XU BiWeekly - Issue 34 - 16 July 2022 by XU Magazine

Saturday 16 July 2022 | No. 34

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

By Linda Yang

GoCardless to acquire open banking platform Nordigen, combining broad open banking connectivity with bank payment expertise

OCARDLESS, THE GLOBAL LEADER IN DIRECT BANK PAYMENTS, HAS ANNOUNCED IT PLANS TO ACQUIRE NORDIGEN, THE FREEMIUM OPEN BANKING DATA PROVIDER, AS IT BUILDS ON ITS VISION TO BECOME THE WORLD’S BANK PAYMENT NETWORK. GoCardless will incorporate Nordigen’s next-generation open banking connectivity -- offering the widest coverage in Europe, connecting to more than 2,300 banks in 31 countries -- into its account-to-account network.

The acquisition means the fintech will provide free open banking connectivity at scale, opening up selfserve access to account information services (AIS) to everyone. In addition, its suite of premium data products help improve outcomes across a range of use cases from credit assessments to customer engagement. The announcement is the latest move from GoCardless as it accelerates its open banking strategy. Over the past 18 months it has launched its open banking-enabled Instant Bank...

WHY NOW IS A GREAT TIME TO TRY THE NEW REPORTS IN XERO By Anna Curzon, Xero

AST YEAR, WE ANNOUNCED THAT WE HAD STARTED UPGRADING THE TECHNOLOGY THAT UNDERPINS THE XERO PLATFORM, SO OUR TEAMS CAN BUILD NEW FEATURES FASTER THAN EVER BEFORE. TODAY, WE’RE EXCITED TO SHARE THAT WE’VE HIT A SIGNIFICANT MILESTONE ON THAT PROJECT WHEN IT COMES TO REPORTING IN XERO.

ly exciting features that will help you get quick access to answers and streamline your financial analysis. But we’re not done yet. Our teams have big plans to add even more reports and functionality in the future. To do this, they really need to focus their attention on new reports, instead of spending their time maintaining older versions that are now outdated.

We’ve had two versions of our reports for a while now — the older version and our ‘new’ reports. Our new reports now have some real-

We’re retiring the older versions of our reports. That’s why we’re retiring the older versions of our

For Australian and New Zealand partners: • you will not be able to

create or edit old report packs in Xero HQ, or run them in your clients’ organisations • any published or archived report packs in clients’ organisations will remain as read-only at the client level There are some reports that won’t be retired on this date, as we are upgrading them in a different way or at a later date. These include the Budget Manager, Business Performance Dashboard, Payroll, Tax, and...

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REVOLUT ADDS STRIPE TO ACCELERATE GLOBAL EXPANSION

TRIPE, A FINANCIAL INFRASTRUCTURE PLATFORM FOR BUSINESSES, TODAY ANNOUNCED THAT REVOLUT WILL USE STRIPE TO SUPPORT PAYMENTS IN THE UK AND EUROPE AND ACCELERATE ITS EXPANSION INTO NEW MARKETS.

TAG US IN YOUR PHOTOS & HIGHLIGHTS TO BE FEATURED

reports in Xero. This means you won’t be able to use them from 31 July 2023. You’ll have access to older versions of our reports until they are retired. After this date: • you won’t be able to run any older versions of our reports • any saved drafts of old reports will be removed from Xero • you will have read-only access to old published and archived reports

Founded in 2015, Revolut has rapidly become one of Europe’s great fintech success stories. After launching in the UK with money transfer and exchange services, the company now offers dozens of products—from accounts and insurance, to trading and invoicing—that improve money management for 18 million customers and 500,000 businesses in more than 200 countries and territories. Revolut has ambitious growth plans through the current slowdown and will soon launch in Mexico and Brazil. Revolut will leverage Stripe’s infrastructure and international footprint to enter these and other new markets more efficiently,

and offer its customers a seamless payment experience that matches their local payment preferences. “Revolut builds seamless solutions for its customers. That means access to quick and easy payments and our collaboration with Stripe facilitates that. We share a common vision and are excited to collaborate across multiple areas, from leveraging Stripe’s infrastructure to accelerate our global expansion, to exploring innovative new products for Revolut’s more than 18 million customers,” said David Tirado, vice president of business development at Revolut. Stripe and Revolut will also explore opportunities to deepen their collaboration and deliver innovative new payments products. “Revolut and Stripe share an ambition to upgrade financial services globally. We’re thrilled to be powering....

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New Apps & Updates

2 XU Biweekly | No. 34

Saturday 16 July 2022

New Capitalise Features! Sharesight

A trusted partnership that adds value to your business

N JUNE, OUR MAIN FOCUS WAS ON MAKING IMPROVEMENTS TO UX AND USABILITY, ALONG WITH SEVERAL UPDATES RELEVANT FOR AUSTRALIAN TAX REPORTING.

