XU Biweekly - Issue 33 - 2 July 2022

Saturday 02 July 2022 | No. 33

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

WISE'S FIRST RESULTS AS A PUBLIC COMPANY

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A note from Kristo Käärmann

N 2011 WISE WAS BORN. MY CO-FOUNDER TAAVET AND I SET OUT TO FIX BANKING FOR INTERNATIONAL PEOPLE. IN FACT, INTERNATIONAL BANKING DIDN’T REALLY EXIST. We knew people deserved better than hidden charges, marked-up exchange rates and slow transfers when their money crossed borders. They didn’t want trips to their bank branch and they didn’t want anxiety about where their money was when in transit.

So we started building the infrastructure to move money instantly, conveniently, transparently and working towards getting it closer to free. Fast-forward 11 years and we’re now moving 3.5% of all personal money that moves across borders. We’re really pleased to get this far – but there’s still 96.5% left to go. And we remain laser

focused on our mission and continue our fight against hidden fees.

What did we do in the last year?

We just released our first results as a public company.

You can read the financial deep dive here. But here are some of the highlights.

We lowered costs and dropped prices (even faster than expected!), our payments got faster, we developed more features for businesses and initiated more platform partnerships.

Today the Wise account lets you keep over 50 currencies in one place, and convert between them instantly — and with the Wise debit card you can spend anywhere. Next up our customers asked us to put their money to work. So last year we launched 'Assets' in the UK, so now they can...

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Starling Bank passes three million account milestone

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TARLING BANK HAS PASSED THE THREE MILLION CURRENT ACCOUNT MILESTONE, WHICH INCLUDES MORE THAN 460,000 SMALL BUSINESS ACCOUNTS. This milestone comes five years after the digital bank launched its Personal Current Accounts in May 2017, while its Business Current Accounts, which were minted in March 2018, now account for 8% of the UK SME banking market.

Helen Bierton, Chief Banking Officer at Starling Bank said: “Starling has

proven that technology can transform the banking experience and we’ve attracted millions of customers as a result.

Our technology platform was built to scale, so as we continue to launch industry-first products and features, we’re ready to onboard many more customers - and at pace.”

This milestone is the

latest in Starling’s growth, with data from the Current Account Switching Service revealing that Starling gained more net switches in 2021 than any other bank in the UK. In May 2022, Which?

Named Starling Banking Brand of the Year.

The bank also won Personal Current Account of the year for the fifth year running at this

years’ British Bank Awards as well as Children’s Financial Provider of the Year for its Kite children’s debit card service, which has an additional 67,000+ users.

In the Competition and Markets Authority’s most recent independent survey, Starling ranks No.1 for Overall Service Quality. It also ranks No.1 for Online and Mobile Banking Services for both its personal and small business accounts.

Find out more

Global fintech SumUp raises €590 million and celebrates 10 years of supporting small merchants S

UMUP THE FINANCIAL PARTNER FOR OVER 4 MILLION SMALL BUSINESSES WORLDWIDE, HAS RAISED A 590 MILLION EUR FUNDING ROUND THAT GIVES THE COMPANY AN ENTERPRISE VALUE OF 8 BILLION EUR FOLLOWING A DECADE OF RAPID GROWTH AND GLOBAL EXPANSION. The round was led by Bain Capital Tech Opportunities, with participation from funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners, among others. This latest round is a combination of debt and equity and brings SumUp's total capital raised to 1.5 billion EUR. SumUp was founded in 2012 to help small merchants

start, run and grow their business through a fair, easy, and reliable payment solution. Today, its financial services Super App provides merchants with a free business account and card, an online store, and an invoicing solution, as well as in-person and remote payments seamlessly integrated with SumUp’s proprietary card terminals and point-of-sale registers. More than 4 million businesses - from taxi drivers and coffee shop owners to large sports stadiums - trust SumUp to deliver when it matters.

SumUp’s team of over 3,000 people supports merchants in 35 countries worldwide, with Peru (launched in June 2022) being the company’s most recent new market. In...

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2 XU Biweekly | No. 33

New Apps & Updates

Saturday 02 July 2022

Expandly Feature Spotlight: HS Codes

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By Caitlin Moss

NTRODUCING OUR NEW HS CODE FUNCTIONALITY AND WHAT IT CAN DO FOR YOU.

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E WANTED TO UPDATE YOU ON CHANGES TO THE 90-DAY REAUTHENTICATION RULE FOR BANK FEEDS. Xero bank feeds streamline reconciliation and offer better visibility of cash flow.

However, we know how frustrating it’s been to have to re-authenticate your client’s bank feeds every 90 days. So last year, alongside others, we asked the Financial Conduct Authority

XU BIWEEKLY - No. 33 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 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.

(FCA) to change this rule.

The FCA has now updated it’s’ rules around the use of strong customer authentication for Open Banking connections. We are thrilled with this result, as once fully implemented this year, it will make things easier for you.

What’s happening?

The requirement to re-authenticate through the bank will no longer be in place later this year. Instead you will only need to re-confirm consent for bank feeds

to continue. This means you will no longer have to rely on your clients’ login credentials.

When will changes take place?

We are working closely with Tink, our Open Banking provider, who are making these changes with each bank to get a clearer idea of timelines. Once we know more, we will be in touch to ensure you have...

Find out more

JUNE 2022 AROFLO UPDATES

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ELCOME TO THE JUNE EDITION OF AROFLO'S NEWSLETTER: A MONTHLY ROUNDUP OF OUR RECENT PRODUCT ENHANCEMENTS AND UPDATES. Read on to learn about our recent highlights.

