XU Biweekly - Issue 26 - 26 March 2022 by XU Magazine

Saturday 26 March 2022 | No. 26

XU Biweekly

THE PARTY IS ALMOST HERE

The independent news source for Xero users, by Xero users

XEROCON SYDNEY TICKETS NOW LIVE!

By Rachael Powell

’M THRILLED TO ANNOUNCE THAT XEROCON IS RETURNING TO AUSTRALIA THIS YEAR. OUR UNMISSABLE EVENT FOR CLOUD ACCOUNTING AND BOOKKEEPING LEADERS FROM ACROSS AUSTRALIA, NEW ZEALAND AND ASIA WILL BE HOSTED AT THE INTERNATIONAL CONVENTION CENTRE (ICC) ON DARLING HARBOUR, SYDNEY, ON 7-8 SEPTEMBER 2022.

host Australia’s next Xerocon two-and-ahalf long years ago at Xerocon Brisbane 2019. Since then, there’s been a lot of uncertainty around in-person events, which have been heavily impacted by restrictions and lockdowns. As a result, we’ve supported our partners virtually almost exclusively. While we’re grateful that technology has enabled us to connect with our...

We announced that Sydney would

Keep reading

Expense Management startup Cape raises $33.1m to simplify spending control systems & eliminate expense reports

EET CAPE, A NEW AU ST R A L I A N STARTUP THAT OFFERS AN EXPENSE MANAGEMENT PLATFORM ISSUING CORPORATE CHARGE CARDS, PRIMARILY FOCUSED ON HELPING THEIR BUSINESS CUSTOMERS SPEND SMARTER AND SAVE TIME AS OPPOSED TO GENERATING A QUICK BUCK FROM THEM.

Cape announced a $33.1m raise today, with funding from Aura Ventures, Investible, Scalare Partners, Mercury Capital and 15 business angels, including Stripe’s APAC Head of Startup practice, the founder of legaltech platform LegalVision & a handful of early Atlassian employees. Expense management is a famously frustrating area

of technology with broken processes that see employees continuously having to carry the burden of footing the bill for company purchases made on their personal card, usually because getting it through the corporate provided system is too much hassle. Many companies have...

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NOMINATIONS ARE OPEN

OMINATE A WOMAN TODAY, TO RECOGNISE THEIR ACHIEVEMENTS IN 2021. WHETHER IT'S A WOMAN YOU WORK WITH, A WOMAN WHO INSPIRES YOU, OR A WOMAN WHO HAS MENTORED YOU.

ISSUE 30 OUT NOW

We first launched the 'Women inAccounting' initiative on International Women's Day in 2018, as a way to honor and recognize women who are driving change and creating opportunities for the next

generation within the Accounting and Bookkeeping industry. Since then, we've had over 1500 nominations globally and shared the stories of our 200 winners to date, and we can't wait to do the same this year. This year, we're focusing on celebrating the unique and diverse stories of women in our industry, striving towards personal and professional progress.

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New Apps & Updates

2 XU Biweekly | No. 26

Annature announces global ID verification solution built on Stripe

Saturday 26 March 2022

FUNDING OPTIONS LAUNCHES DIGITAL-FIRST PLATFORM FOR ACCOUNTANTS TO BRIDGE FUNDING GAP FOR SMES AT SPEED

N A REMARKABLE FIRST, AUSTRALIA'S PREMIER ELECTRONIC SIGNATURE, ID VERIFICATION AND PAYMENT SOLUTION, ANNATURE, HAS TAKEN ITS ESIGNING PLATFORM TO THE NEXT LEVEL - ANNOUNCING A FULLY INTEGRATED IDENTITY (ID) VERIFICATION SOLUTION POWERED BY STRIPE.

Built for the digital age on a highly secure blockchain model, the feature rich Annature eSigning platform is recognised for more than digital signing capabilities. Its ISO 27001 data management accreditation provides peace of mind for thousands of customers worldwide. Previously, Annature has integrated Stripe Payment, Billing and Invoicing technology to easily accept subscription payments for its eSigning business growing at scale. Stripe is ideal for continued development...

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XU BIWEEKLY - No. 26 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 Creative Assistant: Hatty Morton

Funding Cloud: Connect enables accountants and advisors to manage and track finance offers for SME clients via a real-time fully integrated lending platform.

