“CAS 360 was one of our most requested inte grations because of the number of clients Suite Files and BGL share,” said Andrew Sims, SuiteFiles’ CEO. “We’re pleased to bring CAS 360’s automat ed workflows and our... Find out more continue helping our cus tomers move forward with confidence.Today, we’re sharing the next chapter in the Fathom journey. We’re excited to announce that we’re joining The Access Group.Fathom will continue to support businesses and advisors with continued innovation and exception al customer care. We see this next step as an excit ing opportunity to be part of something bigger. Keep reading
THE FIRST TALONBOARDINGDEDICATEDDIGITOOLFORFIRMS TO COLLECT CLIENT AND ENTITY DETAILS HAS BEEN BUILT AND LAUNCHED IN ALBURY-WODONGA BY SEAMLSS.
We’re rolling out the first phase from Tuesday, 23... Find out more independent news source for Xero users, by Xero users IS
“IT’S GREAT TO ADD SUITEFILES TO THE BGL ECOSYSTEM,” SAID RON LESH, BGL’S MANAGING DIRECTOR.
BGL integrates with SuiteFiles to automate company management workflows
"Seamlss empowers... more
By Anthony Jones, Xero
ACCESS ACQUIRESGROUPFATHOMPAGE4P2
Seamlss onboarding tool for Xero to be launched regionally
Read
“This integration will help CAS 360 and Suite Files clients in Australia and New Zealand automate workflows such as Annual Returns/Reviews, filing, and WHEN DAN, GEOFF AND I START ED FATHOM 12 YEARS AGO, WE WERE MOTIVATED TO BUILD A PRODUCT THAT WOULD HELP BOTH BUSINESSES AND THEIR ADVISORS. We founded Fathom with the goal of helping our customers build better busi nesses by empowering them to better understand their numbers, make informed business decisions, and ac curately plan for the future. We’re proud of what we’ve built. And we’re honoured to company management.”
Biweekly Saturday 27 August 2022 | No. 37 The
So, what does this mean? You’ll now have an easy-toaccess audit trail of changes made within Xero by a small business owner, advisor or app partner. This helps you understand, track, manage and troubleshoot changes to employee details. What exactly is payroll history? With payroll history, any time anyone (or anything) makes an update, it’s cap tured and shown in Xero. This has a range of benefits but is especially useful when multiple people (like a small business owner, accountant and bookkeeper) are all ac cessing and making changes within Xero Payroll. Anyone who is a Payroll admin for the organisation in Xero will be able to see this and can easily identify what changes were made, to what section/tab, when they were made and who made them. For example, if a bookkeep er updates an employee’s bank details, it will show that this happened, when and by who. When will payroll history be available?
BGL is proud to announce its company compliance management software, CAS 360, now integrates with cloud document management software, SuiteFiles.
Saturday 27 August 2022 P8 XU PAYROLL HISTORY
THIS WEEK, ONE OF OUR MOST HIGHLY REQUESTED PROD UCT UPDATES WILL BE GOING LIVE IN XERO PAY ROLL: PAYROLL HISTORY. WE LISTENED TO YOU, OUR CUSTOMERS AND COMMUNITY, AND WILL BE LAUNCHING THE FIRST STAGE OF THE FEATURE IN AUSTRALIA – EMPLOYEE RECORDS.
Clayton Wood said Seamlss was leading the way as the first cloud app to automate the data collection process and allow firms to push their cli ent’s data to XPM. Mr Wood said it was crit ical for firms to automate and streamline the process by removing current unse cure emails, apps or manual, paper-based systems.
The world-first app con nects with Xero Practice Manager (XPM) and allows firms to collect IDs to verify a client’sCo-founderidentity.
