XU Biweekly - Issue 50 - 11 March 2023

Futrli by Sage expands to Canada one year after UK acquisition

Providing accountants with a high-level advisory service offering and uncovering growth opportunities

SAGE, THE LEADER IN ACCOUNTING, FINANCIAL, HR, AND PAYROLL TECHNOLOGY FOR SMALL AND MID-SIZED BUSINESSES (SMBS), TODAY ANNOUNCES THE MARKET EXPANSION OF ACCOUNTANT ADVISORY MANAGEMENT SOFTWARE, FUTRLI BY SAGE, TO CANADA. FUTRLI ENABLES BETTER VISIBILITY ON PREDICTION FORECASTING, FORMING A CRUCIAL ELEMENT OF THE TOOLS FOR ACCOUNTANTS SPANNING PROPOSAL TO ADVISORY SERVICES.

This announcement marks the first market expansion for Futrli after Sage acquired the UK-based software in May 2022. The strategic move follows the launch of Sage for Accountants in

Reshaping Xero to enable disciplined growth and focus

Canada at the end of last year. It aims to help accountants by combining workflows across their practice in one place.

Improving Accountancy Productivity

Saving just a few minutes on day-to-day tasks, customers have increased productivity by 34% because of Futrli.

The capabilities of the product include performance insights for past, present and future; customizable dashboards with multiple data set reporting and three-way forecasting to better understand profit impacts on cash flow and business value. Seeing the Keep reading

BELOW IS THE MESSAGE SHARED WITH ALL XERO EMPLOYEES TODAY...

Dear Xeros

Over the past few weeks, as I have stepped into the CEO seat, we have had several conversations about Xero’s strengths and significant market opportunities. We have also talked candidly about our challenges following the rapid scaling of the company.

As we look to the next phase of Xero’s growth, many of you have asked me what change is needed for us to simplify focus, strengthen our execution and balance growth with profitability. Today I want to share an important update and the extremely challenging news that comes with it.

In today’s all-hands, we are sharing the difficult decision to remove 700-800 roles across Xero, representing approximately 15% of our employee base. This will happen through a consultative process with those potentially impacted by this change, beginning next week.

While we remain committed to our broader platform strategy, to further focus our efforts, we have also made the decision to exit Waddle, the cloud-based lending platform we acquired in 2020.

I am deeply sorry to be taking this step. I want to make it clear to all Xeros that, as a leadership team and Board, we are responsible for the decisions that led us here.

Today’s news affects

Xero announces new Chief Product Officer, Diya Jolly

CURRENT CHIEF PRODUCT OFFICER, ANNA CURZON TAKES SABBATICAL DUE TO PERSONAL AND FAMILY HEALTH REASONS

Xero Limited today announces former Google and Okta executive, Diya Jolly, has been appointed as Xero's new Chief Product Officer, effective 10 April 2023.

Jolly comes to Xero from Okta where she was Chief Product Officer, responsible for leading product innovation for both its workforce

and customer identity business. Prior to Okta, Jolly was Vice President of Product Management at Google, where she was focused on driving adoption for some of the company's leading products including Google Home, Nest, YouTube monetisation and Gmail monetisation. She has an MBA from Harvard Business School and a Bachelor of Electrical Engineering and Economics from the University of Michigan.

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everyone at Xero, but most of all it affects the many talented colleagues and friends who have contributed so much to Xero and whose roles are potentially impacted. It is now our commitment to support them, and you through the coming weeks, and I will outline the steps we are taking shortly.

Where we are today

As we discussed recently, as Xero continued to scale in recent years, we have grown our headcount, areas of focus and cost base at a faster rate than our revenue.

Externally the broader tech landscape favoured high growth in this period; internally, we were less clear and measured in the rate of our hiring and investments.

In FY23 we made the

decision to slow the rate of incremental headcount growth significantly which has helped, but not enough. On my CEO listening tour, I also heard from many Xeros about how we can improve our focus and prioritisation of resources to become more effective.

We aspire to build a higher performing global SaaS company; to do so, we must deliver better for our customers and execute against a disciplined growth framework. This is why we are streamlining and reshaping our organisation.

Our next steps

I do not underestimate the impact these decisions have on all Xeros. We are...

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The independent user news source for accounting apps and their ecosystems

New Apps & Updates

SEAMLSS LAUNCHES NEW RE-ENGAGE FOR FIRMS TO KEEP CLIENT INFORMATION UP TO DATE

RE-ENGAGE ALLOWS FIRMS TO SECURELY REQUEST CLIENT INFORMATION AND ANNUAL ENGAGEMENT LETTER SIGNATURES IN ONE CONVENIENT PROCESS.

Seamlss, a leading cloudbased platform for accounting and bookkeeping firms, has announced the launch of its new Re-Engage feature. Designed to help firms keep client information up to date, Re-Engage allows firms to securely request client details and e-sign an annual engagement letter in a single, convenient process.