GL CORPORATE SOLUTIONS, AUSTRALIA'S LEADING PROVIDER OF SMSF ADMINISTRATION, PORTFOLIO ADMINISTRATION AND ASIC CORPORATE COMPLIANCE SOLUTIONS IS PROUD TO ANNOUNCE THE RELEASE OF COMPANY CONSTITUTIONS IN ITS CLOUDBASED ASIC CORPORATE COMPLIANCE AND TRUST MANAGEMENT SOFTWARE SOLUTION, CAS 360. "Another great achievement by the BGL team" said Ron Lesh, BGL’s Managing Director. “This was a highly requested feature and it's fantastic to have some of the industry’s...

This digital-first advisory platform matches SMEs with the best funding options on the market based on their eligibility and needs. Throughout the crisis, SMEs have relied heavily on their accountants to remain solvent, pivot their businesses...

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GREENHOUSE + APPOGEE HR

PPOGEE HR SOFTWARE SEAMLESSLY INTEGRATES WITH THE GREENHOUSE APPLICANT TRACKING SYSTEM (ATS) TO ENSURE YOU CAN SEAMLESSLY MOVE YOUR NEW STARTER INTO APPOGEE HR FORM GREENHOUSE. The hassle-free, 100% secure data transfer means

you don't need to waste time on manual data entry and can instead focus on onboarding your employee. The Greenhouse integration is available as part of Appogee HR Essentials and Appogee HR Success. Check out more information on what's included in these products via our Pricing...

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E’VE BEEN WORKING HARD TO BRING YOU THE NEW ‘FOLDERS ON INVOICES’ FUNCTIONALITY, WHICH WILL LET YOU INVOICE BASED ON THE FOLDERS YOU’VE CREATED ON YOUR QUOTES OR JOBS IN WORKFLOWMAX.

Today, we begin rolling out these significant enhancements to the invoice information page. We’re calling it ‘phase one’ and it’s a necessary release for us to be able to complete the full ‘Folders on invoices’ release later in April. This feature has been requested by many customers so we're super excited to share it with you! In order to display the folders on the invoice, we’ve re-written the invoice information page which will make development changes much easier in the future. We’ve also taken the opportunity to add in some time-saving changes to improve your workflows.Why we’re working on this As we mentioned in a blog about the design system last year, we're taking every opportunity to upgrade the design of WorkflowMax as we add new and improve existing features.

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 2014-2022. 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.

USINESS FINANCE MARKETPLACE, FUNDING OPTIONS HAS LAUNCHED FUNDING CLOUD: CONNECT, AN EXTENSION OF ITS FUNDING CLOUDTM PLATFORM, EXPANDING ITS OFFERING FOR INTERMEDIARIES - ACCOUNTANTS AND BUSINESS ADVISORS.

What’s included in this release

E ARE CONTINUALLY INCREASING WHAT CAN BE MAINTAINED IN FYI AND MINIMISING THE NEED TO JUMP BACK TO XERO PRACTICE MANAGER. WE ARE EXCITED TO INTRODUCE NEW WAYS OF MAINTAINING XERO PRACTICE MANAGER CLIENT AND JOB DATA IN FYI.

This first release is an update of the ‘Invoice Information’ tab, when you’re looking at the invoice details.

The page looks quite different, however, all the functionality is the same.

Updating partner and manager has been available at a job level for some time, and you can now update the partner and manager for your clients, either individually in the client workspace or as part of a bulk update. In addition to this, we have introduced the ability to create and maintain custom fields for both clients and jobs directly in FYI with your changes syncing back to XPM. This is completely optional – you can still maintain your data from Xero Practice Manager, but this gives you flexibility and avoids any sync delays, ensuring you have accurate client data instantly available for use by your team and your automations.

Everything you can do today will still be possible within the page’s new look and feel. In future, you’ll be able to do more in-line editing and deleting on your invoice without several clicks per action. You can still do all of the following: prepare invoices, view single and multi job invoices, view miscellaneous invoices, and manage your approved invoices. You’ll notice a few improvements too...

NEW XERO CONNECTED APPS! OMONO UK - An intuituve order management and inventory app for manufacturing, distribution and wholesale SMEs, with a suite of innovative tools to streamline workflow, boost sales and fulfilment.

ZERO CARBON UK - The intelligent Carbon dashboard shows the impact your business has on the climate, connecting to your expenditure data for precise Carbon footprinting. Your automated gateway to Net Zero.

News & Updates

4 XU Biweekly | No. 26

OnePageCRM Identifies Current Trends & Challenges for Small Businesses in a New Sales Insights Survey Report By Anastasia Chechkova

NEPAGECRM, AN ACTION-FOCUSED CRM FOR SMALL BUSINESSES, COMPILED RESULTS FROM THE SALES INSIGHTS SURVEY FOR SMALL BUSINESSES AND SUMMARIZED SALES TRENDS FOR 2022.

