XU Biweekly - Issue 58 - 1 July 2023

The independent user news source for accounting apps and their ecosystems

Amaka joins Squarespace Extensions marketplace providing Xero and MYOB integration

SQUARESPACE, A LEADING E-COMMERCE AND WEBSITE BUILDER GLOBALLY, HAS ADDED AMAKA’S XERO AND MYOB ACCOUNTING INTEGRATIONS TO ITS EXTENSIONS MARKETPLACE.

Amaka will be a handpicked third-party application that allows Squarespace users to manage and optimize their sites.

“We’re extremely proud that our integrations have been acknowledged by Squarespace, a household name for website building and e-commerce,” said Gian Ottavio, Global Partnerships Lead at Amaka.

SAY HELLO TO APRON: THE POWERFUL PAYMENT PLATFORM THAT’S RAISED $5.5M IN FUNDING

“By introducing our Xero and MYOB integrations to Squarespace users, we aim to enable merchants to save more time and money through automation.”

Squarespace users globally can now automatically sync the sales, payments and tax details of their Squarespace transactions into Xero or MYOB accounting software, eliminating the need for manual data entry and bank reconciliation.

Amaka will provide unlimited, 24/7 support for those using Squarespace alongside Xero or MYOB.

“Squarespace is excited...

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FOR TOO LONG, SMALL BUSINESS OWNERS HAVE BEEN BOGGED DOWN WITH SUPPLIER PAYMENTS. WE BUILT APRON TO CLEAN UP THE MESSY INVOICE SYSTEM, SO THAT PAYMENTS FLOW AND BUSINESS OWNERS CAN GET BACK TO, WELL, BUSINESS. WE BELIEVE APRON IS GOING TO TRANSFORM HOW PAYMENTS HAPPEN. AND WE’RE NOT THE ONLY ONES WHO THINK SO. WE’VE RAISED $5.5M IN VENTURE FUNDING.

The big idea: how Apron turns payments into a boost for business

If a small business wants to succeed, it needs to pay its suppliers on time. But the existing business payment process is messy, painful, and often ends up blocking growth. This week, one million small businesses in the UK will spend an average of five hours paying and reconciling invoices. That’s time entrepreneurs across invoice-heavy sectors like healthcare, creative services,

logistics, construction, and hospitality could be putting into planning and expanding their business.

Which is where Apron comes in. Instead of wading through admin, small business owners can sort, pay, and reconcile their invoices in seconds. With Apron, it takes just three minutes to get set up, and you’re ready to:

• Handle invoices. Invoices flow straight from your accounting app to Apron, or you can just forward them

to an Apron email.

• Batch pay suppliers. You pick all the people you want to pay, and payments come straight from your bank account.

• Smooth out approvals. Payments and approvals live together, so payments keep moving.

• Automatically reconcile. Real-time sync means automatic payment reconciliation in Quickbooks or Xero, and no extra bank feed.

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Xero’s flagship partner event returns to London next year

Xerocon London will be held at ExCeL 12-13 June, 2024

LONDON — 20 JUNE 2023 — XERO, THE GLOBAL SMALL BUSINESS PLATFORM, TODAY ANNOUNCED THAT XEROCON LONDON WILL RETURN NEXT YEAR, FROM 12-13 JUNE. AFFECTIONATELY NICKNAMED AS ‘GLASTONBURY FOR ACCOUNTANTS AND BOOKKEEPERS*’, THE EVENT WILL BE HOSTED AT EXCEL IN LONDON’S DOCKLANDS.

It will provide Xero’s community of accountants and bookkeepers from across the UK, Europe, South Africa and beyond, with a chance to share achievements, and hear the latest about the platform.

Saturday 1st July 2023

Xerocon is one of the world’s most inspiring and innovative in-person events for cloud accounting leaders. Accountants, bookkeepers and app partners gather for

an exciting blend of industry insights, inspiring speakers and networking with a community of forward-thinking peers. It’s also an opportunity for attendees to gain expert insight into ways to help save time, grow their business and have a greater impact on their clients’ success.

Tim Peake, and business leader and investor Deborah Meaden.

More will be shared on speakers nearer the time, while tickets are expected to be on sale before the end of this year.

In December 2022, Xero announced that from 2023, Xerocon will be held as a global event, rotating... Keep reading FREE

Past Xerocon speakers have included Olympic cyclist Chris Hoy, astronaut

New Apps & Updates

KONSOLIDATOR RELEASES AN AI-POWERED MAPPING MODULE

TODAY, KONSOLIDATOR ANNOUNCES

THE RELEASE OF ITS NEW MAPPING MODULE, WHICH IS POWERED BY OPENAI. WITH AI AUTO-MAP, KONSOLIDATOR MAKES IT EASIER FOR CUSTOMERS TO MAP LOCAL ACCOUNTS TO GROUP ACCOUNTS WHICH IS AN IMPORTANT AND TIME-CONSUMING

TASK DURING ONBOARDING. THE FEATURE CUTS

SIGNIFICANT TIME AWAY FROM THE CUSTOMERS’ WORKLOAD DURING ONBOARDING AND BRINGS

KONSOLIDATOR CLOSER

TO A COMPLETE SELF-ONBOARDING PROCESS.

Making the customers

XU BIWEEKLY - No. 58

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

Design & Communications

Manager: Bethany Fulks

Creative Assistants: Hebe Vermeulen, Robyn Consterdine

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.

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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.

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able to self-onboard is still a key focus area for Konsolidator. With this release of an AI-powered mapping module, the company has now taken a significant step in solidifying the road toward a complete self-onboarding process.

Faster onboarding, fewer resources.

