XU Biweekly - Issue 42 - 5 November 2022

Saturday 05 November 2022 | No. 42

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

CAPITAL ON TAP RAISES £100 MILLION TO POWER THE SPEND OF EVERY SMALL BUSINESS

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LOBAL FINTECH CAPITAL ON TAP HAS SECURED A £100 MILLION CORPORATE REVOLVING CREDIT FACILITY WITH ATALAYA CAPITAL MANAGEMENT TO PROVIDE SMALL BUSINESSES IN THE UK AND US WITH A CENTRAL HUB TO MANAGE ALL ASPECTS OF THEIR BUSINESS FINANCES. Since launching in 2012, Capital on Tap has provided over £4 billion of funding to more than 200,000 small businesses. In 2021, Capital on Tap launched their US business, which already has more than 14,000 Capital on Tap Business Credit Card holders in its one year of existence.

While Capital on Tap has closed several funding facilities in the past, over £1bn since June 2021 to fund customers, this revolving credit facility is the first that will be used to enhance Capital on Tap’s quickly evolving product offering..

Today, Capital on Tap provides an all-in-one business credit card and spend management platform built to save small businesses time and money with instant access to funds, flexible repayment options, accounting integrations, unlimited free 1% cashback, and as many employee cards as they need.

The funding will allow Capital on Tap to build out their central finance hub for small business owners in the UK and US. This will include

Xero Latest Product STARLING BANK SPONSORS SOUTHAMPTON FC WOMEN News — November 2022

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VER THE PAST MONTH, WE’VE MADE UPDATES TO SUPPORT THE TRANSITION TO SINGLE TOUCH PAYROLL PHASE 2 IN AUSTRALIA, IMPROVEMENTS TO EINVOICING, CHANGES TO MULTI-FACTOR AUTHENTICATION, AND MORE. READ ON FOR MORE DETAILS ABOUT THESE AND OTHER PRODUCT UPDATES IN XERO.

New features

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TARLING BANK IS TO BE THE OFFICIAL PRINCIPAL PARTNER FOR SOUTHAMPTON FC WOMEN FOR THE 2022-2023 SEASON. STARTING SUNDAY 30TH OCTOBER WITH A MATCH AGAINST SUNDERLAND AFC LADIES, STARLING’S LOGO WILL FEATURE ON THE FRONT OF PLAYERS' SHIRTS.

Enjoy more beautiful reports — Global

This sponsorship is a continuation of Starling’s celebration of women’s football, following the bank’s national sponsorship of the UEFA Women’s EURO 2022, which saw it launch the first fantasy football game for women’s football in the UK and award £23,000 in grants to women’s grassroots teams.

We’ve made a number of enhancements to new reports in Xero over the past month.

Don’t forget, we’re retiring the older versions of our reports in Xero, so you’ll need to start moving your work across to the new versions. You won’t be able to use the older versions of our reports from 31 July 2023.

• We’ve introduced bar charts to the Top Customers and Top Vendors reports.

You can also switch between a bar chart, treemap chart or donut chart in the Expenses by Contact and Income by Contact reports.

• The presentation of tracking columns has been improved in new reports where...

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a full accounts payable suite to manage bills and expenses, a credit score builder to help new companies establish business credit, and several other products and features that will help small business owners from the day they start their business.

“We continue to see small businesses overlooked and underserved by the large incumbent banks,” said David Luck, co-founder and CEO of Capital on Tap. “We want to build a simple, seamless finance platform for small business owners.”

Originally backed by three early angel investors, Capital on Tap has been profitable since 2017 and has experienced an impressive 62%...

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2 XU Biweekly | No. 42

New Apps & Updates

Xero is making changes to some fields in practice tools

What’s next for Xero's new invoicing?

Here’s a sneak peek

By Katie Shea

A

INVOICING IS ONE OF THE MOST CRITICAL PARTS OF RUNNING A BUSINESS OR PRACTICE. THAT’S WHY WE’RE COMMITTED TO PROVIDING YOU WITH

A SMART AND SIMPLE WAY TO CREATE AND SEND AN INVOICE, SO YOU CAN WORK MORE EFFICIENTLY, GET PAID ON TIME AND GIVE YOUR CUSTOMERS A BETTER EXPERIENCE.

We have two invoicing experiences in Xero right now: the older version (known as ‘classic’ invoicing) and ‘new’ invoicing.

New invoicing is built on the latest technology and has many of the features you love in classic invoicing, with even more functionality and a refreshed design.

Because it’s the latest version and has more flexibility for our teams to build the tools you’ll need in the future, it’s where we’re focusing our...

Read more XU BIWEEKLY - No. 42 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: Hebe Vermeulen 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.

We just put the ‘easy’ in your Q2C process with the Chargebee + HubSpot integration

By Aparna Shridharan

T

O THE UNTRAINED EYE, A CLOSED DEAL MIGHT BE CAUSE FOR CELEBRATION. BUT IF YOU’RE AN EXPERIENCED SALESPERSON, YOU KNOW THAT THE FINAL LEG OF THE RACE LIES AHEAD OF YOU. YOU DON’T PAUSE TO TAKE A CELEBRATORY SHOT OR BLOW AN AIR HORN EVERY TIME YOU MAKE A SALE. YOU DON’T EVEN WHOO. Why? Because the journey from closing a deal to hearing the cha-ching of your commission hitting home – is a treacherous one. Like a Tolkien adventure, it can test your relationships (is your friend on the finance team accelerating your deal? It’s been 24 hours already), your patience (guess which one of your customers received an incorrect invoice), and your endurance (have you ever lost a deal a day before your quarter closes?).

There are still some dark corners in the world of business processes where the light of automation hasn’t shone through. Salespeople would unanimously agree that the quote-to-cash pro-

cess is one of them. The Q2C process is one ridden with handoffs, dependencies, and friction.