LAUNCHING AUSTRALIAIN
IRD
TO
the fol •lowing:TheIDV requirements
“When a document is prepared in CAS 360, CAS 360 will automatically cre ate reminders to be sent to their client,” said Lesh. “Clients have complete control, selecting the date and time of each... Find out more
IRD
CA & US - Eliminate paperwork and data entry with cloud-based Ac counts Payable technology. Sparcpay's all-in-one app provides AI bill capture, approvals from anywhere & one-click ACH/EFT payments. WANT TO LET YOU KNOW ABOUT A RE CENT CHANGE TO THE MENT (IRD) AUTHORITY ACT REQUIREMENTS, AND WHAT WE HAVE DONE TO MAKE SURE YOU CONTIN UE TO GET AUTHORITY IN 2SHAKES. If you don’t use 2Shakes to get IRD Authority you can ignore this update, thanks. What’s changed? IRD has published a new Authority to Act (A2A) Op erational Statement, which can read here. When are getting A2A in should be aware of have been brought in line with those in the (AML) have made a couple of wording changes make CHASER USERS CAN NOW TAKE ADVANTAGE OF THE PAY MENT PORTAL TO GET EASIER AND FASTER PAYMENTS FROM THEIR CUSTOMERS. initially launched is
you
2Shakes, you
CORPORATE SOLUTIONS, AUSTRALIA'S LEADING PROVID ER OF SELF-MANAGED SUPER ANNUATION FUND (SMSF), INVEST MENT PORTFOLIO AND COMPANY COMPLIANCE MANAGEMENT
you
to selected Chaser users in January 2021, but it
IN LAND REVENUE DEPART
BGL SOFT WARE, IS PROUD TO ANNOUNCE THAT AUTOMATED DOCUMENT REMINDERS ARE NOW AVAILABLE IN ITS COMPANY COMPLIANCE SOFTWARE, CAS 360. “It’s fantastic to release another high ly anticipated feature,” said Ron Lesh, BGL’s Managing Director. “Set and forget document reminders will make following up with clients for outstanding company change documents, Annual Returns/Re views and trust documents a breeze!” “Traditionally, company professionals have used spreadsheets and calendars to track documents sent by email or snailmail to their clients for signing, approval or some other action,” continued Lesh. “Sending consistent document reminders is crucial to avoid late lodgment penal ties, but without automation, the process is tedious and time-consuming.”
in 2Shakes to
The payment portal was
WE
CA & US - New-age expense man agement software providing business es with real-time visability into card spend, enhanced user experience, ac counting integrations and more, with out switching card programs.
CONNECTEDNEWSPARCPAYQBLUEFYLEXEROAPPS!
it obvi ous how your A2A’s... Read more ALL
legisla tion and guides. • We
now available to Chaser users on all plans who use Xero or QuickBooks online as their connected accounting software. With the payment portal, you can quickly and easily receive payments from your... Find out more All Chaser users can now get easier, faster payments from customers By Charlotte Woods AUGUST 2022 UPDATESAROFLOWHAT A MONTH ‘IT’ HAS BEEN! KNOW-IT'S JULY ROUNDUP Lightyear announces new Advanced Reporting Engine By Nicola McAdam Feature update - Updates to IRD Authority in 2Shakes for Joiin - August 2022 By Declan Leach NEW FEATURE: PRE CISION DASHBOARDDEADLINES Available for UK Dext Pre cision users, our new Dead lines Dashboard allows you to see the Accounts Filing & Confirmation Statement date requirements from Compa nies House, as well as VAT deadlines from HMRC, for your entire registered com pany portfolio at once. Say goodbye to the man ual and time-consuming pro cess of tracking your compli ance submission deadlines. Try it now. Find out more
XU BIWEEKLY - No. 37 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 DavidCEO: HattyCreativeBethanyCommunicationsPartnerships:DirectorWesleyManagingHassallEditor:CornellofStrategicAlexNewsonManager:FulksAssistant:Morton advertising@xumagazine.comAdvertising: ‘Xero’www.xumagazine.comisatrademarkof 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. New Apps & UpdatesXU Biweekly | No. 372 Saturday 27 August 2022 WELCOME TO THE AUGUST EDI TION OF AROFLO'S NEWSLET TER: A MONTHLY ROUNDUP OF OUR RECENT PRODUCT ENHANCEMENTS AND UPDATES. Read on to learn about our recent high •lights.Office: Reply to Task Notes • Office: Task Email Address • Office: Quote Preview additional informa tion • Projects: Quote Substatus column • AroFlo Blog: 4 Powerful Management Styles You Can Use To Grow Your Business Success • What's in the pipeline? If you'd like to understand a particular feature better, please consult our help doc umentation. Read more JULY HAS BEEN ONE OF THE BIGGEST MONTHS KNOW-IT HAS EVER HAD! We’ve hit some very big milestones, es pecially with our commercial launch at Xero con last Here’smonth.awrap up of Know-it’s biggest month so far: Xerocon & Know-it’s Commercial Launch! We officially launched Know-it, the all-inone credit management solution at Xerocon 2022, in Tobacco Dock, London. After two years of development and 9 months of beta testing we finally unveiled Know-it to the public at one of the biggest accountancy expos in the world! Read more THIS AUGUST, WE'RE BRINGING YOU THE LATEST UPDATES, NEWS AND FEATURES FROM JOIIN, INCLUDING: • FX Spot Rates • Reporting by QuickBooks Locations • Custom Report Edit: Filtering Accounts • More Xero Budgets • New Common Formats - Last year by monthYoucan find out more about all of these features in our Support Centre. FX Spot Rates Multi-currency has just become more... Keep reading LIGHTYEAR, THE AWARD-WINNING, 5* RATED PURCHASING AND AC COUNTS PAYABLE AUTOMATION SOFTWARE APP, ANNOUNCE THE LAUNCH OF A NEW AND IMPROVED ADVANCED REPORTING ENGINE. The new Advanced Reporting engine has completely redesigned the Archive from the ground up, providing an intui tive user interface that allows accounting and finance teams access to real-time rich data via intuitive Business Intelligence Re ports.The Reporting engine leverages rich... Find out more
AU, HK, ID, IE, MY, NZ, PH, SG, SA & UK - Inventory management software designed for retailers, importers, dis tributors and manufacturers. Whole sale B2B & tablet sales portals, CRM and multi-channel order management.