GL CORPORATE SOLUTIONS, AUSTRALIA'S LEADING PROVIDER OF SMSF ADMINISTRATION, PORTFOLIO ADMINISTRATION AND ASIC CORPORATE COMPLIANCE SOLUTIONS, IS PROUD TO ANNOUNCE IT HAS BEEN RECOGNISED AS BEST REGTECH SOLUTION IN THE FINTECH BREAKTHROUGH AWARDS 2022.

The survey was running in December 2021 and collected responses from 108 sales professionals and small business business...

"This is a sensational achievement by the BGL team. I could not be prouder of each and every one of them." said Ron Lesh, BGL’s Managing Director. “In just over 3 months, BGL has received industry recognition from FinTech Breakthrough Awards 2022 for Best RegTech Solution, Australian Enterprise Awards 2022 for Best Accounting Software...

Keep reading

Find out more

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Saturday 26 March 2022

XERO’S POSITION ON UKRAINE AND RUSSIA

ERO STRONGLY ADVOCATES FOR THE RESTORATION OF PEACE, AND WE RESPECT UKRAINE’S SOVEREIGNTY AND THE PROTECTION OF ITS PEOPLE. Xero extends its support to the people directly and indirectly affected by the invasion of Ukraine, including our customers, our people who are citizens of Ukraine, Russia and surrounding areas, those with family or personal connections, and all our people – who are affected in their own way. Xero does not have any suppliers, employees or

premises located in Ukraine or Russia but does have a very small number of small business customers based in both countries. For any Xero customers in or displaced from Ukraine facing financial challenges, we’re committed to listening to and supporting them. Our Customer Response Team can be contacted through Xero Central at any time and we will respond promptly to their request. In addition, Xero is establishing a Xero Give platform to give employees the opportunity to donate funds to help during the crisis. Xero will match employee

donations and the proceeds will go to two key agencies – Unicef and Medicines Sans Frontiers – selected because they are helping with humanitarian efforts. We also have several employees who are citizens of Ukraine and Russia and we continue to offer them any necessary support as part of our commitment to them. It is important to note, we are also offering support to our people and their families with personal connections to Ukraine and Russia through Xero’s Employee Assistance Program.

Despite pandemic disruption, the advisory industry is ready for growth

By Joseph Lyons

THE PAST TWO YEARS HAVE UNDOUBTEDLY TRANSFORMED THE WORLD OF ACCOUNTANCY AND TAX ADVISORS. IN THE DEPTHS OF PANDEMIC DISRUPTION, BOOKKEEPERS AND ACCOUNTANTS CONTINUED TO BE TRUSTED ADVISORS TO SMALL BUSINESS OWNERS ACROSS THE NATION. This vital support helped many to sur-

vive, and even thrive. However, amidst disruption and ongoing bumps in the road to recovery, how is the industry faring? Our new report ‘The state of the industry’ seeks to answer that question by exploring how the pandemic has shaped the industry today. Encouragingly, it reveals that despite persistent challenges, such as hiring talent...

Celebrating 10 years app-versaries By Nick Houldsworth

ERO HAS MORE THAN 1,000 CONNECTED APPS THAT HELP SMALL BUSINESSES AND THEIR ADVISORS SUCCEED. MANY OF OUR APP PARTNERS HAVE BEEN CONNECTED WITH XERO FOR MORE THAN 10 YEARS, AND WE’RE CELEBRATING A HANDFUL OF THOSE APPS EVERY QUARTER. READ MORE ABOUT OUR LATEST FOUR APP-VERSARIES BELOW.

We recently celebrated some major milestones for the Xero ecosystem, including launching the new Xero App Store and reaching over 1,000 connected apps in our ecosystem. As we kick off 2022, we’ll continue to shine a light on a collection of apps each quarter from...

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News

6 XU Biweekly | No. 26

PensionBee wins at the

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Saturday 26 March 2022

OR MORE THAN A DECADE, WE’VE GIVEN CUSTOMERS THE OPTION TO CONNECT THEIR BANK ACCOUNT TO XERO, SO THEIR TRANSACTION DATA AUTOMATICALLY FLOWS INTO OUR SOFTWARE. THESE BANK FEEDS HELP STREAMLINE RECONCILIATION AND OFFER BETTER VISIBILITY OF CASH FLOW, SO CUSTOMERS KNOW WHERE THEY STAND AND CAN MAKE MORE INFORMED DECISIONS ABOUT THEIR BUSINESS. However, some of the technology powering those bank feeds is complex, and recently we have had some issues which have impacted the reliability of our UK bank feeds. We obviously want to fix this, and fast. We have a lot of people working on this here in the UK, alongside our banking partners, integration partners, and colleagues at Xero HQ. Today, I wanted to share an update on our progress and a bit of context around why, on certain occasions, we still face some challenges in this area.

