“We are excited about what this continued investment in our products will do and bring for our customers. This will propel us forward for practices, as we are already established in the Account ing Cloud space, we will look to further develop other ar eas within our product port folio.” Capium strongly be lieves that we should have sustainability in mind when developing and delivering quality software, enabling customers to confidently face the challenges of MTD and now MTD for ITSA while continuing to support its customers as best as pos sible through software and support services. Sanjay Bhiraju, Co-Founder and CEO, “We are proud to work very closely with our accountants and will continue to work with them, to ease their workload. We are confident that this investment will con tribute to delivering exactly what Accountants need and want from their Cloud Ac counting software providers - especially now when they need it the most.”
Find out more Biweekly Saturday 10 September 2022 | No. 38 The independent news source for Xero users, by Xero users Saturday 10 September 2022 P8 XU
DEXT APPOINTS SABBY GILL AS CEO
Capium announce £3 million in investment round to deliver groundbreaking efficiencies for the Future of Accounting and Bookkeeping a new era of spend management Welcome to Weel: PAGE 4P2 9 772054 723006 38 ISSN 2054-7234
SABBY TAKES LEADERSHIP OF DEXT TO DRIVE ITS NEXT PHASE OF GROWTH AND DE LIVERY OF EXCITING NEW SOLU TIONS FOR ACCOUNTANTS & BOOKKEEPERS, AND SMBS. Dext is delighted to announce the appointment of Sabby Gill as the new CEO of Dext. Sabby will start in early October, with Steve Rowley re turning to his role as Chair. Sabby is an outstanding, proven CEO, bringing over 34 years of ex perience in the technology sector, including work in the Accounting and Bookkeeping industry, across sales, service, support, operations and customer success. Sabby is cur rently the CEO of Thomas Interna tional and, before that, led Sage as their UK & Ireland General Manag er. Sabby has held additional sen ior roles at Epicor Software, IGT (a gaming technology company), HP, CA Technologies, Oracle... Read more
TEGRATED
NOUNCED
HI EVERYONE, DAN IEL HERE. TODAY, WE OFFICIALLY RE BRANDED DIVIPAY TO WEEL. IT’S A NEW NAME. A NEW LOOK. A NEW ERA. While this rebrand may have come as a surprise for some, our team felt this change was overdue. To that end, I’m excited to reflect on the journey that has brought us here today and share more about what this rebrand means for our future.Ifyou have any questions about what these changes mean for you, take a look at our FAQ cheat sheet here. Where we’ve been and wheregoingwe’re Russell, our CTO and co-founder, and I first met while working together at Westpac as part of their innovation team in 2016. We immersed ourselves in our customers’ universe to develop ways to improve their everyday lives with thoughtful financial prod ucts.We had identified a gap in the virtual card market where consum ers could split payments in real-time and still pay through a single card. Knowing we would be able to move a lot fast er if we went out on our own, we sat down in Rus sell’s apartment (in typical founder style) and dreamt up our solution, ‘DiviPay’ Not long after launch ing to consumers in 2017, we increasingly saw de mand from businesses in... Find out more
PIONEERING CLOUD ACCOUNTING AND TAX COMPLIANT SOFTWARE CAPIUM AN AN INVESTMENT TO FURTHER ENHANCE AND DEVELOP THEIR IN ACCOUNTING AND BOOKKEEPING SOFT WARE. Capium is thrilled to announce that we have se cured a significant amount of investment of three mil lionThispounds.investment is an important step for the com pany, allowing Capium to continue to develop and strengthen its Cloud Ac counting software, founded in 2013, and extend its reach into the mid-tier market for Accountancy Practices. This will also allow expanding into other market spaces if desired.AsCapium continues to rapidly grow, this investment will largely support the de velopment of the Cloud Ac counting Software platform. Capium strongly believes in breaking barriers and con tinuing to strive for improv ing Accountants and book keepers lives by providing them with the software that they truly need at an inex pensive price.
Tushir Patel, Co-Founder
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Xero, the global small business platform, today announced at Xerocon Sydney — its feature event for cloud accounting leaders from across the Asia Pacific — a suite of new features designed to help small businesses, accountants and bookkeepers plan for the future and manage compliance. The features unveiled include some of Xero’s most innovative technology, including expanded artificial intelligence (AI) capa bilities to help customers avoid a cash flow crunch, and insightful tools in Xero payroll to help simplify compliance.