An essential part of Konsolidator’s “Unfolding the potential” strategy is increasing focus on free trial and integrating with existing cloud ERP software. By utilizing emerging technologies like OpenAI, Konsolidator can create an automated self-onboarding process as part of their free trial that

ensures constant relevance to a changing marketplace. The goal is to allow small and medium-sized groups to test Konsolidator as a free trial plug-and-play software, where mapping is a heavy part of the process when you build a new Consolidation process. Thereby, Konsolidator can onboard more customers faster with fewer resources.

CEO Claus Finderup Grove comments: “We are excited about our first try at utilizing OpenAI and the tremendous value it brings to our customers. Our mission – to make CFOs and Auditors better - is always our main focus. And by adapting...

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ALATE PAYMENTS ARE BECOMING A BIGGER AND BIGGER PROBLEM FOR BUSINESSES TODAY. IN 2021, 58% OF SMES REPORTED THEY ARE TYPICALLY PAID LATE (BARCLAYS).

More recent research in 2022 found 87% of SMEs are usually paid late (The 2022 late payments report). This suggests late payments are growing and becoming increasingly common over time. In addition, a rise in interest rates and cost of living is making it harder for businesses to cover their costs and pay bills on time.

However, research shows that by providing a greater range of payment options to cater to customers’ needs, your business can improve its chances of receiving payment sooner (Yonyx), and reduce late payments.

That's why Chaser is launching Chaser Pay. Chaser Pay is seamlessly integrated within Chaser's accounts receivable software, making it simple, secure, and...

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WE WANTED TO SHARE THE NEXT STEP IN IMPROVING THE CONTACTS EXPERIENCE IN XERO, HELPING YOU BETTER MANAGE THE RELATIONSHIPS WITH YOUR CUSTOMERS AND SUPPLIERS, AS WELL AS YOUR CASH FLOW.

We’re excited to share that we’ve updated the design of our contact overview page, and introduced search and filter functionality. This will make it easier to find the information you need quickly.

These changes are all part of our multi-year modernisation program, to stay ahead of the latest technologies, standards and ways of working to support your business or practice. They will play a crucial role in helping us unlock further improvements and build features faster in contacts and across the Xero platform in the future.

What’s changing?

A redesigned contact overview page

The redesigned contact overview page will make it easier to find the information that you’ve told us is most important. On this page, you’ll notice the following updates:

• The contact's main information (key contact details and financial activity...

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NEW XERO CONNECTED APPS!

CIMPLICO WORKPAPERS

REPORT PACK IS A CORNERSTONE OF MANY ADVISORY SERVICES. BUT THE EFFORT AND COST TO CREATE A NICELY PRESENTED REPORT THAT CUSTOMERS CAN UNDERSTAND OFTEN RESTRICTS THIS TOOL TO A SMALL SET OF HIGH VALUE CLIENTS.

Not anymore. Introducing Aider’s quick and easy Report Pack beta* feature!

What’s the new feature?

• Aider’s Report Pack beta feature is a downloadable Word document that you can brand, edit, print

or save as a PDF to share with your client in just a few clicks.

• In addition to the standard monthly profitability review, you can include any cash flow and tax insights that Aider provides to support your service agreement with your clients.

• As a flexible Word document, you can also add extra content like the detailed Profit and Loss/ Balance Sheet report, as well as store a copy in your document repository per your firm’s processes.

• With draft executive...

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IOUR LATEST SOFTWARE UPDATE BRINGS YOU THE POWERFUL FIRM DASHBOARD, TAILORED SPECIFICALLY FOR OUR R&D FIRM USERS. THIS FEATURE ENABLES EASY CLIENT MANAGEMENT, PROVIDES HIGH-LEVEL INSIGHTS INTO CLIENT POSITIONS, AND ENHANCES NAVIGATION THROUGH CLIENT DATA. ADDITIONALLY, WE ARE INTRODUCING THE NEW FIRM TYPE, “ACCOUNTANT,” WHICH PROMOTES COLLABORATION BETWEEN ACCOUNTING FIRMS AND R&D FIRMS BY GRANTING ACCESS TO CLIENT INFORMATION.

Who is this release for?

This release primarily targets our existing R&D Firm Users, while also expanding our user base with the introduction of the Accountant Firm type.

Why?

The new dashboard addresses partner feedback, delivering a more user-friendly experience and efficient access to client data. The addition of the Accountant Firm type fulfils a long-standing request, enabling seamless data sharing between different consultancies and firms, and fostering improved collaboration.

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AU - A compliance workpaper solution for professional accounting firms. Cimplico Workpapers guides users throughout the preparation, review, and approval process, ensuring compliance to quality standards efficiently.

SHIFTCARE

AU, CA, NZ & US - An all-in-one NDIS software that gives teams and care providers everything they need to manage rostering, billing & invoicing, documents, and progress notes all in one place, including a mobile app for caregivers on the go.

HIRO

AU - Manage your professional services firm in one easy to use place. Finance, timesheets, project management and human resources, with a user focussed, intuitive interface. Hiro is what you’ve been holding out for, giving a clear picture of the present and insight into the road ahead.

KARMLY

GLOBAL - Organise your work life, build trust and get paid right with time-tracking, ready-to-send invoicing and workload management for independent contractors. Promote yourself, collaborate with friends and stay in control.

Fast, simple, secure payments from your customers with Chaser Pay

New Beta feature added to Aider: ‘Report Pack’

WorkGuru Release Notes20/6/2023 SPOTTED ON SOCIAL

WE'D LIKE TO KEEP YOU UPDATED ON OUR LATEST RELEASES. FOR DETAILED INSTRUCTIONS ON HOW TO USE THE FEATURES OF WORKGURU, PLEASE SEE OUR LIST OF SUPPORT ARTICLES (HTTPS://SUPPORT. WORKGURU.IO/SUPPORT/ SOLUTIONS). WE UPDATE THESE ARTICLES REGULARLY TO STAY UP TO DATE WITH THE FEATURES OF THE APPLICATION.

