XU Magazine - Issue 28

The independent magazine for Xero users, by Xero users

ISSUE

28

magazine Open Banking

The next big thing for small businesses PAGE 8

P LU S L O MORE ADS FROM

ISSN 2054-7226

28

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TUTORIALS CASE STUDIES INTERVIEWS NEW APPS NEW RELEASES

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Welcome to issue 28... magazine The independent magazine for Xero users, by Xero users

Issue 28 Main Contacts CEO: David Hassall (Co-Founder) Managing Editor: Wesley Cornell (Co-Founder) Director of Strategic Partnerships: Alex Newson Editorial/News Submissions: If you have any editorial content (news, comment, tutorials etc.) that you would like us to consider for inclusion in the next edition of XU Magazine, please email us at editorial@xumagazine.com Advertising: advertising@xumagazine.com E: hello@xumagazine.com W: www.xumagazine.com ‘Xero’ is a trademark of Xero Limited (New Zealand). XU Magazine is collaboratively produced by an independent group of Xero users and is not affiliated in any way with Xero. All other trademarks are the property of their respective owners. © XU Magazine Ltd 2014-2021.

All rights reserved. No part of this magazine may be used or reproduced without the written permission of the publisher. XU Magazine is published

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Registered office: 12 Jordan Street, Liverpool, L1 0BP, United Kingdom. All information contained in this magazine is for information only and is, as far as we are aware, correct at the time of going to press. XU Magazine cannot accept any responsibility for errors or inaccuracies in such information. If you submit unsolicited material to us, you automatically grant XU Magazine a licence to publish your submission in whole or in part in all/any editions of the magazine, including in any physical or digital format, throughout the world.

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COVER STORY GoCardless Open banking: The next big thing for small businesses

12

AREX Markets Ethics, sustainability and accounting for the post-Covid Accountant

14

Dext Say hello to Dext Commerce

Open Banking

The next big thing for small businesses

16

Flagship Reporting Why automating your financial reporting is vital for your business?

20

AccountancyManager AM’s year so far: 3 integrations, whitelabelling and more

22 24

8

38

ICB UK Tackling Construction Industry Scheme abuse

Hydr Don’t wait to get paid

Emersion The Subscription Economy

26

infoodle Email Marketing for Nonprofits

30

SuiteFiles The PDF and digital signing features your document management system should deliver

32

Chaser The importance of end-to-end credit control in one system

34

Q&A Annature Amreeta Abbott, CEO/Founder

22

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G-Accon G-Accon for Xero Practice Manager and WorkflowMax: Manage projects from A to Z and Make More Money

44

HR Partner How to Onboard New Employees Easily and Effectively

46

Spotlight Reporting Recruiting and Retaining an A-Team: Best Practices

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Interviews with...

48

ApprovalMax 50% higher approval efficiency and reduced labour costs: how Tinka Consulting used ApprovalMax to help NOUS drive efficiency by eliminating manual work

50

ezyCollect Is Your Working Capital Actually Working for You? Strategies for Optimizing Your Accounts Receivable

34 Amreeta Abbott Annature

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Cloudsolve Ten years of e-commerce growth in just 90 days

74

Practice Ignition 7 Simple Steps to Effectively Managing Change

78

PayPal The PayPal Payments Advantage And Why Small Businesses Are Leveraging Buy Now, Pay Later Options

54

Wolters Kluwer How to solve the top three challenges accounting and tax professionals face at tax time

58

Senta Anti-money laundering - everything you need to know about AML

60

MinuteDock Why Your Time Tracking Solution Should Integrate with Accounting Software

62

ExpenseOnDemand How do you choose an expenses solution that is right for both your business and staff?

124

Joseph Lyons Xero

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AdvanceTrack Outsourcing What the Client wants

70

Float A Guide To Virtual CFO

Services

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DID YOU KNOW?

XU are now a CPD Corporate Member 158 Xero unveils the next evolution of bank reconciliation

We have been working closely with the CPD Certification Service to have our articles CPD Certified. As you are reading through the magazine any article that shows the CPD Certified logo has been approved to count

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towards your CPD points. We are really excited to have been able to secure this for our readers as it means all approved articles can now be used towards your CPD points and building up your CPD register.

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AutoEntry Importing Bank Statements into Xero - 5 Benefits of Data Entry Automation MarketFinance Getting in control of recovery for a stable future

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Tidy International Embracing financial processes to power a new future

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WorkflowMax Combine your expertise with apps to take your clients to the next level

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Updates from Xero What we’ve been working

on...

EVENT Accountex Accountex is back - Manchester event takes place on 20-21 September 2021 Wolters Kluwer Helping practices prosper with Making Tax Digital for Income Tax

114 116

Compleat Software All About The Data

expensemanager How local accounting firm cut time & costs spent on Accounts Payable by 85%

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ApprovalMax Introducing the ApprovalMax Budget Checking feature

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WorldFirst UK Providing you and your clients with the tools to grow

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EVENTS Terrapinn 5 Reasons to Attend The Accounting & Finance Show Asia 2021

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153 156

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simPRO The whole package: Providing clients with an endto-end cloud-based technology solution

APPS COMPARED Compared: Subscription Management CloudPayroll Payroll for Withholding Payer Number NextMinute NextMinute and the Personal Touch

CLASSIFIEDS Xero connected Apps

EVENT Trenches Summit From the Trenches - Real life in the accounting industry

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INTERVIEW Xero Joseph Lyons, MD (Aus/Asia)

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FOCUS: MENTAL HEALTH Tim Hoopmann 20 Ideas to Feel Uplifted and Help you Take Care of Yourself

NEW XERO CONNECTED APPS New to the Xero App Marketplace NEW RELEASES Updates and new releases from Xero connected apps XERO APP PARTNERS OF THE MONTH Xero Visit the Xero App

Store

...and finally Xero unveils the next evolution of bank reconciliation

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Sapaad The Restaurant POS of the Future is Fully Integrated

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Business where it needs to be POWERFUL SOFTWARE DELIGHTFULLY SIMPLE

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The fact that Tidy is a young, innovative company is a great personality match for us. When we raise a problem, there are people on the ground thinking about what we can do and creating the solution.

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Cover Story

Open banking:

The next big thing for small businesses 612,000,000 Google results.

3,850,000 if you wrap it in quotation marks.

A lot is being said about open banking. And a lot of products powered by open banking are popping up on the market. In the UK, there are currently more than 100 regulated open banking apps.

This article is

B

ut why is there such a push towards open banking, particularly for small businesses? When we look at how open banking is impacting payments, the root of the answer can be found in research GoCardless did into the small business market.

data for regulated providers to access, use, and share, in a safe and secure manner.

Surveying 1,000 small businesses across the UK and Australia, the top five biggest benefits sought by small businesses were:

That last part is important. Open banking isn’t a ploy to allow banks to more easily sell their customers’ data. The intention is quite the opposite - open banking was conceived to improve financial services for customers. By banks opening up access to data they’ve historically kept in-house, new companies and new products can come to market, using this data in helpful, innovative ways.

1. Improving cash flow.

2. Avoiding wasting time chasing late payments.

3. Having visibility over which customers have and haven’t paid.

4. Improving the rate of successful payments.

5. Reducing the amount of manual work required to reconcile payments.

The reason open banking is such an exciting technology for small businesses is because it can be used to deliver businesses exactly these benefits, where current payments technologies do not.

What is open banking?

Open banking describes the process of banks and other financial institutions opening up

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Banks are putting in place infrastructure for their customers’ data to be shared more easily with third parties, when the customer chooses to do so.

Open banking can also be used to initiate Account-to-Account (A2A) payments. Here at GoCardless, we’ve leveraged that capability to start rolling out to our users a better way to collect one-off payments. Via a feature called Instant Bank Pay. The size of open banking: Millions of users, billions of dollars The origins of open banking in the UK lay with a 2013 proposal

@GoCardless

Brad Ewin, Senior Writer (Global Small Business), GoCardless Brad is a passionate supporter of small businesses, and leads the creation of educational and research content for small businesses at GoCardless.

His current interest is in open banking payments and the benefits they can bring small businesses.

from the European Commission to revise an EU regulation called PSD2. In 2016, the Open Banking Implementation Entity (OBIE) formed - the organisation responsible for creating the software standards and industry guidelines that enable open banking. In 2018, they launched the Open Banking Standard itself, and in the years since then open banking in the UK has exploded and shows no signs of slowing down.

Data from the OBIE illustrates the scope and pace of open banking in the UK: • 300 fintechs and innovative providers have joined the ecosystem • 2,500,000+ UK consumers and businesses now use open banking-enabled products to manage their finances, access credit, and make payments • 100,000+ UK consumers and businesses become new active open banking users every month And it’s not just scrappy startups leveraging open banking. Bigger players are also leveraging open banking technology in their products. Revolut is leveraging open banking to power verification, and transfers into

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Cover Story users’ Revolut wallets. And Plum is using it to allow users to integrate their challenger bank accounts, such as Monzo and Starling.

Even industry giants like Visa and Mastercard are spending big money to get into the space, demonstrating the power of the technology and the seriousness with which they take the threat.

In the past two years, they’ve invested nearly $3 billion in major acquisitions of open banking providers.

In the US in the 1950s, card payments finally got their kickstart with BankAmericard. Today, card payments are ubiquitous.

With hundreds of companies investing billions of pounds into developing open bankingpowered technologies, we’re now seeing the next major evolution in how businesses and consumers around the world pay, with open banking.

How open banking payments work for businesses that invoice The possibilities with open banking-powered products are vast. So it can be difficult to tangibly wrap your head around what these products are, how they work, and the benefit they provide over traditional solutions.

Let’s look at the payments space.

For many small businesses, the de facto default way of getting paid is to invoice a customer and receive payment via a manual bank transfer 30 days later. This brings with it the problem of late payment - and it’s not a small or isolated problem. According to a report from The Federation of Small Businesses (FSB), each year the late payment problem costs the UK economy £2.5 billion, and kills 50,000 small businesses.

Automating payment collection via Direct Debit addresses the root cause of late payments. But there are some customers who may refuse to pay this way.

What’s more, 85% of small businesses with recurring revenue need to collect oneoff payments outside of their normal, ongoing invoicing cycle1.

When these payments require instant authorisation, Direct Debit isn’t suitable.

instead of relying on the customer to start a manual bank transfer.

And the friction on the customer to complete the payment is lower.

Meaning they’re less likely to put off prompt payment. We’ve seen this with our own open bankingpowered payments feature, Instant Bank Pay. Completed payments take an average of 1.51 days from the payment being created, to getting paid out to the merchant. Comparably, manual bank transfers have a days sales outstanding (DSO) of 21.2 days, on average2.

Payments products powered by open banking address these problems. While manual bank transfers are a clunky, admin-heavy experience for the customer, open banking payments provide a smooth flow.

Simply tapping a link pushes the customer into their online or mobile banking app, with the transaction details prepopulated and awaiting a tap or click to approve.

For small businesses offering a subscription service or membership, card payments tend

This allows the merchant to initiate the payment process

to be the norm instead of bank transfers. But they also tend to

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How open banking payments work for subscription and membership businesses

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Issue 28 / 9

Cover Story come with high fees.

Payment products powered by open banking facilitate the transfer of funds directly from one account to another, rather than through the convoluted card networks. With fewer intermediaries comes lower fees.

Again we can look at Instant Bank Pay to see the difference in action.

In April this year we modelled a £100 transaction through Instant Bank Pay, as well as seven card payment providers. The fees for the Instant Bank Pay transaction came out cheapest, at £1.20. The cheapest card transaction cost 36% more, at £1.63. The most expensive was £4.05 - a 238% increase in cost. These are costs that small businesses either need to absorb or pass onto their customers, risking their ability to remain competitive.

With the high volume of transactions that subscription and membership businesses process, the savings associated with using

open banking-powered payments can make a significant difference to the bottom line over time. The sooner the switch, the bigger the benefit.

Open banking technology is great on its own, but even better with others Small businesses can benefit from open banking-powered products on their own. But where they really shine, however, is in combination with other payment technologies. Take Instant Bank Pay again. It can be used by small businesses exactly as described above. However it enables many more use cases for small businesses when used in combination with GoCardless’ Direct Debit functionality.

For businesses that invoice their customers on a regular, recurring basis - such as professional services firms - Direct Debit can be used to ensure those payments are automatically collected on time. While Instant Bank Pay can be used for one-off payments outside of the normal ongoing invoicing cycle - which is something that half of small businesses do 10+ times per month1.

And for businesses that need upfront payment before offering their services - such as gyms and membership organisations Instant Bank Pay can be used to instantly authorise the upfront payment, with a Direct Debit mandate being set up to collect

all future payments. And both of these can be processed in the same quick and easy payment flow for the customer.

Open banking payments can benefit small businesses today Although open banking is still trying to find its feet in many parts of the world, it’s alive and kicking in the UK. Already over 100 products are available to UK businesses and consumers, and already they’re providing tangible benefits over and above incumbent products in the same category.

By adopting open bankingpowered payments over traditional methods like manual bank transfers and card payments, small businesses can get paid sooner, spend less time chasing up late payments, and save on costs.

FIND OUT MORE...

Learn more about Instant Bank Pay at: gocardless.com/solutions/ instant-bank-pay or check out how GoCardless makes it easier to collect recurring payments at: gocardless.com

1: GoCardless market research, Feb 2021 2: A survey by Attest, commissioned by GoCardless, Dec 2020

Sublime practice management software for accountants and bookkeepers. www.senta.co

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Ethics, sustainability and accounting for the post-Covid Accountant The climate is changing - are you standing still?

Sustainability means more than becoming a paperless practice. It’s about making conscious decisions for the types of

@ArexMarkets

Perttu Jalkanen, Co-Founder & CCO, AREX Markets Perttu Jalkanen, Co-founder and Chief Commercial Officer at AREX, has 15 years’ experience in FinTech and start-ups. A track record of success, Perttu was the VP of Business development of FinTech start-up Maventa, which grew to 20,000 corporate customers processing billions of e-invoices. Maventa was later acquired by Visma. A firm believer in equality of access to capital markets, Perttu cofounded AREX Markets to help put the power back into the SMEs hands.

businesses and processes a practitioner should recommend going forward.

This article is

T

here has arguably never been as much focus on sustainability and ethical business practices, which are increasingly scrutinised when it comes to a company’s partners and suppliers. The topic of ESG (Environmental and Social Governance) is especially hot and set to rapidly spread its influence into all aspects of a business’ operations.

Even the sole practitioner accountant will soon need to have a view on the ESG focus of their suppliers and business partners.

In the face of current business challenges, adaptable options are required which give a business and its finances flexibility. Rather than financing products which lock companies in for lengthy

terms and charge eye-watering interest rates, practitioners and accountant advisors need to be aware of fresher alternatives.

Through the emergence of more alternative finance options specifically designed for SME use, alternative finance is offering greater choice for businesses to take more control of their balance sheets.

AltFi options, like AREX, are where SME business needs can match the need for sustainable and ethical business practices. We built our business model from scratch as a more ethical way for businesses to access cash through a marketplace approach to financing invoices. This means that the business gets better rates of return, from a longstanding process traditionally held in the hands of few providers. This lack of competition led to invoice financing often considered as a last resort decision, due to archaic and unsustainable terms.

With the introduction of newer entities like us, companies seeking more latitude with their cashflow can use financing on demand, essentially by reducing their debtor days to 0, tapping

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into financing as and when needed. As a result the returns to the business are much more substantial and ...use sustainable.

The coming months and years are about restabilising post-Covid impact but also about looking to a financing more sustainable on demand, future. Checking essentially Rooting these aspects reducing debtor operations in of suppliers and days to 0, more sustainable partners now tapping into business models will set you in financing as and is a hallmark good stead for when needed. of emerging AltFi your future business options. For us, the development - not to belief in equality of access mention potentially opening to capital for SMEs who need it is up new and agile ways of a foundational one, and a more managing the company books. ethical stance to the people we do business with grows out from About AREX Markets that point.

AREX is a competitive data-driven Businesses of all types will soon Fintech company aiming to bridge need to consider the credentials capital market liquidity and SME of those they work with. Between cash flow needs. the recent IPCC report on climate change and asset manager Our mission is to help empower BlackRock’s proactive stance SMEs by providing a truly when it comes to sustainable innovative mechanism for them and ethical investments for its to access their own cash without clients, there is a dramatic shift paying a premium. toward ethical, green and socially conscientious business.

We unlock cash trapped in

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invoices by providing your Clients an embedded finance solution.

Clients can sell invoices directly from their Xero account and have the money in their account the next day. We charge the SMEs a one-time fixed fee and they are free to use us on an individual or recurring basis.

We drive the cost of financing for SMEs down and work exclusively with Accountants. With AREX, your clients can focus on growing their business and not their daily cash flow

FIND OUT MORE...

Become an AREX cashflow coach, support better business: www.arex.io

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Issue 28 / 13

Say hello to Dext Commerce

@dextofficial

Neil Mullane, General Manager (UK and South Africa), Dext

Simplify your sales accounting and take on more clients across multiple digital commerce channels In keeping with our trend of growth and development this year, Dext, the cloud accounting platform made for accountants and bookkeepers, has added a digital sales product to its suite. Introducing Dext Commerce...

This article is

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ur newest product came about after the acquisition of the digital accounting platform Greenback.

With this addition, we aim to address the need for digital/ecommerce sales management in the accounting and bookkeeping industry.

Why now? By 2023, it is estimated that 22 percent of the world’s retail sales will be digital commerce/e-commerce sales.* With that prospect ahead, accountants and bookkeepers will likely see an increase in clients with multiple online platforms and retail points of sale.

*eMarketer Global eCommerce Update 2021

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That’s where our new product can help. Dext Commerce allows accountants and bookkeepers to take on more digital sales clients by simplifying the collection and categorisation of sales data from e-commerce, POS and payment platforms including Amazon,

PayPal, Shopify and Stripe.

automatically fetches them from retailers, marketplaces, It also integrates with e-commerce Xero and Quickbooks platforms, point With this addition, Online, enabling of sale systems, we aim to address accountants and payment providers the need for digital/ebookkeepers to and more. commerce sales accurately submit 2. This data is management in e-commerce consolidated the accounting revenue into the from across a and bookkeeping largest accounting client’s digital industry. platforms. sales platforms, then sorted into a Dext CEO, Adrian Blair said, standardised and itemised “Millions of businesses now format. sell via e-commerce platforms 3. Finally, the sorted data is like Amazon and Shopify. Dext exported to accounting Commerce enables accountants software like Xero and and bookkeepers to take on QuickBooks Online. these businesses as clients more profitably. Dext Commerce solves What can you do with Dext two key pain points: getting Commerce? standardised data, line by line, from multiple sources; and Consolidate sales data from ensuring digital sellers accurately multiple channels calculate how much tax to pay in different markets.”

Dext Commerce provides a standardised view of the sales How does it all work? data from multiple platforms, perfect for clients who sell on 1. Instead of extracting many different platforms such as transactions from multiple Amazon, eBay and Shopify. We sources, Dext Commerce support a growing list of seller

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marketplaces, payment platforms, e-commerce storefronts, POS systems and accounting programs.

Access real-time sales data Dext Commerce gives access to sales data in real-time so users can correctly assess cut off date, cost and accrual-based accounting methods, deferred revenue and more.

Ensure tax compliance Dext Commerce enables users to properly allocate tax associated with an order to an appropriate domestic or international rate.

Sync with Amazon Dext is also deepening its relationship with Amazon Business, which means offering users the ability to synchronise expense data from Amazon Business with the Dext platform.

When is Dext Commerce available?

From today Dext Commerce is available to all accountants, bookkeepers and businesses in the UK, US and Canada with a rollout in France and Australia later this year.

Firms in these regions can expect Dext Commerce’s key features to simplify, standardise and streamline digital sales accounting and bookkeeping.

As we continue to expand Dext for our customers we are driven by our goal to make accountants and bookkeepers more productive, profitable and powerful.

FIND OUT MORE...

To learn more about Dext Commerce, click here

Commerce with Greenback

Introducing Dext Commerce Managing your sales data just got simpler...

With Dext Commerce, you can: Consolidate sales data from multiple channels including Amazon, eBay and Shopify.

Access real-time sales data.

Ensure tax compliance.

Arrange a discovery session to learn more about the value Dext Commerce can bring to your business.

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Issue 28 / 15

Book a discovery session dext.com

Why automating your financial reporting is vital for your business?

How Flagship can save you time and money

@FlagshipReports

Searle Goott, CEO and founder, Flagship Reporting Our company was founded by Searle Goott, an ex. Ernst & Young Chartered Accountant with 30 years’ experience working as a Financial Director for various companies (both enterprise and SME’s). Flagship was born out of frustration with the lack of available reporting tools to enable the automation and customisation of management reports, KPI’s and other key accounting reports.

Accountants are busy people and reporting is only one aspect of their job. It is critical, in this day and age, to produce accurate management reports and present them on time.

This article is

W

e have all been there, producing monthly management reports for your CEO, banks, investors, etc. does this sound familiar?

your reporting process will help you avoid human errors as well as save you time.

Stakeholders may require different reports in various formats, some want year to date, others want quarter by quarter, some need it summarised and others detailed.

To start you connect to Xero and simply drag and drop components to create reports.

Once a template has been written, it can be run for any company and any period from a single dashboard. Data is refreshed in seconds which makes it easy and intuitive for accountants and businesses to quickly run reports in the format they require and distribute them.

Remove manual errors and effort One downside of using a manual system like Excel is that it is time consuming.

Whilst it is a great tool for modelling and producing different scenarios, it can be prone to error, especially as the data must be downloaded from your accounting system and edited and then formatted into your reporting pack. Also, this may become problematic when you have more than one company in your group.

How to overcome these challenges As you may imagine automating

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How Flagship can help you

Some of the other benefits that businesses see are: • Key data and clear insights are identified to help you manage your business • More focus on value generating activities without the need to increase headcount • Easy distribution of reports improves critical communication with stakeholders • Less manual errors and effort • Great looking reports will help you impress clients and win business.

An example of how we have helped… Save time and money One of our clients Jo from Stanton House, who has 8 companies in her group was using Excel and she was increasingly frustrated with the time it was taking her to complete her board pack.

In particular downloading the data and reformatting it had her “pulling her hair out” at times.

After choosing our platform this is what she has to say: “It’s fantastic. It’s real time, can be refreshed at the press of the button and has so much flexibility to provide insight alongside the financial statements. I can drop in a quick graph, KPI or widget in a couple of simple clicks. It saves us so much time: we no longer need to extract the data and transform it and most importantly I have confidence in the figures as the manual error risk is removed.”

Jo Finch, Finance Director, Stanton House Conclusion We know how important reporting is for your business and we know how time is money

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– that is why we designed our system to save you time and money and give you meaningful business insights so that you can better steer your ship in the right direction.

If this sounds like something you may need, please get in touch to start a trial or book a demo.

FIND OUT MORE...

Find out more at: flagshipreporting.com/booka-demo

Are you tired of chasing unpaid invoices?

Reduce your overdues and automate accounts receivables with ezyCollect - smart AR automation app.

Our Xero clients typically see a 43% reduction in outstanding overdues within the first six months.

What Xero users love about ezyCollect: � Automatically record payments against customer invoices in Xero with Payment Write Back � Get an integrated ‘Pay Now’ button and payment portal and allow customers to pay multiple invoices with SimplyPaid � Get a bird’s eye view of your AR with the AR Dashboard � Send Consolidated Reminders with Xero invoices attached and build stronger relationships � See an overall record of your customer communication in one place with Centralised Customer communication history

Add ezyCollect to your XERO instance and put an end to unpaid invoices.

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Start a free trial today, and get 3 months for only $300 for sign-ups by May 15.

Visit www.ezycollect.com.au/xero for your XU special offer.

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Spend less time chasing and entering data, and more time building meaningful relationships with your clients.

Sign up for a free trial today!

SIMPLE. USER FOCUSED. AUTOMATED DATA ENTRY.

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“ Without a shadow of a doubt the best OCR technology available for integration with Xero.”

“Wow, you can't beat that with a Stick!!!

Thank you AutoEntry!!!! You are my new partner for Xero Sales Invoices and Xero Purchase invoices!!!!”

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www.AutoEntry.com Issue 28 / 19

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AM’s year so far: 3 integrations, whitelabelling and more Back in February, we boldly announced AccountancyManager’s 2021 roadmap. In just six months, we’ve released three big integrations, white-labelling for Client Portals and a few smaller - but useful - features.

This article is

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apier integration

This one integration opens up a whole world of possible connections between AM and other software you might use.

Automatically add a client to Practice Ignition

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automatically create a client in AccountancyManager each time a client accepts a proposal in Practice Ignition.

Sage Business Cloud integration

@accountancymgr

James Byrne, CEO, AccountancyManager During his time as a practising accountant, James identified a range of operational inefficiencies - which he knew the right software would solve.

Thing was, it didn’t exist yet.

Jump forward three years and AccountancyManager helps thousands of practices automate their onboarding, record requests and task lists every day.

Released last year, phase one allowed you to sync client details, in both directions, between AccountancyManager and QuickBooks. Phase two – now live – adds invoicing.

Synced and linked invoices

You could use a ‘Zap’ to automatically create a client in AccountancyManager each time a client accepts a proposal in Practice Ignition.

If you or your client makes a change to their details in their Sage Business Cloud Accounting account, these changes will be reflected in the client’s file and portal on AccountancyManager.

Thanks to the two-way sync, this works the other way around too.

Create a client in AM from your proposal software

QuickBooks integration: Now with invoicing

Invoices in QuickBooks format

If you use Practice Ignition, you could use a ‘Zap’ to

We unleashed our QuickBooks integration in two phases.

You can update the format of your invoice in AM to mirror the

When you create an invoice in AM, a corresponding invoice will be created in QuickBooks and vice versa. Any updates are reflected across both systems, including when an invoice is marked as paid or partially paid.

XU Magazine - the independent magazine for Xero users, by Xero users.

format of invoices in QuickBooks.

Products and services that you set up within Quickbooks are also in AM and the rate and tax for each will be populated when you select the product or service.

Additional QuickBooks functionality (depending on your QuickBook Settings) includes Bundles, Shipping, Deposits and Discounts.

White-labelling: Make the Client Portal look like part of your website Our Client Portal gives your clients access to their documents, details and deadlines. They can also sign documents online. With white labelling, you can make the Client Portal look like part of your website. Your branding, your subdomain, not a glimpse of AccountancyManager in sight.

Add your logo, brand colours, font and a background image You’ve always been able to add a few branding elements to the Client Portal, but with white labelling, you have many more customisable options. Your clients will see your logo, brand colours and font everywhere.

most popular were Target Dates for Tasks and pausing the timer in Time Tracking.

• Forward emails from the Client Timeline • Create new Tasks from the Client Timeline • Automate Letter of Engagement re-signing

Choose your own subdomain Currently, all Client Portals have the same web address: accountancymanager.co.uk/signin With white labelling, the web address is up to you.

New small but powerful features

FIND OUT MORE...

We’re always adding new things to existing features that hold a great deal of potential. Last year, the

Visit our website at: accountancymanager.co.uk

Help your clients plan for a brighter future Answer your clients’ key cash flow questions with Float.

Join Float’s partner program

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>>

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Issue 28 / 21

Don’t wait to get paid Invoice finance with Hydr is a powerful tool to optimise cash flow

Co-founders Nicola and Hector discuss how Hydr goes beyond market norms to encourage more small businesses to consider invoice finance...

This article is

T

here is not a single company that enjoys waiting to get paid. Long payment terms are tough to manage; late payers are simply behaving badly. Both issues have a detrimental impact on cash flow.

Invoice finance, done well, can help businesses get paid almost immediately for the products or services they have delivered and invoiced, rather than waiting out the payment terms, hoping that their customer will honour them.

Our integration with Xero is central to our proposition. You can onboard within minutes and we can give funding decisions in real time. Once on our platform, you raise your invoices within Xero, just as before, we automatically detect this and then for the customers we have agreed to fund, we pay 100% of the invoice value (not 70% or 80%)

Nicola Weedall, Co-founder, Hydr Nicola has a career in lending and invoice finance and Hector is a successful small business founder with first-hand experience of the challenges of managing long payment terms and late payments. Together they’ve built a best-in-class, proprietary invoice finance platform that is seamlessly integrated with Xero and helps small businesses optimise their cash flow. Hydr is proudly headquartered in the tech quarter of Manchester.

minus our fee within 24 hours.

There’s more. Our deep Xero integration means you will always know when your debtor pays us back and we’ll allocate that payment to your Xero account and offset your Hydr fee to an expense account of your choice, enabling a seamless reconciliation without you needing to do a thing.

It’s a powerful concept, yet many don’t use it. Having studied the market, we think we know why – invoice finance has been made overly complicated, pricing is opaque at best and the application process can take days, sometimes is not a weeks.

There single company that enjoys waiting to get paid.

We’re changing that. We launched our proprietary platform exclusively with Xero earlier this year with simplicity, transparency and a seamless digital experience at the heart of our proposition. We go beyond market norms to encourage more small businesses to use this tool to optimise their cash flow.

22 / Issue 28

Nicola Weedall and Hector Macandrew, Cofounders, Hydr

XU Magazine - the independent magazine for Xero users, by Xero users.

Complex, opaque fee structures are not for us! Rather than subscriptions, listing fees, daily interest calculations and added credit insurance, we simply quote you a single, all-inclusive fee that is fair and fixed. We want you to know exactly what you will pay to receive 100% of the value of your invoice. Every invoice is credit insured and our fee will never change – even if your customer is late to pay.

In addition to our proprietary software and charging fair, fixed fees, we’re also human. We’re experts in lending and collections, it’s what we do every day. We want to be regarded as an extension of your finance team, as well as an extension of your Xero capability. Building strong relationships with your customers is as important to us as paying your invoice within 24 hours, so any concerns that invoice finance could negatively impact your customer relationships can be forgotten.

Maintaining a healthy cash flow is at the heart of any successful business. Every business has its own capital peaks and troughs which may need funding support.

Rather than extending the company overdraft or applying for a loan, we suggest you consider the existing assets on your

Visit the XU Hub: Go to www.xumagazine.com

balance sheet – your invoices.

When you do, get Hydr.

FIND OUT MORE...

Considering Hydr or want to find out more? Visit: hydr.co.uk

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Issue 28 / 23

The Subscription Economy

Can you handle the future of business?

Almost every product and service is available on a subscription basis now, so how can businesses using Xero support this?

This article is

Paul Dundas, CEO and Founder, Emersion Paul Dundas is the CEO and Founder of Emersion, a billing automation platform that connects to Xero. He has more than 20 years of experience working in the Telco billing space and has helped hundreds of businesses in simplifying their billing operations.

A

s businesses all over the world rapidly move to a subscription model, accountants and bookkeepers need to find ways to support subscription services. When you are using Xero on it’s own this can get complicated, but luckily there is an easy solution.

How many subscriptions do you have? The average person subscribes to 9 streaming services (Deloitte 2021). When you add in internet and communications, utilities and software that number skyrockets. It’s no wonder that 70% of business leaders say subscription business models are the way of the future (Global Banking and Finance Review 2021).

probably find the subscription billing functionality lacking.

Xero is an incredibly easy to use accounting package that comes with great payroll, accounts payable and accounts receivable functionality, but struggles when it comes to subscription and usage billing. It simply isn’t equipped to handle: • Recurring subscriptions • Usage products (e.g. Voice, Internet, Utilities) • Large customer bases

There are a lot of articles telling us subscription services While you can will soon be the norm set up automatic 70% of business when in reality recurring invoices, they are the norm the functionality leaders say already. Many only works if subscription people buy cars on the products or business models a subscription to services you are are the way of the flatten the costs of selling stay the future. ownership (it’s called same from month to a lease). And practically month. If they change, everything you see online there is manual work or in store can be purchased on involved in updating the invoice a subscription through buy-nowamounts. You’ll still have to send pay-later services like Afterpay the invoices manually, and also and Zip. manually reconcile the accounts with your bank.

So what does this mean for your business?

This gets old - fast and the reality is that more of your clients will Well... If you use Xero, you’ll want to move to subscription

24 / Issue 28

@emersionbilling

models in the future because it’s what their customers are asking for. So how can your business support complex subscription billing models without changing accounting providers?

That’s where Emersion comes in Emersion can automate the entire subscription billing process, including collecting and calculating usage (useful for voice and internet services), generating and sending invoices, taking payments and following up with collections notifications.

We can support any business model (including wholesalers and francisers), any type of product and service. The best bit - any invoices or transactions in Emersion can be automatically synchronised to Xero, meaning you can still use Xero to manage your clients accounts and have us take care of their billing and service management.

GET STARTED TODAY...

Prepare your business for the future with Emersion: emersion.com

XU Magazine - the independent magazine for Xero users, by Xero users.

For the people making courageous business decisions.

At Fathom, we’re passionate about the advisors and businesses we serve.

We’re reimagining how advisors can help their clients make courageous financial decisions with clarity and confidence.

That’s what drives the innovation behind Fathom: One powerfully simple integrated solution to help make the decisions that matter.

Financial reporting Cash flow forecasting Financial analysis Consolidations Benchmarking

TOP 100 Innovators 2021

Get started with a free trial www.fathomhq.com We’re proud to debut on this inaugural list and to celebrate future focused people who are rethinking and reinventing how we do what we do.

