XU Magazine - Issue 30

The independent magazine for Xero users, by Xero users

ISSUE

30

magazine COVER STORY

The

5

steps to solid

financial foundations

INTERVIEW

Michael Ford, CEO PLUS LOADS MORE FROM

Xero

Castaway Forecasting

Connected Apps

ISSN 2054-7226

30

9 772054 722009

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Issue 30 / 1

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Welcome to issue 30... magazine The independent magazine for Xero users, by Xero users

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COVER STORY Castaway Forecasting The 5 steps to solid financial foundations

12

AutoEntry 2022: The year things get better? Let’s look at the challenges ahead

14

Annature Digital Signatures and Verified ID - The Secret To Customers And Profits

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Satago Your clients’ least favourite job could actually be a golden ticket CASE STUDY ApprovalMax Easy approvals and clear audits for biotech and tech start-ups: a case study with Archangel Accounting TUTORIAL G-Accon Consolidated Financial Reports in Google Sheets by G-Accon NEW TO THE XERO MARKETPLACE Armalytix How to solve broken bank feeds and confirm bank balances

INTERVIEW oNesto Q&A with Ben Silluzio, CEO, oNesto

AdvanceTrack Outsourcing Scaling your practice – it’s all about the books Aider Aider: the Advisory Intelligence Platform for proactive accountants and bookkeepers Capitalise Supercharging your client conversations - Add some fuel to your firm’s advisory services

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NextMinute Back Costing is Business

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Zahara Fundamentals for business finance success in 2022 An updated guide to the future of finance and automation

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INTERVIEW Castaway Forecasting Q&A with Michael Ford, Founder & CEO, Castaway Forecasting

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New MD (UK/EMEA)

AccountancyManager 10 tips to implementing new software

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MarketFinance 5 ways that tech is changing accounting

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Spotlight Reporting Selling and Upselling Advisory Services in 3 Steps

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Xero Alex von Schirmeister, MD (UK/EMEA), Xero - Looking back at my first month at Xero, and ahead to an exciting 2022

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WorldFirst Find out why every small business accounts team needs an FX risk management strategy

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Flagship Reporting Challenges when consolidating multiple companies

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Cover Story

This article is

The 5 steps to solid financial foundations

@CAForecasting

Michael Ford, Founder & CEO, Castaway Forecasting Michael Ford is a lifelong entrepreneur with the battle scars to prove it. After 12 years with KPMG & PwC, Michael started his first business.

Since then, he’s worked with thousands of businesses, built his own businesses, & founded Castaway, the most powerful business forecasting & modelling software on the market. Michael is a soughtafter thought-leader on the art of growing businesses. Michael is a published author, currently writing his next book. A keen road cyclist, Michael rides more than 10,000km per year, training to support Tour de Cure Australia.

8 / Issue 30

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

Cover Story

Every great business is built on rock-solid financial foundations. Without the right financial disciplines, a business will never fulfill its true potential.

There are five financial disciplines that underpin the most successful businesses and building depth in these is what really makes a difference...

I

t should come as no surprise that I’m a fan of forecasting. You’d hope so, given I’ve devoted close to 25 years of my life to the field.

But even now, after all this time, I’m still enthralled by the transformative power of a great forecasting process.

strong in any one of these areas is a positive, building depth in all 5 is what really makes a difference.

It might be helpful here to dig a little deeper into each of these pieces, because there’s more to them than simple slogans.

Commercial literacy

Every great business, no matter the size, the geography or the industry is built on rock-solid financial foundations. Without the right financial disciplines, a business will never fulfil its true potential. And given the SME sector employs over half of the world’s working population, that matters.

That matters a huge amount.

The global economy needs the SME sector to be robust, vibrant and, ultimately, successful. And as we’ve all seen time and time again, solid financial foundations give these SMEs the freedom, the clarity and the cashflow to be robust, vibrant and successful.

It’s a simple equation, but I think it makes sense. And it means we as a community of accountants, advisers and entrepreneurs are perfectly placed to make a difference.

So what do solid financial foundations look like? There are 5 big pieces to the puzzle: 1. Commercial literacy 2. Performance visibility 3. Rolling forecasting 4. Aligned KPIs & metrics 5. Insightful analysis There’s no right order to these pieces. They’re more virtuously circular than logically linear. And while there’s no doubt being

Think of this as the next step beyond financial literacy. Take a bunch of financial ratios, add a clear understanding of operations, a pinch of lean thinking, a dash of constraint analysis and a touch of scenario analysis. Commercial acumen is about understanding how the business is designed to make money and the levers that can be pulled to improve performance.

Performance visibility If business is a game, it makes sense that everyone on our team knows not only the score, but the stats that explain the game situation. How cohesively are we playing? Which plays are working, which aren’t. Are we in the zone and feeling the flow, or are we gritting our teeth and hanging on.

Rolling forecasting Traditional annual budgeting is damaging to business. The singlescenario mindset, static numbers and ever-shortening forward view can only entrench company shortsightedness. Rolling forecasting is the solution. A longer forward view underpinned by activitybased assumptions, multiple scenarios and regular reviews encourages a forward-looking culture that scans the horizon for risk and opportunity.

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Aligned KPIs and metrics KPIs and metrics play many roles, but most important are those that translate the forecast into day-to-day and short term targets. The importance of alignment is perhaps best proven by its negative. What if the KPIs and metrics are not aligned in a business. Diligent effort driving in the wrong direction is all too common.

Insightful analysis Analysis that gets to the heart of why. Analysis that goes deeper than mild observation, simple ratios and rote responses.

Analysis that searches for correlation and locks onto causality. And then compares what happened to what was expected. And then seeks learning from the difference, whether good or bad.

It may not have been as clear at the time, but when I look back, it turns out my entire consulting career was built around this very simple set of principles. And having applied them successfully in businesses from pre-revenue startups through to multi-billion global businesses, it’s clear they work. And they’re universal. And they can help every business.

Like most systems, the quality of the whole foundation is defined by the weakest link. The happy corollary here is that great improvements in the whole can come from small improvements to just one area.

Which brings me to forecasts.

And forecasting. And business modelling. And visual reporting.

And business drivers. These

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Issue 30 / 9

Cover Story things have been on my mind for near on 25 years.

In a very practical sense introducing a robust forecasting process into a business is, if done properly, the best way to kickstart and reinforce the solid financial foundations we outlined earlier. I’m not talking here about a slap-together budget, or a press-a-button-and-the-softwaredoes-the-work budget. Those are ‘fun with maths’ exercises only, and a long way removed from forecasting that actually helps a business.

In my experience, the forecast itself should never be the star of the show. Even a wellconstructed forecast is simply one set of numbers that tells the story of one possible response to one assumed set of future circumstances. There’s a one-ina-million chance of it being right.

But being perfectly right is not the point. Forecasting is all about preparing for an uncertain future.

It’s not about trying to predict a certain one.

The real value of forecasting is not about the numbers at all.

No, the real value lies in the process and the scenarios and the assumptions and the discussions

and the decisions and the roadmaps and the playbooks.

The learning that comes from engaging fully in this approach and from involving a broad reach of people across the business in this approach, is immense. And the value compounds over time as we strengthen the forecasting muscle. The more we get people talking about the future and options and responses, the more we train their eyes to spot risk and opportunity and the more we train their minds to find ways to improve performance.

I’ll expand on these ideas in the next article, but in closing I

come back to my earlier point.

As a community of accountants, advisors and entrepreneurs, we’re ideally suited to learning, adopting and sharing these principles. There are obvious service line opportunities for accountants and advisors. And there are also opportunities for all of us to learn, to expand skillsets and build deep expertise in each of these foundation areas.

Let’s do it … the world needs us.

LEARN MORE...

Find out more here: castawayforecasting.com

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10 / Issue 30

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Issue 30 / 11

2022:

The year things get better?

Let’s look at the challenges ahead This article is

T

he year 2022 is now very much underway. Given the events of recent times, we can all be forgiven for feeling some trepidation. But hopefully there’s some optimism mixed in too.

Let’s take a look now at some of the issues that accountants and their clients are likely to face—and what can be done to help.

Is the pandemic over?

At the time of writing, we appear to be in the final stages of the pandemic. The western world is effectively entering a phase of recovery.

But the pandemic has left multiple unique problems in its wake.

In September 2021, the Office for National Statistics reported that prices are increasing, it’s becoming harder to fill vacancies within businesses, while over a quarter of businesses also reported that turnover had decreased.

In the latter regard, service industries have been particularly badly hit, with nearly 50% reporting that turnover had decreased.

Simultaneously, most of the government’s COVID-19 relief

12 / Issue 30

measures have ended.

Accountants continue to be centrally placed to help businesses recover. As well as helping access the remaining Covid relief schemes (or those that might yet arise), accountants can help businesses owners and managers aim for growth when they don’t know one end of a profit and loss from another.

Accountants need to be ready for this and create service offerings to match. Quarterly or even monthly financial check-up packages are just one example. These also allow accountants to switch to a more lucrative retainer/ subscription model, rather than rely upon intermittent fees.

It’s a sad fact of life that disastrous occurrences often lead to opportunities. For example, the phrase “post-war boom” has become a cliché. Similarly, we may well see a post-Covid boom.

And businesses will turn to expert voices for help.

@AutoEntry

Jenny Fogarty, Director of Marketing, AutoEntry Jenny has been working for AutoEntry for five years, during which time she was instrumental in shaping the company’s messaging. As director of marketing, Jenny has used online marketing endeavours, public events, and emerging and traditional communications techniques to help the company grow in local and international markets.

As with most business innovations, there’s a strong chance this will flow down to smaller businesses too.

Government legislation may encourage this movement, as will the rise of more accessible schemes such as small-scale carbon offsetting for energy and transport use.

Customers, banks, investors and shareholders are also placing importance on ESG measures.

HSBC’s sustainable financing and investing survey in September 2021 reported that 89% of capital market issuers and institutional investors believe such issues are important, while 51% believe they can improve returns.

PWC research reveals that 68% of UK businesses say they have better access to finance options if they have stronger ESG credentials. The same research points out that nearly half of the businesses surveyed considered it a key recruit tool for future talent too.

Do you have an ESG policy?

2021 saw the world of business wake-up to environmental and social issues. It’s now rare to find medium or larger-sized businesses who don’t have some kind of environmental, sustainability or governance (ESG) policy in place.

For accountants, ESG is a coin with two sides. The first side is applying ESG policies to their own business. The second is assisting client businesses with their own policies, wherever an accountant’s knowledge and experience might be required—grant applications, for example.

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Having an ESG policy is a marketable commodity, in that it’s something that new clients may ask about. Similarly, recruiting the best new talent in a postCovid competitive market may come down to having sound ESG credentials.

Are you ready for compliance challenges?

2021 was an incredibly busy year when it came to business tax compliance, with introduction of the CIS VAT reverse charge, the EU e-commerce VAT package, plus a whole host of changes related to Brexit early in the year.

2022 looks comparatively quiet in comparison, but accountants are already gearing up to the final wave of MTD for VAT switchers in April 2022.

The interim VAT rate change for hospitality ends in March 2022, while a new plastic packaging tax comes into effect in April. The introduction of the new social care levy in April is also likely to present unique challenges.

The MTD for Income Tax (ITSA) pilot scheme is also set to be opened substantially, removing many of the limitations that currently exist.

Furthermore, accountants should be looking to prepare for basis period reforms, arriving alongside MTD for (ITSA), for which 2023/24 is the transitional year. Put simply, any unincorporated business not using the tax year for its basis period will need to do and may have to extend their next basis period to make this happen.

It’s once again the accountant that businesses will turn to upon learning about these issues, perhaps through maildrops from HMRC or the media.

But the progressive accountant takes these issues to their clients ahead of time, as part of an education/marketing drive, and helps them prepare. Doing this not only generates revenue. It

also creates a different kind of relationship with clients where the accountant has more of an advisory role. This in turn offers opportunities for more service offerings.

Technology: Always providing an answer Binding together everything mentioned so far is increasing digitisation.

For many businesses, the pandemic was a crash course in more effective use of technology.

Experts have said that around 5-10 years of organic acceptance of technology was crammed into the space of just a few months as the pandemic got underway.

And nobody is going to be able to slam the lid on this pandora’s box.

Put simply, the world of business is now more technologically savvy, and more relaxed about relying upon technological solutions when faced with key challenges like ESG and compliance issues.

This is accompanied by a boom in technological development.

Machine learning/artificial intelligence, increasing miniaturisation and mobilisation, and even a promised metaverse running alongside our everyday world—2022 and beyond will be like nothing seen before.

Accountants need to drive this change. After all, accountancy is an industry that’s been enabled by technology since the 1950s.

Winners in the industry have always been those that adopt rather than reject technology.

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But this isn’t digitisation for its own sake The focus has to be on the benefits, and the admin time saved. The more processes that are digitised, the more efficient they become. As such, the goal is to look for ways to leverage technologies to solve problems or streamline processes.

Here at AutoEntry we know all about this. The success of our products is testament to how digitisation can transform business admin. By using AutoEntry to automatically process paperwork, our customers are proven to save days if not weeks on tasks like bank reconciliation.

And this message is at the heart of it. It’s about aiming to digitalise practices and businesses to create a complete digital transformation.

That transformation saves time, yes, but also leads to better decision making and encourages growth.

It’s also the only way businesses can be in the correct position to respond to 2022’s challenges, such as coronavirus recovery, increasing ESG importance, and seemingly never-ending compliance challenges.

FIND OUT MORE...

Find out how it can make your working life easier with a free trial: autoentry.com

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Issue 30 / 13

Digital Signatures and Verified ID - The Secret To Customers And Profits When the pandemic arrived, the future came silently with it, hidden under the immeasurable threat to global economies.

This article is

B

usiness As Usual for Accounting Professionals

Despite the complete disruption caused by the pandemic, accountants worldwide continued to lodge documentation as required by global regulators who have already moved towards digital.

Exploding the myth that baby boomers wouldn’t embrace digital change.

Amreeta Abbott, CEO, Annature Amreeta Abbott is an accomplished fintech entrepreneur, innovator and director who successfully developed and sold NowInfinity for $25 million to an ASX-listed company in 2021.

She founded Annature, an ISO 27001 certified technology company that builds digital signature, identity verification and payment software used by Qantas and more than 1,500 medium and small businesses in the accounting and financial services and legal, real estate, healthcare, construction, and other industries.

is a mathematical code that conforms to the law to ensure the document to which it is attached cannot be changed after signing.

Digital signatures

The most visible, effective and vital sign of this is eSignatures.

If you paste your signature or an image into a document, that is an electronic Here in Australia, signature. It is the accounting valid if it identifies “Digital Signatures the person signing, sector was already are forcing as big a their intention embracing the future and at the change to business and if the person forefront of the receiving it as the arrival of continued digital consents to the the internet.” transformation of eSignature. But it business. is not accepted as legally binding or courtThe solution for many firms was admissible under the Electronic greater and deeper digitisation.

Transactions Act. Survival mode. Remote work for staff, tax-related and business A digital signature is something matter access for clients who no else entirely. It provides robust longer wanted or were allowed verification of identity and to turn up at offices to sign provides a cryptographic key in person. Creating a surge in and the standards of Public online lodgements, integrated Key Infrastructure as a way to tax returns, self-populating guarantee that the electronic tax forms, client portals and signature is authentic. If the the transformation of digital content of that message is marketing in a digital world. changed, then the digital signature becomes invalid. It

14 / Issue 30

@AnnatureAU

Only a year or two ago, businesses that had access to eSignatures for their clients and internal use were considered at the leading edge. Now even that is no longer enough.

As 2022 dawned, Annature led the pack as Australia’s premier electronic signature provider with a feature-rich platform built on a highly secure blockchain model.

Integrating with the leading document management solutions and working seamlessly with existing business tools, such as Xero as a Connected App Partner.

Global verification But the eSigning platform of the future is more than eSigning - it has to be capable of identifying, signing and paying in one secure blockchain. In an Australian first, Annature is now integrating a global ID, payment, billing and invoicing verification powered by Stripe into that same workflow.

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The process is lightning-fast, seamless and secure with proven AML and KYC functionality.

Onboarding a customer and meeting regulatory ID obligations has never been more straightforward.

Subscription options It is based on the premise that as technology became cheaper, multinationals weren’t reflecting that in their subscription models for Australian and New Zealand businesses.

All backed by ISO 27001 certification to provide peace of mind for customers worldwide.

and seek global opportunities - with potential partners who have equally demanding security concerns. With another first, we partnered with Qantas Business Rewards as the exclusive eSigning provider allowing our Australian clients to earn Qantas Points with every envelope they send.

Re-thinking the way you work with Digital mindset eSigning saves an average of 2.2 hours per contract. Digital transformation isn’t just “Exploding the Annature uses a project; it needs a strategic Apply that myth that baby blockchain philosophy. A change in corporate calculation to your technology boomers wouldn’t business. Estimate DNA. to deliver a how many hours embrace digital cryptographically Customers now expect their your executives change.” verifiable database expectations to be met by fully and staff spend and audit trail for resourced tools such as Digital drawing up, verifying all digital signatures.

Signatures and ID for payments. and signing documents.

This is a tamper-proof digital In a competitive marketplace, certificate for critical compliance fulfilling that is the key.

Turn those hours into seconds. information; the evidence is The calculation will be impressive. reliable and trustworthy at all The technology now does the The re-shaping has profound times. work that once required days benefits; re-deploying staff to of labour and higher-value activity is It sets up templates for solutions staff numbers. known to improve the “Multinationals that are seamlessly usable in You are free to bottom line by 10%. every unit or division and by any do what you don’t reflect individual who needs to sign an do best - share Keeping data cheaper internal or external document, valuable insights safe in technology contract, form, certificate, record, with customers their Australian or record on your behalf. and clients and, As a former subscription mutually, catapult accountant myself, models.”

Digitising allows business to be your objectives.

I recognised the completed faster. Streamlined. strategic imperative of White labelled with your branding Because Digital Signatures one major Australian firm and messages. Finding and and ID are forcing as significant a which approached us to integrate tracking client documents and change to business as the arrival and provide scalability of their signatures in moments. Creating of the internet itself. systems for Digital Signatures efficient back-office processes. and ID verification and payment Getting managers and staff up to solutions. They identified one of speed with ease to deliver critical the attractions as having data services. stored onshore for customers who had concerns over keeping Apart from the instant access, data safe and maintained with you don’t have to pay for integrity.

Find out more... paper storage in cabinets and warehouses, allied to the Earning Qantas Points To find out more, please visit cost of filing or retrieving the our website: inevitable percentage of misfiled It gives those customers peace of annature.com.au documents. mind to pursue their ambitions

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Issue 30 / 15

Your clients’ least favourite job could actually be a golden ticket UK businesses are owed billions – but the solution needn’t be painful.

@SatagoHQ

Leigh Stallard, Head of Accountancy, Satago Leigh has been in, around and serving the accountancy profession for over 20 years.

From working in practice, to talking about marketing strategies over a dining table, to leading organisational change over boardroom tables and everything in between.

Leigh is Head of Accounting Partnerships at Satago - where the team helps firms to support their clients whilst finding new opportunities to grow fees.

Great credit control could be the key to supporting your clients’ growth plans – as well as your own.

This article is

I

t’s easy, especially after January, to forget that every business you act for represents at least one person on a journey. A person who once decided, for better

or worse, to go it alone and break free from the rails of employment.

It belongs to the Credit Controller.

As unique as each person’s journey is – they all share one thing in common. Every single business owner must wear many hats to cover everything that needs to be performed on a daily basis. The hat they wear to do their main job is often the best fitting and most comfortable. It is, therefore, the most regularly worn.

The sales trilby or the social media baseball cap can be worn-in with time. But in every business, there is a dark cupboard in a backroom somewhere that is home to one very particular hat.

This hat is the least comfortable of all. More uncomfortable even, than the Bookkeeper’s green eyeshades.

So uncomfortable that it feels more like an executioner’s mask.

Suffocating and imposing to wear.

And, like an executioner’s mask –

16 / Issue 30

is often considered most effective when paired with a Battle-axe.

Even when the sales trilby, the partnerships veil or the networking top hat are firmly back on – once worn, the credit controller mask threatens to continue casting a long shadow.

And so, what happens?

Invariably, it stays in the drawer until the stress of ever tightening cashflow outweighs the stress of chasing money. Only then is it brought out - with the same gravity and reluctance as an actual executioner – prepared to sever the relationship, if necessary.

As a result, UK businesses are left waiting for around £50bn in late payments, according to a survey carried out by digital banking firm Tide.

50. Billion. Pounds.

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“Successful credit control is a vital part of a well-managed business.

It helps reduce bad debts and improves cash flow, as well as being key to sustaining growth.“ Will Farnell So what can we do about it?

Education is a good place to start.

Some invoices will have ended up on the wrong pile. Some need to be queried. Some will have been delivered to the junk folder.

Sometimes people are just busy.

Ensuring your clients know the best practice around invoicing - setting clear expectations, preparing, and sending invoices properly and setting appropriate terms - can go a long way.

But to establish these best practices and really improve business cash flow, we must put on the operations hard hat and create some reliable, repeatable processes.

could increase the money in their bank account and save them hours of stress each month, how many would want to hear more?

The benefits to businesses are clear: • Improved cash flow • Reduced mental stress of worrying about cash Perhaps the operations • Saved time hard hat is one • Reduction in analogy too far. And debtor days by up one too many roles to 72%.

UK businesses are for your client to • Unlocked left waiting for take on, too. opportunities to around £50bn in grow late payments “The clients are really happy. There’s But best of all, a feeling of relief, they need never just by bringing credit worry about wearing the control disciplines in, they’re able credit controller’s mask again. to collect money that they’d have Many businesses are concerned otherwise written off. They’re that chasing for payment from relieved that someone else is customers personally will cause picking credit control up and relationship problems. Delegating having those conversations with that responsibility without their customers.” compromising on business results Steve Timmis, Director, Sempar is a huge relief.

Accountancy & Tax “It goes back to cost verses benefit, Perhaps, it’s time for you, if clients are paying £200 a month as one of their most trusted for credit control but they’ve got business advisors, to step in. an extra £15,000 in their bank, it’s a no-brainer.”

While most think of value-added Steve Timmis, Sempar work as involving detailed Accountancy & Tax forecasts and beautiful reports – more and more firms are With proper processes, a business stepping in to helping their clients can make the most of the with credit control. opportunity to influence prompt payment before the invoice leaves If you told your clients that you the building.

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But is it fair to ask practices to take on yet more work to support businesses after giving so much during the pandemic?

“I’ve heard accountants and bookkeepers called the doctors of the economy. You may think that’s hyperbole, but I think it’s right on the money.“ Sinead McHale CEO, Satago It’s not just a one-way street.

There are lots of benefits to your firm of offering credit control services: • Generate thousands per month in extra fees (typical fees range from £250 - £350 per client per month) • More opportunities to talk to your clients • More reasons for your clients to stay with you • Turn cost centres (your own credit controllers) into profit centres • De-risk your own aged debtors, by ensuring your clients aren’t strapped for cash • Offer something your competitors don’t • Improve client data quality Sounds like a great idea, right?

Everybody wins. You get to add additional services and grow your Gross Recurring Fees, whilst simultaneously bolstering your client relationships. Your clients get to enjoy better cashflow and can get on with the parts of the business they love.

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Issue 30 / 17

You could be forgiven for thinking it’s too good to be true. After all, there are plenty of great ideas for things that accountants could do for their clients: An entire cloudbased chorus of “game-changers” and “next-best-things”.

However, even the best ideas are worthless without execution and, when the topic of HOW to implement these “game changers” comes up – the choir often grows much quieter.

But this time it’s different.

In collaboration with Will Farnell and Rowan Van Tromp, we’ve produced an end-to-end guide for setting up a Credit Control as a Service offering.

It will take you through the cornerstones of great credit control, how to implement the systems, identify clients that would benefit the most and teach you how to communicate the value of your service to potential clients.

18 / Issue 30

Each week, hundreds of businesses close. Behind every single one is a person on a journey. It’s too late for this week’s closures.

But next weeks are still here and cap in hand - they need your help.

“It’s not often you come across a package that bolts onto your accounting software so easily. We were up and running in a matter of minutes and it has made a significant improvement in our clients’ aged receivables.”

Deborah Lynch, Managing Director, The Tax Café NI Ltd Get started with offering credit control services by downloading Satago’s Credit Control as a Service Handbook.

FIND OUT MORE...

Download our credit control as a service handbook: satago.com/ccaashandbook

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

Digital Signing made

by Accountants for Accountants.

Sync your contacts from Xero Practice Manager, XPM, directly into FuseSign for a seamless digital signing experience.

Carefully crafted to suit the needs of Accounting practices, big or small, FuseSign is a digital signature platform like no other. FuseSign is an affordable, user-friendly solution that enhances your client experience and significantly reduces the administrative burden on your team. And best of all, it integrates with your existing XPM system. Sync your contacts from Xero Practice Manager directly into your FuseSign account for a single source of truth—reducing errors and avoiding duplication of data. With granular control over the signing actions and complete mobile experience, send documents to be signed in just a few clicks and have them back within minutes, not weeks.

The results are faster turnarounds, significant cost savings, improved client experience and more time for you to spend doing the work that matters.

Try FuseSign for 14 days on us!

“It works seamlessly alongside our core products of Xero Practice Manager, FYI and the BGL suite that it was a no-brainer for us to add FuseSign to the mix! We only wish it had come along sooner!”

Start your free trial today and send your first documents to be digitally signed within minutes.

It takes less than 15 minutes to get it up and running; no credit card is required.

To start your free trial or book a time for a chat, visit www.fusesign.com/xpm

Aly Garrett, Founder and Principal, All in Advisory Xero Cloud Champion of the Year 2022, Partner of the Year at the Australian Accounting Awards in 2021, Top 50 Women in Accounting.

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Issue 30 / 19

Case Study

Easy approvals and clear audits for biotech and tech start-ups: a case study with Archangel Accounting How ApprovalMax meets the spend control and audit needs of companies developing state-

of-the-art products for the pharma, healthcare

Julia Jones FCA BSc, Managing Director, Archangel Accounting Since joining PricewaterhouseCoopers and qualifying as a Chartered Accountant in 2001, Julia has gained a broad range of experience with key finance positions in Industry. For the last fourteen years, as the founder and Managing Director of Archangel Accounting Ltd, Julia has provided tailormade services, including IPO, to many companies.

She specialises in supporting biotech companies from start up through to exit, assisting them in securing managing Venture Capital funds.

and food industries...

A

This article is

rchangel Accounting is a UK Chartered Accountancy firm. They have a team of eight accountants, whose clients are mainly startups in the biotech and tech sectors. The Archangel team serves businesses through key growth stages: from the startup phase until the company successfully goes through an IPO or exit.

Let’s find out how Archangel Accounting uses ApprovalMax to help start-ups control their expenditure and prepare for audits and IPO’s.