The new Chargebee and HubSpot integration solves precisely this. Let’s dive in and learn how two businesses Let’s Talk Interactive and Refocus, leveraged their updated Q2C process to drive process efficiency and revenue growth.

Let’s Talk Interactive: Unleashing scale with an accelerated quoteto-cash process Let’s Talk Interactive is a cutting-edge healthcare solution provider that equips medical personnel and institutions with reliable, user-friendly telemedicine and videoconferencing solutions. After establishing a customer base in the US, they planned to expand to other geographies like Latin America, Africa, and Italy.

They also had plans to move upmarket and sell more to the enterprises.

While their core product was on the cutting edge of...

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Saturday 05 November 2022

By Alex Hoffman

D

O YOU EVER WANT TO TAKE A QUICK SQUIZZ AT YOUR DASHBOARDS WITHOUT HAVING TO BOOT UP YOUR PC? WE'VE GOT YOUR BACK. THE SYFT MOBILE APP IS HERE AND FREE TO DOWNLOAD ON EITHER BOTH APPLE AND ANDROID PHONES! JUST VISIT YOUR MOBILE APP STORE AND THERE IT IS.

Why use the mobile app?

The mobile app is secure, efficient, and easy to use. We try to keep Syft simple on your PC too, but, on a mobile phone, simplicity is non-negotiable. With our new app, you have the beauty and ease of understanding of your favorite dashboards sitting neatly in your pocket.

You can use the mobile app to grow your business, achieve your goals, and boost productivity - all without having to be in the office or anywhere near your computer.

Dashboards in the palm of your hand Once you've installed the mobile app, you can log into your Syft account, or sign up if you don't have an account. And then, you're in!

You can now check all the financial...

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PEAKFLO OCTOBER 2022 RELEASES

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CCOUNTS PAYABLE NEW RELEASES

Accounts payable managers don’t need to keep reminding approvers of pending approvals anymore! All the approvers will receive daily emails from Peakflo containing the details of all their pending approvals.

The finance team can now communicate effortlessly by leaving comments on purchase quotes or bills timeline. The stakeholders will get notified instantly via email.

Bill viewers and Approvers can also get instantly notified with a customizable note when a bill is deleted or canceled.

Now the procurement and finance teams can export purchase orders in CSV. Finance teams can easily categorize and track bills by adding custom fields to the table views. In the table view, the custom fields can be filtered for better visibility of bills and purchase quotes.

The purchase quote requester’s name will be added automatically to the purchase quote form. The admins will be able to edit this field. The finance team can also view and filter the requester's name in the purchase quotes table view.

Finance teams and employees can collaborate and manage budgets seamlessly by adding budget members in addition to budget owners. The budget members will only have access to the budgets they have been assigned to.

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By Luis Sanchez Castillo

F

ROM EARLY NOVEMBER 2022, WE’LL BE UPDATING SOME FIELDS IN XERO PRACTICE MANAGER (XPM) AND XERO HQ. THIS IS ALL PART OF OUR WORK TO PROVIDE YOU WITH A MORE UNIFIED CLIENT RECORD IN THE FUTURE, SO YOU CAN ENJOY A SEAMLESS CONNECTION BETWEEN OUR PRACTICE TOOLS.

What’s changing in XPM and Xero HQ Over the coming weeks, the fields in your practice tools will look a little different. Here’s an overview of what’s changing and when.

From 1 November 2022, the first name and last name fields in your Xero Ask email template will be replaced with one single name field, which will include the full name of your contact.

The following changes will come into effect from 8 November 2022: • XPM will have a mandatory display name field for individual and sole trader client types that can be edited, instead of an auto-generated field that you can’t edit (first name and last name fields will remain, but will be optional) • First and last name fields for...

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NEW XERO CONNECTED APPS! WOWZER CA - WOWzer backup and restore is designed by accountants, for accountants to automate the backup function for your Xero data. It allows you to restore a full copy to a new Xero organizations.

MOSAIC.TECH CA & US - YA real-time analytics and planning platform that helps your team get from data to decision faster.

It provides clear visibility across ERP, CRM, HRIS, and Billing systems in a matter of minutes.

TAXIFYUAE GLOBAL - VAT compliance made simple for the UAE. Generate UAE compliant VAT returns with an audit file in a simple and quick process with TaxifyUAE and Xero. Ease the pain of VAT compliance.

News & Updates

4 XU Biweekly | No. 42

Upcoming Security Changes: We’re asking some app partners to change the way they integrate

insightsoftware Acquires Cubeware, Expanding Global Footprint in DACH Region

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E’RE ASKING SOME OF OUR APP PARTNERS THAT USE THE XERO API TO MAKE CHANGES TO THE WAY THEIR INTEGRATIONS INTERACT WITH XERO, SPECIFICALLY AROUND THE CREATION OF PRIVATE APPS WITHIN THIRD PARTY APP PLATFORMS, SUCH AS CDATA. HERE’S WHAT USERS OF THESE APPS NEED TO KNOW AHEAD OF THE CHANGES OCCURRING IN LATE 2022.

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GL CORPORATE SOLUTIONS,AUSTRALIA'S LEADING PROVIDER OF SMSF, INVESTMENT PORTFOLIO AND COMPANY COMPLIANCE MANAGEMENT SOFTWARE, IS PROUD TO HAVE TRAINED 1,350 PEOPLE IN ITS FREE COMPANY SECRETARY 101: A BEGINNER'SGUIDE LIVE ONLINE TRAINING COURSE. "This is a huge achievement for the BGL Training Team and everyone involved," said Ron Lesh, BGL's Managing Director. "We offered this free online training course to help those new to the company secretary role and were delighted to see over 1,700 people register and 1,350 attend the live session held on 18October 2022."

BGL's Company Secretary 101: A...