Anti-Money Laundering
Start your 14-day free trial today! Visit: tidyinternational.com Powerful DelightfullySoftwareSimple The system that Tidy designed for us is simple to use, it’s cost effective, and everyone sees the benefit of it. Not only does it save our staff time, it’s also much more accurate. " " John ofMaxillofacialTaurangaMaxillofacialSpecialistBridgman,Oral&Surgeon,Oral&SurgeryNewZealand Users of
AS A MIDLANDER, AND A KEEN SPORTSMAN (IN MY YOUTH… ACTUALLY INTO MY 40’S), ATTENDING THE COMMONWEALTH GAMES WAS A NO-BRAINER. There was Eilish McColgan and Kata rina Johnson-Thompson, both recover ing from injuries and form to win thrilling golds. But, in the glow of these triumphs, our day-to-day living is getting harder –certainly more expensive. Interest rates are ticking up, as are inflation and energy prices. A recession and rising costs equals unpalatable stag flation.What does this all mean? You may ask. I certainly used my love of football last week to write about the... Keep reading
News & UpdatesXU Biweekly | No. 374 Saturday 27 August 2022
This deal accelerates innovation for the growing Logi suite of embedded analytics solutions at in sightsoftware.TheDundas solution
“In this day and age, there is no need for soft ware vendors, or compa nies building internal ap plications, to lose focus by developing proprietary an alytics tools. Starting with our acquisition of Logi An alytics last year, we have been strategically focused on expanding our embed ded analytics offerings. We see a bright future for this segment of our business and even use these solu tions in our own product development,” said Jim Triandiflou, CEO of insight software. "The... Keep reading is a flexible, end-to-end BI platform that offers software providers the ability to cus tomize dashboards, reports, and visualizations. It was de signed to operate as a one stop shop for self-service analytics, with integration into multiple data sources. Built with open architecture, Dundas BI makes it easy for software vendors to build, extend, and embed white-la bel data analytics solutions. insightsoftware plans to lev erage the Dundas platform to enhance its existing Logi solutions, notably adding a strong extract, transform, and load (ETL) engine and pixel perfect reporting.
INSIGHTSOFTWARE,AGLOBALPROVIDEROFREPORTING,ANALYTICS,ANDPERFORMANCEMANAGEMENTSOLUTIONS,TODAYANNOUNCEDITHASACQUIREDDUNDASDATAVISUALIZATION,INC.,ATORONTO-BASEDBUSINESSINTELLIGENCE(BI),ANALYTICS,ANDDATAVISUALIZATIONPLATFORM.
WE ARE REALLY PROUD OF OUR INSPIRATIONAL CEO SINEAD MCHALE, WHO HAS BEEN SHORTLISTED AS BUSINESS LEADER OF THE YEAR – CREDITOR IN THE CREDIT STRATEGY #WICAWARDS Congratulations to Sinead for changing the way that businesses access finance, and driving the future of lending. Find out more IN JULY AND AUGUST, WE IMPLEMENTED SEVERAL CHANGES THAT WILL GREAT LY IMPROVE THE FUNCTIONALITY AND USER EXPERIENCE OF SIMPRO. SOME NO TABLE FEATURES INCLUDE: • View total cost per item in the Parts & La bour tab • Standard pre-builds for asset service lev els • Audit logs added to leads • User experience enhancements Read on to find out more about these changes. Find out more insightsoftware Expands Embedded Analytics Offering with Acquisition of Dundas TRIUMPH OVER ADVERSITY: IN SPORT; IN LIFE; AND IN BUSINESS Satago CEO Shortlisted for Business Leader of the Year Get Up-to-Date With the Latest simPRO Releases From July and August TODAY WE’RE INTRODUCING THE NEW KARBON CLIENT PORTAL. WE KNOW VISIBILITY AND EFFI CIENCY ARE CRITICAL TO YOUR PRAC TICE, SO WE’VE MADE IT EASIER TO EN GAGE WITH YOUR CLIENTS, SECURELY SHARE INFORMATION, AND COMMUNI CATE WITH EASE. The portal allows your clients to man age and comment on specific tasks, and ask questions all in the context of the work item. Your team is immediately no tified and can take action. This eliminates the need for email and keeps everything together in one place, so it can be viewed anytime.Aswell as improving existing function ality, we’ve added new features to help you engage with your clients, making it easier for them to accomplish what you... Read more Introducing the new Karbon Client Portal INCONCISTENTHINDSIGHT'SVATALERT TODAY WE LAUNCHED THE INCON SISTENT VAT ALERT WHERE WE WILL NOTIFY YOU WHEN (NOT IF) YOU HAVE USED DIFFERENT VAT RATES ON THE