UX / Usability improvements • Upgraded our branded logos and introduced a new banner colour for all users • Consolidated our button colours to align with our brand moving forward • Upgraded our Interactive Broker CSV and integration screens • Upgraded our Saxo Markets integration screen • Expanded our new breadcrumbs navigation to include the transactions log...

ATAGO IS DELIGHTED TO INTRODUCE OUR PARTNER, SIMPLYPAYME WHO ENABLES SEAMLESS PAYMENTS, INVOICING, AND SIMPLE BUSINESS MANAGEMENT SOLUTIONS THROUGH YOUR SMARTPHONE. At Satago, we know that small businesses and sole traders across the globe face significant challenges as they scale. Therefore, we have chosen to partner with SimplyPayMe, which brings disruptive cloudbased technology to the marketplace for the benefit of SMEs. Visit the SimplyPayMe page to learn more and access their services.

Insight into what's changed in your client portfolio, at your fingertips By Ollie Maitland

E'VE RELEASED A NEW UPDATE TO MONITOR SO THAT YOU CAN KEEP ON TOP OF WHAT'S CHANGED IN YOUR CLIENT PORTFOLIOS. From rising fuel prices, supply chain delays and staff shortages to uncomfortably high inflation levels... there's a lot to keep track of and help your clients navigate through. That's why we've been working on something new for you. In these unpredicatable times knowing what's going on with each and every client is key but can be very time consuming. With our newly released updates, it's now easier than ever to keep on top of what's changed in your client portfolios...

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XU BIWEEKLY - No. 34 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.

Recurly Product Roadmap

What matters to you, matters to us By Niraj Naik

E UNDERSTAND YOUR TOP PRIORITY IS TO GROW YOUR SUBSCRIPTION BUSINESS. AT RECURLY, WE MAKE IT OUR BUSINESS TO HELP MAKE THAT A REALITY — CONTINUALLY INNOVATING AND EVOLVING OUR SUBSCRIPTION MANAGEMENT AND RECURRING BILLING PLATFORM TO STAY OUT IN FRONT. . As Recurly's Vice President of Product Management, I'm excited to share more about just how we do that. Each month, we’ll reach out with a summary of new Recurly platform features and functions and how you can best leverage each of them to grow your subscription business. Let’s get this new communication initiative kicked off with a bit of background about who we are and why we’re uniquely positioned to help your recurring revenue business recur(ly) more revenue!

We understand how you work

USINESS IS TOUGH. IN FACT, IT’S REALLY COMPLEX AND NOT AS EASY TO ACHIEVE SUCCESS AS EVERYONE THINKS. BUSINESS OWNERS ARE WORKING HARDER AND LONGER FOR SMALL RETURNS. THE LAST TWO YEARS HAS TAUGHT US THAT IT’S NOT GETTING ANY EASIER. How do you show clients simply, visually and effectively the potential in their business? How do you show them how to improve and

Subscriptions are having a moment — or should we say an eon. As far back as the 1860s, London residents could sign up for milk deliveries. Today, one can subscribe to almost anything — from...

the effects of any improvements on their business, team and family?

Bridging the communications gap Our brand new report engages clients on the things that really matter to them. And it also proactively shows them the value of working with you. It is high impact, effortless to generate and will go a long way to help with converting advisory work into...

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USH GOLD AND BGL CORPORATE SOLUTIONS ARE PROUD TO ANNOUNCE THAT THE INDUSTRY’S FIRST AND ONLY GOLD BULLION TRANSACTION INTEGRATION FOR SELF-MANAGED SUPER FUNDS (SMSF) IS NOW LIVE. Rush Gold is an Australian award-winning fintech and Gold-as-a-Service (GaaS) platform. BGL Corporate Solutions is Australia's leading provider of self-managed superannuation funds, investment portfolios and company compliance management software. The partnership will offer gold bullion for the first time in BGL’s Simple Fund...

Annature and Chatti partner to accelerate eSigning efficiencies

By Anna Curzon

UR TEAMS HAVE BEEN BUSY ADDING LOTS OF VALUE ACROSS OUR PLATFORM OVER THE PAST MONTH, INCLUDING ENHANCEMENTS TO HUBDOC, SHORT-TERM CASH FLOW, TAX UPDATES IN THE UK AND MORE. We’re also getting some fantastic feedback on our latest features in new reports — especially

sticky headers and report annotations. If you haven’t tried new reports yet, it’s a great time to give them a go. If you’re a Xero partner, don’t forget to register for our upcoming quarterly product update, where our education team will walk you through a demo of all the latest releases, so you can maintain your advisor..