DavidCEO:
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POWERFUL FLOW MANAGEMENT CAPTURE ALL YOUR WHO’S CUS From compliance to in ternal work, capture all your practice’s tasks and see who’s working on what in a singleBuildview.custom views so that you are only ever one click away from what's hap pening, with nothing slip ping between the cracks. Read more Anna Curzon,
Xero IntroducingWorkflowAccountKit Xero unveils powerful features to help small businesses and advisors forecast and manage compliance ‘Sign in with Xero’ and ‘Sign up with Xero’ now available for Fathom accounts BGL INTEGRATIONOFNOUNCEWARE,MANAGEMENTCOMPANYMENTFUNDAGEDPROVIDERTRALIA'SSOLUTIONS,CORPORATEAUSLEADINGOFSELF-MANSUPERANNUATION(SMSF),INVESTPORTFOLIOANDCOMPLIANCESOFTISPROUDTOANTHERELEASEITSNEWTWO-WAYWITH XERO PRACTICE MANAG ER (XPM). “We have been running Version 2 of our Xero Practice Manager integration in BETA for several months and are excited to start rolling this out to all BGL clients”, says Ron Lesh, BGL’s Managing Director. Find out more BGL reinvents integration with Xero Practice Manager
NEW PRODUCT FEATURES HELP SMALL BUSINESSES AND ADVISORS PREDICT FUTURE PAYMENTS AND SPEND LESS TIME IN THE BACK OFFICE
New Apps & UpdatesXU Biweekly | No. 382 Saturday 10 September 2022
‘SIGN IN WITH XERO’ AND ‘SIGN UP WITH XERO’ IS A NEW SSO/SSU INITIATIVE THAT SAVES XERO CUSTOMERS TIME AND HASSLE THROUGH THE CONVEN IENCE OF ONLY NEEDING ONE SET OF LOGIN DETAILS WHEN USING CONNECT ED APPS IN XERO, INCLUDING FATHOM. What does this mean for me? If you’re a Xero user, this has two main benefits: simplicity and security. Simplicity: Remembering which version of the countless passwords you need to use is a hassle. If you’re working through Xero... Keep reading IT WAS GREAT TO SHOWCASE OUR PLANS FOR NEW TOOLS AND FEA TURES AT XEROCON NEW ORLEANS LAST MONTH. While we were busy connecting with our partners, Xero teams around the world were enhancing the features on our platform. Here’s an overview of the fea tures we’ve released in the past month, and those that are coming soon. New Features: Find the right document pack more easily — Global We’ve improved the search function ality in document packs. It now surfaces results based on what the search... Find out more BAVALARA, INC. (NYSE: AVLR), A LEADING PROVIDER OF CLOUDBASED TAX COMPLIANCE AU TOMATION FOR BUSINESSES OF ALL SIZES, TODAY ANNOUNCED A NEW PARTNERSHIP WITH XERO, THE GLOB AL SMALL BUSINESS PLATFORM, THAT WILL PROVIDE ACCOUNTANTS, BOOK KEEPERS, AND SMALL BUSINESSES WITH A NEW SALES TAX AUTOMATION SOLUTION.
Xero, the global small business platform, has partnered with global sustainability fin tech, Cogo, to help small businesses take the next step in their sustainability journey. Xero and Cogo will help provide small businesses with the tools to better understand their car bon footprint and take action to reduce it.
NEW INVENTORY FEATURE AND A STRATEGIC PARTNERSHIP WITH AVALARA TO BRING POWERFUL SALES TAX CAPABILITIES TO XERO
XU BIWEEKLY - No. 38 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
BUILT FOR ACCOUNT ANTS AND BOOKEEP ERS.
TOMCompleteVIEW.Practice-WideVisibility,
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.
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Plan for the future with Analytics Plus Xero has recently updated its cash flow... Read more
The new partnership will bring ad vanced sales tax workflows and man agement directly into the Xero platform, enabling advisors and business owners to automate sales tax calculations, report ing, and filing.
Simplifying sales tax compliance for accountants and small businesses With more than 13,000 sales and use tax jurisdictions in the U.S., managing and reporting sales tax can be a complex and resource-intensive burden for small business owners. Recent research found that small businesses with up to five em ployees spend an average of 163 hours or $17,672 each month ons ales tax compli ance.The partnership will allow Avalara and Xero to build an integration solution that automates the sales tax compliance jour ney from within the Xero platform, which allows accountants and small businesses to more easily manage sales tax... Find out more CONNECTEDNEWBITWAVECOGOXEROAPPS!