SAME CONTACT IN XERO. This might be correct but the high like lihood is a mistake leading to incorrect VAT being claimed. Find out more Aider Advisory Intelligence Platform: New Product Updates Curious what updates we’ve made to Aider? Explore our latest product releases below: HERE AT AIDER, WE TAKE PRIDE IN DRAWING UPON ARTIFICIAL INTEL LIGENCE, AND THE EXPERTISE OF OUR TALENTED TEAM TO CONTINUALLY DEVELOP AND IMPROVE OUR PRODUCTS. Every month we release new and im proved updates and features to our product suite, to ensure the quality and efficiency of our Insoftware.thisarticle we share with you some of 2022’s most notable updates to Aider that we have implemented to help you streamline your advisory practice and enhance your... Keep reading
ClassifiedsXU Biweekly | No. 37 Saturday 27 August 2022 7 Try for FREE! Automated Data Entry. SmarterEasierBooks.Lives. Accountant Tools Bills & Expenses CRM Cloud FinancialDebtorIntegratorsTrackingServiceseCommerce Inventory FOR BUILDERS JOB MANAGEMENT www.nextminute.com tidyinternat ona com Powerful Software Delightfully Simple Need brick-by-brick control of your building & construction projects? TidyBuild is designed specifically for the construction CONSTRUCTIONindustry.MANAGEMENT It’s a match made in heaven. Start your FREE workflowmax.com/xerotrial: Invoices & OutsourcingJobs Payments Account-to-account payments seamlessly connected with Xero crezco.com A smarter way to collect, convert and manage payments globally. Find out more at worldfirst.com Forecasting power in the cloud castawayforecasting.com/XU Powerful Integrated 3-way Modelling New cloudpayroll.com.auipayroll.co.nzAustraliaZealand Reporting If the only update your so tware gets each year is price, it could be time to wolterskluwer.co.uk/switchswitch Time Tracking Year End Issue 31 1Visit the XU Hub: Go to www.xumagazine.com Follow us on Twitter: @xumagazine magazine The independent magazine for Xero users, by Xero users ISSUE31 COVER STORY Don’t get left behind Supercharge your Xero tech stack Xero PLUS MORELOADSFROM Connected Apps TUTORIALS CASE STUDIES INTERVIEWS NEW APPS NEW RELEASES 9 772054 722009 with approval automation OUTISSUENOW:31 XU Subscribe to our mailing list and never miss an issue! Hub Subscribe 9 Daily The latest news from all connectedfavouriteyourXeroapps 9 Every fortnight XU Biweekly 9 Quarterly XU Magazine Payroll & HR BUSINESS FINANCE MADE EASY marketfinance.com t dyinternational MANAGEMENTJOBcom Powerful Software Delightfully Simple Detailed reporting and tight project controls enable your business to maximise efficiency and profitability.
This year, we are incredibly excited to bring the Xero partner community back together for Xero Roadshow Asia 2022. Our live in-person event will take place on 8 November 2022 at Suntec City Convention Centre in Singapore focusing on themes of competitiveness and helping partners to stay one step ahead in challenging climates. For our esteemed partners outside of Singa pore, you won’t miss out! Xero Roadshow will also be taking place virtually. Action packed agenda to help you navigate the road ahead
questionnaire,
property
Building client relationship and loyalty Faced with an increasingly challenging operating en vironment, clients’ reliance and expectations of the role their accountants and bookkeepers play have grown ex ponentially. In this session, we’ll discuss how to maintain relationships with your clients and share best practices to help you deliver an exceptional client experience In addition to the sessions, we will be unveiling our annual State of Accounting Industry Report. The report will provide insights into how accounting practices oper ate and help benchmark and identify opportunities and strategies for 2022. We will also be showing partners how to make the most of the Xero platform and debut ing our latest and greatest product features. You can find more information and get your Xero Roadshow Asia 2022 tickets here. Find out more
Here are some sessions you can expect: Platform tech trends for 2022 and beyond The pandemic highlighted how technology adoption can help businesses not only survive but thrive during uncertain times. We’ll be sharing industry trends and identifying steps for how app solutions can help both your practice and your clients’ businesses to grow.
