW ACCEPT BANK DEBITS FROM CANADIAN CUSTOMERS IN MINUTES! Accept pre-authorised bank debits (also known

as PADs or ACSS) from Canadian customers for large or recurring charges to minimise payment failure and lower transaction costs. Mandate collection, customer notifications, and bank verification are han-

dled out-of-the-box! Reduce failed payments, automate mandates and verifications, lower transaction costs and maintain a single integration.

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By Angèle Lenglemetz

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a better way to pay later, wherever you use Monzo

By Leanne Kelsall

W

E’RE EXCITED TO SHARE SOME REALLY BIG NEWS...

Today we’re launching Monzo Flex.

There are already a few ways to spread the cost of purchases over time. But customers told us none of them quite hit the mark.

Why do you need to reapply every time?

Why do some of them only work at a few retailers? Why’s it so hard to find out how much credit you’ve been given? And why can’t you have more flexibility in how you pay back?

Lots of questions, and here’s our answer: Monzo Flex.

Get early access

A better way to pay later Monzo Flex lets you spread the cost of purchases over 3 months interest free, or over 6 or 12 months at 19% APR (variable).

You can use it pretty much anywhere you use Monzo online and in store, to pay for pretty much anything you want, over £30.

You’re not limited to a few places to spend.

And you can wind back the clock, by choosing to flex transactions you made in the last 2 weeks.

If you’re eligible, we’ll give you a pre-approved credit limit you only apply for once.

So no checks at check out. And you can flex as many payments as you like, as long as the total spend is within your limit – giving you confidence that you’ll never overspend.

Want to pay us back early? Sure, there’s no fee for that. If you want more time, you can edit your instalment plan to pay back over a longer period. And we don’t charge extra fees if you pay us back late.

OOD NEWS! WE HAVE IMPROVED THE EXPERIENCE OF SENDING US DOLLARS TO BANK ACCOUNTS THAT ARE DENOMINATED IN USD OUTSIDE THE US. USD IS SENT TO BANK ACCOUNTS OUTSIDE THE US VIA THE SWIFT PAYMENT NETWORK. THIS IS DIFFERENT FROM A REGULAR WISE TRANSFER AND, UNFORTUNATELY, IN SOME CASES THE TRANSFER HAS UNEXPECTED FEES, MEANING THAT THE RECEIVER SOMETIMES GETS LESS MONEY THAN SENT BY YOU. WE HAVE ACKNOWLEDGED THAT THIS IS NOT A GOOD EXPERIENCE AND WE NOW OFFER YOU A WAY TO PROTECT YOUR PAYMENT FROM THESE UNEXPECTED CHARGES. While we wish we could eliminate these fees entirely, we're trying to make it as transparent and cheap as we can for Wise customers.

Why is this happening?

Once we’ve approved you, using Flex is easy.

1. Buy something with Monzo.

2. Tap the transaction and choose to flex it.

3. Pick your instalment plan. We’ll take the first instalment straight away, and then monthly after that until you’ve paid it all off.

SWIFT is a cross-border payments network used by more than 11,000 banks across 200+ countries in the world. In a SWIFT transfer (also known as “Wire Transfer/Telegraphic Transfer), banks do not transfer funds to one another. Instead, a message called a payment order is generated from one bank to the other.

If our partner has a correspondent bank account with the receiver’s bank, then the transfer happens directly. Funds to the recipient are settled from the correspondent account of the sender’s bank.

However, SWIFT being such a huge network of banks, our partners don’t have a direct financial relationship and need to use an ‘intermediary bank’ to complete the transaction. In these cases, unless the payment is protected, the intermediary banks can charge a fee (usually $20-$50). Unfortunately, we don’t have any visibility about this fee before the transfer is sent out and then have no control over it.

Use Monzo Flex online and in...

How did we solve the problem?

Find out more

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Here’s what you’ll get Monzo Flex in 1,2,3