Xero, the global small business platform, today announced at Xerocon New Orleans — one of the world’s premier events for cloud accounting leaders — exciting plans for new tools and features designed to make inven tory management, bank reconciliation and sales tax management significantly simpler and more seamless for US small businesses and their accountants. “We are laser-focused on bringing beau tiful, simple and seamless experiences to small businesses, accountants and book keepers across the United States. With our new inventory management and bank recon ciliation tools, they can spend less time on their back office administration and get... Read more
PRACTICE’S TASKS AND SEE
WORKING ON WHAT IN A SINGLE,
NEW APP ENABLES XERO CUSTOM ERS TO UNDERSTAND, MEASURE, REDUCE AND SHARE THEIR BUSI NESS’ CARBON EMISSIONS
WORK
XERO UNVEILS NEW EFFICIENCY-DRIVING TOOLS TO POWER UP US SMALL BUSINESSES Xero partners with Cogo to help small businesses take positive climate action Avalara Partners with Xero to Automate Sales Tax for Small Businesses By
Announced at Xerocon Sydney, Xero and Cogo have partnered to launch the Cogo Business Carbon Manager app in the Aus tralian Xero App Store to help Xero’s cus tomers to understand, measure and reduce the carbon footprint created by their busi nesses. The app is free, with enhanced paid features launching later this year. Xero and Cogo will also continue to collaborate... Read more
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What we offer busi nesses has evolved We initially launched in the UK and Europe, and last year we launched in the US too. From day one, we want ed to build a product that worked for businesses of all shapes and sizes, and not just focus on one segment. That said, at the outset.. Read more
Line & page breaks in custom reports For easier organisation of the online and PDF versions of your custom reports, we’ve added line and page breaks as reporting components in the content li brary.Line breaks move a reporting compo nent to a new row in both the online and PDF version of a report while page breaks move a component to a new page for the PDF version of a report. Previously, line and page breaks could only be applied by hovering over a re porting component and clicking on the three dot icon. Now, you’ll find them with other text components in the content li brary by selecting the 'TT' icon from the left side bar when editing a custom Fath om report. Keep reading
TODAY I’M THRILLED TO WELCOME JARED BAKER TO THE KARBON TEAM AS OUR NEW MANAGING DI RECTOR APAC. Jared comes from Xero, a company we owe a lot to for transforming accounting in Australia. Xero’s enormous impact on the market is long-lasting and definitive. Aus tralian accountants are some of the most progressive in the world due to the educa tion and forward-thinking of the Xero team. Early on, Rod Drury and Hamish Edwards were so confident in their capacity to change ments across Xero, three years on from Xerocon San Diego in 2019. Attendees also had an opportunity to hear from our ecosystem app part ners, who are an essential part of Xero’s small business platform vision and ena bling small business success. As part of our Xerocon special edition App Partners of the Month series, we’re bringing you a snapshot of the Xero app partners that exhibited at Xerocon New Orleans (24-25 August). Getting the full picture from your data Data and analytics continues to re shape small businesses of all kinds. Find out more the industry, and the way that has panned out exactly as they intended is a testament to their resilience, perseverance and vision. It’s not only great firms that have been created off the back of Xero technology, but great people also. Many in the Karbon team had wonderful experiences and learned a lot at Xero, and Jared is no different. His time there helped cement a deep understanding of the accounting industry and the firms, people, apps and clients that operate within it. Keep reading
Fathom’s timing profiles forecast when revenue or expenses are received or paid out in cash as compared to when they are recognised on the Profit & Loss. They are essential for forecasting move ments in accounts receivable, accounts payable, prepayments, and deferred or unearned revenue, as well as other Bal ance Sheet Fathom’saccounts.forecasting tool originally launched with monthly, quarterly, and an nually timing profile options. We’re happy to introduce two new timing profile op tions: Bi-Monthly and Bi-Annually for ad ditional flexibility and ease in forecasting Balance Sheet movements. The bi-monthly timing profile is use ful for forecasting payments that are received or paid out in cash every two months. The bi-annually timing profile enables you to forecast payments that are received or paid out in cash every six months or twice a year. To apply a timing profile to an ac count in your forecast, select a cell, then select the second three dot icon from the top in the side bar. Choose ‘New Profile’. From the drop down menu, you’ll be able to select the timing profile of your choice. Timing profiles can also be applied on the heading or classification level in your forecast.
BI-MONTH AND BI-ANNUAL TIMING PROFILE OPTIONS
XERO ANNOUNCES NEW COMPLIANCE WORKFLOWS TO MAKE TAX SEASON LESS TAXING
Building on last year's acquisition of TaxCycle — a leading Canadian income tax preparation software company — Xero is ex tending and enhancing its tax offering. The updates will simplify year-end bookkeeping and income tax preparation to help Cana dian advisors better serve and advise small business clients and grow their firms. The expanded TaxCycle integration will include key forms required to complete T1 income statements. This supports fast, accu rate, and efficient completion of the State ment of Business or Professional Activities (T2125) before this tax season, with addi tional T1 statements to follow. From Septem ber 1, Xero Partner Program discount rates for Canadian subscriptions will also apply to all TaxCycle products, for those with a standard license agreement with TaxCycle*. To help further simplify the year-end compliance workflow, Xero announced Hubdoc Bank Statement Extraction, a new feature that makes it easier than ever to extract transaction data from digital PDF bank statements and import data into Xero. With coverage for several leading Canadian banks, and more to come, the feature will reduce the need for manual data entry and speed up time on year-end bookkeeping tasks.“Before Hubdoc’s bank statement ex traction feature was available we would send PDF statements to another program which would have a three hour, sometimes 24 hour turnover to process the data. Now it’s seconds. The accuracy and efficiency is seriously a game changer for end-of-month work,” said Melissa Lenos, CPB, PCP, Profes sionalXeroBookkeeper.Workpapers, a crucial tool for yearend compliance workflows, is also improving to help make tax preparation more efficient for Canadian practitioners. The live beta for the Working Trial Balance is coming soon and will allow accountants and bookkeep ers to generate a read-only Working Trial Balance report directly within Xero Workpa pers, and easily view and validate all account balances and adjustments. It will be availa ble exclusively to Canadian practitioners for now, with additional feature enhancements to come.Xero also has a growing ecosystem of... Read more PARTNERS OF THE 2022 SPECIAL
APP
XERO, THE GLOBAL SMALL BUSINESS PLATFORM, TODAY ANNOUNCED AT XEROCON NEW ORLEANS — ONE OF THE WORLD’S PREMIER EVENTS FOR CLOUD ACCOUNTING LEADERS — A RANGE OF UPDATES DESIGNED TO MAKE ANNUAL COMPLIANCE SIGNIFICANTLY EASIER FOR CANADIAN ACCOUNTANTS AND BOOKKEEPERS, TO BETTER SERVE THEIR SMALL BUSINESS CLIENTS.