We are pleased to announce that our SuiteFiles integration is now up and running. We're still working on our documentation for this and hope to have it available soon. Please be aware only one file storage integration per tenant be used with WG.

Features

SuiteFiles

• SuiteFiles is a document management system used mostly in accounting, law, and engineering firms.

Connect to your SuiteFiles via out integrations page

Users

• We can now import new users in bulk up to your subscription limit. This is to help with onboarding and bulk user updates

Quotes

• Added a setting to mark quotes as issued once emailed

• Added ability to build quote from client custom prices via client details

Document Templates

• Landed Costs lines table has been added to PO docs

• Project Summary Template with additional Project fields has been added to our docs - Project - Summary Reports

• We've added an additional Pivot Report "Quotes by Accepted/ Declined Date Summary Report" returning accepted/ declined...

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IN THE PAST QUARTER, WE HAVE FOCUSED INTENTLY ON INTEGRATIONS WITH OTHER SOFTWARE SOLUTIONS TO HELP STREAMLINE YOUR BUSINESS PROCESSES. NOW, WE'VE CONNECTED WITH ACUMATICA TO EMPOWER BUSINESSES TO TAKE THEIR DATA ONE STEP FURTHER.

With the new integration - our very first premium integration - you can analyze, consolidate, and report on your Acumatica entities with real-time insights, customizable dashboards, and integrated forecasts. Read on to find out more!

About Acumatica

Acumatica provides cloud and browser based enterprise resource planning (ERP) software for small and

medium-sized businesses. It helps businesses to thrive in the digital economy through streamlined processes and collaborative workflows.

Did you know?: Acumatica has been the fastest-growing cloud ERP company for more than 8 years because its team puts their customers first.

Acumatica offers a future-proof platform with real-time insights and customer friendly licensing. With tools across financial management, point of sales, payroll, construction management, service management, inventory management and more, there's something for businesses in every industry.

"We believe the software that runs your company should be flexible enough to adapt with modern businesses and designed to...

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WE’VE MADE SOME GREAT PROGRESS TOWARDS CREATING A SINGLE SOURCE OF TRUTH FOR YOUR CLIENT DATA ACROSS XERO PRACTICE MANAGER (XPM), XERO HQ AND XERO TAX.

This is an important part of our work to connect our practice tools, so you can work more efficiently, collaborate with your clients more effectively and get the

WE’RE THRILLED TO SHARE SOME EXCITING NEW FEATURES AND ENHANCEMENTS THAT WILL TAKE YOUR FYI EXPERIENCE TO THE NEXT LEVEL.

For those who want a recap or were unable to attend, don’t stress – we have you covered. We’ve included a live recording of the session and prepared a summary of the key highlights, ensuring you stay informed. So, let’s dive in!

Automations

We’re always looking for ways to make your life easier, which is why we’ve introduced some fantastic new options for Automations. Say hello to the new End of Month option! This feature allows you to perform bulk updates to Client and Job date fields effortlessly. With this new option you can now dy-

namically update your date fields to the last day of the month when the automation process runs, FYI has you covered.

You can now add the Budget Summary Report to the “Client Ledger Reports AutoFile” Custom Automation process, giving you even more control over your reporting.

Plus, we’ve expanded our Automations Library with a new section dedicated to Data Integrity and essential automations for Job Rollover and Bookkeeping processes, just in time for the new Australian financial year. To view all our automations, click here.

Integrations

We’re excited to announce our recent integrations with two new Workpaper partners, Cimplico & CCH Workpapers. With these integrations... Read more

most out of the entire Xero platform.

Here are our latest updates and what they mean for accountants and bookkeepers in Australia and New Zealand.

What’s new in our practice tools

To make sure we’re reducing duplicates and double handling of your client data...

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How we’re making it easier for practices in Australia and New Zealand to manage clients in Xero

Xero's support for women’s football through the better numbers program

MILLIONS OF PEOPLE AROUND THE WORLD, MYSELF INCLUDED, ARE BEYOND EXCITED IN ANTICIPATION OF THE FIFA WOMEN’S WORLD CUP 2023™ IN JULY AND AUGUST AND XERO IS INCREDIBLY PROUD TO BE A FIFA WOMEN’S FOOTBALL PARTNER.

While we’ll all be caught up in the excitement of the tournament, it’s important to keep in mind the legacy – the enduring benefit – we can create from this moment in time.

No doubt the incredible skills on display by the world’s top players will inspire the next generation of female footballers. But, with 70% of women’s football clubs operating at a loss*, there is an opportunity for our community to help improve the financial health of clubs if we want to grow the game.

Be the change you wish to see in the world

With this in mind, Xero has created the better numbers program which provides football clubs with resources and guides to help manage their books, as well as mobilising our community of accounting and bookkeeping partners with advice to help them help their local clubs.

Clubs are often supported by volunteers who are usually short on time and often short on the expertise needed to effectively manage their finances. So, we’re providing resources and ideas for accountants and bookkeepers on how they can support clubs and in the process forge stronger relationships with their local communities.

Our broader support for women’s football

With hundreds of them already using Xero, we’re of course already supporting clubs with a 25% discount on our accounting software subscription and a range of guides and other resources to help clubs run smoothly.

We also think of the better numbers program as tapping into many aspects of our broader support for women’s football...