ENSIONBEE, THE LEADING ONLINE PENSION PROVIDER, TOOK HOME THE FINANCIAL INCLUSION AWARD AT THE FSTECH AWARDS 2022. The awards show, which took place on the 17th March 2022 in London, celebrates excellence and innovation within the UK and European financial services sector. It is hosted by FStech, a news website for the sector. PensionBee's achievement highlights their achievements in using technology to enhace the socially responsible aspects of its' business. This year the awards ceremony was hosted by comedian Holly Walsh at the London Marriott Hotel, Grosvenor Square.

Find out who else won

EXPANDING PARTNERSHIPS WITHIN THE US HISPANIC COMMUNITY

By Jackeline Velez

CCORDING TO RESEARCH FROM STANFORD UNIVERSITY, OVER THE LAST 10 YEARS, THE NUMBER OF HISPANIC BUSINESS OWNERS IN THE US GREW 44%, SHOWCASING HOW HISPANIC-OWNED SMALL BUSINESSES ARE ONE OF THE FASTEST-GROWING DEMOGRAPHICS IN THE US SMALL BUSINESS ECONOMY. Since launching our US Hispanic team in 2020, Xero is committed to helping develop Hispanic professionals in accounting and finance, and expanding its own pipeline of talent. To support these efforts, we are pleased to announce new collaborations with the Association of Latino Professionals For America (ALPFA), the United States Hispanic Chamber of Commerce (USHCC) and Negozee.

Deepening connections with the US Hispanic community

The transition to Open Banking

WHY YOU SHOULD BRING YOUR TEAM ALONG (IF YOU CAN) By Josh Thomson

OU WOULDN’T SEND YOUR FRIEND TO A MUSIC FESTIVAL AND ASK THEM TO REPORT BACK ON WHAT THEY ENJOYED. IT’S SOMETHING YOU NEED TO EXPERIENCE FOR YOURSELF. IN OUR OPINION, THE SAME CAN BE SAID ABOUT XEROCON. THE MORE MEMBERS OF YOUR TEAM THAT CAN ATTEND, THE MORE YOUR PRACTICE WILL BENEFIT FROM IT AS A WHOLE. But don’t take our word for it. We chat with Lauren Harvey, Chartered Management Accountant at Full Stop, who has attended no less than eight Xerocons. We want to find out what keeps her coming back, and the reasons she believes it’s important to bring as many team members along as possible.

Why you should come to Xerocon even if you’ve attended before

Open Banking was introduced to encourage competition in banking — giving everyone more choice, and greater control of their data. As a result, businesses can share their bank transaction data securely and electronically with companies, including Xero. No more drudgery filling in forms manually and waiting weeks for a connection. The move to Open Banking means businesses get a more accurate view of their finances, and stay in check with Making Tax Digital rules. In time, it will be transformational. But it has been far from painless, and the industry has experienced growing pains as we all adapt to the requirements.

A new way to connect with UK banks As a result of Open Banking, banks now have APIs available for regulated software providers like Xero, which allows us to access transaction data on behalf of customers, with their consent. This speeds up the process to connect your bank account to your Xero subscription, and means we can provide bank feeds at no extra cost. However, the change meant we needed to build connections to those APIs in a way that kept our customers’ data...

Celebrating 5 years of AccountancyManager!

CCOUNTANCYMANAGER CELEBRATED THEIR 5TH BIRTHDAY ON MARCH 8TH 2022. WE'VE TAKEN A LOOK AT THEIR HIGHLIGHTS FROM THEIR SOFTWARE, TEAM AND AWARDS CABINET.

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2017: AM launched at Accountex and won a SoftwareExcellence Award 2018: Customisation ability added, HMRC 64-8 Integration, SMS and Tax Payment Reminders - plus a Luca from the ICB! 2019: New team leaders, FreeAgent integration, an expanding Client Portal and another Luca! 2020: Set your own Target Dates, Xero and Quickbooks integrations and new Risk Assessments

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

By teaming up with ALPFA, the first national Latino professional association in the US, we look forward to strengthening their efforts around building Latino leaders and supporting the next generation of talent. We are working with...