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Zeller and Xero: Teaming Up for Bank Feeds

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O BUSINESS OWNER LOOKS FORWARD TO MANUALLY RECONCILING THEIR ACCOUNTS. WE’VE PARTNERED WITH XERO TO REDUCE THE ADMIN LOAD OF MANUAL TRANSACTION UPLOADS AND RECONCILIATIONS SO YOU CAN FOCUS ON MORE IMPORTANT TASKS. Xero’s online accounting software provides visibility of your business accounts in a simple, smart and secure way. With Xero Bank Feeds, transactions processed through your chosen Zeller Transaction Account are automatically uploaded to your Xero organisation. With Zeller, there’s no need to wait until close of business — an up-to-the-minute feed of your incomings and outgoings will appear in Xero.

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Saturday 05 November 2022

The Xero API has been around for over 10 years and is used by thousands of integrators. We’ve made a lot of changes and security updates to the API over the years.

These security enhancements are about ensuring we meet global standards and expectations to keep our customers’ data safe.

We announced a move from OAuth 1.0a to OAuth 2.0 in 2019, we uplifted our security requirements in 2020, and we launched our new Xero App Store, which included further security enhancements, in 2021.

Because of these changes, some of our app partners will need to change the way they structure their integrations to Xero to ensure they comply with our developer platform terms and conditions. For customers of these apps, this means that your app partner could ask you to re-authenticate with them, or change the way that you currently use the Xero API. These app partners include (but are not limited to): • CData • Fooman Magento Connect • W2X • Interfy • Private Apps under OAuth 2.0 A key example of this is where an app partner has previously asked you to set up a ‘private app’ under OAuth 1.0a in order to integrate with a desktop based, locally hosted, piece of software.

The ‘private app’ model is no longer available under OAuth 2.0, but it has been replaced with two more robust options that provide a better user experience and better security in PKCE and Custom Connections.

An app partner that was previously asking you to set up a ‘private app’ under OAuth 1.0a will now ask you to reconfigure your integration to use PKCE, or a Custom Connection.

In order to take advantage of the benefits of this improved connection method you may need to re-authenticate to the app partner. This could result in a short period of time where the integration may not be available until you do so.

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NSIGHTSOFTWARE, A GLOBAL PROVIDER OF REPORTING, ANALYTICS, AND PERFORMANCE MANAGEMENT SOLUTIONS, TODAY ANNOUNCED IT HAS ACQUIRED CUBEWARE, A GERMAN-BASED BUSINESS INTELLIGENCE (BI), ANALYTICS, AND PERFORMANCE MANAGEMENT SPECIALIST. THIS ACQUISITION EXPANDS INSIGHTSOFTWARE’S FOOTPRINT IN GERMANY, AUSTRIA, AND SWITZERLAND. For more than 20 years, Cubeware has been a leader in the field of BI, with customers that rely on insights to help solve critical problems. Its Cubeware Solutions Platform (CSP) provides organizations with a centralized dashboard for users to quickly process, visualize, and analyze relevant BI data. The single platform offers a uniform view on customers, products, and markets with interactive and responsive applications – from data management to visualizations, reports, and guided plan-

ning workflows. Finance and operations teams can easily expand, customize, and optimize BI processes across the company with little maintenance and training.

“Today’s organizations are hyper focused on empowering finance and operations teams with the ability to leverage business data to drive more strategic decision making. insightsoftware offers a vast number of solutions to enable our customers to unlock business data and achieve this reality. We have expanded our portfolio of market-leading solutions across financial planning and analysis (FP&A), controllership, capital management, and embedded analytics via strategic organic and inorganic growth,” said Dafydd Llewellyn, General Manager, EMEA at insightsoftware. “This acquisition assures existing Cubeware customers can continue to rely on CSP to address their BI needs with a new, globally-enabled...

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ApprovalMax & Spotlight Reporting: Sharesies’ secret to agile growth

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AVE YOU SEEN OUR WEBINAR WITH SHARESIES AND SPOTLIGHT REPORTING? IT’S NEVER TOO LATE TO WATCH THE RECORDING. WE CHATTED TO HANNAH KORNER, CORPORATE ACCOUNTANT AT SHARESIES, ABOUT HOW THEIR CLOUD ACCOUNTING APP STACK HAS HELPED THEM CREATE AIRTIGHT, EFFICIENT AP PROCESSES AND REPORTS, AND HOW THOSE EFFICIENCIES ALLOW THEM TO SCALE.

their processes?

• How does Sharesies app stack set them up for agile growth?

Download our case study to learn about Sharesies’ complete accounting app stack and how ApprovalMax has helped to change their accounting systems and processes for the better.

Watch the webinar to get exclusive content We discussed topics like: • What does Sharesies do?

• How is their finance team structured?

• What are some of the key challenges Sharesies’ finance team have faced?

• How do they benefit from automated spend control and AP processes?

• How do they use tools like ApprovalMax and Spotlight Reporting to improve

Webinar roundup: what will you learn?

If you’re yet to watch the webinar or read the case study, Sharesies are a New Zealand-born fintech com-

pany. They operate a platform that allows their users (across Australia and New Zealand) to buy and sell shares in companies across NZ, Australia and the US. Throughout 2020 and 2021, Sharesies saw remarkable growth. Hannah and the rest of the Sharesies finance team knew they needed to redesign their finance processes to support the company’s continued growth.

They needed tools that would automate repetitive, time-consuming tasks and allow the finance team and approvers to focus on tasks that bring real value to the business and the board. As Hannah put it in the webinar, "At the end of the day, you want computers doing computer work, and people doing valuable and interesting tasks."

Sharesies’ finance team is small – they have three full-time members and two part-timers. Efficiency, value, and timeliness are key elements of success for...