"Maintaining accurate client information is critical for accounting and bookkeeping firms, but it can be

XU BIWEEKLY - No. 50

Newsdesk:

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a time-consuming and resource-intensive task," said Clayton Wood, founder of Seamlss. "Our new Re-Engage feature streamlines the process by providing a secure, user-friendly platform for firms to request updated information and annual engagement letter signatures from their clients."

Re-Engage is included on the dashboard and allows firms to see when client engagement letters are due to be sent and signed annually. Automated client communications and secure document exchange further enhance the user experience for both firms and their clients.

"By providing a clear overview of when engagement

letters are due and streamlining the request process, Re-Engage helps firms reduce the risk of missing important deadlines and maintain compliance with regulatory requirements. At the same time, it provides clients with a seamless and user-friendly experience that reinforces the firm's commitment to their needs."

Re-Engage is available now to all Seamlss users and is included as part of Seamlss' client onboarding and verification tools for accounting and bookkeeping firms.

“In my firm I’m going to utilise the tool to send the request at the beginning...

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WhisperClaims announces the launch of its new Enquiry Support Service

WHISPERCLAIMS, THE AWARD-WINNING FINTECH COMPANY SPECIALISING IN R&D TAX CLAIMS SOFTWARE FOR ACCOUNTANTS, TODAY ANNOUNCES THE LAUNCH OF ITS NEW ENQUIRY SUPPORT SERVICE, WHICH IS DESIGNED TO EMPOWER ACCOUNTANTS WHEN DEALING WITH R&D (RESEARCH AND DEVELOPMENT) TAX ENQUIRIES, AND PROVIDE EXTRA REASSURANCE WHEN RESPONDING TO HMRC.

With HMRC taking a more rigorous approach to compliance within the R&D tax relief scheme, enquiries are becoming more commonplace across the sector. Some accountants are receiving HMRC letters for the first time, and this can be daunting – but with the correct support and approach, enquiries can be overcome.

WhisperClaims has expanded its offering to

2SHAKES: STAND ALONE IDV AND PEP CHECKS NOW LIVE

WE ARE DELIGHTED TO ANNOUNCE THAT YOU CAN NOW CARRY OUT STANDALONE IDV AND PEP CHECKS IN 2SHAKES.

Many of our customers currently access the 2Shakes-Centrix Portal for ad-hoc checks. These can now be carried out directly in 2Shakes.

(Re)introducing Employment Hero

AS OF 6TH MARCH 2023, WE’RE PLEASED TO ANNOUNCE THAT KEYPAY WILL BE REBRANDED TO EMPLOYMENT HERO.

What a journey the past 12-18 months has been for KeyPay. In July 2022, we celebrated 10 years of building a trusted, powerful payroll software brand –and who can forget that in December 2021, we were acquired by Employment Hero?

This brings added functionality and your branding to Standalone Checks, as well as giving you the new ability to use a Standalone Biometric ID Verification.

It also gives us a solid foundation to add Australian ID Verifications – our first priority in 2023.

We really hope you enjoy the new features in 2Shakes, which you can access directly from the link on the right of the Dashboard, or from the AML>Standalone Checks menu.

The Standalone Checks Dashboard

As soon as you click one of the new links, you’ll go to the Standalone Checks Dashboard.

include a new Enquiry Support Service for accountants using its software to deliver robust R&D tax claims for their clients. Using the service, the WhisperClaims team of R&D tax experts will provide guidance and support to customers who have received a letter from HMRC to ensure that they understand how to respond to any questions. The team will also review the written response from the customer, providing advice on whether or not HMRC’s concerns have been addressed.

The Enquiry Support Service aims to build accountants' confidence when dealing with R&D tax claims in-house, empowering them to respond proactively and ensuring that their clients are getting the best possible advice and support. The service has already had excellent feedback from WhisperClaims...

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Since then, we’ve been working hard to integrate the teams and ensure we work efficiently together as a business, to ultimately provide the best output for our valued partners and clients. During this time, there’s also been careful evaluation by our Executive Leadership team on how we can operate efficiently together.

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CITRUS HR & DEPUTY –A MATCH MADE IN TIME TRACKING HEAVEN!

IMAGINE CUTTING DOWN ON THE TIME SPENT PLANNING SHIFT PATTERNS AND HAVING OVERSIGHT OF YOUR ENTIRE TEAM’S TIME, FROM ONE, EASY TO USE DASHBOARD? AT CITRUS HR WE MAKE IT OUR BUSINESS TO MAKE LIFE AS EASY AS POSSIBLE FOR OUR CUSTOMERS. OUR ETHOS IS BUILT ON POWERFUL HR SOFTWARE THAT’S EASY TO USE AND ULTIMATELY SAVES BUSY PEOPLE TIME – SO THEY CAN FOCUS ON GROWING THEIR BUSINESS.