Expenditure controls for clients For all Archangel Accounting clients, having robust electronic expenditure controls is a very important aspect of effectively managing finances, because they deal with large expenses on a day-to-day basis. Archangel discovered ApprovalMax when a client implemented it to work in conjunction with their Xero ledger, and saw first-hand how much benefit it brought to the client.

“In my opinion, one of the key advantages of using ApprovalMax

20 / Issue 30

is that you have a way to appropriately approve purchase orders prior to committing to ordering goods and services and follow the established purchase matrix easily. You also get a sound audit trail and reporting of expenditure against purchase orders. Comments in ApprovalMax help all those involved deal and respond to supplier order and invoicing issues”.

Julia Jones FCA BSc, Managing Director, Archangel Accounting Most of the companies served

by Archangel Accounting have a similar clear authorisation process. The person who needs a spend approved raises a purchase order, which then goes to the manager for approval. When the bill comes in, it’s pulled from Xero to ApprovalMax and matched to the initial purchase order.

Then it is routed to the purchase order requester so that they can confirm whether the goods or services have actually been delivered or supplied. There’s no need to route invoices to the manager at this stage because the spending has already been approved at the purchase order stage.

The app stack Archangel Accounting prefers Their standard app stack includes Xero, ApprovalMax and Dext.

All invoices go direct to Xero and on to ApprovalMax, while staff expenses go via Dext to Xero and then Xero sends it to ApprovalMax to gain the required approvals. Thanks to these apps, Archangel Accounting are able to provide our clients with a paperless end-to-end accounts payable process. They save time and effort both for the client’s team and the accountants.

IPO and audits For IPO’s and audits it’s very important to have documented and well managed control procedures. In order to prepare for an IPO, the documentation and testing of the control environment are very important.

Segregation of duties ensures the risk of financial fraud is reduced.

The automated workflows provided by ApprovalMax really help to add the appropriate approvers for specific tasks and to capture these controls in an electronic audit trail. The auditors that have been shown

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

Case Study the ApprovalMax system have been highly impressed with the software, as it provides a great way to clearly separate roles for different people raising purchase orders, and then approve purchase orders and bills properly.

“The automatically generated audit trail is great — auditors are highly impressed about how the approval process works. Our clients get only positive comments from the auditors on how the authorisation process is organised”.

Julia Jones FCA BSc, Managing Director, Archangel Accounting Easy onboarding, offboarding and delegation of approvals “It doesn’t usually take much time to onboard new ApprovalMax users, as it offers a very straightforward process for purchase order requesters and approvers. After we give our clients a demo of the software, they are ready to start using it, and they are really happy with the process.”

Julia Jones FCA BSc, Managing Director, Archangel Accounting Offboarding is also pretty easy with the ApprovalMax offboarding

feature, where you can replace the user who leaves the company in all the workflows they are involved in at once.

When someone goes on holiday, they can specify that they’re out of the office and set a delegate who will take care of requests submitted for their approval while they’re unavailable. This way, nothing will fall through the cracks.

A simple, efficient and inexpensive spend control solution Even though Archangel Accounting have now implemented ApprovalMax for most of their clients, they

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remember the days of e-mailed approvals and the limitations this brought. The risk of fraud was much higher and the admin burden of recording approvals from e-mails much greater. So they’re really happy to have found in ApprovalMax such a capable tool that ticks all the boxes for authorising spending and doing weekly payment runs for their clients without any missed payments.

FIND OUT MORE...

Learn more about ApprovalMax: approvalmax.com

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Issue 30 / 21

Three products on one with every major ac

Prepare

with Receipt Bank

Dext Prepare: Spend less time getting better data, so you can take on 50% more clients. No more paper chase, just automatically sorted cost data from any source.

22 /

Precision with Xavier

Dext Precision: Accura Price better and offer m quality checks and insta state of your clients’ boo

Get set up in 45 minutes thanks to our onboarding tool automatically XU imports your rules and workflows.

Issuewhich 30 Magazine - the independent magazine for Xero users, by Xero users.

e platform integrated ccounting software.

Commerce with Greenback

Dext Commerce: Simplify sales data from any platform, so you can take on more e-commerce clients profitably.

ate data, automatically. more services with data ant insights into the oks.

Visit Dext.com to find out more.

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Issue 30 / 23

Tutorial

Consolidated Financial Reports in Google Sheets

by G-Accon This article is

W

hat is Financial Consolidation Reporting in the Accounting World?

Consolidate comes from the Latin roots com- (“together”) and solidare (“to make solid”).

Combining these roots, we discover that to consolidate means to bring pieces together to make something stronger or easier to handle. In the context of financial accounting, this term “consolidate” refers to the integration of financial data from several subsidiaries or business entities within an organization into one report. This final product can then be used by a parent company for reporting purposes. Financial consolidation is a well-defined process that includes several factors and accounting principles. In financial accounting, consolidated financial reports or statements provide a comprehensive view of the financial position of both the parent company and its subsidiaries, rather than one sole company’s position.

Key financial reports that are generated by consolidating financial statements that include the income statement (profit and loss), balance sheet, and statement of cash flows.

24 / Issue 30

What is the importance of Consolidated Financial Reports?

There are quite a few reasons why financial consolidation is so essential for running a business in today’s day and age.

Primarily, the consolidation reports help you to understand each subsidiary’s or business entity’s overall performances.

The consolidation reports, generated monthly, are great for keeping companies on track with forecasts and their budgets.

Consolidated statements or reports allow investors, financial analysts, business owners, and other interested parties to get a complete overview of the parent company. From just a quick glance, they can view the overall health of a business and how each subsidiary or department impacts the parent company.

One small but impactful benefit of consolidated reports is that the transactions among subsidiaries and the parent company are eliminated to avoid double counting.

Using modern technology, you can eliminate all old-school paperwork. Let’s say, for instance, that the parent company owns

@G_AcconServices

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

He has over 25 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.

10 subsidiaries and that there will be 44 separate stand-alone financial reports to view (the four basic financial statements for each subsidiary plus the parent company). As you can imagine, not only would it be hard to track down all these records, but it would also be extremely difficult and time-consuming to look over each of them to try to get an overall view of how the business is performing. In this scenario, consolidating reduces the amount of reports from 44 to 4. At the end of the day, this results in less paperwork and less effort being expended to assess a parent company’s financial health.

Fast and reliable information is vital in a world where technology is accelerating the growth of most industries.

Global organizations need reports that can be broken down in order for regional and local regulators to be able to prove compliance.

If we look at the sheer number of transactions that happen throughout the month, we can see that the ones between subsidiaries and the parent company cancel each other out.

Eliminating these transactions gives a simplified view of business performance.

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

Tutorial Finally, over time, consolidated financial statements will continue to evolve to make the process of evaluating a parent company even more transparent. One of the reasons for this is that in the past, some companies have used consolidated reports to hide losses and liabilities in special subsidiaries that were created specifically for hiding these financial problems. The Financial Accounting Standards Board and the International Accounting Standards Board regularly revisit the definitions and requirements for consolidated statements in order to make them more reliable and easier to use.

How can G-Accon help you with creating your consolidation report?

Financial Consolidation is more than just adding up numbers.

For those who aren’t familiar, financial consolidation might just sound like simple addition —but it’s actually a lot more complicated than that. In financial consolidation, there are specific calculations, formulas, and consolidation adjustments that need to be made as numbers are combined from the parent company and its subentities. This includes the following: • Foreign currency translation • Elimination of intercompany transactions and balances • Adjusting journal entries

Then you have to select the desired financial report such as Profit and Loss (Income Statement), Balance Sheet, or Cash Summary from the drop down filter (Fig. 2).

Exchange Rates”, you can either request the current exchange rate from the currency exchange rate provider or set your own custom exchange rates (Fig. 3).

As you can see from the organization selection dropdown box, we have two Xero entities –– AU and a US base. Let’s assume we need to generate the consolidated report in AU currency based on the January 19, 2022 currency exchange rate.

If you select “Use Latest Exchange Rate” and click on the “Execute” button, the consolidation report will be generated based on the latest available exchange rate from the exchange rate provider.

Everytime you refresh this report, the latest exchange rate will be used.

Your next action would be to select a Multi-Currency Converter.

You have multiple options here.

First of all, you need to choose the report currency. We have chosen “AU” currency. Then by clicking on the radio buttons “Use Latest Exchange Rate” or “Use Custom

Your next option is to set up the custom exchange rate. First, you need to select “Use Custom Exchange Rates”, enter the desired date, and make a decision to either obtain the exchange rate directly from the exchange rate provider or generate a

To start the consolidation report, you need to select G-Accon for Xero, then the Consolidated Report menu option. You need to have at least two Xero organizations to be able to generate the consolidated report.

Your next step is to select all entities for which you will be generating consolidated reports (Fig. 1).

Fig. 2

Fig. 1

Fig. 3

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Issue 30 / 25

Tutorial

Fig. 4

separate tab with exchange rates for multiple currencies. This additional feature allows you to manually modify any exchange rate values and use them in the report generating process (Fig. 4).

Finally, you can generate the consolidated report by clicking on the “Execute” button (Fig. 5).

For businesses with multiple departments or parent companies with multiple entities, there are several advantages to this financial consolidation. There are 3 reasons why your company stands to benefit: 1) Performance At-a-Glance. For executives, managers, investors, analysts, and business owners, financial consolidation is the best way to easily see a snapshot of a company’s performance. This consolidated financial report gives stakeholders invaluable insight into the parent company’s overall health. Without consolidation, employees would need to spend

26 / Issue 30

Fig. 5

In a very similar way, you can generate Profit and Loss (Income Statement) and Cash Summary consolidated reports. hours sifting through individual financial reports.

2) Strategy. With financial reports flying in from multiple entities, figuring out your company’s overall direction can feel a bit daunting. Financial consolidation gives your leadership the clear insight they need in order to plan more effectively.

3) Efficiency. Combining multiple reports into a single consolidated financial statement creates more time for important tasks such as strategic planning. Better yet, real-time consolidation from our G-Accon product accelerates

the financial closing rate and streamlines your intercompany eliminations. The small-size to enterprise-level companies that G-Accon works with frequently report that this real-time consolidation through G-Accon ends up saving them days in the closing process.

Find out more...

Please visit our website: accon.services

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Issue 30 / 27

New to the Xero Marketplace

How to solve broken bank feeds and confirm bank balances Broken feeds impact client delivery Cloud accounting has made it simpler to maintain records. Unfortunately, the underlying bank feeds aren’t perfect. There is a solution.

T

This article is

he last decade has seen a revolution in accounting technology. The rise of cloud accounting software has made it simpler to maintain accounting records.

Bank feeds are a major driver, pulling in data and making transactions easy to categorise.

Unfortunately, bank feeds are not perfect. Frequently, they contain errors and can be challenging to set up and reauthenticate.

There is a solution. The issues can be overcome by checking bank balances and transactions at source. This can be achieved

28 / Issue 30

manually, but significant time and hassle can be saved by using smart technology to provide an automated solution.

Broken feeds impacting client delivery William Stanley & Co often experience issues getting bank feeds set up and live when onboarding new clients. Fixing them can take days and impacts client services by not generating up-to-date

Tony Walker, Co-founder, Armalytix Tony Walker is co-founder of Armalytix. He has worked in several sectors over the years, initially 10+ years as a military officer before moving to The City. He was part of the electronic revolution that brought efficiency and accuracy to the trading environment within investment banks including Lehman Brothers and Bank of America Merrill Lynch. The opportunity to create further change created the entrepreneurial drive and Armalytix was born.

cash balances - limiting possible insights.

The firm recently took on a new client that had broken bank feeds, and to solve the issue, they turned to Armalytix:

“To resolve the issue, we jumped on a call with Armalytix.

Automation of This allowed us to data collection receive up-to-date is one of the bank transactions next frontiers for from the client in accountants. just a few minutes.

After this, we were able to get the information directly uploaded onto Xero

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

New to the Xero Marketplace and support the client with analytics insights from Power BI.” - James Couch, Director at William Stanley & Co.

We use it when we don’t have data at all and as a sense check to confirm balances for VAT returns and monthly bookkeeping.”

Armalytix gets the transactions in faster and gets the information correct in the first place.”

Automation of data collection “This allowed is one of the us to receive upnext frontiers to-date bank My Cloud 9 is a Xero-based for accountants. practice. The firm experiences Using tools like Michael Beaver & transactions from frustrations with bank feeds being Co, a firm focusing Armalytix to the client in just a difficult to set-up and sometimes fix broken bank on professional few minutes” inaccurate. They also had a feeds and confirm services and trade bank feed issue, where every bank balances gives businesses, experience transaction was duplicated over a accountants and clients missing and duplicate one-week period. surety about accuracy and transactions from bank feeds. allows compliance filings to Co-founder Alexandra be completed speedily and on As part of the checks Macleod overcame time. completed at yearthese issues by using end, the firm uses Unfortunately, Armalytix to confirm Armalytix to confirm bank feeds are and reconcile bank bank balances for not perfect.

VAT quarters, and balances: FIND OUT MORE... where there were no bank feeds, using “We use Armalytix Armalytix liberates you from Armalytix to request all downloads to reconcile unnecessary admin. Find out transactions: at year-end. Around 50% of the more here: time, there are issues with bank armalytix.com “We are massive fans of Armalytix. feeds that need to be reconciled.

Confirming bank balances for VAT returns

Reconciling bank balances for yearend accounts

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Issue 30 / 29

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.

Transform your practice with our new product bundle CCH Accelerate

30 / Issue 30

›

a full cloud-connected suite solution

›

seamless data conversion from your existing solution

›

full project coordination and services

›

a value-driven package which more than covers the cost of implementation

›

an easy onboarding process, including flexible staff training and eLearning

›

a dedicated account manager and a direct line to a support team

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

When you have to be right.

No need to just take our word for it.

“Choose the CCH Central suite and, like us, you’ll never regret it. You’ll receive every support from Wolters Kluwer to make the move, and you’ll soon be experiencing new levels of efficiency and productivity.”

Business Orchard

Instead of asking what the cost of switching your software is, ask yourself - what is the cost of not switching? Visit wolterskluwer.co.uk/switching or email cchsoftware@wolterskluwer.co.uk

Find out more today

wolterskluwer.co.uk

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© Wolters Kluwer (UK) Limited 09/2021. All Rights Reserved.

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Issue 30 / 31

Chase payments more effectively by supplementing email reminders with text messages

@chaser_hq

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

Chaser’s newly released functionality, SMS payment reminders, helps businesses reach out to customers about payments in the most effective ways possible and get invoices paid faster.

This article is

I

n an ideal world, all of your invoices would get paid on time. However, as most businesses have experienced, this is usually not the case.

The average business is owed $300,000 in late payments (QuickBooks), and in the UK, research shows that around 50,000 businesses close each year due to the impact late payments have on their cash flow (FSB). These numbers make it very clear that finance teams need to do what they can to follow up on outstanding invoices, ensure that their payment reminders get noticed and that their customers can pay their invoices as easy as possible.

This is why thousands of finance teams have implemented Chaser.

Chaser’s accounts receivable solution allows finance teams to automate invoice chasing and streamline their credit control processes. Chaser’s software provides all the tools needed to run your business’s credit control in the most effective way as you can credit check and monitor debtors, chase payments, create payment plans and collect overdue invoices all in one place.

And, with our newest feature, SMS chasing, you can add a whole new dimension to your credit control and reach out to customers about payments in a more effective way and get invoices paid faster.

What is SMS chasing?

SMS chasing is simply the act of sending payment reminders via SMS to customers who have outstanding invoices. This can be before the invoice is due, reminding them of an upcoming due date, or after the invoice has passed the due date. Payment reminders sent via SMS can also include a payment link, as those sent via Chaser’s software, which allows customers to pay invoices instantly directly through the link in their payment reminder SMS. Who uses SMS chasing?

SMS chasing is used by finance teams, and accounts receivables or credit control teams at businesses who sell their goods or services on payment terms.

It’s used by businesses who issue invoices and extend credit, as a means to remind customers of upcoming and overdue invoice payments.

Why send payment reminders via SMS? On average, people receive double the number of emails per day than they do SMS messages.

Due to the sheer volume of emails your customers receive

32 / Issue 30

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

every day, payment reminders via email can sometimes get overlooked. SMS messages have an open rate of 98% (Tyntec), so by supplementing email payment reminders with payment reminders sent via SMS you are more likely to get your reminders noticed and get your invoices paid.

How Chaser’s SMS chasing feature can benefit your business Invoices get paid faster You can get your invoices paid faster by making invoice payments seamless for customers. By sending invoice payment reminders via SMS and including a payment link, clients can make payments instantly, in just a few clicks via their SMS message. They can pay the invoice on-the-go, or when sitting on the couch - they don’t even need to switch on their laptops. Keep in mind that the easier you make it for your customers to pay, the quicker you will receive payment.

You can reach customers with ease Cut through the noise and reach customers on-the-go by sending payment reminders via SMS. By sending payment reminders to their phone, you can reach customers more efficiently and the 98% average open rate for SMS messages makes it one of the best and most effective ways to send information that you need the customer to see and take action on.

Time savings Don’t waste any time following up with customers manually.

All of your SMS messages are automated with customisable templates and schedules, to ensure you save time without losing the personal touch. Also, when your customers make payment, they will automatically receive a SMS thanking them for paying so that you don’t have to manually follow up yourself.

Build and maintain customer relationships Following on the previous point, SMS messages can be sent using customisable templates that comprise editable and personalised fields like business name, due date, invoice amount, making the messages look like they were hand-typed by you or a member of your team, specifically for your customer. This allows Chaser users to send messages using their usual style of language and communication with

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customers, giving each automated message a human touch which helps to build and maintain those important customer relationships.

Enhanced payment chasing processes There are several ways to send payment reminders, but by using a combination of SMS and email payment reminders in your automatic invoice chasing schedules, you can increase your chances of reaching your customers and of prompt invoice payments.

Want to learn more?

Join Chaser’s webinar on the 3rd of March to see SMS payment reminders in action and learn more about how it can help you reach customers with ease, get invoices paid faster and improve cash flow at your business. You can sign up here.

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Issue 30 / 33

Interview

Q& A

Ben Silluzio, CEO, oNesto XU:

For our readers that aren’t familiar with oNesto, how would you sum it up?

BS:

oNesto is an Employee Benefits platform that enables employees to save without nudging or altering their ordinary savings or spending habits.

Ultimately assisting the attraction, retention and productivity of staff.

XU: BS:

What are its main features?

1. Shop and save Receive up to 10% Cashback from participating retailers.

2. Flexibility of Wages - Enabling access to earned wages intra-pay cycle.

3. Financial LMS - Focused on financial literacy & employee wellness.

4. Employee Awards and Recognition Platform - Providing cost effective tailored employee awards.

XU:

Who are your target users and who will it help benefit?

BS:

Our target customer is small businesses and the people who work for them.

Our products give people discounts that until now have only been available to multinational corporates.

This helps smaller businesses offer employee benefits that make attraction and retention of staff easier, and brings them closer to

34 / Issue 30

the benefits platforms offered by large corporates.

XU:

oNesto claims to help employees make smart financial decisions, improving the financial fitness of their teams. How does it do this?

BS:

Our financial literacy platform has over 100 courses on savings, budgeting, and financial products.

This learning combines into the flexible wages product, where users can get access to their wages when they need to pay bills, ensuring they avoid any charges for mistimed payments.

This helps users avoid expensive forms of credit such as payday loans and credit cards.

SMEs and can be installed via the Xero Marketplace in as little as 15 minutes.

XU:

You have recently integrated with Xero. Why did you choose to work with them, and how will this benefit users?

BS:

Xero is the world’s leading SME accounting software solution. We love its capabilities and ease of use. It provides real benefits and solves real problems for small businesses.

We similarly provide benefits and solve problems, albeit a different set of problems. As such it creates a perfect synergy between our platforms.

XU:

Personally, what is your favourite aspect or feature of oNesto?

BS:

What makes it different from other options on the market?

The Shop to Save feature is so unique and simply awesome. You can shop with your earned wages at 60+ major Australian retailers and you receive up to 10% cashback. On top of this for convenience, you can include your retailer’s loyalty card to ensure you capture all available discounts and loyalty points.

BS:

XU:

The Shop & Save feature provides up to 10% Cashback though more than 60 major essential retailers, and builds a savings fund for users at no cost and without any changed spending habits.

XU:

Other awards and recognition programs are often not available to small businesses, and if they are have significant activation and integration cost which makes them prohibitive.

These programs are often tailored to large corporations whereas our product has been built for

We’d love to learn a bit more about you and your experiences, Ben. What were you doing before you founded oNesto?

BS:

Prior to founding oNesto, I was on a two year sabbatical whereby I completed a double MBA at Columbia Business School in New York & London

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

Interview

Business School in London. Prior to this I founded a multi awarded global hedge fund.

XU:

What has your favourite experience been at oNesto so far?

do you spend your time doing?

BS:

I love spending time with friends and family, mentoring start-ups, reading, traveling and participating in sports.

BS:

XU:

XU:

BS:

BS:

XU:

Helping people! From my amazing staff at oNesto to our incredible corporate clients & their awesome employees.

What have you learnt from your time finding a tech start-up?

Anything is possible, if you want to change the world, you need to break barriers and do the opposite of what everyone else is doing or thinking!

XU:

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

BS:

I wanted to help those who hadn’t had the benefit of a financial mentor or education to learn about and improve their finances. I was lucky – I had great mentors, but I learned that almost half of all people had no one like this. And it bugged me that financial institutions offer the lowest priced credit products to the people that need it the least, and charge people who are struggling the most. From a social perspective, this is a backwards concept, and I was inspired to change this!...

XU:

When you’re not hard at work, what

What countries is oNesto currently available in? Do you have any plans for growth?

oNesto is currently available in Australia, we are launching in NZ in April and the USA in July.

We all know how important a healthy and supportive work environment is for team success. What is it like working at oNesto and what do you do to try and foster a positive work attitude there?

BS:

We’re building something special and unique and we’re committed to getting this into the hands of as many small businesses and their employees as possible.

XU:

What advice can you give to first time users to get the most out of oNesto?

XU:

What does the future of oNesto look like? Where do you see the platform eventually looking like?

Above: The team at oNesto

BS:

We have some incredible features which we plan to release over the next 12 months primarily focused on a corporation’s CSR objectives.

These include a philanthropic feature and our environmental feature.

XU:

Do you have any exciting plans in the works or news you’d like to share with us?

BS:

We are in an interesting negotiation currently with an Australian corporation, which if consummated, would springboard our activation and deliver an important new vertical.

XU:

If you could share one piece of advice to our readers, what would that be?

BS:

Always follow your North Star. Ours is: Giving every day employees the tools and knowledge to improve their financial competence and get the most out of their money.

BS:

Onboarding is simple, however it’s a process that requires ID verification and employer selection, so persistence is required. Once onboarded, first time users should ensure they scan all their retailers loyalty cards for additional discounts. Then simply with oNesto it’s super easy to use!

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

LEARN MORE...

Find out more here: onesto.co

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Issue 30 / 35

Scaling your practice – it’s all about the books The world of bookkeeping has changed so much in the time since I started my professional career.

This article is

T

he clients I met as a trainee, once above a certain size, all had a bookkeeper. When I think back to the tasks those bookkeepers undertook, it was a combination of administration, tea-making and talking to their colleagues[KR1] . Some did their job well, some less so.

Bookkeeping software was really in its infancy when I was training and it was only larger clients, or subsidiaries of listed businesses, that used software to manage their finances. Of course, it was desktop software and only for those businesses that could afford a computer!

36 / Issue 30

the cottage industry that perhaps existed before - one in which bookkeepers travelled from client to client performing a rather similar role to the one I described above.

The challenges of scalability and process Accountants worldwide had got used to working with bookkeepers like this. Once they found a good one, they often recommended them to other clients. The challenge then became the good ones had no capacity left to do any more work.

So, what’s the role of the bookkeeping industry today?

You’ll notice I referred to it as an industry just now - And that’s because it now is. Some of the markets we work in, like Australia, have a real distinction between the bookkeeper and the accountant.

As you can see, the world of bookkeepers in years gone by was one that wasn’t scalable. I recall a few bookkeeping businesses that managed to develop some scale but often a bond would develop between the individual undertaking the bookkeeping and the client, creating the risk that staff would leave and take the clients with them.

What this means is the bookkeeper is regarded as having a very different skillset to those in

The challenge for accounting firms and bookkeepers has always been the need to standardise

@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.

processes. Previously the smaller the firm the greater the flexibility of processes compared to a larger firm. Having worked in two of the Big Four, it was very clear to me how standardisation made those firms less reliant on any individual, but more on the process and technology in delivering the service.

Paper-to-screen revolution Many of you reading this today will be using Xero and other cloud bookkeeping software.

This has certainly transformed the way that we’re able to work with client businesses. Covid has just accelerated that shift. The bookkeepers of old would have found it very difficult (impossible!) to operate as they did before, following the Covid outbreak.

Bookkeeping software, on its own though, wasn’t sufficient though to really mark a shift in the bookkeeping industry.

AdvanceTrack previously didn’t offer a bookkeeping service when it was desktop-only. Even when cloud bookkeeping software

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

started to make inroads, it became a watching brief. What really started to pique our interest in delivering a service to the firms we worked with was the success of optical character recognition (OCR) solutions like Receipt Bank (now Dext), AutoEntry and Hubdoc, to name just three.

“I’ve checked these six times already.

Surely, there’s a better way?”

You’ll ask yourself, why didn’t we do it before? The biggest challenge was always collection of third party data.

Bank feeds (or CSV files) meant that bank data was relatively reliable and could be collected quickly or automatically.

Sales data was typically in a standardised format for each business.

The challenge was always the array of different shapes, sizes and location of the myriad of suppliers’ receipts. When you walk past that builders’ truck and look on their dashboard at the receipts they collected on the way to their job that week…

How do you get those into the bookkeeping software?

This is where OCR solutions, or automated collection, is really impacting the real-time ability of firms to deliver bookkeeping services.

www.advancetrack.com Where Quality and Security comes as standard

information. With the support of the accounting and bookkeeping businesses, and the use of technology, this is available to any business that wants it today.

Bookkeeping more important than ever We’ve discussed the move to digital tax submissions around the world. Governments all need more cash to recover from Covid.

This need has accelerated the need to bring in regular reporting.

bookkeeping will give the accountant the ability to operate as a virtual FC/FD for the client business.

Credit control services are easier to deliver using regular bookkeeping. How many times do you receive a reminder for something that has already been paid? Keep it up-to-date and automation of the chasing really drives regular cash collection; and then it’s exception-chasing by people.

How do you use it?

In the UK, Making Tax Digital (MTD) is expanding its scope.

Businesses like our own had already migrated our financial records to cloud software. As a result, it just became a different button to press to remain compliant.

Previously, what was important was producing a set of yearend financial results. For some businesses, that remains the case.