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News & Updates

6 XU Biweekly | No. 42

Saturday 05 November 2022

XSBI data shows Everything to know (and do) for the global trend in small business sales final stage of Xero’s

By Rachael Powell

S

MALL BUSINESSES HAVE SURVIVED – AND CONTINUE TO FACE – A MYRIAD OF CHALLENGES FROM A GLOBAL PANDEMIC, SUPPLY CHAIN DISRUPTIONS, AND NOW IMPACTS OF INFLATION AND THE RISING COST OF LIVING. I AM CONSTANTLY IMPRESSED

BY THE RESILIENCE AND ADAPTABILITY OF SMALL BUSINESSES AS THEY NAVIGATE NEW CHALLENGES AND IDENTIFY OPPORTUNITIES. Through our latest Xero Small Business Insights (XSBI) data, we can see the global trend of the rising cost of living impacting small business sales. At Xerocon New Orleans in August, we announced the expansion of our existing XSBI program for Australia, New Zealand, and the UK, to include quarterly data on the state of small business in the US and Canada. Our recent report, Small Business Snapshot: United States and Canada, provides insights into business performance and the impact inflation is having on US and Canadian small businesses.

We’ve published the usual metrics for Australia, New Zealand and the UK for the month of September, as well as data on the US and Canada for the three months to June including sales, time to be paid, and late payments.

Sales growth slows globally Our XSBI data shows sales growth has generally been slowing so far in 2022 in all five of the countries we’ve reported on. This trend is in response to rising cost of living pressures, which is now a global challenge. Small businesses are experiencing lower demand for their goods and services as their customers are having to stretch their pay packets to cover rising household expenses, and this is directly impacting sales.

The September data shows an ongoing sales slowdown in Australia (+8.8% y/y), and the UK (+3.6% y/y) – the smallest...

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STP Phase 2 roll out

By Anthony Jones

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Y NOW, YOU’RE LIKELY FAMILIAR WITH XERO’S APPROACH TO GETTING YOUR PAYROLL DATA READY FOR SINGLE TOUCH PAYROLL PHASE 2.

THIS WILL SEE YOUR BUSINESS BUILD ON ITS EXISTING STP REPORTING TO SHARE MORE INFORMATION WITH THE ATO AND OTHER GOVERNMENT AGENCIES EACH TIME YOU PROCESS A PAY RUN. AND THE GOOD NEWS IS, WE’RE NOW ARRIVING AT STAGE THREE – THE FINAL STAGE OF XERO’S TRANSITION TO STP PHASE 2.

The three stages of your transition to STP Phase 2 in Xero Stage one – Delivered in August: The first part of this process is transitioning your existing employee profiles to be STP Phase 2 compliant. This stage also includes providing additional information when onboarding new employees to Xero Payroll.

Stage two – Delivered in September: You’ll need to identify and update certain pay items with the new earnings categories defined by the ATO for STP Phase 2 reporting.

Stage three – Rolling out from late October: This is the final stage in the STP Phase 2 transition which will break down paid leave into additional subcategories. We’ll support you with a guided experience in payroll so you can easily update existing paid leave types to meet the new ATO reporting requirements.

Stage three involves the introduction of new paid leave categories STP Phase 2 introduces a set of new ATO reporting categories for use in your leave pay items. You will now need to categorise...

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By Alex Hoffman

T

IRED OF SPENDING HOURS CONFIGURING THE LAYOUTS OF YOUR P&L AND BALANCE SHEET SO THAT THEY MEET INDUSTRY REQUIREMENTS? MEET OUR NEW LAYOUT GENERATOR, A PLUG 'N PLAY TOOL THAT GENERATES INDUSTRY-SPECIFIC LAYOUTS IN SECONDS, ALL POWERED BY MACHINE LEARNING. With the new layout generator, you can choose from a range of industry templates, easily duplicate layouts from other entities, or build a layout from the ground up. Let's see how this works!

The all new layout generator When you click on Layouts, you will be prompted to select one of three layout configuration options, namely: 1. Use an industry template; 2. Import a layout from another entity; or 3. Start from scratch.

Let's examine each of these in some detail.

Industry templates Difficulty: Easy From retail to non-profits, tech to agriculture, we have prebuilt templates for a wide range of industries. Once you select the relevant industry template, Syft's machine learning engine will automatically map your accounts to categories.

Simply click on this option and browse templates. Whether you are in the retail industry, hospitality, education, real estate, energy... We've got you covered. Click on "Use template" and voila! Your layout has been built.

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Don’t miss the next issue!

XU Biweekly

Accolades Roll In for simPRO During the Month of October

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CTOBER WAS A GREAT MONTH FOR SIMPRO! IT WAS AWARDED NUMEROUS RECOGNITIONS FOR ITS EXCEPTIONAL CULTURE AND BUSINESS GROWTH BY BOTH LOCAL AND INTERNATIONAL ENTITIES. simPRO was honoured to have been named winner of the Lord Mayor Business Award in the ANZ High Growth Category as well as the prestigious Optus Platinum Award on Friday, October 21 during the Lord Mayor Award Ceremony held at Brisbane City Hall.

The Lord Mayor Awards, now in its 17th year, recognise the most innovative Brisbane-based companies that foster economic development. Thirty-four outstanding businesses and eight businesspeople were named finalists across eleven categories.

"The vision and leadership of this year’s finalists will help carve out a lasting legacy fof our city to 2032 and beyond." Lord Mayor Adrian Schrinner said.

The awards received a record-breaking number of entries, in a sign of post-pandemic optimism and growing confidence in the local business community.

The full list of winners of these prestigious awards can be found here.

Earlier this month, simPRO was honoured

by Comparably in their quarterly culture awards. simPRO was named as a Best Company for Perks and Benefits, Happiness, Work-Life Balance and Compensation. This followed the company’s recognition for Best Company for Career Growth during the second quarter of 2022. These awards were determined based on employee reviews.