• New Feature: To-Do List • Materials: Change the stock location on Tasks, POs and Bills • Office: Notes update • Projects: Export Reports • Field: Purchase Order Supplier Selection • Field: Purchase Order Documents and Photos • AroFlo Fundraiser: Australia's Biggest Morning Tea • AroFlo Blog: Mikitani’s Rule of 3 and 10: How to know when hiring new staff will break your busi-

ness.

• What's in the pipeline?

If you'd like to understand a particular feature better, please consult our help documentation. If you require further support or training, submit a support request here.

As of this week, Expandly has made it possible for users to ensure customs authorities all over the world are able to identify the contents of their packages.

New functionality within Expandly allows you to add HS Code (Harmonized Commodity Description and Coding System) information to new and existing products, both individually and in bulk, and their variations to allow international shipments to be generated for your sales orders.

HS Code information ensures you correctly classify a product being shipped internationally to accurately calculate taxes and duties and apply any necessary restrictions.

In some carrier instances, HS Codes are a mandatory requirement when shipping internationality and you will be unable to generate shipments if the HS Code information is not applied to your products. If you don’t include an HS Code, you risk the receiver paying the wrong tax and it could even delay the shipment.

We have made it so you can view and edit this HS Code information at a product and sales order level in Expandly. Once configured, HS Code information will automatically appear on the sales order. You do have the option to add or edit HS Code details...

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Never forget the little things—set reminders with our new To-Do List feature Quickly create reminders on the go with the To-Do List.

Remind yourself to send a quote, make time to chat with a teammate, or maybe pick up that tool you left on site.

Find the To-Do List on...

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“Every year, our clients eagerly await the release

For those short on time, here is a quick recap:

New Features New Workflow Jobs give practices using an annual billing job set up in Xero Practice Manager a way to monitor and track their XPM Tasks in FYI. Get quick access to XPM tasks assigned to any XPM billing job, without leaving FYI. You can track workflow for each interim piece of work, and update budgets and job states on the fly, bulk update job details such as start date, due date or any custom fields, and even apply custom user roles to assign responsibilities and improve transparency.

There’s no need for double entry – all info is readily available in both FYI and XPM. Workflow Jobs can even be used in automations to help manage workloads and save you time. Auto-send outstanding work reminders, auto-create documents for job kick off, and a whole lot more!

Watch the webinar [Time Code: 17:55] for a deep-dive into this great new feature. Or visit our Help Centre to learn...

Find out more

NEW XERO CONNECTED APPS! MODLR

By Ben Clendon

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OLLOWING STRONG DEMAND FROM OUR US USER BASE, THE KEY HIGHLIGHT FOR MAY WAS ADDING OVER 24,000 US MUTUAL FUNDS TO OUR EVER-EXPANDING DATASET OF INVESTMENTS. WE ALSO RELEASED VARIOUS UX AND USABILITY IMPROVEMENTS AS NOTED BELOW.

UX / Usability improvements BGL CORPORATE SOLUTIONS, AUSTRALIA'S LEADING PROVIDER OF SELF-MANAGED S U P E R A N N U AT I O N FUND(SMSF), INVESTMENT PORTFOLIO AND COMPANY COMPLIANCE MANAGEMENT SOFTWARE, IS PROUD TO ANNOUNCE THE RELEASE OF THE 2022 SMSF ANNUAL TAX RETURN IN ITS SMSF ADMINISTRATION SOFTWARE SOLUTION, SIMPLE FUND 360.

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UR LATEST PRODUCT UPDATE INTRODUCES SOME EXCITING NEW FEATURES, WITH A SPOTLIGHT ON WORKFLOW JOBS, NEW SAMPLE AUTOMATIONS, NEW INTEGRATIONS, LEARNING RESOURCES, AND A LOOK AT OUR PRODUCT ROADMAP TO SEE WHAT’S ON THE HORIZON.

of the SMSF Tax Return” said Ron Lesh, BGL’s Managing Director. “By releasing this as early as possible, we hope to alleviate some of the pressure that comes with the end of the financial year, while ensuring our clients can get ahead of the competition at tax time."

Last week’s Simple Fund 360 release supports the 2022 SMSF Annual Tax Return with all the required supporting schedules and electronic lodgment through the...

• Migrated all Macquarie connections to our modernised mobile friendly connections screen • Completed a major update of the annual tax components form for Australian ETFs and managed funds • Made it easier to add cash accounts to empty portfolios • Expanded our new breadcrumbs to additional screens and improved the functionality on both mobile and desktop while also adding a new home icon to all breadcrumbs • Modernised the broker page for Marketech • Completed an overhaul of the opening balance file import • Introduced consistency across all report page headers • Updated styling on the portfolio settings...

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GLOBAL - Financial planning and analysis software that enables enterprise-wide collaboration, proving an evolving range of solutions to improve business processes. Streamline reporting, forecasting and more.

LANDLORD STUDIO GLOBAL - A cloud-based property management and financial tracking software, bringing together your properties, leases, accounts, tenants and more. Save time with task automation, bank feeds and smart scan receipts.

MMC RECEIPT GLOBAL - A document capturing app that captures and processes all of your receipts, bills and bank statements using OCR, machine learning and human checks to take the hassle out of data entry.

CASHFLOWNAV AU & NZ - Save time by delivering the most important financial figures for your business. Sort cashflows, set trajectory for growth and see key insights on your business's cash flow.