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Advisory Services and technology advances shape the future of the accounting industry

SPOTLIGHT REPORTING, THE COMPREHENSIVE CLOUD PLATFORM FOR FINANCIAL REPORTING, HAS RELEASED ITS 2023 GLOBAL ADVISORY TRENDS REPORT, HIGHLIGHTING MAJOR TRENDS AND DEVELOPMENTS IN THE ACCOUNTING INDUSTRY.

The report calls out three major findings, highlighting the ongoing impact of the pandemic, concerns around new technologies, and the growing role of advisory services.

When it comes to technology, Spotlight Reporting’s research finds that many accountants fear that their job will be replaced by advanced tools. In fact, the likes of cloud solutions and

advanced tech will act as an accountant’s biggest collaborator. According to the report, technology has already improved the efficiency and accuracy of traditional compliance work, and those that have adopted solutions are able to identify and exploit opportunities to their advantage.

The report also confirms that advisory services are here to stay, giving a much needed competitive advantage to firms investing in the area.

Spotlight Reporting states, there’s no denying clients needed assistance during the COVID-19 pandemic. Now faced with economic hardship and uncertain futures, they are looking to their accountants for more guidance than ever. Accord-

Sharesight users' top 20 SMSF trades of FY22/23

WELCOME TO OUR ANNUAL AUSTRALIAN FINANCIAL YEAR TRADING SNAPSHOT FOR SMSFS, WHERE WE LOOK AT SHARESIGHT USERS’ 20 MOST TRADED SMSF STOCKS DURING THE 2022/23 FINANCIAL YEAR. TO FIND OUT THE MARKET-MOVING NEWS BEHIND SOME OF THESE STOCKS, KEEP READING.

In this FY22/23 SMSF trading snapshot, buy trades were led by Macquarie Group (ASX: MQG), which saw its share price fluctuate throughout the financial year, with downside likely related to rising interest rates and investors’ concerns over the potential impact on lending. Despite this, the company continued to produce strong earnings results throughout FY22/23. At the same time, sell trades were led by Woodside Energy (ASX: WDS), which went from strength to strength throughout the financial year, at one point hitting an 8-year high in its share price due to soaring oil and gas prices. Sell trades were closely followed by BHP (ASX: BHP), which had a mixed financial year in terms of its quarterly earnings and in turn, its share price.

Overall, the top 20 SMSF trades were highly skewed towards ASX blue chip stocks, particularly those in the mining and banking sectors.

Woodside Energy (ASX: WDS)

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ing to the report, SMBs in particular are looking to outsource financial expertise, as inflationary pressures, political unrest, and an increasing cost of living contribute to a challenging and uncertain reality.

The report also finds that accounting firms that offer a diverse range of services and adapt to the needs of clients are those that are not only reaping the rewards but also making a significant and positive impact for clients.

Key findings from the report include:

• 65% now consider themselves to be ‘progressive’ or ‘hybrid’ firms, offering advisory services

• 56% provide management reporting, mentoring...

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DEAR VALUED SUBSCRIBERS, PARTNERS, AND STAKEHOLDERS, I WANTED TO TAKE A MOMENT TO EXPRESS MY GRATITUDE FOR YOUR INVALUABLE CONTRIBUTIONS TO THE THRIVING AND FORWARD-THINKING COMMUNITY THAT IS SYNNCH.

Embracing the Arrival of a New Financial Year

As we bid farewell to the previous financial year, many of you are now in discussions about your R&D engagements for FY23. It has been truly inspiring to witness the innovations that have emerged this year, thanks to the diligent efforts of claimants and consultants. I must commend those who embraced early filing, as it allowed for smoother processes and ensured the preservation of contemporaneous records throughout the financial year.

Helping our partners grow

I want to thank our partners within the Accounting and R&D Consulting sectors who have invited us to support their customer acquisition process. In this forward-thinking approach, Advisors are signalling the importance of recordkeeping compliance throughout their proposal and negotiation process and inviting their clients to activate a Synnch subscription from day one. In addition. Many Partners are also working with their clients to design and implement lean compliance strategies in Synnch during the 30-day free trial.

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TODAY IS A GREAT DAY! IT IS WITH MUCH DELIGHT THAT I GET TO PRESENT TO YOU THE BGL EXECUTIVE TEAM.

The BGL Executive Team comprises of 7 individuals of the highest calibre that will continue to deliver on the strategic and operational requirements of BGL. With a combined experience of 123 years, our products, clients and team could not be in better hands. Let me take a moment to introduce each of them. Here goes:

Nadine Freitag, People & Culture Manager at BGL

Nadine has been instrumental in building people and continuing to strengthen the BGL culture. Nadine has an amazing can-do attitude with an extraordinary commitment to the betterment of BGL. Nadine’s attitude and approach represent everything that makes BGL great.

Adriana Cavallo, Head of Customer Experience (APAC) at BGL

Loved and admired by countless in the industry, Adriana has had exposure to many parts of the BGL business, excelling in all areas. A focused and committed individual who is customer and experience-obsessed and is instrumental in delivering the BGL value proposition. Adriana’s journey is an example and inspiration to countless.

Warren Renden, Head of CAS 360 at BGL

With a relentless focus on product, team and client experience, Warren exceeds client expectations and industry standards. The work of Warren has touched thousands of BGL users. Passionate and determined in every sense, Warren is regarded as one of the industry greats. Warren represents BGL and advocates for clients across multiple external boards.

Jeevan Tokhi, Head of Simple Fund 360 at BGL

Jeevan is an inspiring individual with a broad range of experience who has the incredible capacity to make the complex simple. Jeevan is a strategic thinker with an incredible ability...

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Congratulations to the finalists of the Xero Singapore Awards 2023!

WE LAUNCHED THE XERO SINGAPORE AWARDS

FIVE YEARS AGO TO RECOGNISE AND CELEBRATE THE TREMENDOUS CONTRIBUTION OUR XERO PARTNERS MAKE TO THE SMALL BUSINESS COMMUNITY AND THE ACCOUNTING INDUSTRY.