TrustRadius, a trusted software research and review platform, also recognised simPRO this month with a “2022 Tech Cares''

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XU Biweekly | No. 42 Accountant Tools

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8 XU Biweekly | No. 42

Saturday 05 November 2022

Where the opportunity lies: Xero Roadshow Melbourne 2022 Recap

What you can expect from this year’s Xero Singapore Roadshow

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ITH JUST TWO WEEKS TO GO ’TIL XERO SINGAPORE ROADSHOW, WE ARE BUZZING WITH ALL THAT WE HAVE INSTORE FOR OUR ACCOUNTING AND BOOKKEEPING COMMUNITY. HERE ARE SOME THINGS YOU CAN EXPECT.

Benchmark your practice Opening the day, Managing Director of Xero Asia, Koren Wines will unveil some topline findings from our annual Singapore State of Accounting Industry Report. The report, surveying over 300 accountants and bookkeeping professionals, will reveal how they have fared over the past year, cloud adoption trends, industry predictions, as well as best practices for you and your team to learn from for the upcoming financial year.

Become superhuman in a digital world

It’s a digital world out there, with AI technology and machine learning intrinsically woven into our daily lives. With ongoing economic volatility and an increasingly challenging operating environment, we’ll explore how digital solutions can offer SMEs a much needed edge to work and grow more efficiently and in a much more streamlined way.

With shifting conditions, like supply chain disruptions, increasing costs and a looming recession, the need for evolving technology coupled with human experience has become more critical than ever. Discover how DBS has taken a superhuman approach in a digital world, and how to incorporate these learnings into your practice.

F

OR THE FIRST TIME IN TWO YEARS, XERO USERS, APP PARTNERS, AND KEYNOTE SPEAKERS CAME TOGETHER IN PERSON FOR THE XERO ROADSHOWS AROUND AUSTRALIA. Our team was there for the Melbourne Roadshow and loved the chance to reconnect in person again!

With the theme of ‘opportunity’ present throughout the event, we heard from Xero’s experts on topics like tech trends and predictions, the move to digitisation, and developing dynamic processes after many lockdowns and disruptions.

So what did we learn at the

Xero Roadshow this year?

And what opportunities do these learnings bring? In this blog post, we’ll cover some of the key themes that we took away from these talks, what they mean for the industry, and then dive into how ApprovalMax can help.

Let’s dive in!

The future of financial management is digital After two years of lockdowns and adjusting to new ways of working, it’s no surprise that the most notable industry developments are those centred around tech that facilitates remote...

WATCH A FREE WEBINAR ON THE XU HUB!

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Boost employer branding In the year of ‘The Great Resignation’ and amidst...

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ELEBRATING THE SUCCESS OF AUSTRALIAN ACCOUNTANTS & BOOKKEEPERS The Australian Accounting Industry Awards looks to celebrate hard-working accountants, bookkeepers, and leaders of the industry for 2022.

Hailed as the Brownlow medal night for the accounting industry. These awards highlight the efforts and grit of our public practitioner community during arguably one of the toughest periods of their career. ​​​​​​​Join us in Sydney, in late November, for a gala dinner for the ages. Strictly limited places, be sure to RSVP when tickets become available David Boyar and Paul Meissner, From the Trenches

Congratulate our finalists Partner of the year (1 partner firm) • Emma Baxter, YOUtax • Jack Dixon, Backbeach Accounting • Teddy Kosasih, Pitt Martin

Advisors • Natalie Lennon, Sides...

Two

Partner of the year (2-10 partner firm) • Donna Bruce, Alto Accounting & Advisory • Matthew Feehan, Salt Financial • Kyelie Baxter, IQ Accountants • Shane Mckenna, Aintree Group

Accounting Team of the year • Success Tax Professionals Aspley • AFS & Associates • PKF Newcastle • Aintree Group

Bookkeeper of the year • Tracey Rubens, Appy Books • Lisa Stoneham, Straight Forward Accounting Solutions • Kielan Faria, Eye On Books • Michele Grisdale, Rainforest Bookkeeping

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10 XU Biweekly | No. 42

Features

Saturday 05 November 2022

By Sean Woods

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HE WORLD OF ACCOUNTING IS PIVOTING WITH INCREASING GOVERNMENT REQUIREMENTS AND EVOLVING CLIENT NEEDS. IF YOU DON’T MANAGE CHANGE IN THE COMING YEARS, CHANGE COULD MANAGE YOU—LEADING TO A CAREER FOREVER ON THE TREADMILL. TAKE CONTROL NOW AND ENSURE THE COMING YEARS ARE EVERYTHING YOU WANT THEM TO BE. The pandemic showed how accountants are the true superheroes of the business world.

Yes, there was significant extra work. But a door was opened. As accountants performed tasks like helping clients prepare reporting to access government assistance, clients were educated about a closer relationship with an advisor they could trust.

Similarly, Making Tax Digital in the UK has indicated that client relationships can evolve as accountants focus more on additional service offerings, such as periodic financial check-ups, and less on basic compliance now that the government de-

mands technology do much of that work.

All of this is becoming the norm, rather than the exception.

In the very near future, more and more taxes will be digitalised—everything from income tax to corporation tax. Simultaneously, governments worldwide are increasing business regulation.

that’s right for everybody.

But it’s wise to jump off the treadmill for just a few minutes and plan your route. The focus should be less about the specific and unique challenges. Instead, look at the ways you can navigate through the challenges in a way that will create a future perfect for you.

Scaling up, scaling down, specialising or more rad-

Scaling up As the philosopher Alan Watts said, the only way to make sense out of change is to plunge into it, move with it, and join the dance.

For accountants, this means scaling their practice to exploit challenges in the coming years.

But while basic growth is simple—do more of what

decade, resulting in an inevitable fight to the bottom when it comes to pricing and profit. Nowadays a high street accountant competes with online services.

Providing more of the same is unlikely to be effective. Instead, fresh service offerings and increasing your practice’s understanding of client needs must be central to any plans to scale.

clients being able to cope with the increased demands of at least quarterly reports for each trade and landlord income, plus discrete end of period statements (EOPS).

And that’s before we discuss the requirements for digital record keeping and digital linking.