NNATURE TODAY ANNOUNCED IT HAS PARTNERED WITH ANOTHER AUSSIE START-UP AND QANTAS BUSINESS REWARDS PARTNER CHATTI, TO HELP SUBSCRIBERS HAVE THEIR DIGITAL DOCUMENTS OPENED AND READ QUICKLY. Chatti is Australia’s cloud communications company with global reach. In exclusive partnership with global industry innovators, they are quickly shaking up the current communications landscape. Providing a powerful SMS platform with direct connections to tier 1 global networks, Chatti is enhancing the customer experience and maximising engagement for Australian businesses, backed by their 100% SMS delivery....

NEW XERO CONNECTED APPS! GO TENANT UK - Go Tenant helps landlords save time and hassle managing their properties and tenants by streamlining tenant communication, reducing admin and helping you stay compliant. Built by landlords, for landlords.

ASPIRE GLOBAL - A leading all-in-one operating system for growing businesses in SEA. Borderless payments, corporate cards and expense management help companies save time and money. Seamlessly sync bankfeeds with Xero.

CRYPTOTAXCALCULATOR AU & UK - Accountants can keep track of their crypto holding, gains and losses in accounting journals for SMSFs and small businesses that hold cryptocurrency. Track it all seamlessly within Xero.

News & Updates

4 XU Biweekly | No. 34

Saturday 16 July 2022

Streamline hiring processes by integrating with Staffd! By Katie Shea

OUNT FINANCIAL HAS ANNOUNCED AN EXCLUSIVE PARTNERSHIP WITH ANNATURE TO PROVIDE INTEGRATED ESIGNING AND ID VERIFICATION SOFTWARE SOLUTIONS TO ITS NATIONAL COMMUNITY OF FINANCIAL ADVISERS. Annature is an Australian technology company innovating eSigning, ID Verification and payments built on blockchain technology. The platform, underpinned by ISO 27001 certification, creates a more efficient eSigning and ID Verification process for advisers and their clients, digitising unpopular printing and scanning processes. The exclusive partnership continues Count Financial’s recent focus on delivering technology-led solutions to its Member network, with a strong focus on streamlining the advice delivery process and moving to simplified, digital solutions. Reg Gabila, Head of Licensee...

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Xero users can launch Chaser directly from Xero By Amaya Woods

ERO AND CHASER USERS, YOU CAN NOW LAUNCH CHASER DIRECTLY FROM YOUR XERO ACCOUNT!

With the new Xero App Launcher, you can launch Chaser or any other app connected to your Xero organization directly from your Xero account. Open Chaser whilst using Xero without interrupting your workflow, without needing to search for Chaser in another tab, or rely on your browser bookmarks. What’s more, you’ll also be logged into Chaser...

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Coming soon: Making it easy to import transaction data into Xero

T XERO, WE’RE ALWAYS DEVELOPING NEW SOLUTIONS THAT AUTOMATE DATA ENTRY TO MAKE LIFE EASIER FOR OUR CUSTOMERS. ONE OF OUR MOST LOVED FEATURES — BANK RECONCILIATION — IS A CORE PART OF OUR VISION TO AUTOMATE ROUTINE TASKS, SO YOU CAN FOCUS ON WHAT MATTERS MOST. Many of our customers enjoy bank feeds, which automatically imports data into Xero so you can complete your bank reconciliation. But if you’re an advisor with simple year-end clients, or you need to catch up on older bank statements that are no longer available in your bank feeds, then you may need another way to get transaction data into Xero without resorting to complex, manual workflows. Our teams have been working hard to solve this problem. So I'm excited to share...

By Sophie Borton-Sutherland

TAFFD USERS CAN NOW INTEGRATE SEAMLESSLY WITH KEYPAY! SAY GOODBYE TO MANUAL PAPERWORK, CHASING UP DOCUMENTATION AND MISPLACING IMPORTANT DATA. Staffd believes that the hiring process should be simple, easy, efficient and effective. With paperless applications, onboarding and eLearning processes, crucial data is available at your fingertips. This allows you and your clients to benefit from premium recruitment efficiency. With KeyPay, Staffd users can improve data accuracy and compliance to solve all of these issues. Users can provide the most upto-date policies, gather bank details and upload completed tax and super forms all from within a single application!

BGL clients can seamlessly incorporate companies via the Cleardocs platform, with all data and supporting documents automatically imported into CAS 360. To get started, clients simply click the new ‘Register via Provider’ button within the CAS 360 Company Registration screen and select ‘Cleardocs’.