– trans forming alikeforthatcessesresource-heavytime-consuming,manualprointoadigitaljourneytakesonlyafewclicksthefirmandtheirclientswithnoappor... Read more
tial conveyancing
requirements.Withtheincreasing
News & EventsXU Biweekly | No. 378 Saturday 27 August 2022
been
dig ital
UPCOMING EVENTS MEET XU AT EVERY XEROCON THIS YEAR! LOOK OUT FOR THE GUYS IN PINK WATCH A WEBINARFREEONTHEXUHUB!Xerocon Sydney Is Officially Sold Out! Source of Funds for Commercial Property launched by Armalytix David Hassall, CEO of XU MagazineLISTENon TO... STAYING ONE STEP AHEAD AT XERO ROADSHOW ASIA 2022 WE HAVE OFFI CIALLY *SOLD OUT* OF TICKETS FOR XEROCON SYDNEY! We can't wait for you to join us for two jam-packed days of entertainment and breakout sessions. Find out more about what to expect ARMALYTIX, THE OPEN FUNDSPROPERTYCHASEADUSTRIES,FINANCIALTHELECTIONSTREAMLINESPLATFORM,BANKINGWHICHTHECOLOFDATAFORPROFESSIONALANDSERVICEINHASLAUNCHEDNEWCOMPANYPURANDCOMMERCIALSOURCEOFQUESTIONNAIRE.
in partnership with clients and prospects. Source of funds and wealth obligations around limited company purchases and commercial property
IF THERE’S ONE THING THAT HAS BECOME APPAR ENT IN RECENT TIMES IT’S THAT THE ROAD AHEAD REMAINS UNPREDICTABLE AND CHALLENGING. WHILE ECONOMIES IN THE REGION SEEMED TO BE ON TRACK FOR RECOVERY POST-PANDEMIC, VOLA TILE MACRO ECONOMIC AND POLITICAL INFLUENC ES MAY STILL MAKE THE ROAD AHEAD A BIT ROCKY.
Job vacancies are at a record high, indicating that there is a shortage in employee talent along with strong competition for that talent. With many looking towards new opportunities after holding firm to maintain secu rity through the pandemic, the importance of retaining talent is greater than ever. Find out how to build a strong employer brand in your practice from our industry ex pert.
The a first, helps has created remain the same as residen but often involve more money, require a different set of questions and have complex evidence dan ger of fines, combined with updated guidance from LSAG, there is growing pres sure on legal firms to meet regulatory needs and min imise reputational risk. Ar malytix’s source of funds for commercial is an answer to that
to solve com plex and high value com mercial source of funds for conveyancers and
Retaining talent and employer branding
FeaturesXU Biweekly | No. 3710 Saturday 27 August 2022
Providing expense man agement tools to clients isn’t just about keeping track of receipts, says James Watson fromTheExpend...pandemic has taught us one thing as an industry, and as a species: we will al ways adapt and survive. The drive to digital-first has never been stronger, and it’s clear to see why banks like Starling, Tide and Monzo have recently outperformed the acquisition numbers of any ‘incumbent’ bank. Their focus on customer experi ence in a digital-first manner makes them the easy choice for small businesses opening a newStarlingaccount...have recently opened 475,000 SME ac counts; their seven per cent market share is almost half of Barclays’ share. Yes, things are changing fast… The ‘first-movers’ title has been firmly boxed off now, but the categories of ‘early followers’ and ‘late adopters’ are left open for submissions. Throughout 2022 and beyond, the battle for the highly lucrative UK SME banking market will re ally heat Thereup.is a final catego ry that exists that no-one wants to be in: ‘the first to fold’. At Expend, we’ve got just the thing to prevent that from being the title attribut ed to our partners. How is different?Expend This year we've... Read more AP In March, Xero's 'State of the Industry' report re leased a series of figures supporting the move to digital accounting tools. In fact, 94% of study re spondents 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 clientAndrelationships.withintech adop tion,noit’s secret that cloudbased accounting software has quickly become the gold standard for financial pro fessionals. 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?