With that in mind, it’s no surprise that we love collaborating with like-minded software providers who have the same mission as us –save customers time, improve efficiency, and give people managers better oversight and control over their team’s time. Streamlining paper-heavy admin is what we’re all about.

Drum roll please…we are very excited to announce our latest integration partner, Deputy!

Created by people who understand the ins and outs of shift work, Deputy allows managers the ability to schedule their team’s time, stay in budget when it comes to payroll and gives peace of mind that payslips are accurate. Thousands of businesses use Deputy to schedule their team’s shifts – and now citrus HR customers can reap the rewards of this integration too.

Accessible directly from the citrus HR dashboard via a drop-down menu, managers can now track their team’s time in Deputy – this includes planning shifts, reconcile timesheets, monitor payroll spend and...

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Here you can start a new check, see the status of an existing check or review a verification report.

Although these checks are totally...

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KeyPay is still here, but we look a little different now:

to Help Firms “Cut the Noise” During Process

OUTSOURCED COMMUNICATIONS PROVIDER MONEYPENNY HAS LAUNCHED A NEW INSOLVENCY SUPPORT LINE TO HELP PROFESSIONALS BETTER CONCENTRATE ON PROCEEDINGS, WHICH TEND TO INSTIGATE HUNDREDS OF CALLS FROM WORRIED SUPPLIERS AND CUSTOMERS.

Designed to handle high call volumes following administrative announcements like restructurings, the Insolvency Support Line is intended to minimize disruptions for time-poor in-house teams that are often under higher pressure than normal. An average small business insolvency typically receives 50 to 60 calls in the first two weeks following an announcement, while more high profile brands and cases can receive hundreds of calls.

“The barrage of calls that typically follows administrative announcements takes teams away from the actual process,” said Eric Schurke, VP at Moneypenny North America. “It doesn’t make sense for a firm’s specialists to be bogged down fielding calls from vendors that are worried about receiving payment or orders when it can be outsourced. With staff shortages affecting all sectors and insolvencies predicted to rise – this is a timely and flexible solution that adds operational capacity, cuts the noise, and ensures calls are answered.”

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Sharesight release notes – February 2023

IN FEBRUARY, OUR MAIN FOCUS CONTINUED TO BE ON THE ARCHITECTURE OF OUR REPORTING FUNCTIONALITY. THIS NEW REPORTING FEATURESET WILL BE ROLLED OUT IN THE FIRST INSTANCE WITH A NEW-LOOK DIVERSITY REPORT. I’LL POST MORE DETAILS ABOUT THIS ENDEAVOUR IN NEXT MONTH’S UPDATE.

We’ve also rolled out a number of new features onto the starter plan. Customers on the starter plan can now track against a benchmark; add attachments to trades, payouts and holdings; create three (up from one) custom groups; and are now offered the same level of customer support as customers on our Investor plan.

New functionality / Enhancements

• Our holding news feed is now even richer with new content provided by Simply Wall Street covering a broad range of stocks and markets.

• We now allow for the capture of franking...

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RISE PEOPLE ANNOUNCES NEW INTEGRATION WITH GLOBAL SMALL BUSINESS PLATFORM XERO

RISE PEOPLE INC. (“RISE”), CANADA’S ALL-IN-ONE PEOPLE MANAGEMENT PLATFORM, TODAY ANNOUNCED THEIR NEW INTEGRATION WITH XERO, A GLOBAL CLOUD-BASED ACCOUNTING SOFTWARE PLATFORM FOR SMALL BUSINESSES.

The Rise and Xero integration simplifies maintaining accurate financial records for accountants, bookkeepers, and small businesses. Users will be able to access custom payroll reports and invoices from one place, as well as easily sync all of their payroll data to Xero. The integration also offers extra peace of mind with built-in checks for report balances before syncing.

The new integration delivers a delightful, seamless payroll and accounting experience to Canadian bookkeepers, accountants, and businesses via the Xero App Store.

With studies showing that employees are likely to leave their job if there are mistakes with their pay, getting it right the first time is a top priority for accountants, bookkeepers, and business owners. The Xero and Rise

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Xero's Latest product news — March 2023

HERE ARE THE LATEST FEATURES WE’VE INTRODUCED TO NEW REPORTS (DON’T FORGET, WE’RE RETIRING THE OLDER VERSIONS OF OUR REPORTS ON 31 JULY 2023):

It’s time to switch to new reports

• Foreign currency columns are now available on Receivable Invoice Detail, Receivable Invoice Summary, Payable Invoice Detail and Payable Invoice Summary reports

• Advisors can now add tax Disposal Schedule, Tax Depreciation Schedule, Pooling Summary and Pooling Detail reports to report templates in Xero HQ

• You can now see debt, debt to equity, fixed assets to net worth, and current liabilities to net worth ratios in business snapshot as well as the Executive Summary report

• In short-term cash flow, you can now sort by description and amount in the summary view of your projection breakdown, as well as reverse the sorting order

• A chart icon will display next to business snapshot and short-term cash flow in the report centre, indicating that these include charts

SPOTTED ON SOCIAL

See how we’re Building on...

