XU Magazine - Issue 31 by XU Magazine

The independent magazine for Xero users, by Xero users

ISSUE

magazine

COVER STORY

Don’t get left behind Supercharge your Xero tech stack with approval automation PLUS LOA DS MORE FRO M

ISSN 2054-7226

Xero

Connected Apps

9 772054 722009

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TUTORIALS CASE STUDIES INTERVIEWS NEW APPS NEW RELEASES

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We empower our clients with technology that drives tangible impact in their business performance and real-time understanding for our advisors. So for us, WorkflowMax was an obvious choice when it came to small business job and practice management. Juliet Hyatt-Brown from Lautrec Consulting Engineers work with WorkflowMax implementation partner Josh Licence from BlueRock Digital

Juliet Hyatt-Brown

Lautrec Consulting Engineers

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Josh Licence BlueRock Digital

Issue 31 / 3

Welcome to issue 31... magazine The independent magazine for Xero users, by Xero users

Issue 31 Main Contacts CEO: David Hassall (Co-Founder) Managing Editor: Wesley Cornell (Co-Founder) Director of Strategic Partnerships: Alex Newson Creative Assistant: Hatty Morton Editorial/News Submissions: If you have any editorial content (news, comment, tutorials etc.) that you would like us to consider for inclusion in the next edition of XU Magazine, please email us at editorial@xumagazine.com Advertising: advertising@xumagazine.com E: hello@xumagazine.com W: www.xumagazine.com ‘Xero’ is a trademark of Xero Limited (New Zealand). XU Magazine is collaboratively produced by an independent group of Xero users and is not affiliated in any way with Xero. All other trademarks are the property of their respective owners. © XU Magazine Ltd 2014-2022. All rights reserved. No part of this magazine may be used or reproduced without the written permission of the publisher. XU Magazine is published by XU Magazine Ltd (08811842), registered in England and Wales. Registered office: Office 1, Brunswick House, Brunswick Way, Liverpool, Merseyside, L3 4BN, United Kingdom. All information contained in this magazine is for information only and is, as far as we are aware, correct at the time of going to press. XU Magazine cannot accept any responsibility for errors or inaccuracies in such information. If you submit unsolicited material to us, you automatically grant XU Magazine a licence to publish your submission in whole or in part in all/ any editions of the magazine, including in any physical or digital format, throughout the world. Any material you submit is sent at your risk and, although every care is taken, neither XU Magazine nor its employees, agents or subcontractors shall be liable for loss or damage. The views expressed in XU Magazine are not necessarily the views of XU Magazine Ltd, its editors or its contributors.

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COVER STORY ApprovalMax Don’t get left behind Supercharge your Xero tech stack with approval automation

nettTracker nettTracker… because consistency matters

Satago 5 hidden ways MTD could cost your practice money

AdvanceTrack Facing the challenges of change, communication and scalability

22 24

AccountancyManager The future is Bright

Microkeeper What to do when your payroll needs outgrow Xero?

MarketFinance 11 Ways To Improve Client Credit Scores

INTERVIEW Xero Q&A with Alex von Schirmeister, MD (UK/EMEA) of Xero Crezco Get paid faster and reconcile invoices automatically with instant open banking payments INTERVIEW Flagship Reporting Q&A with Searle Goott, CEO and founder of Flagship Reporting

NextMinute Technology for your clients, are you doing all you can for them? GoProposal The 6 step service review meeting agenda

Scott’s Add-ins Bespoke Financial Reporting - a big differentiator for accountants. A How To guide for getting started. Expend How are Neobanks Stealing a March on the SME Banking Industry? Zahara 5 factors defining the new status quo for Accounts Payable in 2022

Wolters Kluwer AsiaPacific Is my donation tax deductible? Chaser 3 KPIs you should be tracking in your accounts receivable team

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

92 96

AutoEntry Your experience adds value to MTD automation

INTERVIEWS...

Annature A core platform for eSigning & ID verification – the new frontier

Spotlight Reporting Beyond Financial Consolidation - How to Make the Most of Your Data WorkflowMax Banish spreadsheets for good: Help your clients move to job management software

26 Alex von Schirmeister

Ignition The role we have to play in getting more women into accounting

Xero, MD (UK/EMEA)

Updates and new releases from Xero connected apps WorldFirst UK What are outsourced accounting services?

CASE STUDY Tidy Boat manufacturer with plans to conquer distant shores gets business in ship-shape New to the Xero App Marketplace

Amaka Step-by-step guide on building the perfect tech stacks for your clients

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Wolters Kluwer Tax & Accounting UK Future-fit growth: using technology to optimise your practice management

104

HR Partner 5 Ways to Make Performance Reviews Easy AND Effective

Dext The Great Accounting Shift - What does the future of accounting look like?

38 Searle Goott

CEO & founder, Flagship Reporting

Upcoming... Digital Practice Summit 2022 All the latest technologies and digital insights for accountants in practice

126

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ExpenseOnDemand How one size fits all tech solutions are hindering SMEs as much as helping them

110

ICB The future’s bright, the future’s bookkeeping

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

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

Look out for any article that shows the CPD Certified logo. It has been approved to count towards your CPD points!

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What we’ve been working on Expanding our global leadership team 112 eBillity Time tracking for payroll, one isexecutive best forleadership your We’vewhich expanded our team with the appointment of Chris O’Neill to the role of Chief business?

The Applications & Services division comprises a number of Xero’s existing businesses, including recent

Growth Officer, Jugdip Bath (Jug) as EGM Product

acquisitions that are an increasing area of growth and

EngineeringXERO and Hamish Cook as VP Product. Based APP PARTNER

of strategic significance for Xero.

114 116

in the US, these senior appointments strengthen OF THE MONTH

Chris will also lead the strategic development of

our talent and experience in North America, and bring new product capabilities to meet the needs of simPRO Software customers and partners globally.

Ready, Set, Scale: 3 TipsReporting to Support Your to Xero CEOField SteveService Vamos, Chris O’Neill Clients is based in San Francisco and responsible for the

Xero in the Americas - including US and Canada working closely with Xero President Americas, Tony Ward. Chris joins Xero having served as a senior executive, board member and investor for a number of global technology companies, including Google and

strategic direction and operational performance of

Evernote. He also has deep leadership experience in

UPDATESApplications FROM & Services division, Xero’s newly-created

global and North American consumer and enterprise

which represents XEROpart of Xero’s small business

markets.

118

platform.

110

Jug Bath joins Xero to strengthen our engineering

124

leadership team, following many years’ experience

CloudPayroll

in SaaS and cloud product development leadership

PHASEorganisations 2 – are roles. He is skilledSTP at building for scale clientsexcellence, ready? including a track record andyour operational

of delivering new and innovative products to market.

126

EVENT Jug joins Xero from Chegg Learning Services (NYSEAccounting & prior to this held listed academic student hub), and

Finance Show Asia senior engineering roles at ADP, Citrix and Intuit. He lives in the San Francisco Area with his wife and 5 Reasons to AttendBay Digital twoPractice daughters. Summit 2022

Chris O’Neill

128

Hamish Cook is based in Atlanta and joins Xero from

FOCUS: MENTAL

VMWare, where he led product management and design for VMwareHEALTH Tanzu lab, helping companies

Self-Care for Small Business such as Boeing, JPMorgan Chase, and Ford Motor

Jugdip Bath

Owners and build how and to find supportdelivery labs Company design, run software you need it organisations. Hamish is andwhen product management

originally from New Zealand and has over 20 years’

132 136

CLASSIFIEDS experience in product management across FMCG and tech businesses. He will play a vital role in Xero’s

Hamish Cook

118

product leadership and Americas leadership teams.

...and finally Event: From The

Trenches

X ERO NEWS — MAY 2 0 2 2

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Cover Story

This article is

Don’t get left behind

Supercharge your Xero tech stack with approval automation

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

Cover Story

Embrace the future by adding approval automation to your accounting app stack It’s never been easier to adopt new technologies and adapt your processes – automated approval processes could be your secret weapon...

n March, Xero’s ‘State of the Industry’ report released a series of figures supporting the move to digital accounting tools. In fact, 94% of study respondents reported that the adoption of digital tools to augment their tech stack has resulted in notable benefits, such as time-saving and efficiency improvements and better client relationships. And within tech adoption, it’s no secret that cloud-based accounting software has quickly become the gold standard for financial professionals. You’re probably well on your way to curating a carefully thought-out tech stack that complements your business and helps your finance team move ahead. So how far ahead of the curve are you? And what could you be implementing next to supercharge your tech stack? The answer? Approval automation. At ApprovalMax, we specialise in automating approval processes for your accounts payable and accounts receivable. If you’re looking for a simple solution to streamline processes for your financial documents, tighten up on your spend control, and accelerate your automation

journey, then ApprovalMax could be for you. What is ApprovalMax, and how can automated approvals benefit your finance team or clients? So you’ve adopted Xero, and you’re nearly ready to start using approval automation – the benefits of time-saving, traceability, ease of use, and one universal approval system that’s easy to understand sound so appealing! Chasing approvals has to be one of the most time-consuming, frustrating tasks for finance professionals, so how do you revamp your approval process, and where should you start? That’s where ApprovalMax comes in – we’re Xero’s preferred app to get your financial documents approved quickly, with the least amount of effort required for your approvers. Our tool does all the heavy lifting by replacing paper and email approvals with fully automated multi-role and multitiered approval workflows. The result is a beautifully streamlined approval process: • Once the workflows are in place, the documents that need approval are automatically

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@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 been advising numerous organisations on implementing automation, financial controls, and client collaboration capabilities using Xero-based trusted app stacks, with business profiles ranging from SMEs to large accounting and advisory practices.

routed to the right approver, along with a notification letting them know their approval is needed. • The approvers then log into ApprovalMax or use the mobile app to review the document. • Once approved, the document is sent automatically back to Xero. Automating the approval process saves time, money and stress. The ROI and benefits become evident once you see how quick and easy it is for teams and approvers to use. You We love get more done than ApprovalMax! It’s finance professionals one of the easiest who are still reliant apps to share the on manual paper or benefits with our email approvals, and clients because it you can focus more on works… more important work or the projects you enjoy most! That trickles down into basic things like improved client and supplier relationships and better workplace environments, leading to better returns. How ApprovalMax helps to amplify your finance team’s offering ApprovalMax lets you create a transparent workflow for you and everyone in your team. Once you receive an invoice, it’s no longer your job to think about

Cont...

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Cover Story where it needs to go, simply because it’s automated based on the rules you’ve created within the workflow. And once this job is done, it will automatically feed back into your accounting software and you can make a payment. Accounting firms around the world who have adopted ApprovalMax are enjoying the benefits – this is what they have to say about particular features. How Grant Thornton uses ApprovalMax to save time, stay compliant, and manage budgets What is Budget Checking in ApprovalMax? Sync budgets with approved and ‘awaiting approval’ invoices in real-time to track their impact on budgets. How could it work for a user? Grant Thornton NZ uses ApprovalMax to make sure their clients have automated approval processes for timely approvals. They also get their clients on ApprovalMax to help them stay compliant and transparent for audit purposes. ApprovalMax is handy for large clients who have complex needs and multiple approvers on different tiers. And with strict budgets in place to mitigate over-spending and fraud risk, real-time budget checking measures are a must for their clients. The Grant Thornton NZ team also uses ApprovalMax to automatically check budgets and ensure there’s no risk of overspending.

“ApprovalMax has added new features recently so that it takes this to the next level with contact controls and budget checking. It means that organisations can control which suppliers are being entered into the accounting system and budget holders know how the decision or the approval that they’re about to make will impact on their budget. I’m getting a lot of positive feedback from clients saying that they’re keen on these features and that they see them being really key in their business or organisation.” – Jadene Windley, Manager at Grant Thornton. You can read about Grant Thornton’s approval automation success in our Partner Talk with Jadene Windley. How Mazars UK streamlines bill payments with automation for their clients What is Bill-to-PO Matching in ApprovalMax? Matching is the process of comparing information in invoices to the information in the corresponding purchase orders. If you have a high volume of bills and POs, Bill-to-PO matching makes it easy to match these documents in ApprovalMax and track them in one easy-to-manage place (in your ApprovalMax admin). This allows you to process bills and invoices quicker, without needing to ask questions retrospectively or have business discussions about the spend itself. What are Auto-approvals in ApprovalMax? Automatically

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approve repeating invoices, minor expenditures, or anything that follows a defined policy, such as office expenses below $100. By adding rules to any workflow, specific documents get approved automatically without needing to be assigned or reviewed by anyone. How could it work for a user? It tends to be that the larger the client, the more complicated their approval processes are; the more people involved in an approval process, the longer it takes. For example, in one instance, a Mazars client has more than 40 approvers and multiple authorisation levels in just one approval workflow. With such a widespread client, it’s easy for bills and purchase orders to be stored in different places. This is where Bill-to-PO matching will make things much easier for Mazar’s big client by ensuring that bills and POs are a 100% match before they are paid because matching is only possible if the following conditions are fulfilled: • The purchase order is approved, but the bill is not yet approved. • The bill and the purchase order are from the same vendor. • The purchase order date is earlier than the bill date. Bill-to-PO Matching allows Mazars’ client to add rules that ensure their automated workflows for bill payments run smoothly, and there are no discrepancies between documents. So what about auto-approvals? Dealing with repetitive tasks like approving the same invoice for the same amount over and over again each month isn’t a good use of anyone’s time. Auto-approval

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

Cover Story workflows allow predictable, frequent and consistent bills to be paid automatically. If the bill meets all the predefined rules (e.g. total amount, supplier, code etc.), it travels through the workflow and auto-approves easily. If there’s anything amiss, ApprovalMax flags the bill instantly, letting all the right parties know that there needs to be a manual approval. Here’s what Mazars had to say about using ApprovalMax:

“Using ApprovalMax to automatically pick up and route new supplier invoices for approval eliminates manual work and human errors. It also ensures that all proper authorisations are in place before an invoice is paid. We now have clear, real-time visibility into our clients’ invoices, and our clients really appreciate the ease and convenience of using the ApprovalMax mobile app while away from their desk, or whilst travelling on business around the world. We love ApprovalMax! It’s one of the easiest apps to share the benefits with our clients because it works, our clients immediately see the positive impact of the increased control and time-saving for their business, and it’s so easy to implement.” – Fay Bordbar, Operations Manager, Accounting and Outsourcing at Mazars UK. How Wilder Coe streamlined the financial controls of a multientity power company What are Batch Payment Approvals in ApprovalMax? Save time, finalise payments faster and track bill payments by grouping together unpaid bills to create one financial document for partial or complete payment. Batch Payment Approvals give organisations more control over

the payment totals paid toward specific bills within a batch payment. Every detail and change is tracked, creating seamless audit visibility within ApprovalMax. How could it work for a user? Thanks to batch payment approvals, it’s easy to find and select relevant outstanding bills (for example, filtered by most urgent), group them, and specify the amount to be paid against each of the ‘batched’ bills. Details like total amounts due, supplier etc., are populated automatically, making it easy for the requester to either pay bills in full or partially, select payment dates, and input the correct account details. Once the document is approved and sent to Xero, all relevant information and changes are visible within the document’s audit history, accessible in ApprovalMax. Wilder Coe, a long-time ApprovalMax partner, has found enormous benefits in approval automation for their clients. One of Wilder Coe’s many clients includes a multi-entity energy group. With 53 entities in total, Wilder Coe’s client needed to lay solid foundations to set up an efficient, comprehensive approval process with a digitised and unified approach that met their client’s needs. So how would batch payment apprvoals benefit an multi-entity client? In the case of Wilder Coe’s client, batch payment approvals help them efficiently implement partial or complete bill payments while tracking everything for compliance and fraud mitigation. To use batch payment approvals, Wilder Coe’s client would simply complete the following steps: 1. Create a batch payment in ApprovalMax (this is linked to Xero’s batch payments). 2. Add the chosen outstanding bills. 3. Check the existing details (like due amount, supplier details,

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etc.). 4. Edit the payment totals to suit how they would like to make the payments. 5. Send the complete document of batched bills to be approved for payment. Once approved, the document syncs to Xero where the clients would be able to track the payment history of these bills. And in the event of an audit, they’d simply need to navigate to the document’s notes and select the provided audit link, which will direct them back to ApprovalMax. Simple!

“The biggest benefit for all parties is being able to track at any given time where exactly each invoice is in its journey. It’s also most convenient that we can use different devices and approve invoices on the go via the mobile app.” - Faye Thompson, Head of Cloud Accounting at Wilder Coe. Wrapping up Why spend your days manually pushing paper and pursuing approvals when you can move the needle easily with approval automation? Every day, over 100,000 users worldwide use ApprovalMax to streamline their accounts payable process, tighten up on spend control, and accelerate their automation journey. Join the future of approval automation with ApprovalMax. Interested to learn more? Register for one of our weekly product demos.

FIND OUT MORE... To find out more, please visit approvalmax.com

Issue 31 / 11

nettTracker… because consistency matters Save Time & Improve P&L Consistency with Automated Balance Sheet Reconciliations

@nettTrackerUK

Ash Beetson, Director and Co-Founder, nettTracker Ash Beetson has worked in accounting and finance roles since leaving school, gaining experience within industry, private sector and accounting practice. From 2008 he built up a small bookkeeping practice, which he wound down in 2018 to concentrate on software training and development.

What do you do when the tools provided by your accountancy software don’t fully meet the needs of your profession? Ash Beetson took a novel approach: with the help of friend and software engineer Andy Weller, he created his own!! This article is

hen it comes to reviewing the profit and loss and the balance sheet, there are a few tasks that are, well, not a lot of fun. Fixed Assets, Depreciation, Prepayments and Accruals: these are topics that are difficult to get too excited about, but if you are serious about preparing reports that accurately reflect the monthly profits of a business, they need to be addressed. nettTracker has been created by an accountant, for accountants, to help minimise the time taken with these balance sheet chores. Clients are increasingly demanding more accurate reporting, so the ‘year-end adjustments’ that completely distort the values in months 12 and 1 of a profit and loss are no longer as acceptable as they once were. Over the next few years, there will be much more emphasis on ‘consistent’ monthly/ quarterly figures as we update working practices to support how we report profits to HMRC. The tools available in nettTracker mean that adjustments to the

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profit and loss over a desired number of months can be created very quickly, including those in previous periods. At the same time as ensuring the profit and loss contains consistent income and expenditure values where appropriate, values in the balance sheet are being constantly reconciled. nettTracker creates all the accounting journal entries you need in terms of fixed assets, prepayments, accruals, deferred income and accrued income. For all of these, statements are available that can be downloaded into excel to aid the preparation of working papers at the end of a financial year. Depending on the company settings, journals are processed automatically each month, and for some businesses it’s not necessary to log-in for several months until adjustments need to be made, or when the end of the financial year has been reached. New assets can be added automatically when transactions are added to Xero, giving even more accurate reports with no additional effort.

From experience gained working in both industry and accounting practice, Ash realised that all values on the balance sheet need full explanation. That’s why statements for all areas monitored by nettTracker include values being pulled through from the Xero balance sheet. What’s more, a forecast of the depreciation, prepayment, and accrual adjustments expected to be made within the current financial year can be viewed and exported into Excel. This really helps with budgeting and forecasting, where a client needs these reports. nettTracker includes a full ‘yearend’ process which ensures that the different areas of the balance sheet are checked carefully before closing the year. For fixed assets, closing the year will freeze the asset register at that point (that can be viewed later), and create a new register moving all values that appeared ‘in year’ to be adjusted to the ‘brought forward’ balances - exactly as you would if using a spreadsheet, but so much easier and without chance of error.

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

nettTracker operates an ‘unlimited user’ model, so every team member can have access, and clients can also be setup so that they can view all the data being monitored for their company. Adding your clients in this way can help show the additional care being taken when reviewing their accounts and raise the possibility of providing further value added services. The price structure for nettTracker is tiered to provide great value no matter your requirement. With a single company subscription costing £15 per month, a second can be added for an additional £2.50. When working on a large-scale, companies can be added for as little as 50 pence per month! Subscriptions can be increased/decreased as needed within the app, so a firm only need pay for the number of

companies they require. To date, nettTracker has been rated 31 times on the QuickBooks apps store, achieving an average rating of 4.8 out of 5. So don’t miss out on the tools QuickBooks users are enjoying: take advantage of a ‘no-strings’ free trial today.