As the scope of these digitisation programmes expands, the need for quality, regular bookkeeping is only increasing.

In most instances though, whether it’s to ensure they can pay their staff and suppliers on time, or they want to make sensible business investment decisions, having access to up-todate financial information is now essential.

Bookkeeping, however, is just the enabler for a much more sophisticated and embedded relationship with their accountant and bookkeeper. Why do we say that?

It’s not all tech

How does offshoring/ outsourcing fit in?

I discussed at the start of the article how larger businesses had access to good financial

Technology will increasingly take on some of the workload.

However, quality and regular

Scalability is where offshoring and outsourcing help a firm to deliver a regular bookkeeping service.

Technology today is now capable of delivering a real-time scalable bookkeeping service.

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One client in my audit training days always told me, every year, that he hadn’t paid a supplier because they hadn’t chased him.

Today, there is no reason for that ever to be the case.

Being embedded as an FC/FD brings immense value to the business; more so than, say, an audit giving a historic report.

You’re less likely to be removed from the post if you’re sat at the boardroom table every month showing how you’re helping the business owner run a more disciplined business with quality information and professional input.

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Issue 30 / 37

AdvanceTrack, for example, has built-in cloud technology that allows our client firms to scale their delivery of any service.

Having built our first cloud software way back in 2005/06, we naturally are able to work with cloud applications used by our client businesses. With our enhanced cloud platform, we really are able to drive higher value and consistent service from our offshore delivery teams.

During Covid, and despite our teams being scattered across the globe, we were - and are - able to continue delivering exceptional customer service. This was only possible because we understand and use technology to help our client firms.

back in 2013. We underwent a robust audit process, and one that is monitored on an ongoing basis alongside a tri-annual recertification.

Not happy with just the ISO27001 certification, following new laws being introduced across Europe in 2018, AdvanceTrack achieved BS10012 - which showed how we dealt with personal information.

Having moved our entire operation to working from home before the lockdowns of 2020, AdvanceTrack made the decision to achieve ISO22301, which is the International Standard for Business Continuity. This process really made us look carefully across our business to see how

Fully managed by AdvanceTrack® Outsourcing you can trust www.advancetrack.com Where Quality and Security comes as standard

provided we continue to keep our people safe, working from the office raises both professional and security standards. Having people operating with nothing other than a laptop with no controls in place puts a professional firm at real risk of penalties and reputational damage as a result of poor data compliance. Our staff, even when working from home, had strong protocols in place which limited the risks of data loss and breaches.

Choosing a provider that manages that risk for you is very important.

Offshoring or outsourcing?

With AdvanceTrack, you don’t need to choose. We’ll work with you to deliver the service that’s right for your firm. With trained staff ready to go, the timescales are shortened than with other providers.

Even now, we have firms who started with outsourcing and are now moving to dedicated offshoring staff. This also allows clients to access additional resource, through a hybrid of offshoring and outsourcing all managed effectively through secure systems.

Better client books mean a better accounting practice

Why security is vital in a postCovid world

we can continue to operate in testing circumstances.

Covid has enabled a new type of business to operate. One that only requires a laptop, with no overheads, and often from a home environment.

None of these, on their own, can be achieved without the underlying business having robust processes, great people and trusted infrastructure to help manage the data processed in the business.

The danger with this approach is that personal and business data does not have the appropriate safeguards in place. This places a real burden on the accountancy firm to make offshore suppliers to be compliant with appropriate security and privacy laws in their home country.

AdvanceTrack achieved its first security accreditation (ISO27001)

38 / Issue 30

In January 2022, we were also recommended for ISO27701, which represents an upgrade of the personal information system accreditation to an International Standard.

The world of offshore delivery is returning to ‘working from the office’. We are of the belief that,

Bookkeeping services are essential to delivering quality real-time information. A quality offshore delivery process, with scalable systems, is often the only way to free local personnel to deliver the service that clients now demand. Technology such as Xero and the use of OCR are part of the delivery mix.

FIND OUT MORE...

If you want to speak to the AdvanceTrack team about scaling your bookkeeping and management accounting service, click here.

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Unlock your firm’s advisory potential 65% of businesses rely on their accountant for advice about finance, growth, cashflow and planning INTRODUCING CAPITALISE

The platform that empowers you to advise and give your clients access to business performance insights, credit improvement, debt recovery and funding

Discover a healthier way to do business Get 50% off for 3 months with code XUMAG30† Visit capitalise.com/attend-consultation-XU

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*Censuswide poll of 500 small businesses, December 2021 †T&Cs apply

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Issue 30 / 39

Aider: the Advisory Intelligence Platform for proactive accountants and bookkeepers

@AskAider

Alix Dougherty, Content Marketing Manager, Aider Aider’s Content Marketing Manager, Alix Dougherty, specialises in writing content that is tailored to online marketing. With experience working in copywriting and content marketing, Alix is passionate about writing articles, customer stories and other content to share Aider’s mission.

How Aider built a solution to streamline advisory, using artificial intelligence Aider is an artificial intelligence software solution, created to aid accountants and bookkeepers to more efficiently manage their clients’ finances.

This article is

A

ider; to help or aid

Derived from the French word ‘aider’, which means to help or aid; the purpose behind Aider, as a company, is in its name.

Aider is an artificial intelligence solution, created to aid accountants and bookkeepers to more efficiently manage their clients’ finances.

It’s Advisory Intelligence Platform draws on modern technology, offering a fully connected and comprehensive platform that, at the same time, is effortless to use.

Aider is designed to help; to aid – it connects advisors with their clients, syncing data and messages in real-time, and providing SMBs with the confidence they need to run their businesses.

A fintech start-up, & quickly growing Aider entered the fintech SaaS market in 2018, after Brendan Roberts, Founder and CEO, came up with the idea of Aider.

The mission of Aider was to create and deliver a powerful platform

40 / Issue 30

that provides accountants and bookkeepers with the data and insights they need to provide sound, proactive financial advice.

And in doing this, to also provide SMBs with the kind of Advisory services they want: an engaged, proactive and efficient advisor.

Not someone they only speak to once a year.

The team at Aider has built a powerful and complete Advisory Platform and a client Mobile App, that are set to help with the transition from traditional compliance management, to forward-looking advisory.

The mission today? The same as day one. To optimise technology and artificial intelligence to

The tip of the iceberg: how Aider’s Platform will improve your practice Aider has many intelligent features that will benefit your practice, including the following:

• Have more productive client conversations • Notify clients’ ahead of time with proactive advice

A concise view of your clients’ data • Quick profit & loss forecasts • View pre-analysed indicators & insights, saving time • Easily determine who you need to talk to today, and why

Compliments your accounting tech stack • Xero accounting software • Aider Advisory Intelligence Platform

Ability to provide more proactive advice • Easily engage with clients’ via email or the optional mobile app

Artificial intelligence that saves you time • Less manual administration • Managing by exception, saving you time • Cash flow forecasting • An add-on mobile app for your clients

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

improve the efficiency of advisory and create exceptional client experiences. And to democratise advisory at scale for small businesses.

Introducing Aider’s Advisory Intelligence Platform The Aider team has been working hard to develop a software solution that simplifies advisory.

The team has stepped back, taken on feedback from their customers and deployed new updates and features.

The Aider team has now created a platform where accountants and bookkeepers can effortlessly view and act on their clients’ pre-analysed finances.

Aider’s Advisory Platform provides accountants and bookkeepers with a proactive assessment of their clients’ data, cash flow, taxes, profitability, and growth.

With 3 easy steps, advisors can 1) effortlessly see who they should be talking to today and why, 2) dive into the details, and 3) engage with the client. It’s never been easier to be proactive and start new client conversations.

Are you an accountant or bookkeeper?

Imagine having all of your clients’ data laid out in one overview screen, where you can see which clients are behind on their taxes, which are performing well, and so on. Aider provides this intelligent overview, and refers to it as ‘management by exception’.

As an accountant or bookkeeper, you can say goodbye to sifting through files and switching between multiple browser tabs to analyse your clients’ finances.

Improving the approach: from reactive, to proactive By connecting seamlessly with world-renowned Xero accounting software, Aider syncs all of your clients’ data (whether you have

5 or 500) into one user-friendly interface, cutting out hours of administration.

administration, when you could let automation do this for you?

For years, accountants and bookkeepers have had to spend hours sifting through their clients’ finances, in order to identify issues and provide solutions.

Now, artificially intelligent software “Derived from the solutions like Aider French word ‘aider’, automates this for them. which means to help

With Aider, you can now remain one step ahead, and effortlessly see which of your clients’ are due to pay taxes, reconcile invoices, and more, all at the click of a button.

How Aider’s Platform is advancing advisory

or aid; the purpose All of the data behind Aider, as a and information company, is in its they need is name.” automatically

There are so many things that Aider’s Platform does to streamline the advisory process for accountants and bookkeepers.

The platform acts as a centralised view of your clients’ data, and provides a space to effortlessly view profit and loss forecasts, view leading indicators and insights, have more productive and proactive client conversations, and more.

Aider is set to be a core part of your advisory tech stack. Start your day with Aider and you’ll be more focused, save time, and even position yourself to generate more advisory revenue from your clients.

Fintech companies like Aider are changing the way that accountants and bookkeepers do business Why spend hours on manual

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

presented in a digestible and effortless-to-use platform, so that accountants and bookkeepers can spend less time on admin, and more time on advising.

With the development of intelligent software like Xero and Aider, accountants and bookkeepers can now do what they do best, better.

Want to learn more?

Ready to strengthen your practice and provide more proactive and sound financial advice?

Book a demo of Aider today

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Issue 30 / 41

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Issue 30 / 43

Supercharging your client conversations

Add some fuel to your firm’s advisory services C

This article is

lient conversations are the starting point for most advisory projects and value-add engagements.

But is your firm digging down deep enough when chatting to business leaders and their management teams? And what can you do to supercharge these client conversations?

Paul Surtees, co-founder and CEO of Capitalise, explains how your firm can offer a better service through deeper conversations – and how this helps you solve your clients’ problems.

Accountancy is all about the numbers, right? Wrong. As any seasoned accounting professional

44 / Issue 30

@Capitalisers

Paul Surtees, co-founder and CEO, Capitalise Paul Surtees is the co-founder and CEO of Capitalise.

Capitalise was founded in 2016 to offer straightforward access to business finance for the UK’s small businesses and their advisers. Paul and the Capitalise team are on a mission to strengthen balance sheets, improve working capital and help businesses achieve their ultimate goals.

will tell you, accounting is a people business. It’s an industry based on building relationships, getting to know people and – vitally – having informed conversations with your clients.

tax returns. Job done. But that’s really just the first layer of sponge in the accounting cake. There are so many other layers of frosting and sprinkles that you can add to keep your clients happy.

But are you having the right conversations with your clients?

And are you drilling down into the real ambitions, goals, challenges and pain points that are on their agenda?

Friendly advice and support is the icing on the cake, with 1-2-1 mentoring and coaching as the final cherry on the top.

And to offer these advisory and mentoring services in a productive and valuable way, you’ve got to know your clients inside out. The deeper your relationship and understanding, the more you can do to help.

How well do you know your clients?

We all know how basic compliance forms the initial foundations of a client relationship. You carry out the bookkeeping, produce their statutory accounts and file their

Ask yourself: • How well do I know the client’s personal aspirations and goals

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

as an entrepreneur?

• How up to speed am I with their strategic five-year plan for the business?

• How in the loop am I when it comes to their big pain points and challenges?

• How well am I embedded in their top team as an adviser and confidant?

If you’re just keeping their finances ticking over and making sure they file their returns on time, you’re not maximising that client relationship. And the ball lies in your court to improve this situation and get the conversations flowing.

What your clients want from their accountant A great accountant/client relationship goes way beyond the numbers. Getting their finances in tip-top shape is definitely a big expectation of any client and sorting out the compliance is a given. But ambitious business leaders want so much more than just a tidy set of accounts.

In our recent Get Fit For Business report, we asked 500 business leaders how fit they felt going into 2022. The answers were revealing, and showed how client expectations are changing.

• 76% of business leaders are feeling optimistic about 2022 – we know that businesses are keen to push forward and stabilise their recovery. They have big plans for growth and need help to bring these plans to reality over the coming year.

• 65% of leaders rely on their accountant for advice – businesses want help to manage their funding, growth, cashflow and business planning – all areas where you can assist.

So, there’s a clear opportunity to offer better advice across more services.

• 66% of leaders say their accountant was their most trusted source of business advice over the pandemic – business leaders still see their accountant as their most

important adviser. They trust your advice. They valued your support during Covid. And they need your continued support and guidance to drive their long-term success.

• 58% of leaders are planning to engage with a mentor or coach in 2022 – this desire to find a mentor speaks volumes.

The past two years have been tough for many business leaders. But there’s a growing realisation that an experienced mentor can help them greatly on their business journey – both professionally and personally.

starters to help you press the turbo button.

For example:

1. Talk about people – talk to your clients about their wellbeing, the pressures of running the business and how they’ve coped with stress and burnout. Ask them how they’ve adapted their working practices and how they’re supporting their team in challenging times.

Find out about their personal goals, ambitions and lifestyle aims. And ask them where they “Friendly advice most need your and support is the icing It’s clear that the help to drive their average business business strategy. on the accounting cake, leader is looking 2. Talk about with 1-2-1 mentoring for a new kind of relationships – the as coaching and relationship with ask them about final cherry on their accountant. their customer and the top” They want detailed supplier relationships advice on their finances. and where you can pitch Better strategic guidance when in to help. Offer them financial, making big business decisions. strategic and emotional And they need a supportive advice, to make their journey shoulder to lean on when times easier. Introduce them to get tough. other business leaders from your client portfolio and help But to become this all-singing, them become part of a wider, all-dancing adviser, your working supportive community. relationships have to improve.

3. Talk about numbers – talk And this all begins by opening up about training in them the the conversation and getting to accounting basics, so they can know your clients better. get more insight from their accounts and key numbers.

More talk, more action: the Ask them about their credit value of opening up the score and what they’re doing to conversation improve their rating. Put their business strategy under the Relationships work best when microscope and ask how they there’s open and honest aim to fund their big plans for communication between both the year. parties. Sit down regularly with It might sound simplistic, but your clients, so you know what’s regular, informal contact is what on their mind. Check in to find keeps the relationship alive and out how they’re doing and set well. Picking up the phone and the groundwork for a more asking ‘How’s everything going? productive working relationship.

Anything we can help with?’ could be a catalyst to something We’ve covered this concept in brilliant. depth in our More Talk, More Action guide to supercharging Making yourself the go-to your client conversations. We adviser know how valuable it is to kickstart a new narrative, or open Asking ‘Is there anything we up a new discussion point with a can do to help?’ may sound so client. So, we’ve brought together simple and innocuous. It’s one a host of tips and conversation

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Issue 30 / 45

small question, but it can have such a big impact. It’s this ability to kickstart the conversation that marks out a competent accountant from a truly exceptional business adviser.

Our Get Fit For Business report tells us that 59% of business leaders wish their accountant would make the first move when it comes to having more valuable conversations. Clients know the knowledge and expertise you have, and they want you to be proactive, hands-on and start asking the questions that matter.

As their go-to adviser, you can make such a big difference: • If there’s a new opportunity on the horizon, you can make sure the client has the funding to strike while the iron is hot. And help them with the decisionmaking process.

• If suppliers are being put off by a low credit score, you can work with the client to improve their credit rating. This then opens a gateway to a better financial future.

• If poor cashflow is causing a headache, you can find the best way to deliver a cash injection and help them keep the lights on in the business.

• If a business leader is feeling stressed and overworked, you can lighten their load and help them open up about their stresses and worries.

• When a client is in need of 1-2-1 coaching, you can become their valued mentor. You can share your own business experiences.

Guide their way along the road.

And make sure they focus on their own unique skills and capabilities as an entrepreneur.

Supercharge your client conversations

This evolution might mean changing your mindset and adding the right advisory tools to your toolbox. But at Capitalise we have the resources you need to help with this transition.

Embracing this change means slipping into the shoes of the go-to adviser. And by taking on this multifaceted role, you futureproof the long-term success of your clients and your firm.

We offer CPD-accredited online learning to get you and your team up to speed with the latest advisory techniques. We give you and your clients access to over 100+ different lenders via our Marketplace. And you can use our Monitor solution to track clients’ cashflow and credit positions, as well as access a detailed Capital Report that you can share with them directly.

We’ve got the people, training and resources you need to become the best possible adviser.

Becoming a great adviser isn’t something that happens overnight. It means building bridges and starting the best conversations. It means nurturing a feeling of trust and demonstrating your value. And it means wearing a variety of different advisory hats at any one time.

FIND OUT MORE...

Book a consultation and see how Capitalise can supercharge your client conversations.

Find us at: capitalise.com

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46 / Issue 30

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Issue 30 / 47

4

ways to guarantee your practice is always ahead of the data

@dextofficial

Katie Hoare, Global Head of Practice Solutions, Dext Katie worked in practice for 13 years at Wright Vigar and managed their digitisation project. She is also an experienced accounting solutions consultant who is now the Global Head of Practice Solutions at Dext.

Powered by Dext Precision

Katie Hoare, our Global Head of Practice Solutions, shares four ways you can use Dext Precision to get ahead of your clients’ data, reduce workload and improve your firm’s profitability.

This article is

G

reat work starts with great data

The advice you give clients is only as good as the data you’re working with. As well as alerting you to data that’s missing or simply not quite right, Dext Precision provides you with proactive insights, all of which mean your team can offer greater value to clients. Here are four ways you can use Dext Precision to get ahead of your clients’ data, reduce your workload and improve your firm’s profitability.

1) Overdrawn Directors’ Loan Accounts Problem: Overdrawn directors’ loans can cause all sorts of problems for accountants and clients alike – from dividend planning to S455 issues and more.

Solution: use Precision for your remuneration and tax planning strategy conversations.

With Precision, you can create a practice level report that flags all the businesses that are close to their year end with overdrawn balances on their directors’ loan

48 / Issue 30

accounts. You can even include their reserves balance in the report for dividend planning.

This can be used for general tax planning between the tax and accounts team, and for proactive conversations with the client while there’s still time to make changes.

You also get P11D insights in real time, so you can avoid any last minute panic when it’s time to submit yours to HMRC. In the Focus area of Precision, you can also build a task management flow which pulls from real-time data, and include tasks to check the following: • Director’s loan account balance • Has the £2k dividend allowance been used up?

• Dividend status (Have any already been declared?)

• Expense account review (for any codes that are likely to contain private items that need to be adjusted for, such as entertainment) • Multi-coded contacts (eg. Check Mileage claim – often with changes in team members processing transactions, petrol receipts can slip into motor

expenses one month and then DLA the next) • Net assets insights are great when there is a change in dividend tax rates when considering things like: - Should dividends be accelerated?

- What could the potential reserves be? (Net assets may not all relate to P&L reserves but they definitely give an indication) I remember this happening when HMRC brought in higher rates of dividend tax. We had to go through every client to identify whether there was scope to declare any further dividends in the most tax efficient period. This would have been considerably easier with the reports from Dext Precision (especially as you can tell whether the client records are up to date or not) 2) Changes to Locked Periods (Historical transactions) Problem: Removing the lock dates from a previously closed period in your general ledger can cause discrepancies in your reporting.

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We’ve all been there. Whether it’s certain clients, or members of your own team, when lock dates are adjusted, new transactions are subsequently posted into that once closed period.

you with a list of all transactions that match this criteria and adjusts your journal for you.

I remember rolling forward my opening balances in my AP solution, then comparing them to those in my bookkeeping solution, and wincing at the number of discrepancies in the data.

Problem: Right now, there’s a lot of discussion in our industry around different pricing strategies, from time-based, to value-based, fixed fee and so on.

If a fee has been agreed with a client upfront, or even if it hasn’t, most struggle to challenge what they charged the previous year (plus 3% for inflation), irrelevant of the amount of time spent processing the job. That’s often because we don’t have the information readily available to do it any other way.

I’d then create a spreadsheet to compare the two, then a list of journals that needed posting. The whole thing was made even more complicated when, to my despair, some of the differences arose in the control accounts – a journal alone wouldn’t fix it. Like I said, I’m sure we’ve all been there.

Solution: use the Historical Transactions report in Precision to see whether the data matches up.

This is a real game changer.

The Historical Transactions report compares the data at Companies House with the data in your general ledger. If the data matches, then no further work is needed.

If it finds there have been changes, though, you can set a specific date period for Precision to look at (I would suggest the date when the accounts were finalised). Precision then provides

3) Improve Recoverability (Fee reviews)

Solution: use Precision insights to regularly review data with your clients to ensure the fee is accurate and maintains a good level of recoverability.

You may do this by reviewing fee levels based on: • Number of bank transactions • Level of turnover in any given period • Level of the health score percentage With Precision, you can assign different review month flags against a client and build flagbased reports. These can be reviewed on a monthly basis,

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providing you with a list of clients whose fees need to be assessed to ensure their metrics are still in line with how much they pay.

You then have an opportunity to contact these clients (avoiding scope creep) and discuss their package with the data to prove they need further services to hand.

4) Year End Insights Problem: Providing valuable insights that can be used to make a tangible difference in your clients’ businesses can be difficult, overcomplicated and, therefore, often avoided or overlooked.

Solution: use the Precision Customer Reliance Graph to flag customers that make up a large proportion of your sales income.

Business performance and, more specifically, customer and supplier reliance is currently a very topical advisory piece for business owners. Like Brexit and Covid-19, there are plenty of external factors impacting our supplier chains. That can cause problems if your clients are heavily reliant on one or two suppliers, so it’s critical businesses can see what they’re spending and where.

With Precision, you have all the information you need to have this conversation with your client

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Issue 30 / 49

at the click of a button. There’s also a similar report for Supplier Reliance.

We’ve previously mentioned net assets and how valuable it is to be able to report on this number across all your clients. At a client level within the Business Performance report in Precision, there’s also a graph for Net assets and trends over the past 12 months which, as we know, can massively impact the credit rating for a company.

Again, this is a great discussion point for a client meeting, especially if it is approaching year end. What could potentially be done to ensure net assets are at least equal to, or greater than, those disclosed in the previous year’s accounts submitted to Companies House?

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Sandbox reporting One of the great benefits of sandbox reporting within Dext Precision is that you can report on almost anything to get the insights that YOU need. Similarly, a report can be created by/for every team member within the practice. A more junior member of the team may want completely different insights to a partner.

When you work strategically with the Dext Precision team, we can even help you build these tailored reports to provide the invaluable insights and flows that each person needs.

things that may undermine its accuracy. From changes to locked periods, to bad visibility, it can be increasingly difficult to ensure the data you’re working with fits the bill.

With this in mind, we hope you can now see the role Dext Precision has to play. We have solutions for every hurdle – whether that’s in-depth reporting, insights, or simply better conversations with your clients, Precision does a lot to ensure you’re always one step ahead of the data.

The verdict As we’re sure you know, the advice you provide clients hinges on the quality of your data. That being said, there are plenty of

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Issue 30 / 51

5

ways that tech is changing accounting

Getting your firm ready for a digital 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.

Riding the wave of technological change has been an exhilarating journey for accountants. Some firms have quickly embraced the possibilities of new tech, and others have taken a more sedate approach. But, like it or not, tech is now an integral part of being a modern accountant.

Chris Findlow, Head of Partnerships at MarketFinance, explores five ways that technology has changed the accounting process...

This article is

T

he speed of technological change in accounting has been incredibly fast and pervasive over the past decade.

We’ve seen big changes in the accounting process and the efficiency of the average firm’s practice management. We’ve seen new ways to record, track and analyse financial data. And we’ve seen a significant jump in the value your firm can add for clients.

All in all, the impact of tech has been profound. We’ve moved from clunky, desktop-based software applications to complete digital business systems. And these systems can manage not just the accounts, but every area of the client’s business.

To put this evolution into perspective, we’ve picked out the five main advances in technology that have affected accounting.

And how they’ve expanded your firm’s capabilities.

1) The cloud and online working Step back ten or fifteen years, and

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the average accounting firm was based firmly around an officebased, desktop system. Packages like Sage 50 and the original desktop version of QuickBooks were the software of choice for many practices. And then, along came cloud.

The concept of working from an online system ‘in the cloud’ had been around for decades. But in the early 2000s, technology was finally fast enough and accessible enough to be used via the web.

This is the point that Kashflow (2005) and Xero (2006) introduced the idea of cloud accounting.

Ditching the desktop system in favour of a web-based accounting application was a bold move, but it’s now the norm for most modern firms.

Cloud accounting has made it easier to: • Escape the restrictions of the office and become more mobile • Access real-time financial information around the clock • Collaborate with clients in realtime, using up-to-date numbers

• Work from the latest software versions, without costly updates etc.

2) The app stack, automation and APIs By the late 2010s, platforms like Xero, QuickBooks Online and Sage’s updated range of cloud products had begun to add finance and business apps. Application programming interfaces (APIs) made this possible, allowing third-party developers to connect and integrate their apps. Apps began to appear that expanded your firm’s abilities and made life easier for clients.

Receipt Bank (now Dext) was introduced to automate the bookkeeping tasks, and Chaser appeared on the scene to automate the credit control processes. And this expansion of platform-independent apps hasn’t slowed since. There are now over a thousand apps in the Xero app store, catering to almost every conceivable business activity.

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

Combining these apps into a custom ‘app stack’ allows the firm to: • Create a foundational set of apps that can be bespoke/ individual to for each client • Automate most of the manual admin processes to become more efficient • Enforce a standardised way of working for all clients and reduce human error • Add industry-specific apps to meet the needs of each client’s sector • Ensure every client is ready for Making Tax Digital and digital compliance requirements.

3) Open Banking and fintech It’s now three years since the Payment Services Directive Two (PSD2) legislation was first introduced and Open Banking became a reality in the UK. The aim of PSD2 was to to improve customer authentication processes and to improve the regulation around thirdparty involvement in financial transactions. What this has meant, in reality, is an explosion in new financial technology (fintech) providers in the banking and financial services space.

Previously, your clients would have had limited choices when it came to choosing a business

banking provider, with just a few alternative lenders like MarketFinance. The big highstreet banks had this sewn up and had become complacent. As Open Banking becomes more established, it’s now far easier for new digital challenger banks to set up and find a hold in the market. And that’s been good news for your clients.

The rise in fintech has brought about: • Easier ways to track clients’ spending, through live bank feeds, coding of transactions and greater access to their banking data • A greater choice of digital business bank accounts, from alternative providers like Tide, Starling and Monzo • More options for payment gateways, from payment providers like Stripe, GoCardless and Shopify etc.

4) Blockchain and cryptocurrencies One technological innovation that’s really shaken up the status quo is the invention of blockchain technology. Blockchain, or ‘distributed ledger technology’, works by splitting up information into discrete blocks or ledgers.

This creates a chain of data that

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can only be accessed by those with the correct authority.