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Issue 28 / 25

Email Marketing for Nonprofits Best practices to ensure deliverability and engagement

@infoodle

Nadia Wilde, Marketing & Communications, infoodle Nadia comes from a background in education and administrative work. Last year she pursued her passion for marketing and design and joined the infoodle Marketing & Comms team. She loves all things social media and is currently responsible for writing blog articles, sending out newsletters, and maintaining help documentation.

How do we get our audience to open, read and engage with our emails? We all recognise the importance of keeping in touch with our key stakeholders and the role it plays in building community, loyalty and awareness. While we mainly support nonprofit organisations, good communication is vital for any sector. Here are a few things you can do to level up your email game.

This article is

B

eing able to communicate effectively with your audience is paramount. The good news is that there are significantly more chances that people will open the email in their inbox than read a Facebook or Instagram post. There are also more chances that they will engage with your content since they have subscribed to your newsletter in the first place.

In this article, we are sharing our best practices that ensure deliverability and high open rates, and, ultimately, result in a well-informed and engaged community.

Do your best to avoid the Spam folder The main obstacle to regular communication is that occasionally emails end up in a Spam folder and do not get seen by your audience at all.

This happens for many reasons, but the most common ones are using unverified domains, not updating email addresses on your list, and finally your audience not engaging with your emails.

First and foremost, verify your sending domains to protect your customers from phishing and spammers. Also, make sure to keep your email list up-to-date with current email addresses and remove those that keep bouncing.

Finally, create good content and present it in a concise way with links that take them to your website or blog - ultimately, you want to drive traffic to your own platform.

Segment your audience to optimise your emails If your audience consists of

26 / Issue 28

several different segments, make sure you communicate with them appropriately. Your donors do not necessarily need to hear that you’re hosting an afternoon tea party for volunteers, so adjust the information you are sharing depending on the group you’re sending it to. Conduct regular polls or surveys to find out what your audience wants to hear about. This will help create relevant content that your stakeholders are interested in.

You can also try A/B testing by splitting your audience into 2 groups and sending them emails with different Subject lines or a slightly varied message. Observe which version receives more engagement, such as clicks on blog posts, or subscriptions.

This will allow you to learn what people on your list respond to and communicate better next time you create a message.

Give your message a personal touch All email providers nowadays give you an option of including

XU Magazine - the independent magazine for Xero users, by Xero users.

a salutation. To build a closer connection, use personalised greetings at the beginning or include a person’s name in various places throughout your email. It’s also good practice to include the Unsubscribe link so that your subscribers can choose what type of content (if any) they want to receive from you.

Choose a reliable email provider Compared to social media, where confusing algorithms are often at work, emails are a more reliable tool for to name a few. strengthening engagement and building community. They go The main advantage of the directly into the inboxes of your new infoodle email is that it is members, supporters or donors, extremely user-friendly and so you have an opportunity to easy to learn: the interface is not deliver your message without cluttered, the navigation is simple being interrupted. We believe and straightforward, and the that attractive visual design, drag-and-drop design features compelling copy and a strong are intuitive, which means no message that resonates with your complicated customisations or audience are key factors that code knowledge is required from make your emails exciting you. The new for people to receive. system also However, one other gives more It’s critical to have thing that can control over an email provider help us up our the layout of engagement your emails. that supports your rates is a Design new needs as a nonprofit reliable emails from create and helps you email service scratch or use emails that your provider that an existing subscribers want to comes with an template to engage with. intuitive and offer a better flexible email visual experience builder. For charities, it for your audience. is critical to not only have an email The new designer allows you provider that supports your needs to create beautiful emails and as a nonprofit organisation, but templates in a matter of minutes: also helps you write emails that add compelling text, attentionyour subscribers want to engage grabbing images, buttons and with every time you hit Send. links that take readers to relevant content. You can keep your How can the new infoodle email brand preferences consistent help your organisation? with your other platforms by using the same images, graphics In July, we rolled out the new and other brand elements. infoodle email system designed Consistent branding elevates to help you transform the user experience, evokes trust way you connect with your and makes your organisation community. The refreshed memorable and easily system offers a number of recognisable. Create a template exciting features, such as a new with your logos, social media drag-and-drop designer, access buttons, colours and fonts set up, to better analytics and a fully and keep your messaging in tune. automated Unsubscribe process, Lastly, infoodle offers easy-to-

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navigate analytics and email data.

Measure and analyse the most important metrics: whether it is open rates, clicks or conversions and learn more about your audience and their preferences.

We all know about the power of email marketing, but may feel overwhelmed at the thought of sitting down to build a welldesigned email. Don’t let the overwhelm and fear of tech hold you back anymore - use the new infoodle email system to regularly communicate with your stakeholders and strengthen the relationships with your community. Create subscription forms for your website, set up workflows, use Reports to segment your audience and send relevant communication to your contacts - all in one place! Whether you are a beginner or an expert, the new infoodle email provides all the necessary features to create engaging emails that can help you connect with your subscribers consistently, as well as inform and support them with content that both informs and inspires.

Find out more...

For more information go to: infoodle.com/charities

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Issue 28 / 27

Trusted by over 4,000 accounting and bookkeeping firms worldwide

Manage proposals and payments

in one place

Accounting and Bookkeeping firms of all sizes use Practice Ignition to send powerful online proposals, get paid automatically and manage ongoing client engagements in one place.

Impressive custom proposals

Automated payment collection

Standardized engagement terms

Win and retain clients with digital proposals you can quickly prepare and send – and your clients can easily sign on the go.

Take the hassle out of getting paid by automatically collecting payments or making it easy for clients to review and pay online.

Reduce your business risk by using legally vetted engagement terms that can be customized to the client, service offering and payment.

Best decision we’ve made this year, our aged receivables are ZERO and almost 100% of our clients have been re-engaged over the past 3 months.

28 / Issue 28

- Brad Gunn

XU Magazine - the independent magazine for Xero users, by Xero users.

How Practice Ignition can work for you

Works with the apps you love to automate workflows

How we helped our customers in 2020

80%

of proposals were accepted

52%

helping customers get paid

of proposals were accepted within 24 hours

915,000

times

Start your 14 day free trial to experience how Practice Ignition can help you

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Issue 28 / 29

The PDF and digital signing features your document management system should deliver Key features integrated with your folders & files to keep your business humming

@suitefiles

Jessica Hill, Marketing Manager, SuiteFiles Jessica introduces businesses to SuiteFiles with campaigns heavily featuring lightning bolts and dogs. She can be found lunching, perusing and wandering around her adopted hometown of Wellington, New Zealand.

You’ve got Xero. You’ve got PDFs that need annotating and signing. But do you have a document management system to pull it all together?

This article is

W

e studied the ten most competitive PDF annotating and digital signing products and found that these are the core features required by customers: PDF annotation • Add notes and comments • Highlight text • Have changes you make automatically save to where the original PDF was saved • Merge multiple files into one PDF • Split one PDF into multiple files • Reorder pages • Delete pages • Rotate pages (e.g. from portrait to landscape) Collaboration and digital signing • Send to others to view • Send to others to comment • Request a signature • Request a form be filled out • Receive a notification when a signee has missed the deadline to sign • Receive a notification when the document has been signed Where SuiteFiles shines is that all of those features are built into our document management system integrated with Xero and

30 / Issue 28

Xero Practice Manager (XPM).

“the PDF annotator is more intuitive and much more seamless PDFs in SuiteFiles than what we had been using in the past to highlight and add With SuiteFiles, you can build notes. Not being restricted to custom branded PDFs which highlighting only text but having pull client details from XPM. freeform highlighting for use Once the PDFs are ready for on images is a great addition.” review, you can share She added that notes and feedback now that her Where SuiteFiles without having to practice is using shines is that all rely on separate SuiteFiles, other of those features applications. Our PDF annotator are built into PDF annotator software seems our document management system keeps all of these cumbersome in integrated with Xero functions in the comparison. and Xero Practice same app and Manager (XPM) saves your PDF SuiteFiles allows you alongside related files to easily track progress (e.g. in a FY2022 folder for a by storing feedback within specific client). the PDF you’re working on instead of collecting notes from email In SuiteFiles, you can threads or in-person chats. You communicate internally and can stay on top of changes by externally across PDFs using tools accessing a dated log of every you’re familiar with. Create ‘sticky annotation made. notes’ to record notes on the fly and ‘stick’ them to the relevant Every change you and parts of your PDF. Take your pick others make to a PDF will be of mark-up tools with highlighters, automatically saved in SuiteFiles, free form drawing and shapes to removing the time it takes to mark areas to revisit later or call manually save PDFs and achieve others’ attention to. version control. Your final PDF can later be found by anyone in Let’s hear about the PDF your business through SuiteFiles’ annotator in action! Shelly from search feature.

Winstone France Limited wrote

XU Magazine - the independent magazine for Xero users, by Xero users.

Signing in SuiteFiles Files Favourites Recents Tasks More

Customise the signing process to suit your preferences. Our signing fields are resizable and come with text editors to ensure the digital signatures you use are aligned with the conventions of your organisation. When you’re ready to send to your client, their email address will be preloaded in SuiteFiles from our XPM integration.

Letter for Cupcake Corp.pdf Add signing fields

SuiteFiles’ digital signing is secure, doesn’t require your clients to have SuiteFiles login details and automatically saves signed PDFs in the right folder for you.

See more about PDF annotation, document signing and other SuiteFiles features at suitefiles. com/features.

Save & Send

We’re approaching the end of the year again and need to confirm a few details with you for the services that you require from Abacus Accounting.

Signer

Your birthday is on 20 April 1986

Me

Checking Some Details Please review the following and confirm whether they are correct or need updating: - You currently have 12.00staff working for your business - You were referred to us by your Networking - You use [CUSTOM:ACCOUNTING_SOFTWARE] as your accounting software - Our engagement is based on billing on a hourly rate basis which is paid via credit card - You do not wish to receive our monthly newsletter

Me Signature Burt Smith Signature Initials

Next steps Please double check the information in this letter. To confirm the details are correct sign the document electronically in the appropriate area below

Signer information Full name

Kind regards,

Date signed

Amber Martin Partner, Abacus Accounting

Data

Confirmation

Text

Your clients can use the in-PDF thumbnails to scan the pages you’ve sent them. Then, as your clients go through the signing process, they’ll be able to see your highlights and sticky notes calling out areas for them to be aware of and providing extra context.

We’ve also incorporated clickable checkboxes to confirm your clients have read and understood important sections of your PDF.

Search files & folders

Client Signature

Checkbox

Client Name

Signature Full name

Note

Pricing Our $10 per month per user Simply Suite plan comes with web access, basic Xero functionality, secure storage, on-demand training and the ability to view PDFs.

convert Word documents to PDF, full backups, digital signing, SuiteFiles Connect (client portals for collaboration) and an annual Customer Success check in to get the most out of SuiteFiles.

See our full pricing at suitefiles. com/pricing.

Our $25 Semi-Suite plan adds in automated Xero functionality, PDF annotation, backups to 500GB, email management and Outlook integration.

FIND OUT MORE...

On top of everything else, the $45 Super Suite plan gets you merging of PDFs, the ability to

Request a no-pressure SuiteFiles demo at: suitefiles.com/view-a-demo

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Issue 28 / 31

The importance of end-to-end credit control in one system An efficient credit management system is beneficial to any business. Access to all receivables functionalities in one place minimises late payments and speeds up your processes - improving your business’ cash flow and efficiency.

This article is

C

redit management can be broadly categorised into four sections: • Credit analysis and risk management • Collecting cash • Managing disputes • Managing debtors

To empower you when making crucial decisions, use a platform that facilitates in-app business credit checking. You’re able to categorize customers based on different criteria. It’s possible to score them based on financial behaviour and attributes.

The overall aim is to have customers pay invoices on time and according to the predetermined terms.

You’ll have a better perception of risks, as you can calculate and monitor credit limits and identify business opportunities. You’re able to make informed decisions about your business and business partners confidently.

An efficient credit management system is beneficial to any business. Access to all these receivables functionalities in one place minimises late payments and speeds up your processes - improving your business’ cash flow and efficiency. A good example of an end-to-end credit management software is Chaser. With Chaser, you can count on support throughout the entire credit control journey.

You’re able to credit check which customers to grant credit to, chase payments, set up payment installment plans, collect payments via your Payment Portal, and escalate to debt collections.

1. Credit check With 48% of all invoices issued paid late every month, making sure you are ‘in the know’ about your customers and extending credit to those who are willing and able to pay you is essential.

32 / Issue 28

2. Monitoring and communicating with debtors Regular monitoring of outstanding debts and communicating with debtors is essential to the health of your receivables, this helps to identify overdue amounts, consistent late payers, and ensure you are following up on them with the necessary course of action.

Having a streamlined system makes it possible to view all debtors, communications and replies, and automate tasks like sending payment reminders. By integrating with your accounting system, you can ensure you’re always working with the most up to date debtor information and reports.

3. Chase late invoice payments Chasing overdue invoices can be hectic and time-consuming.

@chaser_hq

Sonia Dorais, Chief Executive Officer, Chaser With nearly 20 years of experience working in fastgrowing businesses, Sonia is the CEO & CMO of Chaser.

Prior to this role, Sonia led the growth of numerous fintechs in both Canada and the UK that specialised in the digitisation and automation of finance and accounting tasks and functions.

To overcome this challenge, make use of a sound credit control system such as Chaser.

You’re able to set polite payment reminders for follow-ups.

Chaser comes with a centralised hub or receivables ‘CRM’ that automatically documents your chasing activity for each customer.

This reduces your workload and eliminates the possibility of errors such as contacting one customer multiple times.

4. Offer payment plans Large invoices often serve as a deterrent to customers clearing their balances quickly as they could be struggling with cash flow. Flexible arrangements allow customers to make partial payments for a defined duration.

Credit management software enables you to set customised payment plans, adjust, and keep a record of payment arrangements.

Systems like Chaser can send your customers notifications to confirm the arrangement, chase installments, and track payments made against plans.

5. Collect payments Giving your customers access to a payment portal to pay their invoices facilitates several selfservice options. Besides reducing your workload, it gives customers a greater level of control over how they pay you.

XU Magazine - the independent magazine for Xero users, by Xero users.

Having efficient credit management software also increases the possibility of getting paid. This is because all customers instantly have easy access to the information they require to make payments. Additionally, they have several options they can use to make the payment instantly.

The right software for you should increase convenience for you and your customers and ensure you are always on the same page about what’s due, when. An efficient payment portal makes the payment process easy. For example, with Chaser, in each payment reminder, you link customers to their dedicated Payment Portal and offer multiple payment options, payment plan requests and dispute communications. This will save you from administrative tasks and increase your chances of receiving payment - by offering more payment options to suit customers’ needs.

6. Recover debt Understandably, maintaining good customer relationships is vital to any business. However,

running a successful business means you need to collect payments. Standard methods of debt collection can be costly, hectic and unfriendly.

When choosing a collection agency, it’s essential to find one that guarantees payment in a manner that doesn’t damage the relationship between you and your customers. They should be able to handle your requests carefully, recover debt on time, and maintain your business relationships.

Professional debt collection agencies such as Chaser fast-track the recovery process for aged receivables, you are able to get a customized collection service for you and your business. With providers like Chaser, you can keep track of all communications and the collections process, 24 hours a day.

your accounting system or via CSV import.

This ensures your business can still gain the time saving and cash flow benefits of receivables software, without needing to manage two systems separately.

With tools like Chaser, data automatically syncs with your Xero account every hour, before any payment chasing is sent ,and on-demand when you choose.

8. Report on it Having all your debtor information and chasing activity up to date in one centralised system is valuable when making business decisions. You are able to view and generate instant reports on the health of your receivables, customer risk, and payment behaviour insights.

7. Reconcile it all Most accounting systems have limited tools for credit control management. However, you can have a specialised credit-control management tool integrated with

Find out more...

Save time and get paid faster with end-to-end receivables management

Need to make payroll profitable?

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W H ITE L ABEL LED PAYROLL

www.payrollbee.co.uk hello@payrollbee.co.uk

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Issue 28 / 33

Interview

Q& A

Amreeta Abbott

CEO / Founder, Annature 34 / Issue 28

XU Magazine - the independent magazine for Xero users, by Xero users.

Interview

XU:

We were excited to see the recent launch of Annature and integration with Xero. What led you to starting it?

AA:

After we sold NowInfinity, I knew straight away what I wanted to focus on next and this came from my own experience of dealing with out-dated eSignature providers, who stopped innovating and over pricing for their services. It left a sour taste in my mouth. It didn’t feel right. So out of that pain and frustration of having to deal with big eSignature companies, I decided that I could do it better.

XU:

Why do you feel like people need a digital signing solution?

AA:

It’s 2021, the world has been forced online because of COVID. No one is printing, signing, scanning or dropping signed documents to the post office anymore. It’s inefficient, it slows down entire workflows. It’s not secure and it’s just unnecessary.

XU:

Before you founded Annature, what were you doing? What is your background in?

AA:

Prior to founding Annature, I had recently departed Class Limited. Class had acquired my first start-up which a lot of the accounting community loved. NowInfinity. It was corporate compliance software, to help streamline business entity setups directly integrated with the government’s online portals.

How have you found the experience of setting up your own FinTech businesses?

XU: AA:

Thankfully it’s not my first rodeo, but I love it. There’s so much innovation here in Australia. I’m constantly amazed at all the awesome things happening in space. Thankfully a lot of my existing network were really interested in what we were doing, because like me, they’ve also been

burned by incumbent providers and were screaming for a better way forward. Which we know and believe is Annature.

XU:

As a female entrepreneur, do you feel like your gender impacted how you were perceived in this sector?

AA:

I think women in business get the raw end of the deals sometimes.

We’re not all loud-mouthed and extroverted, and we don’t need to be. The boardroom used to be dominated by conflicting personalities but I think we’re starting to see a real turning point in the last few years. We’ve got more women on-board than ever before. There are some amazing female role models out there that are really paving the way forward.

I’m just happy to help do my part!

XU:

In what way have your past experiences helped you with starting Annature?

AA:

Understanding the grind and the hustle that’s required. 1+1 doesn’t always equal 2 when you’re building a business. Sure you can rely on previous experiences but it will only get you so far. What got you here, won’t get you there. My existing network, and an understanding of how the ups and downs of entrepreneurship flows is invaluable.

XU:

Annature was started during the Covid-19 pandemic. How do you think this impacted setting up the business?

AA:

We are a little fortunate to be honest. As COVID was impacting the world, government and laws were introduced to help expand digital signature acceptance into more industries. Mortgage brokers, Legal, Accounting, all saw a massive upswing in digital signature solutions being introduced.

Visit the XU Hub: Go to www.xumagazine.com

XU:

The pandemic has rapidly increased the need for digital and remote tools in businesses. Do you feel like the pandemic has continued to affect the running of Annature or accelerated the need for digital signing?

This article is

AA:

It’s definitely accelerated the need for digital signing, and allowed governments to remove laws that no longer serve us. The adoption of digital signatures is a big win. The next important piece is improving security around digital signatures.

We’re incredibly focused on innovating Annature to be the most secure way to accept and sign documents online. Exploring the ability to take payments and incorporate bio-metrics.

XU:

Did you face any other major challenges during the set up and first year?

AA:

We face challenges like all-startups. We’re a new brand, we’re not trusted by everyone yet. People don’t know who we are. But we just let our product do the talking. People love using Annature - especially Accountants. We got feedback every day about how simple and easy Annature is to use, and how great their documents look.

We thrive on customer feedback.

XU:

How did you find people’s initial reactions to digital signing? Did you need to change anyone’s mind sets towards it?

AA:

We’re pretty fortunate that digital signature solutions are fairly well known.

Most people know what digital signatures are and have probably used one in their personal or professional lives. In cases where it’s been illegal to accept digital signatures as a valid transaction, we spend more time here, educating certain industries on what is and isn’t possible. In some instances, yes we definitely need to help work with mind-sets and

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Issue 28 / 35

Interview changement.

XU:

With so much of business data now being held on the cloud, what security and reassurance do you offer to your customers?

AA:

We have invested a significant amount of time, money, and resources to ensure that we are delivering the highest level of data and information security to our customers. We are the only ISO 27001 certified eSignature provider in Australia & New Zealand, also embracing blockchain technology.

All of our data is encrypted at rest and securely held on Australian shores.

What is your favourite feature or element of Annature?

He’s passionate about high-quality coding and development, more so than anyone else I’ve met in quite a long time. I know he’s building Annature to be of a very high standard behind the scenes.

AA:

XU:

XU:

Personally, I love the custom branding as it sparks the most joy for our customers. They’re able to change colours, upload the logos and really make it their own. There is very little Annature branding, it’s not about us, it’s about them. It’s their business, their workflows. We’re just here to facilitate and make it happen more efficiently and securely.

XU: AA:

Who does Annature integrate with?

We integrate with everyone’s storage solutions like Google, Microsoft, Box, DropBox FYI Docs, Xero, Stripe and many more to come.

Developers love Annature because of our robust and feature-rich API’s.

It allows them to build Annature into their workflows seamlessly.

XU:

What has been your best experience with Annature so far?

AA:

Getting to work with a new team. My business partner and Annature founder Corey has been great to work with. He’s got so much experience working in this space we’re very lucky to have him in the team.

36 / Issue 28

When you’re not working, what do you like to spend your time doing?

AA:

I’m a girl living on the Gold Coast, I love what all women love. Cocktails with friends, shopping, sitting by the beach, reading a good book and relaxing with a glass of wine in my hand. COVID & Lockdowns really has forced us all to step back and think about what do we really care about. I’m thankful to have my son and his partner back in the country, safe and sound.

XU:

Is there anyone or anything that has particularly inspired your business journey?

would you like to see it go?

AA:

We’re incredibly excited about the future of biometrics and where that plays into our platform. This is an evolving space and some amazing case studies showing how we can interact and verify exactly who is signing a document outside of the industry-standard metadata capture. Identity verification and KYC/AML requirements are starting to heat up in Australia, so we’ve partnered up with global leaders like Stripe & Equifax to deliver a secure new way of completing these checks. It’s going to be important for all professional service providers to have the right tools and systems that allows them to seamlessly verify their clients.

I’d ask everyone to keep tabs on Annature, and watch what we’re building. It’s going to be pretty special.

AA:

I’m just inspired by our customers every single day. We work with alot of professional service businesses and the work they are putting in at the moment to keep the country operating is unbelievable. They all deserve a medal for the work they’re doing to help their SME clients keep the lights on.

XU:

Do you have any exciting plans in the works for Annature? Where

FIND OUT MORE...

To learn how to simplify your documents with Electronic signatures. Visit our website: annature.com.au

XU Magazine - the independent magazine for Xero users, by Xero users.

Upload your engagement Send for signature.

Breathe.

Annature eSignature Lower your costs, improve engagement and elevate customer satisfaction with Annature.

Australia's leading digital signature provider purpose built for accountants.

Try it free at annature.com.au

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Follow us on Twitter: @xumagazine

Issue 28 / 37

Tackling Construction Industry Scheme abuse The UK Government is keen to tackle the abuse of the Construction Industry Scheme (CIS) As CIS deductions are a large part of many payroll and bookkeeping professionals’ day-to-day lives, it is sensible to report on this logically, culminating in the action that employers will have to take from April 2022.

This article is

F

rom April 2021

At the March 2020 UK Budget, a consultation entitled ‘Tackling Construction Industry Scheme Abuse’ was published. This proposed further measures on the perceived abuses of the Scheme already tackled in part courtesy of provisions in the Finance Act 2021, Schedule 6.

In short, one of the measures in Schedule 6 gave HMRC the powers to amend the number of CIS deductions claimed on a sub-contractor Employer Payment Summary (EPS) where they identify or suspect that inaccurate amounts have been claimed.

It is worthwhile reading HMRC’s Policy Paper dated 26 March 2021 for full details of the

@ICBUK

Ian Holloway, iRealise Ltd Payroll Advisor at ICB UK Ian Holloway is a highly respected payroll practitioner, writer, advisor and trainer.

He has worked in the payroll profession for over 30 years and is now Payroll Consultant at i-Realise, an independent change management business operating in the HR & payroll space.

Ian is ICB’s resident Payroll Advisor and hosts regular payroll webinars for ICB students and members.

changes to the Scheme and the possible impacts on payroll and bookkeeping professionals.

not recognised or the client is ineligible to claim CIS deductions for that particular year.

From April 2022

Payroll/bookkeeping professionals’ action

To further support the perceived abuse, on 4 August 2021, HMRC announced changes to the CIS deductions suffered, specifically regarding the data to be provided on the EPS. From the tax year 2022/23, a new Corporation Tax (CT) Unique Taxpayer Reference (UTR) field will be added to the EPS. This must be completed if there is a deduction suffered value greater than £0.00. If it is not completed and declared in the correct format, the EPS will be rejected at HMRC. Further causes for rejection are if the CT UTR is

There are several immediate take-aways from this HMRC announcement: • Software developers should be aware of the announcement from the Software Developer Support Team. Double-check that they are aware • The HMRC announcement says that the ‘Real Time Information support for software developers’ will be updated with the necessary software information. At the time of approaching your software developer, check that they are aware of this • From April 2022, if there are CIS deductions suffered and declared, you will need the 10-digit Corporation Tax Unique Taxpayer Reference. Gather this information ahead of April 2022 for clients

Find out more...

Ian will be hosting payroll sessions at the Bookkeepers Summit 2021

38 / Issue 28

XU Magazine - the independent magazine for Xero users, by Xero users.

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Spend less time on accounting and more on growing your business.

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TRY SAPAAD FOR FREE : WWW.SAPAAD.COM

Issue 28 / 39

G-Accon for Xero Practice Manager and WorkflowMax: Manage projects from A to Z and Make More Money This article is

W

hat are the WorkflowMax and Xero Practice Manager applications?

Xero-owned WorkflowMax and Practice Manager are two powerful project management solutions to help businesses track and make reports about their profitability.

Workflow Max and Practice Manager are cloud-based workflow and job management solutions designed to serve small to mid-size service-based businesses. Along with key project management capabilities, these solutions provide quote creation, timesheets, job costing, and other features integral to the project process. They are also comprehensive tools for tracking time, managing workflows, and billing — all while being conveniently located in the Cloud.

Let’s discuss the main features of the Xero Practice Manager product and how G-Accon can help accountants and bookkeepers reach their objectives. Xero Practice Manager was designed to be used by accounting and bookkeeping firms in conjunction with their clients’ use of Xero Online Accounting. It is a cloud-based application where users are able to access the application from

40 / Issue 28

any device at any time. It provides the tools to manage Xero client jobs and workflow efficiently from start to finish, helping you manage your projects from A to Z. In a nutshell, what can Xero Practice Manager do and how will G-Accon help you?

• Practice Manager will help you assign work to staff members, look up staff schedules, view the jobs that are scheduled, see who is assigned on the schedule, set task deadlines and milestones, notify staff, mark projects complete, see productivity targets, and view actual billable time on the dashboard. Now all these details can be downloaded from Xero Practice Manager accounts to your Google Sheet by using the G-Accon for Practice Manager add-on.

• Practice Manager can push sales invoices to Xero and G-Accon helps you do this in a more efficient way. For example, you can create invoices and upload them to the Practice Manager in bulk and then have them sent to the Xero application.

• Practice Manager gets payment confirmations back from Xero.

Once an invoice has been reconciled in Xero, it’s marked off as paid in the Xero Practice

@G_AcconServices

Andrey Kustarnikov, CoFounder & CEO, G-Accon Andrey Kustarnikov is the CoFounder & CEO of G-Accon.

He has over 20 years of technical expertise in software development, microservices architecture, and cloud integration in the financial and banking sectors. He received an MBA degree and an MS in physics, and using these skills, he was able to build the tool, G-Accon. G-Accon has proved incredibly helpful to clients in solving their various issues, and Andrey is excited to see where G-Accon will go next.

Manager, giving you an accurate picture of profitability on each job. The same information gets automatically downloaded to Google Sheets through G-Accon based on your indicated schedule.

• G-Accon can help you create Purchase Orders and import them manually or automatically from Google Sheets in bulk to the Xero Practice Manager, which converts them into Xero account payables. G-Accon will assist you with raising the purchase orders and receipt supplier invoices by importing these objects into the Xero Practice Manager.

Once received, the details are automatically pushed to Xero for payment of the invoice. Your job costing is complete without you having to do a thing.

• You can easily use G-Accon to build your BI solution in Google Charts, Data Studio, Tableau, Looker, Microsoft Power BI, and other BI products. You can build an invoice dashboard where users can view the whole invoicing process. The dashboard displays information such as money coming in, clients owing the most money, and a list of draft invoices that have not yet been approved.

You can also present different types of invoices such as progress and final invoices,

XU Magazine - the independent magazine for Xero users, by Xero users.

create progress invoices for WIP, and display deposits, payments, miscellaneous costs, and discounts to the progress invoice. For final invoicing, users can invoice for all completed works, bundle multiple invoices into one final invoice, and apply a discount if desired. Both estimated and actual time and costs can be invoiced and users

can easily set a default invoice type that will automatically be used when billing clients.

• Finally, you have the ability to generate customized reports directly in Google Sheets. You can create and customize the following reports: Purchase Order, Quotes, Invoices Details. and Summary.

G-Accon for Practice Manager/WorkflowMax offers the following powerful features to G-Accon users: • Ability to run your jobs remotely with the Practice Manager/WorkflowMax project manager software • Unique ability to extract raw financial and management data from Practice Manager/ WorkflowMax • Connect to multiple Practice Manager/WorkflowMax organizations and consolidate data into one or multiple Google Sheets • Use templates to generate, modify, and refresh standard Practice Manager/ WorkflowMax Reports • Ability to consolidate Practice Manager/WorkflowMax Reports from multiple companies and refresh them in one click • Refresh data automatically

using a flexible schedule • Schedule backups of historical data • Data monitoring and alerts • Send emails automatically with various format attachments, including MS Excel, PDF, CSV or Google Sheets.

• Customize alerts and send them to your clients when a certain criteria is met • Refresh your reports & dashboards automatically when you are offline.

This could be hourly, daily, weekly, or monthly.

Furthermore, you can create BI dashboards by connecting your spreadsheets to Google Data Studio, Tableau, MS Power BI, Looker, and other BI tools.

Visit the XU Hub: Go to www.xumagazine.com

WorkflowMax is also a very powerful, flexible, end-to-end job management software that is designed for small to mediumsized businesses. You truly can do it all with the WorkflowMax project management software –– from quotes to invoices and everything in between. Manage, track, and report on every aspect of every job for a better view of your employees, profit, and performance. WorkflowMax provides a cloud-based business solution for creative agencies, architects, engineers, surveyors, lawyers, IT companies, construction firms, consultants, & anyone else who bills by time.

Xero WorkflowMax helps you to track and report on project profitability by gaining real-time insights to make better business decisions, quote accurately, and optimise job performance.

Let’s review what the main features of the Xero WorkflowMax application are and how G-Accon can benefit users: • Xero WorkflowMax streamlines your job, task and staff management. Keep track of all of the moving parts and manage your resources, time, costs, and profitability on every job. G-Accon for WorkflowMax helps you download project

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Issue 28 / 41

management data including items such as quotes, jobs, invoices, estimates, and more in Google Sheets.

• WorkflowMax lets you track and record every detail on every job so that you have one single source of truth. G-Accon for WorkflowMax will automatically download job data including appropriate start and due dates, job name, job template, job category, job state, job description, and assigned staff.

• By using G-Accon for WorkflowMax, you can allocate staff to tasks and then give them a checklist of to-dos, estimated task times, and due dates so that everyone knows what they’re meant to be working on and for how long. All of this can be downloaded to Google Sheets or you can import estimates, jobs, and times manually or automatically from Sheets to your WorkflowMax accounts.

• You also have the ability to generate customized reports

directly in Google Sheets. You can create and customize the following reports: Purchase Order, Quotes, Invoices Details, and Summary.

• Job costing and profitability - Estimated cost –– see your estimated costs broken down into individual tasks.

- Quoted cost –– this report integrates with your quotes for an automatic and accurate picture of your quoted cost.

- Actual cost –– measure your actual costs as they come in to see if your staff are quoting accurately.

All of this data can be automatically downloaded into Google Sheets by using G-Accon.

To summarize what G-Accon can bring to you daily operations G-Accon for WFM & XPM lets you bi-directionally connect your Google Sheets to and from Practice Manager and

WorkflowMax. This means that you can now easily export data and reports, design your own custom reports, make changes, and upload data in bulk to Practice Manager or WorkflowMax directly from Google Sheets.

You will have a 14-day free trial where you can test out these innovative features before committing to the product. Our product is available in Google Workspace Marketplace and can be installed in your Google Sheets under the Add-ons menu option.

FIND OUT MORE...

How to Install G-Accon for WFM & XPM Add-on: www.g-accon.com/how-toinstall-wfm-add-on.html

Less admin, more family time Automate your admin with the UK’s leading onboarding and practice management software and achieve the work life balance of your dreams.

Sign up for a free 30-day trial accountancymanager.co.uk 01926 355366

42 / Issue 28

XU Magazine - the independent magazine for Xero users, by Xero users.