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8 XU Biweekly | No. 26

Events & Webinars ACCOUNTEX LONDON RETURNS ON 11-12 MAY 2022

Saturday 26 March 2022

WATCH AN ON-DEMAND WEBINAR

XEROCON LONDON:

ANNOUNCING THE FIRST LINEUP By Ashleigh Gibson

N 20-21 JULY, 2,000 BOUNDARY PUSHING ACCOUNTANTS AND BOOKKEEPERS WILL CONGREGATE ON TOBACCO DOCK. IT’S AN UNMISSABLE EVENT FOR ANY PRACTICE LOOKING TO STAY AHEAD OF THE CURVE. We’re really excited to share our first lineup of speakers, events and app partners who will be at Xerocon London 2022.

Meet our speakers Steve Vamos – Chief Executive Officer In a must-see opening session, Steve will kick off Xerocon London by sharing his vision for Xero as we come together to celebrate, learn and plan for what’s next. From partner stories of innovation and agility through to tales of great effort and challenge of the past two years, Steve will take you through ways in which we are creating a small business platform that puts our accountants and bookkeepers at the centre of our efforts.

Rachael Powell – Chief Customer Officer The world of accounting and bookkeeping means tight deadlines and delivering on time to your clients every day. In this session, Rachael will discuss the latest trends on customer expectations and how Xero is investing to put you in the driver’s seat when it comes to getting the support you need, long before you ever know you need it.

Visitor registration is now open

ON-DEMAND NOW

By Caroline Hobden

CCOUNTEX, EUROPE’S DEFINITIVE EVENT FOR ACCOUNTANCY AND FINANCE PROFESSIONALS, RETURNS AFTER THREE YEARS. Accountex is returning to ExCeL London on the 11-12 May 2022 and we can’t wait to see the accounting and finance community back in person. The event attracts over 9,000 attendees across the two days as they look to meet 250+ global brands and cutting-edge start-ups

in the exhibition hall. Plus, there will be over 180 informative sessions about the tools, technology and ideas shaping the future of accounting in the CPD accredited education programme. Over the two days our attendees will have the opportunity to meet the teams from suppliers including Sage, TaxCalc, IRIS, Intuit QuickBooks and Xero who will be exhibiting alongside newer companies driving the accounting and finance...

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Anna Curzon – Chief Product Officer Accountants and bookkeepers have carried a heavy load in the past two years as they’ve helped small businesses navigate digital acceleration and shift business...

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Features

10 XU Biweekly | No. 26

Saturday 26 March 2022

HOW TO CREATE A WELLNESS PROGRAMME IN YOUR WORKPLACE By Fiona Adler - HR Partner

ANT TO INCREASE STAFF RETENTION AND ATTRACT TOP PLAYERS? A WELLNESS PROGRAM IS ALMOST ESSENTIAL. HERE’S HOW TO IMPLEMENT SOMETHING SIMPLE... As ‘The Great Resignation’ continues to dominate headlines, employees everywhere are re-evaluating the role of work in their lives. For many, work has become more than something they do simply for financial compensation. Instead, workplaces are being evaluated based on how they contribute overall to their employees’

work and personal life. The pandemic has also created many new health and wellbeing challenges, so employee wellbeing is something that EVERY company needs to address. So how can you implement a Workplace Wellness Program that actually works? You might think of gym memberships and fruit bowls, but there’s more to wellness than measures like these. A good wellness program involves creating and maintaining a sincere interest and commitment to helping employees lead healthy lives – both in their work, AND personal lives.

Steps to Creating a

Wellness Program

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Here are the broad steps to go through in creating a wellness program for your business…

1) Gain Management Commitment First and foremost, you need to seek management support for an employee wellness program. Communicate how wellness ties into the current strategic priorities and the company’s stated values. After appealing to their sense that ‘it’s the right thing to do’, back this up with more tangible benefits such as...

E HAVE BEEN WORKING 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.

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THE 5 STEPS TO SOLID FINANCIAL FOUNDATIONS

Is your VAT compliance up-to-date? There's a simple way to find out. Did you know, almost 60% of accounting files contain VAT-related errors? By Troy Brown - Xbert

S MAKING TAX DIGITAL DEADLINES LOOM – HOW MUCH TIME DO YOU SPEND CLEANING UP VAT ERRORS IN THE BOOKS (AND DO YOU CATCH THEM ALL)?