FIND OUR MORE... To learn more please visit: nett-tracker.com

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Issue 31 / 13

5 hidden ways MTD could cost your practice money And what to do about it Most MTD discussions centre on client readiness or firms’ ability to prepare returns on time – but what

@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.

about your business health? This article is

s is often the case, the accounting practice’s own business priorities can be a little lower down the priority list than maybe they should be. In all the clamour around looking after clients to ensure they’re MTD ready, it seems that this side of things have almost been forgotten. Here are 5 ways that increasing workloads and the switch to MTD are costing practices money - and what you can do about it.

Scope creep As legislation and client requirements change, so must the work involved. Firms have been dealing with these changes for a long time: • Money Laundering / Proceeds of Crime Regulations • Online VAT • PAYE Real Time Information • Auto Enrolment • MTD • MTD for VAT • MTD ITSA

…and those are just a few – no doubt you’d be able to add more to this list. It’s easy to see how fees can fall out of sync with the work required, given that the work is constantly changing. Despite all this, pricing and fee reviews remain a source of significant anxiety for lots of firms. Not to mention the fee inconsistency across portfolios in larger firms! Apps like GoProposal are great as supporting firms with this issue. Manual processes As annual returns become quarterly returns, workloads grow because not all of the tasks divide down evenly. You may only be working on a quarter of the year’s data, but it still takes the same amount of time to request records, assign jobs, complete working papers, raise invoices, chase payments, etc. Any such processes which are currently handled manually can quickly become black holes for productive time or process bottlenecks - or both.

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

Automation is key to avoiding growing WIP lockups and mounting debtor balances. Payment charges As with the manual processing mentioned above – just because you’re doing the same work in four smaller pieces, it doesn’t mean that your costs to serve are reduced in all cases. For example, if you’re invoicing more frequently, you’ll end up paying more processing fees for payment collection. Assume you bill 500 clients annually – that’s £100 per year just on the 20p transaction charges from your card or DD provider. Bill quarterly and that (obviously) quadruples. Switch to monthly billing and it soars to £1,200 per year! That’s before the 1% - 2% charge based on the invoice value. There are more and more ways to accept payment, including apps like Crezco, to eliminate some (or all) of these costs. Overdue invoices Compliance-only clients can sometimes be difficult to chase for money. Many firms will have experienced the challenge of those clients ‘going dark’ until they need you again – usually their next return. If you’re in this boat, it’s a good idea to clear up your debtor ledger before you need to switch to more frequent billing.

Adding to a mess is just going to make the situation worse.

practice and allow you to spot issues or manage by exception.

Having clients with existing overdue invoices makes moving over to regular billing much more difficult – so take some time to focus on tidying up your debtors ledger.

For a couple of suggestions Satago can do this for your client’s debtors whilst hindsight can look across several data points in your Xero data. Next steps

Satago is a great tool to automate your invoice reminders and gently encourage payment in a professional way. Missed opportunities With more frequent filing deadlines comes the risk of less time available to step back and really assess what’s happening with clients. This is, of course, important for maintaining great client service – but also essential for spotting opportunities to help your best clients and continue to grow your firm. Consider adding tools which can extract data from across your

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Accountants have done so much to support businesses during the pandemic. It’s important to remember that you’re running a business too and – just like your clients – you also need to prioritise your cashflow. For more in-depth tips on tackling these and ensuring you’re not losing, check out Satago’s video containing some of the best tips from around the accounting technology space.

FIND OUT MORE... To find out how to improve your practice processes, visit: www.satago.com

Issue 31 / 15

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

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“ Without a shadow of a doubt the best OCR technology available for integration with Xero.” “Wow, you can't beat that with a Stick!!! Thank you AutoEntry!!!! You are my new partner for Xero Sales Invoices and Xero Purchase invoices!!!!”

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www.AutoEntry.com Issue 31 /

Facing the challenges of change, communication and scalability Can you improve your practice, increase

communication with your clients… and scale it up as required? These are the kinds of

challenges that the accounting profession must rise to. But, suggests AdvanceTrack founder

Vipul Sheth, it’s by no means an impossible task.

This article is

t’s been quite a time for the accountancy profession. It’s been one in which (I hope) AdvanceTrack has played its part – and I hope some certainty has been provided to outsourcing as a critical part in the profession’s future. The second week of May saw the first ‘unrestricted’ major events for accountants take place in the UK since Covid-19 struck.

Below: Our senior team at London’s National Gallery with David Hassall from XU Magazine.

We hosted our AdvanceTrack conference at London’s National Gallery, which then led into Accountex. We’re ready and raring to go for Xerocon of course.

The conferences have been enormous fun - and also insightful. Meeting people faceto-face always is, even more so after such a long hiatus. The AdvanceTrack conference’s theme was about you, your team and your practice growing. Discussion about ‘value-added’ services was never far away. Accountex, certainly from some of the conversations we heard taking place, were very much around ‘how can I manage Making Tax Digital for Income Tax SelfAssessment?’ I believe that growing your practice, while ‘dealing with MTD’ can be dealt with in similar ways.

@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, ISO27701:2019 and BS10012 audited by BSI. Quality is certified to ISO9001:2015 and Business Continuity certified to ISO22301:2019

And that’s because the issues are similar. For advisory services, broadening your offering requires efficiencies and process - these in turn free up resource to get to know existing (or new) clients better – to have the conversations that open the door to new things. What drives change in a practice? It would be great to say that all practices grasp the nettle, continually striving to provide a broader and/or better range of services to clients. It would also be great to say that accountancy firms have a real grasp of the client base, their productivity, even their own profitability. In reality, most firms are swimming against a tide of increasingly complex compliance work, and in this scenario it can be difficult to see the wood for the trees – namely, lets spend some time working out where we are, and what we can do be more efficient, provide a better service and make more money (for them and their clientele).

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Who wins with MTD? Who will benefit from Making Tax Digital (MTD)? Well, there’s an obvious answer…but I thought it a good idea to do a quick check. Using LinkedIn’s clever polling tool I put the question out there: ‘who will benefit the most from the introduction of MTD for the remaining self-assessment taxpayers?’. The options were: accountants; bookkeepers; clients; or HMRC. Six out of ten respondents chose HMRC as their option. It’s unsurprising that a HMRCdriven project, which aims to both improve and increase the data it receives from sole traders, landlords and partnerships, would be flagged up as one in which they get the best results. It’s fair to point out that increasing the number of filings that the smallest businesses are making five-fold makes them a difficult choice among the other options. Indeed, only 11% picked them as the main beneficiary. There are, too, big questions about how HMRC can utilise the data effectively, if at all. Some see it simply as a stepping stone towards an increase in the number of tax filings these taxpayers make. In other words, HMRC ultimately looking to get cash quicker. But three in ten think that accountants and bookkeepers

will fair best out of MTD. Many accountants will shake their head at this – seeing benefits for bookkeepers to drive more regular client number-crunching but little for the accountant to benefit from. MTD for self-assessment tax doesn’t, in itself, ‘create’ better data. But it will push end clients in a direction to use software to manage their expenses and invoicing. MTD doesn’t ‘create’ better bookkeeping, but they might find a way to standardise workflows so that most of their clients do things in the same way. MTD (and similar) doesn’t ‘create’ a better accounting practice, but there’s absolutely no doubt that firms’ workflows and processes need to be polished, reliable and backed up with transparent information about their clients’ filing status. If I were to be mischievous, I wonder if HMRC (UK Tax Body) might benefit the least. Perhaps the tidying up of micro businesses’ books, alongside what I imagine would be more communication between client and accountant, might see this tranche of taxpayers able to better mitigate their tax. It is, therefore, conceivable that all parties may find benefits from this digitisation movement.

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For the accountancy profession, change is iterative and focused on the client i.e. keeping up to date with the latest accounting and tax legislation and their impact.

Above: London’s National Gallery – venue for the AdvanceTrack 2022 Conference.

So, what is it that drives change in firms? We do see technological ‘leaps’, certainly when it comes to its use in professional services. There are a number of reasons for that, but primarily it comes down to firms having to work with clients to manage change driven from legislation – whether this is altering the filing requirements of statutory information, changes to tax rules, or digitisation. Every so often, the changes put in place are seismic enough to drive firms to change how they do things. The push for online tax filing over the past 20 years has seen paper-based returns (almost) a thing of the past. GDPR in Europe (Data Protection legislation) made firms reassess how they curate customer information and how they communicate with them. More recently, disruption came in the form of the pandemic, which required us all to embrace digital communication beyond just emails. And now in the UK, there is Making Tax Digital for Income Tax Self-Assessment. All countries in the developed world are looking

Issue 31 / 19

with your clients. The opposite of turning them into steps on a process ladder. Indeed, what is an accounting practice but a series of relationships between accountant and client? And your relationship with them is integral to AdvanceTrack’s relationship with the accountants we work with. Putting people first

Above: AdvanceTrack MD Vipul Sheth on stage at London’s National Gallery.

at this as a possible blueprint to follow if they haven’t already started that process. MTD certainly isn’t as much ‘fun’ – or, it seems on the face of it, that there are few positives to be gleaned from many of your clients increasing the amount of reporting they have to undertake (see box for more). Your people are not in a position to quadruple the amount of prepping and checking they can do. However, increasing the number of touchpoints with a client could well pay dividends longer-term if you can leverage that communication towards your service proposition. The communication game

Below: Excel London where over 8,000 delegates returned in person for Accountex

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There are major concerns about increasing these touchpoints - can you track them, can you make use of them, or is it all just unbillable time? By automating and scaling to meet these touchpoints, do you instead do the opposite of what you want it to be? Does it then become a computer trying (and failing) to communicate properly with your clients, and failing to manage the workflow created by their needs?

Our own offering, outsourcing, is seen by some as impersonal: that tasks and processes are ‘handed over’ to simply drive efficiencies, saving money. However, myself and the team see it as the exact opposite. Tech and processes have to be optimal, in terms of how they work but also from a security perspective. But, AdvanceTrack’s people have to be great at communicating with the practitioner clients they work alongside. And, crucially, the efficiencies gained through outsourcing tax and accounting tasks isn’t merely about lowering costs. It frees up valuable resource within a practice, enabling leaders to change and adapt their offering to suit complex and deeper endclient relationships. Whether you work with us to help you scale your offering, or to manage the extra workload that Making Tax Digital for Income Tax Self-Assessment may bring, I’d urge you to consider how efficiencies and improved workflows open up time for you to have proper conversations

Firms need to recruit both number-crunchers and those who can provide further analysis and ultimately higher-value services. For us at AdvanceTrack, we see our offering as critical in supporting practices – whether it’s gaining efficiencies or scaling up your service (both are interlinked). Our tech and people enable firms to solve their recruitment woes, keep on top of new tech and processes, and ultimately providing the best client service. Don’t let the people war, or MTD, drag your practice down. Join the many others that are growing their offering by growing their links with us. I’d be delighted to talk about what they’re doing and how you can do it too.

FIND OUT MORE... Find out more about AdvanceTrack’s Outsourcing and Dedicated Offshoring Solutions: advancetrack.com Book your Discovery Call here: advancetrack.com /start-here

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Celebrating 10 years 300+ reviews XERO PARTNER Top 100 Innovators XERO APP Visit theSTORE XU Hub: Go to www.xumagazine.com Follow us on Twitter: @xumagazine Issue 31 / 21

The future is Bright

In this article, we provide more information on the acquisition and what this means for our users...

@accountancymgr

Kevin McCallum, COO, Bright Kevin joined the AM team as a Non-Executive Director in March 2021 and was appointed CEO in November. Kevin is responsible for the day-to-day running of AM and implementing the strategy to continue to grow the business. Kevin brings significant experience to the role, having spent 20 years working in the accounting software industry.

e’re delighted to let you know that AccountancyManager (AM) is joining the Bright Software Group (Bright), provider of the leading BrightPay payroll product, recognised for providing award-winning software to SMEs and accounting firms across the UK and Ireland. James Byrne will continue as a shareholder in the combined group and remain involved with the business as an advisor to the combined Board. Kevin McCallum, CEO of AM, will become Chief Operating Officer of the new, combined group as well as continuing to manage AM, working closely with Bright CEO, Paul Byrne. James Byrne, Co-Founder and Chair of AccountancyManager, comments, “AccountancyManager recently celebrated its fifth birthday, and I’m incredibly proud of everything we’ve achieved in this time, for our team but equally importantly for our customers. As we go forward with the full support of Bright, I’m excited for the future of AccountancyManager, the additional capabilities and solutions we’ll be able to offer, and the genuinely positive impact we will be able to make.” Paul Byrne, CEO of Bright, commented: “I have been very

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impressed with the product offering and the reputation of AccountancyManager, and I am delighted that they are joining forces with us. Our respective businesses share the same philosophy; placing the customer journey above all else. Together, we will be well-positioned to make that journey even better. I am also delighted to welcome Kevin and James to our highly talented leadership team.” Kevin McCallum comments: “AccountancyManager joining Bright makes so much sense for many reasons, but for me, the shared values and customercentric approach are the most compelling. I’m excited to be joining Paul and the wider Bright team in building out the scope and scale of our business and supporting more and more accountants and their clients.” Bright was formed in September 2021 due to a merger between

BrightPay, a leading provider of payroll software solutions, and Relate, a leader in postaccounting, practice management and bookkeeping software. Today, Bright’s leading software supports over 7,000 accounting practices and over 30,000 small to midsized businesses across Ireland and the UK, with a headcount of over 200 people. Bright currently has offices in the outskirts of Dublin in Ireland and in Kolkata, India. Bright is backed by Hg, a leading software investor with expertise in tax & accounting technology businesses, and a strong track record of supporting companies to scale.

FIND OUT MORE... Free 30 day trial: accountancymanager.co.uk/ signup

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Issue 31 / 23

What to do when your payroll needs outgrow Xero? As businesses scale, growing pains are to be expected. But how do you rethink your payroll process? This article is

@Microkeeper

Claire Quinn, Marketing & Community, Microkeeper I am passionate about digital innovation and business automation. My role allows me to create informative resources for our users aiding in the adoption of digital solutions within business and allowing them to get the most out of our features. It’s exciting to be working in a constantly evolving space in which our product is continually adapting to meet our users needs and where I find value in seeing businesses stay competitive and reach their goals.

ero is widely considered to be one of the best accounting software options for small businesses and start-ups. Its ease of use makes it great for beginners and an excellent choice for those with limited accounting experience who are looking for basic financial management features.

isn’t designed to handle much more than just day-to-day payroll processing functions. On top of that, according to Xero’s own account “the more employees added to the product, the worse processing and speed will become when trying to post a pay run.” and last but not least, once you reach 200 users, you’ll be cut off.

business growth through improved employee admin and payroll in Australia, it’s hard to go past Microkeeper.

However, as your business grows, you’ll need to identify the right processes, plans and systems needed to scale. Sometimes, tools that worked for years might no longer be the best fit.

Enough reasons to look for a payroll solution that can grow with you beyond these thresholds.

“Unlike Xero, Microkeeper has been built first and foremost as a payroll system, meaning that it’s purposely made to handle the payroll needs of large businesses and enterprises.” explains Joel Davis, Microkeeper CTO. “Some of our clients in large scale event and labour hire, run payroll for over 5,000 employees in one go - without running into any problems.”

If you find yourself managing more than 50 employees using Xero Payroll, it might be time to start looking into another option - especially since Xero

Limitless payroll processing If you’re on the lookout for a product that can easily support

Australian built, owned, operated and fully supported by the team out of their Victorian HQ, the maximum number of employees supported is virtually limitless.

“Without automated processes, the workload for payroll will continue to increase as your business grows.”

“Our sales team are often asked what the limit is of the number of employees we can support, but the truth is, while there probably is a number in theory, we’re confident we can manage the payroll process for any business in Australia.” Joel concludes.

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Smart software with a human touch “Without automated processes and integrations in place, the workload for payroll professionals will only continue to increase as your business grows. Especially once your employee count hits that 50+ range. All the additional pressures can lead to errors in your payroll data entry as well as your accounting records being out of sync with Xero, which can cause headaches for everybody involved.” explains Jon Arrigo, Head of Business Operations at Microkeeper. “Payroll is such a central part of running your business operations, you really can’t afford to make any mistakes. At Microkeeper, we combine the power of technology, and a seriously smart system, with the human touch that’s still needed in payroll. Our clients are assigned an Account

explained in a recent webinar: “One of the benefits I’ve seen with Microkeeper, and why we’ve moved clients across to Microkeeper, is that - while with

the Microkeeper system. So that, for us, is the biggest reason why I’d recommend to go with Microkeeper, just the benefit of their full suite system.” Power up your payroll When your payroll processes outgrow Xero, a software partner that can scale with you, all while offering you the automation tools and support you need along the way is the perfect fit. In Australia, you’ll be hard pressed to find a better team than Microkeeper.

Specialist that can tailor our system to their specific needs, awards and EBA’s. They’ll help our clients get to know our product and they’re available to chat over the phone whenever they need an extra hand.” How’s Microkeeper different? With so many software suites out there claiming to be an end-toend solution, what’s the difference between Microkeeper and the competition? Aly Garrett, All Aussie Accounting Adventures Podcast Host and multi award winner,

competitors when timesheets and rates get pushed through to Xero incorrectly, you get issues all over the shop - with Microkeeper you can run the whole payroll process through the system end-to-end. Having that one source of truth in Microkeeper makes things so much better from a payroll processing point of view.” “In our bookkeeping department, we process payroll for thousands of employees each week. Having an end-to-end solution is something that saves us an enormous amount of time. And it just gives us an enormous amount of trust in

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Find out what Microkeeper can do for you, book a quick consultation by scanning the QR code below, or check out our website for more information.

Find out more... Put payroll on autopilot via: microkeeper.com.au

Issue 31 / 25

Alex von Schirmeister MD (UK/EMEA), Xero

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

XU:

Can you start by telling us a little bit about yourself and how you came to be the managing director for Xero UK?

AVS:

You would have picked up on the fact that my accent is not English? If anything, it’s probably not much of anything, because it’s been influenced by many, many things over the years. I was born and raised in Mexico by two German parents, so I grew up in a very German, and German-speaking, household. I went to a German school in Mexico, but obviously grew up speaking Spanish with a lot of my friends. I ended up going to the US to study business, then went back to Mexico to start my first job there with Proctor and Gamble. It was in consumer products and a marketing job. And eventually, I decided I did want to get an MBA and I wanted to come to Europe, so I used the MBA in Europe as kind of my springboard into living here. I’ve been in Europe ever since. Since 1997 I’ve been in Europe and I’ve been lucky enough to work for a whole variety of different types of companies, types of sectors, types of jobs. Rather than going really deep in one particular sector, I ended up doing many different things. I think notably, in 2004 I went to eBay as a marketing director in France. I point to eBay specifically because it was the first digital pure play company, disrupting an industry with a completely new business model. The marketplace model. I didn’t know it at the time, but it was also my introduction into working with small businesses. eBay as a platform was initially for consumer collector auctions, but

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very quickly became a platform for small businesses or entrepreneurs to set up new businesses. I spent 11 years at eBay. After that I did another role at an English company called Electro Components, or better known in the UK under the name of RS Components. It was a digital transformation and I was in charge of driving that digital transformation of the company. Up until that point it had been a very traditional company. It was this whole notion of how you take legacy companies and legacy technologies and completely pivot them in a new direction. After that, I went to a company called Sum Up, which is a startup in the payments industry. They’re best known for selling physical hardware devices in small white machines, which allow any small business to start accepting credit card payments. It’s that cash to credit acceptance conversion. It was mostly through my time at Sum Up and working with small businesses that I started coming across Xero more often. Mostly because in the payment sector and the accounting space, they are both new technologies for new digital services, helping small businesses digitise and modernise to stay competitive and be successful. So, when you think of the purpose of those companies, they are quite similar. Secondly, and this was quite fascinating to me, whenever I was talking to small businesses about “Why don’t you go to payments? Have you thought about it? You’re cash-only, you should do card acceptance” etc, one of the very common answers you get from small businesses is “Hmm, I need to check with my accountant

to see what they think of it”. It became quite evident to me that the relationship between a small business and an accountant is critical and one I should be paying attention to. When I was approached by Xero, there were a few things that struck me. Firstly, I had obviously heard of Xero, as I’ve told you. Secondly, I certainly had a sense that the momentum, opportunity and the business potential for continued growth was pretty phenomenal. And so certainly, as I started having conversations, I found the strength of the brand and the potential of Xero very attractive. I just really enjoyed the conversation. There’s a lot to be said about “Do you want to work in a company where you’re going to enjoy the people you work with?”. As I went through the process of meeting various employees at Xero as part of the interview process, I really, really liked what I heard and who I met, and the personalities of the people I met. Those were the many elements of how I ended up here.