Visit the XU Hub: Go to www.xumagazine.com

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Issue 28 / 43

How to Onboard New Employees Easily and Effectively 8 Best Practices for Welcoming New Hires

@HRPartner

Fiona Adler, Director, HR Partner Fiona is passionate about helping small and medium businesses get the tools and know-how to grow and streamline their operations.

She has worked with SMB’s for over 20 years - creating and building online solutions that help them operate in the best ways possible. With a background in business consulting and an MBA, Fiona knows there is nothing more important than the Human Resources function.

Learn how a strong process for starting new employees can get them up and running faster, with less admin overhead.

This article is

I

f you’re adding new employees to your team, you probably realise how important it is to have a simple, but effective onboarding process. Starting a new employee well, sets the tone for their employment and can free up your time while allowing them to manage their own onboarding. There’s a lot to consider when onboarding a new employee, but if you have a good process, you can minimise the stress and demonstrate that you and your company are on top of your HR!

2. Use an Onboarding Checklist There are many things that need to happen when you start someone new, and the more that you put these things into a process, the smoother the employee’s onboarding experience will be. A checklist might include things like; documents for employees to provide/upload, forms for the employee to complete (eg bank account details, emergency

contact details), induction video/s for the employee to watch, documents for the employee to read, policies for the employee to sign, specific people for the employee to meet and more. This might seem like a lot, but laying this out in an organised checklist removes the stress and allows employees to work through the items one by one.

1. Communicate Before Your Employee’s First Day Take this scenario: A candidate accepts a job offer with an agreed start date, and then nothing. This can be very disconcerting! To avoid creating this uneasiness, let the employee know that you’ll have a checklist for them to go through once they get started.

Clarify any information you’ll need from them in order to make their start smooth (eg their preferred name for their email address).

Also, be clear about what to do on their first day - the time you’re expecting them, the dress code, and what they should bring.

44 / Issue 28

XU Magazine - the independent magazine for Xero users, by Xero users.

3. Create an Employee Welcome Kit An employee welcome kit should be part of your onboarding checklist to help new hires feel welcomed. You can add things like your company handbook, frequently asked questions, and any necessary documents and procedures the new hire might need. Include any video recordings of company events and documents outlining the company vision and values.

4. Include Admin Items on Your Onboarding Checklist You should also have a checklist of things that need to be done internally whenever you have a new employee starting - ideally, this will be on the same checklist.

There are lots of things that need to be done when someone new starts. Some of these include; setting up their email address, adding them to Xero, setting them up in internal systems, sending out a welcome message, organising a welcome lunch, scheduling a probation review, checking all documentation has been provided, providing them with a computer, phone, and/or security card, and planning the employee’s first project/s.

5. Pair New Hires with an Onboarding Buddy It may sound simple but this is a great way to make sure new hires are comfortable. This should be a peer rather than their manager, and preferably someone who has already worked at the company for a while. When an existing employee shows a new hire the ropes, they’re more likely to raise questions they might hesitate to ask their manager.

6. Schedule Regular Check-Ins Surviving the first week is great, but don’t forget to keep checking in with new employees throughout their first year.

Schedule 1:1 meetings with both HR and the new hire’s direct manager — they’re an excellent way to retain the employees you spent so much time finding and hiring.

7. Define Success for the New Hire Don’t forget to let your employee know what success means in their role. Tell them how they can master their job and what they need to do. You’d be surprised how many employees aren’t told how to succeed at their jobs and what it takes to get there. A great way to do this is to create 30/60/90 day goals - the more specific you can be, the easier it is for them to perform and manage their own onboarding period.

8. Introduce New Hires to the Whole Team Nothing replaces a warm welcome from the team — including senior management. It’s important that new hires feel connected to ALL aspects of the business and if they have a basic understanding of how the departments work together, they’ll perform better in their role. Think you’re too big for this? At Netflix, all new employees have an orientation with executive management and within the first quarter, they meet the CEO.

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In summary An onboarding process is something that should continue to evolve and expand over time.

The important thing is to get started and document the items for both admin users and the new employee to do.

HR Partner is a simple HR solution that gives small and medium companies all the HR tools they need. It integrates with Xero to provide a seamless leave management experience, and includes a comprehensive Onboarding Checklist function that can be customised to suit your organisation. Over time, you can add to your onboarding process to make it a foundational part of your company processes.

FIND OUT MORE...

Start a free trial today or request a demo. Right now, HR Partner is offering you 50% off for the first 6 months! www.hrpartner.io

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Issue 28 / 45

Recruiting and Retaining an A-Team: Best Practices This article is

M

ost Partners and Directors know that recruitment is one of the most important aspects of building and growing an accounting firm. Delivering high-quality services is next to impossible without a solid team in place— even if you have wonderful clients, efficient internal processes, and a stellar techstack.

Unfortunately, recruiting has traditionally always been difficult in the accounting industry, and the situation has worsened since the beginning of the pandemic.

In addition to this, many firms are also transitioning from compliance into advisory, so they’re not looking for a “typical accountant”—they’re looking for the much rarer well-rounded, high-performing individual.

So how do you build and keep an A-Team?

Finding New Talent for Your Firm As a hiring manager, the first thing you need to do is clearly define the role you’re hiring for.

Consider the purpose of the role, the KPIs you’ve established for it, and what skills/experience the new hire needs to have.

46 / Issue 28

Once the role has been clearly defined, there are two ways to kick off the hiring process, each with their own benefits:

@spotlightrep

Thomas White, Territory Manager UK, Spotlight Reporting Thomas has a decade of sales experience including 8 years with the UK’s number 1 job board, reed.co.uk, where he managed a team selling to some of the biggest recruitment firms in the UK. He joined Spotlight Reporting in 2019, and has since supported 500+ accounting firms around the world. As Spotlight Reporting’s UK Territory Manager, Thomas is dedicated to helping accounting firms achieve their advisory goals.

to be an attractive opportunity.

If you’re serious about hiring the best of the best, it’s time to examine your work culture. Many candidates now gravitate towards firms who:

1. Hiring Directly—Placing Your Own Job Ad: Hiring directly means you’re in • Have a clear vision and mission full control of the advertising statement process. You’ll also save a large • Positively impact both the placement fee. However, hiring local community and the directly can be incredibly time environment consuming, so you need to • Hold the right values and work consider if adding this to your with the right clients current workload is a • Offer flexible viable option. and remote 2. Using a work options— Hiring the right Recruitment especially postcandidate isn’t Agency: Covid. just about A recruitment • Create running an ad agency can opportunities and hoping for introduce you to for career the best-quality progression. the best. candidates in the market and save you Another key area for massive amounts of time. accounting firms to think Some job postings can receive about is brand awareness. well over 100 applicants, who What do prospective candidates then need to be reviewed, know about your firm, and why? shortlisted, screened, and You can increase your brand interviewed. A recruitment recognition by: agency can handle all of this, and you’ll only have to pay • Having a professional-looking them once the role is filled. website and social media platforms—candidates WILL Attracting the Best research you online!

• Promoting awards or accolades Hiring the right candidate isn’t just your firm has won–candidates about running an ad and hoping want to work for top or for the best—your firm needs emerging firms.

XU Magazine - the independent magazine for Xero users, by Xero users.

• Showing you value and prioritise employees through an employee wellness program, staff education, or internal promotions for your superstars.

• Having a professional looking logo and visual identity.

The Interview Process Once you have these pieces in place, you’ll need to create a fantastic interview process.

A process that’s too long or disorganised may put off the best candidates, while one that isn’t stringent enough will let in the worst. Be clear on: • how many interviews each candidate needs to go through • what tasks, if any, you’ll need them to complete Knowing these things ahead of time will help candidates be more relaxed throughout the process.

Remember, you need them to be themselves so you can see if they’re a natural fit for your firm.

Retaining High Performers The more you understand and engage your employees, the more likely they are to stay put.

Consider offering:

• On-target earnings or bonuses • Perks (free amenities, learning opportunities etc) • Performance bonuses • Flexible working options • Regular reviews (weekly or monthly) with consistent pay reviews (every 6-12 months) Employees who feel valued, acknowledged, and appreciated are unlikely to leave their positions.

And finally, work-life balance has become exceedingly more important over the past two

years. With new technology automating many timeconsuming tasks, employees are looking at the value of what they can offer, rather than the hours they can put in. Focusing on productivity shows your staff that you understand how important their time is, both inside and outside the office.

FIND OUT MORE...

For more information, visit: spotlightreporting.com

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Issue 28 / 47

Case Study

50% higher approval efficiency and reduced labour costs: how Tinka Consulting used ApprovalMax to help NOUS drive efficiency by eliminating manual work Tinka Consulting is a Brisbane-based business with clients all-over Australia that offers bookkeeping, accounting,

business reporting and advisory services. This is an interview with Trent Todd, Technical Director of Tinka Consulting.

This article is

H

ow would you describe your services and your customers?

We’re not a traditional accounting firm, and we don’t do tax. This allows us to focus on helping businesses reach their full potential. Our team has deep commercial experience and can help with reporting, advisory and process improvement projects to increase productivity.

We specialise in working with SMEs across the Digital / Tech / Software / eComm / Energy and Medical industries, mostly 10+ FTE businesses but all the way up to 150+ FTE ones.

What are the common challenges such businesses face?

They really need clear and accurate financial reporting that delivers meaningful insights for making informed decisions in their quest to move forward. It’s also essential that they can plan their cash flow properly. But fastgrowing businesses often struggle to keep up with the mounting administrative work and stay on top of potential risks. We often see a lack of proper financial processes like an audit trail,

48 / Issue 28

formal approvals and payment controls.

How does approval automation help with overcoming these challenges?

One of the biggest challenges is the inability to plan cash amounts precisely because incoming invoices are not in the system until fully approved, and that can take weeks. Most of these businesses use email approvals, which are simply unproductive and all too easily forgotten in a busy inbox. Usually there is a large number of approvers, meaning that without an appropriate approach it’s not just difficult to do reliable cash flow forecasting – the accounts payable process is also affected.

To sum it up, a lot of time and effort can be used much more efficiently by introducing the right automation tools.

Automating approvals and processes can save a lot of time and, therefore, money. One of our customers with 30 staff actually reduced costs by 39,000 AUD per year. We measure the time spent, so, the larger a business is, the bigger the savings. Another great example is a business with

@ApprovalMax

Trent Todd, Technical Director, Tinka Consulting Trent brings a wealth of accounting and advisory experience to TINKA. His Big 4 accounting background has benefited a number of advisory and business improvement teams. He’s also an experienced CFO of a global medical research business.

Trent’s professional career has focused on delivering valuable business and process improvement services to a broad range of companies.

His passion lies in helping business owners understand the drivers of their business to enable growth through better processes and reporting.

over 140 staff that achieved a total reduction of over 150,000 AUD per year. Implementing the solution here meant 2.5 days a week of the accounts administrator’s time could be reallocated to other activities.

Case study: eliminating manual work to cut labour costs in a branding agency NOUS is a branding agency with creative intelligence for great results. They help develop brands but also deliver those brands through website design and development, a creative concept and the design of brand collaterals, digital campaigns, video productions, packaging and marketing automation.

The problem: trying to run complicated approval workflows manually NOUS has over 20 staff in Brisbane and services businesses from all kinds of industries.

NOUS takes a lot of care when they bill their clients to issue true and correct invoices, so they’re run through a multi-layered approval process before they’re sent out. It can have up to four steps, including the approvals

XU Magazine - the independent magazine for Xero users, by Xero users.

Case Study by managers from various departments, account managers and directors.

The company used to have a manual file system for approvals: documents were put into someone’s folder to get their approval and then transferred to the next person, and another one, and another one... With so many approval steps this was becoming a tedious task for the administrative team. One of them had to open each folder and all the PDFs it contained – at times up to 80 files – to check if all had been signed and approved before moving them on into the next folder. With this kind of approach, it was a real challenge for both approvers and the admin person to keep track of this process. To make it worse there were also manual approvals on printed documents.

Introducing ApprovalMax to save $40k and a total of .2 of an FTE in the operational team Since sound approval rules had already been established and thought out in great detail, recreating them in ApprovalMax was pretty easy. The automated process with notifications simplified things for the approvers drastically and the laborious folder management became obsolete, freeing up that person’s time for higher value operational tasks.

At the same time, spurred on by the ease of approvals in ApprovalMax, Tinka Consulting offered to tighten spend control and implement bill approval.

The move to paperless accounting Complemented by a data entry tool, ApprovalMax enabled NOUS to completely eliminate paper from their processes.

Before, some of their approvals were in PDFs, others on paper – for those who preferred to physically sign documents. By creating a paperless approval process it became easy to make the case for a payment process using the batch payment functionality in Xero.

Improving the customer-topractice communication For Tinka Consulting, implementing ApprovalMax has improved the communication and

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collaboration with their clients enormously: there are fewer errors and more trust because the client is able to properly review and stay in control while having to do less work.

Above: Tinka Consulting team with Sahil Malhotra, ApprovalMax Partner Account Manager

Results: • Approval efficiency has risen by 50% (from entry to posting) • .25 of an FTE for administrative assistance was repurposed through efficiency gains • .2 of an FTE in the operational team was saved in total • Total ROI: $40k (conservative value) • Increasing the number of approvers has improved transparency across the business

FIND OUT MORE...

Learn more about ApprovalMax: www.approvalmax.com

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Issue 28 / 49

Is Your Working Capital Actually Working for You?

Strategies for Optimizing Your Accounts Receivable

@ezycollect

AJ Singh,CEO and Co-founder, ezyCollect AJ is the CEO and Co-founder of ezyCollect. He has a proven track record in start-ups, having successfully founded and sold two businesses in the last 10 years. His business acumen, combined with his passion for technology & innovation, led to the development of the ezyCollect AR automation solution that empowers small and medium enterprises to get paid faster, and enhance their cashflow.

Overdue invoices and lenient credit terms might help you close sales, but they can also lead to your customers treating you like a bank. Here’s some quick hacks to reduce your overdues, enhance your working capital and help you grow your own business.

This article is

M

ake Your Working Capital Work for You

Businesses are expensive to run. Long-term debts aside, you have a lot of short-term financial obligations as well. Things like utilities, office rent (maybe less of an issue in a work from home scenario), permit renewals, inventory top-up, machine/ technology repairs and employee salaries are just some of the many costs involved in running a business.

But how do you fund working capital? Sure, you can take a loan or a line of credit, however this can turn out to be expensive.

The smart thing to do is to rely on something that you know will come to you in a steady – and obligation-free – manner. We’re talking about your accounts receivables.

Why is accounts receivable so important for your company?

Accounts receivables represent future income and fall in the asset column of your balance sheet.

Accounts receivables, which are

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cash or cash equivalent in nature, make your company highly liquid which makes your business solid.

Risks to your cash flow: threat of default As with any debt, there is always a non zero risk of default.

Some of the causes can be: • You don’t have a strong follow-up policy in place While many customers don’t wait until your reminder to pay, there might be a few who don’t bother paying you for your goods/services until the due date is well past. If you don’t have a way to track and follow up your account receivables, you may have a default on your hands.

• Your focus is on sales alone and not the overall wellbeing of the company If the customer who is defaulting is an important buyer with big orders, you may hesitate to push back and ask for payment. But this isn’t advisable, since sales are useless if you don’t get paid for them.

• Your invoicing & billing system doesn’t help you get paid faster With so much work on your plate, it’s understandable if your billing or invoicing system doesn’t help you collect payments faster. However a lack of an effective automated collections integration can cost you and your business since it prevents you from getting paid faster.

Optimize your account receivables and never experience a default again with these hacks • Make accounts receivables a collaborative effort between accounts, sales and finance teams Accounts receivables is seldom just the sole responsibility of the finance team. The work of multiple departments in the business can have an impact on how quickly you get paid.

Sometimes, sales teams decide the payment terms they offer customers before consulting the finance departments. This

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can actually hinder company profitability if terms are unfavourable. Similarly, if finance puts a restrictive limit on the customer credit, it might affect your relationship with paying customers too.

This is why it’s really important to bring the accounts, finance and sales teams together, so you can collaboratively decide what payment and credit terms will work.

• Make working capital a KPI Key Performance Indicators are extremely important metrics that businesses study closely to understand their profitability.

When you use working capital as a KPI, it ensures that you and your busines keep a close eye on the working capital.

Working capital comprises accounts receivable, accounts payable, cash assets and inventory. When you’re using working capital as a KPI, you’ll break-down the figures to understand what parts of your working capital are underperforming. If there is an issue with the accounts receivable, you’ll be able to dig deeper and identify issues like late payments, unreconciled accounts, write-offs and so on.

• Put in place a credit approval system before you grant customers credit One of the ways to create a credit approval system that works well for both the company and the customer is to bring the sales, finance and accounts teams together.

Once you do have your credit limits and credit terms set, it’s important not to administer a one-size-fits-all policy. It’s necessary that you implement a Credit Score Card to chart the creditworthiness of each customer.

• Automate bill & invoice management & overdue

reminders A significant portion of accounts receivable issues occurs in the billing stage. Manual entry can lead to errors. There is also a chance that your team may forget to create an invoice on the day of the sale or they may forget the terms of the sale and create an incorrect invoice.

This is where automation can have a material impact.

- Automated invoice generation that occurs through an electronic billing system, as and when an order is placed.

- Dedicated member portal, which contains each customer’s account information customers can download bills, raise reconciliation requests and make online payments.

- Business-side bill/invoice management technology that allows you to manage exceptions like discounts, rebates and credits.

- Automated reconciliation of payments at invoice level In reference to the business-side invoice management technology, it’s a best practice if you track payments through individual invoices and not by entire customer accounts.

Customers will have many invoices to their name. It isn’t necessary for the customer to make his payments through the same payment mechanism each time. It also isn’t necessary for the customer to receive the same payment terms, the same credit or the same discounts each time.

When you track payments based on the customer account, there’s a chance that you may miss out on invoice-specific receivables.

This is because they are different from what is typical with that customer.

Automating payments reconciliation based on individual invoices will ensure you don’t miscalculate anything and you don’t have to spend hours every day trying to assess the true AR position of any account.

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Strengthen your company’s accounts receivables processes Finally, one of the best ways to optimize your accounts receivables and ensure you make your working capital work for you, is to review and strengthen your entire receivables process.

Create a process that is flexible enough to deal with different circumstances without compromising on your own financial security. Eg: • Create specific processes for B2C payments and B2B payments.

• Keep track of all credits, offers, rebates and payment terms and use technology to monitor if they have been applied correctly.

• Train all relevant employees in both the technical skills and people skills needed to deal with difficult customers..

Optimizing accounts receivables isn’t too difficult if you know what to do. With some smart hacks you can ensure that you get the money you are owed and your working capital works for you, not your customers.

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Issue 28 / 53

How to solve the top three challenges accounting and tax professionals face at tax time This article is

W

olters Kluwer recently surveyed 260 Australian and New Zealand accounting and tax professionals for the Wolters Kluwer 2021 Tax Season Challenges Report.

This article talks about the top 3 challenges accounting and tax professionals faced at tax time. Sixty-four percent of the survey respondents confirmed their number one challenge at tax time was keeping up with recent taxation legislation changes. This isn’t new - for several years, we have seen how ongoing legislative changes create challenges for accounting firms and tax practitioners. Fifty-three percent of firms grappled with obtaining all necessary data and documents from clients.

And the third most common tax time challenge, with 43 percent of respondents, was recognising the need to improve productivity outcomes.

All of these challenges are underpinned by the fact that accounting and tax professionals provide “always-on services” in an economy that is facing constant corona-impacted change.

Employees and clients expect you to stay ahead of the curve and help keep them there too. This is why Wolters Kluwer have created products which provide a firm with digital automation software, practice management tools and online research capabilities. These

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@cchaustralia

Rakesh Naidu, Head of Product for Professional Software, Wolters Kluwer Tax & Accounting AsiaPacific A product professional passionate about designing solutions that solve customer problems and make it easier for customers to achieve their desired outcomes. Rakesh has a particular interest in continuous improvement to drive firm efficiencies.

products help you with task-based and rapid-fire legislative change workflows, as well as examples in the last year which meant and practical guidance to enhance that individuals and businesses your services roadmap. needed a Also, tools such as trusted advisor Chasing client calculators, checklists to understand, information - Cloudand flowcharts are analyse and based Client Portals available for your communicate are the single best needs. virtually overnight. way to simplify A genuinely communication with Here’s how to difficult task for any every client overcome the three accounting firm – major challenges the and one we expect will Wolters Kluwer 2021 continue in Australia in Tax Season Challenges Report the medium-term. identified and future proof your accounting firm.

This is where an intelligent online tax research platform, 1) Ever changing legislation that curates and creates expert content and commentary, Remote work is tough for any cases, and practical, real-world professional to manage by examples, with trusted up-tothemselves—but when you’re date data and insights becomes a CPA or CA, and dealing with invaluable. Having an online financial data, there are legal tax research platform with easy repercussions for not getting it access to the latest tax legislation, right. Even tougher is ensuring rulings and judgments is crucial. your team is spending an appropriate amount of time There are also tools available, researching, analysing and like CCH iQ Client Match, which staying on top of legislative identify the hundreds of macrochanges. This in turn diverts economic and legislative events vital resources, time and energy that take place every year in when you are already time-poor.

Australia – including changes The cost of this task is falling to tax laws, Australian Tax back on your business one way Office (ATO) announcements, or another - you will either lose or rule changes to accessing time over-analysing unimportant superannuation. The tool uses information or engulf your staff predictive intelligence to search with an unsustainable workload an accounting firm’s database and during tax time. identify specific clients who will be impacted by those event(s).

There has already been vast In just a single search, a firm can

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match ever-changing legislation to multiple client outcomes, allowing huge work gain effectiveness.

This is a great way to help the firm build relationships based on high-value tailored advice and updates. The task is also made easier with tools available including Pro-forma client letters, client impact statements and calculators.

individuals have high levels of job satisfaction (which means staying put) and a desire to go above and beyond.

2) Chasing client information

Access complimentary COVID-19 commentary written and curated by our in-house Australian tax experts here.

Cloud-based client portals are the single best way to simplify communication with every client.

This 1on1 secure portal between the firm and client removes the need for the typical perfect storm of emails, paper and phone calls.

By removing the paper trail and taking clients to the cloud, a client portal can deliver greater collaboration to A great way in a secure future proof your environment. firm is to support It’s never individual and been easier to team productivity accelerate client outcomes through communications technology in the cloud.

A centralised practice management client portal can solve the second obstacle – and major headache - of chasing clients for their information.

It’s no surprise that constantly reminding clients to provide annual information during the tax season is a key pain point for more than half of our surveyed firms. Missing data, collating, reviewing, and making more information requests is something many firms still need to do manually. And what’s worse, disruptions to workflows and increased WIP days can lead to a greater chance of errors.

Getting to the discovery phase of an annual return is still easily side-tracked by the administrative burden of chasing clients for information.

Also, with more employees working from home, rather than the office at the moment a firm needs to ensure a clients information remains secure.

This is why the adoption of technologies to help remote, or hybrid-remote, professionals stay secure and prevent cyberintrusion is of such importance.

3) Improve productivity outcomes A great way to future proof your firm is to support individual and team productivity outcomes through technology. Intelligent practice management can automate tasks and workflows – helping your team to execute jobs efficiently.

Automation and smart workflows support error reduction, streamlined operations, increase productivity and margins. Making the right solution choices will give you time back to spend on strategic activities to grow your firm. Today’s firms need to make onboarding new clients easier, improve collaboration, streamline communications, automate calendars, jobs, client signature(s)/approvals and allocate resources.

Empowering staff to better manage their workloads and better service their clients leads to a greater likelihood of correlating team empowerment with team performance. High-performing

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Propel your practice forward Download our Practice Management for Accounting Firms Six Insights for Growth eBook today.

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Register now for a live CCH iFirm Practice Manager solution demo.

Sign up for a free 7-day trial for CCH iKnow, your go-to tax resource for today’s tax professional.

In 2021, CCH iKnow won Gold at the Asia Pacific Stevie Awards, the International Business Awards, and the Golden Bridge Awards.

CCH iQ Client Match also won Gold and Silver at the Asia Pacific Stevie Awards.

Find out more...

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Issue 28 / 55

SOLVE YOUR TOP 3 TAX TIME CHALLENGES

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Editorially curated topic guides Over 500+ practical tools Browse or search the latest version of the Australian Master Tax Guide In-depth and actionable tax commentary 360 degree view of legislation including all related source materials News alerts delivered to your inbox to keep you up-to-date

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Issue 28 / 57

Anti-money laundering - everything you need to know about AML Accountants and bookkeepers need to protect themselves and stay ahead on AML legislation We know from talking to Senta clients, that AML legislation is a constant source of worry. Here’s all the relevant info so you can be assured you’re on top of things.

This article is

A

ccountants and bookkeepers are legally obliged to follow anti-money laundering (AML) rules as criminals and fraudsters often target their firms for money laundering – which makes money generated from illegal activities look legitimate and “clean”. But while many in the profession know that it’s important to prevent, recognise and report money laundering, many accountants are leaving themselves vulnerable because they lack detailed information about AML.

Client checks and documents We know you know this already – but it is important to know your client, and be able to verify that they are exactly who they say they are. These checks should be carried out at the very start of your business relationship, before you carry out any work, and performed again after appropriate periods of time. Most Senta clients set a reoccurring task to remind them to update the checks every 12 months.

Using software to assist you with some of the checks you need to do can make your AML obligations easier, and quicker. Senta’s practice management software, for example, has a built-in credit

@sentaHQ

Amy Spillard, Head of Partnerships, Senta Amy is Senta’s Head of Partnerships and is responsible for building meaningful relationships that provide value to our clients. Amy’s been with the team for a year and nurtures partnerships with other software providers, industry associations, influencers and networks of accountants and bookkeepers. Leading to world-class integrations, educational content and a close relationship with our clients that ensures we’re always improving.

check function which integrates with Transunion.

Assessing potential risks Some things you need to consider when conducting a risk assessment on your client are: • Your client’s geographic location. Are they based in an area of high risk? (for example, countries identified as having ineffective counter money laundering systems, significant levels of corruption or terrorism or financing of terrorism) • Is there anything unusual about the client’s choice of you as accountants/auditors/tax advisors?

• The size and structure of

Checks and documents you may need include: • A document confirming identity such as a passport or driving licence • A document confirming address, such as a utility bill • A check on who is the beneficial owner, officer or manager (BOOM) of a business or company • Criminal records check on directors • A politically-exposed persons check

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• A way of establishing your client’s sources of funds, business activities and/or legal structure • Credit checks • Company director disqualification checks Documents or copies should be stored securely and in compliance with relevant data protection regulations - Senta can help with this!

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Staying on top of your practice compliance is also crucial for identifying and assessing the overall risk that your firm could be used for money laundering.

Consider the types of clients you work with. You can use Senta to categorise your client list, identify high-risk clients and assign them to more senior members of your team.

Think about the products and services that you offer. Are they open to abuse by criminals? You can use a practice management tool such as Senta to understand which services you’re offering to which clients, and assess overall risk.

As part of your AML practices, it’s also important you develop firm-wide procedures, policies and controls to reduce the risk of money laundering, which detail what to do if it’s detected. Think about where these policies are documented and how they’re made clear to new members of staff.

AML should also inform your decisions around the delivery

Penny Rowden co-founded Chichester-based accountancy firm Rowdens Limited with her husband. The firm’s clients consist mainly of family-run, owner-managed businesses based locally and across the UK. Complying with anti-money laundering obligations can be time-consuming and onerous – “really hideous”, as chartered accountant Penny puts it – but necessary.

Explaining to new clients why so much personal documentation and checks are required is easy enough, Penny explains, because it’s a legal requirement: “We cannot act for a client unless we have the required documentation under AML regulations – so we’ve built that into our systems.

We use Senta’s practice management software, and have included it as part of the client onboarding task list. We usually meet clients face-toface as well, so we can verify they are who they say they are.

However, during lockdown, we

channels and payment processes your firm uses – including intermediaries, agents and online services.

Reporting suspicious activity The UK government states that a practitioner must send a Suspicious Activity Report (SAR) to the National Crime Agency if there is any suspicion at all that a transaction relates to money laundering (or terrorist financing).

Advice can be sought from your accountancy body and/or AML

had to meet them remotely over Zoom and ask them to show their passports before they sent their passport and other required documents over to us. We store the required information in the software on the basis y R ow de n that it is secure.” nn

Stay on top of practice compliance

AML in practice: Rowdens

Pe

your client’s business – is the corporate structure unusual or excessively complex?

• Do you have any concerns as to why you have not been able to physically see the client face to face?

• Client behaviour, sources of funding, and any unusual transaction patterns • An understanding of the risk levels associated with certain business transactions and relationships.

Penny says the AML check on clients is performed annually: “We have an annual check built into our Senta task list for each client – so once we’ve finished the year-end accounts, the task is to carry out a re-check under our firm’s AML procedures, just to review it and make sure nothing’s changed. Luckily, our clients haven’t been involved in money laundering, although once we had a client whose finance director was discovered to be committing fraud. We reported it, but the one thing we had to be really careful about is that we didn’t alert them in any way.”

supervisory bodies if needed.

Where possible, the SAR should be sent before the suspicious transaction is made – but if your suspicion is raised after the transaction is completed, a SAR must be sent at the earliest opportunity.

Find out more...

Try Senta free for 30 days: www.senta.co

Sublime practice management software for accountants and bookkeepers. www.senta.co

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Issue 28 / 59

Why Your Time Tracking Solution Should Integrate with Accounting Software

@minutedock

Bryce Armstrong, Customer Success Manager, MinuteDock Bryce is dipping his toes into the cloud-based accounting ecosystem after recently partnering up with his brother Jared, founder of MinuteDock: time management software for professional services.

The Minutedock team explains how the cloud community works together to mould your software solutions into one seamless workflow process!

This article is

T

he modern business climate seems to have given birth to innumerable software innovations, providing our teams with a software tool for every need we might think of. Indeed, every need has a plethora of options catering to the more generic requirements or the industry specific needs of different professionals. More and more small businesses are cottoning on to the fact that using these innovative software tools can reduce the hassle of menial and repetitive tasks, improve the efficiency of workflow, allow for broad and inclusive team communication, and provide valuable statistical data which can offer incredible insight into the ways we work and help identify where we can improve.

Improving our efficiency and creating more value through the use of software solutions is one way in which we can provide a point of difference against our competitors. Any advantage we can create in order to get ahead in our chosen industries is critical, and it’s no secret that accurate time tracking software can create data to provide valuable reporting insight into our time management

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practices, but it isn’t enough to just grab the first app you see and call it a day – you need to make sure you are picking the right option for your specific and unique requirements!

option, letting you extract greater value out of your software solutions without straining the budget too much more than you would have by sticking to a singular choice.

There’s one really common trap Software as a service is a to fall into: the all-in-one solution broad community, and a true seems at first glance to be community in a great idea, catering to the sense that every software need businesses in “Any advantage your team might the sector tend we can create in have. But the to have strong order to get ahead problem is that an partnerships and in our chosen all-in-one solution relationships. industries is is that while they Companies will critical” cater to a variety of often look to create needs, they tend to be more value for their unable to compete with customers by designing dedicated products when it comes their software to work specifically to the value of each service they with the software of other provide. A dedicated software app companies, to the point where will, inevitably, be able to provide the apps may work almost as a better service for their specific an extension of one another, to niche than a jack of all trade’s allow for ease of use and greater product is able to. efficiency for customers.

Cost is also likely to be less of an issue than you might imagine.

Large scale, all-in-one solutions will tend to be drastically more expensive than any individual, specialised product, so you are likely to be able to afford a few specialised apps for a similar price range as the all-encompassing

For example, MinuteDock’s time tracking software for professional services has a variety of accounting software integrations, because one of the primary uses of time tracking is for billing purposes. So, by syncing time tracking data and generating invoices which are sent across to

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accounting partners like Xero, the overall billing process for clients is made easier, allowing the apps to operate together almost as seamlessly as if they were in fact just two aspects of the same solution.

This means you can get the best of both worlds! By choosing a suite of software apps which have integration features, you can get the increased value that comes from a dedicated service while maintaining much of the benefit associated with an all-in-one solution, as the apps you choose will work together in a similar fashion.

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Issue 28 / 61

How do you choose an expenses solution that is right for both your business and staff?

ExpenseOnDemand app helps global businesses automate their employee expenses by offering flexible pricing and only pay for functions they use.

This article is

A

utomation is at the forefront of both survival and profitability for millions of businesses around the globe. Whether you employ 5 or 200 people, it has become imperative that you source the right tech to automate as many business processes as possible and this trend has only been accelerated by the pandemic.

The worldwide lockdowns caused the technological revolution that was bubbling away slowly to explode as so many technologies which used to be convenient pre-COVID have now become essential tools. Businesses simply cannot survive without Zoom calls, Slack chats, remote systems, cloud solutions and many others.

These have become a key part of our working day, and so many other technologies have adapted quickly to the ‘new normal’. In the last 12 months, many services have advanced in what ordinarily would have taken years and this has solidified what we now all know which is that we don’t need to sit in the same office from Monday to Friday.

For many years, the ExpenseOnDemand app has been offering our clients around the

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globe a simple solution allowing employees to remotely upload and claim business expenses from any mobile device, including approving them on the phone.

And it integrates within minutes with Xero, to automatically upload all transactions. How cool is that!