REVOLUT BUSINESS IS CELEBRATING TWO HUGE MILESTONES THIS MONTH – WE TURNED THE GRAND OLD AGE OF FIVE, AND HIT £100B IN TO TAL TRANSACTIONS PRO CESSED. We’ve come a long way since we launched in 2017, when I worked as a custom er support agent and the en tire Business team could fit in a single room. Today, hundreds of thou sands of businesses across Europe and the US rely on Revolut Business to manage payments, sales, FX, and employee spending. I wanted to take this op portunity to recap our jour ney so far, and tease what’s coming next from Revolut Business.
News & UpdatesXU Biweekly | No. 384 Saturday 10 September 2022 New: Timing Profile Options, Easier Organisation of Custom Reports, and MicroforecastAdditionalFlexibility
MONTH: XEROCON NEW ORLEANS
Jared Baker joins Karbon
By James Gibson
Product showcases included new automated bank statement extraction with Hubdoc and expanded tax preparation capabilities
EDITION XERO
RECENTLY HOSTED XERO CON NEW ORLEANS, ONE OF THE MOST ANTICIPATED EVENTS ON THE CALENDAR FOR CLOUD ACCOUNT ING LEADERS. We were excited to reconnect with hundreds of accounting and bookkeeping partners in the United States and Cana da, and share the latest product develop
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The new findings in the Changing world of work report from Xero, the global small business platform shines a light on the work force challenges faced by Kiwi small busi ness owners and their employees and the critical role technology plays. The New Zealand report was released to day at Xerocon Sydney, where Xero unveiled its commitment to employing small...
Find out more some of our Xero customers to access business finance from within Xero.
ness
Late payments cost Aussie small businesses $1.1 billion per year
MANAGING A WORKFORCE IN TO DAY’S INFLATIONARY AND REGU LATORY ENVIRONMENT IS TAKING ITS TOLL ON SMALL BUSINESS EMPLOY ERS IN NEW ZEALAND, WITH A THIRD (36%) SAYING THAT MANAGING EMPLOY EE PROCESSES IS NEGATIVELY IMPACTING THEIR MENTAL HEALTH.
by inflation
New Zealand workplace challenges impact small business owners’ mental health Insights finds US busipandemic driven
BGL CORPORATE SOLUTIONS, AUSTRALIA'S LEADING PROVID ER OF SELF-MANAGED SUPER ANNUATION FUND (SMSF), INVEST MENT PORTFOLIO AND COMPANY COMPLIANCE MANAGEMENT SOFT WARE, IS PROUD TO AGAIN BE THE RECIPIENT OF THE SMSF ADVISER SOFTWARE PROVIDER OF THE YEAR AWARD. “We are thrilled to once again be rec ognised as the #1 SMSF software provid er,” said Ron Lesh, BGL’s Managing Di rector. “Our team has worked tirelessly to ensure our clients have the best solu tion to meet their needs consistently re leasing software updates every 3 weeks. That is an incredible achievement and one of the many reasons why Simple Fund 360 is leading the market and why clients continue to support us”. Released in 2014, Simple Fund 360 software uses sophisticated artificial in telligence (AI) powered technologies for smart data capture, categorisation and review – simplifying the process of trans action processing for SMSFs and pro viding incredible efficiencies for clients. Simple Fund 360 integrates with BGL’s CAS 360, Simple Invest 360 and many industry-leading practice management solutions while providing integrated accounting workpapers, digital signing, 350+ data feeds, registry integration, sophisticated portfolio reporting and BGL SmartDocs – BGL’s award-winning industry-leading paper-to-data solution. And for the accountants, Simple Fund 360 includes a proper double entry gen eralJeevanledger.
Xero, the global small business platform, today released Crunch: Cash flow challenges facing small businesses, Part II, a Xero Small Business Insights special report which iden tifies late payments, rising expenses, and seasonal slowdowns as causes of cash flow ‘crunches’.Prepared by Accenture with the support of Xero, the report analyses comprehensive inflow and outflow data from over 200,000 businesses across Australia, New Zealand and the United Kingdom to understand ‘cash flow red flags’ – the early warning in dicators that a small business is heading for cash flow trouble. It found that 48 percent of invoices is sued by Aussie small businesses in 2021 were paid late, with 10 percent paid more than a month after they were due. On average, small businesses in Austral ia are paid 6.4 days late, costing small busi nesses $1.1 billion per year due to payment delays.