Sharing our passion for small businesses, they work tirelessly to champion their clients, advocate for digital transformation to deliver greater value, and take on new challenges to help their clients thrive.

A huge thank you to all our Xero partners who sub-

mitted their nominations for the Xero Singapore Awards 2023. The calibre of entries was exceptional, and seeing the role that Xero partners play in the small business community is so inspiring.

With so many well-deserving entries, the judging process has not been easy. But ultimately, we have decided on a shortlist of finalists. So without further ado, we are delighted to announce our finalists for this year’s Xero Singapore Awards:

Small Singapore Accounting Partner of the Year

Bamboo SEA Pte. Ltd.,

Ledgerdary, Bob & Co

Medium Singapore Accounting Partner of the Year

Harvest Accounting Pte. Ltd., Book&Entries Pte Ltd, Abundant Accounting Pte. Ltd., Clooud Consulting LLP

Large Singapore Accounting Partner of the Year

Hawksford Singapore Pte Ltd, Accounting Superhero, Singapore Corporate Services Pte Ltd, Boardroom Business Solutions Pte Ltd...

Keep reading

IT'S A WRAP!

More than 3,100 attendees were present at #SeamlessAsia over the past 2 days. Thank you for contrib-

uting to the evolvement of the digital commerce ecosystem in Asia!

We will be back in 2024, bigger and better. Save the

UPCOMING EVENTS

dates:

• 20-21 February 2024

• Suntec Convention Centre, Singapore

Find out more

By Kylie Wing, Chief Marketing Officer, ApprovalMax

JOIN KYLIE WING, CHIEF MARKETING OFFICER AT APPROVALMAX, AS SHE TALKS TO THE NEWEST ADDITION TO THE TEAM: MATT LOWRY, CHIEF REVENUE OFFICER.

Matt leads the global sales and customer success teams. His role is pivotal to ensure ApprovalMax continues to grow in the Xero ecosystem and the company’s global customer base continues to get value from the product.

Kylie: Welcome to the team, Matt – we’re so pleased that you’ve joined ApprovalMax at such an exciting time of growth! We currently have just over 100 team members who are spread across 30 different countries. What inspired you to join ApprovalMax?

Matt: I’m really excited to be joining the team! The growth to-date speaks for itself, picking up several Xero awards and being shortlisted for others recently in several geographies is a testament to the great work the team is doing. Speaking with the Founders highlighted the

exciting new product developments that are planned to continue this growth trajectory and I like that we are expanding into new markets with a goal of being an endto-end AP solution of choice.

Having come from another company within the Xero ecosystem, I was already familiar with ApprovalMax’s great reputation and bestin-class product. I’m glad I get to keep working in the cloud accounting industry because it’s great to be part of a mission where we help accountants, bookkeepers, and SMEs worldwide have a tangible impact on society.

Kylie: We definitely have a ripple effect when it comes to our impact and the communities we serve, so you’ve joined the right team. Tell me about your background and what I’d find out about you if I was to look on your LinkedIn profile.

Matt: I originally have a legal background, working inhouse for a small-cap listed technology company in the UK. I transferred internally to head up their customer experience department after realising that I enjoy being in the driver's seat and making

decisions, rather than reactively acting on decisions in a purely legal sense! This experience gave me first-hand experience of board meetings and the impact that internal red tape can have on growth. If only we had ApprovalMax and some of the other leading ecosystem apps to help!

In late 2018, I joined the management reporting and forecasting app, Fathom, to launch their UK office. The role was to grow the revenue base significantly and I became their Head of Growth (EMEA), leading goto-market activities in the EMEA region, primarily the UK and South Africa. Helping thousands of SMEs and advisors globally to change how they view forecasting and management reporting was a greatly rewarding experience and showed me first-hand the impact that great AccounTech can make to businesses globally.

Kylie: We have something in common. My previous role was also working for another company in the Xero ecosystem where management reporting and forecasting was a huge part of the value

proposition. Helping SMEs and accounting firms understand the story behind the numbers was a big part of the inspiration. Now that you’re on a new adventure with us, what opportunities are you looking forward to diving into?

Matt: ApprovalMax is at such an exciting stage of growth, with all the recent and future product launches. I’m keen to work with the sales and marketing team to reach more of our target market to promote how ApprovalMax can really help lead the way forward!

A really recent example is the ApprovalMax and Airwallex integration for UK businesses, providing an end-to-end accounts payables solution, ensuring a seamless experience for our customers in preventing fraud and implementing inhouse financial controls. It’s great that we’re using Airwallex’s financial technology inside ApprovalMax to help businesses not only with payments, but scale across borders.

Kylie: Absolutely. We’ve just given our UK accounting partners another way to add

value with this service without requiring access to their client’s bank account. It’s automating the steps from approving it, to processing it, to paying it. I think it’s fantastic that our team has created a faster and smoother workflow, and that it can be done without having to leave the ApprovalMax platform.

Matt: Outside of that, we also want to continue making our existing customers happy and provide them with world-class customer support – this is particularly important as we scale to new markets and geographies. Personally, I’m also looking forward to continuing to advance our relationship with Xero accountants and bookkeepers, and assisting them with implementing in-house financial controls and workflows to their clients. That’s important because it ultimately adds deeper value to their relationships.

I want to also add to that list the new corporate identity and brand direction that your team has been heavily involved in – what was the story behind the new branding?