By Konstantin Bredyuk WHAT DO YOU DO WHEN THE TOOLS PROVIDED BY YOUR ACCOUNTANCY SOFTWARE DON’T FULLY MEET THE NEEDS OF YOUR PROFESSION? ASH BEETSON TOOK A NOVEL APPROACH: WITH THE HELP OF FRIEND AND SOFTWARE ENGINEER ANDY WELLER, HE CREATED HIS OWN!! When it comes to reviewing the profit and loss and the balance sheet, there are a few tasks that are, well, not a lot of fun. Fixed Assets, Depreciation, Prepayments and Ac cruals: these are topics that are difficult to get too excited about, but if you are serious about preparing reports that accurately re flect the monthly profits of a business, they need to be nettTrackeraddressed.hasbeen created by an ac countant, for accountants, to help minimise the time taken with these balance sheet chores. Clients are increasingly demanding more accurate reporting, so the ‘year-end adjustments’ that completely distort the val ues in months 12 and 1 of a profit and loss are no longer as acceptable as they once were. Over the next few years, there will be much more emphasis on ‘consistent’ month ly/quarterly figures as we update working practices to support how we report profits to HMRC.Thetools available in nettTracker mean that adjustments to the profit and loss over a desired number of months can be creat ed very quickly, including those in previous periods. At the same time as ensuring the profit and loss contains consistent income and expenditure values where appropriate, values in the balance sheet are being con stantlynettTrackerreconciled.creates all the accounting journal entries you need in terms of fixed assets, prepayments, accruals, deferred in come and accrued income. For all of these, statements are available that can be down loaded into excel to aid the preparation of working papers at the end of a financial year. Depending on the company settings, journals are processed automatically each month, and for some businesses it’s not nec essary to log-in for several months until ad justments need to be made, or when the end of the financial year has been reached. New assets can be added automatically when transactions are added to Xero, giving even more accurate reports with no additional ef fort.From experience gained working in both industry and accounting practice, Ash real ised that all values on the balance sheet need full explanation. That’s why statements for all areas monitored by nettTracker include values being pulled through from the Xero balance sheet. What’s more, a forecast of the depreciation, prepayment, and accrual adjustments expected to be made within the current financial year can be viewed and exported into Excel. This really helps with budgeting and forecasting, where a client needs these nettTrackerreports.includes a full ‘year-end’ pro cess which ensures that the different areas of the balance sheet are checked carefully before closing the year. For fixed assets,,, Find out more By James Watson, Expend By Ash Beetson
HOW CLOSING THE GAP BETWEEN BANKING AND AC COUNTING IS CHANGING THE LANDSCAPE FOR SMES
EMBRACE THE FUTURE BY ADDING APPROVAL AUTOMATION TO YOUR ACCOUNTING APP STACK WITH APPROVALMAX IT’S NEVER BEEN EAS IER TO ADOPT NEW TECHNOLOGIES AND ADAPT YOUR PROCESS ES – AUTOMATED
How are Neobanks Stealing a March on the SME Banking Industry? Issue 31 1Visit the XU Hub: Go to www.xumagazine.com Follow us on Twitter: @xumagazine magazine The independent magazine for Xero users, by Xero users ISSUE31 COVER STORY Don’t get left behind Supercharge your Xero tech stack Xero PLUS MORELOADSFROM Connected Apps TUTORIALS CASE STUDIES INTERVIEWS NEW APPS NEW RELEASES 9 772054 722009 with approval automation Save Time & Improve P&L Consistency with Automated Balance Sheet Reconciliations
PROVAL PROCESSES COULD BE YOUR SECRET WEAPON...
NETTTRACKER… BECAUSE CONSISTENCY MATTERS
What is automatedandApprovalMax,howcanapprovalsbenefityourfinance team or clients? So you’ve adopted Xero, and you’re nearly ready to start using approval auto mation – the benefits of time-saving, traceability, ease of use, and one univer sal 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 profession als, so how do you revamp your approval process, and where should you start?
Read more
The answer? Approval automation.AtApprovalMax, we specialise in automating approval processes for your accounts payable and ac counts 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.
To stay ahead, you not only need to build a tech stack for managing your ac counting firm, but be able to recommend a tech stack to clients. This allows you to create more streamlined workflows internally, leading to more efficiencies across resources and improved margins. For clients, you can offer higher levels of service and set them up for success by enabling data-driven de cisions.
3) What to look for when testing and comparing apps When digging into the viability of an app, deter mine the features that are most critical. For example, if you’re comparing inte tions to your accounting software, if customised ac count mapping by product category is a requirement then make sure that func tionality is available. A lot of the time, apps aren’t exten sive enough and can end up costing you more time than it saves.
2) Working with cli ents who have existing solutions New clients might have a pre-existing tech stack that sits outside of what you specialise in. When this comes up, test apps you’re unfamiliar with and com pare to apps already in your tool belt. The same goes for working with existing clients on a tech stack. You’ll either find better solutions or end up needing to transition the client to apps you recom mend for their needs. Where a system is not replacea ble you will need to rely on training and building pro cess documentation.