XU:

What attracted you to Xero specifically, instead of working for another company?

AVS:

I would say the main thing for me was during 2020-21. There were a few companies that I thought credibly stepped up to champion the cause of small businesses. I was particularly sensitive and exposed to it, because I had been playing a very similar role at Sum Up. There’s no denying the last two years have been incredibly tough for a lot of people at the individual level, at a collective level, etc. But of all sectors and places you

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Issue 31 / 27

look at, I think small and medium enterprises have been hit the hardest, right? Partially because their size itself just makes them much more fragile. Secondly, because a lot of the nature of the lockdowns and the way furlough schemes work and the way rent protections work etc., small businesses are just much less able to navigate the complexity of those or just can’t benefit from them. I think lockdown obviously meant a lot of people naturally converted to consumption through larger companies that were able to do curbside deliveries. It was often your greengrocer in a high street that suffered, or your butcher around the corner that suffered. It’s something that I’ve developed a lot of passion for over the years; this notion of the grit and the resilience of entrepreneurs and small businesses, and what it takes to keep a small business. I’m very in tune with the importance these small businesses play in maintaining the healthy fabric of a community in a society. I’m giving you a long answer, but even before I started talking to people at Xero, I really felt they were one of the companies who were credibly stepping up there, defending and investing in helping small businesses. It was quite striking to me, how much of Xero’s attention was genuine defence of small businesses. That was certainly one of the biggest triggers for me to want to speak to Xero when they approached me. As I met them and had conversations, I obviously tried to poke holes into it, as you would. Whether they were doing their due diligence, to make sure they were for real and not just a poster child type company. And it wasn’t. I confirmed that fact and I can confirm it more so now I’ve been here for four months. Monday through Friday, from the early morning, there is a genuine care for the success of small businesses in the UK.

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XU:

How does it feel taking over from Gary Turner who was in the role for such a sustained period of time and an icon within the UK accounting industry?

AVS:

I’m no Gary Turner, nor do I pretend to be. I agree with you, I think he is a legend. What Gary has done in this space and what he has built over the last 13 years is just phenomenal. He deserves all the credit in the world. He’s been an incredibly gracious host in terms of welcoming me into the building and eventually handing over the keys, so I owe a lot to Gary. Gary obviously has a personal and very intimate connection with the early years of Xero that I will not and cannot emulate. I wasn’t there for the early years. I’m also not a chartered accountant, so there’s an intimacy in terms of how he knows that space. With a lot of grit and passion, he’s taken this company up to a certain size and a certain level. Obviously, we want to continue growing the company to the next level of maturity and the next level of scalability. That’s probably where I come in, because of my involvement with companies in the technology space of a certain size and maturity, like eBay. What will it take to operationalize a company of that size? What does it take to do that? Not only in the UK, but increasingly across a wider region in EMEA and South Africa. And then in terms of understanding the ecosystem, of how we can help small businesses, either directly or via their partner accountants and bookkeepers, I certainly feel quite comfortable having done that before. I think Gary would agree with this, right? It’s not trying to replace one with a kind of copycat, but rather where the complementarities are in terms of what Xero will need going forward and to what extent we do that.

XU:

Xero has the following core values - #human #ownership

#beautiful #team #challenge. How do you envisage these continuing going forward and what will your role be in continuing these going forward, especially with recent changes within the world?

AVS:

It’ll be in stages. I think there’s a desperate need for us to put the pandemic behind us and reignite some stability, but also reinject health into the relationships we have with all of our stakeholders. I don’t mean to imply that it’s unhealthy, but it’s been done over Zoom in teams and meets over the last two years. Our preferred modus operandi has always been to do it over handshakes and cups of coffee, or a meal. So there’s a massive drive in the next few months and during this year to make sure we build on, reconnect and rekindle the relationships we have with partners, old as well as new. I guess the most emblematic example of that will be Xerocon in July, because it’s a particularly visible event. And we’ve started already this year… we did quite a few education events in February, we’re reaching out with lunches and what we call Xero conversations, which are basically reach-outs to many of our partners across the country. We’ll continue that throughout the year. So that’s the first part. The second one is, there’s been a lot going on in the industry regardless of pandemic or not, right? Some of it may have shifted a bit and some of the deadlines have shifted. Obviously MTD and MTD for income tax self-assessment etc. is coming. We need to make sure that we are readyor all of that, as well as in our relationship with HMRC. We need to make sure that we have all the internal capabilities and the product to make sure we can help our partners, our bookkeepers, our accountants and small businesses through that. So, there’s quite a lot of investment in work and just making sure we are absolutely ready for that and help

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The future is

for

AccountancyManager is delighted to announce that we’ve joined the Bright Software Group. Time to ‘Brighten’ up your day! Give us a call or head to accountancymanager.co.uk to begin your free trial. It’s easy to get started, but if you need a hand, ongoing support is completely free.

In addition to this AccountancyManager was voted practice management software of the year by both AccountingWEB readers and members of the Institute of Chartered Bookkeepers.

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Issue 31 / 29

our entire client base through that transition.

had, so a big focus certainly will be around that.

And then third is probably a bit more longer term. Trying to see what’s on the horizon, in terms of where, regardless of regulatory or not, the industry is going in the next two, three or four years. Are we well-equipped to continue partnering with our clients in terms of offering the right services and the right value proposition? What sort of investments do we need to think of now already from a product investment perspective? New features, new functionalities or new services that we can attach to Xero to make sure that as the industry continues developing and growing, we’re ready for that.

The second aspect is making sure the health of that growth is good. In other words, the depth of the relationships and the number of Xero products/offerings that each one of our relationships is using and consuming. Especially in a relationship with practices, the number of clients that those practices have been able to deploy Xero to, that we can continue investing in and improving.

So there’s a shorter-term, mid-term and longer-term vision.

XU:

Over the last 12 years Xero has seen significant revenue growth year-on-year. What do you have planned to do the same but also differently to see this snowball continue?

AVS:

A lot of that growth, especially in a market such as the UK, will continue coming from growing our relationships with existing partners or bringing new businesses and partners into the fray. There’s still a significant amount of growth to be

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It’s not just about pure growth in numbers and levels, but rather growth that can deepen relationships that we already have and then offer more value to them.

XU:

We’re currently sitting in the new Xero London office. How have you seen the impact of Covid-19 on office/home working within Xero and what does the future of this look like?

AVS:

The first thing I’d probably say is that it’s still a moving target, right? I don’t know that anyone has truly written the book yet on how to successfully handle the pandemic and come back into the office. Many companies are at different stages of their journey as to what should be done or not be done.

In true Xero fashion we are extremely sensitive and sensible towards the needs of our employees. Even though we have a preference towards bringing people back, because we have a strong belief in togetherness and collaboration, we’re also very cognizant of the fact that not everybody is there yet. We need to make sure we take that into account. We’re encouraging, not forcing, people to come back. As an encouragement guideline, we’ve said to think of it as a 50/50 thing, but with a lot of flexibility in terms of how that gets interpreted and ultimately with huge empowerment to individual teams to discuss amongst themselves what that means for their team dynamic. We suspect we will likely then start slowly moving the dial towards increasing that kind of office presence. That said, I think we all recognize that we are not going to turn the clock back to February 2020 yet with Monday through Friday, nine to five. Not that that was really ever reality. But I don’t think that’s where the world is going to move back to. I think it’s probably one of the current topics of conversation everybody’s struggling with and I hear a very large spectrum of interpretations. Other than the

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Issue 31 / 31

forced lockdowns, we’ve never really left. We always stayed in the office and in other practices that are really struggling to find ways to bring some of their colleagues back into the office. It’ll be interesting to continue comparing notes on it.

XU:

Xerocon has had a recess for a period of time and is now back with a new location for the UK. Do you think Xerocon is going to look a little different to previously? What is the vision for it and why should people attend?

AVS:

You might say he’s a bit cheesy, but frankly, the objective is that we just want to see partners again. Full stop. End of story. There is no other objective. Will we make it a great show? Yes, of course. Will we make sure it’s worth every single penny? Yes, absolutely. Is there a lot of effort, investment and thinking going into what it will look like and who will speak? Of course. So we’d like to think that the recess has given us more energy, more time and more passion to make sure it’s a great event. The main theme is that we’re just desperate to do one again, to see our partners and re-engage. That really is the agenda.

XU:

Have you ever seen so many accountants and bookkeepers on a dancefloor before having a party?

AVS:

I have to admit, my wife had a good chuckle when I showed her some of them on YouTube, so I’m sure she will make a bit of fun of me as I practice my dancing.

XU:

How do you see Xero supporting new businesses over the next 12/24 months?

AVS:

One of the ways that is often less visible to others, is our insight into what businesses are most worried

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about and what their immediate pain points are. We regularly run the Xero Small Business Index, which gives us insight into trends and data from different markets. One of the things we’ve picked up on in the UK over the last few months already is cash flow management. Small businesses suffer from cash flow management more so than large businesses, and one of the culprits for that is late payments. To be frank, they get mistreated by some of the larger companies in terms of being offered very penalising payment terms, or are being offered payment terms that are then not respected. So we do quite a bit of work with the government, submitting our recommendations to a late payment initiation and hoping that the government will introduce other policies around late payments to help small businesses. We recently launched our new App Store, so we’re busy continuing to build that and transfer additional partners in. We’re creating an ecosystem of all sorts of apps that are different in nature, to help small businesses with the myriad of things they may need. Just this morning I was talking to a business that was struggling with being competitive in the sustainability space. One of the challenges in sustainability is that large companies can figure out carbon footprint offsetting and all that, but for small businesses it’s hard to do. So in our App Store, we have third parties that offer services to that extent. That’s just one example. But whether it’s on the payables side, the receivables side, the loan side… we’re quite busy making sure that we continue offering that up. I also think that magic triangle I mentioned earlier between Xero, a small business and their accounting and bookkeeper is really powerful. So, just as we work with accountants and bookkeepers to deploy Xero into small businesses, we can do a lot more to help small businesses find their accounting and bookkeeper if they don’t have

one yet. So there’s quite a bit of work going on there in terms of how we become a matchmaker between them all.

XU:

What new apps in the ecosystem have you seen released that are really making an impact?

AVS:

I think we’re fairly in tune with what practices need the most help on and to what extent. Whether that’s on the practice management side or the tax side, or whether we need to increase the focus on other items such as payroll. We’re also very aware of the fact we’re not the only solution on the market, so it’s very important for us to make sure that we have an open dialog with our partners to know where we can help them. Longer term we want to identify and rank in order of priority the areas where we should be investing more aggressively, so that we can come back to the market with more and better solutions. Let’s make sure we identify the right partners or other companies we can work with closely to offer that.

XU: AVS:

What do you do in your spare time?

Currently, to my wife’s desperation, my most recent hobby is wine. Not just drinking wine… I’ve become quite a student of wine. Last year, just before I joined Xero, I studied and passed my WSET level 2 and 3 exams. I then went for my French Wine Scholar exam and now I’m studying for the Spanish Wine Scholar exam. So I’m accumulating wine diploma. I’m not quite sure what I’m going to do it though!

XU:

So we’re going to have quite a line up

at Xerocon!

AVS:

Well, you should do, if I get to choose the wine! That’s become my latest hobby. My wife’s a bit concerned because sometimes the parcels show up at home and

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

for grit and survival stories, and probably none more so than the Arctic or Antarctic exploration. Shackleton is a very well known one, but I actually look to a more obscure one. There is an Antarctic polar explorer who was Australian - Douglas Mawson. There’s a very good book written about him called Mawson’s Will. The reason his story is not as well known is because he had an adventure… Well, if you can call it that… He had a near-death experience in the Antarctic that he eventually survived, pretty much at the same time as you had Roald Amundsen race to the South Pole, which of course was when Captain Scott died.

she’s like, ‘Oh Alex, you had another deliver”, and it ends up being a box of something. So, that’s one… and another one? I still have a young son living with me at home. My daughter is off to college already, so I only see her every few months whenever she graces us with a visit. Whereas my son is still very much full time. So I spend my time with my son and my wife. I’m a family man.

XU:

Have you had a trip across to New Zealand yet?

AVS:

No, not yet. I think now that the borders are opening the more likely scenario is that we willhave a wave of the global teams coming out to the regions. Now that they’re allowed to travel again I think they’re itching to get back out, which is great. We’ll be welcoming quite a few of them and obviously for Xerocon you’ll have quite a large contingent coming. Later on I think there will be an occasion for me to go and visit headquarters. I was out in South Africa two weeks ago, which is part of my remit. I’m in charge of the UK and EMEA, so I was with the team in Cape Town. I spent a week there visiting some of our partners and banks and stakeholders, and then

obviously spending time with the team. So that was lovely.

XU:

How do you see the Xero expansion across Europe going over the next few years? There’s been talk of Xero in different languages and a whole ream of other things that go along with that.

AVS:

In the shorter term our expansion will continue being around our existing Xero product, which is our international product. We have many people that use it across EMEA and discovered it quite organically. So we do account for them and offer them support, but I don’t think we have been purposeful in proactively commercialising it. We want to ramp that up and there is quite a lot of opportunity to do that in the first instance.

XU:

Is there one bit of advice or an inspiring quote that’s helped you in your career? AVS: I was just reminded of it last week. You probably would have seen the headline. They found the original Endurance ship under the ice in Antarctica, which was the ship of Ernest Shackleton. I’ve always been a bit of a sucker

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

So I think history tends to forget Mawson because everybody was paying attention to the South Pole. But the story is quite incredible. It comes down to just a single man who has lost his entire team, sleds and dogs everything - crawling his way back to his team and surviving! It’s an incredible story. The reason I like those kinds of stories, not only for that grit and survival in adversity, is because it’s important for us to stay grounded. The pandemic is a good reminder of that. Stay grounded in the fact that, yes, life will throw a whole bunch of stuff at us, but sometimes you just need to power through. And they often build or show their character and leadership during those difficult moments. I’ve always found that quite inspiring. Whenever you work with global teams, there’s a huge value to bonding through shared experiences and travel. It almost doesn’t matter what that shared experience is, it’s just something to create memories and stories. I have a former boss from many, many years ago, and she always said corporate culture is about the stories you tell, the language you speak and the heroes you hold high. You need to create these stories, that then becomes your corporate culture.

Issue 31 / 33

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Issue 31 / 35

Get paid faster and reconcile invoices automatically with instant open banking payments

Ralph Rogge, Chief Executive Officer, Crezco Ralph is the co-founder and CEO of Crezco. With a background in both technology and payments, Ralph saw the introduction of open banking payments as the missing technological innovation required to better address invoice payments. At Crezco, Ralph focuses on building a strong culture and awesome products. Ralph believes a product should be so intuitive you could use it with your eyes closed.

Add a “Pay Now” button to your invoices with Crezco Discover how to reduce late payments, fees and time-spent on admin tasks. Too good to be true? Our customers disagree… This article is

t is universally acknowledged that the propensity to be paid is inextricably linked to the convenience of payment. Inconvenient payment methods, like manual bank transfers, are subject to human inertia and human error. Few businesses hurry to pay their suppliers, but if you introduce

friction to the payment process you will easily lose their attention as they look to address something less painful.

solutions, subject to high fees and slow settlement times, Crezco processes payments up to £1,000,000 in real-time for free!

Credit-control and cashflow plagues all SMEs, introducing a more convenient checkout cannot help those unable to pay, but it is a free option to make life easier for those who can. Unlike card payment checkout

Wait, free? How so? Unlike other payment solutions, Crezco does not use card schemes like Visa or Mastercard. We process account-to-account payments and have directly integrated with over 400 banks and 500 million bank accounts in the UK and EU. There is an upfront cost to this, but not an ongoing cost. We have no middleware payments suppliers so our ‘cost of goods sold’ is non-existent. If it doesn’t cost us, we think it shouldn’t cost you. As crazy as that might sound, you used to pay to send an SMS, but no longer do with instant messaging. We thought we’d make payments equally cheap and convenient. “Nothing comes from nothing”. Once again, how is Crezco free? We are a VC backed fin-tech. More than anything on our balance

36 / Issue 31

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

sheet, our most valuable asset is happy customers. With happy customers the rest comes easy (relatively). Having acquired over 5,000 customers, we have since built further premium (“paid-for”) value-added products. Crezco was the first company to implement recurring account-to-account payments. We are also one of three companies to sign an agreement with the NatWest for variable-recurring-payments and will shortly be introducing crosscurrency payments too. This is our monetisation strategy. What are account-to-account payments? Account-to-account (open banking) payments move cash from one account, say your client’s account with HSBC, directly to another account, perhaps your account with Barclays, via domestic payment rails, like Faster Payments. There are no middle clearing, settlement and merchant accounts which need to settle the funds first. Payments are instant, free and frictionless and there is no need for customers to share debit card or account details. How does it work? Crezco integrates with your favourite accounting software providers, like Xero, QuickBooks, QuickFile and Zoho. We recently won Xero’s Emerging App of the Year. Just connect Crezco to your chosen accounting software and go back to work as normal. Each sent invoice will now have an embedded payment link attached. Your customers click the link to make an account-toaccount transfer. No need for

Account-to-account payments solution

your customers to enter card details or manually process the payment, which leaves room for human error and inertia, as long as the invoice is under £1,000,000, Crezco will process the payment in real-time for free and handle the reconciliation within your accounting software. Our clients call it a “no brainer”. You increase the convenience for your customers, and save yourself time and money. If it is as good as you say, why wasn’t it invented already? The short-answer is technological innovation. The online payments we are familiar with run on payments rails owned by Visa and Mastercard created over fifty years ago. The recent innovation from the payment tech giants, like Stripe and PayPal, has all been focused on providing a better user experience, like contactless payments. However, the underlying infrastructure has not changed and so payments remain subject to high fees, slow settlement times and chargebacks. Crezco is different. We are an open banking company making account-to-account payments which do not rely on Visa and Mastercard. Open banking is entirely new payment technology. Accountants will be familiar with open banking from the data feeds it provides, but the payment aspect is more recent. Crezco has been one of the first companies to bring this technology to market, particularly targeting the invoice payment

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

space. Visa and Mastercard could do this, but they’re probably not willing to give up on all those fees. Okay, so what are the five key benefits of Crezco? • Get paid faster: adding a Crezco payment link to your invoices increases convenience for your customers, eliminates human error and settles payments in real-time • Reconcile automatically: Crezco reconciles all your payments within your accounting system immediately, saving you hours of administration • Save on fees: Crezco is the only payment solution to settle payments under £1,000,000 instantly for free - it’s only the premium optional products Crezco charges for • Onboard clients: Crezco has built a partnership dashboard for accountants to easily add and manage their clients, helping them save time and money • Fraud protection: Crezco has built a proprietary machinelearning data analytical system, called Sentinel, protecting against invoice fraud, pushpayment fraud and chargebacks

Find out more... Learn more about our account-to-account payments solution crezco.com/industries/ accounting

Issue 31 / 37

Q&A

Searle Goott, CEO and founder Flagship Reporting

@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 SMEs). Flagship was born out of frustration with the lack of available reporting tools to enable the automation and customisation of management reports, KPIs and other key accounting reports.