The encrypted nature of blockchain makes it perfect for logging financial transactions in a highly secure and safe way.

A practical use of blockchain has been the growth of cryptocurrencies, like Bitcoin, and other crypto-based means of investment, like non-fungible tokens (NFTs). These crypto assets are stored in a digital wallet, which allows users to access these funds.

Some of your clients will already be dabbling in cryptocurrencies.

And blockchain is likely to become an even bigger part of the standard accounting process.

As an ambitious firm, there’s a growing need to get up to speed with crypto-based accounting.

Areas to explore could include: • Exploring the potential of distributed ledger technology for secure bookkeeping/ accounting • Getting clients up to speed with tax planning and compliance for their crypto-based assets and the investments held in their digital wallets • Integrating blockchain into your clients’ existing digital systems to help with areas like

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Issue 30 / 53

supply chain management and carrying out identity checks etc.

5) Alternative funding and new business finance An additional bonus of the growth in fintech has been the expansion of the business finance market.

Previously, the client’s bank was their first port of call for additional funding and finance facilities. But with so many new routes to alternative finance in the digital market, it’s become easier than ever to find the best funding for your ambitious small business clients.

Fintech software and integrations with the client’s accounting data have revolutionised the process of reviewing a finance application.

Lenders can look back through your client’s accounts, payment history and cash flow statements to check their current financial health. And this has made it easier to check for red flags, and offer finance in a swift and seamless way.

This expansion of the business

finance market has meant: • A greater choice of business finance providers and lenders, with alternative providers like MarketFinance opening up the market • More options around specific financial products, with tailored facilities that offer invoice finance, credit and governmentback funding like the Recovery Loan Scheme • A more flexible way for clients to create a workable funding strategy, with helpful funding advice from you and your team of advisers.

How MarketFinance can help At MarketFinance, we believe technology is a major asset for any accounting firm. As software, apps and digital technology continue to evolve, we want to help put this useful tech at the heart of your finance, funding and accounting processes.

By staying at the cutting edge of these emerging technologies, you give your firm a distinct

competitive advantage. Clients want the benefits of fintech, blockchain and crypto explained to them in clear, simple terms.

If you become that expert, and help them incorporate the best tech and software tools into their business, you make your advice invaluable.

We partner with thousands of accountants and business advisers to support their firms, team members and end customers. And as a MarketFinance accounting partner, you’ll always be the first to know about developments in funding, finance and accounting technology.

FIND OUT MORE...

Find out more about MarketFinance and how we support your accounting firm: marketfinance.com/ accountants

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Issue 30 / 57

Selling and Upselling Advisory Services in 3 Steps Here’s how to meet your advisory revenue goals in 2022...

This article is

L

ast year, Spotlight Reporting surveyed 600+ accountants from firms around the world, asking for their insights on current and upcoming trends in the accounting industry.

The resulting Global Advisory Trends Report is well worth reading, but one of the biggest insights we uncovered was that almost 40% of accountants surveyed would like 50%-70% of future revenue to come from advisory services.

Gurpreet Lidder, Senior Account Manager, Spotlight Reporting Gurpreet has a decade of sales experience, predominantly within the SaaS space. He’s on a mission to empower accounting firms with solutions that create better business outcomes.

Since joining Spotlight Reporting, he has helped 450+ accountants across the UK and South Africa achieve their advisory goals.

services efficiently and effectively.

But while this approach works well—you’re charging for value, increasing the potential ROI per client, and the client understands exactly what they get each month—it’s still really important to be flexible.

1) Organise your client base

By grouping businesses together Client needs can change as their and tracking services offered, businesses grow or contract, or you’ll start to identify service when economic conditions throw gaps where you could be adding a spanner in the works. If a client more value. Don’t assume that if approaches you for a one-off a particular client isn’t asking for service, it’s far better to build it a service, they don’t want it—they into the monthly subscription, might not be aware of instead of hitting what you can really do the client with a Don’t assume for them. It’s up to lump-sum fee. clients don’t want you to be proactive!

Furthermore, the advisory—they don’t At the end of tiers you design know what you can the day, the best may also not be really do for them strategy here is to the perfect fit for focus on what your every client on your clients need, and offer books. If this is the case, them the services that will help the best approach is to discuss them reach their goals. options with the client, get a real understanding of what they’re 2) Package your services after, and then build a monthly service structure that works for The best and most practical way them and for you. They’ll really to organise your services is to appreciate you going above and build monthly packages, rather beyond. than offering one-off sessions—a bit like a subscription model.

3) Sell the package

First, conduct a portfolio review and categorise your clients in a way that makes sense for your firm. Some questions you can ask yourself include:

Designing tiered packages according to client size and need is definitely advantageous.

They’ll be a good baseline that will allow you to tweak and scale

Currently, only 12.5% of respondents are currently making that level of advisory revenue.

This movement towards greater advisory revenue is something I’m seeing on the ground as well: advisory services are on the rise, and offering more services to more clients is definitely something practices are looking at this year.

With that in mind, here are a few steps you can actively take to sell/ upsell advisory services to your base.

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• What industry do your clients belong to?

• How big is their business?

• What are their goals?

• What services do you already offer them?

• What services could you offer them?

@spotlightrep

Once you know what you want to offer clients, the next step is to sell those services. Selling can feel more natural for some than others, but it’s all just a matter of

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

keeping things simple and asking the right questions.

For example: • What is the current situation of the business, and where is the client looking to go?

• What are their current roadblocks?

• And what future problems could they face?

Once you get that understanding, you’ll be able to demonstrate the value and pay-off of having

an expert like you supporting them in achieving what they want. Be an extension of the client’s company—you want to live and breathe it. This will build exponential rapport with your client but also enable you to offer your advisory skills in the best way possible.

Finally, when it comes to advisory, you need to emphasise the outcome. A monthly management report isn’t just a report; it’s actionable insights you’ve put

together that can help a company reach their goals. The hardcopy enables the client to stay on top of what is happening in the business, but it’s the monthly meeting with you that really makes all the difference.

FIND OUT MORE...

For more on selling advisory services, visit: spotlightreporting.com/ solutions/advisors

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Issue 30 / 59

Alex von Schirmeister MD (UK/EMEA), Xero

Looking back at my first month at Xero, and ahead to an exciting 2022

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

A lot can happen in six weeks or so. Since I arrived at Xero in December, holiday decorations have been and gone, we’ve enjoyed a hard earned rest, and we’ve returned to our (home office) desks, bright-eyed and bushy-tailed as the year gets underway.

I

t has also been enough time for me to gain some insight into what Xero, our customers and partners are all about; and to say my expectations have been surpassed is an understatement.

I have looked on in admiration at the accomplishments of Xero’s small business customers and accounting partners over the past 13 years. And now that I can see this first hand, I am blown away by the amazing work you are doing.

I have also experienced the commitment of everyone who works at Xero to earn your belief and trust. That said, while we’re more committed than ever to supporting you, it’s still possible to make mistakes. We know that the Xero experience hasn’t always been up to scratch, and for that we are truly sorry.

But now is the time for action – and work is already underway to ensure we can deliver on that commitment, by offering the best platform experience for you. It is this driving force that will guide us through the year ahead.

What’s next 2021 was an incredibly tough year for everyone. I tip my hat to you for all that you have accomplished during such trying times. And while 2022 will undoubtedly pose its own challenges, I’m so excited for what lies ahead, and what we

STRAIGHT TO YOUR INBOX!

can achieve together.

We are now reaching a turning point with small business digitalisation. Market forces, customer demands and even government policy, like Making Tax Digital (MTD), are shifting so that digital adoption has changed from a niceto-have to a vital necessity for UK small businesses.

This will place huge pressure on many businesses, who can expect an intense push over the coming months and years to not only remain compliant with legislation like MTD, but also to tap into the massive opportunity digitalisation brings.

At Xero, we take our responsibility as a partner during this time of change extremely seriously. We will continue to work closely with you to make this transition as smooth as possible, and empower you to seize the opportunity.

And that’s not the only thing to look forward to. The last two years have fundamentally changed the way we interact with each other. As a business that deeply values our close relationships, this year is a wonderful chance for us at Xero to reignite and reinvest in these connections.

This is not only through Xerocon – an event I can’t wait to be part of for the first time – but by hitting

the road again, meeting you in person rather than through laptop screens. This closeness with partners and customers is a part of Xero’s DNA, and we will reclaim that in 2022.

Finally, we’re so excited to continue building our app ecosystem, working with even more innovative partners to deliver a greater breadth of capabilities, and drive more value for you.

Final thoughts As we look back at 2021, it’s been heartening to see more people come to realise just how important small businesses are to a healthy, balanced society. We pride ourselves on understanding this value, and in doing our utmost to help these businesses thrive.

In turn, we could not do this without our amazing partners, who offer vital insight and support to businesses who have gone through a period of extreme uncertainty. They have been a vital guide through choppy waters.

When I look back at the end of 2022, I hope we will have spent the year strengthening our relationships, helping you to take huge strides towards digitalisation and a brighter future.

We have a big year ahead, and I can’t wait to see what we achieve.

Join our newsletter for regular news updates and also be one of the first to know when a new issue of XU Magazine is released.

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The one hat your client doesn’t want to wear No one likes chasing payments, which is why there are c. £50 billion unpaid invoices in the UK.

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Issue 30 / 63

Find out why every small business accounts team needs an FX risk management strategy Discover how WorldFirst’s dedicated accounting partnerships team can help you set up a robust risk management strategy, benefit from faster international payments, and gain access to flexible and transparent working capital...

This article is

S

etting the scene

Exchange rate volatility has contributed significantly to the losses millions of small businesses incurred during the global pandemic. To use an illustrative example, when the lockdown was announced in the UK in March 2020, shortly after the GBP/USD exchange rate fell to a 35-year low, some supplier contracts became unaffordable overnight for UK businesses trading with the US. Many firms at this time scrambled to adjust supply chains and operations to stay viable as a business. But for many, the losses associated with fluctuating exchange rates were unforeseen, and many business’s profits were negatively impacted due to them not being prepared for FX risk.

This example shows, that if business or clientele makes or receives payments in multiple currencies, you may require an FX risk management strategy to reduce exposure to any future instances of exchange rate volatility.

@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.

risk in FX markets. Forward contracts can help companies to eliminate volatility in their financial statements and improve their overall creditworthiness.

financial tools teams can deploy with the help of a dedicated relationship manager from a money transfer service like WorldFirst.

For example, suppose a UK marketplace seller finds a supplier in the US that offers a great deal on their e-commerce products at a specific time of the year. However, due to currency fluctuation, their prices suddenly become unprofitable for your business model. In this instance, the UK brand could use a forward contract to lock in an agreed exchange rate and simultaneously assure that their companies’ accounts are not recording a loss when the transaction is complete.

Forward exchange contracts (FEC)

There are several tools accounts teams can use to minimise FX risks to small businesses trading internationally. Here, we will run through some key examples of

A forward exchange contract may be a good option for payments due on a future date. Here, you agree on a fixed currency rate on the value of a transaction and effectively lock in the price until the contract reaches its maturity date.

Utilising an FX trader can help you access your transaction’s most competitive exchange rate.

However, in instances where the value of your currency falls below a certain amount, you may have to make up the difference in what is known as a margin call.

How small businesses can hedge against FX currency risk All businesses looking to expand to international audiences will eventually need to hedge currency

64 / Issue 30

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Advantages of forward exchange contracts Money transfer services like WorldFirst can offer you flexible forward exchange contract terms. Flexible forward options allow you to buy currency for your international transaction on dates when the exchange rate is weighted in your favour (known as payment windows). Adding windows to your FEC could help you lower the overall cost of your international payment.

Spot contracts for immediate settlement If you need to make an immediate or urgent international business payment, spot contracts allow you to make payments in an extremely short period of time.

In FX trading, spot contracts utilise third-party FX traders to fix the currency exchange rate for a short-term period of around a few days. If you need to make an international payment straight away, spot options can offer you a live market rate for the transaction. Once you have agreed on a spot price, you can record the exact cost in your financial statements and settle the bill.

If you take advantage of a spot contract, you can hedge against fluctuating currency rates and shop around for the best deal.

International payment gateway services like WorldFirst offer affordable money transfer fees – ideal for those looking to make periodic payments to international recipients. Relying on the use of a spot contract without leveraging your exposure with other financial products can however impose a great deal of risk. This is because the rate at which you settle the spot could drastically change – potentially resulting in your products increasing in price.

As an alternative to spot options, it is also possible to look at firm orders. With firm orders, you can keep your preferred exchange rate in mind and enable a transaction to be completed when the markets reach your target FX rate. With the help of a currency exchange service like World First, a dedicated relationship manager can notify you when exchange rates tip in your favour.

Take your business to new heights with growth capital When you open a WorldFirst account, our lending partner, RITMO, can provide up to £3m

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funding at a discounted rate within five days. Exclusively for UK-based SMEs, the new WorldFirst Growth Package eliminates the hassle of international payments and collections. With the cost of energy, raw materials, shipping and freights increasing, RITMO offers non-dilutive capital that can help alleviate any cashflow problems you might experience through fast and flexible capital to help you retain control over your business with no provision of guarantees.

FIND OUT MORE...

Whether you’re looking to expand your business, take advantage of prevailing exchange rates, or speed up supplier payments WorldFirst have the tools to help your clients grow. Discover how your accountancy or bookkeeping practice can benefit from partnering with WorldFirst or how we can help your business. worldfirst.com/partners/ accounting Call the accounting partnerships team on: +44 (0)207 801 2388

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Issue 30 / 65

Challenges when consolidating multiple companies Using spreadsheets to manually report on consolidated companies is a long winded process with way too many opportunities to make errors...

N

ot only that but this creates a snapshot of information and to see an up to date report the whole procedure has to be repeated.

Add multiple currencies, inter-company transactions and an excessive amount of organisations and the task just becomes a drain on valuable time.

How our app can help you

@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.

The clearest benefit is the time saved, by saving on average 2 days per report, with potentially lots of clients all wanting monthly reports, the cost of consolidated reporting is huge. Even then, without Flagship, you are relying on the work of humans which as everyone knows will never be perfect and eventually errors will be found in reports or at least time be spent ensuring there aren’t. Flagship does all the hard work for you, pulling figures from your accounting system and into a report for you.

Ability to edit exchange rates: There is a risk in automating

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such a process that you lose the ability to tailor reports to specific requirements including the complications of exchange rates. We are proud to support almost 100 currencies to make sure wherever a company may be operating we can create reports for them. Without the need for any manual input Flagship will deal with all currency conversions for you making the once complex task remarkably simple. If custom exchange rates are desired it is easy to manually edit them to give absolute control over the report that is being created.

Eliminations of intercompany transactions: Transactions between organisations, whether they are for loans or management fees, can make these reports even more of a nightmare to create.

Flagship allows the user to set up eliminations effortlessly. Doing this allows you to gain a better insight into the performance of a group of companies as there are no interactions between them causing the report to be misleading.

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

There is a series of errors typically made when attempting to put together consolidated reports regardless of the process chosen.

For a start, the ability to easily switch between default exchange rates and custom ones is often neglected and is vital to having complete control of the report being created. When comparing budgets to actuals it is important.

Common errors made with multi currency consolidations

exchange rates • Using incorrect exchange rates for budgets and forecasts • Excluding certain accounts to be revalued (eg investments and share capital) • Converting opening retained earnings. This is a commonly made mistake as the earnings should be the sum of prior years profits at appropriate exchange rates and not a balance converted at a single exchange rate.

• Using automated v manual

Lastly the effect of all of the above

should aggregate into a CTA account and more importantly the user should understand the make of this account.

This article is

FIND OUT MORE...

Book a demo: flagshipreporting.com/booka-demo Visit us on the Xero App Store: apps.xero.com/app/flagshipreporting

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Issue 30 / 67

Back Costing is Business Fitness

New Year, New NextMinute with the release of the highly anticipated Back Costing feature.

This article is

U

nsurprisingly, the most common New Years Resolution of the past 10 years is self improvement.

Approximately 43% of people set the New Years Resolution to live healthier & lose weight, but only about 8% follow through.

They say, to lose weight is 80% diet and 20% exercise.

A job site is a bit the same - 80% is labour and 20% is admin.

To see success you need to finish the job, but if you cut corners on the admin, it won’t stop your success, it will just slow it down.

8% that are effectively following through.

Back Costing manually is like doing a burpee, you know it is good for you, but does anyone actually want to do them? Until now... Back Costing in NextMinute makes the exercise easier.

1) Create Jobs & Tasks from the quote When creating a job from a quote, the system asks if you would like to create tasks too. It will create the tasks from the headings of each section within the quote.

@NextMinuteApp

Emily Mason, Partner Manager, NextMinute I have worked in the cloud accounting space for the past 8+ years, in both an accounting & bookkeeping firm and within the Xero Ecosystem.

I see NextMinute as the upcoming job management system for trade & construction clients because of the excellent Xero integration for timesheets, invoices and bills and accessibility on iOS, android, tablets and computers.

So, if your clients work in stages and each section in their quote represents a stage, then these sections can be set up as tasks with a single click.

2) Link charges straight from Xero Whilst NextMinute can capture costs, it is not a must, however, having costs in the accounting software is.

Getting your clients to enter their bills directly to Xero or MYOB using AutoEntry, Dext or Hubdoc, is an efficient process, and then

I have learned from conversations with partners & clients that when it comes to Back Costing, people Back Costing fall into one of three is manually groups: like doing a 1 - Not doing it burpee 2 - Using spreadsheets 3 - Have a software with a back costing feature.

Using spreadsheets to back cost is almost the same as just not doing it.

Manually filling out spreadsheets can lead to human error, the time it takes is enough of an excuse not to do it, and if you don’t, who will notice?

And that leaves group 3, about

68 / Issue 30

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

being able to sync them straight to NextMinute and assigning to a job takes the process to the next level.

Importing supplier bills from your accounting software is not a new feature for us. It of my favourite feature and it does lead in nicely to the next point…

3) Track Progress As charges are added against the job, a progress bar will update giving you a real-time view of the financial health of the job.

Meaning, at a glance, they can see if they are approaching their budget.

Costing could be the easiest ways to help your trade clients get in shape.

pinpoint why.

5) Integrations

4) Reporting The crème de la crème for advisors… There is a Back Costing report linked to each job card. A real-time breakdown of labour & material costs by section.

So if the progress bar is showing something a bit funky, you can

The cherry on top, this feature is included in a system that also handles timesheeting, quoting, invoicing, and integrates with the accounting software and payroll.

Making it so easy, there should be no excuse to not do it.

As advisors, implementing Back

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FIND OUT MORE...

To find out more about NextMinute, please visit: nextminute.com/backcosting

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Issue 30 / 69

Is your VAT or GST compliance up-to-date?

Find out by checking your books with XBert AI Audit.

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

59%

of files analysed

by XBert in the last quarter contained VAT, ABN and GST issues.

23%

of files had bills with a cancelled supplier.

21%

of files had a business with incorrect VAT status.

Learn more about XBert’s 60+ Audit checks

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Issue 30 / 71

Fundamentals for business finance success in 2022

An updated guide to the future of finance and automation

Zahara recommends keeping up to date with digital innovations and shifts in the workplace to ensure a thriving finance team in your business this year.

This article is

Z

ahara recommends keeping up to date with digital innovations and shifts in the workplace to ensure a thriving finance team in your business this year.

Automation Finance teams are continuing their digital transformation from manual paper processes to accounts payable automation.

Many businesses are still processing invoices by chasing paper or using outdated spreadsheets. In 2022, this just doesn’t cut it anymore and doesn’t provide the speed and accuracy that can be found with automation solutions. Automation starts with optical character recognition (OCR) to scan invoices into a format ready to be automatically routed for approval, without the finance team needing to lift a finger. However, new technology and intelligence can reach far beyond that.

A key to business success in 2022 is to adopt an invoice processing system where invoices filter their way through workflows based on meeting certain conditions.

Zahara’s intelligent invoice

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processing identifies suppliers, line items and other details which are matched to corresponding purchase orders. Invoices glide through your customised workflows, are exported to accounts and securely filed away.

Streamlining processes in this way is at the forefront of innovation in financial technology. It is ludicrous to still receive unexpected invoices after uncontrolled spend.

Businesses in 2022 should have a firm grip on reducing any spend waste and adopting an automation system will prevent any unapproved spend or surprise invoices.

Neobanks Traditional banks are currently being challenged by neobanks, which are completely onlineonly services. Rapidly- growing neobanks such as Monzo are offering innovative solutions and additional services to customers, and often value high quality customer service. Helping your customers by supporting these banks may help to streamline transactions. Neobanks cater for small businesses and startups, creating financial tools to assist with business growth. Digital

@zaharasoftware

Bethan Clothier, Marketing Assistant, Zahara Bethan is a forward-thinking marketer with a background in social media marketing and digital communications.

She has recently achieved an MA in Marketing and Brand Management where she researched integrated marketing communications and branding using modern marketing strategies and platforms.

Now working in B2B marketing for AP Automation software, Zahara, Bethan enjoys sharing Zahara’s aim of seeing businesses achieve their goals and stay competitive with digital innovations in accounts payable software.

banking services are expected to grow in 2022, so have a look at what they can offer your business.

Human to AI balance With Artificial Intelligence (AI) continually improving and being adopted by more businesses, being successful depends on knowing how to balance between real people and robots. In various industries some forms of AI are becoming an industry standard, such as automated chatbots that direct customers to the right solutions on ecommerce websites. There are huge benefits to adopting this technology as it can speed up your businesses’ lengthy manual processes and improve the overall customer experience. However, consider when it is right to remain more personable to avoid becoming too cold and inauthentic.

Self billing The tried and tested method for billing is for the supplier to send their invoice to their customer and hope the customer receives it, processes it and pays it. This method is used world-wide and has been very successful. But

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

technology has changed and the way we work has changed. The demise of paper invoices, posted by snail mail was accelerated when we all had to work from home.

with our supplier portal. We expect to see expanded use of this and when e-invoicing expands over the coming years and are well prepared to support it further.

There may be a better way to get paid. SoHo House is an exclusive private members club with outlets all over the world. They have a world-wide supplier base including many self-employed designers and entertainers. Selfbilling has allowed them to login and create their bills by keying in their hours and rates. Behind the scenes an approval process workflow no-doubt kicks off but at least the supplier knows their bill has been received.

Metaverse preparation

This type of billing is perfect for smaller companies and subcontractors. It might be a stretch for an enterprise class company to be expected to login and submit a bill when they have invested millions in an ERP system and batch send their invoices. Or expect you as a customer to login and get their bill, automatically taking your payment by direct debit.

As specialists in the field of accounts payable automation, Zahara has taken a very keen interest in self-billing and can facilitate this functionality already

The building of the Metaverse, an online world accessed through virtual reality headsets, has begun with thousands of new jobs created dedicated to its development. For businesses, the implementation of the new universe will mean adapting to a new world of digital transformation. While the Metaverse seems to feel years away, many brands such as Gymshark and Selfridges are already making a strong virtual presence. We have seen virtual campaigns and user experiences by these retail giants who are already dominating the use of this new technology. For smaller businesses however, it may be useful to begin thinking about a world where the Metaverse is as commonly used as social media.

Finance teams could be managing new currencies on a daily basis, such as cryptocurrency, which may present new challenges and opportunities.

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

Be adaptable and open to change No matter the size of your business or finance team, it is always important to remain flexible and adaptable as industries develop. The pandemic is an obvious example of how businesses have had to alter their processes with short notice and remain adaptable to survive.

Always explore new solutions that could help to streamline your processes, promote growth, or improve customer experience.

Not every solution will be for you, or not straight away, but keep an open mind and don’t fear change.

FIND OUT MORE...

All-in-one AP automation: www.zaharasoftware.com

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Issue 30 / 73

Interview

Q& A

Michael Ford

Founder & CEO

Castaway Forecasting XU:

Castaway has been around the industry now for 12 years. Tell us what’s new with you and the team?

MF:

Our biggest news has been the recent release of Castaway Cloud. We’ve been working hard on this for a long time and we’re very proud of the result. At the same time, we’re transitioning the Castaway business to a cloud company. It’s a very different way of thinking and I’m loving the energy the team is bringing to the challenge.

I love face to face meetings with customers and partners around the world, so not being able to travel has been a challenge for me. We also had to revisit how we recruit new team members, which is an ongoing challenge for everyone, I’m sure.

XU:

Someone told me you don’t believe in budgeting. Excuse me, but is this true?

MF:

Ha, yes it’s true. It does get me in trouble with the traditionalists, but I think the old ways of budgeting kill businesses. One-year at a time, one scenario, no updates, with a forward view that shortens as the year goes on … it makes the business short sighted. Rolling forecasting all the way for me!

XU:

What is your vision for those involved

XU:

Oh wow, that’s big news. It must have taken something to build a cloud software product during the last 2 years of a global pandemic. What did you have to overcome?

MF:

It helped that my team has always been good at collaboration. We had the tools and means for everyone to work in their homes.

Like most people, we had to sharpen our communication skills over video calls. The engineering team remained very productive.

We’ve had people on the customer working hybrid for years, so our customer success, consulting and sales teams didn’t miss a beat.

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

Interview in the planning process in businesses? Where do you see this headed in 5 years’ time?

MF:

Planning and FP&A more broadly is entering a golden age. The world is only becoming more uncertain.

We can’t predict the future, but the businesses who prepare better for uncertainty will achieve the greatest success. It sounds counterintuitive, but planning as a process is much more valuable in uncertain times.

The shift to digital means we have more information than ever at our fingertips. The challenge is turning that data into insight. The last 5 years have seen some fantastic planning tools come onto the market. My hope is these tools encourages many more businesses to engage deeply in planning, forecasting and business modeling.

XU:

I understand you ride your bicycle more kilometers than you drive your car each year. Tell us about this...

MF:

Yes, I ride over 10,000 km per year. That’s a lot of hours on the bike, but it helps reach my goal of seeing 200 sunrises every year. I’ve always loved getting out on the bike.

There’s some stunning scenery around if you slow life down enough to notice. It keeps me fit and I find that makes me more productive at work.

I ride to support our chosen charity, Tour de Cure Australia. We raise funds for cancer research and help to raise the awareness of cancer prevention and importance of research in communities and schools. This cause is important to me and my team and we welcome anyone who wants to join us.

MF:

I love to spend time with my adult children and I’ve recently become a grandfather for the first time, which fills me with joy. I enjoy watching sport and aside from road cycling, I enjoy mountain biking, skiing, swimming and yoga for fitness. I have a wide range of interests, so I guess it depends where I am in the world and what I have access to. I love art, theatre, good music, a decent red wine. I relax at home by cooking on the BBQ, chasing our dogs around the garden and working on my next book.

XU:

So, no pressure, Michael? You’ve set yourself goals to improve financial disciplines in the SMEs of the world and find a cure for cancer? If you have any spare time to squeeze in some leisure, will you share with us how you would spend a day off?