News & Updates

4 XU Biweekly | No. 33

Wolters Kluwer Tax & Accounting announces a new collaboration in Australia to provide accounting firms content through the BOMA digital marketing platform Award-winning CCH iQ premium content library will now be accessible through BOMA with exclusive content for accounting firms

By Pippa McDonald

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OLTERS KLUWER TAX & ACCOUNTING ASIA PACIFIC A LEADING PROVIDER OF EXPERT SOLUTIONS THAT COMBINE DEEP DOMAIN KNOWLEDGE AND LOCAL EXPERTISE WITH ADVANCED TECHNOLOGY AND SERVICES TO HELP TAX, ACCOUNTING, AUDIT, AND FINANCE PROFESSIONALS MAKE CRITICAL DECISIONS EVERY DAY TODAY, ANNOUNCED ITS NEW COLLABORATION WITH BOMA.

Together, Wolters Kluwer and BOMA will deliver a toolkit that allows firms to provide real-time business advisory and accounting marketing content to their respective clients. The Wolters Kluwer CCH iQ research library will now be available on BOMA’s marketing platform, specifically designed for accountants and bookkeepers.

The Wolters Kluwer award-winning CCH iQ premium library scales from small firms to multinational businesses. It supports accounting firms, bookkeeping professionals and their clients by highlighting issues that may affect their business and giving them a head start on actionable topics. The trusted content, written by CCH Tax experts, differentiates accounting firms as they access deep industry insights and thought leadership — helping to create business mentoring opportunities for their clients and to grow their business as well.

As an industry resource, the CCH iQ platform has built a reputation for delivering exceptional outcomes for accountants. It offers a seamless integration of resources to help professionals in the tax, accounting, audit, finance and...

Comma and KeyPay partner to launch the world's first open banking payroll system

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NTERNATIONAL PAYROLL AND WORKFORCE MANAGEMENT PLATFORM KEYPAY HAS PARTNERED WITH INTEGRATED BANK PAYMENTS SOLUTION COMMA TO PROVIDE USERS WITH THE WORLD'S FIRST OPEN BANKING PAYROLL SYSTEM.

BY EMBEDDING AN OPEN BANKING PAYMENT JOURNEY, KEYPAY ARE ABLE TO OFFER A FULL END-TO-END PAYROLL AND WORKFORCE MANAGEMENT SOLUTION TO USERS WHICH IS IMMEDIATELY ACCESSIBLE AND TAILORED TO THE BUSINESS NEEDS.

What is KeyPay? KeyPay is an all-in-one, cloud-based payroll system serving over 750 partners globally across Australia, New Zealand, the United Kingdom, Malaysia and Singapore.

The platform streamlines workforce management and payroll processes for accountants, bookkeepers and bureaus focussing on accuracy, automation and visibility.

Find out more

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What’s next for Xero’s STP Phase 2 roll out

By Anthony Jones

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HANGES ARE ON THE HORIZON FOR SINGLE TOUCH PAYROLL (STP) PHASE 2, THE NEXT STAGE OF THE STP JOURNEY. THIS WILL SEE AUSTRALIAN BUSINESSES BUILD ON THEIR EXISTING REPORTING TO SHARE MORE INFORMATION EACH PAY CYCLE. To help you make the transition, Xero is rolling out these changes in three stages ahead of our deferral deadline later this year, with the majority of updates available from August.

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GL CORPORATE SOLUTIONS, AUSTRALIA'S LEADING PROVIDER OF SELF-MANAGED SUPERANNUATION FUND (SMSF), INVESTMENT PORTFOLIO AND COMPANY COMPLIANCE MANAGEMENT SOFTWARE, IS PROUD TO ANNOUNCE IT HAS BEEN RECOGNISED AS AN ACCREDITED MENTAL HEALTH FIRST AID SKILLED WORKPLACE. BGL is 1 of 165 organisations across Australia recognised as part of the Mental Health First Aid Australia Skilled Workplace Program, which was first introduced in 2018. The program aims to inspire positive change and celebrates organisations driving mental health literacy and competency skills.

“This is a great achievement” said Ron Lesh, BGL’s Managing Director. “Our people work tirelessly to provide...

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Preno Announces the Opening of London Office

By Amelia Gain

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RENO HAS BEEN GROWING STEADILY OVER THE PAST FEW YEARS, AND WE’VE BEEN WORKING HARD TO MAKE SURE OUR NEXT BIG MOVE WAS A VALUABLE ONE, FOR BOTH OUR CUSTOMERS AND OUR TEAM MEMBERS.

With that in mind, we’re pleased to announce that Preno is growing the team and opening a new office, based in London, England.

Until now, our staff have worked tirelessly to facilitate the time difference in order to be able to onboard our international hoteliers with the same passion and care that our local customers have had access to. As a...

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Saturday 02 July 2022

FATHOM PARTNERS WITH ACCA UK TO HELP SHAPE THE FUTURE OF ACCOUNTING

By Darren Glenville

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E'RE PROUD TO ANNOUNCE THAT FATHOM HAS PARTNERED WITH THE ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA) UK TO HELP ITS MEMBERS SHAPE THE FUTURE OF THE ACCOUNTING PROFESSION. As a global community of 233,000 members based in 178 countries, ACCA is committed to the highest professional and ethical values. This partnership with ACCA UK is a natural fit for Fathom as we endeavour to provide confidence to accountants and SMEs by giving them clarity into their clients' businesses.

Glenn Collins, Interim Head of ACCA UK, touched on the power of timely reporting and the essential role forecasting now plays for all businesses.

“It is vital for economic growth and prosperity, or even survival, as the figures are always at the heart of business decision making”, he said.

“Understanding the numbers and how they relate to performance is essential in these turbulent times.”