Our tech solution meant we were, therefore, perfectly placed to help our clients when the pandemic struck in early 2020 as their staff dispersed from offices and worked from home due to global lockdowns.

“The Data Privacy Group” has been using ExpenseOnDemand as our Employee Expense Management solution for a few months now. We have found that the app works well & addresses our requirements. The team were very interested in my feedback and took it onboard.

Pricing is great, as we only pay for what we use - which helps us plan the cost for the service. I have an option to trial any new function and turn it off all on demand. Would I recommend it to SMBs – Yes. Peter Borne Director – CEO & Founder – The Data Privacy Group Apart from offering over 100 functions to choose from, Xero users can, for example, set up their own approval hierarchy

@ExpenseOnDemand

Sunil Nigam, CEO & CoFounder, ExpenseOnDemand We launched ExpenseOnDemand in 2003 with a vision to enable companies & their employees globally to focus on their core job by offering a smart, simple & intuitive expense management solution.

We continually update our technology to make our solutions current and affordable to everyone.

When not at work, you will catch me mentoring young entrepreneurs, debating Indian history & global economics, reading a book, or cooking a meal for the family.

and businesses can build their bespoke subscriptions in minutes, and only pay for functions they use – not the whole application.

Additionally, we offer a simple “pay as you use” pricing model keeping costs completely manageable and flexible.

How does ExpenseOnDemand benefit businesses and their staff?

ExpenseOnDemand works seamlessly with staff working remotely or hybrid. Employees no longer need to send paper claims to claim their expenses and they can benefit from: 1. Claimants and Approvers can use the app within minutes.

2. Photograph receipts and submit and approve an expense in seconds.

3. Approvers can view and manage all historical claims.

4. ExpenseOnDemand ensures no duplicates with any employee claims.

5. Expenses can be made in any currency.

6. Finance can choose from 100+ functions.

Business can also benefit from:

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1. An increase in staff productivity, by spending minutes, not hours on expenses completion.

2. Automation helps stop fraudulent claims, saving business thousands every year 3. Our ‘pay as you go’ solution allows flexibility to reduce / increase usage.

4. Our monthly, no long-term contracts or commitments.

5. Analysis we provide, and recommend ways to how our clients can reduce costs.

6. We offer a multiple currency subscription solution that allows expenses in any currency, even crypto.

What do Xero customers say about ExpenseOnDemand on the Xero App Store “Post COVID the need to automate became really important. Giving ExpenseOnDemand a try was a wise decision as it is a cost-effective and easy to use cloud-based employee expense management system”.

Archie Sheldon “The price we pay is just a fraction of the cost charged by other employee expense management solutions. It offers a wide range of functionalities at a minimal price”.

Hazel D’Souza We recently commissioned a global survey of Financial Directors and leaders which highlighted that 75% would choose to source a relevant tech solution to allow them to automate a process rather

than outsource where possible.

These results also showed that millions of firms are expecting to work remotely at some level for the foreseeable future and admit they are more reliant than ever on tech solutions to manage almost every aspect of their business.

“Easy to use and straight to the point, makes expenses a breeze.

Seamless transfer of data between EOD and Xero help save a lot of time and effort.”

Usman Siddique - Finance Manager - Salboy For technology to continue to rapidly impact business processes, many firms will need to collaborate and offer open APIs to allow seamless integration and for multiple software’s to be able to talk to each other. This has been happening across many sectors, such as FinTech for years as accounting, expenses and internet banks integrate to allow a

completely coherent solution for businesses.

The team at ExpenseOnDemand have been adapting their market leading app since the start of the COVID-19 pandemic and are working hard to make it easier for finance leaders and staff to manage expenses in the new normal, especially with so many employees working from home.

Our systems are continually enhanced, and new functions added, to ensure we can offer our clients solutions that are current and work for them no matter where their staff are working.

Find out more...

For more information go to: expenseondemand.com/ expense-managementsoftware

Accounting software with a purpose.

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Issue 28 / 63

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Issue 28 / 65

What the Client wants

In the first of a series of articles, we look at why it is important to understand what the client wants. Only when we do that, can we truly help clients fulfil their personal and business ambitions.

This article is

O

ur profession has been going through change, but never more so than the last decade. It’s fair to say that the Pandemic has probably accelerated that change, with the move to the cloud being made even more relevant.

The story that underlies everything we do is that “Accountants Change Lives, but not by producing a set of accounts”

As the son of entrepreneurs who benefited from an accountant who understood this over 40 years ago, I know that he made a difference to my future. Having worked on markets when I was 7/8 years old to help my parents, I went on to University and qualified as a Chartered Accountant and Chartered Tax Adviser, going on to work for 2 of the largest accountancy firms on the planet.

@AdvanceTrack

Vipul Sheth ACA CTA, Founder and Managing Director, AdvanceTrack Outsourcing Vipul is a UK based ICAEW Chartered Accountant and Chartered Tax Advisor.

Vipul trained with a regional UK firm before moving to Ernst & Young and KPMG. AdvanceTrack is a UK Headquartered Accountancy Outsourcing Company with offshore operational centres, delivering services around the globe.

AdvanceTrack demonstrates compliance with international security laws including GDPR through certification to ISO27001:2013 and BS10012 audited by BSI. Quality is certified to ISO9001:2015 and Business Continuity certified to ISO22301:2019.

Why do I talk about this?

My parents’ ambitions were not necessarily for themselves, but the futures they could afford their children. I talk about this because we need to understand what is important to the client.

To the left is the result (see fig. 1) of some research which shows that client meetings and strategic implementation and advisory is more valued than the compliance, yet professional firms spend a disproportionate amount of time delivering compliance.

Fig. 1 (Credit: Aaron Dunn)

The key therefore is to reduce the cost of the compliance element, whilst allowing the accountant/ bookkeeper to focus on the client relationship. We’ll talk more in the next feature about how you do this.

In this issue, let’s focus on the client needs. In order to serve the client, they need to deliver value and then demonstrate this.

Let’s discuss this a little further.

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The most important part of the equation is to identify the client agenda. Understand what the client’s aims are. For some, that may be material things, such as a large house, car, boat etc. The reality for most business owners is something more emotional than the material things.

Financial independence may be just one goal for the business owner. For my parents, it was ensuring that the children got into higher education.

This was their agenda for the accountant to help guide them through. If we take the past 18 months, some of your clients just wanted to get through and retain their staff, home, business etc.

It’s therefore important that the firm identifies the client agenda, jointly with the client and then agree their role in helping the business owner deliver that. The accountant won’t stand behind the counter of the store or weld the metal in the workshop. Their role helps the business grow, prosper and deliver the goals necessary for the business owner to fulfil their goals.

The accountant needs to measure what that looks like. More importantly, has the accountant and their team shown they understand the business?

The most valuable lesson any accountant learns is asking the business owner to show them around their business. It is usually their biggest passion (other than family).

If the accountant doesn’t know what drives the entrepreneur, they can’t help the entrepreneur.

At some point, the relationship could break down if it is not nurtured.

So you’ve helped the entrepreneur share their goals.

How are you going to help them?

Have you identified the issues that will hinder their success.

What impact will it have on the resources required of the entrepreneur and/or your firm?

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Every firm may think they can do the job, but at some point, the entrepreneur may outgrow the firm. That doesn’t always mean that you can’t serve them.

Sometimes it is about collaborating with others to help the client, for example, the world over, there are incentives to invest in Research and Development.

The firm may not be able to do that, but there are specialists who work in this area. The firm retains the primary relationship and has presented a solution that serves the client and shown that you can help them deliver value by keeping their costs down or bring cash into the business.

I’ve seen in my own training days, a very successful entrepreneur floated their business on the stock

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Issue 28 / 67

market. The firm lost the audit to one of the large international firms then. The firm acted to support the entrepreneur and their family to manage the wealth they built up over the 30 or more years since, serving him throughout his business career.

They maintained the trust and respect and just understood that the business was best served by a larger firm for part of their requirements. Retaining the trust of a prominent entrepreneur helped the firm to continue to demonstrate its value to the family and the wider business community.

We’ve included ethical values.

This is important in considering whether you should retain the client. When faced with such dilemmas, the firm always needs to consider whether they want to retain the client or not. If the firm or its principals are not comfortable with what a client is asking them to do, what is the appropriate action for them to take?

When I used to run a small practice, I’ve been faced with situations where clients I considered to be friends asked me to do something I just felt uncomfortable with, or they acted against my values. At that point, you go back to the values you live and breathe as they’re instilled in you as you grow up. I think of the way I dealt with bullies in the playground or the workplace.

STRAIGHT TO YOUR INBOX! 68 / Issue 28

Do you do the “Hard Right” or the “Easy Wrong”? I’ve always done the Hard Right and it’s what allows me to sleep at night.

If enough firms and principals rewarded partners for doing this, rather than penalising them because they “lost” fees, our profession would be stronger for it.

Can we execute the work?

How many times have you been on the wrong end of poor service?

It’s often because the provider has decided that you’ll be their test customer/client. You’re paying for them to learn the service, which they’ll then be able to charge other clients for in the future. I’m pleased to see I’ve always been in firms that either had the expertise or stepped away from delivering it themselves.

Today, our industry is incredibly collaborative. Think of the WhatsApp or other groups you’re a part of. One message and you’ll find someone who can help your client. It doesn’t have to be you.

You can manage it. Just make sure it’s right for the client.

If you know what your client’s goals are, you should be able to measure the success of the project. This is incredibly important in showing the value that your firm delivers in yours and your client’s journey. Without this, you’re not helping to keep

the client or the firm focused on results.

It’s then time to re-evaluate what goals are important and the cycle goes through the same process again. I know I set both personal and business goals annually. It’s important that as an adviser you understand what your client’s goals are and if they’ve changed in any way. It will help you focus on making those happen.

Remember, you’re trusted with their innermost fears and ambitions. Guard them safely and bring your team on that journey, so they understand what they do is so much more than reporting history.

We help firms deliver their goals.

We’d love to talk to you about yours.

In the next instalment, we’ll continue the story of how to improve the customer experience.

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Issue 28 / 69

A Guide To Virtual CFO Services Introducing VCFO services could open up a new revenue stream for your firm and add value to your client relationships.

This article is

Sharon Brown, Co Founder, Magic Beans Sharon is a chartered accountant, with over 15 years post qualification experience, and she co-founded Magic Beans in March 2016 to offer a VCFO service to businesses who don’t need or can’t afford a full time accountant, but need real-time access to their finances.

A

s the accounting profession evolves, how can small accounting firms offer extra value to their clients and differentiate themselves in an increasingly competitive landscape?

It’s a question we’ve asked ourselves at Magic Beans, and the reason we stepped up to offer VCFO services. I could see the shortfall in services provided by traditional firms to businesses with no in-house finance manager. Getting accounts once a year, 9 months after the year end, wasn’t the service that clients needed. And with cloud accounting it didn’t need to be like that. For us, offering VCFO services means we can help our clients who are looking for financial experts to consult in their decision making and position ourselves as a trusted advisor that’s integral to their business.

The concept of a Virtual CFO is relatively new and has emerged as a result of small businesses looking for CFO support that’s more affordable than hiring an in-house equivalent. A VCFO does everything an in-house CFO would do - except we work remotely and spend less time with each client.

As VCFO, our responsibilities include monitoring the financial health of a business, offering insight and guidance to aid decision-making, and carrying out back-office jobs such as managing

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@FloatApp

accounts ledgers.

Cloud technology forms the backbone of any VCFO offering.

Cloud-based software has helped us become more efficient and productive, as such systems can automate previously labour and time-intensive tasks. We only work with Xero, mainly because that has allowed us to become experts on one system and then work with the add-ons to make sure our clients have the best overall experience.

By using cloud-based software we can easily share or sync data between systems and gain access to real-time reporting - any time, anywhere. As a VCFO it’s really important to have a dependable app-stack that you go back to time and time again.

At Magic Beans, our favourite apps are: • Float for cash flow forecasting and scenario planning • Dext (previously known as Receipt Bank) for data entry

• Futrli Advisor for bespoke management reports • Tripcatcher for mileage tracking • Stock & Buy for inventory management • Unleashed for stock management • Vend for multi-store retail businesses profitability insights However, being a VCFO is more than the software you use. It’s in how you work and communicate with your clients too. If you can explain the value you can add to a small business and give them the insights they need to make good business decisions - then you’ll secure your place as an essential part of their team.

Find out more...

Ready to start offering VCFO services? floatapp.com/vcfo

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Issue 28 / 71

Ten years of e-commerce growth in just 90 days

How integrated inventory management and reporting helped many businesses rank not tank At the height of the pandemic, a decade of

e-commerce growth occurred in just 90 days, a 2020

McKinsey study revealed. Adopting smarter technology

@CloudsolveAU

Rhys Roberts, Director, Cloudsolve Rhys Roberts is a cloud Integration industry leader with over 25 years’ experience in retail, manufacturing, accounting and technology sectors.

Rhys, who has a unique combination of skills and experience across accounting and manufacturing, heads Cloudsolve: a reputable Sydney-based software advisory implementation firm.

He’s driven by the incredibly powerful transformations that he and his team have achieved for hundreds of product-based businesses, through systems integration.

was the key for many businesses.

This article is

T

he last 18 months has seen an extraordinary 2 speed economy, with a mix of “winners” and “losers”. For those in the former group this has been a phenomenal period for businesses, with e-commerce a key driver.

Those less fortunate have experienced lockdowns, recession and in some cases business failure.

At the beginning of 2020 (even with the benefit of hindsight) I can see no obvious clues as to how COVID-19 would differently impact different businesses. That is not the case now: with the world irrevocably changed there are some clear indicators as to which businesses will be best positioned for financial success for 2022 and beyond.

Management Consulting firm McKinseys found that “reinventing the organisation for speed” was key to success in the post COVID-19 era. “An organisation designed for speed will see powerful outcomes, including greater customer responsiveness, enhanced capabilities, and better performance in terms of

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customer efficiency revenues and return on capital”, their report stated.

With a commercial accounting background that spans change management and technology adoption, I know firsthand the power of technology to lead reinvention.

as being critical, and which are within the reach of small businesses through apps such as LOCATE, Big Commerce and Xero.

Business owners can be a pretty demanding bunch – and so they should be! A few of the features they need include:

Which begs a number of questions. What are the real benefits of spending on technology? Can that spend deliver for the business owner?

Who is going to make that assessment, and offer advice?

And what are the key features that these businesses need to succeed in 2022 and beyond?

1. Real-time operational information across the entire business, of open orders, stock on hand, impending shortages, and much, much more.

Business owners can use this to fill more orders in full on time, whilst not letting their stock holding blow out (a sure way to kill cashflow).

2. Real time / visible from anywhere / on any device financial data of sales and gross margins by channel, by category, by rep and by many other criteria.

3. Real time integration, completely eliminating the need to rekey data, speeding up delivery, eliminating errors and reducing costs. For businesses selling online at scale this is critical.

This is the list we have identified

But what about other users –

And yet, while CFO-level accountants in larger organisations have the ear of the CEO, in mid-sized businesses processes and systems often lag behind the owner’s vision. The owner can see the opportunity for their business, but doesn’t know how technology can assist with execution, and has no one to make that assessment.

XU Magazine - the independent magazine for Xero users, by Xero users.

for example what do the sales team need? For any organisation to thrive it has to be able to make every customer experience easy, efficient and pleasurable. A few of the tools the sales team require include: 1. Enter orders from anywhere, whether on site with a client, in the office or working from home. Similarly with quotes.

2. Real-time access to current stock levels, past orders, price lists, negotiated prices, customer notes (again, and much more). Never take an order and discover your business can’t deliver!

3. Invite customers to log into a B2B portal – not for everyone, but those who like it love it!

At the warehouse level, it’s all about operational efficiency.

How to deliver more at lower cost, and how to do that right every time. They are going to need (and love) features such as: 1. Orders available to be picked within minutes of being entered, even if they are entered to a different app (everything is integrated).

2. Handheld devices that guide staff to precise bin locations in the most time-effective sequence for either individual or multiple orders (wave picking).

3. Barcode scanning that can almost entirely eliminate picking errors.

4. Training time is sliced, making onboarding staff (including casuals) a breeze.

5. Powerful re-ordering tools, again designed to get the right stock on hand at the right time, whilst avoiding overstocking.

STRAIGHT TO YOUR INBOX!

And finally for the finance team (internal or external) – too many SMEs survive on the most meagre of financial information, but they really do not need to. Once again every transaction is integrated across all apps, with nothing to be re-keyed. Each of the apps in this stack offer: 1. A wide range of customisable reports and real time BI dashboards to help your client run their business, and you to offer them advice.

2. Full integration that provides confidence in the accuracy and consistency of information from any app. Great real time operational information for the business owner, equally great real time financial data for the financial advisor.

Part of the magic of LOCATE is the ability to “batch” transactions into Xero, opening up Xero for larger organisations (no more worries about Xero’s transaction volume limits). Integrating LOCATE with Big Commerce (for B2C and/ or B2B), Xero and possibly a range of other apps creates a solution that will deliver benefits to organisations with turnover of around $5M up to $100M, or more. A solution delivering all the functionality of an ERP, at a fraction of the cost, and enabling the client to continue running Xero.

While the benefits of software integration are increasingly apparent, there is no doubt that the implementation and integration is both onerous and risky without the right partner.

Finding the right solution for your, or your client’s business is critical to both profitability and growth, doing so without the right

help is at best daunting, at worst disastrous!

Cloudsolve is proud to be an accredited implementation partner for LOCATE Inventory, a software system developed by inventory accountants, for accountants. Cloudsolve takes care of everything: from project design and implementation to change management, and we back that up with great training. LOCATE Inventory offers enterprise level inventory and workflow management features accessible to the small and midsized business market. Together Cloudsolve and LOCATE will help your clients benefit from the e-commerce boom!

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Issue 28 / 73

7 Simple Steps to Effectively Managing Change

This article is

C

hange is hard—there are no two ways about it.

As Director of Onboarding Programs at Practice Ignition, it’s my job to lead clients through change. Specifically, to help them successfully implement Practice Ignition within their organisation.

Myself and our CSM team around the world work tirelessly to help practices manage change—so we’ve built up a fair degree of expertise about what this process involves.

For instance, we’ve learned that people are creatures of habit.

We get used to certain systems, processes, and tools—so we shudder at the thought of suddenly having to ditch existing ways of working. If it ain’t broke don’t fix it, right?

Unfortunately, this attitude can actively hurt your practice. Your existing tools and systems might do the job just fine, but you don’t want to provide a service that’s just fine.

You want to astound clients, grow your practice, and become more efficient in the process. You’re therefore going to have to change with the times, implementing new tools that will improve your ways of working. To do this properly, however, you’ll first have to master how to effectively manage

74 / Issue 28

@ignitionapp

Hugh Walker, Head of Marketing & CX - EMEA and Director of Onboarding Programs, Practice Ignition Having worked at Practice Ignition for 3 years, and 7 years total in the accounting tech space, Hugh has helped countless firms make changes to the way they run their businesses. In a case of perfect timing he moved to London in November 2019 and has spent the time since on walking and building out a significant liquor cabinet.

change. Fortunately, this is easier than you might think.

then of course you won’t gain team-wide buy-in.

Let’s explore 7 simple steps that will help you seamlessly manage change within your practice.

Second, make sure that the change won’t adversely impact any high-value projects that desperately need to be completed. Whilst you’ll never be able to avoid all disruption, you can certainly make sure you avoid implementing large change projects at the worst time possible.

1) Understand there’s never a “perfect time” Perhaps you’re thinking, “We’re too busy! We couldn’t possibly implement another new solution.”

Annoyingly, there’s never a ‘perfect’ time to implement a change. Sure—you’d be welladvised not to revamp your entire operations during tax season, but if you’re waiting for the ideal moment, the perfect opportunity, then you’ll always be left waiting.

However, always keep the end goal in mind. Remember that you ultimately want your practice to be more efficient and to provide your clients with more value.

Despite the short-term disruption, implementing innovative solutions will always be worthwhile over the long run.

That being said, there are a few key best practices to keep in mind.

First, schedule the change at a time when you’ll be in the office— if you’re supposed to be leading the project but have gone AWOL

2) Bring your team on the journey with you Nobody likes dictatorial leaders.

The days of managers assuming a ‘command and control’ style of leadership has fortunately fallen by the wayside, with it largely being replaced by collaborative leaders who prioritise excellent communication above all else. I remember an old manager telling me “I don’t care if you understand why it’s happening, just do it”— and nothing has ever disengaged me from my work more.

Remember the following points when trying to get your team on board with any change projects.

Share the problem you’re looking to solve with the change Before you begin, you’ll first have to communicate why you’re

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making the change—outlining the issues that your practice is facing, and explaining how this solution can help you solve these problems.

Show the value that the solution provides You then have to go one step further, promising your team that a better future awaits after this initial short-term disruption.

After all, nobody wants to have to relearn a process that they can already do in their sleep.

Support them every step of the way Be open to discussion. Don’t simply make a change without consulting your team first, or without being willing to engage in a genuine, honest, back and forth dialogue. The rationale for implementing this new solution might be clear as day for you.

But for your team, may very well not be—so have patience and understand that you cannot simply make wholesale changes without their support.

Once the change is underway, you need to regularly check in with your colleagues. Ask them what they’re struggling with as things stand and if possible, provide them with solutions—if not, signpost where they might be able to seek help. Understand that productivity might dip in the short term while they get used to how the tool works.

Being ‘personable’ and a great communicator are obviously fantastic attributes, but the most important thing is that a manager can get the best out of their team.

This is why it’s so important that you clearly define roles, responsibilities, and expectations.

Imagine you’re thinking about implementing a new practice management software. You might ask one fairly junior employee to carry out some desk research and schedule demos. When trying the tools out, it’s probably a good idea to enlist the help of your more senior colleagues—they’ll have a better idea about what your practice actually needs to continue doing a great job.

So who should take charge of onboarding?

3) Clearly define roles, responsibilities, and expectations

Well, ideally, somebody from your new software provider. They’ll have a ton of experience setting up their software within a range of different practices—so they’ll be well-versed in integrations with different tools, common hurdles that firms encounter, and how to sidestep these issues. This also means that your team can focus on its day job. There’ll be no dip in productivity while key employees spend hours on end trying to implement the new tool and get it up and running.

There’s nothing worse than a poor manager. But what exactly makes a good manager?

However, there’s a key point to note here—you must trust the external onboarding expert to

Don’t expect the world straight away. No large-scale changes are free from disruption. By regularly taking the pulse of your team, however, you’re showing that you truly care. More than that, by offering help if needed, you’re demonstrating that you’ve got their back during tough times.

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do their job. They ultimately know the ins and the outs of the process better than you do, and their job will be so much quicker, easier, and more effective if you empower them to just get on with it.

If you do want to maintain a sense of control over proceedings then just make sure that you’re involved in any decision-making conversations. This will play a key role in getting the project over the line as quickly as possible, removing the roadblocks that occur with lengthy, complex approval processes.

4) Break the project up into manageable pieces We’ve all heard the phrase, “A journey of a thousand miles begins with a single step”. That’s why it’s crucial that you break up large, practice-wide projects into manageable chunks.

“Implementing a new tool” might seem daunting—it’s a lengthy process that requires a series of small steps.

But when you break it up it suddenly seems more manageable. Can you contact a provider to schedule a demo?

Of course. How about arranging a date when the provider’s onboarding team can get to work and set everything up?

Easy peasy. Scheduling a few hours here and there for product training? Great—no problem.

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Issue 28 / 75

People who are training to run a marathon don’t just go out one day and try to run 26 miles.

Instead, they get used to running 5, 10, 15, and then 20 miles—they take on the process bit by bit.

Likewise, you shouldn’t think of a large change as being one massive project. Break it up into bite-sized pieces and you’ll find that it’s really not so scary after all.

5) Always stay focused on the final destination You might run into roadblocks.

Perhaps you picked a tool specifically due to its wide range of integrations, but for whatever reason, these aren’t working as they should. Maybe your team is quickly becoming fed up with the new tool and has asked you whether they could just revert back to the system they’re used to.

Maybe you even make a mistake and have a client question your approach. During times like these, it’d be easy to retreat back into your shell and quickly drop the project—especially if clients are beginning to be affected by this disruption. Teething problems are normal so they should be expected. However, they shouldn’t be major causes for concern— your clients also makes changes to improve their businesses and go through this.

Always keep in mind the final destination that you’re working towards (i.e. greater efficiency, practice-wide visibility, or an improved payments process), and work diligently to achieve your end goals.

6) Drive internal urgency The longer a project is in the

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works, the more people’s faith in it begins to wane. We’ve all worked on projects that have faced endless delays, hitches, hurdles, bumps in the road, and so on.

Eventually, you just begin to question why you’re even doing it in the first place. Morale drops and the entire team seems burdened—rather than bolstered—by the project.

At times like these, it’s hard to get the team to finish the project—let alone get them excited enough to care about what this change means for your practice.

This is why urgency is so crucial.

You want the projects to take as little time as possible and to be as seamless as possible—this is a given. Focus your efforts on swiftly picking, implementing, and using the tool and use your position to remove or flatten any roadblocks that may impede this urgency.

The sooner your project is complete, the sooner you’ll begin to benefit from its value.

liaises with the provider’s implementation team.

If you ever run into any problems, you don’t have to brainstorm solutions with the rest of your team while key client work falls by the wayside.

Instead, you can operate as normally as possible while using the provider’s expertise to get you fully set up and ready to go.

It’s time to make a change Change is hard, particularly for decision-makers. You might have to face some umming and ahhing from bemused colleagues who simply don’t want to have to learn a brand new process.

But change is an inevitable part of life—and it’s certainly a key part of running a successful business.

In the long term, making the right changes can save you time, money, and resources. You have to stand strong and keep the wheels turning.

The first step is simply to decide that you’re going to make a change.

7) Work closely with your providers’ onboarding teams Your existing ways of working might not be the best—in fact, they might leave a lot to be desired. But they do have one major advantage: your team is used to them.

Fortunately, the best software providers understand that change is hard, so they have their own in-house implementation teams to help companies ease some of the pain. This is a major lifeline. Your team can focus on its core business activities while you, or one of your colleagues,

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You might be thinking about implementing a new tool to help you gain greater control over your practice’s operations, bolster efficiency, and make late payments a thing of the past. If you are, don’t hesitate to take that first step - create a free trial of Practice Ignition today and a member of our team will reach out to help!

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Issue 28 / 77

The PayPal Payments Advantage

@paypal4business

Dan Leberman, SVP - Global SMB, Channel Partner & Inside Sales, PayPal Dan is the Vice President and General Manager of PayPal’s North American Online Small & Medium Business unit.

Dan also serves as the Global Segment Lead for SMB, and the Executive General Manager for PayPal Canada.

And Why Small Businesses Are Leveraging Buy Now, Pay Later Options This article is

I

t hasn’t been an easy year and a half for most small businesses. The pandemic upended the world as we know it, and forced retailers of all sizes to adapt quickly. While digital payments

were already on the rise, social distancing measures boosted the drive toward digital — and merchants felt the pressure.

The Covid-19 pandemic has disproportionately impacted small businesses, and businesses owned by underserved populations have been hit especially hard. To stay afloat and remain competitive, businesses are shifting strategies, adopting new technologies and turning to data to better understand and serve their customers.

PayPal is committed to helping these organizations to continue to grow. In the wake of the COVID-19 pandemic, PayPal launched resource pages for merchants and consumers, facilitated over 75,000 Paycheck Protection Program loans to small businesses in the US, waived check-cashing fees for stimulus checks in the US, and launched new products to aid

78 / Issue 28

small businesses adapting to the new-normal. This included the ability to take payments using PayPal QR Codes and buy now, pay later solutions such as PayPal Pay in 4 in the US. In June 2020, PayPal also pledged a USD $530 million commitment to support black and minorityowned businesses, strengthen minority communities, and fight economic inequality. In December of 2020, it announced an additional USD $5 million grant program for black-owned businesses as the Covid crisis continued.

Small businesses will increasingly continue to rely on new technology and digital commerce tools, as consumer expectations around flexibility and choice grow.

PayPal remains committed to aiding in the growth and success of merchants around the world, through new products and

XU Magazine - the independent magazine for Xero users, by Xero users.

solutions, as well as corporate social impact programs and community activism.

How Small Businesses Can Thrive in the New Economy Even as local economies have opened up in some parts of the world, PayPal recognizes that small businesses and local populations continue to be affected by the significant impacts of the pandemic. The April 2021 PayPal Small Business Index by Morning Consult revealed that, while there is optimism about the future of the economy, digital small businesses are more confident than their physical-only counterparts. What’s more, small businesses indicate that digital payments and ecommerce are now critical to their success.

It is part of PayPal’s mission to aid small businesses in digital payments, enabling them to provide choice and flexible payment options to their customers. PayPal makes it easy for your customers to pay, so you can spend more time on growing your business. Merchants can simply activate PayPal in Xero allowing customers to pay with their credit or debit cards, or the convenience of their PayPal wallet. If the customer chooses one of PayPal’s Pay Later options, the merchant is paid up front while the customer enjoys the flexibility of paying over time.

Customers can also pay on-the-go from almost anywhere, improving on-time payments and cashflow.

Digital Payments, Flexible Financing Options on the Rise Given the unique circumstances across the globe since early 2020, it’s no surprise that the buy now, pay later (BNPL) space is also

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growing. To meet the desire of their customers, PayPal launched a set of global Pay Later options for consumers, including Pay in 3 in the United Kingdom, Pay in 4X in France, Pay in 4 in the United States, and most recently, Pay in 4 in Australia. Each of these products offers interest-free installment solutions that are included in PayPal Checkout.

Economic uncertainty brought about by the pandemic led to a greater call for more flexible payment options for both merchants and consumers around the world.

BNPL option for consumers is not something that will vanish as we emerge from the pandemic. These options are now ingrained as a payment option for consumers and necessary for retailers to engage customers and convert purchases,” Bland continued.

Small businesses have endured a great deal since early 2020, and can benefit from partners, like PayPal, that can offer a variety of commerce solutions that help attract new customers, keep existing ones loyal, and provide fast access to funds when they need it.

These solutions are enabling merchants to provide their customers with more choice and flexibility in how they pay. BNPL is not new, but uncertainty around the economy and finances has catapulted this payment option to the forefront of consumers’ minds. As interest continues to explode across markets and demographics, merchants are looking to understand the benefits.

Buy Now, Pay Later for Small Business Merchants PayPal is one of the world’s most trusted brands, with over 400 million users worldwide, giving merchants peace of mind that their customers may recognize the brand and what it represents. In a recent PayPal Newsroom article, Doug Bland, SVP Senior Vice President and General Manager of Global Credit at PayPal, pointed out that consumers “are gravitating to pay later services now more than ever,” adding that, “[BNPL] financing options fit neatly into the lifestyle consumers are already living.”

“It’s pretty clear that having a

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Activate PayPal today: apps.xero.com/us/app/ paypal

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Issue 28 / 79

Importing Bank

Statements into Xero 5 Benefits of Data Entry Automation This article is

A

s automation gets smarter, it’s beginning to take over more and more thankless workplace tasks. And automated bank statements are a welcome feature for several reasons. Perhaps more than any other form of admin, love it or loath it, entering your bank or credit card statement data manually into Xero is a laborious task.

Here are five great reasons you should automate your statement entry. We’re also giving some advice on getting started in bank statement automation.

I was able to upload over a year’s worth of PDF statements given to me by a client and

1) Automation saves time and money Naturally, whether you’re a small

business or an accountant, you don’t relish the manual entry or transfer of bank statement information. It’s and timeconsuming.

Time does have a monetary value, whether it’s hours of labour paid for or time that could be spent running the business.

2) Automation makes it easier to be tax compliant One of the great nuisances of taxes (apart from the paperwork itself), is the filing and maintaining of old documents.

Accountants are often asked how long a business should keep old tax records and bank statements.

The answer varies according to territory. In the UK it’s five years; in the United States it’s six, and

@AutoEntry

Brian Carolan, Product Specialist, AutoEntry From Dublin, Ireland, working with AutoEntry since before it’s launch 6 years ago. Having been involved in multiple functions within AutoEntry including product feature development, customer support management, training & education and product specialist. Helping AutoEntry grow and customers and teams get the best from AutoEntry.

so on. The very least is two years, wherever you are.

Maintaining accounting records digitally and in the cloud makes it much easier to keep all the necessary paperwork close at hand. It also saves on the cost of storage, as far less storage is needed when records are paperless.

And, of course, there’s the automation vs human error factor. Automation can reduce human error by up to 53%, according to a recent survey of hundreds of CFOs. As any tax auditor will tell you, errors can be costly!

3) Information is consolidated when you automate bank statements Much of admin and accounting

then get them.

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is manually funnelling relevant information into one location.

So, one of the ways in which automating bank statements can save enormous amounts of time is in the consolidation of data. With the right software, you can automatically have invoices, receipts and statements all loaded into the relevant software or documents.

4) It makes borrowing easier This consolidated and accurate data is catnip for lenders, providing a centralised narrative of all your company’s finances. Your books are your story, We love it as do our clients. and the clearer Bank Statement scanning the story, the is the best on the market better position and a massive time saver. you’re in when The speed of uploads, the it comes to accuracy and the machine borrowing.

5) It’s future proofing

being collated into an excel sheet for manual analysis or imported into learning make it a compelling your accounting add on for Xero. software.