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

XU:

Congratulations on your second year in business Searle. Tell us, what have been the highlights?

SG:

Thank you. It has been a brilliant year with a lot to focus on. I don’t think anyone in the team imagined we would be growing at the rate that we are.

Becoming a page 1 Xero partner was a vital part of that growth because it is respected within the industry and the go to package for Accountants. I think this helped with our successful Seedrs raise last year in which we beat our target by 200%. From there we have established an Australian partner, built an experienced non-Executive and sales team, established a firstclass software development team, been rated 5 stars on the Xero app store, and signed up our first top 10 accountancy firm. The year has surpassed my expectations.

XU:

Have you encountered any

challenges?

SG:

Like most businesses, we were impacted by Covid. We prefer to visit clients face to face but this has been hugely limited by the outbreak of the virus.

And of course, prioritising our roadmap has been our greatest challenge. Clients want every feature possible, and we are working as hard as we can to deliver that.

XU:

How has a growing team impacted the

business?

SG:

Due to our expansion in the UK, we have had to move offices twice this year!

Expanding outside the UK has meant we have added another software development team in the Far East. This has made us much more conscious of our impact on the environment and how we need to tackle it. We have a plan for this

XU:

What are all the new features that have been released this year?

SG:

Our newest addition is our Workspace Management feature which allows users to invite colleagues to their reports with varying degrees of access. Other features have included Transactional Reports (sales/ expenses/aged debtors), Tracking Reports, enhanced performance, and advanced consolidation functionality. We have just released an advanced multi-currency functionality as many of our clients had been eagerly awaiting this.

XU: SG:

What features are on your roadmap?

We would love to include every feature imaginable, but there are currently 3 that are a priority. Advanced Tracking, QuickBooks integration, and a fully blown 3 way forecasting module.

XU:

What does the next 6 months look like

for you?

SG:

We are currently establishing more partnerships in both South Africa and Australia. QuickBooks integration will start later this year. Then it is time to think about a Series A fundraise to further enhance software development and marketing.

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

XU: SG:

Are you exhibiting this year?

This article is

Yes. At the Digital Accounting show and Xerocon Australia.

XU:

You mentioned having an impact on the environment. What responsibilities do you feel you have as a growing tech firm in the market?

SG:

As well as a conscientious attitude in the office, making tax digital legislation has meant we have thought long and hard about our carbon footprint. We have committed ourselves to becoming a carbon Due to our neutral company by expansion in the the year end 2025. We believe we must act on our responsibility to the environment and to future generations.

XU:

UK, we have had to move offices twice this year!

What have you learnt from running

Flagship?

SG:

Both large and small firms have different requirements. What I love is learning about their business, their clients’ needs, and of course their product feedback (which we often add to our roadmap). Our greatest long-term goal is to balance these customer requirements with our sustainability plan.

FIND OUT MORE... If you would like to book a demo please go to: flagshipreporting.com/book-ademo

Issue 31 / 39

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Issue 31 / 41

Technology for your clients, are you doing all you can for them? Helping your clients, ultimately will help you

@NextMinuteApp

Andrew Moore, UK Country Manager, NextMinute Andrew is NextMinute’s recently appointed UK Country Manager. Having worked in both technology and run his own construction business, Andrew knows first hand how important technology is to keep on top of everything to do with business administration. Andrew uses this experience to help others fix their businesses and has brilliant fun whilst doing it.

NZ and Australian Accountants & Bookkeepers have received more exposure when it comes to cloud accounting technology, but that does not mean that they have an advantage. This article is

aving owned my own construction business, I know how difficult it is to keep up with the ever-changing technology. For most business owners, myself included, the focus remained on keeping the money coming in so that suppliers and staff can get paid on time.

are accurate, variations are recovered, all the right materials are included, and timesheets are submitted can be the difference between a job costing you money or making you money. Time is the commodity that is the hardest to save, so spending time researching software solutions that might make these processes easier is a total after thought.

Making sure quotes and invoices

This insight has made me

appreciate the role a bookkeeper plays in helping run a small business. Bookkeepers know and understand their clients’ admin requirements and have built the confidence to introduce new ways of working that not only reduce the complexity of the business but improve the ability to report on how individual jobs are performing. A bookkeeper has the privileged position when it comes to understanding how a business operates, and being exposed to hundreds of software providers through the ecosystem. Understanding how the business is run, the Bookkeeper is able to reflect on the process flows and methods being used. Informed Bookkeepers who consider other methods, where time and effort can be reduced, are not only reducing the administration cost for the business they are instilling a culture of constant review and improvement. Many small businesses fail to grasp the use of technology as

42 / Issue 31

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

they have preconceived ideas that it will be hard to use, it will slow me down, it will take more time than it will save. Technology has moved on considerably and with the standardisation on Cloud Accounting applications and the deployment of easy to use apps the landscape has moved. Customer proposals are built using accurate materials costs picked from an active price file. Experience from previous jobs is the base point to start the new quote, and the production time of the estimate is reduced and simplified. The project estimate becomes the critical document allowing customer invoices to be produced that are accurate and linked directly to the quote. Making reporting of cost to complete and remaining revenue per job easy to report. Supplier invoices being imported directly into the job via Xero is a complete game changer and in many cases will be the single process improvement with the biggest impact for a small business. With material prices fluctuating and demand for work at an all time high most small business operators just don’t have the time to be changing systems

or processes, that is where the bookkeeper can earn their weight in gold. Reducing complexity, saves time and money for the small business. This saving goes straight to the bottom line of the company and can be used to fund additional improvements. Don’t take your position for

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

granted, make the most of your privilege and deliver real measurable improvements to your clients - they will love you for it.

FIND OUT MORE... To find out more about NextMinute, please visit: nextminute.com

Issue 31 / 43

The 6 step service review meeting agenda Break through the fear of repricing with this proven strategy

This article is

n 2021, when the economy was at its toughest, I took 100 skeptical firms on a 30 day course to grow their revenue from the work they were already doing. In ‘Untapped’, I outline the exact journey they took. A crucial part of this was training them how to conduct a service renewal meeting. This agenda is bulletproof. Even if it’s a far cry from what you’re doing now, you can learn it and master it.

1) Arm Yourself You need to turn-up fully armed and ready to rock. I’m not just talking about the obvious goodto-knows, like having a proposal draft ready to talk them through. You must have the right mindset. It’s no good going into this thinking… this is going to be a difficult conversation, I’m dreading it… because guess what? If that’s what you think you’re going to get, there’s a good chance you will. Take control of your self-talk. You’re in charge of your mind, not the other way around.

2) Positive Intentions Starting and ending the meeting with a positive intention is so powerful. It means that regardless of what happens during the meeting, it starts positively and ends positively. A positive intention may be something like… “We want to ensure we’re providing you with the very highest level of

44 / Issue 31

@GoProposal

James Ashford, Founder and Vice President, GoProposal by Sage Author of Selling to Serve, James is back with another #1 bestseller for accountants. ‘Untapped,’ is inspired by the phenomenal results GoProposal members achieved when they participated in his 30 day challenge in 2021, collectively growing their revenue by £1million in one month. Passionate to bring this proven strategy to more, James wrote ‘Untapped,’ as a guidebook to enable more firms to do the same from existing clients alone.

service and to make sure we’re doing everything we can to support you in the growth of your business and improving your personal financial situation.” That is our genuine aim. Starting with your own positive intention (or stealing mine) paves the way for you to talk about increasing fees, service level and additional services that fulfil that aim. 3) Framing The framing section of the meeting is designed to dig deeper into the client’s challenges and needs, and its purpose is to frame up what you’re going to offer them next. This is a simple technique, focussing on speed of implementation and action. The GLOSS Method® is an advanced consultative sales technique you might prefer to use. There are 4 parts to the framing phase: 1. What’s working well? 2. What frustrations do you have? 3. Is there anything more we can be doing for you?

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

4. Recap (Very Important) - “So what I’ve heard is…” 4) Review Proposal You now need to be in a position, DURING THE MEETING, to take them through the proposal, line by line. This is key. You need the ability to… • Take them through this line by line • Build up the proposal with them • Get agreement at every step • Present the fees By the time you get to the end of that process, there is no confusion. Then, all that’s left to do is to present their new monthly fee.

Q. Why have my fees gone up? A. It’s a combination of factors, but mainly it’s to enable us to keep giving you the high level of service you want from us.

There may be more you’d like to elaborate on… This is the moment A. It’s a combination “When people you’re dreading, of factors, but mainly because you’re it’s to enable us to ask you why scared of what will keep giving you the their fees have follow, especially if high level of service gone up, it’s not there is a huge hike you want from us. a criticism.” in fees. Specifically [choose the correct combination But you need to deal of these]… with their questions now, while • We haven’t reviewed your you have their time and their fees recently - This will be focus. Take them through the more regular moving forward. proposal, (ideally with a tool like • The service level has GoProposal), get agreement at increased - give examples, such every step, present the fees, and as more members of staff on then… SHUT THE HELL UP!!! payroll. • You have additional services It’s ok if they go quiet. They’re just explain which ones. processing what you’ve shown • Your revenue has increased them and might need time to - This means more emails, think. queries, and phone calls and we don’t want you hit with any My best advice, so that you don’t surprise bills. ruin this step, is to sing a song in • The complexity and your head. Make sure it’s one you regulatory requirements know all the lyrics too. have increased, which means more work on our part and 5) Handle Questions an increased risk - explain what. Out of all the questions you could • We have additional staff be asked, there’s only one you’re explain benefits, such as faster worried about, which is, “Why turnarounds, quicker responses have my fees gone up?” and a higher level of expertise. • We’d priced some services So let’s focus on that one. too low - and we can’t keep delivering at that rate. We There is only one answer to this respect our relationship too question and it’s short… much.

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

• Inflation - some services have increased in line with inflation. When people ask you why their fees have gone up, it’s not a criticism; it’s a legitimate question that needs legitimate answers. Now you’ve taken them through the proposal, you’ve had agreement at every step, you presented the fees, you shut the hell up, they asked you why their fees had gone up, you explained why, now what? There’s likely to be one of four responses: • That’s fine [80%] Most of your clients will just accept it and move on. That’s far more boring than you expected, isn’t it? • I’d been waiting for you to do this and was surprised you hadn’t done it sooner [4%] This is the best response you’ll get from about 4% of your clients. • I didn’t really want to spend any more [15%] This will be the second most common response. Don’t stress this. How many times have you looked at something you wanted and thought that you didn’t want to spend that much… but bought it anyway? • There’s no way I’m paying any more [1%] This is the one response you’re most afraid of. It’s probably safe to say that the entire reason you haven’t

Issue 31 / 45

increased your fees before now, is because of this very unlikely response you’ve dreaded. But clients likely to respond like this, are the biggest time wasting, energy zapping clients, who don’t value you, don’t pay you enough, and cost you money to serve. Stand your ground. Remember, you’re saying “no” to this client so you can say “yes” to your other clients, or “yes” to spending more time doing the things you love with the people you love. 6) Agree the Outcomes and Restate Positive Intentions At the end of this meeting, we want to agree the outcome.

Ideally, they’re going to accept the new proposal during that meeting, but if they want time to think, commit to a follow-up date in the diary. End it with a positive intention as their final reminder of why we’ve had this discussion and why they’re going to be paying you more money. “So just to remind you, our goal is to ensure we’re providing you with the very highest level of service and to make sure that we’re doing everything we can to support you in the growth of your business and improving your personal financial situation. Thank you for allowing us to present a proposal that we feel will best help us achieve that.”

And that is it. That’s how we wrap up the service review meeting. Remember, you don’t have to change the economy, your clients, your location, your qualifications or your competition to achieve exponential growth… you simply have to change how you see, what you already have.

Find out more... Dig deeper & unlock your full potential with a copy of Untapped: geni.us/untapped

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Issue 31 / 47

Ways To Improve Client Credit Scores

Credit scores are a critical data point for lending decisions

@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.

Accountants and their clients can take several simple steps to maximise their chances of funding success. This article is

aving a high credit score is an essential factor for businesses being able to access finance. It’s important both in being able to be approved at all and ensuring they can access loans at the most competitive rates. Credit scores are affected by many factors, including utilisation of existing credit limits, paying suppliers on time and maintaining up to date company information. Businesses with poor credit scores can boost their chances of accessing loans by taking a number of steps to improve their scores in advance of when they need to apply. While clients may not be looking for funds in the immediate future, their accountants should try to improve their chances of being approved by working with them ahead of time. Make it a priority to ensure their data is accurate and gives lenders confidence in their ability to pay down debts. What are business credit scores, and why are they important? Business credit scores are a rating given to businesses that indicate how likely they are to be able to service debt or finance facilities effectively.

48 / Issue 31

Scores are built up over time across data, including payments history, utilisation of overdraft facilities, existing debts, recent applications for finance, Companies House information and publicly held information such as County Court Judgements (CCJs).

if you work with your clients and follow our tips below, they’ll put themselves in the best possible position to get their finance requests approved. Ways to improve your clients’ credit scores 1) Ensure bills are paid on time

Credit scores are important as they indicate the creditworthiness of companies and are used by banks and lenders when making decisions related to finance applications. Credit scores are not universal, but most financial services companies partner with one of a handful of large Credit Rating Agencies (CRAs) such as Experian or Equifax. In simple terms, the higher a business’s score, the more likely they are to be able to access finance at a competitive rate. Maintaining a low credit score can be highly detrimental to businesses’ cash flow by limiting their borrowing ability. In worstcase scenarios, this can lead to them failing if they cannot pay bills on time. Unfortunately, these agencies don’t fully reveal how they grade and weight their scores. However,

It’s not rocket science, but getting clients to pay their bills when they’re due will boost their scores. A negative payments history suggests companies are not organised to pay invoices on time or are facing cash flow issues – a huge risk for lenders. There are a number of new payment automation tools (Modulr, Telleroo, Tipalti etc.) on the market that help streamline pay runs. It may be worthwhile to work with one of these vendors and offer payrun services to clients. This will get them into good habits and also be a new revenue stream for accountants. 2) Maintain sufficient cash to cover direct debits and standing orders It’s easy to forget about upcoming direct debits and standing orders that are taken automatically. Businesses should maintain sufficient balances or have

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

approved overdraft facilities in place to cover these. 3) Clear CCJs promptly If clients already have a history of late and non-payments, they may be holding CCJs. These are issued after a company fails to repay a debt and are stored and recorded under their credit history for six years before being removed. However, CCJs paid in full within one move are removed from credit files as if they never existed, so they should be promptly satisfied at all costs. If your client gets into a situation where they’re issued a CCJ, make sure they know this. 4) Use cash flow forecasting tools Working with clients to implement cash flow forecasting tools will give them accurate and full oversight of their working capital. This is useful to foresee any potential cash gaps and make sure they’re not relying on overdraft facilities too much. Additionally, clients may have bank covenants in place that require them to maintain cash balances above a certain level. It’s worth making sure that they’re on top of any of these and going over

any existing policies. Cloud cash flow vendors make it easy to generate forecasts by connecting directly to leading accounting software vendors, such as Xero, to sync real-time balances. They’re relatively simple for accountants to implement and convenient for business owners to manage 5) Update info on Companies House and consider filing full accounts Make sure up to date information is maintained on Companies House. For example, if the registered address of a client changes, this should be updated on Companies House quickly. Failure to do this could result in CCJs being sent to the old address and not getting picked up. Old charges registered at Companies House, such as debentures, should be removed. This will overcome the risk of being turned down for finance as some lenders are wary of debentures already being in place. Clients may consider voluntarily filing full accounts, as opposed to micro-entity accounts. They may take more time to complete but can lead to a better credit rating

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over time. Accounts should be filed on time as submitting after their deadline passes can indicate a business is facing financial difficulty. 6) Show a growing balance sheet Where possible, clients should file a growing balance sheet year on year in their annual accounts. This suggests strong financial health and will enhance a number of key ratios related to lending decisions. 7) Ensure personal finances are healthy It’s also vital for business owners’ personal finances to be in a good state. Owners should pay all of their personal bills on time and service their debts. This is even more relevant for startup businesses that will have less financial data (i.e. who may not have filed first-year accounts) on which to base credit decisions. 8) Check your credit score Companies should sign up for alerts and changes to their own credit scores with the main agencies and correct data and information that is inaccurate or out of date.

Cont...

Issue 31 / 49

9) Keep track of the credit scores of partners Key customers and suppliers should have their credit scores monitored as if they fall into financial difficulty, this could also negatively impact clients. 10) Collaborate with suppliers Clients can positively impact their credit scores by asking their suppliers to share feedback and positive payments data with credit reference agencies. 11) Boost your business finances Businesses should access finance strategically to manage working capital better while reducing their chances of being turned down and leaving a permanent mark on their credit files. Applying for finance with multiple providers who do hard searches

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and getting rejected will make it difficult to access finance. Do your research and choose your lender wisely. At MarketFinance we’re here to support the small steps, giant leaps and everything in between. We can fund small businesses with loans up to £500,000, and are still offering the government-backed Recovery Loan Scheme with loans up to £350,000 until it ends on 30 June.

funding when your clients needs it, helping them get on with the things that matter: with the right funding, they can pursue growth, manage their ongoing needs and take that next step. Once a loan or other facility is in place, accountants can further advise their clients on how to manage these funds and forecast for future needs.

It takes minutes to apply and your clients will hear back within 24 hours. If they’re approved, funds land into their account in less than 60 minutes of signing. Find out more here. Helping your clients boost their credit score can help them reach higher Improving a client’s credit score is in the interest of both accountant and the client. Having conversations about this now will increase the chances of securing

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

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

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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

Issue 31 / 51

Bespoke Financial Reporting - a big differentiator for accountants A How To guide for getting started

Scott Miller, Founder, Scott’s Add-ins Scott Miller is a serial software entrepreneur, specializing in the intersection of finance and technology. Scott is the Founder of Scott’s Add-ins, a unique financial reporting tool that bridges the gap between accounting systems and Excel, and invites accounting and finance professionals to Create Financial Art. Scott also serves as Director of NASDAQ traded firm, Paycor (PYCR). Scott and his family reside in Cincinnati, Ohio, USA.

In a perfect world, all clients would receive bespoke financial statements and dashboards, tailored precisely to their needs. The tool of choice for this type of work, is of course, Excel. However, accounting professionals have typically been prevented from offering such services due to the high cost of delivery. This article is

cott’s Add-in for Excel and Xero changes the game. Now, Xero advisors have access to a powerful and efficient tool that enables them to create financial art that truly differentiates their service offerings. Why offer Bespoke Financial Reporting and analysis to your clients: 1. It is a huge differentiator for your practice as a Xero advisor. 2. It can be very profitable. 3. It’s fun and satisfying. Here is how to get started:

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Fig. 1

Step 1: Build a reusable Excel template using Scott’s Add-in for Xero. Or start by downloading one of our starter templates from scottsaddins.com/templates. Start with a P&L or go all in with a 3 Statement Model or dashboard. Use Scott’s powerful new Excel functions such as =SCOTT.GL, which pulls in the balance for a

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

specific GL account for any time period you wish. Example =SCOTT.GL(Xero Org, Account, Beginning Date, Ending Date) Add more power with other SCOTT functions such as =RANGE, =XBUDGET, and =XTRACK to capture Xero tracking category balances. (See Fig. 1) Step 2: Tailor your template for individual clients. Infuse your Excel model with financial KPIs (Key Performance Indicators), graphs, and analysis, that will give your clients a financial edge in understanding their business. Step 3: Share the Excel model with your client, providing a valuable interpretation of the results. Refresh the model weekly

or monthly, with one-click from Scott’s Add-in, updating with current Xero data. (See Fig. 2) Step 4: Build a high margin, recurring revenue model. Consider charging a flat fee for

this periodic service of providing the current, bespoke financials, plus your narrative of the results and trend.

“The Add-In is ridiculously intuitive and simple to use.”

We invite you to join the growing legion of Xero advisors like PurpleLime, Peter Doe, PennyBooks, and HFT, PurpleLime who are using Scott’s Add-in to produce elegant and powerful, bespoke financial reports for their clients. Please visit us at scottsaddins.com for a free 15 day trial, and get started Creating Financial Art today!