Xero Small Business
XERO, THE GLOBAL SMALL BUSINESS PLATFORM, TODAY LAUNCHED ITS XERO SMALL BUSINESS INSIGHTS FOR CANADA AND THE UNITED STATES, WHICH PROVIDES CRITICAL INSIGHTS INTO WHAT IS HAP PENING IN THIS IMPORTANT SECTOR OF THE ECONOMY, AND HIGHLIGHTS THE IMPACT INFLATION IS HAVING ON CA NADIAN SMALL BUSINESSES. Each quarter, Xero will provide small business performance data for Canada and the US, covering sales, time to be paid, and late payments across tens of thousands of its small business custom ers. The launch special report, Small busi ness snapshot: United States and Cana da, shares insights into the performance of small businesses in Canada through a shifting economy, from 2017, through the pandemic and recovery, to the current... Read more Business Insights report for Canada reveals inflation impact on small businesses
News & UpdatesXU Biweekly | No. 386 Saturday 10 September 2022
as 24 hours, and sometimes instantly.
small
ALMOST HALF OF ALL INVOICES OWED TO SMALL BUSINESSES IN 2021 WERE PAID LATE; 10 PERCENT PAID MORE THAN A MONTH OVERDUE.
Real sales growth for US small businesses slowed to just 2.8% year-over-year two years after pandemic-induced recession
XERO, THE GLOBAL SMALL BUSINESS PLATFORM, TODAY ANNOUNCED THE LAUNCH OF ITS XERO SMALL BUSINESS INSIGHTS (XSBI) PROGRAM WHICH INCLUDES QUARTERLY UPDATES ON THE SMALL BUSINESS ECONOMY FOR THE UNITED STATES AND CANADA, BASED ON AGGREGATED AND ANONYMIZED DATA FROM TENS OF THOUSANDS OF XERO CUSTOMERS. It also launched a special XSBI report: Small business snapshot: United States and Canada which provides insights on business performance and the impact inflation is hav ing on US small businesses. The report found that, while small busi ness growth seemed to be nearly double the pre-pandemic average, this was largely due to higher prices rather than an increase in the amount of goods and services sold. In short, it was likely due to inflation and... Find out more
ro’s bills to pay or invoices page. 1. Request a quote
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Tokhi, Head of Simple Fund 360, said: "This award is a fantastic rec ognition of the entire BGL team. Our product team has continually delivered regular updates and listened to our cli ents. Our client-facing teams have pro vided exceptional service. BGL's ecosys tem team and our partners continue to build better integrations. Most... Keep little Once in the pilot via the ‘Access finance’ link on Xe First, power of Xero
FINANCERealsalesforCanadian
small busi nesses fell by 1.7% year-over-year amid challenging economic climate Xero report reveals inflation and talent shortages among the biggest challenges for small business
ClassifiedsXU Biweekly | No. 38 Saturday 10 September 2022 7 Try for FREE! Automated Data Entry. SmarterEasierBooks.Lives. The #1 tool to get your financial documents approved on time www.approvalmax.com Accountant Tools Bills & Expenses Cloud FinancialDebtorIntegratorsTrackingServicesInventory FOR BUILDERS JOB MANAGEMENT www.nextminute.com www.qicworks.comERPSolutionforEngineering,Construction&SiteInstallers It’s a match made in heaven. Start your FREE workflowmax.com/xerotrial: Invoices & OutsourcingJobs Payments We pay so the planet won’t. CarbonPay.io New cloudpayroll.com.auipayroll.co.nzAustraliaZealand Never quest on where your team s aga n w th LeaveCal Xero s top rated leave & hybrid work ca endar S g p t d y @ f t INVOICE AUTOMATION Join the Line-Item Revolution! burdi.com.au If the only update your so tware gets each year is price, it could be time to wolterskluwer.co.uk/switchswitch Year End magazine The independent magazine for Xero users, by Xero users ISSUE32 COVER STORY Isn’t life strange? Not a pilot, dancer, or a #IWantToBeAnAccountantfootballer...An Accountant! Xero PLUS MORELOADSFROM Connected Apps TUTORIALS CASE STUDIES INTERVIEWS NEW APPS NEW RELEASES AnAccountant#IWantToBe OUTISSUENOW:32 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 You could be this happy with us on your side su tef les com All-in-one invoice processing www.zaharasoftware.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 Reporting
Announcing new product solutions and partnerships Yesterday, Anna Curzon, Xero’s Chief Product Of ficer, and Hamish Cook, Vice President of Sales (US) took to the stage with some exciting updates in the product space. These included plans for new inventory solutions, following our acquisition of LOCATE Inventory late last year; new strategic partnerships with Avalara to help small businesses navigate sales tax, and an inte gration with BMO Financial Group to enable automatic transaction syncing between BMO and Xero; a new Hub doc bank statement extraction feature; and improved reporting for US customers. Read more about these an nouncements in Anna’s blog post.
The first major announcement we made in New Orleans was our expansion of the Xero Small Business Insights program to the United States and Canada. As part of this announcement, we launched a Xero Small Business Insights special report, Small business snap shot: United States and Canada, which draws on aggre gated and anonymized data from tens of thousands of our customers across the United States and Canada. Go ing forward, we will offer quarterly updates on the state of small business in Canada and the United States via our website. This is great news because as Chris said during our conversation, “what gets measured, gets managed” and it’s our hope that the insights this program provides will help shape policy, and assist academics, account ants, bookkeepers, and small businesses themselves to understand and improve this sector.