Kylie: The ApprovalMax story is interesting because the roots go as far back as 2014. The brand has evolved over the years, but at the end of 2022, we decided it was time for a new look. We wanted something that was deliberate, more modern, and software relevant. We exchanged our darker colours for ones that were brighter, lighter, and more energetic. It’s happening during a phase when there are a number of exciting internal changes and new people joining our team, such as yourself, Justin Campbell from Xero, Brendan Lucas as our Head of Accounting, and Cassandra Scott as our Head of Bookkeeping, just to name a few. Can you relate to the evolution of the brand, and why branding in SaaS is important?

Matt: The new brand looks clean and concise, which for me is imperative to stand out in any market. The timing is perfect as we move into a new stage of growth with a more comprehensive product. The new brand reflects the new stage of the journey that we are now on.

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The accountant’s game-changing guide to preparing R&D tax claims

By Mike Dean, Managing Director, WhisperClaims

WHAT ARE THE ESSENTIAL TOOLS AND TACTICS THAT ACCOUNTANTS NEED TO CONFIDENTLY DELIVER AN R&D TAX SERVICE FOR THEIR CLIENTS—AND WHAT ROLE DOES R&D TAX TECHNOLOGY PLAY?

In the last 12 months, HMRC have made changes to the R&D tax relief scheme in a bid to eradicate the malpractice that has developed within the R&D tax sector. While this extra scrutiny is welcome in a market that has, without any doubt, experienced problems due to a few bad apples, this shift in HMRC’s behaviour has caused some ripples to be felt across the R&D tax advisory sector. Some accountants are rightly seeing this as an opportunity to improve their operations, move their clients away from third party providers and implement a new R&D tax service offering under their own brand. They are realising that their clients are hungry for support, and there is a way to add more value to these client relationships.

Surely, this is what HRMC want to see as a result of legislation changes. A good accountant who understands the claimant’s business and who can steer them effectively through the eligibility criteria is precisely the kind of advisor who should be preparing claims in the eyes

of HMRC. A deep, existing relationship is the very best way for an advisor to identify legitimate R&D work, which in turn helps remove the risk of SMEs being exposed to bad practice.

So, what are the essential tools that accountants will need to deliver a dependable R&D tax service in-house, and what role can R&D tax technology play?

Guiding the client

First of all, it is critical to ensure that both the accountant and the client have a basic understanding of the R&D tax scheme. It is the client who should make the call as to whether science and technology is being advanced within a project, so preparing an R&D tax claim is something the accountant needs to do with their client, rather than for them. A key factor in the claims process, therefore, is ensuring that the client has at least a passing understanding of the relevant parts of the guidance. But how?

To support the client through this process, the accountant needs to ask the right questions so that they understand what HMRC’s definition of R&D looks like and can assess if the eligibility criteria have been met.

This is where R&D tax software with wrap-around support can be useful. WhisperClaims guides the ac-

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countant through the conversation so that the right questions are asked. Questions flex around the data being input—none can be missed or skipped, ensuring all data is reliably gathered.

If reassurance is needed, live chat and 1-1 support channels give the accountant quick and easy access to a team of R&D tax experts to lean on for scheme or eligibility advice. While built-in learning tools, explainer videos, and links to HMRC’s online guidance help to remove uncertainty as the accountant and client work through the claim.

Simple processes

Having a simple, intuitive process that is applied in the same way every time, for every claim, is also an essential element to preparing robust and compliant claims.

Fully automated R&D tax software provides structure, relieves friction and keeps the accountant up to date with legislation. Qualification checks help identify potential issues early to quickly screen out ineligible work, while dynamic feedback guides the accountant through the process.

In addition, the accountant has the option to invite the client to work collaboratively within the app, so that they can contribute...

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5 BIGGEST TRENDS TO COME OUT OF ACCOUNTEX 2023

By Will Rush, Head of Commercial, Pixie

MADE IT TO ACCOUNTEX? DON’T WORRY. WE HAVE THE INSIDE WORD FROM THE BIGGEST ACCOUNTING AND BOOKKEEPING INDUSTRY SHOW IN THE LAND.

missed the whole thing. Just to recap though, Accountex London, May 2023 was its usual exciting self.

The biggest industry expo in the land didn’t fail to deliver. It was jam-packed full of insights and big innovations.

We were there. Proud to unveil the New Pixie platform and all our new features. Do have a read here. Don’t be surprised if you’re as excited as us.

We enjoyed the spotlight with queues of curious and long-time fans at our stand. It was a real validation of the pent up demand for an accounting practice management software that listens and delivers what small practice owners want.

There was plenty more on show too. All the biggest in-

dustry names and thought leaders were there. Accounting professionals from across the country shared their insights and experiences. It was our happy place!

To help you keep your finger on the pulse of the accounting world, we’ve gathered the most compelling trends that are shaping the future of the profession.

Get ready to discover the game-changing strategies, technological advancements, and client-centric approaches that are redefining accounting practices in the UK and beyond.

1. Eye on AI for the next big thing

UK accounting firms are rapidly adopting artificial intelligence, machine learning, and automation tools. These technologies can streamline routine tasks and allow accountants to shift their focus towards strategic and advisory roles.

We’re proud to sit at the heart of that discussion, unveiling Pixie Co-Pilot as

part of our revamped Pixie launch. Hold on to your hats, folks, because it’s a game-changer. When your clients send in requests, this incredible AI capability kicks into gear. Co-Pilot jumps right in and reads the email, strategising the best way to respond. It’s like having your own personal assistant in the background, doing the heavy lifting for you. It dives deep into the Pixie system, hunting down the relevant documents you need.

Once it has all the information at hand, Pixie Co-Pilot creates a draft response. But hey, here’s the best part: you’re always in control. You have the final say on whether to send the response or make any changes.

It’s time to take your accountancy game to a whole new level. Check out Accounting Web’s story on this new feature. We’re thrilled to be part of that conversation.