ACCA members will benefit from access to Fathom’s powerfully simple reporting platform. By accessing deeper insights, accountants are able to help businesses make more informed decisions.

Find out more

Unlock your firm’s advisory potential 65% of businesses rely on their accountant for advice about finance, growth, cashflow and planning INTRODUCING CAPITALISE

The platform that empowers you to advise and give your clients access to business performance insights, credit improvement, debt recovery and funding

Discover a healthier way to do business Get 50% off for 3 months† Visit capitalise.com/gb/attend-consultation-XU *Censuswide poll of 500 small businesses, December 2021 †T&Cs apply

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6 XU Biweekly | No. 33

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Is Common Sense Chaser shortlisted for Best Use of So Common?

Technology at Credit Awards 2022

By Ledgersync

By Sonia Dorais

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S OF JUNE 13 2022 WE OFFICIALLY ENTERED A "BEAR MARKET" AS THE S&P INDEX HAS TUMBLED MORE THAN 20% FROM THE ALL TIME HIGHS. SINCE 1945, ABOUT 70% OF ALL BEAR MARKETS IS EITHER CAUSED OR LEADS DIRECTLY INTO A RECESSION WHICH MAKES ME THINK OF TWO WORDS “COST CUTTING”.

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Any whiff of any form of a slow down automatically trigger every business and consumer into tightening their wallets. Yet, at the same time as business owners we are expected to maintain the same level of service while somehow magically manage with less incoming revenue. As always the first place to look for cost cutting is at "people costs" since this is typically the highest essential cost after expenses such as office and equipment.

However, I want to challenge this typical boom and bust theory of hiring people when the economy is good and letting people go when the economy slows down. My thoughts are that if a company has to let people go when the economy slows down, I feel...

The Credit Awards recognise key achievements

E ARE PROUD TO ANNOUNCE THAT CHASER HAS BEEN SHORTLISTED AS A FINALIST FOR BEST USE OF TECHNOLOGY AT THE CREDIT AWARDS 2022.

of the most deserving organisations in the international credit industry. At Chaser, we are honoured to have our work recognised in the category Best Use of Technology.

Being shortlisted for this award recognises the efforts of the Chaser team in helping businesses around the

world get invoices paid faster and improve their cash flow, with end-to-end accounts receivables automation.

End-to-end accounts receivables automation in Chaser lets businesses credit check, monitor...

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BGL CORPORATE SOLUTIONS, AUSTRALIA'S LEADING PROVIDER OF SELF-MANAGED SUPERANNUATION FUND (SMSF), INVESTMENT PORTFOLIO AND COMPANY COMPLIANCE MANAGEMENT SOFTWARE, IS PROUD TO CELEBRATE THE 1ST BIRTHDAY OF SIMPLE INVEST 360, THEIR WORLD-FIRST END-TO-END INVESTMENT PORTFOLIO SOFTWARE SOLUTION.

This milestone comes just 1 week after the Simple Invest360 release of electronic lodgment for the 2022 Trust Tax Return, and 2 weeks since the release of electronic lodgment of the 2021 Trust Tax Return.

“I’m incredibly proud of the BGLTeam and what they have achieved over the past 12 months” said Ron Lesh, BGL’s Managing Director. “Before we launched Simple Invest 360 on 15 June 2021, an immense amount of time was invested in writing specs, coding, testing and working closely with our BETA clients to ensure we released a sensational new product to market. Now, we have over 400 clients actively managing over 2,500 entities on the platform. And it is just the...

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10 questions you should ask your advisor this tax season

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ERO PARTNER AND ACCOUNTANT ANDREW VAN DE BEEK OF ILLUMIN8 SHARES 10 QUESTIONS EVERY SMALL BUSINESS SHOULD ASK THEIR ADVISOR THIS TAX SEASON (AND BEYOND).

months – all so you can set yourself up for a strong year ahead.

When it comes to tax time, small business owners (perhaps, yourself included) typically have a lot of questions for us advisors. But sometimes, knowing what to ask – or even how to ask it – can be a challenge. So in the lead up to end of financial year (EOFY), I’ll assess the topics I know are front of mind for clients and predict any other queries that are likely to pop up throughout FY23.

Below is my latest roundup. Take what you need from this list to work together with your advisor in order to nail tax time and the coming

Since the pandemic’s arrival, change has become the new norm for many small businesses. But unlike last EOFY, we’re not all laser-focused on COVID-19. Instead,

1. “What’s different about this EOFY compared to previous years?”

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

SPOTTED ON LINKEDIN

several global and local crises are also dominating the news. It’s a good idea to chat to your advisor about how these events impact the economy, and in turn, your business. Just remember to take a balanced perspective; your advisor will likely assure you that amidst the turbulence lies opportunities for growth, innovation and connection.

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Events & Webinars

PLAN YOUR DAY AT XEROCON LONDON 2022

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Saturday 02 July 2022

UPCOMING EVENTS

LAN YOUR DAYS AT XEROCON, 20–21 JULY. IT’S A CONFERENCE UNLIKE ANY OTHER, WITH ENDLESS OPPORTUNITIES AND EXPERIENCES.

At day 1 of Xerocon London you'll be welcomed by CEO, Steve Vamos, taken through essential housekeeping by comedian Sue Perkins, hear from several members of the Xero team and Xerocons special guests. You can choose from four breakout sessions across the afternoon, and finish the day off by attending one of the after-con parties.

Day 2 will follow a similar agenda, with a sponsored session from business expense solution Pleo.