Clients that scribble down income and expenses as they occur, then hand this over to their accountant each January along with a bag full of receipts, are in for a huge shock.

But some accountancy practices are seizing the chance to manage this change and in doing so, they illustrate perfectly the mindset needed for practices looking to scale.

Client accounting services

You need to choose how you and your practice will fit into this new world.

The issues are the same as they ever have been: ensuring you’re relevant to clients, pricing services optimally, remaining profitable, and so forth, all while being guided by your values.

There isn’t a single path

ical options—all must be explored, and a destination selected.

And that’s perhaps the most important point. All journeys start with a single step. But less often mentioned is that all successful journeys start by choosing the best destination for you.

you’re already doing—accountancy practices have opportunities to instead evolve what they do, driven by aforementioned increasing government requirements and changing client demands.

After all, basic accounting services have become commoditised over the last

For example, Making Tax Digital for Income Tax Self Assessment (MTD ITSA) arrives in the 2024/25 tax year, with the expectation that many businesses will signup to the pilot programme ahead of time as of the 2023/24 tax year.

There remains industry-wide incredulity about

MTD ITSA’s quarterly reporting requirement in particular means some business owners and managers will need to have much more contact with their accounting.

Because of the obvious reluctance of those clients to do so, some accountancy...

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Features

XU Biweekly | No. 42

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WHY GETTING YOUR CONSTRUCTION BUSINESS IN ORDER CAN BOOST YOUR WELLBEING

By Michael Savanis, NextMinute

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NOWING HOW YOUR JOBS ARE TRACKING, OPERATIONALLY AND FINANCIALLY, MEANS GREATER CERTAINTY ABOUT THE STATE OF YOUR BUSINESS. Since the COVID crisis struck, the construction sector has experienced the best and the worst of times.

Specifically in Australia, the federal government’s 2020 Home Builder subsidy scheme triggered a residential renovation boom which saw builders and trade businesses booked up months in advance.

The Housing Industry Association’s November 2021 Trade Report indicated the industry was experiencing its most significant skills shortage since the inception of the Report in 2003.

Widespread flooding across the east coast in early 2022 compounded the demand for services, such that it’s now a case of “good luck with that” for anyone looking to have building work done in anything resembling a hurry.

That’s the upside.

And bust The downside? Having a full order book is no longer the blessing that once it was.

Keeping good workers on staff and on side has been a real challenge for many business owners.

So has sourcing materials. Australia is in the grip of its worst materials shortage in 40 years, with everything from timber and tiles to kitchen and bathroom fittings in short supply. In an industry where time is money, that’s no minor hiccup.

Prices have skyrocketed accordingly but passing on those increases to customers has been problematic for trade businesses that haven’t allowed for them in their quotes.

This confluence of factors has sent a string of builders, both large and mid-sized, to the wall this year. Subcontractors inevitably share in the misery, when work has been carried out but the bills can’t be paid.

Take the pressure down.

Keep reading

Putting payment safety at the forefront

By Glen Foster, Libeo

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ECH COMPANIES OFTEN TALK ABOUT TIME SAVING OR THE VALUE THEY BRING BUT IN PAYMENTS, SECURITY IS THE NUMBER ONE FOCUS.

aren’t getting the help and support that the wider consumer public gets. This is why this is one of our major areas of development at Libeo.

The role of Accountants & bookkeepers in derisking transactions is crucial for SMEs in the current context.

Fraud is one of the biggest risks businesses face and this is on the rise. It is becoming more cyber-enabled, giving fraudsters more opportunities to infiltrate companies through different methods. Small businesses

What are the different types of payments fraud?

There are two main types of payment fraud, which can broadly be categorised as those that produce a direct victim and those that produce an indirect victim. For instance, payment frauds that fall into the former

camp include things such as identity fraud and hacking, and attacks are commonly made via things such as supplier fraud, invoice fraud, and company director fraud.

Indirect fraud tends to focus more and more on”faceless” crimes, with the victims being banks, states or systems. Money laundering is the most common form of this kind of payment fraud.

There is sometimes a combination of these two types of fraud, with AC Scams prompting victims to...

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12 XU Biweekly | No. 42

GoCardless launches Protect+ to help businesses fight fraud & retain revenue

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HE INTRODUCTION OF ITS SECOND ‘PAYMENT INTELLIGENCE’ PRODUCT COMES AS MERCHANTS FACING ECONOMIC HEADWINDS LOOK FOR WAYS TO ADDRESS LOST REVENUE Today GoCardless announced, a global leader in bank payment solutions, has launched Protect+, an end-to-end fraud prevention solution that detects fraudulent activity and protects merchants from potential losses through enhanced payer verification, 24/7 fraud monitoring and chargeback challenges. With Protect+, merchants will be able to improve their overall percentage of successful payments, significantly reduce the costs associated with managing payer fraud and protect both their revenue and reputation.

With 46% of UK businesses citing fraud as a ‘top threat’ and 79% saying the current economic conditions motivate them to reduce the amount of revenue they lose due to fraud, the introduction of Protect+ offers an alternative to existing fraud prevention options, which many merchants find frustrating due to high costs (27%), the time required to administer (26%) and poor customer experience (21%).

Protect+, the second ‘payment intelligence’ product from GoCardless, combines data from the billions of transactions processed on its global bank payment network with custom parameters set by merchants to match their risk appetite. Protect+ detects and prevents three types of fraud: • Identity fraud, when a fraudulent payer uses stolen or purchased bank account details (that may be valid or invalid).

• No intent to pay, when a fraudulent payer uses their own bank account, but has no intention to pay for the goods or services received.

• Unfair chargebacks, when a fraudulent payer uses their own bank account, but submits a chargeback after receiving the service or goods.