FIND OUT MORE... Fig. 2

Free 15 day trial at: scottsaddins.com

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Issue 31 / 53

How are Neobanks Stealing a March on the SME Banking Industry?

@expend

James Watson, Technology Partnerships Lead, Expend James leads Expend’s partnership function and has a passion for changing the way small businesses are supported, driving new ideas from collaborations, customer feedback and market changes.

How closing the gap between banking and accounting is changing the landscape for SMEs Providing expense management tools to clients isn’t just about keeping track of receipts, says James Watson from Expend...

This article is

he pandemic has taught us one thing as an industry, and as a species: we will always adapt and survive. The drive to digital-first has never been stronger, and it’s clear to see why banks like Starling, Tide and Monzo have recently outperformed the acquisition numbers of any ‘incumbent’ bank. Their focus on customer experience in a digital-first manner makes them the easy choice for small businesses opening a new account.. Starling have recently opened 475,000 SME accounts; their seven per cent market share is almost half of Barclays’ share. Yes, things are changing fast… The ‘first-movers’ title has been firmly boxed off now, but the categories of ‘early followers’ and ‘late adopters’ are left open for submissions. Throughout 2022 and beyond, the battle for the highly lucrative UK SME banking market will really heat up. There is a final category that exists that no-one wants to be in:

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‘the first to fold’. At Expend, we’ve got just the thing to prevent that from being the title attributed to our partners.

By working closely with our broad range of partners, over the next year and beyond, we’ll be providing best-in-class expense and spend management How is Expend different? tools directly to their business customers, closing This year we’ve the gap between announced our banking and There is one fintech partnership accounting. category that with Virgin Money, to wants no-one designed to simplify Closing the gap is be in: the ‘firstthe expense key. But how? to-fold’. management experience for And that, to me, is businesses. Virgin Money the crux of how banks is a bank that is truly setting its and accounting firms can sights on being a leader within succeed together. It requires the digital banking market, the engagement of businesses especially for SMEs. And within beyond just the standard service the accounting industry, we’ve level that they expect with any partnered with hundreds of firm, and really enriching the accountants, CFOs and finance experience customers have when teams through our popular engaging with their accountant. Accountant Partner Programme. With leading expense Stakeholders within potential management technology, we can partner firms often ask: “How will provide digestible but detailed this generate revenue?” or “What data insights into their spending, would the acquisition numbers maintaining connections with look like if we added this tool?” their accounting software to Expend’s carefully considered ensure simple and full VAT fintech solutions provide the returns, and even finding ways to answers. help manage cash flow beyond just glancing at any red sections

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

of a bank statement. In just a few minutes, you can register your firm with our Accountant Programme and have premium access to our features and on-boarding experience, and start inviting your clients. You can learn more by visiting expend.com today

FIND OUT MORE... Start your free 30 day trial or learn more at: expend.com

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Issue 31 / 55

factors defining the new status quo for Accounts Payable in 2022

@zaharasoftware

Drew Murray, Head of Sales, Zahara Head of Sales for UK-based AP software provider Zahara, talks about the challenges finance teams are discussing in discovery calls with his team and why they need a new breed of solution in 2022.

Zahara explores 5 factors influencing adoption of new accounts payable software in 2022... This article is

e speak to finance teams every day, and many of them find it difficult to see what they are likely to spend, which is understandably worrying. Accounts Payable is their window into company spend and should provide them with their first opportunity to implement control. However, manual processes, or systems that are too ‘off the shelf’ are acting as hurdles, multiplying workloads, and facilitating rogue spend while making visibility difficult at the best of times. The good news: having Xero puts you in an advantageous position and presents an opportunity to facilitate positive change, but it is only the start. Xero is meant for the finance team and offers minimal opportunity to implement control and visibility for the people who make the purchasing decisions across your greater business. We are seeing an increase in organisations looking to use the latest technology to make sure their teams are making informed decisions about what they spend and who they spend it with. Here are just five of the factors that are leading them to seek out an advanced AP add-on for Xero in 2022.

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1) Supplies of goods and services are not as robust in 2022 With Brexit, the opening and shutting of borders due to the pandemic and the war on Ukraine, we are seeing more companies dealing with a level of supply chain turbulence they have never experienced before. Pauses in manufacturing, increased shipping prices and shortages of HGV drivers are just three of the factors driving prices up and limiting product availability. Companies are having to seek out new suppliers across multiple teams and divisions, and these teams need easy access to supplier information, product lists, and prices. Finance Teams need a way to give teams easy and quick access to information while maintaining control of what they can access, and they cannot get that with Xero alone.

budget information to inform spenders and their managers of new limits. This is a key area, as finance teams seek peace of mind that their teams know what they should and should not spend in a fast-changing environment. 3) Talent is harder to come by Not only is skilled talent difficult to find currently, but wages are rising and so is national insurance. Saving time by automating onerous processes is a bigger saving than before, giving employees more time for value-adding tasks, an investment that will pay further dividends for a long time to come. This is evident in our day-to-day calls as we speak with various teams who hadn’t quite realised the true value of Zahara pre-covid and are now coming back to us because of the benefits it can offer alongside Xero.

2) Getting the best price as inflation hits 6%+

4) Spend categories are jumping with little or no notice

When considering cost management, inflation being at 6% or higher is a brandnew experience for finance professionals looking to manage company spending. The need to revisit spending policy and apply multiple budgets demands an easy-to-use system yes, but they also need that system to use

Some businesses we speak to are seeing key product lines jump in price for many reasons, some of which we have already discussed. With a product line jumping by ten or even twenty percent, finance teams need to empower managers to add and edit supplier details easily, but this presents a challenge in terms of data control

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

and compliance. The challenge is not just around supplier records, but further down the process the workload required to detect duplicate invoices or fraudulent suppliers becomes even more difficult. 5) Supporting urgency across a decentralised workforce The need to support those working at home is one thing, and yes, this has driven much of the new business our team has seen recently. Using the Zahara mobile app to approve purchase orders, invoices, or to capture documents has helped companies to better facilitate the spending needs of a remote team, but there is more to it. Fractured

supply chains, and higher demand puts pressure on teams to make purchasing decisions quicker, and often outside of normal business hours. For example, if waiting until 9am the next day to get a purchase order just is not an option, managers and their teams then make un-informed spending decisions, compromising process, and potentially spending overbudget. In conclusion

Zahara is an easy-to-use AP solution that integrates directly with Xero. It allows finance teams to control spend across entire organisations, large or small.

FIND OUT MORE...

While the usual suspects driving adoption of cloud-based AP software are still there; time saved, compliance, visibility, and control of spend, businesses are realising it is far beyond a ‘nice to have,’ in fact, it is considered by

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many to be an essential purchase that contributes towards business continuity in harder times.

To find out more please visit: zaharasoftware.com Or book a demo: zaharasoftware.com/ invoice-processing-demo

Issue 31 / 57

Still using spreadsheets for expenses?

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Issue 31 / 59

Is my donation tax deductible?

Renee Leung - CA CTA, Content Management Analyst, Wolters Kluwer Asia-Pacific

donations as 30 June approaches — not all are

Renee Leung writes and curates income tax content for Wolters Kluwer’s CCH iKnow tax research platform.

Many Australians are looking at making tax deductible.

@cchaustralia

A tax deduction is only available for donations of $2 or more. This article is

hen is a donation deductible?

A tax deduction is only available for donations of $2 or more that are: • made to a deductible gift recipient (DGR) • made without receipt of material benefit or advantage (eg buying a raffle ticket or items at a charity auction) • evidenced by a record of donation. Additional conditions apply for donations (including membership fees) to political parties, independent candidates and members of political parties. Am I donating to a DGR? The DGR status of an entity can be searched on the ABN Lookup. Some entities are only a DGR in relation to a particular fund, authority or institution that it operates. For example, many schools are only endorsed as a DGR in relation to a building fund, such that general contributions made to the school would not be tax deductible. No tax deduction is available for donations made to social media or crowdfunding platforms unless the platform is a registered DGR. This means that donations to personal fundraisers, such as raising money for an individual’s medical bills, are not tax deductible.

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What about that DGR I donated to through a GoFundMe or Facebook campaign? In Australia, a tax deduction is available for donations to DGR fundraisers on GoFundMe and Facebook as both platforms have partnered with PayPal Giving Fund. Donations to a Facebook or GoFundMe fundraiser eligible for a tax deduction actually go to the PayPal Giving Fund, a DGR listed public ancillary fund that makes grants towards the donor’s recommended charity. Donations to political parties Donations to registered political parties or independent candidates are only tax deductible when made by an individual in a personal capacity, that is, outside of the course of carrying on business. The maximum deduction that can be claimed in an income year is $1,500 for donations to political parties and $1,500 for donations to independent candidates or members. Businesses cannot claim deductions for donations to political parties and candidates. Workplace giving programs Employers may facilitate donations to DGRs for their employees through workplace giving programs or salary sacrifice arrangements.

Under a workplace giving program, an employer forwards a portion of an employee’s salary to a nominated DGR. The employee claims a deduction for the donations in their tax return and may be eligible to have PAYG withheld at a lower rate. Under a salary sacrifice arrangement, an employee agrees to have a portion of their salary donated to a DGR in return for the employer providing them with benefits of a similar value. In this case, the employer makes the donation and claims the relevant deduction. What records do I need to keep? Taxpayers should keep records for all tax deductible donations made. DGRs will typically issue a receipt for donations made, however, there is no requirement for a DGR to provide a receipt. Donations made through a workplace giving program can be evidenced by an employee’s income statement or payment summary, or by written records from the employer. Should I donate to a cause if no tax deduction is available? Many charities that are registered with the Australian Charities and Not-for-profits Commission do not have DGR status. This does not indicate that a charity is illegitimate or that its work is not valuable — DGR endorsement is simply a tax concession that

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

some charities are entitled to. The ACNC website provides further information on donating to legitimate charities and finding out how a charity uses donations. Accountants should be mindful of tax considerations that can arise where a business donates to an organisation that is not a DGR. A business that supports a charity through advertising or sponsorship may be entitled to a tax deduction as a business expense. Donations made by a business on behalf of an employee may be subject to fringe benefits tax. GST treatment for contributions made to crowdfunding campaigns also vary depending on the crowdfunding model.

FIND OUT MORE... Try more expert content and practical tools on CCH iKnow

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Issue 31 / 61

KPIs you should be tracking in your accounts receivable team

@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.

Are you tracking the right KPIs for your accounts receivable team’s performance? If not, you could be missing out on important insights that could help improve your bottom line. This article is

n this article, we will discuss 3 easy-toimplement and measurable KPIs to track your team’s performance as well as provide the equations needed to calculate each KPI. By tracking these accounts receivable performance metrics, you will be able to identify areas of improvement and make datadriven decisions about how to improve your accounts receivable process and results. What are accounts receivables KPIs? Accounts receivables key performance metrics, or KPI’s are performance metrics used to track the success of your accounts receivable team or process. For this article, we’ll be defining accounts receivable as the money owed to a company, for the products or services it has provided, that have not yet been paid. Tracking key these KPIs is important for understanding and improving your company’s accounts receivables process and cash flow. By monitoring the following metrics, you will be able to:

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• Measure how quickly customers are paying their bills • Identify problem areas with customer payments • Evaluate the effectiveness of your accounts receivable process • Assist your accounts receivables team in improving their efficiency (your sales team uses KPIs and targets, there’s no reason your AR team shouldn’t as well) 1) Days Sales Outstanding (DSO) Your DSO is a measure of how quickly your customers are paying their bills. It’s calculated by dividing your total accounts receivable balance by your average daily sales revenue. The lower your DSO, the better. A high DSO means you’re not collecting payments as quickly as you could be, and it could be impacting your cash flow. Tracking your DSO is one of the most common, and most important, metrics for your accounts receivables team. The formula for calculating days sales outstanding is: (accounts receivable / total credit sales) * number of days

For example, if you have a total accounts receivable balance of $5,000 in a given month, and your sales revenue in that month is $50,000 - multiplied by the number of days in a month (30), your days sales outstanding for that month is 3. By tracking your DSO, you can identify any potential issues with your accounts receivables process and take corrective action before they become bigger problems. If your days sales outstanding are high, try implementing accounts receivables management best practices, or an accounts receivable management software like Chaser to reduce them. 2) Operational cost per collection The operational cost per collection metric looks at the amount of money you’re spending to collect each payment or the cost of getting a single invoice paid. Ideally, this number will be as low as possible so that you’re not losing money on collections efforts. You can measure this by adding your monthly labour costs (time spent on invoice follow ups multiplied by hourly labour

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

cost), to your monthly outright costs (email provider, tracking and invoicing software, phone fees etc.), and then divide this by the number of invoices paid per month. This KPI considers your team’s execution and capacity, rather than just your receivables results alone. One of the ways to overcome the inherent cost in collection activities is to invest in accounts receivable automation software. Leveraging the power of automation can help you to improve your accounts receivable performance metrics and keep your collection costs down by automating tasks like payment reminders, customer statements, payment confirmations, and more.

system and accounts receivables automation - these systems work together to ensure your data is always up to date and accurate, helping your team to save time and reduce invoicing errors.

3) Number of revised invoices If you are regularly needing to revise invoices, it could be an indication that your process is not effective, and may be encountering human errors or system errors in your invoicing process. The best way to get paid is to make sure your process is as effective as possible, and that you’re collecting the money that’s owed to you. If you’re sending out the wrong invoice to the wrong customer or sending out invoices with mistakes on them, it causes confusion, delays, and means you might have to wait longer to be paid what you are owed. Tracking the number of revised invoices at your business month over month is one way to measure your accounts receivable performance, and can help you identify areas where you need to improve. If revised invoices are a problem for your business, you may want to consider moving away from legacy accounting systems or manual accounts receivables processes to help improve efficiency and reduce human and system errors. Instead, consider implementing a cloud accounting

Ways to track and communicate your accounts receivable KPIs When it comes to KPIs, clear communication is key, it’s important that from offset all stakeholders understand and agree the KPIs and how, as well as how often they will be measured and reviewed. Regularly tracking your KPIs can help you make adjustments and stay on track. It’s important to review what is going well (and why) as well as what is not going so well.

Accounts receivables KPIs: the key to improved cash flow Tracking critical metrics is always a key part of any improvement process, and your accounts receivable performance is no exception. Putting in place a series of key AR KPIs and connecting them to accounts receivable targets will help you both measure the performance of your receivables department and give you the data you need to improve your overall cash flow. With cash flow being so important to the survival of businesses, it’s crucial that you take the time to set up and track your accounts receivables KPIs.

There are various ways that you can track your KPIs, and it’s best to find an approach which works well for all stakeholders. Some of the most common ways to track KPIs are either by creating a dashboard which is regularly updated, sharing a weekly report via slack, email or any other tool which you use, or sharing progress during meetings on a weekly or monthly basis. Whichever approach you take, it’s always important to remember that KPIs are more than just numbers. They are there to guide you to drive your business in the right direction.

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Want to learn more? If you want to optimise your accounts receivable process and improve cash flow, sign up for a free trial with us today!

Issue 31 / 63

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Issue 31 / 65

Your experience adds value to MTD automation This article is

ccountants understand their clients’ data, often better than the client does

Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will place additional burdens on those impacted and the accounting and bookkeeping community who are best positioned to help them. As any accountant will agree, even the most intelligent and articulate clients may not necessarily have the interest, skill or knowledge to keep accurate and up to date financial records. Especially to the standards required for meaningful MTD ITSA quarterly updates. Leaving these self employed and landlord clients to their own devices therefore may be creating more repair and review work down the line.

Automating much of the collecting and categorisation of records, and being confident in its output will help reduce the pressure, especially if there are tens or even hundreds of clients to be dealt with each quarter. Embedding professional experience in automation

@AutoEntry

Val O’Sullivan, CEO, AutoEntry Val O’Sullivan, FCA, is a Chartered Accountant with experience in a number of varied industries. He joined AutoEntry 3 years ago as CFO and more recently took on the broader role of CEO. Val is committed to building a work class automation product for AutoEntry’s customers.

their pattern of working which means you can inject insight and experience to enhance this further. By creating rules, and teaching the system how to handle specific vendors or types of transactions you can speed up the process through to reconciliation.

As a professional you know what data is required, how it needs to be presented, coded and backed up with appropriate documentation.

This might be to do with VAT treatment or nuanced coding, so your input in creating automation rules injects confidence and a level of sophistication into the system that can’t be bought off the shelf.

Any application that can help in this process will be a distinct advantage especially if, like AutoEntry, you can convert paper documents into digital records, extract data emailed in, and fetch regular bills or statements.

By taking a client by client approach, you can be sure that each is set up to meet the high standards you demand, clients expect, and HMRC require. Adapting to changes

However, it is your knowledge of the client, their trade and

As a client’s circumstances evolve over time, so might their financial processes. Changes of revenue patterns (for example if more trade is done online), seasonality, change in major supplier or where trade is completed, can all impact on the financial mechanics of the business and how records are maintained. Changes to VAT rates, as has happened to help certain businesses during the pandemic, can similarly impact - so keeping an eye on the automation rules

66 / Issue 31

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

set up for clients will ensure that they can continue to be compliant and pay the correct level of tax. Essentially, automation should be designed with adaptability in mind. Embedding your experience and understanding of the external factors influencing the business, is a key component of ensuring the system is working with you and producing the right results. Given the amount of data that may need to be checked quarterly under MTD ITSA, this level of automation is going to be increasingly important to building a sustainable service. Let the machines do the heavy lifting, but you retain oversight and control While it’s important to lean on automation, this has to come through establishing confidence that everything is working

correctly, and that there are still checks and balances in place. For example, retaining oversight of things such as automation rules means that as a service provider you know what is going on, and what the expected outcome should be. If things don’t look right you should be able to pinpoint why, form a view of what has happened (is it an error or the nuance of a particular circumstance) and make the necessary adjustments. Oversight and control is where you act as the engineer to the system, rather than just a recipient of its processes and outputs.

This will come under real focus as MTD ITSA starts to bite and the volume of information coming is unlikely to be handled manually in any economical way. You and your team will need to be able to focus on the outputs and analysis, rather than ensuring the gaps in the ledger are filled. Building in automation underpinned and controlled by your professional experience rather than just adding extra staff costs, is an important first step. It will help develop a robust and flexible MTD ITSA proposition regardless of the volume and inclination of your clients.

Focus your team’s attention and skills to where it is most needed

FIND OUT MORE...

While software can make the job easier, it is not there to replace your professional judgement.

Start automating your data entry with a free trial. Visit: autoentry.com

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Issue 31 / 67

A core platform for eSigning & ID verification – the new frontier Exceeding Client Expectations – The Guide to Getting it Right

@AnnatureAU

Amreeta Abbott, CEO, Annature Amreeta Abbott is the CEO and Founder of Annature and award-winning entrepreneur behind NowInfinity. This industry-leading platform provided its cloud-based Documentation Suite, Corporate Messenger, Trust Register, and Super Comply products to more than 4,000 accounting firms responsible for around 750,000 entities. The company was sold to ASX-listed Class Limited (ASX: CL1) for $25 million. Now she is either at the helm or on the board of multiple fintech organisations.

Annature CEO Amreeta Abbott reveals the powerful benefits behind the innovation of eSigning and ID verification in one platform... This article is

n a time of ever quicker and significant shifts in the demands on professional accounting practices, one of the most important is the stunning growth in demand for client verification. This is now more than an offshoot of pandemic lockdowns, remote working, and the realisation that customers now have little difficulty working digitally, often at multiple levels. As regulatory frameworks tighten globally, accountants face increased complex regulation and compliance requirements. That will expand, not contract, increasing professionals’ time and cost burden. We’re already seeing what forecasters estimated - the global market for identity verification will grow by more than 20 per cent over the next few years. That means close to four billion digital identity verification checks will be conducted annually by 2026. Accounting in the Digital Age As an accounting industry, we

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have always faced the risk of information falling into the wrong hands. Regulatory bodies don’t recommend sending and receiving sensitive data and identity documentation or evidence by email. It’s no longer considered a secure means of transmission. And that is a new business reality. A proactive response is to use a software platform built for the digital age like Annature, enabling businesses of all sizes to verify a user’s identity confidently, securely and quickly with an online secure platform. Freeing up bottlenecks, saving time with staff no longer needing to meet with clients face-to-face, and reducing risks generally associated with storing physical copies of identification evidence. Annature provides an integrated digital signature, Identity (ID) verification, and payments platform built on blockchain technology, a complete ISO 27001 certified Digital Transaction Management solution.