LEARN MORE...

Find out more here: castawayforecasting.com

Need to make payroll profitable?

WHITE LABELLED PAYROLL

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

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Issue 30 / 75

10

tips to implementing new software

Walking into your office and announcing that you’re

using new software doesn’t work. As humans we like

our routines and aren’t huge fans of change. So what does work?

N

This article is

othing upsets us more than seeing a business that would massively benefit from AccountancyManager, not adopting it once they sign up.

everyone at your practice feels like they are part of the journey and the decision-making process, you’re likely to have fewer ‘stick in the muds’ down the line.

Here are a few ideas on how to combat the big bad barrier of change. Note that the first five steps should start before your trial and implementation.

3) Align the change with your business goals

1) Ask your team about their frustrations As soon as word starts spreading that you’re bringing in new software, people will start to put up mental barriers. So at the beginning, don’t make it about software, make it about solving your team’s problems.

2) Involve your team as early as possible Change can be difficult, especially if it means tweaking long-held habits, but sudden change is much harder than gradual. If

Make tangible connections between the vision for your business and what the software can do. Try to be specific, for example – how will the software help you: grow your client base, open more offices or deliver new services? Support flexible working hours and locations? And how will you use the time you recoup?

4) Pick a tech ‘champion’ (or one for each team) Your AM champion will prioritise learning the new software and encourage other colleagues to embrace and grips with it.

Perhaps they’ve used the software before, they’ve an interest in technology or they simply have

Our suggested steps for AM...

1. Add every client to AM (very important) 2. Apply your branding to the Client Portal 3. Register every client for the Client Portal 4. Use the Task List to manage your time

76 / Issue 30

5. Onboard every new client through AM 6. Set up all your clients’ record requests and reminders to go automatically 7. Move your Self Assessment process to AM

@accountancymgr

James Byrne, Chairman and Co-founder, 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 four years and AccountancyManager helps thousands of practices automate their onboarding, record requests and task lists every day.

infectious enthusiasm for a more efficient firm.

5) Make a plan of attack Work with your software champions or your whole team to make sure everyone agrees and feels part of the plan. And don’t forget ‘SMART’ goals. Make your plan specific, measurable, achievable, relevant and timebound.

6) Carve out time for exploring and learning new features We know asking accountants to ‘find time’ is a tall order, but remember – you’ll make that time back when the software is up and running. Whether you bring your team together for training or let them learn alone, it’s a good idea to dedicate time to implementing your software.

7) Set realistic expectations Using software is easy once you get the hang of it (if it’s designed well), but learning new processes does take work. Explain this to your team, so they’re prepared to push through if they struggle to shake old habits.

8) Keep an eye on adoption and ask for feedback (constantly) People that are totally bought into your vision and open to using new

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

technology may not need much encouragement. It’s those that are particularly comfortable with their routine you’ll need to focus on. If you leave it too late, they will strengthen the idea that the software ‘isn’t working’.

9) Take advantage of all the support you can get

teams (like AM’s) will get back to you straight away and help solve problems however big or small.

“Phoned us five times this week? No problem. Everyone has questions at the start. We’d rather have that sixth call than you suffer in silence.”

- Marcus Bellis, AM’s Head of Sales 10) Stick to your guns

Don’t be afraid to pick up the phone or ping over a quick email with any questions. Good support

You decided to implement software to make your practice

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

better. You have a vision of a more efficient, more future-ready firm. So don’t let negative vibes sway you along the way.

And always, always lean on support.

FIND OUT MORE...

Free 30 day trial: accountancymanager.co.uk/ signup

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Issue 30 / 77

New to the Xero Marketplace

Virtual payment runs.

Are you using them yet?

How virtual payment runs have the tables turning for bookkeepers and SMEs

Nicholas Adamou, Marketing Manager, Comma Nick has over 10 years of experience in payments and is determined to change the way small businesses make payments by automating financial processes and cutting the ‘red tape’.

Virtual payment runs make it easy for bookkeepers and accountants to offer payment services and collaborate with clients...

C

This article is

hange can be scary, and making business payments can sometimes be even scarier. What if you miskey something? What if I pay my staff late? Many things make payments risky, especially if you layer multiple people into the process. Fear not. There is nothing scary about virtual payment runs.

The next step in digital accounting?

Yes, it brings change, but change is sometimes needed to improve. If you look back at the introduction of digital accounting, the dramatic impact on how we work today is clear. By making payment runs digital, you can easily collaborate with business owners and finance managers to

78 / Issue 30

ensure that payments are made quickly through automation, accurately through APIs and on time through scheduling. What’s even better, you can do all this without needing any bank access.

This means finance professionals can assist without layering any risk or admin to the process.

Ok, cool. But what is a virtual payment run?

Virtual payment runs allow users to sync data (such as their Xero account) and quickly create a list of payments - outside a bank account. This payment run can be shared and collaborated on. For example, an external bookkeeper can do the books, create a run, and share this with a business owner. That business owner will then approve the run and, with

one click, initiate payment from their existing business bank account. It’s a simple solution to save time and improve payment accuracy.

Time and accuracy. There has to be a better way?

When making payments of any kind, you need to dedicate time to ensure accuracy. If there are any mistakes, the fact of the matter is that it will cost you even more time and money, and that’s something scarce while running a fast-paced business. And let’s face it - no one actually enjoys going into the bank and making all these payments, do they?

That’s what our clients tell us.

They are either accountants whose clients are looking for help

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

New to the Xero Marketplace making payments or the SMEs themselves trying to find a better way.

By adopting virtual payment runs, they have found just that. Luke Adler from Digi Accountancy said, “Tasks that were taking afternoons to complete are now done in less than 30 minutes”.

Their client is delighted with the assistance they have been able to provide. By preparing virtual payment runs and sharing them with the client for initiation, they have offered an additional service and added value to their overall proposition.

What set-up is required?

Comma uses Open Banking bulk payments meaning no virtual accounts need to be created.

Users connect their existing business bank account, and these clever Open Banking APIs add a

layer of functionality. This means that users can bulk pay a list of bills or payroll data with a click.

Users log into their regular bank portal, using their standard bank account details and have all the existing regulations and security features.

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

How do I sign up?

To sign up and start using bulk payments and virtual payment runs, all you need to do is visit usecomma.com and create your account. You could be making payments in minutes!

Follow us on Twitter: @xumagazine

Issue 30 / 79

Simplify Making Tax Digital Automatically capture data from invoices and receipts, and get it directly published to your accounting software.

Get MTD Ready Today!

sales@autoentry.com | +44 0203 3933058 XU Magazine - the independent magazine for Xero users, by Xero users.

80 / Issue 30

“ 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 30 / 81

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Case Study

New Zealand clinic manages inventory with surgical precision Scalpels, sutures, and implants, oh my!

With hundreds of stock items consumed

@tidyint

Doria Kao, Management Trainee, Tidy Doria recently joined Tidy full-time after completing the internship programme last year. She majored in Strategic Management at the University of Waikato where she was highly involved with representation, mentorship, and teaching at the management school.

Passionate about training and learning, she looks forward to bringing this ebullience to Tidy’s customers and employees.

each day, how do clinics track it all?

In their fast-paced facility, Rodney Surgical Centre has discovered the secret to managing a smooth, structured, and tidy clinic.

This article is

82 / Issue 30

N

avigating the need for surgery is never easy, and when amplified by the turbulence of COVID-19, accessible and stress-free solutions are of paramount importance. In New Zealand, Rodney Surgical Centre (RSC) provides top quality medical services while making them convenient and straightforward.

Today, in the high growth regions of Rodney, Kaipara, and Hibiscus Coast, RSC is still the only private surgical hospital in the area.

Consequently, their operating rooms are busy. This equates to a high volume of surgical instruments and materials constantly being consumed.

Fast-paced procedures

RSC is a private surgical facility based in Warkworth, about 60 kilometres north of Auckland.

As a day-stay hospital, patients are moved in and out efficiently, served by specialist doctors who travel to the clinic to operate.

The space provides these specialists with access to nurses, administrative staff, and surgical equipment for operations.

Imagine this: you’re a nurse in the operating theatre of an endoscopy, peering over at the surgical tray as the doctor swiftly discards swabs and scopes and brushes. Hurriedly, you jot down each material used, and just as the surgery wraps, another patient is being prepared to be brought in. You rush to organise the next patient’s papers, and the process repeats.

Born from the lack of local access to high-quality, timely surgical care, RSC has been on a mission to provide excellent rural healthcare since 2009. By pairing state of the art facilities with proximity to home and comfort, RSC mitigates the need to travel to Auckland for surgery.

In the early days, this was the reality for nurses at RSC. With patients being billed for time and materials used in the theatre, it is vital that nurses record everything quickly and precisely.

In a slower environment, it might not matter if an item or two are missed because inaccuracies can

be corrected between sessions.

However, at RSC, there is little time for error.

Furthermore, with multiple surgeons rotating in and out of the clinic, each with varying preferences for different tools, keeping track of stock isn’t as simple as preparing the same tray of materials each time.

The paperwork problem Like many other hospitals and clinics, RSC deals with a lot of paperwork, patient files, and duplication of records. This leads to unnecessary inefficiencies, with administrative staff often needing to manually copy the same forms across different systems.

“Orders, arrived purchases, stock use, and invoicing for consumables and stock take were all done under different systems that did not interact with each other,” says Marianne Davidson-Beker, CEO of RSC. This disconnect adds to the pile of paperwork, but how do you get these systems to communicate with each other?

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

Case Study The answer lay in TidyEnterprise; an inventory and project management software with seamless Xero integration. RSC has been using Tidy since 2018 and it now plays a central role in their day-to-day operations, from reception to surgery.

“As a small private hospital, we needed something agile rather than the larger systems,” says Davidson-Beker. Tidy fulfilled this need by working closely with RSC to understand and cater to their unique requirements, helping them to optimise use of the software and realise many benefits like cost savings and increases in productivity.

an immense amount of time, enabling them to better care for their community.

Time and paperwork savings Reporting Since implementing Tidy, RSC has experienced significant improvements in efficiency.

Davidson-Beker says “the greatest change has been consumables being recorded easily and correctly before being uploaded into Xero invoices.”

This accuracy is important because all materials used in surgery are charged on a per patient basis. With Tidy taking care of stock management, RSC staff are able to redeploy more of their time and focus from paperwork to what matters most in healthcare: patient care.

Furthermore, the issue of differing surgeon preferences for tools has also been mitigated by setting up templates in Tidy.

“Being able to create estimates for operations has saved a lot of time and paperwork.”

Time is an invaluable resource for RSC because they are motivated to aid the greatest number of patients possible while maintaining world-class standards. With the mercurial COVID-19 still lingering, the accessibility of RSC’s services is more vital than ever, providing not only convenience but also peace of mind to local patients.

By streamlining paperwork processes in Tidy, RSC has saved

As a busy clinic juggling a large assortment of materials and activities, oversight of the bigger picture can get lost in the hubbub.

Cumulatively, missed expiry dates and mismanaged stock counts eat at profit margins, but with limited human resources, it can be difficult for small clinics to keep track.

With Tidy’s built-in reporting functions, it’s easy for RSC to summarise cost/revenue comparisons, price breakdowns, and consumables used. The management team can see where money is being earned or lost, and the insights gathered help them to elevate patient experiences and day-to-day operational activities.

Tidy also features batch functionality that uses material conversion to accurately manage the stock levels of single-piece items. If a new box of syringes is entered into the system, RSC can break it down into individual items, track expiry dates, and run reports. When stock levels fall below a set threshold, a notification alerts RSC that it is time to place a new purchase order. This saves them from situations where operations and schedules fall into disarray because of stock-related setbacks.

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

The future RSC has been actively participating in the research and development of fit-forpurpose healthcare inventory management software that Tidy will soon bring to market. This will be catered specifically for specialist clinics and day surgical centres like RSC. Medical terminology and standards will be built into the fields and overall design.

It will also support the shorter invoice cycles needed in clinics, with faster, more streamlined processes between accounting and RSC’s other systems.

By providing invaluable insights into their industry, medical organisations like RSC are helping to shape Tidy’s upcoming healthcare sector focussed product. This innovative product will further enable clinics to concentrate resources on their central purpose: improving patient outcomes.

FIND OUT MORE...

To find out more about how you can make your business Tidy, visit: tidyinternational.com/ solutions

Follow us on Twitter: @xumagazine

Issue 30 / 83

3

business challenges you can help clients conquer

While it’s yet another year that’s started with uncertainty, many business leaders are hopeful and optimistic. Here’s how you can help clients overcome three common business challenges so they can have that same positive outlook.

I

n the Winter 2022 Fortune/Deloitte CEO Survey, I read that “more than two-thirds of CEOs appear determined to see sunshine on the horizon.” Asked to describe 2022 in one word, they mentioned ‘hopeful’, ‘opportunity’, ‘optimistic’, and ‘recovery’, as well as ‘uncertain’ and ‘challenging’.

This article is

I can totally relate to this twosided outlook, and believe we’re getting better at anticipating and adjusting to disruptions as they happen. This new found flexibility and agility is leading to greater confidence in tackling challenges as they arise. It’s a positive mindset that can help you be hopeful and ready for what’s next, rather than panicked.

While a confident mindset is essential to moving business forward, there are practical challenges that need to be addressed every day, especially as teams continue to be in and out of the office. I’d like to discuss three of these challenges that could be affecting your clients (and possibly your own team), and how you can help clients overcome them with WorkflowMax.

Koren Wines, Global General Manager, WorkflowMax at Xero With over 20 years’ transformational leadership experience in the tech space, I’m bringing people together to harness their individual strengths, along with our product, to deliver high impact solutions for our customers.

I’m super passionate about business and technology and I love how technology can revolutionise a business and drive purpose, success and change lives for the better.

1. Preventing burnout and scope creep

management software like WorkflowMax, your clients can:

In addition to the importance of team communication, connection and empathetic leadership for creating a healthy workplace, there’s also the need to address the potential for burnout.

Many people have extended both their role and hours over the past two years to help their companies get the job done. Add in working from home with family around and the never ending video calls, and it’s easy to see how having the time to truly concentrate on tasks is a luxury most of us don’t have.

• Plan ahead with job scheduling to better forecast capacity • Allocate tasks to each staff member and give them a checklist of to-dos, estimated times and due dates • Schedule tasks so employees have the time to do them well • Accurately track the time staff spend on each task • Share information easily using collaboration tools • Use in-depth reporting to have evidenced-based conversations about the balancing act between performance and wellbeing

These interruptions, combined with project and role scope creep, can leave people feeling fatigued, unmotivated, frustrated and like they’re not doing their best work because they’re stretched too thin.

These features are invaluable for monitoring who’s doing what and how projects are progressing.

They also help managers know who’s working over their capacity and who has the time to take on more projects.

Get a better overview of everyone’s time

2. Improving the quality of data and analytics

Scope creep isn’t just related to the pandemic and everyone pitching in. It can be caused by missing details on a project, misunderstandings about employee availability, and the lack of a good feedback process.

An article on CDOTrends.com has stayed in my head for the last little while. It said that “Every year, poor data quality costs organizations an average US$12.9 million. Apart from the immediate impact on revenue, over the long term, poor quality data increases the complexity of data

By implementing job and project

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@WorkflowMax

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

ecosystems and leads to poor decision-making.”

I believe companies end up with poor data quality because they don’t consider its importance highly enough, especially when setting up new software. They want the software to help them improve their processes quickly but don’t always put in the time to make sure that everything is mapped correctly and that reporting is set up properly.

Customised reporting provides a better picture With WorkflowMax, you can help your clients understand their business productivity, performance, workflow and profitability with powerful reports.

The WorkflowMax report builder is a highly flexible and powerful tool for extracting specific data out of a client’s WorkflowMax account. It can be used to create monthly summary reports, bar charts and pie graphs.

You’ll be able to analyse these reports and help your clients learn from previous projects, identify new opportunities and make better business decisions.

The key to having the best reporting capability is in implementing WorkflowMax the best way possible from the start. When you work with a WorkflowMax implementation partner, you can both focus on your top skills. The setup partner is the WorkflowMax expert who can configure WorkflowMax,

import data, provide training and set up workflows and reporting. And you can use realtime WorkflowMax data to offer accurate, real-world advice.

3. Having the right tech stack to make life easier If we pull the focus back from individual software set up, we can see another common tech challenge – having apps that integrate well to reduce workload and further improve data quality.

Nobody likes re-keying information or having to download information from one system only to upload it to another. By recommending apps that talk to each other well, you’ll help your clients save time and frustration while gaining better visibility over their businesses.

WorkflowMax integrates with 30 add ons From customer management and support to payroll, document management and more, WorkflowMax integrates with some of the best like Zendesk, HubSpot, Dropbox and of course Xero.

When your clients use these apps together, they can spend more of their time on the deep work I discussed earlier and their teams can focus on what’s important, rather than tedious tasks like moving data from one system to another.

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

How to power up your WorkflowMax expertise To build your own confidence about using and recommending WorkflowMax, I strongly suggest you do the advisor course to become a certified WorkflowMax advisor. The course is open to Xero partners and approved implementation partners and consultants.

Your clients will get the advantage of your expertise and you’ll get the advisor-only benefits of actively promoting WorkflowMax. For instance, every time you sign up a customer, you receive a margin on their subscription, creating a new revenue stream for your practice. And you’ll receive five Xero partner points for every Xero business plan organisation that’s connected to a WorkflowMax account. There are also advisor-specific webinars and content so you can match WorkflowMax to the right clients and then bring them on board.

It’ll be another string in your advisory bow and is one more way to help guide clients through these uncertain times so they too can have a positive outlook on the future.

Find out more...

Want to become a WorkflowMax Advisor?

Complete the course online at: workflowmax.com/advisor

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Issue 30 / 85

Q&A

How Digitising Credit Control Improves Customer Relationships and Speeds Up Collections Automating manual and monotonous but essential tasks such as credit control empower both- the businesses and their customers. It releases valuable time for businesses and allows them to build long term strong customer relationships.

Kolleno speak to...

@Splento

Gemma Nevers, Head of Customer Success, Splento Splento is a London-based international tech company that offers a wide range of visual content solutions; including food, property, event, product photography and videography, as well as CGI & VFX - all available on-demand, with edited content delivered as soon as 24 hours later.

This article analyses the advantages of automating credit control functions based on the experience of the growing b2b visual content production company...

This article is

Q:

What made you decide to switch to automated credit control?

A:

Every SME owner that wants to grow their business first thinks about growing sales first. This is especially true for a start-up, since growing the client base and spreading the word about your services and earning goodwill is the first thing that comes to mind and becomes a priority.

Very often there are several reminders before the invoice is actually paid and this impacted us internally as a few departments were involved. This slow process could really jeopardise our established customer relationships and overall experience.

Embedding Kolleno’s solution into Splento enabled us to speed up the collections by 5x; supporting our fundamental functions and our client relationships.

Moreover, Kolleno’s team is highly responsive and always on hand to help us with determining the next best step.

Q:

Q:

A:

A:

How did Splento benefit from the Kolleno SaaS Platform?

When the Splento team realised that late payments It was an eye-opener for Splento were a bottleneck in our business when we realized that a higher development, we started to volume of sales comes hand research solutions in hand with more delayed - enter Kolleno. payments. Of course, I What appealed expected that the ratio Embedding to us the most, is of delays wouldn’t that Splento did change, but our Kolleno’s solution not need to make team wasn’t into Splento enabled any investment prepared to chase us to speed up the in software, nor an actual large hire additional number of clients collections by 5x staff. Kolleno is a who were delaying cloud-based solution payments. that is compatible with most popular ERPs and accounting So, due to a large number of unpaid invoices, it was challenging software, such as Xero. The Kolleno extension is extremely to reach some clients and have user friendly and does not require one central point for all internal lengthy training, thus saving us stakeholders to review. more time.

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Why do businesses experience late payments?

The problem of delayed payments is not unique to any particular industry, nor the size of the company and is stalling the growth of SMEs across the globe. Recently I read that some industries such as manufacturing or publishing sometimes have over 40% of the outstanding invoices older than three months!

Furthermore, it is a proper fulltime job to monitor the payments dynamic, prepare Aging Reports (the percentage of old receipts and their delinquency) and then take action on collection.

We decided internally hiring this specialist was not best for Splento.

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

Q&A

Q: A:

Why do Clients delay payments?

Clients do not miss their payment deadlines because they “just don’t feel like it”. Usually, there is an approval process that might have caused an invoice to get lost on someone’s desk or an inbox.

Very often clients simply forget to make a payment because they were caught up in different tasks and the payment process got interrupted.

The great thing about Kolleno is that it leverages an omni-channel approach; meaning clients get reminded to pay via SMS, email or sometimes calls. What was great to learn is that their machine learning technology reduces the annoyance to our clients when chasing payment by calculating the best time, intervals and contact method.

With Kolleno our clients can easily get access to the payment portal where they can see their outstanding invoice and a vast choice of payment methods.

Q:

How did your metric improve after using Kolleno SaaS?

A:

The usage of Kolleno technology was not just an upgrade to our business in terms of automation and embracing the digital transformation,

it very quickly impacted our Accounts Receivables management positively. Since the implementation of the Kolleno platform, the total overdue balance has decreased by 70% and we are saving 16 hours per week across the team - a part time member of staff!

Our engagement with clients increased by 80%. Some SMEs mistakenly think that reminding clients to pay may ruin a great relationship however, when executed with expertise it can actually improve the relationship.

Clients are grateful to receive timely reminders, as it can alleviate the stress element when they receive a straightforward and user-friendly payment instruction.

“Kolleno solution was originally designed to improve collections, however, it evolved to software that allows managing client

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relationships better. It is not only about invoice reminders, it is about having an ongoing conversation with your customer.

Communication is key to great customer relationships,” says Irina Anichshuk, who is Customer Success Officer at Kolleno.

Building great customer relationships is an exciting and rewarding experience. I am pleased we get to do this in partnership with Kolleno; as their platform removes unwanted stress. With automated AR management, we can rely on a steady cash flow and plan ahead minus doubts about our liquidity.

Find out more...

Learn more how Kolleno can speed up collections for your business: kolleno.com

Follow us on Twitter: @xumagazine

Issue 30 / 87

5

tips for accountants to survive the busy start of the year

Improve your wellbeing in 2022 by following these vital tips...

@wolterskluweruk

Wolters Kluwer Tax & Accounting UK Wolters Kluwer are experts in providing software and services to tax and accounting professionals who work in complex, compliancedriven environments. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialised technology and services.

There are several ways that accountants can improve their productivity and look after themselves during busy season.

This article is

N

ow that January is behind us, it is a good time for accountancy practices to reflect on how personal tax season went. It is no secret among accountants that the start of each calendar year is incredibly busy – even in 2022, despite HMRC’s extension of the self-assessment deadline. The quantity of work mounts up, and it’s vital that accountants look after themselves during that start-of-year rush. In addition, factors such as the punctuality of your clients and technological efficiency have a dramatic impact on your own productivity and wellbeing.

At Wolters Kluwer Tax & Accounting UK, we want to make a difference in the communities in which we operate. In keeping with that ethos, we believe the productivity and wellbeing of our customers are intrinsically linked.

We’ve put together five vital tips for you to follow below.

Productivity 1) Incentivise early submissions We would advise you to consider how you communicate deadlines to your clients. If a client knows they can send you their information just before an HMRC deadline (and that you will work late into the night to ensure it is submitted on time), they may well

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do just that.

Ensuring that deadlines are firm and clear can encourage clients to submit the required information in good time, so that deadlines for filing the return can be met.

This can therefore help to prevent work being rushed, and also protect your own wellbeing.

2) Integrate tax and document management systems Efficiency is key during tax return season, and the optimum driver is technology. You may want to consider using a hosted, fully integrated tax and document management system. This ensures that all parties can securely access returns and documents, whether they are working from home or the office. (CCH Personal Tax & CCH Document Management allow users to do these things.)

You can also use online portals and document approval software to get tax returns signed off in seconds. These can then be efficiently submitted to HMRC. 3) Identify new ways of obtaining client information In the event that your client is not submitting information in a timely manner, there are other options to examine. You could make use of information already held by

HMRC in the client’s Digital Tax Account. (CCH OneClick users are able to view this information and send it directly into the tax return.)

You might also consider collecting client information digitally. This enables you to review figures and information, and amend or query it accordingly. You can then send it automatically into the tax return, which saves time and reduces the risk of human error.

Wellbeing 4) Take time for yourself Even during the start-of-year rush, your productivity is not solely driven by hard work.

Periods of rest and exercise are just as important in January and February as they are throughout the year. Little changes to your daily routine can make a big difference in preserving your productivity and wellbeing. For instance, you could take five minutes of each working hour out of your chair, and away from your screen.

In addition, we’d encourage you to resist any temptation to substantially change your regular eating or sleeping patterns.

Getting enough sleep, drinking enough water and maintaining a healthy diet will help optimise your productivity and wellbeing.

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

5) Change your surroundings Your physical working environment has a clear impact on productivity and wellbeing.

Research from NCBI shows, for example, that adding plants to your workspace helps to soothe and lower stress levels. We’d also recommend that you clearly separate your workspace from the areas you relax in, particularly if you are working from home.

The urge to continue checking emails can become overwhelming. For that reason, you may want to consider developing a daily routine which signals the end of your working day. Even during the start-of-year rush, think about how you could partition work from the rest of your life.

Wolters Kluwer Tax & Accounting UK supports accountancy practices navigating the workload and the pressures of personal

tax season. Our employees work side by side with our customers to create solutions that address the rapid changes in their environment. We’ve designed our solutions to make your working life smoother, support your wellbeing, and help you offer a high-quality service to your clients.

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

Find out more...

Learn more about how Wolters Kluwer can support you.

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Issue 30 / 89

Digital signing for accountants: When frustration lights a fuse

Melissa Voss & Scott Barber, Co-founders, FuseWorks

It’s problem-solving 101. To fix a problem, you have to understand the problem. And nobody understands an accountant’s problems better than an accountant.

This article is

F

or over a decade, Melissa Voss managed a Chartered Accounting firm in Brisbane, Australia—passionate about increasing productivity and simplifying complex tasks through process automation.

She knew the pain points faced by accountants because she lived them too. So, alongside software engineer Scott Barber, she turned her frustration into action. In 2015, FuseWorks was born. These two business partners are now proudly building bespoke software solutions to help accountants across the globe.

“First, we created FuseDocs, a document compilation tool that, in just a few clicks, automates the preparation of professional document packs or client collations. Next, we created FuseCharts, which creates clear,

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concise structure charts within seconds. These automation tools will save your administration teams hours of time, so they can work on meaningful and more productive tasks. The feedback has been incredible! We couldn’t be happier,”— says Voss, now Head of Clients and Partnerships.

That wasn’t enough for the FuseWorks team.