As businesses scale, growing pains are to be expected. But how do you rethink your payroll process? Learn how leading accountants choose select apps for each client’s needs Fintech NewsXU Biweekly | No. 37 Saturday 27 August 2022 11 WE HAVE BEEN WORKING CLOSE LY WITH THE CPD CERTIFICA TION SERVICE TO HAVE OUR ARTICLES CPD CERTIFIED. As you read through our sister publica tion, XU Magazine, any article that shows the CPD Certified logo has been approved to count towards your CPD points. Claim your FREE CPD Points! XU MAGAZINE IS CPD CERTIFIED FOLLOW OUR PUBLICATION...SISTER@xumagazine@xumagazine@XUMagazine@xu_magazine STEP-BY-STEP GUIDE ON BUILDING THE PERFECT TECH STACKS FOR YOUR CLIENTS WHAT TO DO WHEN YOUR PAYROLL NEEDS OUTGROW XERO?
By Martin Chee, Amaka
By Clare Quinn, Microkeeper
4) Types of apps most clients will need in their tech stack There are a few catego ries of apps that will make up the foundation of most tech stacks. Depending on the type of service you pro vide, these might not be client-facing and instead run in the background. Top accounting firms should be able to recommend apps for payroll, CRM, expense management, reporting and forecasting. In some...
XERO IS WIDELY CONSIDERED TO BE ONE OF THE BEST ACCOUNTING SOFTWARE OPTIONS FOR SMALL BUSINESSES AND START-UPS. ITS EASE OF USE MAKES IT GREAT FOR BEGINNERS AND AN EXCELLENT CHOICE FOR THOSE WITH LIMITED ACCOUNTING EXPERIENCE WHO ARE LOOKING FOR BASIC FINAN CIAL MANAGEMENT FEATURES.
However, as your business grows, you’ll need to identify the right processes, plans and systems needed to scale. Sometimes, tools that worked for years might no longer be the best fit. If you find yourself managing more than 50 employees using Xero Payroll, it might be time to start looking into another op tion - especially since Xero isn’t designed to handle much more than just day-to-day payroll processing functions. On top of that, according to Xero’s own account “the more employees added to the product, the worse processing and speed will become when try ing to post a pay run.” and last but not least, once you reach 200 users, you’ll be cut off. Enough reasons to look for a payroll solution that can grow with you beyond these thresholds. Limitless payroll processing If you’re on the lookout for a product... Keep reading
WITH OVER A THOUSAND APPS ON XERO’S APP STORE ALONE, IT CAN FEEL IMPOSSIBLE TO NAR ROW DOWN AND SPECIAL ISE.
1) Building a tech stack around a core accounting software Leading firms typical ly specialise in one to two cloud-based accounting software. Being exclusive to one will allow you to build tech stacks around a single core. It’s easier to scale giv en that data and workflows across all clients are work ing the same. Plus, the time spent on training will be re duced considerably. Though it’s not impossible to spe cialise in multiple, it makes things more complicated.
COMPANY, WE DON’T
TO EVERYONE WHO HELPED US MAKE A BIG DECISION THIS WEEK. The results are in and....they're exactly 50:50.As we want to honour the sanctity of a LinkedIn poll and all of your votes, we’ve decided to launch in both Luxembourg AND Estonia! Why not eh? Want even more good news this Friday? Get your hands on another slice of Apple Pay, with functionality now available in Lux embourg, Estonia and Portugal. 3 for the price of 1, don’t say we don’t spoil you. Keep reading
from
Read
BUILD
AMAZING TEAM.
Wow! The Revolut team continues to ex pand into the Nordics! How’s this growth come about? What's the story? I know right, niin jännittävää! Our goal here at Revo lut is to build a borderless economy, providing everyone with frictionless, accessible financial products. So growth is integral to our business model. In fact as a company, we just recently celebrated two big milestones: both our 7th birthday and hitting 20m+ customers on the app. The Nordic region has long been celebrated for their advanced approach to innovation and quick adoption of new technologies. So, it made sense that Revolut would have a presence here. For a few different reasons, such as currency, levels of import/export, market need etc., we’re starting off with Finland! What's your role at Revolut, and how do you support our Finnish expansion? I’m the Sales Manager for Finland, leading the Finn ish team as we engage with new business customers. Alongside the training and development of our team, I attend as many events as possible, both virtually and in the capital city of Helsinki. One event that I’m really looking forward to later this year is SLUSH, a startup/tech event taking place in No vember where our CEO, Nik Storonsky, will be one of the keynoteAnotherspeakers.wayI support our Finnish expansion is by regularly engaging with wider teams internally, such as product development, customer support, and marketing, to make sure we’re all aligned and growing together.