Check out the full agenda

Xero South Africa Roadshow 2022

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E’VE ALL MISSED MEETING IN PERSON, SO IT WAS GREAT TO FINALLY SEE OUR COMMUNITY COME TOGETHER AND HEAR FROM SOME AMAZING SPEAKERS. Get the lowdown on how this years Roadshow unfolded in their recap video above.

MEET XU AT EVERY XEROCON THIS YEAR! LOOK OUT FOR THE GUYS IN PINK

VISITOR REGISTRATION OPEN

L Speaker Announcement For Xerocon New Orleans

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E ARE EXCITED TO ANNOUNCE THAT BUSINESS POWERHOUSE INDRA NOOYI WILL JOIN US AT #XEROCON TO SHARE HER UNPARALLELED INSIGHTS AND EMPOWERING MESSAGES ON LEADERSHIP, INCLUSIVITY AND CHANGE.

ally renowned for leading the company through a decade of tremendous growth and change.

Join us in New Orleans on August 24 - 25, the unmissable event for cloud accounting leaders from across the United States and Canada.

Indra is the Former Chief Executive Officer and Chairman of PepsiCo and is glob-

Find out more

SPAIN’S MAJOR NEW EXHIBITION FOR ACCOUNTING AND FINANCE PROFESSIONALS HAS TODAY ANNOUNCED THAT VISITOR REGISTRATION IS NOW OPEN. ACCOUNTEX SPAIN, THE LATEST ADDITION TO THE DIVERSIFIED ACCOUNTEX PORTFOLIO, WILL TAKE PLACE AT IFEMA MADRID, ON 3-4 NOVEMBER 2022.

This highly anticipated launch event will feature over 100 brands displaying the latest products and services for finance professionals – from expense management to cyber security, mobile apps, data entry, payroll, and more. Accounting professionals, including bookkeepers, credit controllers, finance directors, finance managers, tax specialists, IT directors, payroll managers, sole practitioners, tax accountants and senior partners are encouraged to register for a free ticket to the first exhibition and conference of its kind in Spain.

Accountex Spain’s event manager, Cristina Claveria says: “Attending Accountex Spain is a great opportunity to see what new software and services are on the market and get bespoke demonstrations of how they can be utilised for your business.

The landscape of accounting is always evolving, so the show is the perfect place to keep up to date and learn from the leading specialists

and solution providers in the sector. Now with free registration open, we can’t wait to welcome our visitors to their industry event!”

Leading brands driving the accountant and finance world forward, including Sage, Wolters Kluwer, Adaral, ADISS, Anfix, Bicert, BIT24, Banqup & Unifiedpost Group, Cai Sistemas Informáticos, CE Consulting, Centro de Innovación de Despachos Profesionales, Conchi Sancar Consultoría Digital, CryptoTaxCalculator, Diez Software, DreamAudit & e-Circu by Gest On Line, Findity, GEYCE Software, Holded, Lefebvre, Método Consolida, Quantum Economics, Quantyca Ubyquo, Quipu, Software DELSOL, Tax.es, Trinios, and Visma & yuki have been confirmed to join the launch event.

The show is also supported by leading associations FETTAF Federación Española de Asociaciones Profesionales de Técnicos Tributarios y Asesores Fiscales, ICAC Instituto de Contabilidad y Auditoría de Cuentas, AECEM Asociación Española de Consultores de Empresas, CEAJE Confederación Española de Jóvenes Empresarios, ACCA Western Europe, Consejo General de Economistas, Consejo General de, and Colegios Oficiales de Graduados Sociales de España.

As well as a central...

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WATCH A FREE WEBINAR ON THE XU HUB!

Xerocon London Final Keynote Speakers

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E'RE EXCITED TO ANNOUNCE OUR FINAL KEYNOTE SPEAKERS FOR #XEROCON LONDON! Dragon's Den star Deborah Meaden, Champion footballer Fara W., much-loved British comedian Sue Perkins, and happiness consultant Samantha Clarke.

They will join the Xero leadership team to complete an all start cast on the Xerocon main stage.

With two jam-packed days it's impossible to see everything, so start planning your schedule now.

Check out the full agenda here

Features

10 XU Biweekly | No. 33

EMBRACE THE FUTURE BY ADDING APPROVAL AUTOMATION TO YOUR ACCOUNTING APP STACK WITH APPROVALMAX

Saturday 02 July 2022

The independent magazine for Xero users, by Xero users

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In March, Xero's 'State of the Industry' report released a series of figures supporting the move to digital accounting tools.

In fact, 94% of study respondents reported that the adoption of digital tools to augment their tech stack has resulted in notable benefits, such as

time-saving and efficiency improvements and better client relationships.

And within tech adoption, it’s no secret that cloudbased accounting software has quickly become the gold standard for financial professionals. You’re probably well on your way to curating a carefully thought-out tech stack that complements your business and helps your finance team move ahead. So how far ahead of the curve are you? And what could you be implementing next to supercharge your tech stack?

The answer? Approval automation.

At ApprovalMax, we specialise in automating approval processes for your accounts payable and accounts receivable. If you’re looking for a simple solution to streamline processes for your financial documents, tighten up on your spend control, and accelerate your automation journey, then ApprovalMax could be for you.

What is ApprovalMax, and how can automated approvals benefit your finance team or

31

magazine

By Konstantin Bredyuk T’S NEVER BEEN EASIER TO ADOPT NEW TECHNOLOGIES AND ADAPT YOUR PROCESSES – AUTOMATED APPROVAL PROCESSES COULD BE YOUR SECRET WEAPON...

ISSUE

clients?

So you’ve adopted Xero, and you’re nearly ready to start using approval automation – the benefits of time-saving, traceability, ease of use, and one universal approval system that’s easy to understand sound so appealing!