ACCT For the Future is 2 day event to be held at Crowne Plaza, Hotel in Mar low. The event takes place on 21 and 22 September. The event is aimed to give accountancy business owners the opportunity to take time out and think about the business they want, rather than the busi ness they have. Speakers at the event have over 225 years’ experience in the accountancy sector and 5 qualified Chartered account ants. The keynote speaker is Steve Cunningham. Steve went blind at the age of 12, but has subsequently paid football for the England Blind team, flown around the UK and is the fastest blind man to drive across Lake Windermere. They include: • The event will enable you to consider all aspects of your accountancy busi nesses strategy and come out with a stronger plan, than when you started the event. It will be followed up by one accountability call with Richard and Der mot. The event has been de signed to be the opposite of everything that attend ees don’t like about ac countancy clearingoped,BrianEnvisioneventspiringtoolsspeakers,theingdesigned“Everythingbusinesses.hasbeentocreateaninspirlearningexperienceforattendees,fromgreatprovenlearningandarelaxed,butinenvironment.”TheishookedaroundthemethodologythatCoventryhasdevelwhichisaimedatallproject...
Building a community-powered platform Chris O’Neill, Xero’s Chief Growth Officer, spent some time discussing how Xero is creating a connec tion point – a centralized platform of apps and tools where the needs of small businesses and their advisors can be met, and unique problems can be solved. One of the ways Xero will continue to expand is through com munity-led growth where our community is a force at every stage of our funnel. He likened the Xero ecosystem to building Lego – making software that molds to how teams work, not the other way around. At Xero, we want to put the building blocks straight in your hands – you can stack apps together, composing those blocks into solutions that drive growth and make advisors’ jobs eas ier and more rewarding.
Find out more WE’D LIKE TO THANK EVERY ONE WHO STEPPED INTO THE LIME LIGHT AND ENTERED THE XERO AWARDS NEW ZEA LAND 2022. THE QUALITY OF ENTRIES WAS AMAZ ING AND SEEING THE ROLE THAT XERO PARTNERS PLAY IN THE SMALL BUSI NESS COMMUNITY IS SO INSPIRING. Congratulations to our New Zealand Xero Awards 2022 finalists Small PartnerAccountingoftheYear • Crux Advice & Accounting • Generate Accounting • MBP • Sass Medium Accounting Partner of the Year • BetterCo • Bizdom Chartered Ac countants • Chapmans Chartered Ac countants Connected Accountants Large PartnerAccountingoftheYear • Auctus Advisory • Beany • Malloch McClean • Vazeychild National Partner of the Year • BDO New Zealand • KPMG New Zealand • PKF New Zealand • Sidekick Bookkeeping Partner of the Year • Admin Army • Jones Business Solutions • My Two Cents • Red Office Advisory Partner of the Year • BetterCo • Bizdom Chartered Ac countants • Malloch McClean • Sidekick Read more By Steve Vamos, Xero
ANEW EVENT FOR THE PROFESSIONACCOUNTANCYHAS BEEN LAUNCHED BY DER MOT HAMBLIN AND RICH ARD BREWIN.
•
EventsXU Biweekly | No. 388 Saturday 10 September 2022 TODAY,
WE WRAPPED UP XEROCON NEW ORLEANS, THE SECOND OF THREE XEROCON EVENTS WE’RE HOSTING IN 2022. Despite its name, Xerocon isn’t just about Xero – it’s really about our partners and community. It’s so impor tant that we connect with our communities to under stand why they choose Xero, what is working well, and where we can improve. After being unable to connect in person at Xerocon for nearly three years, this connection felt especially important and special this year.
Expanding Xero Small Business Insights to the United States and Canada
CONGRATULATIONS TO OUR XEROCON SYDNEY GIVEAWAY WINNER! WATCH A WEBINARFREEONTHEXUHUB!
David Hassall, CEO of XU Magazine
Connecting on stage with our partners Chris also facilitated an on-stage conversation with Rashida Gayle, founder and CEO of Twenty Six Enter tainment and her accountant Miguel Otchere-Marshall, founder and CEO of Nelopy Accounting. They discussed the importance of creating meaningful relationships be tween accountants and bookkeepers and small business clients – and the role of the Xero product in fostering a relationship of trust. I had the pleasure of interviewing Rashida on my podcast, What Led You Here last year, so it was great to connect with her again. Find out more
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Accounting has been the core of everything for me for most of my working life either directly in my role or now it is the industry our company is centred around.
Where had that got to during your later studies (or not, as the case may be)? I learnt on the job, leav ing school after A-Levels and going straight into the workplace. Since then, I’ve been very keen to learn con tinuously. I read avidly and have mentors both inside and outside the accountan cy profession.
Cover Story This article is #IWantToBeAnAccountant storyShareyourwithus SHARESTORY!YOUR What did you want to be when you grew up? #IWantToBeAnAccountant Share your photos with us When Igrow up...#IWantToBeAnAccountant ISN’T LIFE STRANGE? NOT A PILOT, DANCER OR A FOOTBALLER... AN ACCOUNTANT! needs to be translated into a language your clients can understand. Nikki Adams, joint MD, Ad Valore
As a child, what did you want to be when you grew up?
How important is ac counting in your role – and how has being an account ant helped you develop in your career and as a per son?