UPCOMING FEATURES FOR THE SECOND HALF OF 2022 AND BEYOND

VERY QUARTER IS AN OPPORTUNITY TO PROVIDE MORE FUNCTIONALITY AND VALUE FOR KARBON CUSTOMERS, AND THERE ARE MANY EXCITING FEATURES ON THE HORIZON FOR THE SECOND HALF OF 2022 AND BEYOND.

Why use KeyPay with Staffd?

Announced on stage in Lake Tahoe at Karbon X, our inaugural customer leaders summit, these new features will boost functionality and UX—giving you back valuable hours every day by helping your firm run more efficiently.

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Introducing start and end times in Xero Me

Customers gain near real-time access to the subscription metrics that matter most

GL CORPORATE SOLUTIONS, AUSTRALIA'S LEADING PROVIDER OF SELF-MANAGED SUPERANNUATION FUND (SMSF), INVESTMENT PORTFOLIO AND COMPANY COMPLIANCE MANAGEMENT SOFTWARE, IS PROUD TO ANNOUNCE ITS COMPANY COMPLIANCE MANAGEMENT SOFTWARE, CAS 360, NOW INTEGRATES WITH LEADING DOCUMENT PROVIDER, CLEARDOCS, TO PROVIDE STREAMLINED COMPANY INCORPORATIONS.

ON THE HORIZON FOR KARBON:

New Recurly release:

By Kelly Cameron

E’RE REALLY EXCITED TO SHARE THAT IN THE WEEKS AHEAD, WE’RE ROLLING OUT NEW FUNCTIONALITY IN THE XERO ME MOBILE APP THAT WILL LET EMPLOYEES RECORD THEIR START, END AND UNPAID BREAK TIMES. This new feature will help you keep accurate payroll records and save time on manual processes such as chasing timesheets or reviewing information before doing payruns in Xero. It also helps with your record- keeping requirements as an Australian employer under the Fair Work Act 2009. Making employee management easy...

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HILE WINNING NEW SUBSCRIBERS IS ESSENTIAL TO YOUR SUBSCRIPTION BUSINESS, LONGTERM SUCCESS AND GROWTH ARE ONLY POSSIBLE IF YOU CAN RETAIN THOSE SUBSCRIBERS. Minimizing churn and maximizing renewals are crucial, and doing it well requires fast access to the metrics that measure your...

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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. 34

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Chaser wins Best Use of Technology award at the Credit Awards 2022 By Sonia Dorais

E ARE THRILLED TO SHARE THAT CHASER HAS WON BEST USE OF TECHNOLOGY END-TO-END CREDIT SOLUTION AT THE CREDIT AWARDS 2022. THIS AWARD RECOGNISES THE ACHIEVEMENTS OF CHASER'S END-TO-END ACCOUNTS RECEIVABLES AUTOMATION TECHNOLOGY SINCE AUGUST 2021.

XU Hub is now live on Apple News!

Laura Theodore Joins simPRO as its Chief Customer Officer

XPERIENCED, CUSTOMER-FOCUSED EXECUTIVE TO LEAD THE COMPANY’S GLOBAL CUSTOMER SUCCESS STRATEGY

The awards were judged by a panel of 24 credit industry experts who praised Chaser's end-to-end credit solution for its focus on developing technology that solves end-user needs and for its demonstrable results in helping businesses to reduce late payments, save time on accounts receivables and improve their cash flow. Thrilled to share that Chaser has won Best Use of Technology at the @Credit_ Strategy Credit Awards 2022 for its endto-end accounts receivables automation. The Credit Awards is the flagship awards for the credit and financial services industry and recognises and...

simPRO, a leader in software-as-a-service (SaaS) solutions for field service, maintenance and project contractors, today announced that Laura Theodore joined the company as its first Chief Customer Officer. The move demonstrates simPRO’s deep commitment to the customer experience and its vision of building a world where field service businesses can thrive. Laura will manage simPRO's global customer journey and lead the customer support, implementation and account management teams. She will play an integral role in simPRO's long-term growth and success by developing customer-focused strategies and programs that support business growth while enhancing the customer experience. “As simPRO continues to grow globally...

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ApprovalMax awards National Partner Status to KPMG NZ

K Xero appoints Koren Wines as Managing Director for Asia

INES BRINGS 20 YEARS OF EXPERIENCE IN BUSINESS GROWTH AND TRANSFORMATION TO LEAD XERO’S GROWING BUSINESS IN ASIA Xero, the global small business platform, announced the appointment of Koren Wines as Managing Director for Xero Asia. Commencing her role today, Wines will lead the team in delivering continued success in Asia, helping to grow the customer base, and advance Xero’s position as a leading cloud accounting software provider. Wines brings more than 20 years of experience leading marketing, sales and business transformations teams in global markets including Singapore, Hong Kong and Vietnam.