Chasing approvals has to be one of the most time-consuming, frustrating tasks for finance professionals, so how do you revamp your approval process, and where should you start?

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COVER STORY

Don’t get left behind Supercharge your Xero tech stack with approval automation PLUS LOA DS MORE FRO M

ISSN 2054-7226

Xero

31

Connected Apps

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TUTORIALS CASE STUDIES INTERVIEWS NEW APPS NEW RELEASES

SELF-CARE FOR SMALL BUSINESS Updates from Xero, what we’ve OWNERS AND HOW TO FIND been working on...

SUPPORT WHEN YOU NEED IT E R

By Steve Vamos

XPANDING OUR GLOBAL LEADERSHIP TEAM

By Tim Hoopmann

ECENTLY SPOKE AT ACCOUNTING BUSINESS EXPO IN SYDNEY TO MANY SMALL BUSINESS OWNERS ABOUT SELF-CARE AND HOW TO SEEK HELP WHEN YOU ARE FEELING THE STRESS AND PRESSURE OF RUNNING YOUR BUSINESS. AS SMALL BUSINESS OWNERS WE OFTEN PUT OURSELVES LAST AND FOCUS ON SUPPORTING OUR TEAMS, CUSTOMERS, AND SUPPLIERS. WHILE SUPPORTING OTHERS IS GREAT, IT OVERLOOKS THE IMPORTANCE OF TAKING CARE OF OUR MENTAL HEALTH, SO WE ARE THEN ABLE TO BE OUR BEST AT WORK AND SUPPORT THOSE AROUND US.

Over the past two years small business owners have endured many challenges. They are having to take extreme measures to stay afloat as coronavirus keeps their customers away. They are running on “empty” as ongoing coronavirus uncertainty takes a toll on mental health. They feel the “new normal” is anything but, with many now navigating a multi-speed operating environment. These challenges and feelings are real and add to the already long list of challenges faced by small business owners.

Small business owners, whether they are micro, small, or sole operator based are all reporting high levels of phycological distress. Up to 36% of these owners have reported much higher levels of distress than in prior years. This can result in health-related productivity losses with people often absent from work or working despite a health-related problem.

The past two years have highlighted the importance of self-care and how it is vital to your mental health and the overall success of your business. When we are mentally healthy and make wellness a key part of our small business, we ensure the success of our business.

In March 2021 Beyond Blue in Australia launched a mental health coaching program to support small business owners across Australia. The free NewAccess for Small Business Owners is a six-week program that offers support by trained mental health coaches who have a background in small business. The program is delivered via telehealth to small business owners experiencing stress and worries, and coaches, who...

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We’ve expanded our executive leadership team with the appointment of Chris O’Neill to the role of Chief Growth Officer, Jugdip Bath (Jug) as EGM Product Engineering and Hamish Cook as VP Product. Based in the US, these senior appointments strengthen our talent and experience in North America, and bring new product capabilities to meet the needs of customers and partners globally.

Reporting to Xero CEO Steve Vamos, Chris O’Neill is based in San Francisco and responsible for the strategic direction and operational performance of Xero’s newly-created Applications & Services division, which represents part of Xero’s small business platform.

The Applications & Services division comprises a number of Xero’s existing businesses, including recent acquisitions that are an increasing area of growth and of strategic significance for Xero.

Chris will also lead the strategic development of Xero in the Americas - including US and Canada working closely with Xero President Americas, Tony Ward. Chris joins Xero having served as a senior executive, board member and investor for a number of global technology companies, including Google and Evernote. He also has deep leadership experience in global and North American consumer and enterprise

markets.

Jug Bath joins Xero to strengthen our engineering leadership team, following many years’ experience in SaaS and cloud product development leadership roles. He is skilled at building organisations for scale and operational excellence, including a track record of delivering new and innovative products to market.

Jug joins Xero from Chegg Learning Services (NYSElisted academic student hub), and prior to this held senior engineering roles at ADP, Citrix and Intuit. He lives in the San Francisco Bay Area with his wife and two daughters.

Hamish Cook is based in Atlanta and joins Xero from

VMWare, where he led product management and design for VMware Tanzu lab, helping companies such as Boeing, JPMorgan Chase, and Ford Motor Company design, build and run software delivery labs and product management organisations. Hamish is originally from New Zealand and has over 20 years’ experience in product management across FMCG and tech businesses.

He will play a vital role in Xero’s product leadership and Americas leadership teams.

Announcing our new partnership with FIFA Women’s Football Xero has been named...

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Fintech News

XU Biweekly | No. 33

XU MAGAZINE IS CPD CERTIFIED

FOLLOW OUR SISTER PUBLICATION... @xumagazine

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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.

THE PLEO PARTNER PORTAL HAS HAD A GLOW UP

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What’s in the portal?

• Easy client onboarding (and easy access to those clients) • Team invites • Detailed client overview • Resources (Help) • Speedy customer support We’re all about making your life simpler. That’s why the all-new Clients page in the portal gives you a clear, holistic overview of which clients to work on in Pleo. Get your hands on all the data you need directly from the Client view, instead of needing to click into every client's page on the Portal and dig even further into their Pleo account. That's right, you can wear all your accounting hats at the drop of a hat.

What’s new?

• Easier client and task management • Move data around missing receipts • See how many expenses are ready...

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By Kirsty Daniel

T

@XU Magazine

It’s the first of its kind, with a Dichroic film, to shine in every shade! But it's not around forever though, we’ve only got limited stash to give away.

Read how you can secure it’s space in your wallet.