“We needed to complete the picture; we were still missing a piece of the document delivery puzzle. We wanted to see something purpose-built for the complexity that we deal with every day,” —says Barber, FuseWorks Co-Founder and Head of Product.

So after years of planning and consultation with other accounting firms, in 2020 they

launched FuseSign, a digital signing tool now taking Australian and New Zealand accountants by storm.

FuseSign is a digital signing solution like no other. It’s intuitive and easy to use, and introduces an innovative “grid-style” approach to sending complex multi-document signing and viewing combinations to multiple recipients in a single transaction.

Documents sent via FuseSign are signed and returned within minutes for roughly the price of a postage stamp. Experiencing exponential growth in the past 18 months, FuseSign is becoming a highly sought-after alternative to many expensive traditional electronic signing tools.

In addition to all of the industryspecific features, FuseSign’s

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

high-security protocols include a complete audit trail and twofactor authentication, making it legally binding for a wide range of document signing requirements.

The FuseWorks effect “We had a client recently telling us that upon implementing both FuseDocs and FuseSign into their four-partner accounting firm, they’ve experienced a 70% decrease in postage costs and 50% reduction in printing costs.

They estimate annual savings of $50,000 AUD! ($53,600 NZD; $26,500 GBP; $36,000 USD).

The impact on the bottom line is significant for a fraction of the price and effort it takes to implement these tools.”—says Voss.

FuseWorks’ innovative nature means they dare to do things differently. Their passion and commitment to the accounting industry revolve around client feedback and continuous improvement.

“We have clients asking us for new functionality all the time, and we love being agile enough to turn that feedback into a reality, sometimes in a matter of days. It’s a great pride of our development

Don’t take our word for it...

“It works seamlessly alongside our core products of Xero Practice Manager, FYI and the BGL suite that it was a no-brainer for us to add FuseSign to the mix! We only wish it had come along sooner!”

Aly Garrett, Founder and Principal, All in Advisory Xero Cloud Champion of the Year 2022, Partner of the Year at the Australian Accounting Awards in 2021, Top 50 Women in Accounting.

team to be able to blow a client’s mind from time to time. The needs of our industry are everevolving, and we recognise we need to evolve with them.”—says Barber.

accounting firms worldwide to securely sync their contacts from within XPM directly into their FuseSign account to populate signee details, save time, and reduce the risk of errors.

FuseSign’s integration with Xero Practice Manager, XPM

“The volume of data and documents circulating in and out of a firm at any given time is huge, and we know that accounting firms have data in all different places. Rather than create another data silo, we designed this integration to draw from their single source of truth—their practice management system,” says Barber.

FuseWorks recognises that offering the best of breed in digital signing isn’t enough if it doesn’t integrate with other platforms and tools in your tech stack.

They have recently announced the FuseSign integration with global small business platform Xero, bringing a new digital signing platform to integrate with Xero Practice Manager (XPM).

This integration allows Xero

“Accounting firms need efficiencies at every stage of the process, and utilising systems that enable a quick turnaround on getting documents signed and returned is critical,” says Voss.

“Managing a practice for over a decade, I saw that limitations in technology were always a source of frustration. Now we make sure every tool, every detail, every feature is aligned with client feedback and ongoing research.

Our products are created for accountants by accountants, and we’re turning technology limitations into limitless potential,” says Voss.

FIND OUT MORE...

Find out more about FuseSign integration to XPM and try FuseSign for free for 14 days, commitment-free. No credit card required. Visit: fusesign.com/xpm

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Issue 30 / 91

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

B2B Wave b2bwave.com

Calumo Connect insightsoftware.com/calumo

eviivo suite eviivo.com

B2B Wave is a powerful all-inone B2B e-Commerce platform, exclusively made for wholesale distributors and brands. Get your B2B eCommerce portal up and running by easily importing your Xero data (products and customers), inviting customers, and automating invoice creation.

Personalise your customers’ experience with different price lists and privacy settings, and use the sales rep feature to let them manage orders on behalf of their customers.

Automate the painful, manual finance pro- cesses to free up your teams time to do their real jobs.

Enhance performance with fast integration, real-time reporting and sophisticated budgeting tools.

An all-in-one booking suite for convenient, affordable and perfectly synchronised accounts for your B&B, hotel and vacation rental.

Bookkeep bookkeep.com Bookkeep is the leading provider of summarized financial automation and deposit reconciliation for businesses. Bookkeep automates the time-consuming process of posting daily financials from multiple sales channels to Xero.

Our platform integrates with Shopify, Square, Stripe, and many more.

Buildlogic buildlogic.com.au

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

An effective solution for estimating, job management and accounting for any sized consutrction company. Raise progress claims, manage costs, payroll and more.

STRAIGHT TO YOUR INBOX! 92 / Issue 30

Comma usecomma.com

Finmark finmark.com

Comma links your business bank account to Xero so you can bulk pay bills, salaries and taxes without any need for corporate banking. All of your payments taken care of in one place.

Take the gurssworkout of our build- ing a customised financial model with Finmark’s simple to use dashboard for creat- ing & sharing financial plans, managing burn rate, fore- cast recenure and more - all without spreadsheets.

Deal Map dealmap.com

HotelPerfect PMS hotelperfect.co.uk

Designed for real es- tate agents and brokes, Deal Map is a complete account- ing tool that automates core functions like invoice and ex- pense matching, agent commission, escrow and more.

Comprehensive property management software and hospitality products to help you manage your ho- tel, from room reservations and check ins, to financial forecasting and reporting. The control centre for any hotel.

EPOS V5 epos.com.sg Increase sales, improve operational efficiency, build customer loy- alty and empower small businesses with EPOS. By connecting with Xero you can create financial statements with ease, without the need for manual data entry.

Jeeve Analytics jeeve.com.au Your own business analyst!

Jeeve combines data from your practice management software and your accounting software to give you all the info on how your practice is trending. The easy to use dashboards uses Jeeve’s intelligence software to give you an overview on performance, statistics, predictions, KPIs, spend analysis

Join our newsletter for regular news updates and also be one of the first to know when a new issue of XU Magazine is released.

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Issue 30 / 93

New Xero Connected Apps and financial health.

Late Chaser latechaser.com

Uncat uncat.com

Redstor redstor.com

Stop herding cats! Uncat helps accountants and bookkeepers fix uncategorized transactions with their clients. It gets information back from clients faster, and it syncs with Xero for just $5/month.

Get a free 14-day trial or book a demo to see a preview of Uncat in action. It’s the cat’s meow for endof-month close.

Automatically add interest or late fee added to your Xero invoices.

Latechaser will automatically detect when Xero invoices go overdue, and issue a penalty of your choice, fixed a late fee or an interest charge automatically as a line item on the original overdue invoice, or issue a new one and let the customer know

Redstor is a cloud-based tool for backing up and restoring organisations using Xero. Protect your business critical Xero-based accounting data against human error and other disasters with Redstor and gain peace of mind that you have a copy outside of Xero.

Ledgersync Bank Fetching ledgersync.com

SoloAssist soloassist.com.au

Ledgersync is the premier Xero partner to connect to your client’s bank accounts and auto fetch bank statements and check images. Data is fetched and stored in Ledgersync and in Xero. Our solution is affordable, scalable and affordable.

Free trial is available upon sign up.

A quoting and estimating job management platform, designed and built by an exerpeinced builder, for the building industry.

Send job expense and sales invoices directly into Xero, and import your supplier contracts to SoloAssist.

Paycircle paycircle.co.uk

Tembo Pay tembo-pay.com

A cloud-based, collaborative payroll platform for modern payroll bureaus and businesses that connects directly to Xero. Changing payroll for good by bringing a technological rev- olution to payrolls in the UK.

An online HR, time attendance, payroll and performance appraisal software for Asia, all at the push of a button. Takes care of compliance so you don’t have to.

Paytools paytools.com.au Paytools is your reliable payroll companion, helping you identify employee compliance risks, speed up pay reconciliations & provide audited controls for payroll processes. Think of it as a compliance safety net, making sure that your payroll setup and process are always up to scratch.

Peakflo peakflo.co Peakflo is a collections and payables SaaS built for startups to streamline their entire finance-ops.

Use Peakflo to: • Get paid faster on their invoices by 10-20 days • Cut down bill payment fees by 50-90%

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• Save 100 hours/month on finance ops

TimeKeeper timekeeper.co.uk TimeKeeper is a Simple Time and Attendance platform for modern businesses. Employees can keep track of time worked + time off using our mobile app, web app, and shared kiosk. TimeKeeper calculates the correct amount of regular and overtime hours to send into Xero Payroll for you.

VirtlX virtlx.com VirtlX is an affordable, scalable, cloud-based SaaS solution designed to simply assist businesses of all sizes in understanding customer sentiment, conducting market research, assessing employeeperformance (360°, peer & appraisal reviews), -engagement, -wellbeing & -satisfaction, assessing managers as well as enabling companies to stay proactive with compliance and training.

Worknice worknice.com Simplify your HR and ignite your culture with our modern HR platform - built for remote teams.

Manage the entire employee lifecycle in one system; from paperless onboarding, smart documents and compliance, payroll, time-off, performance reviews, engagement surveys, and perks.

Timworks timworks.com The chat app for accounting! TIM removes tedious, never ending email threads and spreadsheets, re- placing them with a familiar chat in- terface that allows you to pull records directly from Xero, Dext, HubDoc etc.

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LOST STOCK = LOST PROFIT Batch & Assembly Tracking

Real-Time Inventory

Control Costs

Track batches of materials and associated information for detailed traceability and control

Real-time inventory Dashboard shows what’s ready to sell and parts and materials available to fulfil orders

Track all items in your inventory and reduce costs of replacing lost, damaged, stolen and out-of-date stock

End-to-End Visibility 1. Low Stock Alert 2. Purchase Order 3. Receipt of Stock 4. Automatic Stock Level Update 5. Sell Stock

Start your 14-day FREE trial today!

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Issue 30 / 95 tidyinternational.com/trial

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How to Create a Wellness Program in Your Workplace Employee wellness is more important than ever - so don’t neglect this!

@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.

Want to increase staff retention and attract top players? A wellness

program is almost essential. Here’s how to implement something simple...

A

This article is

s ‘The Great Resignation’ continues to dominate headlines, employees everywhere are re-evaluating the role of work in their lives. For many, work has become more than something they do simply for financial compensation. Instead, workplaces are being evaluated based on how they contribute overall to their employees’ work and personal life. The pandemic has also created many new health and wellbeing challenges, so employee wellbeing is something that EVERY company needs to address.

So how can you implement a Workplace Wellness Program that actually works? You might think of gym memberships and fruit bowls, but there’s more to wellness than measures like these. A good wellness program involves creating and maintaining a sincere interest and commitment to helping employees lead healthy lives – both in their work, AND personal lives.

Steps to Creating a Wellness Program Here are the broad steps to go through in creating a wellness program for your business…

design a program that best meets the needs of more employees, put together a wellness committee.

Ideally, this should be a cross-

1) Gain Management Commitment First and foremost, you need to seek management support for an employee wellness program.

Communicate how wellness ties into the current strategic priorities and the company’s stated values.

After appealing to their sense that ‘it’s the right thing to do’, back this up with more tangible benefits such as; • A competitive advantage when recruiting • Reduced absenteeism • Increased retention (resulting in a reduced need for recruiting) • Increased employee engagement • And ultimately, increased productivity and innovation 2) Create a Wellness Committee To get employee engagement and

96 / Issue 30

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

functional and diverse team to best represent different groups of employees.

3) Determine Employee Needs Once a committee is established, their first action-item should be to discover the wellness needs of employees. If you’re using an HR system like HR Partner, you should be able to create a custom form to do this. Also consider conducting interviews or focus groups with groups of employees.

5) Communicate, Communicate, Communicate!

With your Wellness Program ready to go, you now need to communicate it everywhere.

Use different channels to ensure everyone is aware of the program. This might include chat programs, official announcements in company meetings or town halls, ensuring managers include it as an agenda item in team meetings, inclusions in company newsletters, explanatory emails, etc.

Communicate both the There’s more program details, but to a wellness also the benefits of participation. You program than fruit might also want to bowls and gym consider including memberships. incentives or some kind of gamification to motivate employees to participate. The goal is for employees to get the message that their organization cares about their health and wellbeing, everywhere they turn.

Cont...

The areas that a wellness program might cover include; • Work flexibility • Physical activity • Nutrition • Smoking cessation • Alcohol consumption reduction • Sleep improvement • Stress management • Physical environment • Healthcare access • Social & emotional needs • Community service 4) Design the Wellness Program So now it comes time to actually design your wellness program.

This sounds like a big job as you probably have all kinds of ideas you’d like to incorporate, but in general, it’s best to keep the scope small and get started with something. Do your brainstorming and make sure everyone’s ideas are heard, then focus the discussions on the highest priority and easiest to implement ideas. It can help if you decide on a direction you’d like to take (eg a theme of the month), but don’t feel like you need to map out an entire year of initiatives. In fact, it’s best to remain agile and learn from each new initiative added so that the feedback can inform future initiatives.

The goal here is to design a program of wellness initiatives that are accessible and cover the needs of most employees.

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Issue 30 / 97

Potential Components of an Employee Wellness Program

you take the program will be appreciated by your workforce and is likely to have many positive flow-on effects.

There is an endless list of possibilities to include in your wellness program, but to give The best time to you some ideas, start your wellness we’ve put together program was 5 years a list of ideas.

If you’re in doubt as to where to focus, be aware that the pandemic is causing a huge ago. The second-best increase in mental health issues so Get Started with time is right now.

Your Workplace this is probably a Wellness Program great area to start with. Increased stress and As is said about many things, the anxiety, loneliness, depression, and working from home best time to start your wellness program was probably 5 years sometimes leading to longer ago. But the second-best time is hours have all contributed to this. right now.

Whatever you start with, try to Even if you don’t feel qualified or design your wellness program to appeal to the majority of your know exactly what you’re doing, the sentiment of the direction team, while being careful not to

98 / Issue 30

alienate others. Participation is the key to a successful program and building a culture of health and wellness should be the ultimate goal.

FIND OUT MORE...

Book a demo or start a FREE trial at HRPartner.io today.

Plus, right now you can get 50% off your first 6 months! www.hrpartner.io

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

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Issue 30 / 99

4

benefits of simPRO and Xero for field service management

Are you working with a field

service client and feel like there

is something missing from their

@simprosoftware

Anthony Cheam, AU Channel Sales Manager, simPRO Software Ltd Anthony is a systems tinkerer, tech-lover and avid gamer.

With previous experience in the Mechanical HVAC/ Electrical Industry, he works with simPRO’s ever-growing Partners to provide solutions and add-value to their existing customers. He loves getting to know trade and construction based businesses better, and provides them with meaningful tools to take full-control of their work-flow and company.

overall business management?

This article is

C

hances are you’ve realised it’s because there isn’t a connection between the software they use to run their business and the software they use for accounting processes. If this is the case, there are likely some underlying process inefficiencies which could then turn into profit loss. It’s important to remember that no matter how organised either the business operations side of your client’s company is run and how organised the accounting side of the business is, a link between the two is what will help take your client’s business to the next level.

Luckily if you have clients working in the field service industry, they can reap the benefits of the integration between job management software simPRO and Xero.

Benefits of integrating simPRO and Xero 1) A truly end-to-end operations management software From invoices through to

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payments, Xero’s integration with simPRO enables your clients to have a single source of truth of their business. What does this mean? It means that both systems can collect data and share that information between each other.

Not only does this make it easier to keep track of all the financials moving in and out of a business, it also speeds up processes.

And, because both software are cloud-based, the integration syncs changes from either software, to the other in real time. This keeps data up-to-date, so all stakeholders can know what’s happening wherever they are and whenever they need an update.

2) Streamline your accounts receivable An integration between simPRO and Xero allows your clients to create and send professional customer invoices in simPRO or in the field using simPRO Mobile. These can be seamlessly transferred to Xero for complete accounts receivable management.

No more sending details back to the office and then having to wait another few days or a week for that information to be shared

with the accounting software, the integration makes this process seamless.

And, with a direct bank feed to Xero, bank reconciliation is a breeze. Customer payments made to your client’s bank accounts are linked to their matching sales invoice and can then be synced back into simPRO ensuring both systems are always fully reconciled.

What our customers say: “We have 15-20 income accounts in Xero, and they all align with the same income accounts in simPRO. I can analyse areas of the business where we are doing well, or maybe not doing well, and look at margins at each level to see how we’re performing and how we can improve.”

Peter Farnell, Knight Security UK 3) Strengthen your accounts payable and reporting Is your client struggling with organising their accounts payable? Are bills overdue or not being paid until the last minute?

The integration between simPRO and Xero helps your clients

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

take control over their accounts payable. Once set up, users can quickly transfer contractor and supplier invoices from simPRO to Xero to improve payment accuracy and fuel profit and loss reporting.

What our customers say: “A great thing about simPRO is that it has an integration with accounting packages like Xero, which we use. That allows us to get our invoices and all our accounts from simPRO into an accounting package which we can work with, and our accountants can work with remotely.”

Aaron Cluff, DC Electrical 4) Relieve payroll stress For most employees of any business, the phrase “it’s pay week” sparks joy. But for accountants running payroll services for field service businesses or payroll officers working within them it can also be a source of stress due to timesheet-based roadblocks.

There’s a lot of responsibility placed on the payroll department to make sure everyone is paid correctly. From chasing down timesheets, through to the mountain of data entry, processing the company’s payroll can be a difficult and time consuming task.

Now, there’s good news for businesses using the simPRO Xero integration. Following the latest update, simPRO timesheets can be posted directly to Xero to reduce manual data entry during pay runs*.

(*Not available in the USA and Canada as Xero Payroll is not supported in these regions) The new Xero Timesheets integration replaces a previously manual data process to reduce risk of error and your payroll team’s stress levels.

Are you a Xero-certified partner? Join forces with simPRO! At simPRO we join forces with accountants, business consultants, wholesalers and fellow cloud-based software platforms to create a complete service offering for our customers. But our partner program isn’t only of benefit to our customers. We’ve carefully designed this program so we can support you, our partners, as well.

The simPRO partner program supports you in your endeavours to optimise and grow your client’s business through value-added services.

Help your clients manage their

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entire business. From initial request for a job to final invoicing, with simPRO your clients can streamline workflows, automate processes, connect the office and the field and gain essential business insights.

What’s in it for you?

• Partner at zero cost, plus your clients get exclusive discounts • No hassle referrals, we handle the sales and implementation • Collaborate with a dedicated Partner Manager • Be rewarded, earn commissions or gain access to client insights and reports Become a simPRO Partner today.

FIND OUT MORE...

Want to hear more of why more than 7,000 customers globally use the Xero and simPRO integration? Check out these reviews on the Xero App Store.

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Issue 30 / 101

Cloud finance apps are on the up The pandemic proved a cloud technology tipping point for many businesses

@joiinreporting

Paul Shipway, Commercial Director, Joiin Paul Shipway is a senior director with a broad range of experience across multiple industries and an extensive background working with internal and external finance teams across the SMB sector.

Having grown several businesses from start-up to exit, Paul understands the complex challenges business owners and their advisors face and the importance of delivering accurate financial data in a fast, effective, and efficient way.

With technology adoption accelerated by the pandemic, the uptake of Joiin’s cloud consolidated reporting platform is currently more significant than ever.

This article is

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hen the pandemic hit, none of us knew what to expect. It was unchartered territory.

For some business finance teams and accountancy companies, the start of lockdown presented significant challenges. Think staff unable to access office-based servers when working from home; even desktop machines being moved to people’s homes so they could access software and work.

Businesses had to make big decisions daily and adapt to change quickly. Most pivoted to technology like Zoom or Teams.

Fast forward two years, and the pandemic has transformed working life, seemingly forever.

A recent McKinsey study highlights that technology adoption and digitalization amongst businesses accelerated by several years during to the pandemic. What we’ve seen at Joiin presents a similar story: the uptake of cloud finance

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technology amongst companies is now more prevalent than ever.

Our Joiin consolidated reporting app for Xero has never been more popular.

uptake as businesses searched for solutions once office norms were shattered by the new standard of lockdowns and working from home.

We’ve seen a dramatic rise in business finance teams and accountancy advisors using our Joiin platform to do much of the heavy lifting when it comes to consolidated financial reporting.

Our platform provides a shared, single source of precise data that enables our customers to run consolidated group reports quickly and easily, all in collaboration with others.

Moreover, they get to plug and play with different features such as off-the-shelf reports with editing options, inbuilt currency conversions when handling multicurrencies, and multi-user rights for greater collaboration.

Successful business finance teams and accountancy advisors adopted new technology and the right technology. Tools accessed by staff at different remote working locations and ones that championed both teamwork and collaboration and provided a single source of financial data for all to see.

A shared story Our story is one you’ll likely hear many times over amongst cloud software-as-a-service providers.

It’s one of greater technology

Once these teams found they were able to collaborate and communicate better, in turn, they helped to reduce the pandemic’s impact on business revenue, profits, and operations.

One of our Joiin customers told us of a situation where numerous staff were trying to consolidate the finances for multiple global subsidiaries during the pandemic, literally from their front rooms.

With so much change happening fast, they leapt to Joiin during

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

the first lockdown. Joiin enabled them to collaborate over one platform in real-time and absolute accuracy.

In this together There are many similarities between the way business finance teams and advisors pivoted to technology during the pandemic and the success of Joiin.

Our success is built on the very things that make our platform popular and which helped businesses during the pandemic: cloud technology, remote access, digital integration, plug and play features, and collaborative working.

Like many of our customers, we had staff working from home in different locations. They could work together in the cloud and across the shared systems we have in place.

We’re fortunate to have grown over the last two years. And as we’ve done so, our customers’

expectations and what they demand from our platform has exploded.

In 2021, our platform delivered a staggering 436,544 time-saving reports for our customers (that’s one every minute or so). It’s a figure we’re particularly proud of, as our customers often describe being constantly under pressure (something only exacerbated by the pandemic), with Joiin’s digitalized reporting a solution that claws back time for them.

Business finance teams and

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accountants can then dedicate more time to advisory work within their business or with clients, so they’re freer to make value-added decisions, forecast the future, and maintain a competitive edge.

That’s a win-win all day long.

FIND OUT MORE...

Explore Joiin: www.joiin.co Find us in the Xero App Store: apps.xero.com/uk/app/joiin

Follow us on Twitter: @xumagazine

Issue 30 / 103

Updates from Xero

Xero News October 2021

Updates from Xero The latest in product, ecosystem, partnerships and business at Xero

What we’ve been working on...

What we’ve been working on Deep dive

Xerocon returns in 2022

N

ew predictions feature

introduced a new application of

After a two-year hiatus due to the pandemic, While virtual events have helped sustain the community This article is we’re bringing Xerocon back for our community over the past few years, we’reAI excited haveXero everyoneplatform, to reduce for bank reconciliation to tothe in the US and Canada. The conference, to be held in New physically come together in 2022. manual data entry and save Orleans in May next year, will provide a much-awaited the spirit of resilience, we have also established a opportunity for accountants and to connect Atbookkeepers Xero, we recently In reached businesses time. fundraising campaign with Americares to support the with their peers, colleagues and the broader community, people communities impacted by Hurricane Ida, a significant inand our to celebrate their accomplishments, and learn moremilestone the California wildfires, and other natural disasters. about the latest Xero tools andartificial features. intelligence Xero (AI)has strategy The new feature uses machine also pledged to match up to US$20,000.

Coined by some as ‘Coachella for accountants’, Xerocon Americares is a health-focused relief and development with the roll out of new bank learning to predict the contact has been one of our true passion points and an incredibly organisation that responds to people affected by reconciliation and account poverty or disaster with life-changing medicine, code for transactions unique way for us to bring the Xero community togetherpredictions. over the years. medical supplies and health that programs.

The predictions feature has cannot be matched to

invoices or bills using an organisation’s bank rules, Xero’s matching logic, or memorisations.

Previously, businesses had to manually enter new contacts or account codes to reconcile these transactions — a time-consuming process that risks manual error.

Bank reconciliation predictions add to our growing portfolio of AI-enabled product features, designed to help businesses and advisors plan for the future with confidence.

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Steve Vamos, CEO, Xero

Xerocon Sydney confirmed for September We have confirmed Xerocon, the unmissable event for cloud accounting leaders, is coming back to Sydney in 2022. The ‘Coachella for accountants’ event is a chance for thousands of accountants and bookkeepers to connect, learn and get inspired.

We’ve been unable to host Xerocon in person for the past two years as a result of the pandemic, but we’ve learnt that nothing replaces the power of face-to-face interactions and we’re very excited to finally be bringing the accounting industry together.

Xerocon Sydney will be taking place from 7-8 September 2022.

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

X ERO N EWS — O C TOB ER 2021 1

Have you tried sending invoice payment reminders via SMS?

End-to-end accounts receivable software, seamlessly connected to Xero Try it for free Visit the XU Hub: Go to www.xumagazine.com

360+ happy Xero customers Follow us on Twitter: @xumagazine

Issue 30 / 105

manually match these forms to specific contacts and continue to collect all future payments for that contact using GoCardless in Xero.

Updates from Xero

Other Xero updates...

We’ve made a number of other updates on the Xero Simplifying inventory platform over the past month, including: management

platform

Global GoCardless direct debit forms in Xero

Xero updates

If looking at product or service items in the inventory list, easily available andofidentical to at the top users to assign staff to different users can now see a summary key information of the page.

Thecreation editing button is more easily available and the item page.

Before projects and decide what they can identical to the item creation page. Before confirming any confirming any adjustments, and can’t see using different levels adjustments, users will now be shown not only what has usersbutwill now be shown not only of visibility. You can now mark a changed, by how much.

what has changed, but by how much.

Improving staff access in Xero HQ

Improving staff access We’ve a number of updates on the Xero platform inmade Xero HQ

over the past month.

We are making it faster and easier for users to edit staff access to Xero organisations with improved bulk actions.

Now when selecting multiple clients, users will be able to edit staff access to their subscriptions in one go, with the full list of role types available.

Global

GoCardless direct debit forms in Xero

We’ve made it easier for users to We’ve made it easierimport for usersdirect to import direct debit debit forms from forms from GoCardless and match them to contacts in to GoCardless and match them Xero, even if they were created elsewhere.

Users can now contacts in Xero, even if they were manually match these forms to specific contacts and created elsewhere. Users can now continue to collect all future payments for that contact manually match these forms to using GoCardless in Xero. specific contacts and continue to collect all future payments for that contact using GoCardless in Xero.

Simplifying inventory management

Simplifying If looking at product or service items ininventory the inventory list, management users can now see a summary of key information at the top of the page. The editing button is more easily available and identical to the item creation page. Before confirming any adjustments, users will now be shown not only what has changed, but by how much.