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SPOTTED ON SOCIAL

WORKGURU RELEASE NOTES - 07/03/2023

AN UPDATE ON OUR MOST RECENT UPDATES. FOR DETAILED INSTRUCTIONS ON HOW TO USE THE FEATURES OF WORKGURU, PLEASE SEE OUR LIST OF SUPPORT ARTICLES (HTTPS:// SUPPORT.WORKGURU.IO/SUPPORT/SOLUTIONS).

Features: Projects

• Invoices, Credit Notes, and a new Billable Line Items Tab have been consolidated within a Financials tab on the Project Details Page

• Added project number availability message on Project Add or Edit page

Dashboard

• Wip dashboard components are now available

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Karbon announces key executive leadership change to continue advancing as accounting practice management leader

KARBON, A GLOBAL LEADER IN ACCOUNTING PRACTICE MANAGEMENT SOFTWARE USED BY OVER 3,000 ACCOUNTING FIRMS, TODAY ANNOUNCED A CHANGE TO ITS EXECUTIVE LEADERSHIP TEAM FURTHER STRENGTHENING ITS POSITION AS THE LEADING INDUSTRY PROVIDER.

Effective April 1, Mary Delaney assumes the position

of Chief Executive Officer while Stuart McLeod, CEO and Co-founder transitions into a role as advisor, board member, and investor.

“Karbon is experiencing record growth after successfully executing against its product vision in 2022 and is well positioned to accelerate into our next stage. Mary is the ideal person to lead Karbon through this next phase of growth while continuing to elevate customer value.

She is a recognized leader who’s made a career of driving company growth and building high-performance teams, and we couldn’t have found a more trusted and experienced executive,” said McLeod.

Delaney and McLeod share a united vision to help accounting firms overcome the challenges of a talent shortage, and the need to...

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It’s SUPER THEFT!

RON LESH, FOUNDER AND MANAGING DIRECTOR OF BGL CORPORATE SOLUTIONS (BGL), AUSTRALIA'S LEADING PROVIDER OF COMPANY COMPLIANCE, SELF-MANAGED SUPERANNUATION FUND (SMSF) AND INVESTMENT PORTFOLIO MANAGEMENT SOFTWARE, HAS CALLED THE LATEST RAID ON OUR SUPER BY THE ALBANESE GOVERNMENT SUPER THEFT.

On Tuesday 28 February 2023, the Albanese government announced that earnings on superannuation balances above $3 million will be subject to a 15% tax rate hike to 30% up from the current rate of 15%. This is not a modest change. It is a substantial change to your super.

“The politicians are quick to label companies that make an error in their payroll wage theft - well, I’m calling them out now for Super Theft,” said BGL's Managing Director Ron Lesh. “Apart from breaking an election promise, this new tax would appear to have been their intention before the election. It is unfair to hard-working Australians who have legally saved for their retirement and have accumulated balances through making contributions and smart investing. And just another example of the Albanese government’s total disregard for the...

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WHENEVER YOU DO BUSINESS WITH OVERSEAS SUPPLIERS OR BUYERS, YOU WILL LIKELY BUY OR SELL GOODS OR SERVICES IN FOREIGN CURRENCIES.

Such foreign invoices and payments usually result in a real financial impact on your business that accounting systems report in the form of foreign currency gains or losses. Such effect can come from both exchange rate fluctuations and, surprising to many, fees charged by your bank or payments provider for currency conversions. This article explains the primary sources of foreign exchange gains and losses and the best ways to manage them.

FOREIGN CURRENCY CONVERSION FEES IN YOUR GAIN OR LOSSES

Foreign currency conversion fees are one of the most overlooked reasons behind your currency gains and losses.

When your bank or payments provider, such as PayPal or WorldFirst, converts currencies for your foreign payments, they will charge a foreign conversion fee. This fee usually means that your provider will charge you a margin to sell you a given foreign currency amount than it costs them in the wholesale market. While many fintech companies such as HedgeFlows or Wise are upfront about such costs, most incumbent banks or payments providers are often less transparent. They include their conversion charges in their quoted exchange rates.

Most popular accounting systems, such as Xero, will record the cost of currency conversions as part of Foreign Currency Gains and Losses. Accruing a bill or invoice in foreign currency in Xero will take by default...

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See how customers are paying at a glance with Payer ratings in Chaser

BEING SPECIFIC AND TAILORED IN YOUR APPROACH TO COLLECTING CUSTOMER PAYMENTS TYPICALLY LEADS TO FASTER PAYMENTS. WHEN IT COMES TO IMPROVING YOUR ACCOUNTS RECEIVABLES PROCESS AND GETTING PAID FASTER, TREATING ALL YOUR CUSTOMERS IN THE SAME WAY WILL NOT YIELD THE BEST RESULTS.