The launch of Protect+ comes as UK businesses face a particularly challenging time. 93% of merchants reveal the cost of running their business is higher than it was a year ago and a similar proportion (91%) are actively looking to cut costs. The most popular tactic to improve their financial position over the next six months is to renegotiate more favourable terms with suppliers, with 43% saying it’s “one of the first things” they’d consider. This is followed...

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FinTech News Pay with Venmo Take the good, leave the bad: keeping on Amazon This human biases out of technology Holiday Season A A

Saturday 05 November 2022

MAZON’S U.S. CUSTOMERS WILL SOON BE ABLE TO ADD THEIR VENMO ACCOUNT AS A PAYMENT METHOD

At Venmo, we’re consistently focused on giving you more ways to use Venmo in your daily life. Today, we’re excited to introduce the ability to pay with Venmo on Amazon. com and on the Amazon mobile app, offering our nearly 90 million active Venmo customers in the U.S. a new way to check out easily and quickly for their Amazon purchases.

Starting to rollout to select Amazon customers today, Venmo will be available to United States customers by Black Friday.

The option to pay with Venmo on Amazon brings the familiarity and trust you know...

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RTIFICIAL INTELLIGENCE IS BECOMING MORE PROLIFIC IN OUR LIVES, AND IT’S ONLY A MATTER OF TIME BEFORE IT’S USED IN EVERYTHING. UNFORTUNATELY, HOWEVER, BIASES IN AI ARE CONTINUOUSLY BEING FOUND IN EVEN THE MOST WELL-MEANING OF USES, FROM AIDING LAW ENFORCEMENT EFFORTS TO FINDING JOB APPLICANTS, SUCH AS AMAZON’S FORMERLY SECRET RECRUITING TOOL.

The global multi-product entity utilized a hiring algorithm that didn’t identify federally protected classes, like race, religion, age, sex, and disability. Yet, even without those identifiers, researchers found the AI algorithms preferred male candidates because of their almost exclusive usage of aggressive adjectives to describe themselves and their experiences on resumés, like “executed” or “captured.”

Unbiased AI is a goal we all want to achieve, but it’s continuously difficult with so many places in this human-centric technology for bias to creep in. It’s not impossible, though. So fixing biased AI is a top priority for the industry.

Research from the Association for Computing Machinery found that by training models on large data sets like Wikipedia and movie reviews, gender bias and sentiment analysis were achievable. This can help guide research down the right path, and many organizations are developing ethical AI with transparency and community to overcome the obstacles.

Building trust in artificial intelligence is essential, and identifying and addressing human biases builds the foundation of that trust.

Identifying biases Although the breadth of AI bias can be vast, there

are two main things we can do as business leaders to tackle the problem. The first and most obvious step in ensuring fairness in machine learning technology and automation is to define exactly what “fair” means. We all have different ideas about what is and isn’t fair.

It’s also important to discuss the ways AI augments our decision-making processes. Unlike humans, AI filters through all the noise and determines outcomes based on the data input. Humans are not always honest, however, and this can very easily imprint bias on the AI’s outputs.

For example, image-generating AI algorithms like Dall-E 2 and Stable Diffusion look like they’re creating hyper-realistic images of people. But they’re only representative of the poses and perspectives in which we take and publish photographs of ourselves, much...

Keep reading

Flare Network update: FLR token airdrop

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ACK IN DECEMBER 2020, REVOLUT RELEASED A BLOG POST TO LET YOU KNOW THAT IF YOU WERE HOLDING ANY XRP TOKENS IN YOUR REVOLUT ACCOUNT AT MIDNIGHT UTC ON 12 DECEMBER 2020, YOU’D BE ELIGIBLE FOR THE SPARK TOKEN AIRDROP. After a couple of years of infrastructure improvements, and a deferral of the original distribution date (initially planned for the summer of 2021), Flare Network announced that they might be ready to distribute their native token: Flare (ticker: FLR). The name Spark won’t be used anymore to avoid mixups with another existing project.

The Token Distribution Event (or airdrop) is expected to take place between 24 October and 6 November, 2022.

What do I need to do to receive my Flare tokens?

If you held XRP tokens in your Revolut account at the snapshot date (midnight UTC, 12 December 2020), you’re eligible to receive FLR — you don’t need to do anything.

Find out more

We’re updating our Wise card fees from the 3rd of January 2023

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HERE ARE THREE MAIN CHANGES COMING YOUR WAY.

Cash withdrawals.

and varied depending on the amount and number of times you withdrew cash within a month.

Now, you can withdraw up to 200 GBP cash per month for free and we’ll simply charge 1% of the amount for additional withdrawals above this limit.

This applies for ATM withdrawals, as well as withdrawing cash from a merchant or bank, money orders, foreign exchange or bureau de change.

Our previous charges were overly complicated,

Using your card to send money.

Ordering your Wise card.

Ordering a Wise card will now cost 7 GBP. We sadly had to increase our fees because it got more expensive for us to process card orders where you live.

These transactions cost more money to process than others. So, we will charge a fee of 2% of the transaction amount on certain currencies when you use your Wise card to send money to e-wallets or other accounts which can be converted to cash (including, but not limited to, casino chips, cryptocurrencies and lottery tickets).

Find out more

FinTech News

14 XU Biweekly | No. 42

Starling Bank grows Wise - October 2022 headcount by 20% Trading Update this year

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TARLING BANK HAS INCREASED ITS HEADCOUNT BY 20% SINCE THE START OF 2022 TO MORE THAN 2,000 EMPLOYEES. THE BANK, WHICH ANNOUNCED ITS FIRST FULL YEAR OF PROFITABILITY IN JULY 2022, PLANS TO SWELL ITS HEADCOUNT BY ANOTHER 10% BEFORE THE YEAR END. More than 1,000 employees are based at its Cardiff office, while 650 are based at its London office and 400 in Southampton. New hires have joined Starling’s engineering, financial crime, customer service and card operations teams, which the bank plans to grow further to support its 3 million+ customer accounts.