Every great business is built on rock-solid financial foundations. Without the right financial disciplines, a business will never fulfil its true potential. By Michael Ford - Castaway Forecasting

HERE ARE FIVE FINANCIAL DISCIPLINES THAT UNDERPIN THE MOST SUCCESSFUL BUSINESSES AND BUILDING DEPTH IN THESE IS WHAT REALLY MAKES A DIFFERENCE... It should come as no surprise that I’m a fan of forecasting. You’d hope so, given I’ve devoted close to 25 years of my life to the field. But even now, after all this time, I’m still enthralled by the transformative power of a great forecasting process. Every great business, no matter the size, the geography or the industry is built on rock-solid financial foundations. Without the right financial disciplines, a business will never fulfil its true potential. And given the SME sector employs over half of the world’s working population, that matters. That matters a huge amount. The global economy needs the SME sector to be robust, vibrant and, ultimately, successful. And as we’ve all seen time and time again, solid financial foundations give these SMEs the freedom, the clarity and the cashflow to be robust, vibrant and successful. It’s a simple equation, but I think it makes

sense. And it means we as a community of accountants, advisers and entrepreneurs are perfectly placed to make a difference. So what do solid financial foundations look like? There are 5 big pieces to the puzzle: • Commercial literacy • Performance visibility • Rolling forecasting • Aligned KPIs & metrics • Insightful analysis There’s no right order to these pieces. They’re more virtuously circular than logically linear. And while there’s no doubt being strong in any one of these areas is a positive, building depth in all 5 is what really makes a difference. It might be helpful here to dig a little deeper into each of these pieces, because there’s more to them than simple slogans.

Commercial literacy Think of this as the next step beyond financial literacy. Take a bunch of financial...

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A whopping 59.6% of Xero accounting files audited by XBert’s AI in the last quarter of 2021 contained VAT activity for a contact without a VAT number. What’s more, of the files analysed in the 12 months to January 2022: • 43% had bills without attachments over £250 • 21% had a business with incorrect VAT status. • 23% had bills with a cancelled supplier The April 2022 deadline is fast approaching for smaller VAT businesses – all 1.1 million of them – to meet the Making Tax Digital (MTD) requirements. Which means it’s more important than ever to ensure you and your team are rock solid in your capacity to deal with the new compliance measures

(and have complete confidence from your clients).

Maxing Tax Digital: Change Management There’s no denying the introduction of MTD brought a great opportunity for small business to streamline their accounting processes. The plan to digitise the tax system for VAT, is intended to make tax returns simpler and more efficient for everyone. However, like with any change – even positive – it comes with some change management. The new compliance measures associated with MTD have meant many small business owners have been required to leap from existing dated systems to paperless, cloud-based solutions. Part of the change management process for accountants and bookkeepers has been helping those small business clients with that process. In some cases, to also help them trust the security and accuracy of those online platforms. And

absolutely includes helping them see the monetary value/benefit of implementing these systems within their business. Clients need to see and feel the information is accurate, time saved and headaches avoided, in order to trust those new systems. Without the right tools in place, this can place extra strain on your workload as a bookkeeper. Keeping records and filing tax digitally opens up space for accountants and bookkeepers to utilise AI Audit to not only help with capacity management, but to supercharge their services. Of course, VAT status and the compliance associated with it, is one of the most obvious uses for using AI audit in your practice. However, its relevance extends far beyond that.

20 minutes saved on every quarterly tax prep Mae Kudzius, Bookkeeping Manager – Cloud specialist at Bray Chan Chartered...

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How disruptive tech solutions are benefitting small business By Sunil Nigam - ExpenseOnDemand

ITILISING THE RIGHT TECH TO HELP AUTOMATE PROCESSES IS CRITICAL FOR BOTH SURVIVAL AND PROFITABILITY FOR MILLIONS OF SMALL AND MEDIUM BUSINESSES AROUND THE GLOBE.

Whether you have 1,5 or 200 employees, it is now essential that you source the best tech solution to automate as much of your business as possible. As this technology is evolving it is inevitably disrupting more traditional business processes and established sectors. New banks are offering simpler, cheaper and quicker solutions for small businesses, accountancy software is always evolving to make managing your accounts and invoices much easier, cyber security solutions are helping owners keep data safe and GDPR compliant and expenses apps are making managing and monitoring staff expenses a simple and painless experience. The impact of the pandemic on our

working life caused a technological revolution that was bubbling away slowly, to explode as so many disruptive solutions which used to be ‘convenient’ pre-COVID have now become critical tools. Businesses simply cannot survive without Zoom calls, Slack chats, remote systems, cloud solutions and many other tech solutions. These are now a major part of our working day, and so many disruptive technologies have adapted quickly to the ‘new normal’. In the last 18 months, many services have advanced in what ordinarily would have taken years and this has made many business owners moving away from traditional methods and sourcing disruptive tech solutions to help them manage and grow their businesses. This March, ExpenseOnDemand is teaming up with the SME Club and the ICAEW to host a live seminar about how tech disruptors are helping small and medium business owners manage business processes and free up their time to focus on the im-

portant aspects of running their businesses. The seminar will cover many topics including how as technology continues to rapidly impact business processes, many firms will need to collaborate and offer open APIs to allow seamless integration and for multiple software’s to be able to talk to each other. This has already been happening across many sectors, such as FinTech for years as accounting, expenses and internet banks integrate to allow a completely coherent solution for businesses. 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 very own disruptive tech solution...