If looking at product or service items in the inventory list, users can now see a summary of key information at the top of the page. The editing button is more

We are making it faster and easier for users to edit staff access to Xero organisations with improved bulk actions. Now when selecting X ERO NEWSwill — F EBRUA multiple clients, users be RY 2022 able to edit staff access to their subscriptions in one go, with the full list of role types available.

Easy expense management for employees

project as public or private, so you can control who can see project information.

Australia Report payroll information for STP Phase 2 To help accountants prepare for the STP Phase 2 compliance date at the end of the year, we’ve launched a new STP2 Information Hub. Users simply click the banner from the overview dashboard within Xero Payroll to 2 find the latest information on new pay items, including bonuses and commissions, directors fees and cashed-out leave.

US

Stay compliant with the 2021 The new Budget Variance report Schedule C report template is being refreshed with a new design and some updates to help We’ve released a 2021 Schedule with financial analysis.

Our users Simplifying inventory C report template (View in will be able to access the layout management Spanish) to help US advisors editor to format reports and view and expenses arrows toatbetter understand If looking product or service items in the prepare inventory income list, users can now see formulas. a summary of key information at the top for sole proprietor tax returns. budget variance We’ve of the page. The editing button is more and It’savailable now available as an option in also included the ability to sort by easily identicalcode to thein item page. Before confirming any templates. To make their report account thecreation new ‘More’ adjustments, users will now be shown not only what has sure there’s no confusion, we’ve button. changed, but by how much. removed the default template for 2020. Users will still have access Assign different permission to customised templates, as well levels in Xero Projects as templates that have been saved or published in their client We’ve released new functionality organisations. in Xero Projects that allows admin

Improving staff access in Xero HQ We are making it faster and easier for users to edit staff access to Xero organisations with improved bulk actions.

Now when selecting multiple clients, users will be able to edit staff access to their subscriptions in one go, with the full list of role types available.

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

eSignatures just got better Annature’s platform gives accountants the edge and offers more than just eSigning.

Annature is the leading Australian-owned eSignature platform which securely manages digital authorisations, identity verification, and payment collections online.

With Annature accounting professionals ‘get ahead of the game’ and enjoy the leading Australian-owned eSignature platform - that’s more than eSigning. Annature helps to securely manage digital authorisations, identity verification, and payment collections online today - and track their progress wherever you are. We’ll also keep you up to date with industry changes as soon as they happen.

Here’s why accounting professionals prefer Annature: Onshore: Australian-owned and operated, with local data storage and tech support Secure: Next-generation ID, KYC and AML verification features able to scale Compliant: Only Australian-owned eSignature platform with ISO 27001 certification Seamless: API driven integration efficiency with APS Reckon, GreatSoft, Xero and more CA ANZ Member Benefits: Exclusive eSigning member benefits partner, 20% discount on Customised subscriptions • Take to the sky with Qantas Business Rewards: Earn up to 20 Qantas Points on eligible Pay as you go and Customised subscriptions* • Happy clients! Improves engagement and elevates customer satisfaction • • • • •

Transform eSignature delivery and execution. Reach out to discuss: Daniel Edridge | 1300 031 065 | daniel@annature.com.au | www.annature.com.au Schedule a meeting: www.annature.com.au/schedule-demo Visit the XU Hub: Go to www.xumagazine.com

Follow us on Twitter: @xumagazine

Issue 30 / 107

2022 Bloomberg Gender-Equality Index Updates from Xero

Xero business update...

As part of Xero’s continuing commitment to gender equality, we are proud to announce our inclusion in the 2022 Bloomberg Gender-Equality Index (GEI). This is the third consecutive year we have been included in the index, and we’re pleased to see our scores improve Xero included in 2022 Xero acquires TaxCycle to each year. The index is made up of 418 global companies Bloomberg Gender-Equality simplify spanning 45 countries who are committed to a more equal tax in Canada Indexworkplace. and inclusive

iness news

Global

Canada

Xero has acquired TaxCycle, a leading Canadian tax preparation software company for accountants and bookkeepers. Together with TaxCycle, Xero is striving to make year-end tax simpler and more beautiful for our Canadian customers.

ed in berg ality Index

nuing commitment to gender d to announce our inclusion in the der-Equality Index (GEI). This is year we have been included in leased to see our scores improve s made up of 418 global companies who are committed to a more equal ce.

Canada

Based in Calgary, Alberta, TaxCycle was founded in 2010 by Canadian tech industry veteran Cameron Peters. Cameron commitment to gender equality, created some of the Xero has acquired TaxCycle, a leading Canadian tax preparation softwareto company for accountants we are proud announce our first tax software and bookkeepers. with TaxCycle, Xero inclusion Together in the 2022 Bloomberg is striving to make year-endIndex tax simpler more Gender-Equality (GEI).and This beautiful for our Canadian customers. is the third consecutive year we have been included in the Based in Calgary, Alberta, TaxCycle wasindex, founded in we’retech pleased toveteran see our 2010 byand Canadian industry Cameron eachofyear.

The Peters.scores Cameronimprove created some the first tax software for electronic in the mid-90s index is madefiling up of 418 globaland has been continually innovating in the45 space since then. companies spanning countries TaxCycle’s software provides a full Canadian who are committed to a more income tax suite, with and almost 4,000 taxworkplace firms and over equal inclusive

Xero acquires TaxCycle to simplify tax in Canada As part of Xero’s continuing

es TaxCycle to in Canada

Cycle, a leading Canadian re company for accountants ether with TaxCycle, Xero -end tax simpler and more ian customers.

ta, TaxCycle was founded in industry veteran Cameron ed some of the first tax filing in the mid-90s and has ating in the space since then. ovides a full Canadian income 4,000 tax firms and over untants, bookkeepers and tax ution.

ces Xero’s commitment our product offering to ollowing recent additions s tax return reports and nts templates.

for electronic filing in the mid90s and has been continually innovating in the space since then. TaxCycle’s software provides a full Canadian income tax suite, with almost 4,000 tax firms and over 16,000 individual accountants, bookkeepers and tax preparers using its solution.

This acquisition advances Xero’s commitment to extend and enhance our product offering to Canadian customers, following recent additions such as provincial sales tax return reports and Canada chart of accounts templates.

16,000 individual accountants, bookkeepers and tax preparers using its solution.

This acquisition advances Xero’s commitment to extend and enhance our product offering to Canadian customers, following recent additions such as provincial sales tax return reports and Canada chart of accounts templates.

X E RO N E WS — F E B RUA RY 20 22

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4

X ERO N EWS — FEBRUA RY 2 0 2 2

4

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

3-way business modelling

Choose the right path for your business future

Create beautiful dashboards and reports

Handle consolidations with ease

Integrate with your accounting package

Model what-if’s and scenarios

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Issue 30 / 109

Tutorial

How to simplify audits with ApprovalMax Preparing for an audit is a notoriously laborious procedure with a lot of things to take into account - learn how ApprovalMax can simplify it.

This article is

A

udits are often stressful. Whether it’s a mandatory internal check or an external body poring over your company’s financial data, you need to be able to gather vital information upon request fast.

And most probably there will be two questions asked: how does the delegation of authority work in your organisation, and who exactly approved this or that particular invoice for payment?

This is where ApprovalMax will help you by showing the auditors how the organisation has defined its approval process and how it’s actually executed. A set of powerful features makes this possible: • Automated workflows recreate the delegation of authority policy • Audit reports and audit trails • Access for auditors • Built-in reporting • Workflow export Let’s dive into more detail to see how it works.

Implementing the delegation of authority policy in your workflows It’s good to have your delegation of authority in a separate document but how do you prove

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that it’s not just a piece of paper tucked away in a filing cabinet? If authorisations are done on paper, you need to store all that paper and have plenty of room to do so. For tracking email approvals, you have to search inboxes to collect the approval history for all approved documents. Either way, it means a lot of time and effort.

With ApprovalMax, you can recreate your delegation of authority policy in an approval workflow. Then there’s no way to bypass the authorisation rules and it’s much easier for everyone involved to follow them. That aside, you’ll be able to demonstrate to auditors in a quick and efficient manner how your approval process works.

You can specify an approval matrix of any complexity, set up parallel or sequential approvals, and introduce rules based on cost threshold, GL codes and tracking categories.

Audit reports and audit trails For every single document approved in ApprovalMax, an audit report containing the complete approval history is automatically generated and attached to it in Xero. A more detailed audit trail can be found in ApprovalMax, it includes all

@ApprovalMax

Konstantin Bredyuk, Director of 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.

authorisation decisions and exceptions that have occurred as well as comments, delegations, rejections and other details.

Access for auditors You can invite one or several auditors to ApprovalMax to view your workflows and audit trails.

The read-only access assists them with their evaluation without risking that something might accidentally get changed, approved, or rejected. Auditors are able to see reports and all the organisation’s requests, and can add comments. To invite an auditor, go to the “Users” page, add a new user and select the “Auditor” role in the drop-down menu.

Using built-in reporting for audit purposes For the compliance evaluation of approval processes with regard to their execution, ApprovalMax offers comprehensive reporting.

Various searchable reports provide a complete picture of how approvals have been performed and enable both a good aggregated view and the ability to easily drill down to see any lowlevel details needed for analysis.

Such reports can be downloaded in the Excel format.

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

Tutorial

These reports help with, for example, the detection of exceptions to the approval process, such as delegated approvals, auto-approved requests, uncompleted approval requests, forced approval decisions (this usually indicates that an administrator approved instead of the designated approver).

If it’s about a purchase order workflow, for instance, this text will contain a list of users who are allowed to create purchase orders and the rules for each requester as well as for every step a list of users who approve them and the rules for each approver.

Exporting workflows

These features allow auditors to easily and comprehensively analyse an organisation’s approval process, without you having to compile audit reports manually.

Most of our customers say that their auditors are really pleased with the way ApprovalMax has changed their audit process.

Here’s how ApprovalMax makes

Alternatively, you can share the setup details of implemented approval workflows without inviting auditors to ApprovalMax. Just open the workflow and click on the “Export workflow” button to generate a PDF document with a text description of that flow.

Take the pain out of audits with ApprovalMax

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audits a breeze: • Business critical processes are fully visible and traceable • Auditors have easy access to any document they need and find all the relevant authorisation data • Audit trails and reports facilitate data and process accuracy, which is the base for informed decision-making • Accountants benefit from time savings because the manual effort is minimal

FIND OUT MORE...

Start your free trial to simplify audits! approvalmax.com

Follow us on Twitter: @xumagazine

Issue 30 / 111

New to the Xero Marketplace

Effortless B2B eCommerce with B2B Wave and Xero Start receiving B2B orders in no time

@b2bwave

Qas Ali, Senior Account Executive, B2B Wave Since joining B2B Wave, Qas has helped hundreds of SMBs in the UK and abroad start their B2B eCommerce portal. Qas has deep knowledge of B2B ordering processes for various industries (medical, food distribution, and more) and can advise on what’s the best approach to doing so.

Selling online for wholesalers is a tricky business.

Different prices per product, private categories, exclusive deals. B2B Wave makes it easy.

This article is

T

o fully reap the benefits of online B2B selling, integrating your B2B eCommerce platform with your Xero account is of the essence. It makes everything more efficient; from your daily business operations to your sales team to the customer ordering process.

B2B Wave is a powerful all-inone B2B e-Commerce platform, exclusively made for wholesale distributors and brands. With B2B Wave you can get your B2B eCommerce portal up and running by easily importing your Xero data (products and customers), inviting customers, and automating invoice creation.

Your customer’s experience can be fully personalised with different price lists and privacy settings, and use the sales rep feature to let them manage orders on behalf of their customers.

Integrations In addition to Xero integration B2BWave also connects with several payment and inventory systems and with over 2,000+ apps through Zapier — in addition to custom-built integrations should you feel creative, you can also use the B2B Wave API.

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User-friendly B2B eCommerce experience

Mobile app and sales rep management

The all-in-one B2B eCommerce solution will streamline the wholesale order management process with an attractive, user-friendly, wholesale private website where retailers can log in, place orders, and find out about new product offerings and what’s currently on sale.

With the quick import of a spreadsheet, you can immediately start managing your retailers and other B2B customers, including assigning customers to a sales rep and allowing sales reps to place orders on behalf of customers.

PDF catalogue generation B2B Wave allows you to instantly accept orders through your own wholesale website, import and manage products on your B2B eCommerce website quickly, generate easily fully customized PDF catalogs for a single customer, a group of customers, specific product categories, and much more.

Localisation features In today’s international world, localisation is a must. You can easily use B2B Wave for selling abroad (even in a different language). We support creating price lists and invoices in different currencies, assigning customers to different VAT schemes, and even assigning different Xero invoice templates to each customer

Through the B2B Wave new sales reps mobile app you can further streamline your order management and empower your sales reps to deliver superior results by dramatically reducing the time it takes sales them to manage new and existing orders.

Support B2B Wave values customer relations and we’ll do our best to thoroughly understand your business and help you get the most out of the integration.

Our friendly support team is available 24/7 to help with urgent issues and with product-related questions.

FIND OUT MORE...

Start a free trial or request a demo here: b2bwave.com

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

Connect to oNesto, a world class-benefits and awards platform that costs nothing to set up.

Benefits and awards platforms have until now been the reserve of big corporates. oNesto brings these features to SMEs through Xero.

The oNesto platform integrates through Xero marketplace and a connection can be set up in less than 10 minutes for a company that uses Xero for their accounting.

About the oNesto Platform Shop & Build Savings

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Contact us to find out how you can delight your clients and their employees.

aussupport@onesto.co www.onesto.co

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Issue 30 / 113

AAT held Airbnb superhost ineligible for JobKeeper payment Renting rooms was not considered a business by the Coronavirus Response Package

@cchaustralia

Heidi Maguire, Content Specialist, Wolters Kluwer Asia-Pacific Heidi Maguire is a Content Specialist in Income Tax at Wolters Kluwer Asia-Pacific and shares daily insights on accounting and auditing only on Wolters Kluwer’s CCH iKnow tax research platform.

The AAT held that the taxpayer was not carrying on a business and thus was not eligible for JobKeeper payments.

This article is

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hether an activity constitutes the carrying on of a business is a question of fact to be decided on a case by case basis. In this case, the AAT has held that a taxpayer who provided rooms for rent through the Airbnb platform was not carrying on a business as required by the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020 and thus was not eligible to receive JobKeeper payments as a business participant.

The facts The taxpayer used the Airbnb platform to source bookings from paying guests who wished to stay in her home on the Sunshine Coast, Queensland. Guests did not rent out the entire house, or a self-contained part of it, but rather spare bedrooms within the house that she and her husband resided in.

The property listing proved to be popular and consistently enjoyed good occupancy rates until COVID-19 struck. Figures lifted from the Airbnb platform showed the taxpayer had taken a total of 796 bookings and hosted 1637 guests, over 1034 booked nights, between 2016 when the property was first listed and 31 March 2021. The number of nights booked declined significantly in the 2020 year. However,

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the taxpayer was unable to produce conventional accounting records, including profit and loss statements that might give a clearer sense of the profits made over the course of that time.

The taxpayer estimated she spent up to 18 hours a week on activities associated with the Airbnb guests. She reported the money she made from the Airbnb listing in her income tax returns as “rental income” rather than income from a business and claimed deductions relating to the property against that rental income. The taxpayer also had part-time jobs that generated the greater part of her taxable income.

The taxpayer considered that she was entitled to the JobKeeper payment as a business participant due to the decline in bookings and revenue for her Airbnb listing brought about by COVID-19.

When the Commissioner thought otherwise, the taxpayer sought review of the Commissioner’s objection decision.

In issue was whether the taxpayer was conducting a “business” when she accepted paying guests through the Airbnb platform in order to satisfy the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020, and whether she was supplying “commercial residential

premises” to her guests in order to have experienced a decline in projected turnover (as required by ss 7(2) and 8 of the Rules). If the taxpayer was making input taxed supplies of residential accommodation, as opposed to taxable supplies of commercial residential premises, she would not have experienced the required decline in projected GST turnover.

The decision In affirming the decision under review, the AAT said that, on balance, the taxpayer had not established that she was carrying on a business at the relevant time. Although there were indicia that pointed to her carrying on a business, the taxpayer in this case was ultimately taking paying guests into her own home that she shared with her husband.

In doing so, she was merely repurposing a spare room along with other domestic facilities in that home to make some extra money on the side.

Although not necessary to decide, the AAT went on to consider whether the taxpayer experienced a decline in projected GST turnover. It said that, while the bundle of services the taxpayer was supplying was similar in some ways to the services and features of hotels, motels, inns, hostels and boarding houses, the physical

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

configuration and layout and the absence of multiple occupancies was a key and overwhelming distinction that set aside her premises.

There was no getting past the fact her premises were configured as a private home into which she invited single parties of guests.

The taxpayer was not supplying commercial residential premises, which meant the supply of residential premises was input taxed. The revenue generated in connection with those supplies did not form part of the taxpayer’s projected GST turnover.

How to stay on top of important practice alerts and developments like this Wolters Kluwer Tax and Accounting is a leading provider of software solutions and expertise that helps tax, accounting and audit professionals research and navigate complex regulations, comply with legislation, manage

their businesses and advise clients with speed and accuracy.

CCH iKnow is the tax research platform backed by over 45 years of Wolters Kluwer knowledge and experience, built to deliver timely, confident, and accurate advice. All users gain quick access to the full gamut of legislation and associated source material, including the latest cases, ATO rulings and more, all in one place - with insightful commentary and related content to guide you.

CCH iKnow’s expert content alongside hundreds of practical tools in an easy-to-use research

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platform delivers the support high-performing accounting teams need to always be on top of queries and changes like this. Check out this exclusive Checklist prepared by our inhouse experts to support your clients to determine whether they’re carrying on a business of letting residential rental properties or not.

Download the checklist Download this exclusive Checklist, a Practical Tool by CCH iKnow!

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Issue 30 / 115

Find out why more businesses are moving to QicWorks!

@qicworks

Karen Parker, CEO, QicWorks Prior to founding QicWorks, Karen worked in heavy industry for 15years & has extensive experience in project management, controls & business admin. She is passionate about delivering digital solutions that make life easier for businesses, reading thrillers & quoting 80’s movies back to her kids.

Faster and easier than ERP and more scalable than field management software This article is

Q

icWorks has changed how construction, fabrication and installation businesses operate. We have removed the need for costly work arounds caused by ‘bolt on’ applications and spreadsheets, by allowing users (and their financial partners) to access all their business management data from within the one application.

QicWorks is the ultimate construction software for job, payroll, scheduling, safety, training, stock, asset management and much more. QicWorks uses

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single source data to seamlessly flow from estimate, right through to accountant.

Another reason businesses are moving to QicWorks is our flexible subscription model, whereby you only pay for the modules you use. Team members can also be deactivated at any time, (which will remove them from your subscription costs) without removing their data.

Payroll personnel love our Xero integration, which allows them to effortlessly push their timekeeping data (including

allowances and leave) direct into their Xero pay run, regardless of if they operate across multiple calendars from within a single pay run or reconcile weekly, fortnightly or monthly pay periods.

Remote workers love just how easy our industry leading mobile app is. Available for use on Android and iOs smart devices, users can access their information from anywhere - at anytime.

Key features include: • Online and Offline functionality • Collect time 4 ways (Task timer, Kiosk/Timeclock, Timesheets – individual or group & Shift Reports) • Access job documents and complete forms from the work front • Capture images, materials used, expenses and purchase orders • View Rosters and access Job lists to find where others are working • Submit leave requests • Undertake stocktakes • Conduct Asset Audits or transfer plant to others (and jobs) • Capture Safety events • Stay connected with our inbuilt chat feature

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

The QicWorks mobile app incorporates the latest digital technologies including voice to text, image annotation, GPS locations, digital signatures, Google Maps, prepopulated fields, easy document access and storage and greater flexibility around user permissions and settings.

The mobile app uses simple navigation, and allows users only seeing the information they need to perform their works. This reduction in information overload means that users can now collect more meaningful field data, minimise the amount of time spent on paperwork, leaving them more time to instead focus on the job at hand.

QicWorks partners love our free partner portal, where they can help oversee and manage your client’s operations. They love

being able to have direct input into our future enhancements and feature and their listing in our partner directory ensures they can attract and support more clients from within the building and construction industries.

But don’t take our word for it. Head over to the Xero

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marketplace and discover real user reviews.

FIND OUT MORE...

Discover what other features our users love at: qicworks.com

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Issue 30 / 117

Events

Digital Innovation in Accounting & Finance: Introducing 2022 Series of Events

How can you participate in a series of online technology events for accountants and finance professionals?

@accandfinshow

Laura Binns, General Manager, 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, enterprises and accounting firms in Asia. With the show now in its fifth year, Laura and the Terrapinn team are now extending the event into a whole series running throughout the year.

The Accounting & Finance Show Asia Series presents the best of both virtual and in-person conferences and exhibitions for accountants and finance professionals in 2022.

T

he Accounting & Finance Show Asia is now in its fifth year and is the go-to event for accountants and finance professionals from SMEs, large enterprises and accounting firms across the region looking to discover and implement the latest digital innovations in

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technology solutions for their organisations.

The COVID-19 pandemic has accelerated technology adoption across Asia, with businesses of all sizes across all industries fast-tracking their digitalisation plans and actively purchasing

technology solutions “Relevant content to ensure they and good can streamline their processes, networking.” safeguard their Associate Director, CIMA businesses and leverage data in everything from their decision making to employee

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

Events

and client engagement.

Accounting & Finance Show Singapore 20-21 September 2022 Suntec Convention Centre, Singapore

To help our engaged community of tens of thousands of accounting and finance professionals across Asia adopt a growth mindset and remain Returning as an in-person ever-ready for a transformative event this year, attendees can future, The Accounting look forward & Finance Show Asia to meeting “You have amazing Series introduces and having the very best face-to-face speakers who just tools and digital interactions with articulated amazing innovations the the pacesetters solutions throughout world has to offer. of the accounting the entire two days.”

Most importantly, and finance it serves as the community. With CEO, A’shug VFO region’s strongest over 120 accounting platform to facilitate the and finance leaders exchange of ideas in themes sharing their expertise across a such as Digital Innovation, Finance range of insightful presentations Transformation, Digital Practice and engaging panels, it’s set Management and Business to be the event equipping Advisory. and empowering accountants and finance professionals to When are the Accounting & transform digitally, boosting Finance Show Asia Series events optimism and positive growth for happening? their organisations.

Digital Practice Summit 15 June 2022, Online This focused one-day event returns for the 2nd edition on 15 June 2022. Put together exclusively for those working in accounting, bookkeeping and professional services firms, it will feature a full day of online content to help accounting firms digitise and grow, putting them in an enhanced position to offer extensive and valuable services to their clients.

Accounting & Finance Show Asia 1-2 December 2022, Online Acknowledging that delegates may still face border and travelling restrictions, the Accounting & Finance Show Asia presents an unrivalled opportunity for the accounting and finance community from across Asia and beyond to gather and stay updated with the latest digital tools and technology. With dedicated content channels for

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attendees from the Philippines, Hong Kong and Malaysia, delegates get to enjoy the flexibility and convenience of learning and engaging from the comfort of their own homes.

Accounting & Finance Show Asia Webinar Series Year-Round Running throughout the year, each webinar is a focused 1-hour virtual panel discussion, dedicated to provide accountants and finance professionals with the newest and tried-and-tested ideas, tips and tricks to stay future-proof.

Get Involved!

If you’re an accounting and finance professional, or a business owner operating in Asia, share the joy and bring along your teams to the 2022 Accounting & Finance Show Asia Series for free!

If you have a solution you want to get in front of Asian accounting and bookkeeping firms, get in contact with us to find out how you can leverage on our leadgenerating opportunities.

FIND OUT MORE... terrapinn.com/ AttendAFShowSeries2022

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Issue 30 / 119

How disruptive tech solutions are benefitting small business UItilising the right tech to help automate processes is critical for both survival and profitability for millions of small and medium businesses around the globe.

Whether you have 1-5 or 200 employees, it is now essential that you source the best tech solution to automate as much of your business as possible.

This article is

A

s this technology is evolving it is inevitably disrupting more traditional business processes and established sectors. New banks are offering simpler, cheaper and quicker solutions for small businesses, accountancy software is always evolving to make managing your accounts and invoices much easier, cyber security solutions are helping owners keep data safe and GDPR compliant and expenses apps are making managing and monitoring staff expenses a simple and painless experience.

The impact of the pandemic on our working life caused a technological revolution that was bubbling away slowly, to explode as so many disruptive solutions which used to be ‘convenient’ preCOVID have now become critical tools. Businesses simply cannot survive without Zoom calls, Slack chats, remote systems, cloud solutions and many other tech solutions. These are now a major part of our working day, and so many disruptive technologies have adapted quickly to the ‘new normal’. In the last 18 months, many services have advanced in

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what ordinarily would have taken years and this has made many business owners moving away from traditional methods and sourcing disruptive tech solutions to help them manage and grow their businesses.

This March, ExpenseOnDemand is teaming up with the SME Club and the ICAEW to host a live seminar about how tech disruptors are helping small and medium business owners manage business processes and free up their time to focus on the important aspects of running their businesses. The seminar will cover many topics including how as technology continues 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 already 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.

@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.

offering our clients around the 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 very own disruptive 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.

Apart from offering over 100 functions to choose from, Xero users can, for example, set up their own approval hierarchy 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.

For many years, the ExpenseOnDemand app has been

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

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 & approve expenses 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.

Businesses can also benefit from: 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 “Earlier we were paying a fixed cost for the whole application to our

earlier expense automation vendor.

By using ExpenseOnDemand, we have reduced this by 50%, and only pay for functions we use.”

Ron Pious “Flexible expense solution with simplified approval process from line manager to Finance approval” Anthony Holmes “During Covid we were lumbered with a hefty, fixed charge for our expense application. Since we have started using ExpenseOnDemand, we have had 2 lockdowns, and we have been able to reduce our costs dramatically.”

Peter Lyons “Covid brought to the fore that we must have flexibility.

ExpenseOnDemand offers rolling monthly contracts, including the ability to “pay as you go.”

Kerry Hester The team at ExpenseOnDemand have been adapting their market leading app since the start of the COVID-19 pandemic. Our SETUP videos navigate the customer, step by step, to configure each function, in minutes. Customers

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can set up each function at their convenience & pace. We are working hard to make it easier for finance leaders and staff to manage expenses in the new normal, especially with so many employees still working from home.

I also co-host a leading business podcast, Small Biz Banter, with the founder of The SME Club. Join us for some interesting tips and light-hearted chat with expert guests who offer advice and info for small business owners, directors and employees. So far, we have had the CEO of Tide Bank, Director of the Federation of Small Businesses (FSB) and many others. Subscribe today on all podcast platforms.

Find out more...

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

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Issue 30 / 121

Is your VAT compliance up-todate? There’s a simple way to find out.

Did you know, almost 60% of accounting files contain VAT-related errors?