Recent months have revealed how agile (or not) companies are, from small and medium businesses to huge enterprises.

Automating bank statements allows for remote working, it’s paperless and it’s cloud based.

All of this allows for a more agile, functional business.

How to Automate Bank Statement Entry

AutoEntry – giving you the gift of time Accountants and small businesses around the world are discovering that AutoEntry can save them several working hours per week by automating accounting and admin tasks. If you’d like to know more, booking an AutoEntry Demo or trial would be a perfect place to start.

With AutoEntry you can scan bank and credit card statements and upload them to AutoEntry, that you can quickly and easily import the data into your accounts software or even just to an Excel sheet if that’s all you need.

Firstly, where available, the best step to take is to set up a bank feed direct from your bank to your accounts package. This removes any intervention by you or your client/accountant as the bank transactions are automatically updated in the accounts direct from the bank.

Accountants also have the option of “fetching”. This allows for accountants to share a safe link with the client, so AutoEntry “fetches” the statements from the bank (usually in a pdf format) on behalf of the client. Then, the fetched pdf file can be processed within AutoEntry. This simple, automated process, results in the bank statements’ information

However, there are times, especially if a bank feed is not available, that paper or PDF statements are all you have to work with. So, the manual intervention begins?

With AutoEntry, download the statements as a PDF from your online banking portal or scan the paper bank and credit card statements and upload

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those files to AutoEntry. A full extraction is completed including verification to ensure accuracy returning the extracted data to you in your AutoEntry inbox.

With a simple click you then have your extracted statement data in a format to import into your accounts package or indeed, if required, into a standard Excel or .csv file. If you’re downloading your statements as an ePDF direct from the bank, the extraction and verification processing time is also up to ten times faster that when uploading scanned paper statements.

Or, of course, fetching is also available to fetch the statements for you.

To add the final cherry to the cake, the storage of the extracted data and the image of the original document is included in the cost of the extraction. So you can maintain a full digital audit trail within AutoEntry without the need for costly filing cabinets filling your office or external storage.

We have a comprehensive guide to banking and credit card statements and how to upload them to AutoEntry.

FIND OUT MORE...

You can get started on AutoEntry with a free trial.

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If the only update your software gets each year is price, it could be time to switch Switching is easy, liberate your software with CCH Accelerate With Wolters Kluwer you can have a seamless system that makes better use of your time and budget. Plus we’ve made switching easier and quicker than ever before.

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XU Magazine - the independent magazine for Xero users, by Xero users.

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Issue 28 / 83

Getting in control of recovery for a stable future

@MarketFinance

Chris Findlow, Head of Partnerships, MarketFinance Chris Findlow is Head of Partnerships at MarketFinance.

He’s passionate about helping SMEs get access to funding and working with entrepreneurs to free up more time to focus on growing their business.

Why your clients need a good funding strategy We’ve seen plenty of talk about business survival over the past

two years. But with restrictions lifted and the economy on the rise

again, is it time for a change of topic? Now may be the ideal time to fan the flames of recovery and to start discussing growth and funding with your clients. Chris Findlow, Head of Partnerships at

MarketFinance, believes it’s time to get in control of recovery and to begin planning and goal-setting for a more stable future.

This article is

L

et’s talk about growth

It’s been a tough 18 months for your business clients. And probably an equally tough time for your accounting firm.

You’ve been through the cycle of furlough payments, CBILS applications and emergency cash flow conversations. And your focus during this time will have been placed firmly on hand-holding clients through the challenges and kickstarting their recovery process.

The ‘survival and recovery’ message has been front and centre for most of 2021. But, here at MarketFinance, we believe the conversation is beginning to move beyond that. Many sectors are trading again, vaccinations are allowing people to go back to the workplace and the UK economy is gradually beginning to get back on track. In fact, Bank of England figures are predicting that the economy is still robust and will grow 7.25%, despite the pingdemic. Not something we

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could have predicted a year ago!

Business owners may still be finding their feet after a year and a half of COVID disruption but there’s light at the end of the economic tunnel. It’s time to do more than just ‘talking recovery’ and to begin ‘talking growth’” Getting up to speed with your clients’ financial health To have a meaningful impact with your client conversations, it’s important that you know how each business in your portfolio has been faring in recent months.

Where you’re already offering higher-value services to a client, you’ll have a decent handle on their current status. But with clients that you see less frequently, there’s a need to get under the skin of the business and find out the owner’s specific pain points.

To expand your understanding of each client’s position: • Book a meeting or video call – arranging a face-to-face meeting, or a Zoom call could well be the starting point for some deeper advisory discussions. Communication has been different over the pandemic and may be lacking from some clients, so this is a chance to catch-up, hear about their big challenges and see where they’re hoping to take the business.

• Ask plenty of probing questions – asking the right questions can reveal many hidden truths about the business. You might know their accounts inside out, but you should also know the executive team’s big goals for the business, and cultural things like employee churn. Get to know their ambitions and the hurdles that are holding them back. And whether a lack of working capital or ready cash is stopping them from grasping opportunities, or scaling up at

XU Magazine - the independent magazine for Xero users, by Xero users.

automate them with a tool like Chaser if possible. And face those bad debts head on by bringing in lawyers and dispute resolution experts.

By focusing your efforts in these three areas, you’ll have a pronounced impact on the client’s overall financial performance and underlying working capital position. And with the company’s finance now fine-tuned and ticking over, you’re ready to look at their additional funding needs.

A funding strategy to drive growth the speed and consistency they want.

• Review their current capital position – a deep dive into their accounts and management information can also be revealing. If you’re using a cloud accounting platform, you can quickly drill down into the client’s numbers to check on their financial health. Look at the status of their assets, cash reserves and aged debt to get a good understanding of their capital position. And try to pinpoint any possible weak spots • Search for areas of cash flow weakness – look for the areas where cash flow is weak, working capital is under threat and debt is starting to create problems. If you can spot the points where income is faltering, or outgoings are increasing, you’re well on the way to creating an action plan for tackling these cash-related issues.

Kickstarting their financial performance Once you’ve analysed the client’s overall financial health, you’re then in a far better position to help with improving their financial performance. And if growth and expansion are on the company’s agenda, a decent cash position is going to be vital.

This is the point at which your remit changes. The ‘compliance hat’ comes off and the ‘proactive

advisory hat’ goes on, with your efforts now focused on targeted financial improvement. This adds massive value for your clients, helping them to get a better equilibrium between cash inflows and outflows. And it also reinforces your position as a close, trusted adviser who can bring about real positive change.

• Go deep with the cash flow forecasting – it may be a truism, but as we all know, cash really is king. As such, cash flow forecasting can be a vital tool for looking down the cash road and predicting the key pinch points. It’s far easier for the FD to mitigate and plan for any cash flow gaps if you can provide robust, detailed forecasting for them. After all, a lot has changed many times over during the past 18 months for the majority of businesses.

• Explore spend management strategies – the smaller the client’s outgoings, the larger their margins and the more cash will be available for growth. Go forensic with your reviews of their spending and look for opportunities for them to negotiate better prices, agree better credit terms and build stronger relationships with suppliers.

• Focus on debt management – if cash is tied up in unpaid invoices and bad debt, that’s going to hold back the client’s liquidity. Make sure their credit control processes are streamlined and effective –

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Having a proper funding strategy, tied to a long-term growth plan, is central to prolonged stability.

Only then can clients build the solid foundations needed to scale up and expand.

Very few businesses are in a position to finance their own growth, without external funding. Growth is almost always expensive to achieve. So, unless there’s significant liquid cash in the business then a new route to funding will be needed. Your role is to help the client produce a funding strategy that gets the job done. And to connect them with the right lenders and/or investors for the job.

The client’s funding strategy should set out their key growth aims, along with clear budgets for each stage in the growth plan. Once you know the costs of expansion, buying new assets or scaling up their operational capabilities then you’ll have a workable number to plan around.

It’s then about breaking down: 1. How much of this growth funding can be self-financed 2. How big the funding gap is that will need financing 3. How much the client will be able to borrow, based on their current financial position 4. What the most appropriate financial products and lenders will be Cont...

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Issue 28 / 85

Guiding the client’s choice of funding channel With the required funding amount nailed down, you can then begin thinking about the most appropriate financial product for the job. Choosing the right product (or mix of products), with the best provider(s) is important – as is agreeing on a contract that benefits the end client.

The choice of product will depend on how much funding is required, the speed at which funding is needed and the client’s ability to borrow against their assets and/ or personal guarantees.

Common options in the current finance market include: • Invoice finance, where clients can advance the funds owed to them in their outstanding invoices, providing fast and straightforward access to steady cash flow.

• Flex loans, that provide access to flexible business lending when additional working capital is needed to keep the clients’ plans on track.

• Recovery Loan Scheme, which provides government-backed funding to aid your clients’ full economic recovery following the pandemic (available until 31 December 2021).

• ​​Enterprise and innovation grants that allow clients to access specific regional or

industry-focused grant funding to drive their growth and innovation.

• Capital allowances and tax reliefs that help clients to reduce their corporation tax bills and invest back into their business – such as the recent super-deduction scheme.

• Investor funding and private equity, where private money is brought into the clients’ businesses in exchange for shares and a certain amount of control over the business.

The financial products and funding channels that are best suited to your clients’ needs will be different for each business.

It could be that a simple flexible business loan would fit the bill. Or it may be that a business needs a mix of invoice finance to solve its cash flow issues, combined with a recovery loan and additional third-party investment.

As your clients’ go-to adviser, it’s your role to help them make these decisions, formulate their funding strategy and manage the ongoing process. Remember, their growth plan and funding strategy will need to be regularly revisited, revised and amended as circumstances change.

MarketFinance as your go-to business finance provider By expanding your firm’s advisory offering into funding advice,

you greatly increase your ability to help clients recover, grow and scale up their operational capabilities.

Instead of just offering theoretical advice, you can draw up a meaningful funding strategy and help clients access the funds they need. At MarketFinance, we believe that taking proactive action to keep your clients wellfunded is key to their long-term success.

We offer a range of different routes to finance for your clients, as well as a partnership programme for accounting firms.

If you believe that it’s time to talk about growth, we’d love to work with you and your clients to finance their ambitious plans for the future.

FIND OUT MORE...

Find out more about MarketFinance and how we support your accounting firm: marketfinance.com/ accountants

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Issue 28 / 87

Case Study

Embracing financial processes to power a new future In a company led by inventors, how do you introduce processes that will feed

growth and innovation, not stifle them?

@tidyint

Nicki Letts Nicki is a copywriter and brand storyteller who helps businesses create content that attracts the customers they really want - and keeps them.

From tech to craft breweries, she’s magicked up powerful, punchy, polished words for all sorts of companies who want to stand apart from the masses.

That was the challenge faced by the finance team at Fulcrum3D. This article is

F

ulcrum3D is a classic startup story. Like many great businesses, the Australian tech company was founded by people who are passionate about providing a solution to a problem. Back in 2011, the problem was how to measure and provide reliable data for renewable resources, such as wind and solar. To solve it, a team of renewable energy specialists based in Sydney came together to invent technologies that could provide precise data to predict electrical output from wind and solar farms.

Fast forward to 2021 and Fulcrum3D’s products and solutions are being used by the renewable energy sector worldwide. In fact, its flagship Sodar wind monitoring system is one of only five remote sensing instruments globally considered to provide bankable wind data by leading independent consultants.

As the business has grown, so too has the breadth of products and services they provide. That’s the thing about inventors - they never stop innovating.

Finance manager, Stephanie Schreiber, explained that

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Fulcrum3D designs and manufactures their own products, deploys and commissions on-site systems, and operates its own data monitoring and analytics service. “This business is more complicated than any business I’ve worked at before, in terms of accounting.”

“The time lags we were experiencing in the finance department were really holding us back,” she recalls.

However, amongst all this complexity, there was a lack of formal processes - something that threatened to hold the company back from its growth potential.

This was especially problematic when it came to revenue recognition.

“In a short time, we’d moved from a small company with minimal formalised systems to a mediumsized company with processes,” she explains.

“The amount of componentry and instruments we were building with was growing, and we needed tighter systems to keep tabs on it all.

“At the same time, the amount of people in the business was increasing and we needed to ensure everyone had access to accurate information.”

For the finance team especially, there was a third important factor: time.

“In particular, we needed to reduce the time lag between processing spend and income in the system and running reports.”

“In a simple business, you build something and get paid 100 percent of the money in seven days, and that revenue is recognised in the accounts.

“In our business, it’s much more complex. Clients typically pay over a series of milestones so our revenue recognition isn’t necessarily instantaneous.”

Sorting through the project spend and invoicing, Stephanie would spend one day a week on manual revenue recognition.

“And I was always months behind,” she says.

The game-changer was TidyEnterprise, a project, inventory and workflow management software that

XU Magazine - the independent magazine for Xero users, by Xero users.

Case Study

integrates seamlessly with Xero.

own business advantage.

“Tidy has a feature called WIP, which calculates the revenue recognition for projects in progress. At the end of every month, all I need to do is run a payment summaries report and all the data is there and up to date.”

“When we run the reports, we have the decision making power right there and then, instead of not knowing where we stand,” said Stephanie.

For Stephanie, the time savings are substantial. “Now I only spend one day a month reconciling projects and making sure they’re finished and entered in Tidy, and it calculates how much we’re allowed to recognise as revenue, instantly.”

“That was massive for us. Our books are now up to date at the end of every month. We can see all our costs, our spending, our componentry for projects, our profitability, and more, in one place.

“It’s so good going into Xero and knowing the balance sheet is accurate and what our assets and liabilities are. It’s reduced the stress.”

The power of accurate data The Fulcrum3D team, more than anyone, knows how essential reliable data is for effective project design and management – from both a technical and financial point of view. They’ve built a business on that very truth.

By formalising their project and inventory management processes using Tidy, they are realising the power of reliable data for their

“This means we know how to better manage cash-flow for upcoming projects, and whether we can take on larger projects because we have money in the kitty.”

Just as wind and solar companies use Fulcrum3D solutions to work out how each part of the plant is performing and reveal opportunities for optimising that performance, Fulcrum3D is using the precise project and workflow data to the same end: optimal business performance.

“We can see how much stock we’re holding at any point in time, how much we’re turning over, or not, and how frequently we’re going through components we’re buying,” explains Stephanie.

“We didn’t have eyes on that before; we just kept our shelves stocked with componentry. So, it has made us ask the question - do we need to hold as much stock as we’re holding? How frequently are we going through things?”

The business also now has visibility over its different markets and their profitability.

“For each of our four key markets, we now understand our gross margin for a particular product or service. This is information

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we didn’t have at our fingertips before, and it’s revolutionary for us.

Above: The Fulcrum3D team

“We could always guess what was doing well, but Tidy gives us an objective look at those markets and whether we’re offering accurate pricing.”

Shifting the mindset Ask anyone in the business and there’s no doubting that Tidy has made a positive impact. But making the move to the software a year ago wasn’t plain sailing - it required a huge shift in mindset.

“We’re a really dynamic, entrepreneurial and inventive company,” Stephanie explains.

“The whole beauty of Fulcrum3D is that we can react and invent new products to solve problems all the time. Some people were worried that the way we freeflow and the way we invent might be stifled by software like this - that using Tidy would turn us into Telstra.”

They explored the option of using in-house expertise to develop their own fit-for-purpose software.

“The thinking was that building it ourselves would allow us to have the software exactly as we want it, rather than be stifled by what someone else offers.”

However, Stephanie said working with Tidy surprised them all.

“The fact that Tidy is a young,

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Issue 28 / 89

Case Study innovative company is a great personality match for us. When we raise a problem, there are people on the ground thinking about what we can do and help create a solution.”

This level of customer support stood out to Fulcrum3D when selecting the software, though it was not the only factor that determined their decision.

“We were looking for something that was budget friendly with great customer service. It needed to work with Xero, while being something fluid that could move with us,” Stephanie says.

TidyEnterprise ticked all the boxes, providing an affordable way to manage the projects, stock and workflows on the operational side before sending the financial information seamlessly across to Xero for the accounting.

To get the most out of their investment, Fulcrum3D engaged Edward Fyvie of 5E Management Services, one of Tidy’s

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implementation partners based in Australia.

“Fulcrum3D is a very complex business, so Edward was on the ground helping us work out how to get the business through Tidy in the most efficient way.”

“The nature of our business means we are often stretching its capabilities and using it in ways that have never been done before. That’s where Edward and Tidy’s software engineers work with us and problem solve.”

“Now, there’s just enough process to keep the process lovers happy and not overwhelm or stifle the non-process people. It’s a happy medium.”

What it takes to succeed as a small company is different than as a large company - there’s no doubt about that. However, Fulcrum3D is succeeding where many fail; it is finding a way to keep its startup agility and inventiveness while putting in the processes required to scale.

You’ve got to have process “There are those who prefer processes, and those who are non-process people,” Stephanie says.

“The beauty of our company is that we are creating harmony between those types of people, because we recognise the value of both types of thinking. That’s how we’re able to create and react to markets.

FIND OUT MORE...

To find out more about how you can make your business Tidy, visit: tidyinternational.com/ solutions

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Introducing Budget Checking ApprovalMax extends Xero with powerful approval automation features for accounts payable and accounts receivable:

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What is Budget Checking?

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Time savings for approvers Stricter spend control No more overspending Be among the first to hear about the release of ApprovalMax Budget Checking!

Let me know when it’s live: approvalmax.com/xu28 Visit the XU Hub: Go to www.xumagazine.com

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Issue 28 / 91

Cover Case Study Story

Combine your expertise with apps to take your clients to the next level I spoke with a customer who’s got some great

advice for accountants and bookkeepers who’d like to expand the services and expertise they offer.

As soon as you talk to Toni May of Peter May Ltd, you’re inspired by her passion for looking after her customers with the best products and service possible. You also see how much she trusts technology to help drive the company’s success.

T

oni uses apps including WorkflowMax, Xero and Shopify to make life easier and to get an accurate picture of how the business is doing at any moment of the day.

This article is

She’s worked with implementation partners to help set up these apps and has found their expertise invaluable. Toni believes that accountants and bookkeepers should consider becoming app advisors and teaming up with software setup partners to build closer, more profitable relationships with their clients. Here’s why she thinks there are benefits for everyone: Taking pride in delivering a great product Peter May Ltd is an innovative company that specialises in the custom design and manufacture of high quality canvas, PVC and protective products. They’re based in Ashburton, New Zealand and provide products for farming, private and commercial clients around the country.

To

ni

M ay

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Toni is a director along with her husband Peter May and the company employs four more people.

They’ve now been in business for 40 years and

while they’re a small company, they have a wide production range.

“Peter loves problem solving and tackling something like a canvas that goes on a potato harvester, but we realised it’s hard to make much money with custom work.

We thought, ‘If we can make a widget, we can streamline production and become very efficient’. We discovered our widget is our work-proof seat covers that protect vehicle seats,” says Toni.

They’ve invested in the technology to produce these covers and now sell them from the top of New Zealand to the bottom.

But there was a time that they didn’t have the right technology

@WorkflowMax

Larissa Paris, Head of Sales, WorkflowMax I’m the Head of Sales for WorkflowMax and have more than 16 years of sales and leadership experience in the tech space. I love building high performing sales teams and executing global sales strategies, and was pivotal in developing the Xero partner channel in New Zealand. I’m super passionate about how software can make a real difference in the lives of our partners and customers to create more time and space for the really important stuff!

to help with job management basics like accurate job costing and knowing whether jobs were profitable or not. Toni says, “A job would come in, we’d enter it into the system we were using, and it would just disappear into the abyss. We didn’t have a good way to schedule jobs or tasks. And ordering everything – we had no good way to track fabric for a job.”

Implementation partners make a world of difference Toni knew the name Xero and went to find out more when she got an invite to attend an information day. She came home buzzing because she learned what Xero could help with and was introduced to WorkflowMax implementation partner Nicole Elvy from Equation. Nicole

Join our webinar - 16 September at 11am (NZT) Join our webinar to learn more about helping your clients move to a cloud job management system.

On 9 September at 11am (NZT), we’ll take you through the basics of becoming an app advisor, including:

• Creating your pricing model • Profiling clients’ businesses • Mapping apps to requirements • Working with an implementation partner • Following up with clients and identifying new opportunities

• Identifying the clients you want to target

Register now and we look forward to seeing you!

XU Magazine - the independent magazine for Xero users, by Xero users.

Case Study thought Xero and WorkflowMax would be a good fit for Peter May Ltd and made a time to visit Toni.

can discuss tax issues and so much more.

She wants tips for running the business, and understanding how N things are tracking and ic ole E lv y From that visit and the if they’re charging enough. conversation they had, Toni was She says, “Small businesses happy to make the switch to Xero need app advisors who can and WorkflowMax. “But I needed recommend the right apps, get a plan because I knew the setup things set up and integrated with was a mountain too high for me each other, and then advise on to climb on my own. I’m busy what the data is telling us.” doing the doing and I haven’t got time to find out the details.” So Someone like Josh has the right Nicole took the chart of accounts skills and expertise to integrate to do the initial Xero setup and new apps and train Toni on how then visited Toni in her office for to use them, then look at the two or three hours a day that first reports these apps produce to let week to get Toni up to speed. her know about any weaknesses within the business. Toni says, Toni says, “We undertook a “I’m not going to give Josh up in a seamless transfer to Xero and hurry – he offers real value. I have WorkflowMax. Nicole sat with to pay for it but it’s well and truly me while we input our jobs into worth it.”

WorkflowMax and she showed me how to do quotes and invoices.

Seeing the big picture with From that point on, I had enough WorkflowMax knowledge to be able to just ring her if I needed to know something So how has WorkflowMax helped that we perhaps hadn’t covered or Toni close the job management I’d forgotten. It worked extremely abyss? She explains, “It’s had a well and our time with Nicole dramatic impact on our business helped set us up for success right and put us back in the driver’s from the start.” seat. In the past, you might give an order to a fabric sales rep and After their accountant retired, only half the order would arrive Peter May Ltd were referred but there was no paper trail to to Josh Wilson of Sidekick prove half was missing. Now Cloud. Josh is a I have digital proof of Chartered Accountant, when I ordered it, and WorkflowMax when it comes in, I can implementation match it to that order. partner, Xero platinum Everything is more partner and certified visible.”

Jo Shopify partner. He sh W ils on visits Toni every month to Keeping an eye on staff answer accounting and software efficiency is important and questions and helps her use the WorkflowMax lets Toni do that apps even more productively. automatically. She says, “We have an apprentice who’s allocated “I think the role of the accountant one and a half times more time has had a huge shift,” says Toni. to complete a job than our other “In the old days, we went to our tradesman. When he finishes accountant once a year. He told a job, I can share his efficiency us how much tax we had to with him and because he’s just pay and then we’d go away for starting out, we can look into how another year’s work. But this was he can improve his time while still the wrong way to look at it. You producing a top quality product.” can’t do anything based on what happened a year ago, right? You WorkflowMax also captures need information in real time.” the team’s time and costs as Today, Toni wants advisors who they progress through jobs.

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They enter their time on the WorkflowMax app as they finish jobs in the workshop. Toni can see their timesheets in real time and invoice from WorkflowMax straight away. Then she can run a job financial summary report and see if they made money on the job.

She finds WorkflowMax and Xero reports essential – especially for fixed price jobs and explains, “When we charge jobs based on actual time, we capture all costs because we’re charging for everything we do. But when it’s a pre-priced or fixed price job, we can use the financial summary report to compare estimated versus actual costs to see profit or loss.”

As a business owner, Toni relies on these reports. She’ll look at the job financial summary reports weekly and if she sees any negative gross profit margins, she’ll delve into it to find out why and take steps to fix things.

It’s this instant view and instant knowledge that makes Toni love WorkflowMax. “I enjoy my job and I enjoy seeing that information.

I’m quite a detailed person so I like the way WorkflowMax captures all the costs all the time.”

Getting this time back is essential as Toni explains. “I think you’ll find every small business owner works incredibly hard. We work long hours and we’re very passionate about what we do. So we need tools to make life easier and speed things up. And we need real information from our software, and insightful recommendations from our advisors so we can make smart business decisions.”

FIND OUT MORE...

To find out more about WorkflowMax, please visit: workflowmax.com

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Issue 28 / 93

Smart automation for all spend One platform to manage expenses, supplier invoices, purchase orders and travel spend. All with budget visibility.

Expense Management Expense reports that write themselves

AP Invoice Automation Eliminate manual, costly processes

Purchase Orders Control the spend before it happens

Budgets Make your budgets visible

Travel Reconciliation Reign in the cost of travel

“

With seamless integration to Xero, we’ve cut time & costs spent on Accounts Payable by 85%!

Zac Fitzgibbon | Financial Controller Breakthrough Accounting

”

TRUSTED BY LEADING ORGANISATIONS

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XU Magazine - the Book independent magazine forexpense-manager.com Xero users, by Xero users. a demo

Updates from Xero

Updates from Xero What we’ve been working on...

U

nlocking the potential of data for small businesses and advisors This month, Xero made two important announcements that demonstrate our progress in delivering on our vision to become the most insightful and trusted small business platform.

We launched a suite of analytics tools powered by data and AI, as well as shared Xero’s commitment to responsible data use, including the launch of a Xero Responsible Data Use Advisory Council.

Xero Analytics Plus Xero Analytics Plus gives every small business access to powerful insights that help them understand where they are now, and where they might be in the future. It combines advanced cash flow predictions with insightful business reporting, all within Xero. Xero has also bundled short-term cash flow and business snapshot into a free tool called

Xero Analytics. It comes with a number of new features to help small businesses better manage their cash flow and measure their financial performance.

Xero’s commitment to responsible data use The increasing adoption of digital tools by small businesses around the world, and the data associated with those tools, creates opportunities but also responsibilities for all involved.

It’s a responsibility that Xero takes seriously. In 2020, we introduced a set of responsible data use commitments that guide every decision we make around data use. This includes transforming data into insights to help small businesses and advisors make better decisions, as well as developing innovative products like Xero Analytics Plus, that continue to take the toil out of manual work.

At Xero, we believe using data responsibly is in everyone’s

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Steve Vamos,

interest, including our small business customers, advisors, those we do business with and our partners. However, we know small businesses don’t always have the time to learn everything they need to know about the opportunities and challenges that come with using data.

CEO, Xero This article is

To help fill this vital education gap for small businesses and their advisors, we’ve established a Xero Responsible Data Use Advisory Council. This first-of-its-kind group is made up of experts from the small business community and industry experts around the world, and is chaired by Xero’s Executive General Manager of Data, Kendra Vant.

The Advisory Council will help educate and inform our small business customers and their advisors, by sharing news, insights and best practice information to understand the possibilities surrounding data use, from how to retain control of data, to taking advantage of responsible data use to deliver value to a business.

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Issue 28 / 95

Updates from Xero

Other Xero updates...

We’ve made a number of other updates on the Xero platform over the past month, including:

Global Filtering items in the Products and Services list We’ve updated the Products and Services list in Xero, so users can filter lists by archived or active items. This has been one of the most requested community features for Products and Services. We’ve also updated the new item creation page, to make it a faster and more beautiful experience.

Exporting beautifully branded reports to PDF We’ve taken one more step in our journey to give practice staff beautiful reports. They’ll now see a ‘Styled PDF’ option when viewing a new report. Selecting this will allow practice staff to export a branded report to PDF, with the practice’s logo and title colour, before reaching the publishing stage.

Celebrating 15 years with Xero Day We recently celebrated 15 years since Xero was registered as a company in Wellington, New Zealand. Today, the original vision to change the game for small business is stronger than ever, with Xero’s team of more than 3,600 people working to bring the platform to millions more small businesses and their advisors around the world.

To mark 15 years, we launched Xero Day, an annual day to celebrate and acknowledge the people, customers, partners and communities who have played an important role in Xero’s journey so far. This year to kick things off, we announced donations of NZ$15,000 to each of the eight

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charities supported through our Xero Community Appeal in 202021.

Australia Calculating eligibility for a COVID-19 grant The NSW Government has announced financial support to businesses impacted by the recent COVID-19 restrictions and stay-at-home orders. Our new eligibility calculator autopopulates the relevant fields, to help small businesses quickly understand if they’re eligible.

Reminding clients about document packs Our new reminder feature allows accountants and bookkeepers to send a reminder to one or more recipients of a document that was sent via document packs in Xero HQ, but not completed.

Reminders can be sent multiple times, and users can customise the email accompanying the reminder each time.

Automatically adding unfiled amounts to ‘new’ BAS If users enter or alter a transaction during a finalised Business Activity Statement (BAS) period, Xero will now automatically add it to their next BAS as an unfiled amount.

Unfiled amounts are also added when users edit, void or delete transactions that were included in a previous BAS. Users can view unfiled amounts by looking at the ‘Transactions by Tax Rate’ or ‘Transactions by BAS’ reports. To make changes on BAS (including any unfiled amounts the customer does not want to include), they can use ‘Adjustments on BAS’.

Adding foreign income to ITR 2021 returns in Xero Tax We’ve added a number of ATO calculations to Xero Tax, saving accountants from doing these manually. They include the ability to add foreign rental income and expenses, foreign income for an individual, and overseas levies for Higher Education Loan Program, VET Student Loan, and Trade Support Loan debts.

Canada Generating provincial sales tax return reports Xero users can now generate British Columbia Provincial Sales Tax, Saskatchewan Provincial Sales Tax, and Manitoba Retail Sales Tax return reports in Xero, providing even greater sales tax reporting coverage across Canada. Now, users have a solution designed for their province that automatically calculates sales tax for specific filing periods and tracks prior period adjustments.

New Zealand Updating sick leave entitlements in Xero Payroll The NZ Government has increased minimum sick leave entitlements for all eligible employees from five to 10 days.

We’ve launched a new feature in Xero Payroll that helps employers quickly and easily identify which employees need their current minimum sick leave entitlement updated.

New employees will default to the new minimum entitlement.

XU Magazine - the independent magazine for Xero users, by Xero users.

Knowledge is power, how would you use yours?

Advanced Spend Analytics.

It’s that simple.

Build a constant reflection of your spend with The Compleat Data Lake.

The Carbon Emission Savings Tracker.

Make savings whilst also reducing your carbon footprint.

The saving power of large enterprises for SME’s. Same product, different supplier, but cheaper.

Integrations into the world’s most popular retail marketplaces...

Simplifying the way everyone buys & pays.

Invoice Automation | Online Buying | Purchase to Pay | Digital Procurement

To achieve the extraordinary go to: www.compleatsoftware.com

#TheFutureIsNow

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Issue 28 / 97

the first time, Commonwealth Bank of Australia (CBA) will UpdatesFor from Xero

offer working capital lending for small businesses, powered by the Waddle lending platform. CBA’s Stream Working Capital will use Waddle’s platform to expedite and simplify the process of providing working capital to its customers.

help small businesses with one of their most pressing needs, managing cash flow.

Xero business update...

Simon Creighton FOUNDER AND DIRECTOR, WADDLE

Clare Morgan EXECUTIVE GENERAL MANAGER OF BUSINESS LENDING, COMMONWEALTH BANK

Waddle and Commonwealth Bank of Australia partner to deliver invoice finance to small businesses

powered by the Waddle lending in invoice finance, such as platform. CBA’s Stream Working assessing credit, underwriting and Capital will use Waddle’s platform monitoring. to expedite and simplify the of providing working This is the first partnership of its DFK awarded Xero Global process Partner status Following Xero’s acquisition of capital to its customers. kind between Waddle and a major We recentlythe signed a three-year global agreement with DFK International, which will be recognised as abank Xero Global Waddle, lending platform Australian , and itPartner formsamade new status that was launched in March 2021 as a new way for Xero to recognise global agreements of this nature with largesmall a major announcement on CBA’s business customers can opt part of Xero’s efforts to help enterprise accounting firms or associations. a new partnership with Australia’s to share their Xero accounting businesses with one of their most biggest bank. For the first time, data with the bank, and Stream pressing needs, managing cash Xero will become the accounting platform of choice for DFK’s independent member firms and their small to medium Commonwealth Bank of Australia Working Capital, powered by flow. business clients. DFK is a global association with a network of more than 200 independent accounting, tax and business (CBA) will offer working advisory firms located in overcapital 90 countries. Waddle, will automate many of lending for small businesses, the manual processes involved

DFK awarded Xero Global Partner status We recently signed a threeyear global agreement with DFK International, which will be recognised as a Xero Global Partner - a new status that was

launched in March 2021 as a new way for Xero to recognise global agreements of this nature with large enterprise accounting firms or associations.

Xero will become the accounting platform of choice for DFK’s

independent member firms and their small to medium business clients. DFK is a global association with a network of more than 200 independent accounting, tax and business advisory firms located in over 90 countries.

X E RO NE WS — AU G U ST 2 0 2 1 5

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Would you like to work more on Advisory services & less on task-driven processes?

Cloud based solutions for growing inventory businesses

Insert very clever quote for accountants here.

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Issue 28 / 99

Introducing the ApprovalMax Budget Checking feature Budget Checking is the latest addition to the ApprovalMax functionality. It improves spend control and saves time

because approvers get a clear real-time overview of the

@ApprovalMax

Konstantin Bredyuk, Director (Product), ApprovalMax With roots in business process management and optimisation software development, Konstantin has undertaken hundreds of product implementations for ApprovalMax clients worldwide.