Studies indicate that by segmenting customers based on payment behavior and customising follow-up strategies, you can significantly reduce collection times.

Yet, it's challenging to comprehend your customers' payment behavior, as it involves evaluating their present and past payment patterns and predicting their future payment behavior. This can be a daunting task for your already-busy finance team.

Bringing back Appy Hour to Asia

By Pam Chuang, Xero

ONE OF MY FAVOURITE THINGS

SINCE STARTING AT XERO ASIA IS THE DISCOVERY OF THE MANY CLOUD APPLICATIONS THAT EMPOWER THE REGION’S SMES BY MAKING THEM MORE EFFICIENT AND PRODUCTIVE. NOW THAT SINGAPORE HAS ENTERED AN ENDEMIC PHASE, I CAN’T WAIT TO GET OUT THERE AND MEET MORE OF THE XERO COMMUNITY.

We’ve learnt in the past few years the importance of being agile and adaptable, and how adopting the right digital tools can be a game-changer. To date, we boast an ecosystem of over 1,000 apps connected to Xero. Through the Xero App Store, third-party apps give Xero customers the ability to select the tools they need to create their own customised, holistic solution that works easily together. Previous studies have shown that small businesses who connected five or more apps to their Xero accounts proved to be more resilient than their non-digital counterparts, showing them less likely to have experienced a drop in sales during the pandemic, and more likely to have retained staff.

I’m so excited to announce that we are bringing back ‘Appy Hour’ to Asia. These bimonthly sessions will bring together Xero’s ecosystem app and...

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DESPITE THE FANTASTIC WORK THAT ACCOUNTANTS AND BOOKKEEPERS DO, THE INDUSTRY HAS AN IMAGE PROBLEM. THERE’S STILL AN OLD-FASHIONED PERCEPTION, WITH LITTLE UNDERSTANDING OF HOW YOU SUPPORT SMALL BUSINESSES AND THE WIDER ECONOMY.

We know from our recent research – Five biggest hurdles hindering accountants – that recruitment is a key hurdle you face, and this misconception among the candidate pool isn’t helping.

Beyond the battle for talent, we know you face other challenges too. Our report found the biggest of these to be an uncertain regulatory landscape, the need for increased digital agility and demonstrating value to small businesses.

But against this backdrop, accountancy is evolving, with a new generation of professionals setting the pace. Now we’re celebrating accountants tackling these challenges, to show why perceptions of the industry should change.

Confronting the pain points

Accountants are having to adapt quickly, spurred into action by a variety of external forces, from Brexit to the shifting timings around Making Tax Digital (MTD).

While these challenges are pressing, many of you are going above and beyond to rise to them. In our report, we outline how they can be addressed, including asking for improved support from the Government. For example, by offering tax relief on staff training in the latest technologies, or writing off investments in digital tools, accountants can be empowered to make the most of the opportunities they bring.

While these hurdles paint the picture of...

Now, you can use Payer ratings in Chaser to get an instant insight into your customers' payment behavior. Using machine learning, Payer ratings analyse your customers’ payment history to identify whether a customer is a good, bad, or average payer.

With Payer ratings, you can easily understand your customers' payment behavior, which helps you customise your collections approach and identify areas for improvement in your accounts receivable management and follow-up process.

Get instant insight into your customers' payment behavior with Payer ratings in Chaser. Using machine learning, Payer ratings analyse payment history to identify good, bad, or average payers.

To see full details on the benefits of Payer ratings, download the fact sheet here. If you use Chaser, view the Help Centre article on Payer ratings to start using Payer ratings to understand your customers’ behaviour and improve your receivables process today.

The benefits of using Payer ratings Prioritise effectively

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XERO AWARDS SOUTH AFRICA 2023 FINALISTS ARE ANNOUNCED

upstream wins Best Professional Service Partner 2022

IN THE FAST-PACED AND COMPETITIVE WORLD OF BUSINESS, STANDING OUT FROM THE CROWD IS NO SMALL FEAT. SO, WHEN WE WERE RECENTLY NAMED THE BEST PROFESSIONAL SERVICES PARTNER APAC 2022 WITH MONDAY.COM, WE WERE ABSOLUTELY THRILLED.

Here at upstream, we have always strived to provide exceptional service to our clients. Our partnership with monday.com has been an integral part of that effort, and we are honoured to be recognised for our efforts.

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One thing that sets us apart from our competitors is our focus on using cutting-edge technology to streamline processes and increase efficiency. monday. com has been a key partner in this effort, providing us with a powerful project management platform that has transformed the way we work.

Of course, technology is only part of the equation. At the end of the day, it's our team of highly skilled professionals that makes the real difference. Our team is committed to providing the highest level of service to our clients, and we are dedicated to continuing to improve our processes and

workflows to ensure that we deliver on that commitment.