2. Everyone is calling out for technology... Find out more

PayPal and KKR Announce Exclusive Multi-Year Relationship for European Pay Later Receivables

PAYPAL HOLDINGS, INC. (NASDAQ: PYPL) AND KKR, A LEADING GLOBAL INVESTMENT FIRM, TODAY ANNOUNCED THE SIGNING OF AN EXCLUSIVE MULTI-YEAR AGREEMENT FOR A EUR3 BILLION REPLENISHING

LOAN COMMITMENT UNDER WHICH PRIVATE CREDIT FUNDS AND ACCOUNTS MANAGED BY KKR WILL PURCHASE UP TO EUR40 BILLION OF BUY NOW, PAY LATER (BNPL) LOAN RECEIVABLES ORIGINATED BY PAYPAL IN FRANCE, GERMANY, ITALY, SPAIN, AND THE UNITED KINGDOM.

Under the terms of the agreement, KKR's private credit funds and accounts will acquire substantially all the European BNPL loan portfolio held on PayPal's balance sheet at the close of the transaction and will also acquire future originations of eligible BNPL loans. PayPal will remain responsible for all customer-facing activities, including underwriting and servicing, associat-

ed with its European BNPL products.

While the concept of split installment payments for consumer purchases has been around for decades and online consumer financing has been a strategic offering of PayPal since 2008, BNPL has dramatically increased in popularity over the past several years. Since launching its first BNPL offering in 2020, PayPal has become an industry leader with its PayPal Pay Later products, issuing more than 200 million loans to over 30 million customers in eight markets around the world. In 2022, PayPal processed more than $20 billion of BNPL payment volume globally, up approximately 160% from 2021.

"Buy now, pay later has become a major asset to PayPal's checkout experience, driving engagement, payment volume growth, and repeat use while delivering high-value customers to our merchants," said Gabrielle Rabinovitch, senior vice president, acting chief...

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Introducing Tap to Pay for Venmo and PayPal Zettle Businesses in the U.S. Forward thinkers, meet Forwards

PAYPAL HOLDINGS, INC. (NASDAQ: PYPL) TODAY ANNOUNCED THAT TAP TO PAY ON ANDROID IS ROLLING OUT FOR VENMO BUSINESS PROFILE USERS IN THE U.S., ENABLING THEM TO ACCEPT CONTACTLESS PAYMENTS DIRECTLY ON THEIR ANDROID MOBILE DEVICES WITH NO ADDITIONAL HARDWARE OR UPFRONT COST.

With fewer consumers carrying cash, small businesses are more dependent than ever on the ability to accept card payments. Yet, many small business owners are not set up to cater to this

new normal in consumer behavior. Nearly 80 percent of buyers have used contactless payments to complete a purchase, but until now, small businesses have needed to pay for and manage card readers to meet this consumer expectation. That is all set to change with the advent of Tap to Pay technology.

With Tap to Pay through Venmo, small businesses in the U.S. will be able to start accepting contactless cards and digital wallets within minutes, directly on their mobile devices with no upfront cost or additional...

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Pay with Pride all year long

CELEBRATE PRIDE MONTH WITH US AND ORDER YOUR VERY OWN RAINBOW CARD SO YOU CAN #PAYWITHPRIDE ALL YEAR LONG! WE'LL ALSO BE DONATING £1 TO ILGA-EUROPE FOR EVERY RAINBOW CARD ORDERED.

If you’re in the UK or EEA and want to order your new card, give as little as £1 to our Donations partner, ILGA-Europe. If you already have our Rainbow card, you won’t be able to order another one, but you can still help by donating to ILGA-Europe.

UK & EEA only, T&Cs and delivery fees apply. Donate a minimum of £1 to unlock the card.

We’ll match your donations

For every card ordered, we’ll donate £1 to ILGA-Europe, up to a total of £10,000.

ILGA-Europe drive political, legal and social change for lesbian, gay, bisexual, trans and intersex (LGBTI) communities in Europe and Central Asia and advocate for the full ecognition of human rights of everyone irrespective of their sexual orientation or gender identity. This organisation works with and on behalf of LGBTI activists in 54 countries across Europe and Central Asia for a world in which each and every LGBTQ+ person is...

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REVOLUT ARE BRINGING FORWARDS TO THE MASSES AND REVOLUTIONISING FORWARD CURRENCY CONTRACTS.

BUT WHAT ARE THEY?

With Forwards, businesses who trade internationally can fix their currency exchange rates for a set amount and date in the future to minimise the risk of market movement.

A rarity for FinTech apps, our Forwards feature lets businesses of any size get a contract with us. Do it all from our web app without any phone calls or fuss, and always benefit from our excellent exchange rates.

Let’s take a look at an example; here’s how Pawfect Pets fixed their future exchange rate and saved money.

Lock in our great ex-

WE’VE DONATED TO THE HUMAN DIGNITY TRUST FOR THE PAST 3 YEARS AND WE WANTED TO GIVE YOU AN INSIGHT INTO THE VERY IMPORTANT WORK THEY ARE DOING. WE MET THEM TO TALK ABOUT HOW THEY USE THE LAW TO DEFEND LGBT* PEOPLE, HUMAN RIGHTS, THEIR LATEST ACHIEVEMENTS AND MORE. LEARN MORE ABOUT THEM AND WHY WE DECIDED TO SUPPORT THEM.

*The Human Dignity Trust uses the acronym LGBT and not LGBTQIA+ because the

change rates for up to 12 months

We’re known industry-wide for our great exchange rates that save you money on exchanges. Now you can freeze them in the future too with our Forward contracts in GBP, USD and EUR, which you can carry out on fixed or flexible dates. Lock-in our great rates for up to 12 months instantly, and get even longer contract lengths up to 2 years with a credit check. With the fixed rate, you’ll know exactly what you’ll pay in the future, whatever way the market moves.