New Zealand clinic manages inventory with surgical precision

4 BENEFITS OF SIMPRO AND XERO FOR FIELD SERVICE MANAGEMENT Are you working with a field service client and feel like there is something missing from their overall business management?

By Anthony Cheam

T’S BECAUSE THERE ISN’T A CONNECTION BETWEEN THE SOFTWARE THEY USE TO RUN THEIR BUSINESS AND THE SOFTWARE THEY USE FOR ACCOUNTING PROCESSES. If this is the case, there are likely some underlying process inefficiencies which could then turn into profit loss. It’s important to remember that no matter how organised either the business operations side of your client’s company is run and how organised the accounting side of the business is, a link between the two is what will help take your client’s business to the next level. Luckily if you have clients working in the field service industry, they can reap the benefits of the integration between job management software simPRO and Xero.

Benefits of integrating simPRO and Xero 1) A truly end-to-end operations management software From invoices through to payments, Xero’s integration with simPRO enables your clients to have a single source of truth of their business. What does this mean? It means that both systems can collect data

and share that information between each other. Not only does this make it easier to keep track of all the financials moving in and out of a business, it also speeds up processes. And, because both software are cloud-based, the integration syncs changes from either software, to the other in real time. This keeps data up-to-date, so all stakeholders can know what’s happening wherever they are and whenever they need an update.

2) Streamline your accounts receivable An integration between simPRO and Xero allows your clients to create and send professional customer invoices in simPRO or in the field using simPRO Mobile. These can be seamlessly transferred to Xero for complete accounts receivable management. No more sending details back to the office and then having to wait another few days or a week for that information to be shared with the accounting software, the integration makes this process seamless. And, with a direct bank feed to Xero, bank reconciliation is a breeze. Customer payments made to your client’s bank accounts are linked to their matching sales...

Scalpels, sutures, and implants, oh my! With hundreds of stock items consumed each day, how do clinics track it all?

By Doria Kao

N THEIR FAST-PACED FACILITY, RODNEY SURGICAL CENTRE HAS DISCOVERED THE SECRET TO MANAGING A SMOOTH, STRUCTURED, AND TIDY CLINIC. Navigating the need for surgery is never easy, and when amplified by the turbulence of COVID-19, accessible and stress-free solutions are of paramount importance. In New Zealand, Rodney Surgical Centre (RSC) provides top quality medical services while

making them convenient and straightforward. RSC is a private surgical facility based in Warkworth, about 60 kilometres north of Auckland. As a day-stay hospital, patients are moved in and out efficiently, served by specialist doctors who travel to the clinic to operate. The space provides these specialist doctors who travel to the clinic to operate...

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ISSUE 30 OUT NOW!

FinTech News

12 XU Biweekly | No. 26

Curve USA is here!

XU Hub

HE WAIT IS ALMOST OVER... AFTER TWO AND A HALF YEARS (AND A LOT OF COFFEE), CURVE USA IS HERE!

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The latest news from all your favourite Xero connected apps Every fortnight XU Biweekly Quarterly XU Magazine

Airwallex partners with Choco Up to empower cross-border e-commerce

IRWALLEX, A GLOBAL FINTECH PLATFORM, TODAY ANNOUNCED ITS PARTNERSHIP WITH CHOCO UP, ASIA'S LEADING REVENUE-BASED FINANCING AND GROWTH PLATFORM, TO SUPPORT THE FUTURE GROWTH OF CROSS-BORDER ECOMMERCE. By combining Airwallex’s proprietary global payments infrastructure with Choco Up’s flexible recurring funding solutions, the partnership enables a comprehensive and integrated finance solution for e-com-

merce companies across Asia. Powered by Airwallex, Choco Up is able to offer a one of its kind, turnkey solution covering cross-border payments, collections, and growth funding, and addresses the needs that will enable e-commerce firms of all sizes to grow beyond geographical boundaries without financial constraints. Kai Wu, Greater China CEO at Airwallex said, "We are so pleased to have been...