When did you move into accountancy; why, and how? I started in an account ancy recruitment company at the age of 19, being given responsibility (directorship) very early running a finance team for a fast-growing company, and learning firsthand how hard it is to get a company from start-up to £6m and then being part of an MBO. After a career in London, I then had a fam ily and joined my husband in building an accountancy firm of our own.
I had no idea what I wanted to be, and if you’d have told me when I was at school what I’m doing now I wouldn’t believe you. I was very shy but heavily influ enced by my father, who was a business and systems analyst, and my first ‘boss’ who was a very charismat ic accountancy recruitment entrepreneur.
Working in another industry and in general practice, has given me incredible insight into what a business own er needs to know to build a successful business. Business strategy, risk management, credit/cash management, pricing, peo ple management, economic factors, geo-politics, busi ness analytics, technology integration, requirements for R&D/innovation grant fund ing, change management, marketing strategy, net working skills, presentation skills, public speaking... the list is almost endless of what I’ve learnt along the way! The driver for me is work ing with micro and small... Find out more
Cryptocurrency, Making Tax
DON’T MISS OUT ON THIS GOLD EN OPPORTUNITY TO LEARN AND NETWORK WITH THE REGION’S LEADING EXPERTS IN TECHNOLOGY FOR ACCOUNTANTS AND FINANCE PROFES SIONALS.
By Laura Binns
By Caroline Hobden
ACCOUNTEX SUM MIT TERTOBERFOURTHRETURNSMANCHESTERFORTHEYEARON12OC2022ATMANCHESCENTRAL.
and Sustainability
The exhibition is set to welcome over 1500 attend ees, including accountants, finance directors and book keepers from all over the north of the UK. More than 100 software and service suppliers will be exhibiting, including Sage, Xero, Wolters Kluwer, Dext, IRIS, FreeAgent, RDI Solu tions and Intuit Quickbooks. Attendees will have the op portunity to meet the teams behind the brands and get 1-on-1 demos, find new solu tions and learn practical tips. “We can’t wait to bring you our best Accountex Summit Manchester yet! We’ve got an even bigger show this year and it’s set to be unmissable.” said Ac countex Porfolio Director, Caroline Hobden. “It’s a great opportunity to reunite the community, and keep up-to-date with the chang ing technology, legislation and regulation. And, with the introduction of home working for so many firms post covid, our shows are essential meeting places for teams to come togeth er, whilst immersing them selves in all things account ancy and finance.”
A 2021 visitor, Heather Palmer, Director at Ascot Bookkeeping Accounting Ltd said “This was my first time visiting Accountex Summit Manchester and I certainly wasn’t disappoint ed. The atmosphere was incredible, and the quality of exhibitors was first class. Can’t wait for 2022!” Visitors will also gain 8 CPD hours through the free CPD-accredited seminars led by 50+ experts, defining the future of accountancy and finance. The education programme is held across four theatres that will host 32 seminars, discussing everything from Making Tax Digital to staff retention and mindset. A taster of the Semi narFindProgrammeoutmore
Accounting & Finance Show Singapore opens its doors this SeptemberEventsXU Biweekly | No. 38 Saturday 10 September 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
Digital technology has been revolu tionizing accounting and finance for many years, and the pace of change has been turbocharged with the events of the past few years. With more solutions in the mar ket than ever before, it’s crucial for SMEs, enterprises and accounting firms to stay up to date on the latest tools and digital inno vations and to discover how they can trans form and streamline their ways of working. For the first time in 3 years, the Account ing & Finance Show Singapore returns as an in-person event! The doors will open on 20 September 2022 at Suntec Convention Cen tre. Thousands of accountants and finance professionals from SMEs, enterprise and ac counting firms from Singapore and across Asia will gather to learn from the industry’s thought leaders about the latest digital trends that are shaking up the accounting and finance scene. Plus, the show floor will be bustling with 100+ sponsors and exhibi tors ready to showcase their innovative solu tions.This is a must-attend event for anyone who wants to stay ahead of the curve in a rapidly changing digital landscape. Best part? Tickets are free for all and we’d love for XU Magazine readers to join us! Keep reading
Spotlight on Digital at Summit ASIA
Accountex
Manchester A MUST-ATTEND TECHNOLOGY EVENT FOR ACCOUNTANTS AND FINANCE PROFESSIONALS IN
Find out more
TIRED OF THE ENDLESS CALCULATIONS? OR LIS TENING TO YOUR MATE’S EXCUSES FOR NOT PAYING UP? SAY HELLO TO GROUP BILLS. AT REVOLUT, WE’RE ALL ABOUT MAKING LIFE A
TV shows, not bills House-sharing with your besties? Living the dream! But let’s not pretend it’s all rainbows and smiles; when it’s time to pay the bills, things can get ugly. You’ve got gas and electricity coming out of your account, but last week, Sarah shelled out for a new vacuum and Carlos bought everyone dinner. Well, it’s time to toss the calcu lator in that new soft-close bin that Lou just had to have. Group bills keeps track of your household expenses and does all the calculations for you. We’ll send automatic re minders to everyone, so there’s no more chasing. That’s the bills split, fair and square.