Global Stripe Partnership Annature has established a partnership with Stripe, one of the world’s most trusted and technologically advanced fintech brands. We have an integrated product with enhanced ID verification, an embedded payment process, and our multi-jurisdictional compliance and reporting capacity focus on Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. As a technology company, we found that we could easily embed their powerful ID and payment technology into our API-driven eSigning process by using Stripe’s well-documented platform. To provide a complete contract execution experience required by many fintech, insurance and other companies. Our blockchain technology delivers a cryptographically verifiable database and audit trail, producing a tamper-proof digital certificate for critical compliance information and reliable and trustworthy evidence. Data from

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all users is stored onshore, with bank-grade security. Margin Gains NZ Leads the Way The trend for regulatory tax authorities is to ask practitioners to perform identity checks for all new clients, including representatives of new clients, the new representatives of existing clients and existing clients where you have concerns that the client may not be whom they say they are. Precisely the kind of situation a new client experienced recently. The successful Auckland-based accounting firm Margin Gains needed to comply with the New Zealand legislation regarding AML and KYC requirements. Margin Gains had previously used a multi-national provider to help them migrate clients to the cloud but gave up in despair - having achieved only a 20 per cent success rate, mainly because their clients were receiving emails demanding ID proof from a completely unknown third-party bulk emailer. Innovating eSigning & ID verification Annature enhanced its architecture, completed the task, and migrated 3,500 of its clients to eSigning in six weeks. Our next job was to perform ID verifications

on another 1,000 clients. All contact with their customers was via a white-labelled Annature platform – keeping the Margin Gains branding in front of their customers - who knew exactly who had sent the request and why they should respond. We were able to integrate with their systems easily. To oversee authentication, remote identity proofing, cloud security and data security. A cloud-based system with multi-factor authentication, audit and tracking, encryption and data storage, and an accessible logged audit history allows accountants to get on with what they do best. Annature is unique because we integrate the execution of agreements and the client verification process into one transaction. The real benefits come when you use eSigning and ID verification simultaneously. As an accountant, you typically require a signature on an engagement letter and an authority to act when engaging a new client, and that’s when you want to conduct the ID verification steps. It makes sense to do both at once. The time savings are enormous, and the client experience is improved because they only need to activate one process, not one today and another one tomorrow.

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The paradigm shift towards paperless transactions and digital transformation for a wide range of commercial and legal documents now comes at a cost within easy reach of even the smallest practices. But be careful about some of the existing tools in the marketplace, which can cost you anywhere from $15 up to $40 per client verification. We see Annature as the onestop shop for meeting Proof of Identity requirements in the accounting industry. We already integrate with leading practice management software such as APS, GreatSoft and MYOB to share a single transparent view of client verification status, all stemming from Annature as the source of truth. So, if you are not identifying your clients, now is the time to begin. It is also an opportunity to clean up your database to ensure that your client’s information is accurate across multiple platforms. They’ll thank you for it. And you’ll thank yourself every time you access it.

Find out more... Try Annature free for 7 days: annature.com.au

Issue 31 / 69

Beyond Financial Consolidation How to Make the Most of Your Data This article is

reating a consolidated financial report is an important step in measuring the success of a multi-entity group, but it doesn’t paint the full picture. Going beyond traditional financial metrics to analyse non-financial KPIs will allow you to plan more holistically, and focus on a wider range of goals. A consolidated report should also be flexible enough that it gives you both a group-wide overview, and a close inspection of the performance of individual entities, without much extra effort. If your reports don’t show you these two things, it might be time to rethink your consolidation strategy. Luckily, getting started isn’t hard. Here are a few things you need to consider. Consolidation in the Cloud Let’s begin by talking about financial consolidation in the cloud. Before customising your report to fit your needs, it’s important to have a good understanding of your current financial position. Using cloud software is the simplest, easiest, and most accurate way to prepare a consolidated financial report— and you can do it in just a few clicks of your mouse.

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Investing in the right software tools can save you the hours it would take to create a similar consolidated report in Excel. But software also greatly reduces the chances of human error. Most consolidation software will pull accurate numbers from your data collection systems, so you’ll be working with the most accurate and up-to-date data available without manually entering it yourself. Finally, cloud consolidation means your colleagues and clients will be able to access your reports whenever and wherever they need to. As remote and hybrid working arrangements rise around the world, cloud software will become more and more necessary—something to consider for the near future. Measure the Metrics that Matter Once you’ve created a basic consolidated financial report, you can take it to the next level by adding important KPIs specific to your industry. These will often be non-financial metrics, but they’re just as essential as your financial data. Make the most of these numbers in three simple steps:

@spotlightrep

Johannes Schlechter, Senior Account Manager, Spotlight Reporting Johannes Schlechter has over a decade’s worth of international experience in management, sales, system design, and system deployment. As a Senior Account Manager at Spotlight Reporting, he works with accounting firms and businesses of all sizes, helping them achieve better business outcomes. Outside work, he’s an avid mountain biker, wakeboarder, and spear fisherman.

1. Identify the right metrics to track by looking at the numbers that drive your company. If you’re a hotel chain, what’s your occupancy rate? What’s the average price of a room? When are your peak times? How do you measure customer satisfaction? 2. Decide which of these KPIs feed into your overall goals. For example if you want higher occupancy in your hotel and the main source of your bookings is traffic from your website, tracking website views is a good place to start. Once you have a baseline, you can see if increased website traffic translates into higher booking numbers—and if it doesn’t, why not? 3. Track progress by measuring the same data each month. Spotlight Reporting offers a range of charts and graphs that you can tweak to fit your requirements, and save as a custom template. Not all groups have the same needs, which is why creating a customised template for your consolidated reports will keep you on track. As an added consideration, using a software app that creates engaging, digestible reports will serve you even better in the long run. Not everyone in

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your team will be able to parse a spreadsheet of numbers, but everyone can benefit from understanding your financial position. Make the information accessible, and your team will be more able to contribute to the company’s goals. Measure Individually, Track the Group A consolidated report—including financial and non-financial KPIs— will give you a good overview of the overall performance of your group. But the real magic happens when you look at what’s happening amongst individual entities, and how each entity is performing in comparison with the rest. Remember, your consolidated view is simply the average of each of your entities— to affect real change, you need to drill down.

It’s inevitable that some of your entities will be more successful than others across different metrics. Identifying your high performers is the first step towards helping your less successful branches improve. By sharing insights and strategies across the group, you can boost performance overall. However, don’t forget to take into account the different context each of your entities operate in. What works well in one city might not work in another, and success might look different across the group. One hotel in a chain might bring in the most revenue, for example, while another is more popular on social media because of its unique architecture. Both will be valuable for the wider group, and should be treated accordingly.

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To summarise: consolidated financial reports are useful, but for the best-possible business outcomes, you need to be measuring all the metrics that matter to your group. Spotlight Reporting offers a range of customisable consolidation tools that will allow you to track both financial and non-financial metrics at the individual and group level.

FIND OUT MORE... Find out more about our consolidation tools: spotlightreporting.com/ product/consolidatedreporting

Issue 31 / 71

Banish spreadsheets for good: Help your clients move to job management software For accountants and advisors, moving clients to job management software is a win-win.

@WorkflowMax

Millie Vingrys, Global Head of Marketing, WorkflowMax I’m the global head of marketing at WorkflowMax. I really enjoy getting to know our customers and sharing their stories of success and business growth with our community. I love to see how our product helps busy people to steal back precious time to work on what really matters in their lives.

If you’ve got clients who are still using spreadsheets to manage jobs and projects, they’re missing out on efficiency, accuracy, and possibly compliance laws. You can help change all that.

s an accountant or business advisor, it can be challenging to get these types of clients to understand the value of switching to an online job management system. They may not realise how clinging to spreadsheets could be hurting their business processes and possibly their bottom line.

This article is

At the same time, you’re potentially facing your own frustrations if you have to deal with their manual processes, inaccurate data and struggle to get detailed insights. To help you convince them to make the move, I’ve outlined why spreadsheets can sabotage efficiency, accuracy and more (feel free to borrow my words for your own explanation to clients). Then I’ll tell you how to easily migrate your clients to job management software and how you can boost the value of your business at the same time.

anyone can modify them, it’s nearly impossible to maintain an accurate database for information like deliverables, tasks and costs. In fact, research suggests that close to 90% of spreadsheets contain errors. If team members are working from different document versions, information won’t match, people might be working to different timelines, and you could easily face hurdles to delivering projects successfully. 2) Processes aren’t consistent

4 signs it’s time for your clients to break up with spreadsheets

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1) They don’t trust their own data

Spreadsheets are designed to be completely customisable. You’ve got endless ways to organise, format and display information.

When you use spreadsheets and

While this functionality is useful

for financial modelling, it’s not great for creating repeatable processes and consistency across your jobs – the key elements for producing reliable results. Businesses that use spreadsheets for job management often end up with overly complicated workflows and less-than-optimum process efficiency. 3) They’ve got no visibility over job progress If you use multiple spreadsheets to account for project tasks and progress, it’s a time consuming, highly manual job that requires a good level of data management expertise. That means it could be difficult to quickly and easily see how your

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jobs are progressing. You might not be able to spot potential problems and make adjustments to keep things on track and profitable. And you could find it difficult to get the insights you need when you need them (especially when you’re reporting on unreliable data from inconsistent processes). 4) They could be falling behind on regulatory requirements You may be quite happy manually updating your records in spreadsheets. But as time goes on, your government might not be! the UK for instance, Making In Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. Keeping digital records and using software to send information directly to HM Revenue and Customs helps avoid transposition errors and will reduce the amount of tax lost to these avoidable errors. Other countries are also starting to encourage or require digital record keeping as well to make tax returns and reporting more efficient.

So where to from here? Hopefully these points will help you convince your clients that switching to job management software is the way to go. So which system do you choose? WorkflowMax offers a complete end-to-end business solution for service businesses of all shapes and sizes. It can help you address each of the points above while offering many more benefits. For example: •

•

Everything a service business needs in one integrated system WorkflowMax helps businesses manage all aspects of their workflow – leads, quotes, jobs and costs, timesheets, documents, budgets and invoicing – all in one place. Greater visibility over the work being done With all their job information in one place, it’s easy for your clients to have a complete understanding of job/project status, team capacity and overall profitability. Seamless flow of data At the touch of a button, your client can convert a quote into an active job/project, then a completed project into an invoice. And when it comes to compliance and

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•

regulations, WorkflowMax can improve record keeping and make things less painful during tax return time. Reduced administration time Businesses can spend less time focusing on internal project administration and more “The suite of standard time on their and custom reports is clients and second to none and at the projects the click of a button I themselves. Xero have all the information integration I need for managing offers our business.” instant financial clarity Seamless integration between WorkflowMax and Xero means simple and efficient job invoicing.

Proof from a business owner who’s switched Before WorkflowMax, the team at Asset Management Engineers was using more than 20 linked spreadsheets and their invoicing process took weeks. Today they just have a handful of spreadsheets and invoicing is done over a few days. The ongoing result is huge efficiency gains and improved cash flow.

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Trevor Hughes, former founder, says, “There are not enough superlatives to describe how good WorkflowMax is. Everything is accessible 24/7 from any device anywhere in the world. We use WorkflowMax for all our job management, from raising jobs, quoting, recording hours by individual job, tracking work status, pushing invoices through to Xero and tracking profitability. The suite of standard and custom reports is second to none and at the click of a button I have all the information I need for managing our business.” Enhance your own firm’s offering with WorkflowMax If you like the sound of what WorkflowMax can do for your clients, consider becoming a WorkflowMax advisor.

You’ll get access to support resources and benefits that are all designed to help your clients’ businesses and your consulting relationship flourish. Josh Licence from BlueRock Digital, a certified WorkflowMax advisor and implementation partner, has this to say about the benefits: “When accountants and advisors use WorkflowMax, they have access to near realtime information to jump in and support their clients. With the knowledge they learn from becoming a WorkflowMax advisor, they can help align and embed their clients’ business strategies into the systems and processes they use. Accountants and advisors can also incorporate business system advisory, training, support and business

intelligence services into their packages. It’s a great way to expand their service offering.” You’ll be able to have better conversations, offer richer insights and provide more strategic business advice. Your clients will be able to work more efficiently and get a better view of their people, profit and performance. It’s a win-win for you both!

Find out more... We’ll be at Xerocon London, New Orleans and Sydney. Visit us on the Xero stand to talk more about how WorkflowMax can help your clients. Sign up to: workflowmax.com/advisor

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Issue 31 / 75

The role we have to play in getting more women into accounting Accounting firms need a dedicated focus on inclusivity to make an impact

@ignitionapp

Francesca Deery, VP - People & Culture, Ignition Francesca Deery has been at Ignition since 2019, joining as Head of People & Culture before progressing to Global VP, People & Culture. Most recently, she served on a panel of judges as part of Ignition’s Women in Accounting Awards. She previously spent four years in London, where she served as Head of Human Resources at Reach plc.

Women want to get into the industry - with Ignition’s Women in Accounting Awards seeing a 27% YoY increase in submissions.

This article is

iversity, equity and inclusion (DEI) is one of the most talked about issues across all sectors and industries. It’s no shock that diversity of thought is a crucial factor for growing the business. It’s also proven to be an important part of attracting talent, with 76% of job seekers considering it a top factor when evaluating job offers. Thinking about DEI across the accounting sector is no different. It has long been a male game, but with more accounting firms taking a DEI-focused approach to hiring and culture, the accounting profession has become more accessible for women. In fact, Accountancy Age’s “Top 50+50” survey demonstrates this, finding that, at the time of the research’s launch in 2020, nearly half of all qualified accountants were female (45%) - however, only one-fifth of senior roles within the sector were occupied by women.

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Barriers to equality still exist. This is why the accounting industry needs to better engage its people to make sure they are putting the onus on themselves to ensure the sector adapts to reflect our diverse society. At Ignition, this is something we strongly believe in - and we’re making sure we don’t just talk the talk. In fact, we recently announced the winners of our 2021 Top 50 Women in Accounting Awards. We are keen drivers of the annual awards programme because we understand the need to recognise outstanding women who are driving meaningful change and leading the way for the next generation in the accounting and bookkeeping industry - for example, Michelle Kvello at Lantern Partners, who said she’s “grateful for the opportunity that [she now has] to be able to use the [Award] to further drive the support and recognition for other women in accounting and finance, and more broadly to promote

diversity within the industry which will in turn lift us all.” Now in its fifth year running, the awards programme received almost one thousand nominations, with a 27% increase in award submissions from nominees compared to the previous year. We are determined to have an impact on a global level, which is why this year’s honorees come from all corners of the world, including the UK, Australia, New Zealand, the US, Canada, South Africa, the Cayman Islands and Nigeria. It was so inspiring to see the record volume of submissions of women who are truly advancing diversity and inclusion in their industry, from all walks of life and from different parts of the world. From those such as Elona Mortimer-Zhika, CEO of IRIS Software Group who believes accountants are the backbone of our economy, and diversity leads to better decision making

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and more business success - all “When you look through the list the way through to women such of other people that have been as Cindy Schroeder of Bright recognised in these awards, Bookkeeping LLC / Bookkeeping you see the amazing things Buds who felt like she was never these women are doing in their in the right place at the job she respective communities or worked in until she launched her industries across the world, and own accounting business. Each to be named as one of them is and every woman who entered incredibly humbling [...] I spent the awards is a role model the early part of my and understands the career trying to copy importance of taking what [those around to leads Diversity inspiration from one me] were doing [...] better decision another. As I have developed making and and learnt [over more business We helped launch my 20 years in the the Women in industry] I’ve realised success. Accounting initiative that it’s much more on International important to be your true Women’s Day in 2018, as a way self and show up as you.” - Kat to drive advocacy, change and Wellum-Kent, Monahans. opportunity in the accounting and bookkeeping industry. To “We both want to say a huge date, the awards programme thank you to Ignition for has received thousands of recognising us as Top 50 Women nominations globally and has in accounting. Thank you for helped us share the stories of 250 acknowledging the impact we’re winners. We at Ignition are proud making in the accounting industry to play a key role in amplifying now and moving forward.” the voices of women making a Alexandra Falcon Huerta, Soaring difference across the accounting Falcon and Sherrell Martin, Nitram sector, and are privileged to be Financial Solutions. supporting the programme year on year. “There’s no shortage of exceptional women who are But don’t just take our word for it. making an impact in our industry, Here are just some of the things so to be included in this list for our Top 50 Women had to say the second time is incredibly about the programme: meaningful, especially with this

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year’s theme of celebrating our unique differences. Having a platform to further promote the benefits of embracing a Diversity, Equity, and Inclusion programme in your business is an incredible honour and something I look forward to continuing to do [...] Stand up for what you believe in, know your value, know your worth, and don’t accept anything less.” Kelly Eke, Precision Taxation Accounting & Management. When putting the programme together, we at Ignition carefully thought about how we were going to assess submissions - we want this award to mean something and to have an impact for the women who enter, and win, so we came up with a set of criteria that we felt best honoured how women across the accounting industry can show their value to the industry. Submissions were measured on: • Experience: What the nominee has achieved professionally and how that has been informed by their unique lived experience and story. • Encouragement: How the nominee is actively and practically encouraging the next generation of future female leaders in the industry.

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• Empowerment: How the nominee supports and inspires others to reach their potential and claim the full confidence of their strength as a woman. While the representation of women in accounting, bookkeeping and professional services is increasing, many women still face obstacles when it comes to pay and opportunity parity. As you can tell from the quotes from our Top 50 Women, this year’s award honorees are paving the way for a more

equitable future, by uplifting more women into senior roles, driving culture change in their workplace and organisation, and inspiring the next generation of future leaders. Every single applicant shared a significant story about how they had contributed to the betterment of their peers in the profession. And herein lies the most powerful part - awards and initiatives such as this, along with placing a dedicated spotlight on women in the industry, enables

them to collaborate in an authentic way. There is so much going on behind the scenes to progress our industry forward, and it’s important we keep sight of this as we continue to evolve not just the service we offer, but the people we have in place to evolve that service.

FIND OUT MORE... Find out more about the awards programme here.

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Issue 31 / 79

The Great Accounting Shift What does the future of accounting look like? As the industry strides towards a future-proofed way of working, accountants and bookkeepers will continue to drive this change.