PMG NEW ZEALAND PARTNERS WITH APPROVALMAX TO PROVIDE BETTER AUTOMATED CLIENT EXPERIENCES IN ACCOUNTS PAYABLE MANAGEMENT..

N JULY 6TH 2022, PEAKFLO ANNOUNCED ITS $4.1M SEED FUNDING FROM Y COMBINATOR, REBEL FUND, AMINO CAPITAL, SOMA CAPITAL, GMO FINTECH FUND, CE FINTECH CAPITAL, GFC, EF AND ANGEL INVESTORS (SUCH AS OLIVER JUNG, AMRISH RAU, ALEXANDER KUDLICH AND XA NETWORK). “We are grateful to our investors for their belief in our team and vision. We are delighted to have them on board as we build a centralized finance operations software for mid-sized companies and growth stage startups in SE Asia,” said Saurabh Chauhan, Co-founder & CEO. “Traditionally, finance operations workflow is split across fragmented silos: ERPs, banks and spreadsheets, leading to an expensive and cumbersome receivables and payables process. Peakflo helps these companies spend more time on growing their business and less on managing collections and payouts.” Since launching in 2021, Peakflo...

ApprovalMax, the award-winning approval automation tool, has signed KPMG New Zealand (KPMG) as a National Partner under ApprovalMax’s Partner Program. The relationship will allow KPMG to provide better accounts payable experiences for clients who require efficient authorisation and spend management processes using ApprovalMax. As a result of the pandemic, the rise of remote working has highlighted the importance of accounts payable automation and doing business in the cloud. By leveraging ApprovalMax, KPMG will bring their expertise in supporting New Zealand businesses to streamline their bill payments process, while enhancing their financial controls, so...

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OUT NOW: ISSUE 31

8 XU Biweekly | No. 34

Events & Webinars

INTRODUCING OUR XEROCON LONDON EVENT PARTNERS

Saturday 16 July 2022

UPCOMING EVENTS

By Michael Green

EROCON LONDON IS A GREAT OPPORTUNITY TO HEAR THE LATEST NEWS AND UPDATES FROM THE XERO COMMUNITY AND GET INSPIRED BY SOME FANTASTIC SPEAKERS. IT’S ALSO A CHANCE TO FIND OUT MORE ABOUT SOME OF THE POWERFUL APPS, TOOLS AND SERVICES FROM ACROSS THE ACCOUNTING AND SMALL BUSINESS INDUSTRIES. This year more than 50 cutting edge app partners from the Xero App Store will be exhibiting at Xerocon. Whether it’s help with payments, reporting, time tracking or document management, there’s something for everyone. If you’re joining us, take a look at our Xerocon London 2022 event partners, and make sure you add them to your list of must-meets on the 20th and 21st of July at Tobacco Dock in London.

Pleo Pleo automates as much of the process of employee expenses as possible; from buying to bookkeeping – meaning people spend less time reporting, less time in software, and more time doing the parts of their job that they love. Pleo admins can retrieve account numbers/nominal codes and corresponding VAT from their Xero chart of accounts, which can be tied to the expense categories in Pleo. This expense data can then be pushed to Xero, allowing for easier reconciliation of expenses. Check out Pleo in the Xero App Store.

GoCardless GoCardless is a global leader in direct bank payment solutions processing over US$30 billion of payments across more than 30 countries. This makes it easy to collect both recurring and one-off invoice payments directly from customers’ bank accounts through direct debit and open banking. The GoCardless global bank payment network and technology platform takes the pain out of getting paid for 70,000 businesses worldwide, from multinational corporations to small businesses. Add GoCardless as a payment service in Xero and apply it to an invoice or invoice template. You can learn more about GoCardless at our breakout session at Xerocon London.

Stripe Stripe is a financial infrastructure platform for businesses. Millions of companies – from the world’s largest enterprises to the most ambitious startups – use Stripe to accept payments, grow their revenue, and accelerate new business opportunities. Xero partners with Stripe to power invoice payments and more to help customers get paid faster and streamline recurring payments. Xero customers who use Stripe to accept payments with their Xero invoices get paid up to twice as fast, on average, than those who don’t use invoice payments. Learn more about how Stripe and Xero work together at our breakout session at Xerocon London. Find out more about Stripe in the Xero App Store.

Check out the other partners

FTER NEARLY THREE LONG YEARS, XEROCON LONDON IS BACK, AND MAY NOT BE QUITE AS YOU REMEMBER IT. WITH A SWISH NEW VENUE AND A SUMMER DATE, WE CAN’T WAIT TO WELCOME YOU – WHETHER YOU’RE A XERO USER, OR A CLOUD ACCOUNTING ENTHUSIAST – BACK FOR TWO DAYS OF INSIGHTS, INSPIRATION AND NETWORKING. With a schedule packed with exciting things to do, from keynotes to exhibitors, breakout sessions and, of course, a much-anticipated party, you might be wondering how you can make the most of the event. Well, wonder no more because we’ve pulled together these suggestions to help you get the best experience possible at Xerocon London 2022.