Konstantin has consulted multiple organisations with profiles ranging from SMBs to governments and industry tycoons. His unique industry knowledge and expertise cover both the finance and the technology fields.

budgets impacted by the documents they are approving.

Budget Checking is launched as part of the ApprovalMax Advanced plan.

This article is

W

ho is this for?

Budget Checking is essential for any company that has explicit budget policies and requires stricter spend control. It allows approvers to collate the amounts of pending purchase orders and bills with existing budgets to make their decisions accordingly.

Below: Budget Checking in ApprovalMax - the approver’s view

This feature saves time because approvers no longer need to search for budgets and open them in a separate tab, or

consult a colleague to learn where the budget currently stands. Instead, they can view it right next to the document that’s awaiting approval. Budgets are synchronised in real time and the approvers can see which documents have already impacted a specific budget.

ApprovalMax uses account codes and document dates to pull the relevant budgets for each of the line items in the document under approval.

Being able to validate spending against the budgets and see immediately whether funds are available to cover the amount of a transaction prevents overspending and strengthens control over the organisation’s funds.

How do you set up Budget Checking in ApprovalMax? Budgets can be pulled from Xero, or get uploaded from a CSV file.

Xero budgets are synced daily (or manually if and when required).

In ApprovalMax, you can select which budgets you want to sync in order to exclude draft budgets.

While budgets are defined for a month by month spending, organisations often define rolling budgets per quarter, semester or financial year. ApprovalMax provides such aggregated views including YTD view. In terms of the budget check period, several options are available for tracking budgets; for instance, 1, 3, 6,12 months, or YTD. Budget Checking could start from the beginning of the financial year (this setting is synced from Xero). Organisations whose budgets are not tied to the

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financial year (e.g., schools might have budgets for an academic year instead) will probably use the option to have the budget check period start from a custom month.

In the settings, you can also specify that net or gross amounts are to be used for checking and tracking budgets.

How does it work for the approvers?

If Budget Checking is enabled, approvers have access to all the budgets concerned - they’re shown below the request itself with a separate line stating which budget or budgets would be affected by the approval of this document as well as the remaining budget amount.

There’s also a status indicator: a green one means the budget will not be exceeded if the request

gets approved.

Approvers can click on a budget to see more details: which line items have an impact, the total and remaining budget for the selected period, and the amounts of other bills and purchase orders affecting this budget (showing the amounts of approved and not yet approved requests separately).

advanced features. Do subscribe to our updates, so you don’t miss when it’s going live!

Once an approval has been completed, the respective budgets will be recalculated accordingly.

Good to know! When will this be available?

At the moment, Budget Checking is available in Beta for a number of ApprovalMax customers. It will be generally available this autumn as part of the ApprovalMax Advanced plan, a new offering which includes a number of other

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FIND OUT MORE...

Be among the first to hear about the release of ApprovalMax Budget Checking!

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Issue 28 / 101

Providing you and your clients with the tools to grow At WorldFirst we aim to provide you with the tools to help your clients expand their businesses, so you can grow

the revenue for your practice and support your clients in developing their business prospects.

@WorldFirstLtd

Simon Smallwood, Head of Partnerships, WorldFirst UK Before joining WorldFirst Simon worked for a number of years with an SME and Accountancy focused Fintech business, having previously spent 8 years working for an Internationally focused UK based SME that he co-founded and is still running today. This provides Simon with a great insight into the benefits technology can bring to SMEs in managing their finances and the opportunities for Accountants, Bookkeepers and business owners alike.

As part of our mission to make it easy to do business

anywhere, we are working with Alibaba - one of the world’s

largest B2B eCommerce marketplaces to help our partners’ clients find new suppliers and new clients globally.

This article is

F

ind new suppliers and strengthening your supply chain • Find verified suppliers that create exactly what you are looking for on one of the world’s largest wholesale marketplaces.

• Benefit from Alibaba Trade Assurance to provide peace of mind on product quality & delivery dates.

• Pay for the product, ensure its

quality, and ship it to your final destination.

Reach new clients and markets to develop and grow • Increase your global footprint with a cost-effective way to increase global wholesale sales with an all-in-one selling platform.

• Leverage built-in sales and marketing tools to target new customers.

• Take advantage of a rebate offer for new WorldFirst customers valued up to USD 3,999.

Save time and money with international payments • Make foreign exchange transactions in 68 currencies easily and at speed.

• Collect international funds in multiple local currency accounts online, for free.

• Manage risk with robust hedging solutions and real-time rate alerts.

• Seamlessly reconcile transactions with Xero integration and reduce your accounting admin.

Buying and selling on Alibaba.com Doing business with China has become critical to many companies buying and selling internationally. While buying from China is easier than ever thanks to advances in transportation and communication, it can still seem daunting. With over a decade worth experience helping businesses access the China

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market, WorldFirst is proud to be a Global Service Partner to Alibaba.com.

Since its launch in 1999, Alibaba has become the leading platform for global wholesale trade, and one of the largest ecommerce companies in the world, earning $78.6 billion in revenue in 2020. It is also one the most comprehensive business directories globally, connecting millions of buyers and sellers from all over the world.

As one of the world’s largest global B2B marketplaces, Alibaba. com has 150+ million registered members, 26 million active buyers, more than 150,000 sellers, and receives in excess of 340,000 product inquiries daily. There’s not much you won’t find in its directory.

It’s not just China based sellers either. Quality wholesalers from all over the world now use Alibaba.com to sell their products.

Buyers can also use Trade Assurance, a free transactional protection service, to secure purchases from China based suppliers made via the Alibaba. com payment portal.

Alibaba connect buyers and exporters 24/7 online while supporting the development of trust and peace of mind. This global 24/7 trade show model helps our partner’s clients find new suppliers and new clients globally.

Top tips for choosing new suppliers on Alibaba 1. Review the company profile: the Alibaba verification system comes with several layers of authentication and seller profile information is both verified and unverified by Alibaba.

2. Send a message: one of the unique things that sets Alibaba apart from other platforms, is the ability to speak directly to sellers on Alibaba.com to customise your order, negotiate prices, or learn more about their business.

3. Attend virtual trade shows: online trade shows are not only more cost-effective than in-person events, but they can help sellers reach all attendees rather than one that would have time to visit their booth.

Just check out the top menu bar on Alibaba.com to get started.

4. Get product samples: this will allow you to verify the quality.

Remember, some suppliers may send you samples at a reduced rate, or for free, if they deem you to be a serious buyer.

5. Check for Trade Assurance: if the product quality or the shipping date deviates from what the supplier had agreed to in the Trade Assurance order, Alibaba will help you come to a resolution – including a refund.

6. Monitor and inspect products: opting for Trade Assurance means you can add additional services such as production monitoring and inspection, where a local team will carry out a quality assessment to ensure everything runs smoothly.

7. Don’t be afraid to walk away: be wary of unrealistic prices or promises made by suppliers – if something seems too good to be true, it most likely is. Trust your instincts, and walk away from the deal.

FREE step by step guide How to source, pay, and manage products from Alibaba.com

Reach millions of B2B buyers globally​with Alibaba.com Alibaba.com makes ​B2B ecommerce possible f​ or sellers around t​ he world, connecting y ​ ou with new customers and the tools necessary t​ o do business on a ​ global scale.​ • Set up a store t​ hat showcases ​ your brand: differentiate yourself f​ rom the competition ​ with a full store dedicated to your products- no coding or design skills necessary!

• Connect freely ​to build lasting relationships: interact with customers o ​ n your terms and own t​ he relationships, customer contact information, ​and buyers’ background information to foster loyalty and repeat sales.

• Increase awareness ​and sales with marketing tool: find the right buyers for your products and market directly to them with tools to increase exposure and conversions.

• Continuously ​improve your store ​and sales: get optimization suggestions from site-based algorithms, and playbooks from industry experts and the professionals at Alibaba.com.

Alibaba.com membership rebate for new WorldFirst customers Purchase an Alibaba.com seller membership package within 3 months of becoming a WorldFirst customer, and you could receive up to the value of the Basic Pro Membership

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(valued at USD 3,999) when you meet set transfer benchmarks. ​ Terms and Conditions apply Find out more

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Issue 28 / 103

Tie it all together with International business payments made easy With deep knowledge and understanding of the Alibaba platform, WorldFirst are on hand to help you finalise your Alibaba purchases so you can benefit from: • Simple and secure transfers in CNH, USD, EUR and HKD to Hong Kong and Mainland China • Same- and next-day payment options – with the flexibility of settling transactions directly in CNH

• Transparent pricing and fixed fees based on your annual trading volume • Competitive foreign exchange rates and fixed FX fees – so you’ll always know the rate you pay for every trade, ahead of time How can WorldFirst help?

WorldFirst helps customers move money around the world with simple, fast and affordable FX transactions. Since starting out in 2004, more than 240,000 businesses have utilised our services to send more than £87bn around the world.

Today, WorldFirst provides a range of tools and services far beyond global money transfer, with international payment and collection accounts, marketplace integration and hedging products.

Next steps With many years’ experience

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working with SMEs who are selling internationally on global marketplaces, WorldFirst has the knowledge and expertise to help accountants, bookkeepers and their clients reduce the costs associated with expanding internationally by diversifying and nurturing their sales channels for growth.

Contact us for more information on how your accountancy or bookkeeping practice can benefit from partnering with WorldFirst.

FIND OUT MORE...

For more information on how your accountancy or bookkeeping practice can benefit from partnering with WorldFirst or how we can help your business visit our website: www.worldfirst.com/uk/ partners/accounting

XU Magazine - the independent magazine for Xero users, by Xero users.

Accountants are more than just number crunchers – you’re trusted advisors. And we’re here to help you support your clients with the right business finance, that works for them.

APPROACHING BUSINESS FINANCE DIFFERENTLY Hassle-free referral It takes just a few minutes

Quick decision So your clients get funds faster

Personal service From your dedicated relationship manager

We offer a range of funding solutions, including business loans, flex loans and invoice finance. marketfinance.com/accountants Visit the XU Hub: Go to www.xumagazine.com

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Issue 28 / 105

Commerce with Greenback

Introducing Dext Commerce Managing your sales data just got simpler...

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XU Magazine - the independent magazine for Xero users, by Xero users.

With Dext Commerce, you can: Consolidate sales data from multiple channels including Amazon, eBay and Shopify.

Access real-time sales data.

Ensure tax compliance.

Arrange a discovery session to learn more about the value Dext Commerce can bring to your business.

Book a discovery session dext.com

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Issue 28 / 107

Event

Accountex is back - Manchester event takes place on 20-21 September 2021 Visitor registration is open now for Accountex Summit North 2021 Caroline Hobden, the new Portfolio Director for Accountex shares details on the return of Accountex Summit North This article is

F

ollowing on from the postponement of all in person Accountex events in 2020, we are delighted to welcome the return of Accountex Summit North - the definitive event for accountancy and finance in the North of England. The event will take place at Manchester Central for its third edition on 20-21 September 2021.

For this year only Accountex

@ACXSummitNorth

Caroline Hobden, Portfolio Director, Accountex Caroline is a dedicated event professional with 20 years of experience managing international business-tobusiness events. With a wealth of knowledge and expertise in running technical events across a variety of industry sectors, Caroline recently took on the role of Director for the hugely popular Accountex portfolio, which includes Accountex Summit North in Manchester (20-21 September 2021), Accountex in London (11-12 May 2022), a wide variety of virtual events and the monthly e-newsletter Accounting Insight News.

Summit North will run across two days to meet the increase in visitor demand, which has resulted from the postponement of the 2020 events. To allow for maximum capacity, visitors are being asked to select one day to attend the Manchester event.

innovation. The team have really missed bringing the community together. But, since announcing that Accountex Summit North will run this autumn, we’ve been overwhelmed by the interest in the show and the support from the industry.

As an established brand in the world of accounting and finance, we’re so proud of the vital role Accountex plays in connecting the profession and driving

Attendees to Accountex Summit North will have the opportunity to network in person with other industry professionals and meet and do business with 100 leading suppliers. All the big brands will be there including Sage, NatWest, SAP Concur, Xero, Wolters Kluwer and FreeAgent, plus cuttingedge companies like Comma and Made.Simplr. The exhibition will offer the opportunity to see demos of all the latest accounting and fintech software, so whether an entirely new system is needed or just a small add-on, there’ll be something for everyone.

The event is also home to a CPDaccredited seminar programme, where visitors can immerse themselves in accounting expertise. With over 21 seminars across three theatres, the programme will include sessions

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Event

delivered by big industry names and high-profile thought leaders.

Speakers include cybersecurity expert Paul Newton, who will ‘steal’ information from the audience during the session and give tips on how to avoid it happening in real life; The HMRC team will be on hand to share the latest Making Tax Digital updates, plus the latest on Penalty Reform; and MyFirmsApp will lead an interesting panel discussion with actual clients discussing what they want from their accountants.

Those interested in starting a practice can join ‘Spilling the beans: The real stories behind starting a practice’ where Carl Reader will lead a discussion with accountancy practice owners about the highs and lows of going it alone. Whilst those at the other end of the spectrum can listen to a panel discussion about

succession planning (‘Success Assures Succession’) led by 2020 Innovation Training and learn about the current buy/sell/merge market and how to best time exiting the business.

This is just a small selection of what is on offer. Other topics covered include advisory, funding, pricing, making tech work for your practice, the future of accounting and more.

With such high demand and limited places available, we recommend accounting and finance professionals register today to ensure they don’t miss out on attending the first inperson event from the Accountex portfolio to be hosted in 2021.

See you there!

Visit the XU Hub: Go to www.xumagazine.com

Register now for Accountex Summit North Accountex Summit North will take place on 2021 September 2021 at Manchester Central. The event is free to attend for accounting and finance professionals only. Places are limited and all registrations will be verified and confirmed.

Delegates must choose which day they plan to attend when registering.

The event will be run in accordance with the current Covid guidelines, to ensure the safety of all visitors and exhibitors.

Visit our website at: accountex.co.uk/ summitnorth

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Issue 28 / 109

Helping practices prosper with Making Tax Digital for Income Tax How can advisors capitalise on Making Tax Digital for Income Tax to grow their practices ahead of April 2023?

This article is

W

hen speaking with accountants, it’s clear that most are aware of the changes that Making Tax Digital for Income Tax will bring, in terms of the vast increase in the number of submissions being made. What advisors really want to know is what they should be doing now to make sure they are well prepared. Advisors are also keen to explore how they can capitalise on Making Tax Digital for Income Tax to transform and grow their practices ahead of April 2023.

Making Tax Digital is part of HMRC’s ambition to become one of the most digitally advanced tax administrations in the world.

Inevitably there is bound to be a certain amount of trepidation as MTD fundamentally changes the way the tax system works. What might the penalties be for clients, or for the practice, if the rules are not diligently followed?

Making Tax Digital for Income Tax (MTDfIT) is no exception. Some practices fear that their clients won’t understand it and that it may lead to increased time and

@wolterskluweruk

Evan Jones, Lead Product Manager, Wolters Kluwer Tax & Accounting UK Evan has extensive experience in the accountancy profession across roles in VAT, auditing, IT and product management. He joined Wolters Kluwer Tax & Accounting UK in 2014.

He is a frequent commentator in media publications including Financial Accountant, Accounting Insight News, Accountancy Age and Digital Accountancy magazine.

Evan is also often called on to speak at industry events including Accountex and Alternative Accounting.

effort with no associated increase in revenue or, even worse, a drop in practice productivity.

However, there are many tangible benefits to MTDfIT that could contribute to significant business growth and development opportunities. Practices could potentially see an increase in compliance revenues, opportunities to cross-sell complementary services, and even the chance to onboard new clients who may need assistance in filing quarterly.

The opportunities are there, but first practices need a good foundation in the basics of MTDfIT before they can understand how it can be a catalyst for new opportunities with clients.

Who’s in for April 2023?

MTDfIT is a new way of reporting income to HMRC, using software to keep digital records and send income tax updates quarterly instead of filing a self-assessment tax return once a year. MTDfIT comes into effect on the 6th April 2023 and will be applied to individuals and partnerships with either trading income or property income, or both, whose turnover exceeds £10,000 per annum.

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Importantly, it is the combined turnover from both trade and property that counts – for example, if your client is a taxi driver who rents out a room in their property and both incomes together exceed £10,000, MTDfIT rules will apply.

Who’s not in for April 2023?

There are no plans for Trusts, estates, Limited Liability Partnerships (LLPs), Limited Partnerships (although these are not common), partnerships with corporate partners, trustees of registered pension schemes and non-resident companies to join MTDfIT at this time.

How should practices begin to prepare now?

The first step is to establish how many of your clients will be affected from April 2023.

Interestingly, when we’ve asked practices to provide an estimate of the proportion of their clients they think will form part of that first phase, we have gotten a wide range of responses. Some suggest 20% as a realistic figure, but many more believe that the regulations will impact up to 60-80% of their client base.

Some practices have already profiled their client base and as a result know the precise percentage that will be impacted

by MTDfIT. They were able to do that by running reports on their databases and identifying the clients, based on the turnover threshold from last year, who would fall into the reporting criteria. Our customers use CCH Central Reporting to identify these clients.

Once clients are profiled, it’s time to segment them to find the most appropriate pathway to follow to become MTDfIT-ready.

Pathways to becoming MTDfITready For those clients affected

by MTDfIT, it is important to recognise and understand their

different situations, or readiness profile. To do this, practices need to assess and segment clients to determine the factors and circumstances that will influence their journey to becoming MTDfITready.

Note that the key requirement for MTDfIT is ‘capturing transactions digitally, in record-keeping software, as near to real time as possible’.

Some clients will not capture transactions digitally, and others may not capture transactions at all. These clients should be classified as both the highest risk from a compliance perspective, and also likely to need the most guidance in navigating the journey to become MTDfIT-ready.

At the other end of the scale, there may be clients who are already capturing transactions digitally, perhaps in a cloud bookkeeping application or, for larger businesses, in an online accounting solution. All their invoices, receipts and expenses might be captured digitally in a data-capture application, and live bank feed data may already be flowing seamlessly into their bookkeeping application in real time.

Perhaps with these clients, practices are already monitoring their financial performance monthly or quarterly. These clients are probably already MTDfIT-ready and, for them, submitting quarterly updates to HMRC will be done at the click of a button.

There will be clients who sit somewhere in between, and they too will need profiling. Each client will have a different pathway to get from where they are to where they need to be in 2023.

Some will want to take a pathway of deferral, buying themselves more time. Others will look to a pathway of exclusion. Yet more are best set on a pathway to explore what technology may be available to further help with the journey of digital links and record-

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keeping. One thing is certain – clients will be turning to their trusted advisors to help them navigate this new landscape.

Digital links and record-keeping Digital links were a big talking point in the lead up to Making Tax Digital for VAT, with some uncertainty about what HMRC would count as a digital link during the soft-landing period and when that time expired. It’s similar this time around, with comparable questions being asked.

Spreadsheets and bridging software may seem like taking one step back in digital recordkeeping, but as with MTD for VAT, HMRC has confirmed that both are, and will continue to remain, an acceptable form of digital record-keeping. As you would expect, the Wolters Kluwer Tax & Accounting UK MTD solution consumes data from a range of sources.

Most practices will have a substantial number of clients who currently use spreadsheets.

Some may be in a position to move on to a more digitally robust solution, whereas others may have just reached the point where they perform a reliable standard of bookkeeping using spreadsheets. Others yet may not even be at the spreadsheet stage of record-keeping. Regardless, spreadsheets will be around for some time to come, and will still play a role in helping clients to become MTDfIT-ready.

Many other solutions may help to make up the digital MTDfIT readiness journey. For those clients who are ready, cloud bookkeeping solutions will play an integral role in helping to file quarterly MTDfIT submissions.

Live bank feeds are another element that can help to prepare for a smooth digital journey. They require no data entry for the client or practice and can help to make submissions seamless, quarter after quarter.

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Issue 28 / 111

area set to accelerate digital transformation journeys. APIs are an industry-standard mechanism for separate software applications to communicate with each other.

Wolters Kluwer Tax & Accounting UK uses them extensively for bringing data into its CCH Central suite, whether from Twinfield, Xero, Sage, or QuickBooks, or from bank feeds.

MTDfIT: paving the way for new opportunities With a good grasp of how to move clients towards MTDfIT compliance, practices are in the perfect position to capitalise on the great opportunities available.

Any client can make use of live bank feeds with the right solution, keeping a separate bank account either for their business and/or property portfolio, and using a solution to connect to that data automatically to categorise these transactions.

Application Programming Interfaces (APIs) are another

At the very least, MTDfIT may be an opportunity to increase compliance revenues. It may also be a great opportunity to crosssell complementary services.

When the level of complexity moves up a notch for any activity, some clients will opt to pay the practice to take away that pain point.

Some opportunities will arise due to the sheer volume of taxpayers who will require help due to no longer filing their own returns using the HMRC website.

According to HMRC, this could be up to 5 million individuals, equating to excellent growth opportunities for practices.

With existing clients, MTDfIT translates into having many more opportunities to have richer conversations with clients, presenting the opportunity to nurture and reinforce relationships.

The possibilities are endless, and now is the right time to prepare to make the most of them.

Find out more...

Contact us to find out more about capitalising on MTDfIT

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Issue 28 / 113

All About The Data

A wise man I used to work for once said, “it’s all about the data”

@compleatp2p

Lucy Day, Business Development Manager, Compleat Software Lucy has over 16 years’ experience in the software industry and is a self-confessed P2P evangelist! Her previous roles at key Infor partners and most recently Sage UK, have seen her work with clients across Retail, Energy Oil and Gas, as well as NFP and Charities. So, she knows a thing or two about implementing business management software!

A wise man I used to work for once said, “it’s all about the data”, and if he is reading this I hope he won’t be sending me a bill for using his catchphrase!

This article is

J

oking aside, that is something that has really stuck with me, because it really is. Even when I recently upgraded my mobile phone to a new contract, I was bombarded by questions around data usage, what I use my phone for to ensure I have enough data, what happens if I use too much data, it seems mobiles these days are less about actually calling people and more to ensure you can stream the latest episode of Love Island!

But it’s a fact that we live in a data driven society, with an incredible 2.5 quintillion bytes of data being created every day, and 90% of the world’s data being created in the

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last two years alone. A staggering figure, which is expected to double every two years.

And when I think back over the last 18 months of lockdown during the pandemic, it really HAS been all about the data. At every government briefing sitting through countless presentations #nextslideplease showing trends of cases, hospitalisations, and vaccinations, and other modelling, because in our world today, data is probably the thing that matters most.

But why does it matter, why is it all about the data?

When I think back to some of the

projects I have been involved with in the past, systems customers have implemented have not just been to manage a process more efficiently, it has been to capture data. One example of something that was quite mind blowing at the time, was a utilities company who were using drone technology to capture pictures of various pieces of equipment. This would then allow technicians to analyse and determine whether any maintenance or repair work was required which could be scheduled within their asset maintenance application. Very clever stuff.

And if we think also to a passion of mine, Formula 1, data is everything! From analysing driver performance, engine performance, tyre longevity, every aspect of data gives each team the opportunity to create speed, and edge to improve, and ultimately win the race. If you love F1 as much as I do I can highly recommend Drive to Survive on Netflix, it provides a great insight into just how much goes on behind the scenes!

XU Magazine - the independent magazine for Xero users, by Xero users.

And that in essence is what data does. It can tell an F1 team when a driver needs to put. It can predict the onset of a natural disaster, and track climate change impact, or the status of your health. When you harness data effectively, it drives us towards making better decisions, and thus better outcomes.

But managing data effectively doesn’t come without its challenges. Many organisations today face the upward hill battle to consolidate data across disparate systems and translate it into something meaningful for the are purchasing 10 packs of pens residents. a month. 30 are these at £10.99 consumer. Data often sits in silo’s, and the other 20 and whilst one dashboard Another customer in education are buying them may work for sales, it saved over £17,000 per year at £4.99. The 30 may have no bearing within a month of using Advanced But it’s a fact that sites buying the on what someone Spend Analytics, simply by viewing we live in a data more expensive in operations the number of suppliers their driven society, with option are costing needs to see. In sites were using for purchases an incredible 2.5 this business an short, it can be of paper. They then found the quintillion bytes of additional £180 a bit like herding supplier providing the cheapest data being created per month, which cats! unit price and used the Compleat every day. is £2,160 per year.

P2P punch out capability to And that is just for one But get it right, and ensure their end users only had item in one category……. I’d be it can provide insight into access to the cheapest provider. asking myself what else could be inefficiencies, trends, and habits, going on? and ultimately, what we might do Coming out of Covid will next. It creates the opportunity undoubtedly mean for many If you factor in that could be for informed action, and shines a businesses that costs are kept light on what’s possible, but only if across countless deliveries, how under even tighter management is that impacting my carbon harnessed in a meaningful way. to aid the recovery process. footprint? Well, we’ve Ultimately that even thought of that At Compleat Software, it’s been may mean a too, providing a our mission over the last 18 change in mindset If you factor in months to jump onboard the data dashboard to and understanding that could be track number train and leverage the wealth that data is the across countless of deliveries of insights we can provide to key to competitive deliveries, how per supplier, to customers around spend going advantage and is that impacting identify where through their Compleat P2P ultimately survival. my carbon these can be platform, through our Advanced Our Advanced footprint? consolidated and Spend Analytics platform. No Spend Analytics tool what impact that will herding cats for them! is having real impact have on CO2 emissions. for our customers, not just in From overall spend, by category, understanding the breakdown What’s the impact this can all supplier and nominal, we can of spend, but then aligning that have? Well, one of our care home easily leverage information to to their own strategies to drive customers identified two of their allow our customers to analyse continued cost savings. And that’s homes with a similar number of spend across their entire all down harnessing what it’s all beds had significantly different organisation, for any number about…..the data. expenditures. This led them to of sites or staff. Add to that, we find one home was spending can even go down to line level, almost double on consumable which is where things start to get items using non-preferred interesting!

FIND OUT MORE... supplier deals, leading to a cost saving of approximately £10,000 So let’s put that into context.

Find out more about our per year. Money that can be reI’m a multi-site organisation, Advanced Spend Analytic Tool invested into looking after their across 50 locations, and each

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Issue 28 / 115

How local accounting firm cut time & costs spent on Accounts Payable by 85% expensemanager brings seamless integration with Xero to enhance functionality and Automate AP

Sharon Nouh, CEO & Founder, expensemanager As the founder of expensemanager, Sharon is a determined innovator, strategist, and self-starter, one who revels in big ideas that can be executed. She strives to challenge the status quo by continuing to build a great software company like expensemanager. She loves satisfying her clients through innovation that makes day to day life easier - like expensemanager’s seamless integration into Xero to automate those tedious manual Accounts Payable processes.

Read how expensemanager together with Xero resolves numerous pain points for local Australian Accounting Firm, Breakthrough Accounting.

This article is

A

bout Breakthrough Accounting

Breakthrough Accounting is a bespoke accounting firm on the Central Coast specialising in Not-for-Profit accounting, business accounting and virtual CFO services. When Breakthrough Accounting suffered multiple pain points within their AP processes, fortunately Zac and the team discovered expensemanager, Australia’s leading spend management platform, which seamlessly integrated to their existing Xero system to completely revolutionise their entire accounts payable (AP) process.

find themselves shuffling through paperwork to complete a simple task such as approving invoices for payments.

When dealing with the issue of holding and storing this paperwork, this trickled into other issues including risk & security management and no digital copies of invoices.

• Human/Administration errors were another significant risk for Breakthrough Accounting. Staff would spend hours completing

• Manual paper processes played a significant role in the pain points at Breakthrough Accounting, where staff would

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Resolving the Pain Points By removing paper processes, Breakthrough Accounting has seen an immediate change in their day-to-day processes for both their staff and clients. “​​By making our processes paperfree removed the risk of any lost documents plus no more paper shuffling. This allows us to boost our professionalism whilst increasing our productivity and allowing us to actually focus on our core roles” says Zac.

The Pain Points Unfortunately, Breakthrough Accounting previously suffered multiple ‘Pain Points’ that resulted in excessive time and resource constraints, hindering their next layer of success when it came to internal AP processes.

systems were tried and tested to manage Breakthrough Accounting’s expenditure. Not only were the total cost of these systems excessive, they increased the risk of errors and administration tasks.

Administration work. With any human process comes the potential for errors, which would result in additional time spent on tasks to minimise risk of error.

• Unintegrated software

Implementing AP automation allowed Breakthrough Accounting to shift all their AP processes online. With the power of automation and enhanced features such as OCR, the team could automatically scan invoice data and supplier payment requests would be automatically created. Furthermore, features

XU Magazine - the independent magazine for Xero users, by Xero users.

including Automatic Duplicate Invoice Checks and Coding & Matching allowed Breakthrough Accounting to significantly reduce administrative bottlenecks.

Approvers receive fully coded invoices and can approve invoices on any device, on the go, with multi-level approval workflows with policies customised directly to our company.

“By automating our accounts payable, we have reduced costs significantly and most importantly, we gained back up to 85% of time spent that we usually used up by undergoing manual, tedious processes such as checking for duplicate invoices. We have now completely transformed the way we manage our time, opening up more time for our clients.”

Watch this short video to see how businesses run better with expensemanager features for Xero clients through its seamless integration, making Accounts Payable even easier.

Primary integration Overall, the cost By implementing a benefits that savings are many, Complete Spend Breakthrough many times Platform like Accounting over the cost of expensemanager experience expensemanager. that seamlessly includes: We don’t just love integrates into • Links within it, our clients do Xero that allow easy Xero, Breakthrough to!

Accounting could manoeuvring between finally remove the both systems, allowing multiple software systems managers to easily recall that were used for spend invoices and other important management. From expenses documents. that simplify business spend, • 100% Cloud based software, right through to purchase orders meaning users, approvers and that control spend and make auditors can access the system the entire purchase process anywhere, anytime. online, expensemanager allows • Customisation is crucial as all Breakthrough Accounting to businesses operate differently. keep all AP processes simple to expensemanager gives the manage. ability for Breakthrough to set up files to match Xero, from GL “With its seamless integration Accounts right through to Tax to Xero, expensemanager has Codes. significantly reduced the time • User functionality and cost spent on processing and enhancements gives reconciling our expenses & invoices.

Breakthrough’s users the A key benefit to us was the ability to ability to complete important process different expenses across functions including exporting multiple companies from the one multiple Xero files from the one system.” explains Zac. expensemanager login.

• Tracking enhancements Integration to Xero allowing all expenses to be easily tracked to relevant cost For Breakthrough Accounting, centres. integration between software is crucial for healthy business Zac mentions that “Integration operation. expensemanager is a is particularly important for us certified listing on the Xero App and our business operations. marketplace, delivering enhanced Integrating our Xero system with

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expensemanager has opened crucial features and enhancements that we use daily, including tracking enhancements and ability to customise files. It is not just us that love this integration – even our external auditors love the system as they do not have to be onsite to perform Audit checks.”

Additional Advantages • Hard dollars and hours saved with a positive ROI since implementing expensemanager was highly evident for Breakthrough Accounting.

Enhanced features such as AI Scanning and coding of invoices allowed Breakthrough to not only save hours per week but open more opportunities with clients.

• 100% Local with First-Class Support was a significant aspect in the decision-making process for Breakthrough Accounting. The staff wanted to ensure that if they need assistance, from support through to development, it was readily available in local time, plus having any sensitive data stored in Australia was another reassurance that no other competitors were willing to provide.

“A major reason to go with expensemanager was that they are based here in Australia. Keeping client’s data local offers essential peace of mind. The support we have received is at the highest level that we’ve experienced from

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Issue 28 / 117

any software company. Even their development team is local and jumps in on calls when required.” says Zac.

the system, both the hard and soft benefits are easily evident.

Zac explains that “The beauty of working with a company that • Customisation is crucial as is local, is that they understand business landscapes are our business. All of our system continuously changing. requests have been For Breakthrough delivered on time Accounting, and customised to We gained back up to customisation our needs. Amazing 85% of time spent that was not only features such as we usually used up by important AI Scanning and undergoing manual, for their own Expense Coding tedious processes processes but provides the ability such as checking for their clients. for our employees to duplicate invoices.

With a 100% local work across multiple team, Breakthrough clients at a time, giving Accounting rested assure that us the opportunity to increase any customisation request on business. Overall, the cost savings the expensemanager platform are many, many times over the cost would be comfortably accepted. of expensemanager. We don’t just • Staff & Client Satisfaction love it, our clients do to!”. is the number 1 priority at expensemanager. With As we can see, Zac & the team at the numerous benefits and Breakthrough Accounting have advantages that are offered by completely transformed their

spend management with the help of Xero & expensemanager.

Breakthrough Accounting has managed to resolve harsh pain points that were affecting multiple areas of the business, such as tedious manual processes, administration bottlenecks, and storage issues. Not only has this resolved common Pain Points – the integration between the platforms has offered further enhancements and features to the platforms that has made managing the entire Accounts Payable at Breakthrough Accounting simple and secure, just the way it should be.

FIND OUT MORE...

Start a risk-free trial or chat to one of our local specialists at: expense-manager.com

I’ll get my teams hours to you tonight...

Are your tradie clients too slow getting paperwork to you?