This article is

echnology and automation is changing the way the accounting industry operates. Accountants and bookkeepers are an essential part of business digitisation, thanks to the growing number of software available to manage workflows. This represents an anticipated evolution of the accounting landscape, that’s now seeing accountants and bookkeepers shift from standard compliance to tech advisory. Here, we consider what that looks like. Let’s be clear: compliance is critical and will never go away, and advisory is something accountants have always done. But automation helps make this work easier, quicker and more accurate, which allows accountants and bookkeepers to expand advisory services and become more strategic. This extra capacity created from automation will ensure that accountants and bookkeepers can help their clients achieve their personal and business goals. The last few years have been a driver of this change. Clients who still weren’t using digital tools for their financing needs have now realised they need to reassess how they approach processes and

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@dextofficial

Paul Lodder, VP of Accounting Product Strategy, Dext Paul joined Dext in 2020 and is VP of Accounting Product Strategy. ACCA qualified since 2003 and 21 years working in practice, he remains up-todate on accounting trends. While in practice, Paul led the firm’s MTD and digital strategy, and provided support on digitalisation to accountants & clients across the country. It’s safe to say Paul knows a thing or two about technology in the industry.

embrace technology.

how to implement them. Once comfortable with an initial setThe introduction of MTD in 2019 up, they move on to exploring was an initial motivator, but what else those tools can do once the pandemic hit, accessing for them: digital health checks, government funding and having easier business valuation, better up-to-date numbers to reporting and aid decision making in forecasting… times of uncertainty Suddenly, finance Who are businesses served as the main professionals support turning to for reason for many. start being seen with digitisation? With potential as experts in Accountants and changes to digitisation. bookkeepers, compliance being introduced in the For anyone of course. future, such as small diving into the sea companies now having of fintech for the first to file P&Ls, the filing deadline time, it doesn’t take long to potentially being shortened feel overwhelmed. There are from nine to six months and, of thousands of software options course, we also have MTD for ITSA and apps available, and no one from 2024. This is encouraging can be an expert on all of them, business owners to think about let alone keep on top of updates how they prepare and keep their and new features. So assessing accounts throughout the year – what clients are currently using, and it’s where automation comes what else they need and how to in handy. implement it is the first step. So who are they turning to for support? Accountants and bookkeepers, of course. From compliance to tech advisory As businesses start to reassess their systems, they initially need help figuring out which types of software are needed and

A common solution is to look at cloud-based apps that are easy to embed and offer more benefits – a core tech stack that suits the majority of businesses. Extra tools can be recommended if and when necessary, based on the changes in their accounts and concerns. Segmenting clients to know which apps work better for them can help accountants advise on the

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ones that are more suitable, but also review the app stack when needed. Teaching clients and training your team

on building and scaling their companies and don’t always want to think about the admin side of things. Enter the tech-savvy accountant who will bring their business into the 21st century.

It’s important to ensure the team There’s also a lot of old-school is fully aware of the functionalities accounting being done on new of each app to make the most of technology. For example, some them. Clients won’t always clients already use know everything a tool Xero and are ready can do, so will rely to introduce more Firms play a crucial on accountants to automation, but role in building the introduce these don’t know how. confidence clients apps in their day-toIt takes time for need to have in day flows and keep accountants to assess technology. them updated. what each client needs and go through all the Moving forward, both steps. There’s a lot that can accountants and clients require be automated, but getting it all additional training, at different set up properly is what makes levels. While clients need to know the difference. Over time, clients how to use software to submit become more confident that information and meet deadlines, systems will do what is needed. accountants must have more It’s a learning curve. in-depth knowledge to increase efficiency and ROI, as well as Firms are already seeing a support clients when needed. demand for specific assistance Self-guided training and resources from clients engaging in new are often the best solutions, as technology. Services such as app they can be completed in your advisory, training and ongoing own time and can be revisited at monthly support are becoming any time. popular, and clients are happy to pay for it as they clearly Reviewing current systems, see the value. They’re seeing understanding what’s needed, quicker turnaround times while cleaning the data, recommending having more conversations with and implementing new tools and accountants and bookkeepers. offering constant support… All This allows for more of this takes time and skills, and communication and stronger clients see the added value to this relationships – essential for any new function. firm’s reputation and growth. Compliance work won’t reduce, Bringing businesses forward but will take less time because software is making it easier. This new “tech-advisory” service is a crucial step towards business Breeding confidence digitisation, and it’s opening a new window of opportunities The role has shifted. There will for accountancy firms. Business still be a shoebox from time to owners are busy focusing time – after all, it all depends on

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businesses keeping on top of their record-keeping and having the right systems in place. But automation helps, and firms play a crucial role in building the confidence clients need to have in technology. That will ultimately lead to a full finance function service being offered to clients. Compliance, bookkeeping, payments, cash flow, working capital management, strategic business advisor: if clients can rely on one single firm to get more done, they are more likely to stay. Looking after all of this isn’t something accountants could realistically do until a few years ago. But now, the variety of software and apps available make it feasible and cost-effective to provide extra advisory services focused on digitisation. Fewer clients, more work, smarter processes. The future of accounting is indeed looking interesting. To find out more about how technology and automation is changing the way the accounting industry operates, listen to this webinar on the Great Accounting Shift with accounting expert Paul Lodder and guests.

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Issue 31 / 81

New Releases

Updates and new releases from Xero connected apps New feature shout-out

Annature annature.com.au

Crezco crezco.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

In a remarkable first, Australia’s premier electronic signature, ID verification and payment solution, Annature, has taken its eSigning platform to the next level - announcing a fully integrated Identity (ID) verification solution powered by Stripe. By partnering with Stripe, we can provide organisations with the eSigning, ID verification and KYC/AML technology they need, with maximum prevention and protection to give them and their customers an exceptional lowfriction and trusted experience.

At Crezco we’re constantly rolling out new products and features. Next on the release list we have multi-tenancy and role-based access functions. This allows the benefits of Crezco to be more widely leveraged across larger organisations, whilst maintaining control and visibility for senior management. While we have a vision and product roadmap at Crezco, we also let our customer’s guide us, and both of these features come at their request.

ApprovalMax approvalmax.com • Budget Checking: Sync budgets with approved and ‘awaiting approval’ invoices in real-time. • Bill-to-PO Matching: Compare information in invoices to information in corresponding purchase orders and match them in ApprovalMax. • Auto-approvals: Automatically approve documents with workflows that automatically approve the documents without manual review or approval. • Batch Payment Approvals: Group unpaid bills together to create one financial document to simplify partial or complete payments.

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ExpenseOnDemand expenseondemand.com New function releases help customers manage their expense management processes better: 1. Chatbot available on the mobile The Chatbot is now available in the mobile app loaded with useful guided videos to help claim and approve better when using the app. 2. Long-Term Contract Discount & Cost Control ExpenseOnDemand offers customers not only rolling monthly contracts but also a discount mechanism if customers sign a contract for a longer-term. 3. Xero Employee Automation Integration is made simpler. Using Employee Sync, if both apps have contacts (Claimants) in them with the same email

ID, the function will map these employees automatically. GoProposal goproposal.com Coming July, onboarding clients with GoProposal will bring even more security than ever before with our new Risk Assessment solution. Triggered in one place, automatically after your letter of engagement has been accepted, with built in reminders it will ensure you stay on top of your assessments as your working relationship moves forwards. Risk experts have built their expertise into the automated system, speeding up the process whilst keeping your business compliant. HR Partner hrpartner.io HR Partner recently launched a revolutionary new Performance Management and Goal Setting tool for use within its HRIS system. The app is designed for companies with 20-500 employees and integrates with Xero to provide an employee portal where team members can apply for leave, manage their goals, complete onboarding checklists, enter performance review input, and more. The new tool allows for form-based reviews involving input from the manager, employee and peers (where desired), as well as goals that can be tracked and updated in real time.

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Issue 31 / 83

New Releases Microkeepers microkeeper.com.au Microkeeper has recently rolled out the second phase of Single Touch Payroll, meaning they are fully compliant with the latest ATO requirements.

global support offering so their customers can now talk to a real human member of the customer support team 24/6*. With the new expansion of their industry-leading customer support hours, they’re on hand to help trade clients when needed.

nettTracker nett-tracker.com

Tidy tidyinternational.com

At nettTracker, we are regularly updating the software based on user requests and always thinking of ways in which we can improve and increase the functionality. We are currently working on ‘loans’ which we hope to release towards the end of the summer. This will mean automated monthly interest calculations and journals, together with more statements that instantly reconcile to the balance sheet.

Tidy has implemented improvements around Stock Level Warnings, which include: a separate Stock Level Warnings screen, additional filters “Supplier” and “Location”, and a recommended value automatically calculated on a per-location Stock Reorder Level and Stock Max Level. Besides, Stock Level field has been added to the Batch Assignment dialog and users can filter batches in the Batch Assignment dialog by name or by stock level.

simPRO simprogroup.com

WorkflowMax workflowmax.com Making invoicing easier with folders: We’ve released the new ‘folders on invoices’ functionality in WorkflowMax which lets you invoice based on the folders you’ve created on your quotes or jobs. That detail will push into Xero (through the integration) if you’re using it. It’s a real time-saver for all small businesses invoicing out of WorkflowMax. 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

simPRO have upgraded their

All you need for business expenses Expense Management Company Cards Accounting Integrations Data Reporting Mileage Claims Document Management Loved by Xero customers

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Issue 31 / 85

What are outsourced accounting services? Outsourced accounting services can be the best solution for e-commerce sellers to meet their financial regulatory obligations. This WorldFirst overview will outline the benefits of seeking outside help with accounting in e-commerce.

This article is

hink of accountancy as the backbone of any company. Your company needs reliable accounts data to make informed financial decisions to stay in operation. Outsourced accounting services frees up e-commerce sellers’ time and insulates them from unnecessary risk (such as accidentally filing an incorrect tax return). Outside help with your accounting can also reveal opportunities to increase business profits — opportunities you may not have noticed if you’re busy doing every other task to keep your company afloat. Small business e-commerce sellers can access a wide range of accounting technologies to make the bookkeeping process easier. This article outlines how outsourced accounting services and technologies can replicate

the benefits of hiring an in-house accounts team for less cost. Why do many online sellers personally handle their accounts admin? When you are just starting as an e-commerce seller, you may juggle another job, raise a family, or have other things you like to do alongside your ‘side hustle’ business. It’s easier to start turning a profit through e-commerce selling than ever before. There are tools online that can set you up with a functioning e-commerce website in minutes. You can also start running PPC and social media ads for a minimal cost and make your first sale within the first day of opening up shop. With a plethora of automated tools to help you manage every aspect of running an online business, very few part-time e-commerce sellers see the advantages of hiring outside help in their accounting. To use an illustrative example: An inexperienced online business owner –– perhaps in their first few months of business –– may be mesmerised by the money coming in and oblivious to the responsibilities

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@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.

that come with online selling. Filing their first tax return, for instance, might feel like a far-off obstacle that they may view as being as easy as completing their first product listing, right? Well, not exactly. If you, so far, have not paid a second thought to your accounting records, you (like the inexperienced seller) will be in for a shock when it comes to meeting your first tax return deadline. Picture yourself sitting in front of a computer screen with endless spreadsheets, surrounded by piles of receipts and bank statements. Stressing over your accounts recording procedures is certainly not an efficient use of your time. So, make sure you prepare for the annual tax return deadline by accurately managing your small business bookkeeping as you go. We promise you; it will make your life so much easier. What are the benefits of outsourced accounting services? As mentioned previously, you can outsource your accounting admin to an accountant or bookkeeper. Alternatively, you can use technology to automate parts of the accounting process.

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

Consider the following benefits of outsourced accounting services before deciding if you want to go the human or software route in managing your finances. You may even choose a mix of both solutions as the best accounting option for you. 1) Cloud-based accounting tools sync with existing technologies Automation has made many aspects of e-commerce operations easier to manage daily. You have tools to help you analyse KPIs, run ads, create artwork, check copy, handle store inventory etc. Many of these programs run on subscriptions, and some even include AI functionality that allows programmable bots to spend money without the need for a human to approve each transaction. To keep up with all of the costs of running these technologies, you need a way to record the expenses instantly in your accounts records. Cloud-based accounting software like Xero can automatically log all of these financial activities directly from your bank account or payment gateway. 2) Outsourced accountants can Identify growth opportunities Some say accountancy is like a language –– your account records tell a story of how financially stable your business is and reveal areas where you may have inefficiencies that need to be fixed. A qualified accountant can take all of your financial information and provide helpful tips on cutting costs. An accountant can also gather all of the financial information you need to successfully apply for business loans or other finance packages to help your business grow. 3) Accounting automation lets you share financial data quickly and easily

If your business grows from a one-person operation to two or more people, you can quickly lose track of your financial transactions. All team members need, at the very basic level, a process to self-report their financial data. However, to minimise account manipulation or humanerror in recording costs, it is highly advisable to seek an automated accounting system to flag instances of mistakes or inconsistencies. 4) International tax compliance becomes easier with expert help and AI tools Automated accounting tools are fast becoming a regulatory requirement for companies filing taxes worldwide. For example, under the UK government’s Making Tax Digital scheme, which was introduced in April 2022, businesses making over £10,000 a year in income were now required to file digitised tax records to HMRC. Business owners trading abroad also have to submit records and pay taxes to international governments –– regardless of whether a jurisdiction has enacted digitised tax filing mandates yet or will do so soon. If a business owner is inexperienced in accounting or doesn’t have outsourced help, they can quickly get bogged down in international standards and accounting practices. Additionally, in instances where an internal revenue service wishes to conduct an audit on a company, the specialised skills of an international accountancy firm are essential in ensuring the process runs smoothly. For these reasons, aside from making accounting and bookkeeping more straightforward, automated tools and experienced accountants help businesses stay compliant with changing tax regulations. With the help of AI tools and

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expert accounting professionals, businesses of all sizes can trade internationally and remain confident that they meet the highest regulatory standards. Outsourced accounting services like WorldFirst help minimise business risk If you are processing payments in multiple currencies, you need clear records of financial transactions to minimise the business risk of changing currency exchange rates. A dip in currency value from transferring one currency to another, if left unchecked, could end up negatively impacting your business’s bottom line.

NEXT STEPS... With an account from WorldFirst you can lessen the impact of FX volatility by managing risk with Forward Exchange Contracts. 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. Call the Accounting partnerships team: +44 (0)207 801 2388 Visit our website: www.worldfirst.com/uk/ partners/accounting

Issue 31 / 87

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

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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

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Issue 31 / 89

Case Study

Boat manufacturer with plans to conquer distant shores gets business in ship-shape Industry expertise combined with software solutions TidyEnterprise & Xero help float Kingfisher’s boats

@tidyint

Leandri Smith, Director, The Mail Room Leandri has 16 years agency experience in corporate and consumer PR. Her career started in South Africa in 2003 while studying Communications and PR and soon after, she opened her own boutique public relations agency. She has 11 years agency experience in New Zealand and commutes between New Zealand and Australia to handle customer relations in both countries.

From their crow’s nest above the factory floor, a team trained in high-quality manufacturing sees a blue ocean ahead of them. This article is

hen the Mason family bought into a New Zealand-based manufacturer of catamaran-hulled boats, the business management software being used included TidyEnterprise and Xero, critical to the co-ordination and control of their production and supply. After steadily maturing the business’ workflows over the course of the year that followed the Mason family involvement, Kingfisher Boats today enjoys a software system that provides accurate accounting, stock, and Work-in-Progress reports. There are also further developments in the works to accelerate overall business efficiency, optimise production processes, and deliver company-wide data visibility. Kingfisher Boats is both designer and builder of the Kingfisher range of quality aluminium vessels with catamaran hulls sold through an approved marine distributor network. This growing New Zealand business, with its workshop facilities based in the city of Tauranga, happens to be in the same city as Tidy’s international headquarters.

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Kingfisher has built up a solid range of marine-craft products for over 19 years including commercial and recreational vessels ranging from 3m to 18m in length. Laura Mason, General Manager of the company, comments “What sets Kingfisher Boats apart is our focus on alloy catamarans. We’re unique in producing metal cats under 6 metres with a single engine – delivering a more stable platform in a compact package,”.

the boat we’re manufacturing. When we’re doing a multimillion dollar 18-metre vessel, there’s a lot of customisation so repeatability isn’t important. But when you’re producing a standard design, adopting production line methodologies makes sense,”. In either circumstance, accurately tracking materials and effort is crucial for sustainability and profitability. “You absolutely can’t thumb suck it, or you’ll end up selling boats for less than they cost.”

Situation Upon joining the business, Mason soon recognised opportunities for enhancing manufacturing processes. Applying experience she gained in the automotive industry, with its long history of process standardisation and optimisation; from the production-line efficiency made famous by Henry Ford to Toyota’s Kaizen methodology of continuous improvement, Mason sought to advance the somewhat unstructured approach characteristic of smaller businesses towards a defined and repeatable model. Mason emphasises, “This does need to be differentiated depending on

While Kingfisher Boats presently meets the needs of domestic customers, Mason says it does have ambitions for international growth in the future. “At present, the focus is firmly on optimising every aspect of our production and sales processes. We recognise the necessity for a well-run ‘ship’, so to speak, before taking on the challenges of expansion.” Solution With Tidy’s TidyEnterprise job and project management software already implemented at Kingfisher Boats when Mason came on board, she set about making full use of its potential.

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

Case Study

“We’ve been figuring out how to maximise our usage of Tidy to give us data crucial for making better decisions. This is increasingly critical as we trade through difficult times of increasing costs and supply chain disruptions,” Mason notes. The software is used for job tracking and recording time and materials. Flexibility is essential, says Mason, particularly when a larger Kingfisher is moving through the production facility. “These vessels have a custom production setup specific to the individual, so they are a special case. The under 6 metre boats are pretty standard, and for these we’re moving towards creating a Bill of Materials from which we have a standard list of metal and components that go into the assembly.” Stock management within TidyEnterprise is integrated with the company’s Xero accounting system, allowing for ‘straight through’ billing from building a vessel to invoicing it out to the customer. “This works well, with a process around the categories of materials that are cut, allocating the metal to the job, and providing a fuller and detailed picture of what each job costs. We’re also integrating time

and consumables into the process – it’s a good step forward which provides essential information for running a growing business,” Mason says. A further development is introducing Work-in-Progress tracking. “This next step is vital. When you’re building a big boat over the course of a year, accurate management of a balance sheet and profit and loss is fundamental. And as that is implemented in Tidy, we’ll look at boosting reporting capability for improved and instant visibility on every aspect of what goes into making the finished product.” Results With Tidy as a central system in advancing Kingfisher’s manufacturing processes they are steadily moving to the predictable, reliable, and efficient production environment required to scale from a national to international boat builder. Already, plans are underway to move towards stock forecasting and increased business intelligence, drawing on historical data contained within TidyEnterprise and Xero. “There’s a lot to like in Tidy, including the Xero integration and how you can add all items into

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each project to keep a running tally, track time against jobs, and put a budget in there. We’re looking at reporting for time and materials, and generally maturing the implementation as we learn things and come across issues,” says Mason. The proximity of Tidy’s HQ to Kingfisher Boats comes with mutual advantages in terms of process observation by the Tidy team and communication between the two companies to make improvements. Mason is complementary of the software vendor. “We’ve found Tidy great to work with. They listen, we share our insights and suggestions for what we’d like to see in the software, and they make improvements which probably benefit all their customers. It’s a solid relationship built on value creation.”

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

Issue 31 / 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

1099SmartFile 1099smartfile.com

An IRS approved 1099 eFile provider with print and email options for the recipient. Secure, easy to use, with no minimum fee that integrates with Xero 1099 report. Atto attotime.com Atto is a simple, all-in-one solution that accurately tracks your employees’ time and automates timesheets. Your employees’ work hours are instantly transformed into timesheet reports. Connect Atto and Xero to streamline the entire payroll process and save hours of admin every payday. AutoSettle autosettle.co.uk

Capitalise capitalise.com

Moolah moolah.digital/features

Protect and boost cash flow, strengthen and streamline your firm, grow your client accounts, supercharge your team. Unlock your advisory potential.

Easily report on Xero repeating invoices and monitor and forecast your monthly recurring revenue, all in one place. See the monthly or indepth insights you need to run a successful business.

EXL Cloud exlcloud.io Connect world class reports, dashboards and models in Excel directly with your Xero data in seconds with EXL Cloud. Save time whilst still wowing your clients.

An intelligent backoffice for accountanting firms and their clients, saving time on bookkeeping and providing useful insights by allowing collaboration help each other close the books more quickly.

IDU delivers packaged budgeting, forecasting, performancemanagement, and reporting tools to simplify financial management. Our award winning solution, idu-Concept offers real-time aggregation and consolidation of budget values through point-andclick reporting. The company’s financial modeling can provide valuable insights into future planning via “what-if” scenario planning and top-down budgeting capabilities.

BundyPlus Live bundyplus.com.au

Mayday Recharger getmayday.com

Save time and money with leading cloud, mobile and on-premise

Automates intercompany recharges between related entities.

Booke AI booke.ai

STRAIGHT TO YOUR INBOX! 92 / Issue 31

Set personalised recharge rules -> Transactions flow through -> Make any tweaks to your automated calculation -> Post into Xero. Do in minutes what used to take hours.

idu-Concept idusoft.com

A new, smarter way for companies to recover overdue invoices and debt, without compromising their relationships. Get paid fast with their smart reminder technology.