1. Plan your days and make time to connect with others With a fully packed agenda, take some time beforehand to figure out which talks and breakouts will be most valuable to you, and have an understanding of where you’ll need to be and when. While not quite as big a venue as Glastonbury, the experience of running to catch that must-watch act is still something you’ll want to avoid at Xerocon. You’ll also want to carve out some time for networking opportunities, and visit any exhibitors you’d like to chat with. While we do have a packed agenda, there are break times set aside for you to catch up with peers. After all, the return of Xerocon London has been a long time coming and we’ve all come to know how valuable it is to connect in person.

2. Pack for comfort While Tobacco Dock may be a more intimate venue than previous years,

Xerocon London will still be a big couple of days and you’ll inevitably cover a lot of ground. With this in mind, it’s important to pack as much for comfort as for practical considerations. On the comfort side, make sure you keep your hands free with a bag that can store all your essentials, without breaking your back. Speaking of essentials, business cards are a good idea, while a notebook or tablet and pen should also have pride of place, helping you record your most insightful and inspiring moments from the event. Finally, a reusable water bottle and coffee cup will help you stay alternatively hydrated and caffeinated throughout your time at Xerocon London.

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

3. Check out the keynotes, but don’t stop there The centerpiece of Xerocon London is the keynotes – which, true to form, promise to be inspiring and informative in equal measure, with amazing speakers lined up to share their knowledge and experiences. However, there’s still so much more to see at the event. First is the breakout sessions, tackling everything from product updates, to discussions on everything from the macro issues impacting the accounting industry, to better understanding and supporting mental wellbeing. There’s something for everyone. In addition, a whole range of app partners will be in one room, giving you the opportunity to speak with representatives for solutions from a range of industries, whose products may be perfect for your clients. While you won’t want to miss the keynotes, Xerocon London has a whole lot more to offer, too.

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WATCH A FREE WEBINAR ON THE XU HUB!

Xerocon London Final Keynote Speakers

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. 34

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

Saturday 16 July 2022

The independent magazine for Xero users, by Xero users

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

5 WAYS TO MAKE PERFORMANCE REVIEWS EASY AND EFFECTIVE By Sarah Brandenburg

O-ONE LOOKS FORWARD TO PERFORMANCE REVIEWS BUT THIS APPROACH CHANGES EVERYTHING

With a smart process and a progressive, goal-based approach, performance reviews can become the performance ‘unlocker’ they were always supposed to be. Although many of us dread the upcoming performance review, studies repeatedly show that both employees and managers want regular performance reviews (and that not having them is actually worse!). From our work with thousands of small and medium businesses, our team kept hearing that managers wanted a way to do high-impact performance reviews, but in a way that was fast and easy. These are the principles that we built into our system, and that we suggest all businesses use when it’s time for performance reviews…

1) Use (and Re-Use) Performance Review Templates!

BEFORE the Review Every business has their own process when providing feedback on employees’ performance, but we’ve found that the Performance Review meeting is more effective when the employee has already been asked to provide their own input. Using a templated form, have the staff member complete their input, answer questions, self-reflect on their quality of work and their own development and goals before the review itself. This will help lead the discussion and pave the way for more meaningful feedback. This approach is very effective as it changes the discussion from ‘what you’ve done wrong and where you need to improve’ to something like ‘how can I help you achieve your goals’. Even less-experienced managers will find that the focus shifts to be more positive and constructive.

3) Include Peer Input

When you design your Performance Management program, look for opportunities to create standard, reusable templates wherever possible. This can be by using the same Form, the same documentation, the same questionnaire… or a combination of these. Creating a simple template form that you use again and again across many different reviews will make your life much easier. It will also achieve the always-sought consistency across different reviews. When you take a moment to make something into a template, you create a process which means that reviews for each employee are managed more consistently and are also more easily comparable.

360-Degree Feedback Reviews have received a lot of attention in recent years. By asking for feedback from the employee’s peers and direct reports, you can often get a much more complete view of their contribution and areas for growth. When we built our own new performance management system, we wanted to allow complete control over who is asked for input, and what the input questions are. For example, you might just include colleagues, or just direct reports, or some combination. You can also ask open-ended questions for the deepest insights, or keep the requirements super-quick with a scale-based answer approach (we love using the Likert scale for this!). You can also choose for the employee to have access to the feedback...