An industry first: UEFA Women’s EURO gets its own Fantasy Football game

By Grace Wilson

S

TARLING BANK TODAY LAUNCHES THE FIRST EVER FANTASY FOOTBALL GAME FOR THE UEFA WOMEN’S EURO AHEAD OF THE OFFICIAL TOURNAMENT KICK OFF ON WEDNESDAY 6TH JULY.

HE PLEO PARTNER PORTAL IS DESIGNED TO HELP YOU ONBOARD AND MANAGE YOUR CLIENTS ALL IN ONE PLACE. READY FOR A WORLD OF LESS PAPERWORK AND MORE INFORMATION AT YOUR FINGERTIPS? YEP, WITH PLEO YOU CAN WAVE GOODBYE TO LOST RECEIPTS WREAKING HAVOC ON YOUR ACCOUNTING AND SAY HELLO TO A WORLD OF EASIER CLIENT MANAGEMENT.

Shine in every shade, JUNE 2022: WHAT'S NEW FROM REVOLUT BUSINESS with Chromatic

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The game has been developed by the tournament’s national banking partner to broaden representation for Women’s football, which has limited Fantasy Football games and has never had one for the UEFA Women’s EURO. All major Men’s football tournaments have Fantasy counterparts and more than eight million people play the Men’s Fantasy Premier League.

Nearly two-thirds (63%) of people in the UK believe Women’s football should have the same exposure as Men’s football, including the ability to be represented in Fantasy Football leagues, research suggests. One in five people say they would play Fantasy Football linked to a women’s tournament.

Rachel Yankey, the first woman in the UK to become a professional footballer, launched the industry-first Fantasy Football game. Starling Bank, the first bank in the UK to be founded by a woman, has also partnered with Women’s football experts Girls on the Ball, who will be providing regular match analysis to inform players’ Fantasy teams.

By providing expert analysis on the 16 Women’s teams in the UEFA Women’s...

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Saturday 02 July 2022 11

HERE’S A NEW CARD ON THE BLOCK. OUR LATEST LIMITED EDITION CHROMATIC CARD, RADIATES AND SHIMMERS LIKE NO OTHER.

Upgrade for the exclusive card and added perks!

J

UNE MEANS WARMER, LONGER DAYS, AND OF COURSE, NEW UPDATES TO REVOLUT BUSINESS THAT’LL KEEP YOU BUSY WHILE SUMMER ROLLS IN.

So rather than keep you in the dark, we’re shining a light on all that’s been happening at Revolut Business this month. From easier ways to assign cards to improved bulk payments and lightning-fast QR login for web, there’s lots to explore. Grab your shades, these updates are bright!

Select a new plan for your account that suits your lifestyle. Start getting more from your money every day!

Get Chromatic, while you can Find out more

Assign your whole team cards in a click

TANDEM BANK ANNOUNCES APPOINTMENT OF PAUL PESTER AS NON-EXECUTIVE DIRECTOR AND CHAIR-DESIGNATE

Whether your team’s already using Revolut Business or you’re inviting new joiners, assigning everyone their own card is a simple one-step process. Just type emails one by one, or paste a list of them – and you’re done. While you’re at it, set their permissions and spend controls in the same step.

P

AUL BRINGS A DEPTH OF EXPERIENCE FROM HAVING HELD SENIOR POSITIONS AT VIRGIN MONEY, TSB, LLOYDS BANK AND SANTANDER. Following a wide-ranging external search process, Tandem Bank has announced the appointmentof Paul Pester as a non-executive director and Chair-designate, subject to regulatory approval.

Through investment led by Pollen Street Capital, Tandem – one of the UK’s original digital challenger banks – has been transformed by the acquisition of leading digital consumer lender Oplo in January this year, and its acquisition of green consumer finance lender Allium Money in 2020.

These acquisitions have accelerated the potential and ambition of Tandem into a profitable, growing, purpose-led digital bank with £1.4 billion of total assets, including £915 million incustomer deposits...

Find out more

See all your card settings in one place One menu for all your card settings – you asked, we delivered. View and edit your card settings, track delivery, and view your recent transactions all in the same intuitive menu.

Go big with bulk payments Bulk payments are now ten times bigger and better than before! Instead of 100, you can now easily make up to 1,000 transfers in each bulk payment.

Keep reading

FinTech News

12 XU Biweekly | No. 33

GoCardless launches two open banking features in Germany, offering instant one-off payments and fraud prevention

By Frankie Jones

G

OCARDLESS, A LEADING FINTECH IN DIRECT BANK PAYMENT SOLUTIONS, HAS TODAY LAUNCHED TWO OPEN BANKING FEATURES IN GERMANY THROUGH THE INTRODUCTION OF INSTANT BANK PAY AND VERIFIED MANDATES.

Instant Bank Pay

merchants to take instant, one-off account-to-account payments from new and existing customers while still reaping the benefits of bank debit for their recurring payments. The open banking feature represents a new breed of instant payments in Germany and addresses an issue that is particularly...

Instant Bank Pay allows

Keep reading

Saturday 02 July 2022

Meet Pleo Invoices, your CFO’s new BFF

XU

By Frankie Jones

W

E BUILT PLEO INVOICES TO HELP YOU TRACK, PAY AND ACCOUNT FOR EVERY INVOICE THAT LANDS ON YOUR DESK. Every business deals with invoices. This study found that invoices account for more than 50% of total spending - that’s a lot of paperwork.

So, in a bid to take the sweat, blood and tears out of the whole process, we built Pleo Invoices to help you track, pay and account for every in-

voice that lands on your desk. The easiest way to stay on top of all your company finances.