As Making Tax Digital deadlines loom – how

@XBertapp

Troy Brown, co-founder, XBert Troy Brown founded, ran and managed the finances of a highly successful marketing agency for 12 years. He and his teams delivered projects in Australia, New Zealand, and Asia for blue-chip and government clients. Through first-hand experience understanding the challenges business and finance teams have, he and the XBert Team are working closely with accountants and bookkeepers of all sized businesses to deliver a product specific for their needs.

much time do you spend cleaning up VAT errors in the books (and do you catch them all)?

This article is

A

whopping 59.6% of Xero accounting files audited

by XBert’s AI in the last quarter of 2021 contained VAT activity for a contact without a VAT number.

What’s more, of the files analysed in the 12 months to January 2022: • 43% had bills without attachments over £250 • 21% had a business with incorrect VAT status.

• 23% had bills with a cancelled supplier The April 2022 deadline is fast approaching for smaller VAT businesses – all 1.1 million of them – to meet the Making Tax Digital (MTD) requirements. Which means it’s more important than ever to ensure you and your team are rock solid in your capacity to deal with the new compliance measures (and have complete confidence from your clients).

Maxing Tax Digital: Change Management There’s no denying the introduction of MTD brought a great opportunity for small business to streamline their accounting processes. The plan

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to digitise the tax system for VAT, is intended to make tax returns simpler and more efficient for everyone.

However, like with any change – even positive – it comes with some change management.

The new compliance measures associated with MTD have meant many small business owners have been required to leap from existing dated systems to paperless, cloud-based solutions.

Part of the change management process for accountants and bookkeepers has been helping those small business clients with that process. In some cases, to also help them trust the security and accuracy of those online platforms. And absolutely includes helping them see the monetary value/benefit of implementing these systems within their business. Clients need to see and feel the information is accurate, time saved and headaches avoided, in order to trust those new systems.

Without the right tools in place, this can place extra strain on your workload as a bookkeeper.

Keeping records and filing tax

digitally opens up space for accountants and bookkeepers to utilise AI Audit to not only help with capacity management, but to supercharge their services.

Of course, VAT status and the compliance associated with it, is one of the most obvious uses for using AI audit in your practice.

However, its relevance extends far beyond that.

20 minutes saved on every quarterly tax prep Mae Kudzius, Bookkeeping Manager – Cloud Specialist at Bray Chan Chartered Accountants said XBert AI Audit is saving them 15-20 minutes per client on an average quarterly tax review.

“We were so impressed at how the AI audit was able to go and detect the things we needed to look at.

Then to just hit the resolve button - it’s so much quicker and simpler than trawling through transactions on a file to spot something.”

The audit risk alerts are particularly handy when preparing tax lodgements for clients who do their own bookkeeping.

“Our quality control and audit

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

control is bang on, not just for ourselves and our due diligence, but for our clients as well.”

AI Audit finds $20K tax issue Sue Dowling, Bookkeeper for Aintree Group, said using XBert AI Audit has increased productivity by 15% in one month.

“XBert’s AI Audit is like having a personal assistant. Just today, XBert found a $20k tax issue between related entities that we were able to solve quickly and seamlessly.”

This comprehensive audit system, integrated with intuitive workflow tools, has also made work life more enjoyable. She knows she is giving the accounting team the cleanest books possible.

“My job satisfaction has increased.

We are far more proactive and able to offer early advice or to make observations thanks to XBert’s AI.” Improve checking processes by at least 15% With XBert’s AI-audit and bookkeeping risk alerts surfacing issues, Diane McCaffrey and her team at BYO Group know they can rely on the quality of the data and insights. The value and efficiencies gained from XBert mean the solution is now included on all proposals sent to clients.

“We love perfect, and with XBert we can enhance what we do, do it faster and know it’s right. Our checking processes have improved by 15%, and it raises the bar with regards to the level of service and integrity in the data. XBert blew me away with how quickly it picked up issues and inconsistencies.”

Diane no longer has to intensively check the work of her team or review data at a granular level.

Her job satisfaction has ncreased when reviewing work, she’s moved away from oversight and dedicates time to growing her practice with confidence.

Save $65,000/year with the right tools “With XBert, you effectively save $65,000/year because you don’t need to hire resourcing staff, you don’t need to hire planners, you don’t need to worry about internal controls and compliance - you’ve got it all built into one system,” says Zander De Klerk, Managing Partner, XETA. Founded just three years ago, XETA has seen 300% growth every quarter, is currently 12 times bigger than they were two years ago and has a staff in the double digits.

Using AI Audit means managers aren’t wasting hours on manual checks, and with full visibility across workflows, employees are empowered to be in control of their workload and clients without being micromanaged.

Couple that with XBert’s workflow tool and the XETA team have been able to deliver high quality results for their clients and scale the business rapidly, all while maintaining work/life balance for their team.

Zander is confident when he says XBert is the only system they have found that allows them to effectively manage the level of complexity in their workflow and workload.

“We’ve broken it down into sectional areas, we’ve broken it down into internal controls... and we have the ability to balance everyone’s workload to make it very easy.

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When your XBert’s are under control and your tasks are ready and set up the right way - that means we can work from wherever you want to be, because you’ve got a simple dashboard that tells you what’s working and what’s not and it’s easy for us to manage our own time.”

“If you put all of this stuff together, what it comes down to is a happy team, a satisfied team, and a flexible team that can deal with anything as it arises.”

Happy, satisfied and productive A simple way to reduce the time you’re spending on fixing your clients mistakes – or finding them in the first place – is to let AI Audit be your second set of eyes.

FIND OUT MORE...

To find out more about how XBert’s 60+ audit checks can do that for you, visit: www.xbert.io

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Issue 30 / 123

Event

Accountex London returns on 11-12 May 2022 Visitor registration is now open

@Accountex

Caroline Hobden, Portfolio Director, Accountex Caroline is a dedicated event professional with over 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 is the Director for the hugely popular Accountex portfolio, which includes Accountex in London (11-12 May 2022), Accountex Summit Manchester (12 October 2022), Accountex España (3-4 November 2022), a wide variety of virtual events and the bi-monthly e-newsletter Accounting Insight News.

Accountex, Europe’s definitive event for accountancy and finance professionals, returns after three years.

A

ccountex is returning to ExCeL London on the 11-12 May 2022 and we can’t wait to see the accounting and finance community back in person. The event attracts over 9,000 attendees across the two days as they look to meet 250+ global brands and

cutting-edge start-ups in the exhibition hall. Plus, there will be over 180 informative sessions about the tools, technology and ideas shaping the future of accounting in the CPD accredited education programme.

Over the two days our attendees will have the opportunity to meet the teams from suppliers including Sage, TaxCalc, IRIS, Intuit QuickBooks and Xero who will be exhibiting alongside newer companies driving the accounting and finance world forward. It’s a great opportunity to see what new software and services are on the market and get bespoke demonstrations of how they can be utilised.

Notable industry names will be hosting CPD accredited keynotes, seminars, panels and workshops on a range of topics including making tax “This event did more digital and in one day to open my cyber-security. eyes to the software and With the services available in landscape of the industry than ever accounting always before.” evolving, Nathan Lewis, Tax Senior, there will be D&T Chartered a big emphasis Accountants on fintech this year and what this means for the future of the industry. Another key focus will

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

Event be on bookkeepers and small businesses, as we delve into the benefits of supporting them and their growth.

Attendees can also look forward to hearing directly from the HMRC on updates and changes to the making tax digital deadline and how you can prepare for the big move online.

We’re particularly excited to bring you a new theatre that we’ve been working on called ‘People, Talent and Culture’. The programme will be full of talks on everything from mental health to work patterns to diversity, addressing important issues that affect every one of us. The full programme will be announced in the coming weeks.

Accountex remains entirely free to attend and all attendees receive 8 CPD hours. As both the 2020 and 2021 shows had to be postponed due to the pandemic, we’re especially looking forward to reuniting like-minded people after a tough couple of years.

It’s set to be the focal point of the profession’s calendar, and something the accounting community are putting their full support behind.

We recommend registering for free today to ensure accountancy and finance professionals don’t miss out on attending Europe’s ultimate event.

We look forward to seeing you there!

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Get your FREE ticket...

For further information and to apply for a free ticket to attend, please visit: accountex.co.uk/london Use priority code Acc106 when booking your ticket.

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Issue 30 / 125

Questions to Ask When Choosing an Online Payroll Provider This article is

P

ayroll can be the largest expense item on your clients’ profit and loss statement with mistakes potentially costing your clients considerable sums of money.

It is extremely important your clients are equipped with the payroll service best suited to their needs, an online cloudbased payroll could be hugely beneficial to your clients.

There are many cloud-based Connected App payroll partners to choose from in Australia and New Zealand and as your clients trusted adviser you can advise on the one to best suit their specific needs.

•

•

•

Below are some helpful questions to ask when evaluating cloudbased payroll solutions to determine the strongest fit for your client(s).

• 1) What payroll services do you provide?

A list of requirements could include: • Single Touch Payroll enabled (AU): STP report automatically sent to ATO after each pay event.

• Employee App: can employees see their payslips, payment summaries, apply for leave, update personal details etc?

• Leave management: can employees apply for leave online and calculate their leave balances for a future date?

• Leave approval: is there access to all information needed to make an informed decision when approving leave i.e.

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leave calendar, total leave balances, calculated projected leave balances for future dates ensuring enough leave to cover the request.

Top-up Tool (NZ): to ensure employer obligations under the minimum wage requirements are met, especially relevant for the rural sector.

HR Document storage: is there an ability to upload and securely store employee or company documents?

Reports: can you view reports online, export them to excel, PDF and print? At a minimum, reports available should include statutory information e.g. payroll variation to compare last pay run with the current, payroll tax report (AU), tax activity statement (AU), leave liability to include total value of outstanding leave balances.

Superannuation management: ability to pay superannuation to employee super funds (AU) or KiwiSaver (NZ).

Joanna Cruickshank, National Sales Manager, CloudPayroll Joanna has been a small business owner, is a qualified accountant and is passionate in helping people get the best payroll solution for their organisation.

trials or demonstrations. Will your client be charged for all active employees in the payroll system or only those that are being paid in the current pay run?

4) How does on-boarding work and how easy is it to migrate from an existing system?

The correct set up of your payroll is paramount. Some payroll providers set up everything for you to ensure the payroll is set up correctly and in accordance with legislation as well as offer training and ongoing support. When migrating from an existing system look for a vendor that provides full set-up implemented including a parallel pay run. Check what your client will be charged for an implementation or on-boarding fee?

5) How secure is your service and where are the data centres?

Is there a free trial and/or personalised demo of the services offered to assist in evaluation?

Review the security accreditations and privacy policy of the provider.

Are they ISO/IEC 27001:2013 certified, check they offer multi factor authentication and where the data is being held, onshore or offshore?

3. What is your pricing structure?

6) What ongoing helpdesk support do you offer?

The majority of cloud based online payroll providers charge fees based on the number of employees. Check the charges and look for value and that there are no hidden costs not disclosed during preliminarily

Will online support be available to you and your client, is the support free and offered by phone or email or both and what happens outside of business hours should you need help?

2) Do you offer a demo or trial of your services?

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

7) Do you have the ability for employees to donate to charities via payroll giving and receive immediate tax credits (NZ) and make payments to third parties for example salary packaging, handling of novated car leasing or employee loans etc?

known by a different name, and did it start as a desktop product, or has it always been cloudbased? Are client testimonials available to read?

Can third party payments be made directly as part of the bank file or paid back to the business to consolidate and then easily report. Can employee loans, if applicable, be managed easily i.e. repayments of an agreed amount deducted with the employee knowing the loan balance after each repayment.

Payroll handles some of the most sensitive and confidential business information. Ranging from personal details and remuneration packages to deductions being made from an employee’s pay by government departments and agencies. Can those involved in the payroll process including leave approvers be given different access rights?

9) Can different access rights be set for those involved in running the payroll?

or do you need to export out and then import into Xero? How long has the integration been established for?

11) Can the service scale up to meet growing business needs?

Payroll software needs to adapt to your client’s organisation changes.

Is it easily adaptable to allow for growth or reduction in employee numbers over a period of time?

Evaluate how this is treated, if employees can still access their portal/self-service, are there charges for this, how many employees can you have active in the payroll solution?

8) How long has the payroll provider been providing services?

10) How does the service integrate with Xero?

Find out more...

How long has the payroll service been operating, was it previously

Does the payroll system seamlessly integrate with Xero

Request a demo: ipayroll.co.nz/free-demo

FLEXIBLE ERP SOLUTION FOR ENGINEERING, CONSTRUCTION & SITE INSTALLERS N N N N N N

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Issue 30 / 127

Focus: Mental Health

Eight ways to improve your mental health at work

As we continue to adjust to different working conditions and work environments it is vital, we take care of ourselves and our mental health. The past two years have been challenging and taking

care of our mental health and building resilience has never been more important. We need to make it a conscious part of our

everyday forming good habits that will lead us to better mental health.

This article is

W

hen it comes to the workplace, even small changes can bring about tangible benefits. These small changes over time will amount to a high impact on our health and wellbeing. Consistency is the key. Small steps to begin.

We spend a lot of time working.

We may also spend time commuting to and from work in addition to the time we are physically at our place of employment. These hours add up each day. While our work is important it is also important to keep in check the hours we spend working, outside normal working hours.

It is good to check in regularly and assess whether we are doing everything we can to minimise stress and increase productivity.

Stress is an everyday part of our lives. It is important that we learn how to effectively cope with daily stress. Finding daily activities will help release the different stressors in our life. It has been increasingly difficult of late to manage stress, keep our work hours in check and take care of our mental health with our work being affected in some way by the ongoing COVID-19 pandemic.

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Some of you may be working remotely from home. Others may be working from an office or about to return to an office.

Whether you’re working remotely or not, sometimes, just a few small changes could be all you need to help you feel that little bit happier at work.

1) Set achievable goals. Seeing a whole list of unticked boxes isn’t a great way to the end your workday. Try making a list at the start of every day that you think you can achieve on that day. Don’t overwhelm yourself with too many tasks as this will add to your stress levels. Divide bigger tasks into sections and tick things off as you go. Reward yourself when you have completed your list.

2) Talk about your day. Talking can be a great way to process the day’s events and receive support.

Make yourself accountable to a friend or family member by booking in a regular coffee date or phone call. Check in regularly with your manager and ask for support when needed.

3) Set boundaries for ‘me time’. Put some time in your diary to recharge and not think about work. Turn your phone

Tim Hoopmann, Speaker and Trainer Experienced founder with a demonstrated history growing small business.

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or emails off during that time to allow yourself to have a proper break and pursue something that will help you unwind. Disabling notifications on your phone can also be a great way to reduce your focus on your phone.

Finding relaxing tasks should be a daily thing – whether it’s time for family, friends, exercise or watching your favourite TV show.

Choose something you enjoy.

4) Cut out timewasters. If you’re in a busy work environment, you may find that there are certain tasks (or people) that you don’t enjoy spending time on. While it can be hard to avoid necessary activities that need to be done, try to limit your involvement and make more time for things you do enjoy. Focus on the key activities and deliverables that will ensure you complete your key tasks each day.

5) Get your steps up. Exercise is a great way to reduce stress.

While we may have good intentions to walk each day and place it on our to do list, we often sacrifice it when we get too busy.

Exercise can be great way to clear your head when work starts to take over. Start small by walking for 10-15 minutes. Try walking an

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Issue 30 / 129

Focus: Mental Health extra bus stop on your way to and from work. Take time to get some exercise during your lunch break regardless of whether you are working from home or an office.

6) Be flexible. Full-time, five daysa-week isn’t for everyone, and likely won’t be moving forward for many businesses. If you’re finding that your current arrangements aren’t suiting your day-to-day life, consider asking for flexible working arrangements. Start a conversation with your manager about flexible working conditions and sharing what is important to you and your life. Perhaps it is leaving early on certain days to spend time with family.

Alternatively, it could be a blend of working remotely and in the office.

7) Take your breaks. It’s easy to get caught up finishing tasks, too many meetings or even eating your lunch at your desk. We all do

it on occasions; however, if this is becoming a regular thing it may be time to break the habit. Giving yourself a chance to rest and reset will help boost productivity when you return. This might be a walk around the block, taking time to meet a friend for lunch or stepping away from your workspace and having a short rest.

8) Stay focused. If you’re constantly getting distracted by background noise at work or at home, it could be a great time to put your headphones on and pump up the beats. Listening to music can be both relaxing and a great way to block out office or home noise. If music isn’t your thing, then try listening to the soft sounds of rainforests, the rain, or the beach. Find what music you like to help you relax while working.

activities that you enjoy and will help you relax and improve your mental health at work. Each person is different and sometimes it takes a bit of trial and error to find what suits you. Keep persevering as you take more time for you and better care of your mental health.

Beyond Blue have a dedicated Coronavirus website with many great resources about managing work stress to help you https:// coronavirus.beyondblue.org.au

Always remember to find the

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Issue 30 / 131

Classifieds Accountant Tools

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Issue 30 / 135

App Partners of the Month

Xero App Partners of the month

Nov 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: aider.ai

I

n 2021, Aider – a SaaS business that is changing the way accountants, bookkeepers and SMBs do business – won Xero App Partner of the Month.

Since launch, Aider has created two powerful artificial intelligent software solutions – the Aider Mobile App, and the Aider Advisory Intelligence Platform.

Dec/Jan 2022

Dedicated to streamlining financial data analysis for SMBs, the team at Aider were over the moon to receive positive feedback from SMBs, successively winning

Since winning this award, Aider has had a lot of feedback from SMBs about what they want from their accountant and bookkeeper. Aider worked closely with progressive advisors to learn more about what their everyday pain points are, and what they’d need to scale proactive advisory services.

Today, Aider has released a powerful and effortless Advisory Intelligence Platform built for accountants and bookkeepers.

This enables efficient, proactive advisory; saving both advisors and SMBs time.

Aider’s new Advisory Platform takes just a few minutes to get set up, and connects with the Aider Mobile App (optional) making conversations between advisors and small business owners more valuable. And there are a lot more features to come!

Learn more about Aider’s innovative Advisory Platform here

Find out more at: floatapp.com

W

e were thrilled to win Xero’s app of the month in both December 21’ and January of this year. It gave us the boost we all needed to get 2022 off to a flying start!

Cash is the lifeblood of any business, something we know only too well at Float. One of the reasons why our founder and CEO Colin Hewitt started Float, to provide financial clarity to small businesses, allowing them to make smarter business decisions.

We are on a mission to make managing your cash simple.

By seamlessly integrating with

136 / Issue 30

Xero’s SMB App Partner of the Month.

Xero, we have eliminated the need for hours spent forecasting in a spreadsheet, especially when that information will quickly becomes out of date! Over the past decade we have helped thousands of small businesses gain cash flow clarity and plan for the future with confidence.

With a proud 4.8 star rating in the Xero app store and over 280 reviews, we are confident that you’ll find Float a necessary tool for forecasting your cash and business outcomes.

Float pulls through data from your accounting software, giving you a clear view of all cash inflows

and outflows, helping you to spot cash gaps before they become an issue. With a clear picture of your cash flow future, you can begin to answer those ‘what if?’ questions, like can I afford to hire a new staff member? Or what would happen if we land a new client? Float’s scenario planning feature allows you to plan for the future, showing you how certain decisions could impact cash flow over time.

Our easy-to-use and time-saving cash flow forecasting is why we have been named Xero’s app of the month for December 2021 and January 2022!

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2022

CALENDAR OF EVENTS

A series of free to attend conferences, exhibitions and webinars for accountants and finance professionals looking for digital solutions

15 JUN 2022 | LIVE ONLINE

THE ONLINE TECHNOLOGY EVENT OF THE YEAR FOR ACCOUNTANTS IN PRACTICE Get your free pass at www.terrapinn.com/AttendDPSummit2022

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New Releases

Updates and new releases from Xero connected apps New feature shout-out

ApprovalMax approvalmax.com

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

Setting up approval workflows in ApprovalMax has just become even more simple thanks to the recently introduced possibility to copy workflows within one organisation or several organisations under the same account, as well as to copy rules between requesters, approvers and reviewers.

Castaway Cloud castawayforecasting.com Castaway Cloud will be released to the market in early 2022. This is a major announcement from the company who brought us the #1 forecasting and modeling tool used by high-performing businesses around the world. Castaway Cloud is a powerful and robust application that has been trusted as the foundation for strategy in businesses around the world.

Chaser chaserhq.com Chaser’s newly released functionality, SMS payment reminders, helps businesses reach out to customers about payments in the most effective ways possible and get invoices paid faster.

ExpenseOnDemand expenseondemand.com New function releases help customers manage their expense management processes better: Advances - This function allows

138 / Issue 30

Claimants to request Advance(s).

Expenses made against the advance, can be tracked in real time. Advances can be returned or requested to be returned, with a full audit trail on the dashboard.

Multiple Country - A Finance Manager can use this function to set up Claimants in other countries who will be claiming expenses on behalf of the business. They can also pay Claimants in their local currency as per their local tax rules and compliance. A Finance Manager can link multiple companies to export data from ExpenseOnDemand to Xero for all their linked companies.

Flagship Reporting flagshipreporting.com - Enhanced workspace management has been created so you can invite and share reports and companies with other members of your team or a client.

- Customising chart of accounts enables a user to drag accounts between sections and create new customer sections.

G-Accon accon.services There are new features and functionality introduced by G-Accon: • Cloud Templates Library • Multi-Currency Service • Profit and Loss and Budget Variance Report • A large set of additional filters to create your own report • Group/Domain license

HR Partner hrpartner.io HR Partner now includes custom forms to allow you to survey your team, collect important information (like bank account details or emergency contacts), and make special requests. Integrates with Xero for leave requests too.

Kolleno kolleno.com Kolleno has improved its credit control tools by automating email templates, sequences of emails and SMS based on customer profiles to better meet client AR management needs.

Additionally, the sentiment analysis of communications was introduced to increase the likelihood of client responses, along with action boards and to-do lists of follow-ups and invoices.

Bigger companies now can import CSVs to test manual actions before implementing custom credit control automation NextMinute nextminute.com Back Costing is here allowing Trade Businesses to track section by section (stage by stage) quoted costs vs actual costs on their fixed price jobs. Helping them can stay on track and ensure profitability… in real time!

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New Releases QicWorks qicworks.com

Spotlight spotlightreporting.com

WorkflowMax workflowmax.com

QicWorks mobile app has received a recent upgrade which includes a fresh new look, easy navigation and more features. Now work teams can access documents and forms direct from the field. Choose from 4 different ways to record time. View rosters and worklists. Complete asset transfers and audits. Record safety events. Access their digital ID and stay connected with our chat feature. Available now from Google Play and App Stores.

Balance Sheet Account Groupings Grouping related accounts on the Balance Sheet is now available for enhanced readability and analysis. You can now focus on the information that really matters by grouping together non-essential accounts and highlighting the important ones.

Take the pain out of payroll with Upsheets - a handy new integration between WorkflowMax and Xero.

Pushing payroll data into Xero can now be done in just a few clicks saving you time and ensuring accuracy. You’ll never have to painstakingly type, copy or paste your timesheets or leave requests again! Now available in Australia, New Zealand and the UK.

Satago satago.com Satago have launched a new and improved version of Portfolio Overview, providing more detailed data for their accounting partners to accurately diagnose client credit control problems. With four new data points to measure the health of a clients’ debtor book and filters, to help quickly identify client subsets and pinpoint which clients need support, Satago continues to make it easier for accountants and bookkeepers to offer essential services to clients.

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Tidy tidyinternational.com We’re excited to announce that Tidy’s Partner Programme is refreshed and simplified to help our partners build their businesses and connect with more clients. The improvements include a fresh-new webpage for the Partner Programme, intuitive online registration process and streamlined onboarding process.

We welcome you to (re)visit our partner page at: tidyinternational.com/support/ become-partner.

Zahara zaharasoftware.com The new release of Zahara Express allows small businesses and accountants to quickly process invoices with unlimited users, pages and line items. This allin-one solution for invoice OCR and approvals is tailored to each business. £69 per month + VAT.

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/ 141

...and finally

Xero App Launcher A new way for Xero customers to find, launch and switch between their favourite apps within the Xero App Store

X

This article is

ero has announced App Launcher, a new way for customers to launch and sign in to their favourite Xero App Store apps within Xero. It is available now to Xero’s three million subscribers globally, and is the first key feature update to Xero’s App Store since launch in August 2021.

App Launcher allows users of the Xero platform the ability to easily launch connected apps via a simple dropdown tab within the navigation of their My Xero dashboard.

Customers will also be able to open the Xero App Store via App Launcher to help find new apps to solve their business challenges.

Nick Houldsworth, EGM Ecosystem, Xero says: “By enabling our customers to easily find and launch their apps from within Xero, we’re providing a more seamless, integrated user experience that helps small businesses and their advisors get their work done faster and more efficiently.”

“We’re always looking for ways to bring apps closer to our customers as we know small businesses that use more apps are more successful. We’re also passionate about getting our developers’ apps into the hands of small businesses, because we’ve seen the positive impact connected workflows can have on a business and their teams,” Houldsworth added.

Research by Xero and Accenture,

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Picking up the pace: Trends in small business technology adoption showed that app usage was generally indicative of more resilient sales and jobs growth.

The top 25 percent of app using businesses reported annual sales uplifts (compared to non-users) of 4.4 percent to 8.7 percent (depending on the country).

This effect increases significantly when using five or more apps.

Pandemic Insights: Small Business Experience - showed that organisations using five or more apps grew their sales by 4.3 percent, compared to a drop of 3.4 percent for those without any apps installed. This is also reflected in the Xero App Store’s successful launch which has seen traffic more than double from August 2021 to 31 January 2022 (108 percent), when compared to the same period the year prior.

App Launcher is the first of a number of new features planned to expand the Xero App Store’s reach in 2022.

“Our mission is to build a network of third party innovation for small businesses that extends the value of Xero beyond what we build or own. App Launcher is another channel for partner success that we hope will entice new developers to join the Xero App Store and create the next ‘killer app’, that will in turn help extend the value of the entire Xero platform,” says Houldsworth.

FIND OUT MORE...

For Xero App Store developers who want to activate their app for App Launcher - learn more here.

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Helping drive your client’s global growth WorldFirst and the world’s largest B2B marketplace Alibaba.com are working together to help you grow and develop your business, making it easier to do business anywhere.

Visit worldfirst.com/uk/sellingonalibaba to find out more.

Get a rebate on an Alibaba.com membership of up to 3,999 USD*. To find out more about this exciting opportunity, call us on 020 7801 2388 or email us at ukpartnerships@worldfirst.com.

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Issue 30 / 143

3-way business modelling

Forecasting power in the cloud

Powerful Integrated 3-way Modelling

Create beautiful dashboards and reports

Handle consolidations with ease

Integrate with your accounting package

Model what if’s and scenarios

castawayforecasting.com 144 / Issue 30

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