EXPANDING PAYPAL’S MONEY SERVICES TO HELP UKRAINE HUMANITARIAN EFFORTS

IRWALLEX, A GLOBAL FINTECH PLATFORM, HAS BEEN NAMED 'BEST B2B PAYMENTS COMPANY' AT THE 2022 FINTECH BREAKTHROUGH AWARDS.

Over two million refugees have already crossed Ukraine’s borders seeking safety, many with limited possessions and documentation. In order to purchase the basic necessities, quick and easy access to money has become imperative for thousands of families. Revolut is enabling those who have crossed its borders to access their money by linking the app to their Ukrainian bank account, opening a corridor to give them access to money. Revolut is offering payment services to anyone fleeing Ukraine, providing access to additional currencies and savings mechanisms. The standard account has no monthly fee and can be used to send and receive money, as well as exchange currency. The Revolut card can be used anywhere in the EEA and Ukraine, with a limit of EUR 1,500 a day via outbound bank transfer and Revolut peer-to-peer. Friends and relatives already in Europe will also be able to transfer money to them quickly and securely. Standard plan fair usage limits apply. Setting up an e-money account in the EEA usually requires proof of a right to reside in Europe. With many of those displaced by the invasion unable to provide this due to a lack of documentation, we've eased this...

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REVOLUT LAUNCHES PAYMENT SERVICES FOR UKRAINIAN REFUGEES

ODAY WE'RE OFFERING PAYMENT SERVICES TO REFUGEES, REGARDLESS OF NATIONALITY, FLEEING UKRAINE FOLLOWING THE RUSSIAN INVASION. TO ENSURE INDIVIDUALS DISPLACED BY THE INVASION HAVE QUICK AND EASY ACCESS TO THEIR MONEY, WE'VE EASED MANY OF THE REQUIREMENTS NEEDED TO SET UP AN ACCOUNT AS WELL AS WAIVING A NUMBER OF FX AND TOP-UP FEES.

Curve is the new smart wallet that combines all of your debit and credit cards into one payment card through a simple app,. for the most rewarding way to pay. We’re excited to say we're now adding people to our Beta app. On the waitlist? You’ll hear from us soon. Not signed up yet?

Now’s your chance. All beta users will receive an additional 1% cashback on every purchase for the first 6 months. Yes, this is on top of the rewards you already receive on other cards - Curve adds extra cashback. This is a true team effort, with Curvers from all over the world working together to build something truly amazing. This is just the beginning.

The awards recognise the best fintech products, platforms and people around the globe: "The global COVID-19 pandemic drove an unprecedented shift in consumer and business behaviors – with a skyrocketing digital transformation across all industries. Consumers behavior included a rapid increase in the use of digital payment models and online product and service channels. For businesses, this digital revolution has also shifted how companies operate, with many accelerating investments in digital channels and related enablers in order to meet customer needs. This acceleration continues to drive fintech investment geared toward succeeding in the ‘new normal’. The 6th annual FinTech Breakthrough Awards program will recognize the breakthrough companies and products in the global financial services and technology industry today." Airwallex was built with a single purpose in mind – to create a world where all businesses can operate without borders and restrictions, and by doing so, propel the growth of the global digital economy. This awards acknowledges theircontinued achievement of this mission.

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S THE CRISIS IN UKRAINE DEEPENS, THERE IS AN EVER GROWING NEED TO HELP PEOPLE IN THE REGION ACCESS CRITICAL HUMANITARIAN FUNDS. PAYPAL IS ROLLING OUT AN EXPANSION OF ITS SERVICES AVAILABLE IN UKRAINE1 TO PROVIDE ITS CUSTOMERS WITH WAYS TO SEND MONEY QUICKLY AND SECURELY TO FRIENDS, FAMILY, AND LOVED ONES.

Services Now Available to Help Ukrainian Customers with Humanitarian Assistance Friends & Family P2P Payments: New and existing Ukrainian PayPal account holders will be able to send and receive peer-to-peer (P2P) payments from friends and family and to transfer funds from their Ukrainian PayPal Wallet to an eligible Mastercard or Visa debit or credit card. Transfer Funds from PayPal Wallet: Ukrainian customers who receive money from friends and family in their Ukrainian PayPal Wallet will be able to transfer these funds to their bank account by linking an eligible Mastercard or Visa debit card, or to an eligible Mastercard or Visa credit card. Waiving of PayPal’s Fees: In an effort to provide customers access to critical funds, PayPal will be temporarily waiving its own fees for customers sending funds to Ukrainian PayPal accounts or receiving funds into Ukrainian PayPal accounts. Xoom, PayPal’s international remittance service, is also waiving transaction fees for payments sent to recipients in Ukraine. Fees charged by a customer’s card issuer or bank may still apply.

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