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Issue 28 / 119

The whole package: Providing clients with an end-to-end cloud-based technology solution How partnering with a field service management software can help

enhance client business success

@simprosoftware

Martin Whiteside, Partner Manager UK, simPRO Martin is responsible for building and managing partnerships with Accountants, Business Consultants and Suppliers who work with field service business and together add value to their mutual clients.

Martin has over 20 years experience working with Partners across industry sectors, with the focus of helping customers achieve their goals.

Accounting and financial advice firm, Scrutton Bland specialises in

advising clients on cloud technology solutions. Discover how partnering with leading field service management software, simPRO, has allowed Scrutton Bland to further this advice to create an end-to-end cloud technology solution for clients.

This article is

Below: The Scrutton Bland team

T

wo years ago, simPRO Partner, Scrutton Bland implemented a Systems Advisory team to help its clients transition to cloud-based solutions. Now a main service of the firm, their Systems Advisory team supports clients as they transition to cloudbased accounting software and field service business management software.

Through this service, Scrutton Bland is helping business owners and managers use cloud technology to make

their business more efficient and generate better business insights.

Scrutton Bland Head of Cloud, Ryan Percy said the transition to providing advisory service on systems technology came as a result of making tax digital.

“That has grown into something where we have generated a year on year base around 70,000 additional fees. Purely on helping clients transition onto cloudbased technology,” he said.

“We do that in a very bespoke way...We have an all encompassing service which we can assess businesses’ processes and advise them on what tech is best for them.

“That has developed a much deeper relationship with our clients. We are now not only looking and working with them at a year end or at set periods throughout the year, there’s a lot more of a fluid conversation. It has helped us, and our clients, to drive our businesses forward.”

Ryan says that while this advisory service is very popular for some clients, transitioning to cloud in both accounting and business management can be daunting for others.

“There are clients which are more timid when it comes to change or technology,” he said.

“A lot of that is actually about change management...

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XU Magazine - the independent magazine for Xero users, by Xero users.

“There’s also ones [clients] that really value what we do.”

“That’s what we’ve done with simPRO.”

This new service has also prompted clients to consult with Scrutton Bland about other technical questions to ensure their processes continue to run smoothly.

One customer that is utilising both cloud accounting and simPRO, thanks to simPRO Partner Scrutton Bland, is Fastrack Site Investigations. Fastrack is a site investigation company providing the highest quality service to their clients which include insurance companies, loss adjusters, structural engineers and local authorities.

“From an overall point of view, it has been very positive,” he said.

“And, the other side of it is we have this as a differentiator now.”

While they started by providing cloud accounting solutions to their clients, Scrutton Bland realised they could extend this service by recommending other software to help their clients succeed.

If you’re thinking of recommending software, Ryan says finding the right complimentary software to fit your business expertise was key.

“The best way to work is to first have your finance system as a core...then move into expense management and into reporting,” Ryan said. “...Once you’ve done that, niche into some industries or sectors, find a specific industry app that works really well and has a broad range and work with them.

“More space was being taken up in the office by files than staff!

And that led to quite a few issues with paperwork going missing.”

Fastrack were also facing issues with costly revisits to sites which was further emphasised by the company’s rapid growth.

“Each job is a minimum of half a day’s work for two team members. So if we have to revisit those, it is a significant financial

Below: Fastrack engineer on-site

Like many businesses, Fastrack was growing rapidly and looking for support to drive business forward. Finance Director Louise Banks said changing accountants was the first step they took.

“We needed somebody to help us drive that growth. Someone that could help with all the peripheral services and that’s where Scrutton Bland came in,” she said.

It was on Scrutton Bland’s advice that Fastrack implemented Xero and shortly after that, simPRO. Before implementing simPRO, Fastrack was quite traditional in its processes.

“We had everything on an excel spreadsheet, job management all run through excel, everything was very much paper-based - paper files everywhere,” Louise said.

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Issue 28 / 121

impact, and that was causing quite a lot of issues,” Louise said.

“As we began to get busier, balls were certainly dropping left, right and centre.

“At one point, as our turnover and workload increased, we went from going from people being able to carry jobs in their heads - knowing where things were, to that just not being possible.

“Staff were getting stressed, clients were calling up to ask for updates on their jobs.

You couldn’t access the data particularly quickly which meant clients were hanging around on the phone or, we’d have to call them back. We didn’t have any oversight of what the workload was, there was no easy way of tracking diaries and where team members were or what their efficiency was.

“There were quite a few issues that we needed to address.”

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But thanks to simPRO, and ongoing support from Scrutton Bland, Fastrack now has complete oversight of its workflow, leaving missing paperwork and chaos in the past.

in the cloud.”

“We can now track every single job, every single visit,” Louise said.

“There is less firefighting going on.”

“From the moment it’s instructed through the site investigation process, through our laboratory and testing process out the other side, through invoicing to the client.

The Scrutton Bland and Fastrack story is just one example of how partnering with simPRO can help accountants diversify their service offering and support clients to further their business success.

Are you ready to strengthen your position in the industry?

Sign up to the simPRO Partner Programme and join more than 1,000 simPRO Partners globally enhancing the value of their services.

“And one of the other huge benefits, particularly having come through Covid, is that it is all cloud based.

“There are other suppliers in our workspace who haven’t made it through the pandemic because they were not agile enough to adapt. The comments that we had back were that there were no hiccups. That we were able to immediately deal with home working because everything was

Overall, how has Fastrack found the transition to simPRO? “Life is simpler,” Louise said.

FIND OUT MORE...

Want to learn more about becoming a simPRO Partner like Scrutton Bland? Visit the simPRO website.

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Issue 28 / 123

Interview

Q& A

Joseph Lyons

MD (Aus/Asia), Xero

This article is

XU:

How have you found the first few months in your new role as MD, Australia & Asia?

JL:

I started my role as Managing Director for Xero Australia and Asia at the turn of the new financial year in Australia. It’s been exciting and fastpaced so far.

From a leadership level right throughout the entire business, we have a high performing and incredibly capable team. So I feel grateful to have taken the helm when I did. We all share a common purpose and naturally align ourselves with Xero’s values, which shows through the genuine care we have for our customers and each other.

That empathy factor has been

124 / Issue 28

especially important in recent times, as many team members face rolling lockdowns and ongoing uncertainty of the pandemic. It’s been tough for our community, but despite the challenges, the way we’ve collectively supported our partners and small business customers has been impressive to see.

XU:

How long have you been with Xero, and what has your experience with them been like so far?

JL:

I joined Xero the week before Christmas in December 2019. Ever since, I’ve continued to be struck by the authenticity of our people.

Everyone that works at Xero is proud to be here, and what’s more, they believe in the value of our products and services for our

customers and partners.

I spent my first eight weeks in the company getting to know our partners and teams – not just here in Australia but also across our other global regions. As you can imagine, this stint on the road was short-lived due to the pandemic’s arrival in early 2020.

In fact, I can remember being in Denver, Colorado when the reality of COVID-19 hit. As borders started closing and flights were being cancelled, we immediately realised that our priority had to be getting our people home safely.

Since then, I’ve been fortunate enough to work across Xero’s more established and emerging markets. We’re continuing to grow and develop our teams, bringing in talent with new capabilities

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Issue 28 / 125

Interview and experiences that enable us to continue to stay ahead of the curve.

It’s been an interesting and very rewarding 18 months here at Xero, and we won’t be slowing down any time soon.

XU:

You used to be the EGM of Global Sales, what did that role entail?

JL:

In my early phase with Xero, I worked in our newly established global customer team. So I had the benefit of working alongside our teams in customer experience, marketing, operations, communications and other functions. Our goal was to align each region to improve our systems, tools and processes that would help partners and small businesses operate more effectively. My role within that vision was to unify our sales leaders and teams around the world to improve the level of consistency in our service offerings for our partners and customers. By aligning Xero’s sales function to one vision, we have been able to set up our teams for future scale and growth around the world.

XU:

What will change with your new role?

What new responsibilities will you have?

JL:

I previously worked across all of Xero’s key regions as EGM of Global Sales. In contrast, my new role now focuses primarily on Australia and Asia. I split my time between several functions, working with the local leadership team on realising our strategy, growth ambitions and plans. We are constantly looking for ways to improve how we support our customers and bring new Xero product innovations to market.

My responsibilities have evolved beyond maintaining great relationships with our partner community to now including small businesses as well. We have established relationships with key government, media and industry bodies that I’m also picking up with

126 / Issue 28

the view to strengthen our ongoing partnerships.

XU:

What were you doing before joining

Xero?

JL:

Before Xero, I was the Chief Commercial Officer at REA Group, a digital media business specialising in property across three continents, with the flagship sites being realestate.com. au and realtor.com Although property advertising and cloud accounting software couldn’t be more different on the surface, the two companies have more in common than you might think. They share a similar culture and set of values, live by a growth mindset, and have built well-loved and widely used platforms. Both organisations put innovation and technology at the core of their businesses, so the transition to Xero has been a reasonably smooth one.

XU:

What led you to first joining them? What drew you to the company?

JL:

I’ve always been drawn to purpose-driven companies like REA and Xero.

Many Australians, myself included, are passionate about property.

Similarly, there are over 2.3 million small business owners in our country, representing a great number of people who are forging their own path. Both REA and Xero are driven by making these two great Australian dreams – of owning your own home and being your own boss – more rewarding.

And it’s exciting to play a part in that journey.

Another factor that has motivated my career choices is joining innovation-led organisations.

Firstly with REA, we disrupted the traditional way of advertising property from print advertising, transitioning the market to a digital format. Again with Xero, we were the first accounting software to create the cloud-based ledger.

What’s more, REA and Xero were

some of the first in their respective sectors to responsibly share dataled insights in order to better serve their customers and communities.

XU: Looking back on your past experiences, has there been anything that you think will be of particular help in your new role?

JL:

Leading many large crossfunctional teams over the years – both here in Australia and around the world – has taught me to empathise with how different people work together to achieve a common goal. Xero’s purpose is deeply ingrained in everything we do, so I expect this learning will serve me well in my new role.

I also understand the importance of collaboration between customerfacing teams and product, technology and engineering functions (to name a few).

Extending this beyond an internal environment, I’ve also collaborated with several kinds of critical stakeholders through my time at REA, from real estate agents to property developers to media agencies. Translating this in the context of Xero’s ecosystem means I had a strong appreciation for our app partners, advisors and small business customers from the outset. In particular, I recognised that Xero’s bookkeepers and accountants are our brand advocates in similar ways property agents and developers contributed to REA’s consumer awareness and growth.

XU:

You’ll have taken over from Trent Innes who held the position for over five years - is there any particular work/projects he started that you’re looking forward to continuing and seeing through?

JL:

Trent played a huge role in putting Xero at the forefront of industry innovation both in Australia, and more recently, across Asia. In particular, he led the company through significant regulatory changes,

XU Magazine - the independent magazine for Xero users, by Xero users.

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Issue 28 / 127

Interview

Right: Xero and global leaders from BDO at Xero’s Denver office in March 2020

securing our place in the future of e-invoicing, Single Touch Payroll, and the Consumer Data Right (CDR) scheme. Trent positioned Xero as a tool and platform with invaluable data assets that help us better understand and support the small business community, which I look forward to carrying on.

I also think Trent did an incredible job supporting our partners, particularly since the pandemic’s arrival. As a company, we’re firmly focused on helping our customers pull through this challenging time with information and product experiences, all of which Trent laid the groundwork for. I hope to continue this good work as we navigate our way out of the uncertainty, and the significant bounce back and further digitisation of our economy we all anticipate.

XU:

We were so excited to see that there are now over 1000 apps that integrate with Xero! How important do you think this milestone is for Xero?

JL:

Reaching 1,000 connected apps in our ecosystem is a significant achievement. It’s a milestone that proves just how far we’ve come in the 15 years since Rod Drury (Xero’s founder) shared

128 / Issue 28

his vision of creating an open platform.

The Xero App Store extends our reach well beyond what we can achieve internally. Each integration represents additional teams of innovators working hard to build solutions to all kinds of problems that small businesses and partners face.

An open platform also encourages innovation. As other companies build on our core products, we’re continuing to strengthen and refine customer solutions. Pair that with improved search functionalities in the Xero App Store, and it makes for a seamless, intuitive user experience which we are very excited about.

unlocking a kind of growth potential they’d never previously imagined.

It was a memorable experience for me because, for the first time, I truly understood the tangible impact that our platform has in the lives of accountants and bookkeepers, and the value it brings to their advisory offering.

Nikki and Nigel are big believers in what we do, so it was a privilege to meet them so early on in my time with the company.

What has been your best experience since working for Xero?

Since that lunch in Milton Keynes, I’ve been lucky enough to have many similar experiences in our local markets. Building these connections is also a chance to hear feedback that enables us to continuously improve our offerings. There’s a strong sense of collaboration and trust between Xero and its partners, which we really value as we continue to grow and evolve.

JL:

XU:

XU:

When I first joined Xero, I had the opportunity to head over to the UK. It is a key growth market for us, so spending time with our partners there was an important part of my role early on. I remember going to a wonderful pub lunch in Milton Keynes with Xero partners Nikki and Nigel Adams of Ad Valorem Accounting. They told me that Xero had revolutionised their business,

How have you found working through the pandemic over the past year and a half? How do you see it impacting your new role?

JL:

Transitioning to a work from home environment has been tough on everyone in the past 18 months. I have three young children who have all been home-

XU Magazine - the independent magazine for Xero users, by Xero users.

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Issue 28 / 129

Interview schooled during lockdown periods here in Melbourne, and my wife also has a busy and demanding role at her work. Despite the challenges, I feel grateful for the quality time I’m spending with my family. In previous roles, I was travelling every other week, so it’s been a chance to stay close to home and help support my children more with their education and for us to keep close as a family.

This likely wouldn’t have been possible before the pandemic.

Being remote has also created opportunities for Xero to engage with our community in new and exciting ways. From an internal perspective, the pandemic reinforced that we don’t need to be in the office all the time to do great work. Although we’re looking forward to our new Australian headquarters in Melbourne opening later this year, flexible work has always been a part of our culture, and recent times have only strengthened our belief in that.

XU:

What are some of the highlights or amazing moments that you have seen over the last 18 months that show how important Xero and the Xero team are with everything going on in the world right now?

JL:

Looking back to our content, particularly the business continuity hub in the early days of the pandemic, I was amazed to see how quickly we churned out information, webinars and resources to help our customers navigate uncertainty.

It was also impressive to see how quickly Xero adapted the way we share insights and announcements.

We created a virtual customer series in 2020, Xero On Air, and

130 / Issue 28

delivered our first fully-online Xero Roadshow Australia in 2021. I’m proud of all of these examples, as they kept our community connected during a pretty isolating time for many people.

XU:

What is your vision for Xero? Do you have any plans for the future?

JL:

I always come back to Xero’s purpose: to make life better for people in small business, their advisors and communities. I’m focused on ensuring that remains what drives us here in Australia, and accelerating our presence across Asia.

Our reimagined Melbourne office will bring about a new wave of change and collaboration, attracting skilled talent, and in turn, strengthening our brand position and trust among partners and small businesses.

XU:

Have you seen any cool new apps recently that you feel could be real game changers within their industries?

JL:

I know Spotify has been around for over a decade, but I’ve always been impressed by its continuous innovation. I love the way it curates personalised content, seamlessly manages payments, and nails in-app communication.

In Xero’s ecosystem, I’m a big fan of Halaxy, a medical practice software that reduces admin associated with maintaining patient records and appointments. Two other forwardthinking apps are Vonto (for small businesses) and Aider (for partners). They each bring together insights from other apps that

businesses connect to – such as social media or banking platforms – in order to help users make smarter, data-led decisions. Lastly, I’d have to call out Everperform, an app that allows partners to track employee wellbeing to empower leaders to make positive changes in their firms. Of course, I could never play favourites with over 1,000 apps to choose from, but these are just a few that I’ve been impressed by lately.

XU:

Outside of work, who is Joseph?

What can we find you doing in your down time?

JL:

My three kids (and two puppies) keep me very busy. Before the pandemic, my wife and I would encourage our children to play all kinds of sports, which would typically fill our weekends.

I do love the outdoors, so on the rare occasion when I have a moment to myself, I like to exercise, spend time in the garden and listen to a number of great podcasts.

XU:

And finally, is there a person, quote or experience that has inspired you and helped you to keep growing day after day?

JL:

My dear old dad, who passed away a few years ago, was quite an inspirational man. He was always there for me as I grew up, and taught me the importance of staying connected as a family (I’m the youngest of six).

Throughout various milestones in my life, he offered the best advice – never giving me all the answers but guiding me in the right direction.

He was incredibly loyal to my mum and our family, which taught me what it means to be a good partner, dad and member of my community.

XU Magazine - the independent magazine for Xero users, by Xero users.

ICB is 2021's Accountancy Body of the Year!

ICB MEMBER SPOTLIGHT

"Bookkeeping attracted me because I like everything to be organised. Nursing on the other hand is a bit more chaotic and you can’t be in control most of the time."

Louise completed her ICB exams in a

LOUISE BALL MICB: A BOOKKEEPER ON THE COVID FRONTLINE Louise runs her bookkeeping business around her kids and volunteers as a vaccinator When Louise decided to move from nursing to bookkeeping in search of better work-life balance, she hadn't dreamed that less than a year later she'd be taking up the call to don her scrubs once more.

Having spent the last decade as a nurse, Louise did a homestudy course and qualified as a Certified Bookkeeper in under a year. Louise's newly-formed practice, Eleven Accounts Services, already has enough business to keep her busy and she's looking to expand her team.

year and gained 15 monthly clients whilst moonlighting as a covid vaccinator!

“It’s really rewarding to be able to help.”

Join the Accountancy Body of the Year and get professional status, technical support and anti-money laundering supervision all for just £300 per year* Visit the XU Hub: Go to www.xumagazine.com Follow us on Twitter: @xumagazine Issue 28 / 131 Find out more at www.bookkeepers.org.uk

Apps Compared

Brought to you by

+

Compared: Subscription Management This article is

I

n this issue’s comparison we explore systems that can be used for subscription management. Our comparison provides a high level overview of key features, as well as looking in detail at how the Xero integrations compare.

When evaluating subscription management software there may be many features that are important, however handling of the pricing scenarios will generally be the deal breaker. Therefore, in any engagement to evaluate and recommend this type of software, fully scoping the business’ pricing requirements is essential.

Overall Chargify and Chargebee can handle both multiple layers of complexity in pricing scenarios, whereas Recurly is best at

handling one layer of complexity, and Practice Ignition is only suited to simple quantity-based pricing scenarios.

growing SaaS business with pricing based on number of locations, feature groups, and features.

Whilst Practice Ignition may appear feature-light as a subscription management solution, it is a lower-cost product with features uniquely suited to accounting practices, including:

Whilst Chargify and Chargebee both had the capabilities to calculate the price based on these multiple variables, Chargify required less setup and presented the items better in the user interface. Recurly was simply not able to manage multiple variables at once. Practice Ignition was not considered in the evaluation because of the simple nature of its pricing calculations.

Integrations with Practice Management systems such as Karbon and XPM Catch up fees Standard service templates for accountants Built-in digital signature Example: App Advisory Plus were recently engaged in a software evaluation project undertaken for a £1m+

For more information, please visit: Chargify - chargify.com Practice Ignition - practiceignition.com

Feature

Description

Chargify also had a more sophisticated HubSpot integration that would support more seamless end-to-end management of sales.

Chargebee - chargebee.com Recurly - recurly.com

Chargify

Chargebee

Practice Ignition

Recurly

ü

ü

-

ü ü

Billing Trial periods Setup fees

ü

ü

-

One time charges

ü

ü

ü

ü

Fixed-Price Subscription Pricing

ü

ü

ü

ü

ü

ü

ü

ü

ü

ü

-

ü

ü

ü

-

ü

ü

ü

-

ü

ü

ü

-

-

% on acceptance and balance on completion

ü

-

ü

-

Manual (offline) payments

ü

ü

ü

ü

ü

-

ü

ü

-

ü

Per Unit Usage-Based Pricing

Charge the same price for each unit, regardless of quantity

Volume Usage-Based Pricing

Charge all units based on the price of the highest tier reached

Tiered Usage-Based Pricing

Charge each unit based on the price of its corresponding tier.

Stair-Step Usage-Based Pricing

Charge a fixed price based on the highest tier reached

Calculate price based on multiple variables

For instance, calculate price based on the number of locations AND number of features

Multi-currency Automated recurring billing and payment collection

ü ü

This information was true and correct at the time of publishing. New releases happen all the time. Please contact the app for the latest release information.

132 / Issue 28

XU Magazine - the independent magazine for Xero users, by Xero users.

Apps Compared Chargify

Chargebee

Practice Ignition

Recurly

Subscription plans/templates

ü

ü

ü

ü

Hosted self-service sign up pages

ü

ü

Creates draft for review

ü

Via Integration

Via Integration

ü

Via Integration

Feature

Description

Subscription Management

Digital signature Proforma invoices

Proforma invoices allow both the merchant and the customer to be able to see upcoming expected billing amounts in the form of a proforma invoice.

ü

-

-

-

Dunning

Dunning is the process of how you handle past due accounts. It involves communicating with your customers in response to failed transactions, and what action you take when the subscription can’t be renewed.

ü

ü

ü

ü

ü

ü

-

ü

Monthly

ü

ü

ü

ü

Quarterly

ü

ü

ü

ü

Annually

ü

ü

ü

ü

Custom periods

ü

ü

ü

ü

ü

ü

-

ü

HubSpot

ü

ü

-

-

Pipedrive

-

ü

-

-

Saleforce

ü

ü

-

ü

-

ü

-

ü

ü

-

ü

ü

-

ü

ü

ü

-

ü

-

-

ü

-

ü

ü

-

ü

ü

ü

-

-

-

ü

-

-

Invoices & payments

ü

ü

ü

ü

Credit notes

ü

ü

-

ü

Refunds

ü

ü

-

ü

-

ü

-

-

ü

ü

ü

ü

-

ü

-

-

ü

Revenue Recognition Revenue recognition report

Subscription Periods

Tax Integrations Avalara

CRM Integrations

Payment Integrations Amazon Pay Authorize Braintree GoCardless Practice Ignition payments powered by Stripe Stripe Square Worldpay

ü ü

Xero Integration

Summarised transactions Multiple sales accounts Multiple payment accounts Product sync (Xero items)

ü

ü

-

Tax mapping

ü

ü

ü

ü -

Currency mapping

ü

ü

-

Contact mapping

ü

ü

ü

ü

-

-

-

-

Two-way contact sync

Visit the XU Hub: Go to www.xumagazine.com

Follow us on Twitter: @xumagazine

Issue 28 / 133

Apps Compared Chargify

Chargebee

Practice Ignition

Recurly

Tracking categories

-

ü

ü

-

Specify sync start date

-

ü

-

ü

Automatic sync

-

24 hours

-

Hourly

ü

-

ü

-

Sync now option

-

ü

-

-

Histroical invoice sync

-

ü

-

ü

Revenue recognition journals

-

-

-

-

ü

ü

-

ü

$599/mo +0.9% of revenue on overages Includes $75k /mo of revenue

$249/mo billed annually includes $600K/yr revenue 0.6% of overage revenue

$75

$149 /mo + 0.9% of revenue

Feature

Immediate sync on invoice creation

Multiple sites to single Xero

Description

Pricing Pricing (starts from USD)

134 / Issue 28

XU Magazine - the independent magazine for Xero users, by Xero users.

Payroll for Withholding Payer Number A

Withholding Payer Number (WPN) is allocated to individuals, and some non-individuals, who do not have an Australian Business Number (ABN) but have withholding obligations under Pay as You Go (PAYG).

Non-individual WPN holders include: • Embassies • International entities • School canteens • Sporting clubs Single Touch Payroll started in July 2018 for employers with 20 or more employees, and July 2019 for employers with 19 or few employees and is mandatory.

The Australian Taxation Office (ATO) made an exemption for employers with a WPN reporting through STP and this has been extended to the 2021-22 financial year. WPN’s do not need to wait until this date as they can start

reporting via STP now.

Employers are required to accept and meet legal and regulatory responsibilities. By choosing an easy-to-use cloud-based payroll solution, such as CloudPayroll, your clients can process their pay run with a WPN as well as: • Pay their employees via bank.aba file. Alternatively, CloudPayroll can pay employees with 2-day direct debit method.

• Calculate PAYG and pay direct to ATO each pay run or provide a report to assist with payment each quarter.

• Calculate and pay (optional) superannuation.

• Provide an online Timelog tool for employees to record hours work for approval to then be included in the pay run.

• Online leave management (optional) WPN’s may also be required by clients that employ household

Joanna Cruickshank, National Sales Manager, CloudPayroll.

CloudPayroll is a standalone payroll system suitable for 1 – 1000 employees.

Joanna, is passionate in helping people get the best payroll solution for their organisation.

domestic services, for example, nannies, carers, cleaners, gardeners, or housekeepers.

This article is

The National Disability Insurance Scheme (NDIS) enables direct employment of a staff member if your client self-manages their NDIS funding. With the recent changes made to NDIS by the ATO/Government, CloudPayroll have seen a growth in participants (or a nominee of the participants) processing their payroll with CloudPayroll as they have a WPN only.

As part of CloudPayroll’s onboarding and implementation process we support our clients throughout the setup process.

This includes, if applicable, setting up various pay rates depending on when employees are working, for example, evening shift, Saturday or Sunday etc. Training is personalised to support each client to ensure a smooth pay run which means employees are paid correctly and on time, every time.

With ongoing unlimited phone and email support at no additional cost, your clients can have the peace of mind that they can get assistance when required.

Find out more...

Request a demo: secure2.cloudpayroll.com. au/free-demo

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Issue 28 / 135

NextMinute and the Personal Touch

The human element has never been more important in this connected business world

@NextMinuteApp

David Falconer, Co-founder and General Manager, NextMinute Dave has more than 15 years experience working in Saas.

Watching his builder mates running a paper shambles business inspired him to cofound NextMinute. Purposebuilt for builders and tradies and seamlessly connected to Xero, Nextminute is Job Management Software focused on helping them run better and more profitable businesses with a digital tool belt.

Trusted relationships and “together teams” combined with smart tech is what creates real connections and better performing businesses This article is

I

recently attended the ICNZB BookkeeperCon21 in Rotorua, NZ which NextMinute sponsored. The theme of the conference was “We’re Taking Care of Business’’.

With around 200 members attending the conference event over 2 days, it was a hive of activity.

Everyone was there to learn from sponsors, speakers, other attendees or the organisers.

We had great conversations, heard customer stories, a bit of smack talk and for us, getting a deeper understanding on what’s going on in SME businesses at the coal face.

It wasn’t until day 2 of the conference that the theme hit me.

There is so much more to “taking care of business” than numbers, compliance, payroll etc. These are

136 / Issue 28

all outputs of a job completed, but businesses have a reason to exist outside of just turning a profit.

help navigate challenges has been critical to many businesses just getting through. And these support networks have come The meaning is in the title…When in the shape of our community we say “take care of yourself” we of bookkeepers, accountants, don’t mean washing dishes, business advisors, vacuuming, chores or software and life admin. We say it ecosystem apps Genuine with the meaning and industry conversations, for you to do bodies like the listening & laughter, something that ICB. will improve your things that an app quality of life.

The cannot do, cannot Like eating a good BookkeeperCon21 be replaced. meal, enjoying a was a chance to good book or taking bring together part of a holiday. our community. It gave bookkeepers a chance to discuss There has not been (at least their challenges, opportunities, in my lifetime) a more volatile and who they can talk to and what and uncertain period of time to they need most. be a business owner, but what When I cut through it all, there has been clear is that there was a common theme to is resilience. Having a trusted everyone’s stories and insights, support network alongside to the human element. They

XU Magazine - the independent magazine for Xero users, by Xero users.

wanted to know they could pick up the phone, send an email or chat online and be heard and looked after. They don’t expect perfection, they want simplicity, but most importantly they want “us”, our care and attention.

Apps and software, processes and equipment will continually be upgraded or replaced. Genuine conversations, listening and laughter, things that an app cannot do, cannot be replaced.

NextMinute, they get us. When a customer uses NextMinute, they get us. We are here to make business life simpler and easier to navigate, so when things get hectic, we can rely on each other.

A sense of belonging, trust, empathy and passion is “taking care of business”.

Let’s take care of business for builders and trades together … let’s do it by combining smart tech with the human element.

When bookkeepers partner with

Above: David & Duncan from NextMinute in the back right at the ICNZB BookeeperCon21

FIND OUT MORE...

To find out more about NextMinute, please visit: www.nextminute.com

Read all 28 issues online www.xumagazine.com

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Issue 28 / 137

The Restaurant POS of the Future is Fully Integrated When it comes to restaurant management systems, discover why it is future forward to transition to an all-inone, centralized cloud solution to streamline operations, reduce costs and grow revenue.

This article is

F

rom legacy systems to all-in-one cloud solutions, restaurant technology has tremendously evolved in the past few decades. With a centralized system that seamlessly brings together all aspects of restaurant management – including front of house, back of house, back office, business intelligence, and accounting – merchants are empowered to focus on doing what they love, while technology does the rest.

The advantages of a fullyintegrated restaurant management system are manifold. It eliminates the need to maneuver separate systems and do manual reconciliation.

Furthermore, merchants can optimize staff productivity and increase revenue, while saving costs and keeping their OpEx in Omnichannel sales check.

and automated fulfillment, business intelligence and accounting – all in one centralized cloud POS.

Omnichannel Sales

One of the most important benefits of an all-in-one system is the ability to manage all your order channels in one centralized cloud POS. You can sell in-store through walk-in, take-away, dine-in orders, or even through self-ordering kiosks and QR-code solutions.

If you run your own online store or are partnered with online

138 / Issue 28

food delivery apps, you can fulfil all your online delivery orders centrally. Orders placed through your website, Facebook, Instagram or third-party apps are sent directly to your POS, eliminating manual data entry and the risk of incorrect orders.

Say goodbye to maneuvering multiple tablets to run your inhouse and online stores.

With contactless ordering now a necessity in the post-pandemic dining scene, leading cloud-based POS providers offer in-built selfordering kiosks and QR codebased scan-order-pay solutions that are quick to set up and easy to use. No separate systems required, no IT headaches.

One-Click Menu Sync A powerful integration lets you manage all aspects of your menu centrally including updating items, prices and item availability for multiple outlets – all in real time.

@SapaadPOS

Karina Rapose, MarCom Manager, Sapaad Karina Rapose is a Product Specialist at Sapaad, a leading cloud-based restaurant POS and delivery management system that empowers restaurateurs worldwide to drive business growth and enhance customer experience with the power of the Cloud.

easily be done straight from your POS in real time so it’s always up to date; minimizing effort and maximizing resources.

Automated Order Fulfillment Once an order is received from your sales channels, they are automatically routed to your kitchen via the kitchen display system (KDS). With a robust KDS, you can go paperless and digitize your kitchen to simplify communication and processes and improve efficiency, food quality, and speed of service.

When an in-store order is ready, you can have generated token numbers instantly flash on a digital screen above your counter.

It’s great for quick service! An online order goes straight to your delivery manager for complete visibility of the order journey and unrivalled data integrity and accuracy.

Total Delivery Control

Moreover, syncing your POS menu to your respective online and partner store menus can be achieved within minutes with a few clicks. Menu items selected, along with their images, descriptions and modifiers, instantly reflect on your partner store.

An efficient delivery management system gives you real-time insights into your entire order cycle as it happens – placement, preparation, pick-up, and delivery.

You can monitor every stage, identify bottlenecks, and optimize operations.

If you’d like to update a menu item or mark it unavailable, and add store configurations or discounts, you won’t need to contact your provider. This can

Order details and driver information are visible at a glance.

You can identify driver availability, assign them to orders and track deliveries, whether you have your

XU Magazine - the independent magazine for Xero users, by Xero users.

own driver fleet or are partnered with last-mile logistics companies.

Inventory & Food Costing With an all-in-one POS that works in sync with your back office management system, you can gain total control of your inventory, build recipes and subrecipes, and get real-time visibility into your food costs. When an order is placed, ingredients instantly deduct from your inventory, so your stock levels are always up to date.

And, if you’re running low on stock below the re-order level, you can generate purchase orders to your suppliers directly from your POS. In addition to receiving and transferring stock between locations, running digital stock takes, and accounting for wastage.

In-Built CRM Customer data is incredibly valuable to better understand, communicate and engage with your customers. With multiple sales channels, managing multiple databases can be overwhelming.

A powerful integrated solution ensures your entire customer database can be managed in one centralized CRM. When an existing customer orders over the phone, online or through your

third-party partner store, their profile is automatically updated in your CRM. Should a new customer order, a new profile is instantly created.

worldwide – including accounting software, payment gateways, food ordering platforms and delivery partners – to streamline your business.

Insights such as order history and preferences allow you to target customers and keep them within reach. Thus improving customer engagement and, ultimately, retention.

Leading POS systems are integrated with cloud accounting software like Xero. This means that daily sales data from your POS are automatically synced to your Xero accounting system.

The out-of-the-box integration simplifies and streamlines your restaurant accounting and removes the need for manual entry and end-of-day reconciliation.

Business Intelligence With a future-proof integration, data from all your sales channels are in sync with your POS. You can get insights and analytics of multi-channel performance in one powerful LIVE dashboard, eliminating end-of-day manual reconciliation.