One less painful process to worry about With invoice management platforms popping up like mushrooms, finding the right one can be tricky.

What’s great about Pleo is we’ve brought the whole

accounts payable process under one roof.

With some tools, you’d need to use a different app for each stage of the invoicing process, from forwarding and scanning to approving and paying Not Pleo Invoices. With our app, you can do it all in one place. That’s right. One handy place to process, approve, pay and bookkeep every invoice your business receives.

That’s not all. Employees can upload an invoice using Pleo’s camera and email forwarding

Hub Subscribe to our mailing list and never miss an issue!

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

CASHBACK Upcoming Changes USISBUSINESS HERE TO HELP YOU to Goods & Services SAVE AS YOU SPEND Payments on PayPal

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N THE COMING WEEKS, WE WILL BE ROLLING OUT TWO CHANGES TO OUR PEER-TO-PEER PRICING STRUCTURE IN THE U.S., SPECIFICALLY FOR GOODS & SERVICES PAYMENTS. WE WILL BE SIMPLIFYING OUR GOODS & SERVICES FEE STRUCTURE AND CHANGING THE WAYS U.S. BUSINESS ACCOUNTS CAN RECEIVE PAYMENTS, EFFECTIVE FOR PAYPAL CUSTOMERS IN THE U.S. ON JULY 28, 2022.

Updated Peer-to-Peer Goods & Services Pricing Structure We will be simplifying the Goods & Services seller fee to 2.99%, with no fixed fee, for customers in the U.S. PayPal’s current Goods & Services fee is 2.89% + $0.49 USD. As an example, if a customer is buying a piece of furniture for $225.00 USD, the seller will now pay $6.73 USD under the new simplified fee structure, versus $6.99 USD under the previous structure. In addition, Goods and Services transactions may be eligible for Purchase Protection which can be beneficial for both buyers and sellers.

Purchase Protection gives customers peace of mind, helping a buyer if they don't receive the item that they ordered, or if it shows up significantly different from its description, for eligible purchases. PayPal will reimburse the buyer for the full purchase price plus any original shipping costs, subject to terms and limitations. For sellers, PayPal’s Seller Protection Policy can protect online sales, minimize claims and chargebacks and help prevent fraudulent purchases.

Transition of Friends and Family Payments for Business Accounts PayPal is also evolving the ways customers send money to Friends & Family and make payments for...

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I

By Richard Johnson

T LOOKS LIKE THE ECONOMY’S ON AN ADVENTURE. STOCKS AND SHARES ARE DIVING AND RALLYING. GAS PRICES ARE CLIMBING. INTEREST RATES ARE HIKING. FOR US BUSINESSES, 2022 IS CERTAINLY AN UNPREDICTABLE TIME. So we’d like to add a little stability. You’ve heard the old saying “You gotta spend money to make money”? Well, we’re here to tell you…it’s true! At least, it is with Revolut Business.

Because we’re bolstering our US business cards with up to 1.9% cashback for purchases you and your team make – so you can boost your bottom line while spending like normal.

Read on to find out how it all works.

Up to 1.9% back on purchases you’re already making The economy might be uncertain, but now’s not the time to hold back. So how does our boosted 1.9% cashback work?

Let’s explain it a little further: • US businesses on paid plans get 1.9% cashback on qualifying card purchases, up to certain spend thresholds depending on your plan (see the table below for more details) • US businesses on free plans can easily lift-off and upgrade to get 1.9% cashback, unlocking all the perks of Revolut Business’s paid plans • Upgrade your Revolut Business plan to get higher boosted cashback thresholds, plus loads of extra perks, like extra free local and international payments, increased FX at the interbank rate and more

Enjoy cashback with no limits All US Revolut Business customers get 1.5% cashback.

Earn on any purchase you make on any business card, on any Revolut Business plan. It’s that simple. No minimum or maximum spend, no sweat. Just cash, back into your account without limits. Spend and earn on your expenditures, office supplies, travel, accommodation, vendor services, and...

Find out more

Airwallex launches global payment services in New Zealand; drives business growth in the ANZ region

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EADING FINANCIAL PLATFORM AIRWALLEX TODAY ANNOUNCED THE LAUNCH OF ITS GLOBAL PAYMENT SERVICES IN NEW ZEALAND. THE LAUNCH WILL ENABLE BUSINESSES IN NEW ZEALAND TO TAP INTO AIRWALLEX’S GLOBAL PAYMENTS SERVICES, OFFERING A FASTER, MORE COST-EFFECTIVE AND TRANSPARENT ALTERNATIVE TO TRADITIONAL BANKS. Businesses in New Zealand now have access to key Airwallex offerings including international collections, multi-currency wallets in over 11 currencies, and local payouts in over 30 currencies. The full suite of Airwallex’s global products, including multi-currency company and employee cards, spend management and its online payment acceptance capabilities will be progressively rolled out in the market.

Sam Kothari, Airwallex’s Head of Growth for ANZ said, “We are so pleased to be extending our services to New Zealand, a natural next step after establishing a strong presence in our home market of Australia. We see today’s launch as a huge opportunity for Kiwi businesses to broaden their reach into international markets.”

“Our entry into the New Zealand market is something our customers have been requesting for some time; businesses tell us they have been deterred from reaching their full potential in this market due to the complexity of making international payments or trading across borders. By providing local businesses with a single global financial platform, we aim to empower them to scale successfully, which is especially critical in this current economic environment.”

Airwallex customers now also have the ability to easily open a Global Account in New Zealand Dollars (NZD) in seconds. With this increased capability, businesses...

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