Starling Bank’s business banking customers can now make Bulk Payments to mul tiple recipients. The new subscription service can be used to help support payroll, reimburse staff expenses or pay suppliers, all at the same time.The Bulk Payments fea ture has been launched by Starling to process pay ments at scale for business es. With small businesses in the UK accounting for 48% of employment and 36% of turnover in 202, the new fea ture will save business own ers time and effort so that they can focus on growth. The new feature is avail able to UK business cus tomers with GBP accounts through Starling’s Online Banking platform for £7 a month. Customers simply add the feature to their sub scriptions within the app, log into Online Banking and complete a template with recipients’ details. Those who are new to Starling can download the app, apply for a business account and then sign up for Bulk Payments once the business account is verified and open. For a limited time, new subscribers can also use Bulk Payments for free during their first month.
By Emma Potter By Daniela Carvalho
"PayPal is committed to offering safe, secure and seamless products and ser vices that drive efficiency for grantmakers and charities to digitally send and receive grant payments," said Oktay Dogramaci, VP of Giving at PayPal. "By partnering with National Philanthropic Trust and Vanguard Charitable, PayPal Grant Payments will enable more than 200,000 PayPal confirmed charities to quickly receive grants electronically, streamlining and simplifying what has his torically been a much more manual and drawn-out pro cess." In 2020, DAF donors granted at historic levels. Grants from DAFs to qual ified charities totaled an estimated $34.67 billion, representing a 27.0 percent increase compared to 2019 and the highest DAF grant increase in a decade. In 2021 Vanguard Charitable sent out $1.78 billion, and NPT sent out $6.4 billion in grants to charities; these payments were made almost entirely by check.Thisprocess can be cost ly and slow, and the pan demic exacerbated delays in charities receiving grant checks due to disruptions with the postal service and the inability of some...
Grant Payments will enable charities to receive grants shortly after the funds have been approved by the grantmaker. Both grantmakers and charities will have access to all avail able grant details, including donor information when provided, via a PayPal dash board. Eligible and partici pating charities have been vetted per PayPal's strong compliance standards.
Helen Bierton, Chief Banking Officer at Star ling Bank, comments: “Four years ago, we welcomed our first business customers to Starling. Since then, many will have hired their first em ployee or freelancer, some will have grown into ful ly-fledged teams, and oth ers will have become more established companies with hundreds of employees. Our Bulk Payments feature... Keep reading BREEZE. OVER WHO OWES WHAT.
THAT MEANS NO MORE MATHS, AWKWARD PAYMENT REQUESTS OR ARGUMENTS
Honeymoon period, always Living with your other half can be a bit of a... Read more ONE THING’S FOR SURE: THE SUN WON'T BE COOLING OFF ANYTIME SOON, AND NEITHER WILL WE. IT’S TIME TO HEAT THINGS UP WITH A SUMMER OF PRODUCTS AND SIZZLING NEW FEA TURES.Choose where you send your Crypto Unlock Crypto potential and withdraw crypto from Revolut to an external wallet or cold storage of your choice! Not regulated. Value can go down. Tax may be payable.
Refreshing a classic: Group bills Here to end the awkward ‘money talk’ with your friends, Group Bills has a few new features that’ll be the talk of the town. From overseeing debts, marking them as paid and so much more!
BUSINESS ONEBUSINESSCIPIENTSMENTSMAKECUSTOMERSBANKINGCANBULKPAYTOMULTIPLEREFROMTHEIRGBPACCOUNTINGO.
FinTech NewsXU Biweekly | No. 3812 Saturday 10 September 2022 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 PayPal Launches Grant Payments, Enabling Charities to Quickly Receive Funds from Grantmakers Save friendships with Group bills PAYPAL HOLDINGS, INC. (NASDAQ: PYPL) TODAY IN PARTNER SHIP WITH PAYPAL.ANDTOERSANDMUNITY(DAF)DONOR-ADVISEDPRODUCTGRANTCHARITABLE(NPT)PHILANTHROPICNATIONALTRUSTANDVANGUARDANNOUNCEDPAYMENTS,ANEWTHATENABLESFUNDSPONSORS,COMFOUNDATIONSOTHERGRANTMAKTODELIVERGRANTSCHARITIESQUICKLYELECTRONICALLYVIA
Starling Bank introduces a new Bulk Payments feature to help small businesses pay suppliers and support payroll
Goodbye Junior, hello Revolut <18 We all love a good revamping, so Revolut Junior is now Revolut <18, for everyone aged between 6-17. Set your kids up for success with just the right amount of financial independence. Filter your way to a better Stay It’s time to check off your wishlist. Choose from... Read more
CHECK OUT OUR TOP TIPS BELOW AND KEEP THOSE FRIENDSHIPSSquabbleTIGHT.over
Take the stress out of group trips Ever got to the end of the holiday and realised you paid for five meals out, three rounds of drinks and the rental car? No one wants to do maths when they’re abroad, so let Group bills do it for you. Need to pay back or get paid in multiple currencies? No problem; we’ll sort out the exchange rates too. If you’re traveling with kids or maybe treating your partner, you can split bills how ever you like; it doesn’t have to be even. Just leave the calculations to us.
Send money easier and faster That’s really all there is to know. We’ve made some improvements to transfers, cutting all unnecessary steps. Just search for your friends and their names will appear right away. As easy as it gets!