Best-selling items, popular delivery areas, item profitability, outlet profitability, inactive customers, are a few of the many insights you gain – even on the go.

With intelligent reports and a daily business summary, you can identify and analyze trends, compare in-house and online store performance, and make informed business decisions.

Powerful Integrations It is essential that your restaurant management system is partnered with leading third-party platforms

Visit the XU Hub: Go to www.xumagazine.com

In conclusion, an all-in-one cloud POS and restaurant management system, powered by out-of-thebox integrations, is guaranteed to enhance all aspects of the restaurant experience – customer experience, front-of-house and back-of-house operations, back-office efficiency, business intelligence, and lots more.

FIND OUT MORE...

To find out more about Sapaad Cloud-based POS & Restaurant Management System, visit us at: sapaad.com

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Issue 28 / 139

Focus: Mental Health

20

Ideas to Feel Uplifted and Help you Take Care of Yourself

The world is lopsided and feels a little chaotic and crazy now, due to the global panic around coronavirus (COVID-19). If you find yourself feeling overwhelmed or stressed by it all, be reassured that this is a very normal response. However, it’s important to go easy on yourself and to take time for self-care. Here is a list of ideas and selfcare activities that you can do to help keep yourself centred and focused. They’ll help you feel a little better and give you a sense of control during a very uncertain time.

This article is

1.

Plan your day

Put some structure into your day and plan out a couple of things you want to accomplish.

You’ll get a great sense of satisfaction from achieving your goals. Trying to keep to a routine as this will help to keep yourself feeling present and productive.

You can also try adding in something new to your routine.

This helps to mix up your day while still keeping it planned.

Always wanted to try a new hobby? Or want to get your exercise out of the way first thing? Try tweaking your routine by adding in something that’ll benefit your wellbeing to give you something to focus on and give you a sense of achievement.

2. Stay connected to friends and family Communication and staying in touch is more important than ever before. Even though our usual social activities have been impacted, try to schedule catchups with your friends and family online. With today’s

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technology there are many ways to stay connected and using different means to stay in touch can be fun. Recording a video and send it to a friend. FaceTime with family and see the smiles on their faces. Call and leave a cheery voice message even if they don’t pick up.

Reconnect with someone like a friend, business associate or family member you’ve not spoken to in a while? Pick up your phone to catch up and fill up on positive feelings.

3. Share worries The old saying is, a problem shared is a problem halved.

Sharing concerns can help alleviate the burden of carrying them alone, even though whomever you choose to share it with won’t be able to solve it, you can at least talk them through with someone you trust.

4. Don’t neglect your hobbies Whilst some hobbies (i.e. travel) might be more difficult right now, try to re-engage with hobbies you

Tim Hoopmann, Speaker and Trainer Experienced founder with a demonstrated history growing small business.

Strong entrepreneurship and professionally skilled in Business Planning, Cloud Technology, Sales, Marketing, and Operations Management.

A passion for helping small businesses use technology as a key enabler to increase productivity and decrease costs.

A volunteer speaker for beyondblue, an Australian organisation that works to raise awareness of anxiety and depression, reduce the associated stigma and encourage people to get help.

can do - it might be picking up an old instrument you’ve not played in a while, planting a veggie garden or a home DIY project.

Great joy is gained from the hobbies that we love.

5. Do something for others Helping others can have a wonderful effect on our mental wellbeing. Try volunteering (some volunteer work can be done remotely if you would prefer), or get in touch with friends and family and see if there’s anything (i.e. picking up groceries) that you can help them with, or even donate to your favourite charity.

6. Practice gratitude Practicing gratitude can have a profound effect on our mood. Try writing three things at the end of each day that you’re grateful in a journal you can keep by your bedside to help generate positive vibes. Practice daily and check in on how it makes you feel.

7. Get outside Being outside in nature and fresh

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Focus: Mental Health and meditation Yoga can be great for flexibility, strength and as with any exercise can boost our mood. Adding to that mindfulness and meditation can help us stay in the present moment instead of worrying about the future or pondering on the past.

15. Write it out

air can be really uplifting. Soak up a little vitamin D and greenery and head outside for some fresh air. Getting outside for a brisk walk can be great for our mental wellbeing. You can also practice mindfulness by noticing what’s in your environment as you walk (i.e. the colours, sounds, smells) or use it as an opportunity to catch up on your favourite podcasts, audiobooks or listening to music that makes you happy.

By building in movement into your daily routine (i.e. a brisk 30 minute walk, a 3-5k run, a swim or outdoor workout), you will find it is a known mood-booster.

8. Listen to uplifting music If you’re lacking your usual commute to work, then you might find yourself listening to music a little less. Try putting on some music that you know uplifts you for a quick break and mood boost. If you can, dance like no one is watching, as this can also boost your mood!

of positive things happening in the world, take a break from the regular news to remember it’s not all doom and gloom. Focusing on the positive and fun stories each day will help boost your mood.

Some can find journaling their feelings a really helpful way of releasing stress and negative feelings. Taking time to journal can be incredibly cathartic.

Allowing your thoughts and ideas to flow into written form. Rereading your journal at later times can be exciting and rewarding taking you back to different times and experiences in your life.

11. Have a good laugh

16. Plan to have some fun

Laughter is a great antidote to stress and feeling low. There’s plenty of comedic content on streaming sites including free ones like YouTube. Take a break from your day and enjoy some clips to keep your spirits up.

Laugh out loud and laugh often!

It can be easy to get caught up in working and doing chores but plan some time into your day where you can have fun with whatever makes you happy. We can still have fun and finding those things that make us happy will provide a break in our day.

12. Make yourself your favourite meal

17. Take a social media break

We can easily get in a cooking cycle preparing the same meals over and over. Take the time to prepare a meal you know you love to stir up some positive feelings! Try making it together with family or other housemates.

Cooking together creates a great environment for chatting about your day or to share stories.

9. Stay hydrated

Social Media can be a great way to stay connected. However sometimes it can make us feel like our own lives don’t match up to others. Taking a break from social media can help us rebalance our viewpoint and ground back in reality. Take time to filter your social media and focus on things that make you happy.

18. Smile

13. Buy some flowers Being dehydrated can make us feel tired, anxious, and low. Keep a water bottle by your desk to make sure you sip it throughout the day. A good 2 litres per day will help immensely.

10. Find positive stories in the news and share them with loved ones There are plenty of news stories

Beautiful flowers to look at and smell can be uplifting so treat yourself and your home.

Purchase flowers that remind you of someone or something wonderful. Walking into a room decorated with flowers will put a smile on your face.

14. Try some mood-boosting yoga or tap into mindfulness

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Sometimes the act of smiling alone can make us, and those that are around us feel happier. Try smiling wherever you go and then thanking those around for their service.

19. Immerse yourself in a new TV show, book or podcast or watch something motivational Enjoy a bit of a distraction in the

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Focus: Mental Health form of a new TV show, read a book or listen to a podcasts that interest you. Enjoy some escapism in a comedic film or series and enjoy a mood boost.

There are plenty of motivational talks out there on free streaming sites like YouTube that you can watch to help when you’re feeling like a pick me up.

20. Focus on what you can control While it can feel like many things are out of our control, you can take steps to look after yourself and your loved ones with healthy food, connectivity (together or online), exercise and plenty of mood-boosting leisure activities are some of the best ways you can currently ride this wave of the pandemic. Focusing on what you can control helps us feel like we are regaining our lives and gaining back control.

If it’s all getting a bit much...

Sometimes things can get overwhelming, even if you’ve been practising self-care. As most people will be physically distancing or self-isolating a great option is telephone and online services.

Beyond Blue have a dedicated website to support you when needed.

Coronavirus Mental Wellbeing Support Service coronavirus.beyondblue.org.au This website will be regularly updated with information, advice, and strategies to help you manage your wellbeing and mental health during this time. And you can stay up to date by joining their email community.

Phone Support Service However the pandemic is affecting your mental wellbeing, you can talk it through with one of our counsellors. We’ll provide advice and support based on

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your specific needs. Call 1800 512 348 Web Chat Support Service Sometimes you may not feel like talking on the phone, so why not chat online. Trained counsellors are available to provide support 24 hours a day, 7 days a week.

Online Community Forum Connect to others, share your experiences, and exchange messages of support on our dedicated forum: Coping during the coronavirus pandemic

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Event

XU Magazine is proud to be a media partner and support of the ‘From The Trenches Trenches Summit’ which is being hosted on the 13th & 14th September 2021.

XU Magazine recently caught up with David Boyar FCA, From The Trenches Podcast Host and CEO of AccountingTech company ChangeGPS...

D

avid was excited to talk about a brand new online accounting summit, built for accountants by accountants, presenting the “From The Trenches - Trenches Summit”.

Register your tickets here for the 13th & 14th of September.

“I’ve been privileged to know a lot of the movers, shakers and ‘Thought-leaders’ of our industry for quite some time. There’s so many great stories that get overlooked by big conferences because commercial obligations take priority. If you’re not a big vendor paying top dollar, you’re not welcome to collectively share your ideas and help our industry move forward.”

David was proud to tell us that a percentage of all ticket sales are being donated to Beyond Blue for the fantastic work they’re doing to help support mental health in Australia. In what is described as one of the most trying times Australians have ever faced.

When asked about the content program and why this is different to other online events he said, “We’re really proud of the content program we’ve put together. It had to pass the Paul and Dave’s no BS test in order to get in the schedule.

The Trenches Summit is a two-day online accounting conference hosted entirely online using world-class virtual summit technology. It’s free to attend and/ or a paid ticket option is available to get access to all session recordings.

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“We’re really excited to bring the Trenches Summit to life. It’s been a dream come true for me.

I’ve been involved in accounting conferences for years, as a speaker, a sponsor, a vendor but never as an event organiser” Boyar said.

That’s what ‘From The Trenches’ has always been about and it’s important we stay true to our values.

Real-life in the accounting industry, right now. Not mythical vapor-ware technology that Elon Musk dreams about in his 5 mins of down time. It’s gotta be real and it’s got to be relevant.

We’ve got sessions for everyone.

Practice Managers, Bookkeepers, SMSF Specialists. You name it, we’ve thought of it, found the best person possible to speak on it and placed it in the schedule.”

Find out more...

Book your place for the Trenches Summit on 13th 14th September. See you there!

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Summit speakers include...

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5

Events

Reasons to Attend The Accounting & Finance Show Asia 2021

All the latest technologies and digital insights for accountants and finance professionals

@accandfinshow

Laura Binns, Project Director, Accounting & Finance Show Asia, Terrapinn Asia Laura joined Terrapinn in 2018 and launched the first edition of the Accounting & Finance Show Asia. The show works to drive up the adoption of digital technologies amongst SMEs and accounting firms in Asia.

With the show now in its fourth year, Laura and the Terrapinn team are now extending the event into a whole series running throughout the year.

The Accounting & Finance Show Asia 2021 is the best platform to help accountants and finance professionals from around the region to plan for 2022 and beyond This article is

T

he fourth edition of The Accounting & Finance Show Asia is returning this 21-22 September in a virtual format, bringing together the region’s accounting and finance professionals, and business owners from SMEs, enterprises and accounting, bookkeeping and audit firms.

In two years of disruption, businesses around the world have adapted very quickly to rethink their processes and navigate the challenges. To build and grow on the efforts of the past year, this largest gathering of the year for Asia’s accounting and finance professionals will share updates on the latest digital tools and technologies alongside expert advice on how to plan and prioritise for 2022 and beyond.

The show is less than a month away so here are the 5 top reasons why accountants and finance professionals need to be part of this two-day virtual event: 1. 100+ expert speakers sharing their insights Hear the stories of innovative

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and tech-savvy accounting and finance pacesetters who have leveraged technology to transform their businesses.

This year, we have brand new speakers onboard including accounting and finance leaders from MyRepublic, Red Dot Advisory Pte Ltd, CIMA Hong Kong, RSM, Nexia and more!

2. 3 jam-packed channels, running live over 2 Days From sessions on cloud accounting, intelligent automation to ESG, this year’s programme will help you to put on your thinking cap and ensure that you leave with valuable advice. There’ll be insightful case studies, exciting interviews and interactive panel discussions running live simultaneously on the platform: - Digital Innovation: Keynotes & Tech Talks – Be inspired and hear how AI, blockchain and cyber security are changing the finance function forever - Accounting Tech: Adopt, Connect & Grow – Drill down into how specific aspects of accounting and finance can be transformed through tech - Digital Practice - Hear

from Asia’s most digital savvy accounting practices on how to run a more efficient firm in this digital age 3. Discover and demo the latest digital solutions Save yourself time researching and sending off enquiries. Our fantastic sponsors are ready to show you how they can help transform your business.

Meet Title Sponsor Xero, Gold Sponsors BlackLine, Jenji, Practice Ignition, Silver Sponsors Fathom, Inflo, SAP Concur, Unit4, Western Union Business Solutions and more, all at the click of a button.

4. Take the guesswork out of your networking It’s so easy to network with other attendees on the platform. You can message, video call and more, all on the platform. What’s more, our AIpowered networking tool makes it easier than ever to identify who you should be meeting. It’s the best opportunity to build new connections.

5. It’s all free and you get one month on-demand access Attending the Accounting & Finance Show Asia 2021 is

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Events

totally free. Plus, all sessions will be available as on-demand content for one month after the event so you’ll get to learn anytime anywhere, in your own time.

Following on from the Accounting & Finance Show Asia 2021, we also have a range of other events and webinars coming up, all dedicated to equip accountants and finance professionals with the newest ideas, tips and tricks

to stay future-proof. Listed below are what we have in store for you for the rest of the year:

21-22 September 2021

Webinar Series We cannot wait to see you at our events!

Accounting & Finance Show Asia

12 October 2021

Find out more...

Year-round

If you would like to be involved in one or more of the 2021 events visit: www.terrapinn.com/ AttendAFShowSeries2021

Accounting & Finance Show Malaysia

Accounting & Finance Show Asia and HR Technology Show Asia

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New Xero Connected Apps

New to the Xero App Marketplace New App shout-out Are you a new Xero-connected App? Let other Xero users know... email alex@ xumagazine.com

AEM Journaler aemalgorithm.io AEM Journaler makes crypto transaction reporting simple, offering sophisticated integration into your Xero account. With Journaler you can easily add and view your wallet balances for desired cryptocurrencies.

Additionally, Journaler will also assist you in viewing your transaction list, as well as financial and tax reporting, all in one place.

ANNA anna.money ANNA is a mobile-only business current account designed specifically for freelancers and small businesses, packed full of handy features. It’s a bank feed and a bookkeeping tool in one, making it easier to integrate with Xero. As an accountant, ANNA allows you to access your client’s up-to-date financial data.

AREX Markets arex.io AREX is on a mission to drive interest rates down so SMEs can retain more of their money. It’s an invoice financing app; finance any sized invoice at any time, with money in the bank the next day.

Unlock cash trapped in your unpaid invoices.

Billdozer billdozer.com

Please note: this is not an exhaustive list of new Apps in the Xero App Marketplace. You can see all Xeroconnected Apps at apps.xero.com

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Billdozer is a Cash Flow enhancement tool for small businesses. It allows seamless integration between Xero and Debit order providers, which in turn allows for faster and more efficient debit order processing and ultimately collections. We are targeted toward businesses that could or are using Debit order

(recurring based revenue streams). bSmart bsmart.sg A one stop platform for SMEs to manage and forecast cash flow in order to avoid running out of cash, plan scenarios and raise funds with speed and certainty. The platform syncs with your Xero account and automatically provides real-time and smart insights.

Budgetly budgetly.com.au Budgetly provides prepaid corporate cards to Australian businesses so that finance teams can maintain control of expense budgets in real-time, while giving staff the flexibility they need to do their jobs effectively. We issue both physical and virtual cards with smart spending rules, real-time categorisation and Xero sync.

Finance teams love us. People and Culture teams champion us. And your employees will thank you for trusting them to get the job done without micro-analysing every expenditure.

ChartMougl chartmogul.com The ChartMogul Sync app for Xero pulls your sales information such as invoices and payments and transforms the data into a way that it is quickly and easily sent to ChartMogul’s subscription analytics service. The best teams in SaaS use ChartMogul to measure, understand, and grow their recurring revenues.

Crashzone crashzone.com.au An estimating system for smash repairers in Australia & New Zealand. The Xero integration

allows invoices generated in Crashzone to be exported to your Xero Organisation. Fast and simple to use, write quotes, add images, create tax & excess invoices, email and print your quotes with no manual entry.

Crezco crezco.com Crezco is an open banking payment solution designed for online invoice payments up to £250,000. Crezco’s checkout solution initiates bankto-bank transfers seamlessly and securely for your customers for free, saving them time and you money.

DEALERlogic dealersolutions.com.au/dealershipsoftware-dealerlogic DEALERlogic looks after every aspect of your dealership, letting you get on with running a successful business. Suited for independent dealers of all shapes and sizes, whether you sell cars, motorcycles, campervans, trucks or farm equipment. Manage, track and report on all aspects of your dealership.

Finess Data finessdata.com Leverage the power of Excel and Xero to connect and consolidate multiple organisations, create financial forecasts and compelling reports in just a few clicks, without sacrificing your audit trail. Refresh your financial data to update your models, papers & analysis. firmTRAK firmtrak.com Transform your financial data into timely reports with valuable business insights. These insights help to track profit, cash flow,

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New Xero Connected Apps growth and other key performance indicators (KPIs). Designed to accelerate performance, increase efficiencies and drive profits with less stress and in less time.

Fluenccy fluenccy.com Fluenccy builds a comprehensive, uncomplicated picture of your historic FX performance in under 5 minutes. With our expertise, you can build and implement a better FX plan to more consistently reduce risk and get better rates that help grow your business. made.simplr madesimplr.com made.simplr is a cloud-based software that helps R&D providers maximize resources and expand their business through process automation. It can eliminate the need for manual claim processing, which can be complicated & time-consuming, and maximizes resources efficiency. made.simplr is easy-to-use and can add value to R&D providers as well as their clients. mattero mattero.com.au Legal software for solepractitioners, start-ups, in-house legal teams and barristers. Manage your documents, briefs, emails, trust, costs, invoices and more.

Simplify matters with intuitive software for lawyers so you can get on with practising law. Access everything anywhere, at any time, from any device.

MindBridge mindbridge.ai The world’s leading risk discovery platform for financial integrity helps auditors, accountants, and financial

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professionals to become more efficient and profitable. Have your financial transactions risk scored to identify anomalous patterns of activities, unintentional or intentional errors like fraud.

Modano modano.com Modano gives you a single financial model which live links® to Xero and automatically rolls forward each month, providing real time insights via beautiful dashboards.

Modano is used by leading edge founders, CEOs, CFOs, and FP&A teams wanting to understand the current, historical, and forecast performance of their business.

OnRent insphire.com OnRent by inspHire is a cloud hire management software for small to medium businesses in the construction and general tool industries, accessible on any device, from anywhere.

From creating rental orders and checking equipment availability, to equipment maintenance and invoicing, OnRent handles it all.

Pay-as-you-go, easy to use, simple to setup and developed by market leaders.

SalesRoller evolutionmarketing.com.au Make client information easier to access by connecting SugarCRM and Xero via SalesRoller, giving you one place for all the information you need to have conversations with clients and quick access to it. Eliminate double handling with one central source of truth for both your CRM and accounting data.

SyncTools synctools.io No more manual entries, import/ exports, and duplicates. SyncTools will sync sales and purchase orders from Linnworks to Xero automatically real-time. Keep on top of your VAT management with accurate numbers and flexible TAX rate settings.

Zayzoon zayzoon.com ZayZoon gives employees access to the wages they have earned between pays and financial education to improve financial literacy. ZayZoon takes on the risk, support and overhead of managing the advance process and helps employers to reduce absenteeism, promote recruitment and improve retention.

SaasAnt Transactions saasant.com/integrations/bulkimport-export-delete-xero-saasanttransactions SaasAnt Transactions is built to offload small businesses, accountants bookkeeping burdens with spreadsheets. Spreadsheet transactions that take hours of manual labor can be synced into Xero with a single click.

Bulk import, export, and delete Excel, CSV, and Text files into Xero with SaasAnt Transactions.

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New Releases

Updates and new releases from Xero connected apps New feature shout-out

AccountancyManager accountancymanager.co.uk

Are you a Xero-connected App? Got a new feature or update you’d like to share with the Xero User community?

Email alex@ xumagazine.com

AM are proud to announce an array of new features and integrations for AM. Most notably we are now integrated with Zapier, GoProposal, Sage and Quickbooks.

We have also introduced a range of new features such as whitelabelling, email manager and Irish user customisation.

ApprovalMax approvalmax.com

create your own report • Group/Domain license HR Partner hrpartner.io HR Partner now has the ability to manage timesheets by project and activity codes.

Spotlight spotlightreporting.com

Our new integration Novatti Payments now supports direct debit and credit card payments.

We’re offering free setup for existing Emersion customers.

See emersion.com/offers/novattipayments for more information.

We’re thrilled to extend the functionality of Consolidated Forecasting with the addition of Eliminations. Now you can quickly and easily exclude inter-entity balances and values to get a holistic view of forecasted grouplevel performance. You’ll notice many more improvements and updates to Spotlight Reporting, including enhancements to our template gallery, a brand new way to customise the colours of your charts, and 2x faster data imports from Xero.

Chaser chaserhq.com

expensemanager expense-manager.com

Tidy tidyinternational.com

Chaser now provides credit checking in-app. Users can extend credit with confidence with credit checking available within the software, giving them the insights they need and allowing them to make more informed decisions on who they to do business with. With Chaser’s new payment plan feature, users can give their customers the chance to break up their invoices into smaller, easier to manage instalments. The payment plan feature allows users to create customised repayment plans and chase instalments for unpaid invoices, at intervals that they choose.

expensemanager has just increased performance visibility with a range of custom Operational Dashboard metrics, allowing businesses to easily see Accounts Payable performance to easily make informed decisions.

Metrics include Purchase Order Status, Claims Past Due, Invoice Performance plus more.

Tidy has introduced the ability for users to manage assets. Get rid of spreadsheets and use customisable fields to track your assets’ location, maintenance schedule, condition/status, warranties, serial numbers, and many more fields of your choice.

Tidy has also enabled users to automate the purchasing of assembly components.

Budget Checking is the latest addition to the ApprovalMax functionality. It improves spend control and saves time because approvers get a clear real-time overview of the budgets impacted by the documents they are approving. It will be generally available this autumn as part of the ApprovalMax Advanced plan, a new offering which includes a number of other advanced features.

Compleat Software compleatsoftware.com New function releases help

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customers with better expense management: 1) Duty Of Care (DOC) - Function ensures Claimants claiming business mileage expenses using their own vehicles are safe & comply with driving standards.

Function checks & authorises documents like Driving License, Registration, MOT, Insurance, etc.

2) Supplier - Set up a predefined list of suppliers & link to specific expense categories. Claimants can link expense item to suppliers from existing list of suppliers This delivers enhanced flexibility for export to Xero.

Emersion emersion.com

G-accon accon.services Recently we introduced the features that G-Accon’s users were impatiently waiting: • Budget Manager Report • Budget Variance Report • Budget Summary Report • Profit and Loss Variance Report • New Partner Program • A large set of additional filters to

WorkflowMax workflowmax.com A folder lets you group tasks and costs together into phases so your customers know what you’re charging for each deliverable.

See the profitability of a job’s components with detailed tasks including labour and materials costs.

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App Partners of the Month

Xero App Partners of the month

June 2021

Xero’s app marketplace has over 1,000 apps which help small businesses and their advisors reach their goals. Each month Xero celebrates an app partner who stands out for helping small businesses thrive...

Find out more at: approvalmax.com

A

pprovalMax helps businesses to save time and create more efficient workflows while keeping auditors happy – that’s why we were Xero App Partner of the Month in June, as well as App Partner of the Year in both NZ and the UK.

July 2021

The most rewarding part about being a Xero app partner is being recognised by the Xero community. We’re proud that our work brings amazing results to our customers and we’re going to keep making ApprovalMax even better.

We’re committed to investing in Xero’s API and wider developer suite to ensure we are giving the best possible integrated experience to our customers, and to providing programs of support to Xero partners.

from paper- and email-based approvals. Together with other apps from the Xero ecosystem, we assist them in establishing fully digital streamlined processes.

Start your free 30-day trial!

ApprovalMax has become an essential part of many practices’ trusted app stacks and one of the most loved apps for accountants and bookkeepers. ApprovalMax helps Xero users to introduce financial controls for accounts payable and accounts receivable and enables them to move away

Find out more at: suitefiles.com

S

uiteFiles is a cloudbased document management system that has been integrated with Xero from Day 1.

Now that we’ve been announced as Xero’s app partner for July 2021, we can rub shoulders with other multi-time recipients of the award! Being recognised amongst Xero’s ever expanding app partners means a lot considering we go way back with Xero.

Over the years our relationship with Xero has spanned several Xerocons, webinars and blog

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posts. SuiteFiles has evolved a lot during this time, and this award is just more evidence of our efforts to continually improve our product and not be content standing still.

Last time we were announced as Xero’s app partner in October 2019, we were busy releasing our connect feature for securing sharing between our customers and their clients. Almost two years on, we’ve built on our existing features and have just released our PDF annotator.

we’ll likely be expanding on or introducing entirely new features to SuiteFiles. Regardless of how we evolve, Xero customers can always expect easy-to-use cloudbased document management from us.

See what SuiteFiles could do for your business.

Two years down the road,

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August 2021

Find out more at: chaserhq.com

C

haser is proud to be Xero App Partner of the Month for August 2021 following major developments in the credit control software.

Chaser is continually developing and optimising features to help Xero users get their invoices paid faster in the most efficient and friendly ways possible.

As of August 2021, Chaser provides users with an end-toend receivables software where they can credit check, monitor debtors, chase late invoices, collect payments, recover debt

and reconcile accounts, all in one place - seamlessly connected with Xero.

Through deeply personalised, automatic payment chasing, Chaser’s accounts receivable software and credit control services help users get invoices paid on time without losing the human touch. To date, Chaser has helped users chase over $5 billion in overdue invoices.

Start getting invoices paid faster in Xero today with a 14-day free trial of Chaser (no obligation, no card details required).

Try Chaser for free.

Chaser is also Xero’s highest-rated debtor tracking software, with over 360 reviews and a perfect 5.0 star rating.

13th - 14th September 2021 STRAIGHT TO YOUR INBOX! 154 / Issue 28

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In August, Xero launched its new App Store, where small businesses go to discover and buy Xero connected apps, and app developers go to grow their business.

Nick Houldsworth, EGM of Ecosystem, shares with XU Magazine what it’s all about.

O

This article is

Nick Houldsworth, Exec GM Ecosystem, Xero

ur vision is to become the most insightful and trusted small business platform, and we’re on a mission to get more apps in the hands of small businesses.

Why? Because we know they support increased revenue and resilience. In fact, Xero’s report, The Job Ahead: Small businesses and the global economic recovery, revealed firms in Australia, New Zealand and the UK with five or more apps grew their sales by 4.3% in the year to December 2020, while those without apps saw a decline of 3.4%.

Yet, a lot of small businesses still aren’t making the most of apps.

For many, the choice can be overwhelming, while others don’t know what’s available, or lack the time to find out. The Xero App Store aims to solve this challenge by making it easier for small businesses and their advisors to discover, choose and buy the right apps to run their businesses.

What’s new?

We’ve made a number of changes

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to the design layout of the storefront to make it easier to navigate and find the right apps to solve your business’ unique challenges. But it’s what’s under the hood that is much more exciting.

Find the right Xero connected app, when you need it With improved search capabilities and personalised recommendations, powered by machine learning, the new Xero App Store uses insights to surface the right apps for you, based upon your industry and unique profile. This also benefits our app partner community by better ‘matchmaking’: connecting their apps to the right clients.

Choose the right app through enhanced app reviews and greater insights New, more detailed and relevant app reviews are now front-andcentre to help small businesses

decide on the right app for them.

Sophisticated analytics have been introduced to support app developers to improve their offerings.

Buy the right app through a new Xero App Store Subscriptions offering The new Xero App Store makes it possible to start a trial and securely purchase apps in just a few clicks, all using your single Xero login. And to make life even easier, you can manage all of those subscriptions in one place.

This particular functionality is now available for our app partners to start using and offering to their customers in Australia, New Zealand and the UK, and we already have some early adopters taking it up. Over time, we expect more and more of our app partners offering this functionality and as we make it available in other markets.

XU Magazine - the independent magazine for Xero users, by Xero users.

A more seamless experience With so many types of apps, to support everything from ecommerce to cash flow management, and industryspecific needs, we know it’s important for us to help make the right choice of app easy.

So how does this work in practice?

To explain how this new journey will work – let’s use a hypothetical customer, Malia – a small business owner who has recently opened her own hair salon and manages her business dayto-day via Xero. With business starting to boom since the easing of COVID-19 restrictions, Malia has hired three new employees to help support her customer base of 100 regulars. She is now looking to expand her Xero experience with plug-in apps to manage timesheets, a new CRM and other payments.

When she jumps on the new Xero App Store and starts using the new smarter search engine (powered by machine learning), it has already analysed her Xero profile and combined this with insights from other users in her industry to better recommend

Strengthening our small business offering

apps that will suit her needs.

The Xero App Store surfaces a selection of apps for Malia, and the new, more comprehensive reviews (based upon other Xero users’ feedback) assists her in filtering through the multitude of options presented to her. Better yet, once she’s shortlisted her favoured apps, she is then able to trial each app before committing to a purchase. Once Malia is ready to purchase, she can do so with a few clicks using her Xero credentials (and without leaving the Xero App Store) – and she’ll be able to manage all of her app subscriptions within Xero. Too easy!

We believe this new customer experience will help make Xero an even stronger small business platform for our customers. It also provides that vital ‘match-making’ function for our app developer partners to better access the Xero customer base, and create new opportunities for their business to grow.

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Issue 28 / 157

...and finally

Xero unveils the next evolution of bank reconciliation With more than 1.7 billion transactions processed in the past 12 months, Xero’s mostloved feature is becoming even more powerful and beautiful for small businesses...

This article is

X

ero unveiled its most comprehensive improvements to bank reconciliation on the platform in a decade, to help give small business owners more time back in their day.

Xero pioneered cloud-based bank reconciliation in 2007, with a fast and simple way to reconcile banking transactions against the accounting ledger to provide a real-time, accurate picture of a business’ financial position without needing to spend hours manually checking transactions.

Bank reconciliation is still one of Xero’s most loved features by small businesses and advisors.

In the past 12 months alone, Xero has processed more than 1.76 billion bank transactions for more than 2.7 million subscribers around the world.

The new improvements supercharge bank reconciliation for all Xero subscribers to create an even easier, more beautiful experience that leverages Xero’s powerful artificial intelligence

Craig Walker, Xero Executive General Manager Product Payments, Billing & Automation, Xero

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capabilities to save time, reduce data entry and increase accuracy.

They include: • An all-new design and interface - to more easily manage bank rules and reconciliation, making bank reconciliation a more beautiful experience, not just a simple one • Smarter matching algorithms - powered by artificial intelligence, that make more accurate suggestions faster than ever • Memorisation for transfers - which intelligently remembers customer transfers between bank accounts, reducing data entry for recurring transfers • Suggestions for contacts and account codes - coming soon for new transactions entered into Xero that haven’t been reconciled previously, giving businesses and bookkeepers a starting point and further reducing data input • New search capabilities coming soon to help businesses easily find and manage the right bank rule in seconds “Ever since we introduced bank reconciliation in Xero in 2007, it has become one of the most fundamental and well-loved features of the platform. By gamifying this business-critical yet time-consuming task, we’ve been able to turn it into a simple and seamless workflow for business owners and bookkeepers,” said Craig Walker, Xero Executive

General Manager Product — Payments, Billing & Automation.

“Much has changed at Xero over the past 15 years but our vision remains the same — we want to make life better for people in small business, their advisors and communities around the world.

The concept of bank reconciliation hasn’t changed either. With more than 1.7 billion transactions processed in the past year alone on Xero, we’re able to make the insights it provides even more powerful while saving crucial time for business owners,” Walker said.

Bank reconciliation leverages Xero’s growing network of connections to more than 300 banks and financial services organisations around the world, giving subscribers access to rich, real-time banking data automatically fed into the Xero platform.

The additional improvements make bank reconciliation smarter, faster and easier to use for small businesses and advisors, with greater insights to help make better decisions about their business, plan for the future, access capital and ensure they are always compliant.

Find out more...

To find out more about bank reconciliation, please visit: xero.com/accountingsoftware/reconcile-banktransactions

XU Magazine - the independent magazine for Xero users, by Xero users.

There are over 400 million ways PayPal can help your business grow revenue Add PayPal to your Xero invoices and give the over 400 million PayPal customers more ways to pay.* Allow your customers to pay you the same way they shop online Give your customers the flexibility to pay over time while you get paid up front with Pay Later options Make it easy for your customers to pay you — on-the-go from almost anywhere

Learn more about how easy it is to add PayPal to your invoices.

Visit Hub: Go to www.xumagazine.com *Q2the 2021XU PayPal Quarterly Results reported July 28 , 2021

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Issue 28 / 159

Take a second and breathe With GoCardless, Xero customers get paid twice as fast.

Learn more at gocardless.com/xero

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