2) Gather Your Employee’s Input

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Issue 31 / 1

TUTORIALS CASE STUDIES INTERVIEWS NEW APPS NEW RELEASES

The future's bright, the future's bookkeeping By Rosalia Munro, Institute for Certified Bookkeepers

HOUGHT LEADERS COME TOGETHER TO DISCUSS “WHY BOOKKEEPERS ARE THE FUTURE OF ACCOUNTING” AT A PANEL AT THIS YEAR’S ACCOUNTEX. The last few years have seen a seismic shift in the business landscape, whether it be the boom in small business creation seen by the pandemic, technological disruption seeming to democratise the financial management of companies or changes to the legislative landscape. But what does this mean for the bookkeeping profession? Speaking at Accountex, the Institute of Certified Bookkeepers’ (ICB) panel of experts took out their crystal balls and discussed the future of bookkeeping.

Technology and automation Automation has presented a challenge to many industries, and bookkeeping is no exception. A 2020 survey conducted by Sage demonstrates that entrepreneurs increasingly want to take control of their business’ finances and feel empowered to do so using digital accounting software. This trend surely suggests that the role of the bookkeeper is at risk of becoming obsolete, but is this the case? Rasa D’Alton FICB PM.Dip, ICB member and owner of Cloudit Bookkeeping Ltd, remains confident that business owners will not turn their back on vital bookkeeping support from qualified professionals. Similarly, Dayle Rodriguez, Kreston Reeves’ Systems Advi-

sory Manager questioned the threat that accounting software poses to accountancy professionals. “AI is not as smart as people think,” he said “accounts need the oversight of a skilled accountancy professional for them to make sense to businesses.” It is not enough to simply file accounts electronically without guidance, and entrepreneurs are demanding the level of insight, engagement and knowledge of their business’ figures which bookkeepers are uniquely placed to provide. This sentiment is illustrated in the exponential growth of the sector, with a fifty-fold increase in its turnover and number of bookkeepers since 2003.

XU Biweekly | No. 34

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THE ROLE WE HAVE TO PLAY IN GETTING MORE WOMEN INTO ACCOUNTING By Francesca Deery, Ignition

WHAT ARE OUTSOURCED ACCOUNTING SERVICES?

By Simon Smallwood, World First

UTSOURCED ACCOUNTING SERVICES CAN BE THE BEST SOLUTION FOR E-COMMERCE SELLERS TO MEET THEIR FINANCIAL REGULATORY OBLIGATIONS. THIS WORLDFIRST OVERVIEW WILL OUTLINE THE BENEFITS OF SEEKING OUTSIDE HELP WITH ACCOUNTING IN E-COMMERCE. Think of accountancy as the backbone of any company. Your company needs reliable accounts data to make informed financial decisions to stay in operation. Outsourced accounting services frees up e-commerce sellers’ time and insulates them from unnecessary risk (such as accidentally filing an incorrect tax return). Outside help with your accounting can also reveal opportunities to increase business profits — opportunities you may not

have noticed if you’re busy doing every other task to keep your company afloat. Small business e-commerce sellers can access a wide range of accounting technologies to make the bookkeeping process easier. This article outlines how outsourced accounting services and technologies can replicate the benefits of hiring an in-house accounts team for less cost.

Why do many online sellers personally handle their accounts admin? When you are just starting as an e-commerce seller, you may juggle another job, raise a family, or have other things you like to do alongside your ‘side hustle’ business.

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CCOUNTING FIRMS NEED A DEDICATED FOCUS ON INCLUSIVITY TO MAKE AN IMPACT Women want to get into the industry - with Ignition’s Women in Accounting Awards seeing a 27% YoY increase in submissions. Diversity, equity and inclusion (DEI) is one of the most talked about issues across all sectors and industries. It’s no shock that diversity of thought is a crucial factor for growing the business. It’s also proven to be an important part of attracting talent, with 76% of job seekers considering it a top factor when evaluating job offers. Thinking about DEI across the accounting sector is no different. It has long been a male game, but with more accounting firms tak-

ing a DEI-focused approach to hiring and culture, the accounting profession has become more accessible for women. In fact, Accountancy Age’s “Top 50+50” survey demonstrates this, finding that, at the time of the research’s launch in 2020, nearly half of all qualified accountants were female (45%) - however, only onefifth of senior roles within the sector were occupied by women. Barriers to equality still exist. This is why the accounting industry needs to better engage its people to make sure they are putting the onus on themselves to ensure the sector adapts to reflect our diverse society. At Ignition, this is something we strongly believe in - and we’re making sure we don’t just talk the talk. In fact, we recently announced the winners of our

2021 Top 50 Women in Accounting Awards. We are keen drivers of the annual awards programme because we understand the need to recognise outstanding women who are driving meaningful change and leading the way for the next generation in the accounting and bookkeeping industry - for example, Michelle Kvello at Lantern Partners, who said she’s “grateful for the opportunity that [she now has] to be able to use the [Award] to further drive the support and recognition for other women in accounting and finance, and more broadly to promote diversity within the industry which will in turn lift us all.” Now in its fifth year running, the awards programme received almost one thousand nominations...