I want to extend my congratulations and sincere thanks to each and every member of our team for their outstanding contributions to this success. Your unwavering commitment to excellence, innovative thinking, and relentless pursuit of our shared goals have culminated in this exceptional recognition.

We would like to take this opportunity to thank our clients for their trust and support, as well as our team for their hard work and dedication. We would also like to thank monday.com for their support and collaboration, and for providing us with a platform that has helped us achieve this recognition.

Looking ahead, we are more committed than ever to providing our clients with the highest level of service, and to continuing to push the boundaries of what is possible through technology and innovation. We are excited to see what the future holds, and we are honoured to be recognised as the Best Professional Services Partner APAC 2022 with monday.com.

By Michael Ford

ENTREPRENEURS ARE DRIVEN BY ‘THE ITCH’. IF YOU’VE FELT IT YOURSELF, YOU KNOW EXACTLY WHAT I MEAN. IT’S THAT INNATE GNAWING, DISCOMFORTING FEELING THAT COMES FROM A DEEP, AND OFTEN LIFELONG, CONVICTION THAT THERE HAS TO BE A BETTER WAY. THE ITCH IS NEVER FAR AWAY - IT LIVES IN YOUR HEAD, DISTRACTS YOUR THOUGHTS, NAGS AT YOU. I’M NO PSYCHOLOGIST, BUT TO ME THE ITCH IS AS DEEP AS DNA. IT’S NOT A LEARNED BEHAVIOUR, SO IT CAN’T BE ‘UNLEARNED’. THERE IS NO ESCAPE.

Entrepreneurs start businesses because the itch gets too much. They resist it, they damp it with logic, they try to ignore it, but it never goes away. As time goes on, it intensifies. Finally, they are compelled to do something about it.

The caricature view of the entrepreneur as a risk-taking, slick-talking hustler could not be further from the truth. The real entrepreneurs, the ones that you and I work with, are just people doing everything they can

to scratch their itch. And no matter where they are in the world, no matter what industry their business serves, no matter what age, sex, creed or colour, the itch, the belief, the drive to find a better way is exactly the same. They can see the path ahead. They can see the forks in the road, the options, the decision points. And they need help to work out which way to go.

At Castaway, every day we talk to entrepreneurs and to the accountants who look after them. Our customer base is split evenly, so we get a healthy range of views from both perspectives.

The Entrepreneurs tell us they see the services their accountants provide on 3 levels:

• They appreciate the compliance work that keeps their business on the right side of the law

• They value the work that supports and sustains the business (bank loans, grants and the like)

• They love the work that helps unlock the possibilities of the business (scratching the itch)

It should be no surprise that their level of ‘excite-

ment’ about the fees they pay follows the same order.

The Accountants we talk to tend to fit into one of 3 categories:

• A few tell us “my clients just don’t need that sort of stuff”

• Some say they build budgets and forecasts when clients ask for them

• For others, forecasting is the backbone of their advisory practice. Clients love the work they do and happily pay their fees

To the first group… who knows, they may well be correct. But if there’s even one entrepreneur on the client list, I guarantee that firm is not asking the right questions.

When we dig deeper with the second group, their focus is generally the entrepreneur’s second level of satisfaction, the sustaining and supporting work like applying for bank loans and grants, churning out annual budgets and the like. Although the demand generation is reactive, this work is useful for clients and can be readily systemised and productised into a profitable service… definitely a winwin.

The third group are different. They work differently, they think differently, they talk differently. And they get different results for clients. By different, I mean better… much better. Of course, the question of “how” they are different has a hundred answers.

One thing stands out for me. The third group have gone beyond forecasting as a maths exercise focused on putting numbers on a page. They’ve evolved to embrace the idea of forecasting as a framework for exploring what is possible. This is a big step, in both mindset and methodology. They’ve found the holy grail - a way to help their entrepreneur clients scratch the itch, a way to help those entrepreneurs unlock the possibilities in their business.

It’s a simple idea, but it’s counter-intuitive, especially for firms with strong compliance-based business models, where efficiency and capacity utilisation are the traditional optimisation tools.

But it’s also entirely intuitive. Clients perceive the greatest value when you help solve their biggest, most annoying problems.

And for an entrepreneur, the ‘itch’ is the most significant long term problem there is. And forecasting, the process of looking ahead, considering scenarios, facing realities, game-planning responses, making decisions, is the best framework I know for unlocking possibilities, for finding solutions to the itch.

So how do the third group of accountants start the conversations with their clients? How do they build the interest? How do they get the clients to happily agree to engage them?

Well, the good news is we’ve seen lots of different approaches… and they all work very well. It’s a matter of finding something that works for you. If you’re looking for somewhere to start, here’s a simple 3-step approach that involves zero selling, but is highly effective at unlocking possibilities for both you and your client.

1. Find the itch

Here’s an idea. Find a client. Take them to coffee, or to lunch, or just have a call. With genuine interest, ask 3 questions:

1. Why did you start this

business?