As part of its growth project, Starling has opened its new London office at The Fruit & Wool Exchange in London’s Spitalfields. It also houses Engine by Starling, the bank’s new Software-as-a-Service business.

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PayPal Announces New Employee Inducement Grants

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AYPAL HOLDINGS, INC. (NASDAQ: PYPL) TODAY ANNOUNCED IT HAS GRANTED EQUITY AWARDS ON OCTOBER 15, 2022, UNDER ITS 2022 INDUCEMENT EQUITY INCENTIVE PLAN (THE "PLAN") TO NEW EMPLOYEES WHO JOINED PAYPAL. The grants were previously approved by the Compensation Committee of the Board of Directors of PayPal Holdings, Inc. Information regarding the equity awards can be found on the company's investor relations website at: https://investor.pypl.com/newsand-events/news/

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SPOTTED ON LINKEDIN

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ISE IS DISRUPTING A MASSIVE AND UNDERSERVED MARKET AND IN THE SECOND QUARTER WE HELPED 5.5 MILLION ACTIVE CUSTOMERS MOVE £27 BILLION ACROSS BORDERS, A 50% INCREASE ON THE SAME PERIOD LAST YEAR.

Our success is thanks to our superior products that customers love. Our team continued to improve our products. Wise is now available to more people and businesses, easier to use, and more secure.

These products are powered by our infrastructure, and we delivered more than half of our payments instantly for the second consecutive quarter. Whilst we continue to work hard to lower prices, the average price increased in Q2 in response to higher FX costs.

We will continue to invest heavily in products and infrastructure and take the lead in driving down the cost of cross-border transfers; but at the same time we maintain a profitable business model that is highly cash generative.

Kristo Käärmann, our CEO and co-founder, said: “This quarter 5.5 million customers moved £27 billion with us, 50% more than in Q2 last year and for the second consecutive quarter more than half our payments were instant. The Wise Account and Wise Business products continue to see good levels of adoption and this increased engagement with our product, higher volumes and faster speeds are a result of the longer term investments that we have been making.

We’ve seen extreme macroeconomic conditions persist throughout the second quarter, and whilst unfortunately this meant we had to raise prices slightly for some customers, we’ve been working hard to limit these increases and are working to bring them back down again.”

Mission Highlights Money without borders: enabling everyone to move their money across the world - instantly, transparently, conveniently and eventually for free.

Unfortunately, price was a little higher this quarter Our mission is to lower prices for customers over time. During this quarter high levels of FX volatility led to higher costs and as a result, the average customer price increased to 0.64% compared to 0.61% in Q1 FY23 and 0.62% in Q2 FY22.

However, we were able to lower fees for some currency routes. Through a new partnership we reduced fees when sending money to Chile and we negotiated cheaper fees for sending money to China. In Brazil, we now use our own FX licence, which has reduced the cost to deliver, and we’ve passed these savings on to our customers.

Over half of all transfers are instant for 2 consecutive quarters For the second consecutive quarter, we completed more than half of our transfers instantly. Some of our payments in Brazil were slower, but we are rectifying this by connecting directly into our partner bank’s API. After integrating with new partners, it’s now faster to send money to Japan and Chile and transfers to Hong Kong got faster too. We’re also continuing our work to speed up financial crime checks, which once...

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Saturday 05 November 2022

Revolut launches Revolut Chat, an instant messaging feature in step forward to super app

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EVOLUT IS THE FIRST BANKING APP TO LAUNCH MESSAGING IN THE EEA AND THE FIRST PAYMENTS APP TO LAUNCH THE FEATURE IN THE UK • Customers in the UK and EEA can now chat as well as share gifs and stickers whilst sending and requesting funds to and from other customers • Two thirds of people (67.5%) find it difficult to discuss money. The new chat feature in the Revolut app aims to make talking about money less awkward by keeping it in one place • Designed with a focus on security, all chat messages have end-to-end encryption

Revolut, the global financial superapp with more than 20 million customers worldwide, has launched an instant messaging feature, where Revolut customers in the UK and EEA can chat as well as share fun gifs and stickers whilst sending and requesting funds to and from other customers.

A recent UK and European survey of 8,000 people, commissioned by Revolut, found that two thirds of people (67.5%) find it difficult to discuss money. The new chat feature in the Revolut app aims to make talking about money less awkward...

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Stripe launches in Thailand B

A N G KO K—TO DAY STRIPE ANNOUNCED ITS GENERAL AVAILABILITY IN THAILAND, WHERE ITS FINANCIAL INFRASTRUCTURE PLATFORM WILL HELP SOLVE THE COMPLEX PAYMENTS ISSUES FACING THAI BUSINESSES. “Thailand’s digital economy is one of the fastest growing in Southeast Asia.

However, moving money on the internet remains incredibly complicated and cumbersome,” said Tee Chayakul, Thailand country director at Stripe. “We want to remove these barriers with financial infrastructure that helps ambitious businesses increase their revenue, automate

low-value tasks, and expand internationally.”

Thousands of companies in Thailand have already signed up on Stripe during a beta phase over the past year. They include the online property platform Baania, leading luxury furniture retailer Chanintr, holiday resort Coconut Beach Bungalows, accounting software platform FlowAccount, and digital creator platform Storior.

“I’m excited by Stripe’s launch in Thailand and pleased to see they are supporting many more local payment methods in the region. This will help us reach customers in new markets,” said Mr. Apiporn Simapornchai, chief technology officer of Baania.

"We appreciate the ease

of integration with Stripe’s payments solution. Partnering with Stripe will help more Thai companies simplify their accounting operations and accept payments online easily,” said Mr. Kridsada Chutinaton, CEO and co-founder of FlowAccount.

Thai companies now have full access to powerful Stripe solutions like Billing for subscriptions and recurring payments, Checkout and Payment Links for ecommerce, Invoicing for automated payment collection and reconciliation, Radar for fraud detection and prevention, Connect for software platforms and marketplaces, and more.

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