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FinTech News

12 XU Biweekly | No. 34

Saturday 16 July 2022

Klarna closes major financing round

during worst stock downturn in 50 years

Hub

$800M FOR EXPANSION OF KLARNA’S LEADING POSITION IN UNITED STATES

A colourful manifest on Revolut's June updates By Daniela Carvalho

UNE’S A SPECIAL MONTH. IT’S SUNNY, COLOURFUL, AND BOLD. AND WE’RE ABOUT TO SHOW YOU OUR LOUD AND PROUD UPDATES! CHECK OUT THIS RAINBOW OF NEW FEATURES:

Learn and Earn We’ve created short lessons that cut through the jargon and make crypto easier to understand, even if you’re a total newbie. Pass a quiz at the end of each lesson and get free DOT tokens.

LARNA, THE GLOBAL LEADER IN THE G E N E R AT I O N A L SHIFT AWAY FROM CREDIT CARDS, ANNOUNCED THE CLOSING OF A NEW $800M FINANCING AT A $6.7BN POST-MONEY VALUATION. THE FINANCING ATTRACTED STRONG SUPPORT FROM BOTH EXISTING AND NEW INVESTORS AND WILL PRIMARILY BE USED TO EXPAND KLARNA’S LEADING MARKET POSITION IN THE UNITED STATES. Sebastian Siemiatkowski, CEO of Klarna stated, “It’s a testament to the strength of Klarna’s busi-

ness that, during the steepest drop in global stock markets in over fifty years, investors recognized our strong position and continued progress in revolutionizing the retail banking industry. Now more than ever businesses need a strong consumer base, a superior product, and a sustainable business model.” The investment is of $800m in common equity and at a valuation 3x times higher than back in 2018, outperforming Klarna’s public peers for the same time period. Klarna has not been immune to the significant downdrafts of fintech stock in public markets. The company’s peers are down 80-

S Higher limits on Junior accounts

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STARLING BANK LAUNCHES BILLS MANAGER FOR SMALL BUSINESSES

TARLING BANK IS INTRODUCING BILLS MANAGER FOR SMALL BUSINESSES TO HELP BUSINESS AND SOLE TRADER ACCOUNT CUSTOMERS STREAMLINE THEIR FINANCES.

You ask, we listen. We’ve increased the account limits for junior! Now you can add more money to your kid’s account (but they’ll probably keep on asking anyway, sorry about that).

90% vs peak valuations and consequently the adjustment in Klarna’s valuation is on par with its public peers from its $45.6bn valuation in June 2021. The fresh investment in Klarna occurred during possibly the worst set of circumstances to afflict stock markets since World War II: high inflation, rising interest rates, mounting fears of a recession, the after effects of the first global pandemic since 1918, strains on commerce caused by supply chain disruptions, rising gas prices, and, especially in Europe, the dislocations...

The new feature gives small businesses the ability to have a Direct Debit or standing order taken from money set aside in any of their ‘Savings Spaces’ rather than their main account balance. When customers use this feature and a payment is due (for example, for subscriptions, business utilities or commercial property leasing), the money required to make the payment will be taken from the Space, making budget forecasting and managing business running costs much easier. Payments automatically sync up with accounting tools Xero and FreeAgent, which are provided through the Starling Marketplace, as well as Starling’s own bookkeeping Toolkit. This means that businesses can keep track of incomings, outgoings and VAT all in one place. To get started with Bills Manager, customers can go to their Savings Space, tap ‘Manage Space’, then ‘Pay bills from this Space’. They can then choose which Direct Debits or standing orders they would like to pay from each Space. Customers receive a notification when their bills have been paid and can view the transactions by going into the Space and clicking “View transaction history”. If there are insufficient funds in their Bills Manager Space to make a scheduled payment, Starling will send the customer a notification the day before payment is due, and on the payment due date itself. Customers are also alerted when a Direct Debit is due for payment in the same way. Bills Manager is available to all small business and sole trader customers with immediate effect and is free to use. The tool was launched to personal current and joint account customers in October 2021. Helen Bierton, Chief Banking Officer at Starling Bank commented: “Our small business customers requested this feature, so we’ve delivered. Uptake of Bills Manager has been strong among our personal current account customers and we’re confident it will help hundreds of thousands of small businesses better manage their money too.” Find out more about Starling’s Bills Manager.

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