2. What were your dreams for the business back then?

3. How have those dreams changed?

You’re looking for the itch. Given the chance, and an engaged audience, most entrepreneurs love talking about their business. Some will open up immediately, the ideas and stories will just start flowing. For others, the conversation might take some time to get rolling.

If you’ve been in business a while, the daily grind, decision fatigue, pandemics and other challenges can wear you down … its all too easy to forget (or suppress) the original dreams for the business. In this situation, be patient and nurture the conversation. The memories will start to come back, a trickle at first and then more. Keep at it and you’ll see the imagination spring to life and the ideas start to flow. That’s the itch firing up again … it never goes away.

2. Run a Possibilities session

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By Emily Ossington, NextMinute

WE LIKE TO THINK WE KNOW OUR CLIENTS PRETTY WELL, BUT YOU KNOW WHAT ‘THEY’ SAY ABOUT ASSUMING…

As a company, we want to make sure that our customers succeed, and that our product plays an important role in helping our customers achieve their goals.

One of our team values at NextMinute is to sit alongside our customers and partners.

We also have the value proposition that we “make life easier by managing pricing, planning, people and profits.”

So, we recently put together a Customer Survey in order to get a better understanding of the needs and preferences of our customers, and to question are we delivering on what we promise?

‘They’ also say success is in the eye of the beholder, and our beholders are our customers - who are also your customers!

If you are a Trusted Advisor with clients in the Trade & Construction industry, here are some results from our Customer Survey that might help you understand the industry better.

Who are they?

Our average client is a 39 year old male builder, business owner, married with more than one child and has completed some form of tertiary education like trade school,

college or university.

What do they need?

We asked our clients, on a scale of 1 to 10 how important are the below items to their business (answers in order based on the av erage response.)

1. Profit

2. Managing their team

3. Save time

4. Consistent work

5. Scheduling work

6. More clients

This re-confirms for us that our value proposition of pricing, planning, people and profits aligns with what our customers con sider important in their businesses.

What do they want?

We asked them to rank the importance of family time on a scale of 1 - 10. It was num ber one.

Other questions around ‘hobbies and free time’ had a variety of answers, all of which included outdoor activities such as fishing, board sports, or playing sports with their family & friends.

These responses indicate that our clients value and want more time to spend...

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By Danny Bateman, SeedLegals

Want to make your accountancy practice more attractive to new and existing clients? Add more services and become a one-stop shop for startups and small businesses.

But how do you do that without hiring specialist staff? By partnering with SeedLegals, you’ll be able to offer a more comprehensive, integrated service for startups and SMEs. You do the accountancy tasks; your client uses SeedLegals for extras. You can choose to add SeedLegals as white label software to your existing digital services, or give your clients discounts for SeedLegals and claim a referral fee.

Established in 2016, SeedLegals is an online platform which combines automated legal documents with friendly, personalised help from a team of experts. Since 2020, the company has worked alongside accountants to provide clients with a seamless, affordable service.

Over 50,000 companies have used SeedLegals to grow and scale faster. As well as straightforward business legals such as employment contracts, company policies and board management, the legal-tech service helps founders and business owners with the pivotal moments that matter:

• Secure S/EIS Advance Assurance

Do S/EIS compliance

Two thirds of all SEIS and over half of all EIS Advance Assurance applications are

• Set up option schemes

Get an EMI valuation

One quarter of all UK EMI schemes are designed and managed on SeedLegals

• Do a funding round

Take an investment

SeedLegals is the UK’s number one closer of early-stage rounds in the UK with over £1 billion raised to date. The company pioneered ‘agile funding’ to help companies take one-off investments outside funding rounds.

Make clients happyand boost profits

By partnering with SeedLegals, you have the reassurance of offering extra services via a market leader. And with a more extensive set of

WISE HAS REVEALED A COMPLETE VISUAL MAKEOVER, FEATURING A FRESH GREEN PALETTE. OUR NEW LOOK AND FEEL FEATURES A BOLD NEW FONT, IMAGERY AND UNIVERSAL SYMBOLS SO WE CAN COMMUNICATE WITH ANYONE, ANYWHERE. NEW LOOK, SAME OLD WISE: DON’T LET SCAMMERS TRICK YOU.

Wise started with a simple mission — to tear down a clunky, opaque and expensive system. And today, over 16 million

customers have joined us. Whoa.

But now we’re going further. Going to more places. Offering it to more people. Creating the world’s most international account. One account for everyone, everywhere.

So today, we’re launching our new brand. Inspired by you, and everywhere you’re going.

Meet our new brand

Wise works in 170 countries. You can send, spend and receive like a local almost everywhere. For us...

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WOMEN IN FINTECH: ENCOURAGING DIVERSITY IN STEM CAREERS

INTERNATIONAL WOM-

EN’S DAY REPRESENTS A GOOD OPPORTUNITY TO EXPLORE THE EXPERIENCES OF WOMEN IN FINTECH, AND THE TRENDS IN GENDER DIFFERENTIATION IN THE INDUSTRY.