Flexible contracts in the amount you need

Our business customers on company plans have instant access to...

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laws they deal with specifically concern gay men, lesbian women and transgender people.

The Human Dignity Trust is an “international organisation using the law to defend the human rights of LGBT people”. Can you tell us more about the crucial work you are doing?

Today, 66 countries criminalise private, consensual same-sex sexual activity, down from 71 last year. Half of these laws are relics left behind by the British Empire, but still function to this day to fuel stigma...

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leaves time-consuming data entry behind. Start saving time and money today with our amazing deal*.

Allica Bank reports £2 billion in its savings accounts after strong start to 2023

Automated Savings Accounts that Earn 1% to 3% APY

TODAY, WE'RE THRILLED TO LAUNCH AUTOMATED SAVINGS ACCOUNTS AT RELAY—A WAY FOR BUSINESSES TO SMARTLY CREATE AND BUILD UP CASH RESERVES.

Cash is the lifeblood of your business. It lets you take risks, expand, invest, and bounce back from setbacks. Few things are as liberating as a well-stocked cash reserve account. But getting started is tough.

Most banks make you jump through hoops to open a business savings account. You’re asked to put up a large opening balance you don’t yet have. You’re pushed to lock up your rainy-day funds in a hard-to-access secondary account. You have to hunt down your idle cash and figure out how much of it you’re comfortable setting aside every month to build up a meaningful balance and return.

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PayPal Ventures Invests in Anzu

ANZU, THE MOST ADVANCED INTRINSIC IN-GAME ADVERTISING SOLUTION, ANNOUNCED A $48 MILLION SERIES B FUNDING ROUND, SIGNIFICANTLY INCREASING ITS VALUATION AND ADDING SEVERAL NEW HIGH-PROFILE INVESTORS. THE NEW ROUND WILL ALSO INCLUDE CONVERTING THE SAFE NOTES AND INVESTORS EXITING WITH A 10X VALUATION INCREASE.

The funding round was led by Emmis Corporation, one of America’s most respected media, sports, and entertainment companies, with additional investments from

PayPal Ventures, Evolution, Simon Equity Partners, and Bandai Namco Entertainment 021 Fund, a corporate venture arm of a Japanese multinational entertainment company, Bandai Namco Entertainment. Existing Anzu investors include Sony Innovation Fund, NBCUniversal, WPP, Bitkraft, Samsung Next, Harris Blitzer Sports & Entertainment (HBSE) Ventures, Axel Springer and Marquee Ventures — the venture capital fund anchored by the parent company of the Chicago Cubs

In-game advertising continues to grow as more advertisers and developers...

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ALLICA BANK – THE DIGITAL RELATIONSHIP BANK DEDICATED TO SERVING ESTABLISHED BRITISH BUSINESSES – HAS SAID PERSONAL AND BUSINESS SAVERS HAVE NOW TRUSTED IT WITH OVER £2 BILLION OF DEPOSITS.

The announcement comes as part of an ambitious campaign to improve rates for savers by the bank, which saw it grow its deposit base by a third in the first five months of the year alone. This activity included being the first UK bank to offer a 5% AER return on its oneyear and 18 month fixedterm savings accounts.

Allica says a mixture of investing in its own online banking platform, mobile app and operations – along-

side innovative partnerships with the likes of Revolut and Chip, and established players such as Hargreaves Lansdown and Flagstone – meant it has been able to successfully and quickly scale its deposit-raising efforts in line with the changing needs of the business.

It reported, too, rapid growth in the amount of deposits held in its new business current account.

Launched late last year, the ‘Business Rewards Account’ offers businesses cashback rewards with no monthly fees, along with a market leading 3% AER instant-access Savings Pot.

Allica hit the £2 billion milestone just weeks after publishing its 2022 results, which confirmed it had...

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BANKABLE, A PIONEER IN THE BANKING-AS-A-SERVICE INDUSTRY, TODAY ANNOUNCED THE ACQUISITION OF AREX MARKETS, GIVING THE COMBINED COMPANY THE ABILITY TO EMBED CREDIT AND WORKING CAPITAL INTO THE PAYMENT FLOWS OF ESTABLISHED NEOBANKS,

MULTINATIONAL BRANDS AND FINTECH PLATFORMS.

Arex Markets’ proprietary technology enables investors to finance a variety of commercial papers to seamlessly speed up payment flows and ease the working capital challenge.

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Revolut Ultra: Our ultimate plan

REVOLUT ULTRA: A PLAN LIKE NO OTHER. BRINGING YOU UNRIVALLED EXPERIENCES, UNPARALLELED ACCESS AND OUR MOST GENEROUS LIMITS YET, ULTRA IS A FORAY INTO EXCELLENCE.

We’ve filled Ultra to the brim with benefits worth £4,100+ in annual value*, and that’s not all. If you’re on the waitlist, we’ll welcome you to our annual plan with 5% cashback on purchases in your first month (T&Cs apply); After this, you’ll earn up to 0.1% on purchases within Europe and the UK, and 1% everywhere else in the world. Not on the waitlist?

You’ll still earn up to 0.1% on your card spend from day one within Europe and the UK, and 1% everywhere else (T&Cs apply). Cashback is capped at the monthly plan price.

We don’t have enough space in one blog to list everything else this brand new plan has to offer, but here are a few highlights.

Live the platinum lifestyle

When it came to designing our most precious card yet, we only had one thing in mind — platinum.

This precision...

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Embedded working capital and unlimited liquidity will enhance the breadth of the Bankable banking infrastructure core proposition