Hei
teamLaunchingFinland,aRevolutintheHappiestCountryintheWorld AS THE COST OF LIVING RISES, IT’S MORE IMPORTANT THAN EVER TO HAVE TO TAL VISIBILITY OF YOUR FINANCES. THE EASIER IT IS TO SEE WHAT YOU’VE SPENT IN THE PAST, THE EASIER IT IS TO PLAN YOUR FUTURE OUTGOINGS AND FEEL IN CONTROL OF YOUR MONEY. To help you budget, we’ve introduced 36 new spending categories and a category search function, both of which can be ac cessed through the Spend ing tab and transaction list in the Starling app. The new categories, which include ‘Garden’, ‘Takeaway’, and ‘Bucket List’, are available within Starling personal and joint accounts and follow suggestions from custom ers. You asked, we delivered. Budget with Starling Our update to available spending categories builds on the existing options, which include ‘Family’ and ‘Eating Out’. For example, customers can now select ‘Children’ or ‘Takeaway’, categories that give you an even more accurate picture of yourNewspending.categories that are especially useful for creat ing and keeping to a budget include ‘Essential Spend’, ‘Rent’ and ‘Mortgage’. You can also classify a trans action as ‘Non-essential Spend’, ‘Hobby’ or ‘Treats’. You have creative licencecategorise your spending in a way that works for you. Within the Spending tab of the app, we help you better understand where your money is going by calculating the total per centage spent per category per month. This feature is designed to help you make more informed choices go ing forward. For example, it might be useful to know if 8% of your total monthly outgoings are going on ‘Tax is’ (another new category). Find out more
Accept payments through a professional page unique to your business. Set it up in seconds by adding your logo and business details. Then share your unique URL or embed the QR code in your socials as many times as you like. No coding. No hassle. Just a convenient way to pay and get paid. To get started, select 'Payment page' in the 'Requests' section of your Merchant dashboard. Say goodbye to bank details (UK) Make it even simpler for your customers to settle in voices by adding ‘easy bank transfer’ as a payment op tion. It’s a nifty and secure way for customers to pay you directly from their bank account without having to enter any bank details. Kinda like bank transfers, but easier. Double up on currencies (UK, EEA) It’s part of our mission to make business borderless – so we’ve doubled how many currencies you can use for sending invoices and payment requests! That's right... more our mailing list and never miss an issue! news all connectedfavouriteyourXeroapps
WORLD.
9 Every fortnight XU Biweekly 9 Quarterly XU Magazine Supercharge your budgeting with 36 new spending categories
A FOLLOWER OF OURS, YOU
That’s exactly how we’re entering the Finnish market: with a bunch of #GetItDone sales professionals who’ll be the first Revoluters in the Happiest Country in the World, and our first sales team in the Nordic region! So, how's it going? What’s the Finnish market like? How does it all work? Michelle Cotter, Sales Manager for Finland, answers all our questions.
Hub Subscribe 9 Daily The latest
Pleo Launches In Estonia, Luxembourg &
Payments get personalised (UK, EEA)
IT MIGHT BE TIME FOR A GETAWAY, BUT WHEN IT COMES TO OUR UPDATES, THERE’S NO ROOM FOR A VACATION. AND WE’VE LINED UP SOME GREAT UPDATES THIS MONTH, FROM US REWARDS TO GUAR ANTEED SWIFT PAYMENTS. 100% GOOD NEWS, WITH NO DEAD WEIGHT. OPEN ‘EM UP BELOW. Save money every day with Rewards (US) US Businesses, it’s time to get rewarded and save every day. Unlock thousands of dollars of freebies and months of free access to workspaces, software and more to give your business a boost. From $5,000 USD in AWS Cloud credits and 50% off WeWork All Access for 6 Months, to discounts at Fiverr, Covve Scan and Paymo –we’ve got you covered. Head to Business Rewards in-app (web and mobile) to get started and see what’s on offer! Rewards are subject to availability. Terms and condi tions apply. SWIFT payments, guaranteed (UK, EEA)
IF ALREADY MAY HAVE NOTICED THAT THIS YEAR SEVERAL NEW AROUND THE BUT AS A FULLY REMOTE NEED A PHYSICAL TO AN
YOU’RE
THANKS
Send payments by SWIFT? Make sure your recipient gets an exact amount by choosing who pays for the fees. If you absorb them, the full amount’s guaranteed when it hits your recipient’s bank. Simply hit the ‘Send’ button, select a recipient > specify who pays the fees. Next? Sit back and watch your supplier relations flourish.
WE OPENED
By Karolina Gruszczyk
Portugal
OFFICE
Read more
OFFICES
FinTech NewsXU Biweekly | No. 3712 Saturday 27 August 2022 XU Subscribe to