While the number of women in leading fintech roles is growing, the stats remain extremely low compared to their male counterparts, with research showing that only 1.5% of global fintech firms are founded by women. However, with a 50% female lead team, Jen Badger, Co-Founder and Operations Director of WhisperClaims discusses the importance of encouraging diversity in fintech, which could ultimately lead to more productivity, growth in the industry and better outcomes for both

WEAVR BRINGS OPEN BANKING TO EMBEDDED FINANCE IN FIRST-OF ITS-KIND DEAL

FOLLOWING THE ANNOUNCEMENT OF IMPRESSIVE GROWTH IN THE PAST YEAR, WEAVR HAS CONFIRMED THE ACQUISITION OF B2B OPEN BANKING PLATFORM, COMMA PAYMENTS, IN A FIRST-OF-ITS-KIND DEAL WITHIN THE WORLD OF EMBEDDED FINANCE.

The acquisition, which is largely equity-based, will see Weavr retain most of Comma’s current workforce, including the company’s CEO and founder, Tom Beckenham, and its Chief Techni-

cal Officer, Gianluca Pengo. As a result of the acquisition, Comma’s unique technology enhances Weavr’s Plug-andPlay Finance proposition for embedded finance.

With Comma, Weavr has become the first embedded-finance provider to bring together Banking as a Service (BaaS) and Open Banking into an optimised embeddable payment solution for B2B applications ranging from payroll, accounts payable, and other forms of mass payments.

Anne Boden famously told MPs that current implemen-

tations of Open Banking are “clunky, and you would not want to use them”. Comma has uniquely addressed this problem, making payments via Open Banking a smooth and time-saving experience. Together with Weavr’s current BaaS capabilities, the combination will enable customers to progress seamlessly from making payments via their own existing bank accounts to do so through Weavr-provided accounts that offer richer controls and payment options than those given by many banks to small busi-

nesses.

Comma has been a pioneer in the Open Banking sector by providing solutions that eliminate the need for manual payments that plague millions of small businesses. The company’s award-winning technology can be embedded into B2B financial software to enable data driven payments for the first time. Businesses can save time and cost by making bulk payments for processes such as accounts payable and payroll...

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Starling Bank reveals location of new Northern base as headcount swells

employees and businesses.

Encouraging Diversity in Fintech

Fintech is one of the largest and fastest-growing sectors in the global and UK economy, and is predicted to reach $188 billion by 2024. The industry is constantly evolving and has grown exponentially over the years –driving the need for skilled talent across multiple areas; from software development, data science, product management and digital marketing.For businesses to remain competitive in the talent market and relevant to their customers, it is equally crucial to promote diversity in fintech, in addition to having a varied skill set. A diverse...

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PayPal Ventures Invests in Threat Prevention Leader Deep Instinct

DEEP INSTINCT, THE FIRST COMPANY TO APPLY DEEP LEARNING TO CYBERSECURITY, TODAY ANNOUNCED AN INVESTMENT FROM PAYPAL VENTURES.

This investment further validates confidence in Deep Instinct’s unrivaled ability to see cyber threats well before other solutions can. The funding

will help further accelerate Deep Instinct's growth, driven by its disruptive threat prevention technology.

“Deep Instinct has developed an industry-leading threat prevention platform, allowing enterprises to get ahead of cybercriminals and malicious threats,” said Alan Du, Partner at PayPal...

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STARLING BANK HAS CHOSEN BARINGS’ LANDMARK IN MANCHESTER TO HOUSE ITS NEW OFFICE IN THE NORTH. THE DIGITAL BANK INTENDS TO CREATE UP TO 1,000 NEW JOBS FOR THE REGION TO FULFIL ROLES ACROSS THE COMPANY, INCLUDING IN OPERATIONS, ENGINEERING, DATA SCIENCE AND CYBERSECURITY.

The digital lender, which already employs 2,500 people in London, Cardiff, Southampton and Dublin, has chosen Manchester as the home for its Northern expansion due to its deep pool of fintech talent, with the city boasting the largest regional FinTech ecosystem in the UK. Manchester has also been chosen by the new

Centre for Finance, Innovation and Technology (CFIT) to house a financial innovation hub that will drive the government’s ambitions to make the UK a technology and science superpower.

Anne Boden, Founder and CEO at Starling Bank said: “Manchester is one of the most important tech hubs in the UK. London’s success as a global fintech hub enables it to spread wealth and jobs throughout the UK and the wider economy. That’s exactly what we’re doing with this office in Manchester.”

Starling has signed a 10 year lease for Barings’ Landmark’s 14,061 sq ft 5th floor. Landmark has been selected for its central location in St Peter’s Square and for its sustainable design. The...

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A brand for everywhere: Wise unveils bold new look