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

workforce tracking software. Accurately record employee timesheets with automatic time interpretation & employee authentication.

Omono omono.co Omono is an intuitive order management and inventory control app; its suite of innovative tools streamline your company’s workflow, boosting sales and fulfilment. Loved by manufacturing, distribution, and wholesale SMEs, Omono is tightly integrated with Xero to deliver effortless business oversight. Onfolk onfolk.com Onfolk makes managing and paying your people seamless. It’s HMRC approved as a payroll software and a fully featured HRIS. Including instant payments, time-off, onboarding automation, employee portal, document storage, fully automated pension process. Perfect for growing teams who want to minimise employee admin. Founded by ex-Monzo engineers

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Issue 31 / 93

New Xero Connected Apps

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Peakflo peakflo.co

Professional Hospitality professionalhospitality.com.au

Peakflo with its simple API and one-click accounting software integrations, allows businesses to streamline their customer collections and vendor payments. 187 finance team users, from earlystage startups to unicorns in SE Asia, use Peakflo each week to: • Save 100 hours/month on finance ops • Get paid faster on customer invoices by 10-20 days • Save 50-90% on vendor payment fees

Assists with providing fully tailored compliance solutions to your business to ensure that you are always one step ahead with ever changing legislation, processes, procedures, onboarding, WHS and more.

one click. Our premium version helps you craft your Net Zero journey with ease using our advanced Carbon AI.

Zero Carbon reshift.co.uk/product Zero Carbon is a free sustainability portal for your business where you learn all about your emissions in

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Making it easier for your clients to do business anywhere Partnering with WorldFirst can help you and your clients collect, convert and manage payments globally. Seamless Xero integration for easier reconciliation Open currency accounts without the need for local banking relationships Hold funds to pay suppliers, repatriate, and make international payments Speed up your supply chain with faster same- and cross-currency payments Send mass payments from a single transaction Manage currency risk with flexible hedging solutions Dedicated account managers with 24/5 customer service Low, fixed, transparent pricing

Visit worldfirst.com/uk/partners/accounting/ or call +44 (0)207 095 0741 to find out more

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Issue 31 / 95

Step-by-step guide on building the perfect tech stacks for your clients

Martin Chee, CFO, Amaka

Learn how leading accountants choose select apps for each client’s needs

He has been involved in a number of technology startups within the accounting and finance industries and is passionate about implementing software to achieve efficiencies and to strengthen the quality of business decision making.

@IoAmaka

Martin has over 15 years of experience as a CPA. Working in a boutique accounting firm has given him experience in a range of areas including business and start-up advisory, management accounting, systems implementation and more.

With over a thousand apps on Xero’s App Store alone, it can feel impossible to narrow down and specialise. This article is

o stay ahead, you not only need to build a tech stack for managing your accounting firm, but be able to recommend a tech stack to clients. This allows you to create more streamlined workflows internally, leading to more efficiencies across resources and improved margins. For clients, you can offer higher levels of service and set them up for success by enabling data-driven decisions.

1) Building a tech stack around a core accounting software

it’s not impossible to specialise in multiple, it makes things more complicated.

Leading firms typically specialise in one to two cloud-based 2) Working with clients who accounting software. Being have existing solutions exclusive to one will allow you to build tech stacks around a single New clients might have a precore. It’s easier to scale given existing tech stack that sits that data and workflows across outside of what you specialise in. all clients are working the same. When this comes up, test apps Plus, the time spent on you’re unfamiliar training will be reduced with and compare to “Make sure the considerably. Though apps already in your flow of data tool belt. The same between apps goes for working with is accurate and existing clients on a tech stack. You’ll either timely.” find better solutions or end up needing to transition the client to apps you recommend for their needs. Where a system is not replaceable you will need to rely on training and building process documentation. 3) What to look for when testing and comparing apps When digging into the viability of an app, determine the features that are most critical. For example, if you’re comparing integrations that sync

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

transactions to your accounting provide, these might not be clientsoftware, if customised account facing and instead run in the mapping by product category is background. Top accounting firms a requirement then make should be able sure that functionality to recommend “Create more is available. A lot apps for payroll, of the time, apps CRM, expense streamlined workflows aren’t extensive management, internally, leading enough and can reporting and efficiencies to more end up costing you forecasting. In across resources and more time than it some categories improved margins.” saves. you will find some apps service certain 4) Types of apps most industries better than clients will need in their tech others. stack 5) Customising your tech stack There are a few categories of apps to specific client needs that will make up the foundation of most tech stacks. Depending Each client will have different tech on the type of service you stack requirements depending

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on a range of factors, including size, whether they are a new business or existing business, what industry they operate in, how many employees they have, and how many products they have. Make sure the flow of data between apps is accurate and timely so that key business information is always at hand.

FIND OUT MORE... See Amaka’s range of accounting integrations and automation tools: amaka.com/integrations

Issue 31 / 97

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Workflows

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Issue 31 / 99

Future-fit growth: using technology to optimise your practice management

@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.

Business intelligence is a key tool for informing decision-making in practices. By combining analytics, data mining and visualisation

with the right tools and infrastructure, practices can make more data-driven decisions. This article is

ccountancy practice management software has come a long way. Today, features like automated billing and reconciliations can be easily integrated into the day-to-day workflows of UK practices. All solutions should be driven by a deep understanding of the practice’s needs, addressing the rapid changes in their environment. However, it’s often hard to look beyond improving performance in day-to-day operations. Amid Brexit, the COVID-19 pandemic and other disruptions, accountancy practices and their clients are dealing with an unpredictable economic landscape. Future business planning can appear daunting. However, technology can help accountancy practices and their clients to make informed business decisions and plan for the future. Leveraging technology in the right way gives practices closer control of performance tracking, greater efficiency, and deeper insights informed by business intelligence.

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Tracking KPIs: real-time reporting For several decades, business technology platforms have enabled practices to track performance metrics that they have customised. This highlights areas that qualify for improvement and underpins strategic planning. Contemporary technology makes setting up KPIs faster and easier for accountancy practices than ever before, which is vital today. The current business landscape demands that firms assess and amend KPIs more frequently, based on fresh market variables. KPIs such as client retention rate and business time-to-recovery have become increasingly prominent performance indicators in the past year. If clunky technology makes KPI management difficult, practices have less time and insight to plan future growth. Ease of tracking and reporting on KPIs is also fundamental in minimising risk. For example, if a KPI is set to track and escalate

debt filtered by overdue dates, the ability to easily set alerts and automatically generate reports is critical to practice performance management. Some practices are manually running monthly reports to measure KPIs. Others are running real-time reporting engines. This latter solution allows practices to review essential data at any time, covering both performance management and compliance requirements. They can do so remotely or onpremise. This means that firms can assess issues before they become problems, and thus act proactively. Real-time reporting is a true asset in building a future-fit practice. Basic and advanced workflows Practices using workflows can also introduce further efficiencies to drive future-fit growth. Workflow technology gives businesses full transparency over repeated tasks within an accountancy practice. It also ensures that processes are

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performed in a consistent and efficient manner, as anyone can pick up an existing job and see what tasks have been completed and what is outstanding. Automating these workflows saves money and frees up time for employees to complete more valuable tasks. Workflows usually display a visual representation of in-progress work. This may include who is doing what, potential issues, and work that will soon be overdue. A basic tax and accounting workflow may be a compliancefocused personal tax workflow. Reviewers can look at datestamped deadline dates and see completed workflow steps. These could include: • information requested • data received • data entry complete • return received • return to HMRC • year complete Internal workflows are common as well. Practices can integrate workflows with document management systems to manage approvals. This also creates efficiencies and time savings, particularly when workflows can reply and log emails directly. Where will we see workflows go next? Initiatives like Making Tax Digital have made workflows more important. It’s crucial that practices have complete visibility of which clients have filed their VAT and paid HMRC. Widespread remote working has also accentuated the need for workflows. Practices are more dependent on practice management solutions because staff are less able to compare notes in person. They need the ability to log into a common user interface, including from afar. Workflows are initially used to define a process. Once that process is being completed in a uniform way, it can be automated. Several practices are designing

workflows to validate tax return data and send tax returns automatically to HMRC. Here’s how this workflow may look: 1. A manager approves a personal tax return 2. The workflow sends the tax return and a personal letter electronically to the client 3. When the client digitally approves the tax return, the system marks it as approved 4. The tax return is automatically filed for the client on behalf of the practice Workflows can interact with thirdparty products to create further efficiencies. They can also work with non-linear flowchart design and apply advanced automation. This shows how workflows are advancing and becoming more ingrained in the day-today operations of accountancy practices. Even simple workflows can reap significant time and cost efficiencies. This makes them a powerful asset to the future-fit practice, supporting growth in the face of competition. Business intelligence Business intelligence is a key tool used to inform decision-making in many top professional services organisations, and particularly in many future-fit practices. Most practices will be familiar with the term ‘business intelligence’ - researchers have been writing

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about it since the 1950s. Business intelligence vendors began emerging in the 1970s, with tools to help companies access and organise data. Today, business intelligence has grown up. It is driving future-fit growth at accountancy practices across the world. By combining analytics, data mining and visualisation with the right tools and infrastructure, practices can make more datadriven decisions. Accountancy practices are now using business intelligence to: • analyse areas of potential profitability • ensure adequate cash reserves • manage chargeable and nonchargeable timesheets • forecast cash flow • improve overall practice management Centralising spreadsheet data Picture the following scenario. An accountancy practice has 20-30 spreadsheets that circulate throughout the business. They are owned by various advisors who all input data. The manual work is time-intensive. There are issues with data quality and consistency. Not all practices will have this experience. For some of them, manual reporting works sufficiently. However, others worry that they cannot stay relevant if their data is only run manually, whether on a weekly or monthly basis. Timely data is

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everything. These practices often want to drill down into timely metrics pertaining to clients, partners and various other parties. Consequently, many want to move away from inconsistent and outdated reporting. They would rather move to using one set of dashboards across the practice, which everyone can see and interact with. The power of business intelligence is its efficiency and robustness. In the scenario above, the practice could draw all the data from those 20-30 spreadsheets and load it into a business intelligence system. Unlike a traditional report, business intelligence is a ‘build once, build for everybody’ situation. Practices can apply routines to that data on an automated hourly basis. This eliminates the manual overhead of reporting.

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Accountancy practices should consider the following questions: • Do you spend lots of time in meetings organising spreadsheets before you even discuss growth plans for your practice? • Would it benefit you to aggregate data from multiple sources into one place and visualise it? • Would a system that automatically refreshed that data every hour, without manual intervention, save you time? • Could you introduce some more advanced strategy, such as gamification, to demonstrate performance visibility? Many accountancy practices may already be asking these questions. For those practices, a tech strategy involves continuous innovation - an expert solutions suite to accommodate future-fit needs.

About Wolters Kluwer Tax & Accounting UK Wolters Kluwer Tax & Accounting UK combines almost two centuries of deep domain knowledge with advanced technology – for professional decision-making with confidence. Our aim is to help accountancy practices deliver an optimal service for their clients, while becoming more efficient and productive along the way. We serve accountancy practices of all sizes across the United Kingdom and are proud creators of the renowned CCH range of accounting products, alongside other solutions such as finsit, Twinfield and Basecone.

Find out more... Learn more about how Wolters Kluwer can support you.

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5 Ways to Make Performance Reviews Easy AND Effective

No-one looks forward to performance reviews but this approach changes everything

@HRPartner

Sarah Brandenburg, Customer Success Specialist, HR Partner Sarah is a member of the Customer Success team at HR Partner and an experienced Human Resources Consultant with a background in employee development and relations, policy management and recruitment. She has a passion for leading the Human Resources functions inside small-to-medium sized businesses and loves working with clients to develop their own effective HR team.

With a smart process and a progressive, goal-based approach, performance reviews can become the performance ‘unlocker’ they were always supposed to be.

This article is

lthough many of us dread the upcoming performance review, studies repeatedly show that both employees and managers want regular performance reviews (and that not having them is actually worse!). From our work with thousands of small and medium businesses, our team kept hearing that managers wanted a way to do high-impact performance reviews, but in a way that was fast and easy. These are the principles that we built into our system, and that we suggest all businesses use when it’s time for performance reviews… 1) Use (and Re-Use) Performance Review Templates! When you design your Performance Management program, look for opportunities to create standard, reusable templates wherever possible.

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This can be by using the same Form, the same documentation, the same questionnaire… or a combination of these. Creating a simple template form that you use again and again across many different reviews will make your life much easier. It will also achieve the always-sought consistency across different reviews. When you take a moment to make something into a template, you create a process which means that reviews for each employee are managed more consistently and are also more easily comparable.

the staff member complete their input, answer questions, selfreflect on their quality of work and their own development and goals before the review itself. This will help lead the discussion and pave the way for more meaningful feedback. This approach is very effective as it changes the discussion from ‘what you’ve done wrong and where you need to improve’ to something like ‘how can I help you achieve your goals’. Even lessexperienced managers will find that the focus shifts to be more positive and constructive.

2) Gather Your Employee’s Input BEFORE the Review

3) Include Peer Input

Every business has their own process when providing feedback on employees’ performance, but we’ve found that the Performance Review meeting is more effective when the employee has already been asked to provide their own input.

360-Degree Feedback Reviews have received a lot of attention in recent years. By asking for feedback from the employee’s peers and direct reports, you can often get a much more complete view of their contribution and areas for growth.

Using a templated form, have

When we built our own new

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performance management system, we wanted to allow complete control over who is asked for input, and what the input questions are. For example, you might just include colleagues, or just direct reports, or some combination. You can also ask open-ended questions for the deepest insights, or keep the requirements super-quick with a scale-based answer approach (we love using the Likert scale for this!). You can also choose for the employee to have access to the feedback, or keep it for a manager to interpret and present back to the employee. Whichever way you include peer input though, the result is always a richer, more holistic view than if you only have input from one source. 4) Automate When Possible There are so many great ideas

surrounding how to conduct an effective performance review, but when it comes to efficiency, look for ways to automate to save time! It is not always possible to automate the entire process from start to finish, but there are small ways that you can streamline steps. Create recurring

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calendar events and reminders for yourself, so you don’t miss any upcoming review deadlines. Add an email template into your HRIS so that you can use the same template language when sending out emails (HR Partner has an excellent process for this!). Use an online form to gather input from all of the parties included in the review, so there aren’t papers that

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need to be scanned and signed. 5) Stay Focused on the End Goals The best performance management approach includes goals that are mutually set by the individual and their manager. Goals should be kept top-of-mind and referred to throughout the year - by both the employee and the manager. But the performance review is the ideal time to reflect on the success (or otherwise) of past goals and set new goals for the period ahead. Remember, an engaged employee is also an employee who has clear, developmental milestones that they are working towards! When thinking about your employee goals, make them longterm, and perhaps even aligned with your company or team Mission and Vision so that all team members share a common objective. This helps employees have a sense of contribution to the greater company goals. It also helps immensely if employees can see their progress towards their goals on a regular basis.

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In conclusion If you’re thinking about starting a new Performance Management process, consider gathering input from your staff on the process as well. Doing this is a great way to increase employee engagement and have your staff feel like their opinions and prior experience is valued. Giving your own employees an opportunity to share their experiences and give input creates an engaging environment and improves buy-in from the start. If you’re not yet in the habit of conducting regular performance appraisals, you’re doing your

employees and your company a huge disservice. They don’t need to be difficult or something to shy away from. Find a way to make performance reviews easy, and implement this in your company.

FIND OUT MORE... Need an HR system? HR Partner integrates with Xero and provides companies with 20-500 employees need. Start a free trial or book a demo here: www.hrpartner.io

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Issue 31 / 107

How one size fits all tech solutions are hindering SMEs as much as helping them Utilising the right tech to help automate processes is critical for both survival and profitability for millions of SMEs 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

* Royal Bank of Scotland parent NatWest’s Springboard to Recovery report Jan 2022

s this technology is evolving it is inevitably changing more traditional business processes. New banks are offering simpler, cheaper and quicker solutions for SMEs. Accountancy software is always evolving to make managing your accounts and invoices easier, cyber security solutions are helping owners keep data safe and GDPR compliant. However, ‘one size fits all’ tech solutions are actually hindering businesses and impacting profits for millions of firms. A recent

survey* highlighted that only 1 in 5 business owners would describe themselves as tech savvy and therefore the majority of businesses either need a tailored and intuitive solution or they will struggle to utilise tech that was actually developed to support them. We speak to so many SMEs that are paying for tech that they can’t use, or the solution simply doesn’t work with their current processes. Managing and monitoring employee expenses is challenging especially with a

@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.

remote workforce. That is why we offer a flexible and tailored solution and work with our clients to match their needs. Accounting and Expenses software is a great example of how tech giants have built platforms that are used universally but offer little tailoring or personalisation. And, for many SMEs, they don’t offer interfaces or solutions that are actually that helpful or intuitive. As more employees work remotely, expenses have become much more complex to manage and no two businesses have the same process, but the majority of the tech available expects businesses to upload and manage expenses in the same way. At ExpenseOnDemand, we integrate and transfer data between Xero/Sage and QuickBooks ensuring the app remains a market leading service, but we also allow businesses to hand pick what services they need, and we can tailor our solution to mirror their current business processes rather than forcing them to change to match our tech.

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We have also updated the app to make it easier for the new normal as employees work from home and businesses are turning to technology for simpler and automated solutions. Apart from offering over 100+ functions to choose from, Xero users can, for example, set up their own approval hierarchy. SMEs can build their bespoke subscriptions in minutes, and only pay for functions they use – not the whole application. Additionally, we offer a simple “pay as you use” pricing model keeping costs completely manageable and flexible. How does ExpenseOnDemand benefit businesses and their staff? ExpenseOnDemand works seamlessly with staff working remotely or hybrid. Employees no longer need to send paper claims to claim their expenses and they can benefit from: 1. Claimants and Approvers can use the app within minutes. 2. Photograph receipts and submit & 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. SMEs 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 SMEs 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 help our clients to understand how they can use our app and reduce costs. 6. We offer a multiple currency subscription solution that

allows expenses in any currency, yes, even crypto.

the individual suppliers. Catherine Baker

What do Xero customers say about ExpenseOnDemand Recommended app with simple Xero integration. Our employees needed something simple and easy to use, and ExpenseOnDemand was the answer. The process of submitting and approving the expense is so simple and seamless. This app has made a difference in getting expense reimbursements to be completed on time. I would recommend using the app. Macy Cocoa Flexible expense solution with simplified approval process from line manager to Finance approval. ExpenseOnDemand provides a solution where we assign an approver to each employee. Their flexible solution has simplified our approval process with visible workflows and now has an approval process which starts from line manager to finance approval. We recommend to all to trial the app. Anthony Homes

Thank you ExpenseOnDemand for building & delivering to solve our problem. We are a small business of 42 employees and have been using ExpenseOnDemand with Xero since Dec 2019. The challenge we were facing was that we were not able to track and link our employee business spend to

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The team at ExpenseOnDemand have been adapting their market leading app since the start of the COVID-19 pandemic and are working hard to make it easier for finance leaders and staff to hand pick the functions they need and seamlessly manage expenses cost-effectively and aligned with their current processes. 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. We are always looking for guests to join us so if you are interested please get in touch by emailing us – support@expenseondemand. com

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

Issue 31 / 109

The future’s bright, the future’s bookkeeping

@ICBUK

Rosalia Munro, Head of External Communications, Institute for Certified Bookkeepers Rosalia is an experienced communicator and is passionate about business and accounting issues, having previously held roles in small business policy and levelling up the accountancy profession at ICAEW. As ICB’s Head of Communications, Rosalia supports the organisation in upholding the standards of the bookkeeping profession, helping businesses to succeed and operating for the benefit of the many.

Thought leaders come together to discuss “why bookkeepers are the future of accounting” at a panel at this year’s Accountex.

he last few years have seen a seismic shift in the business landscape, whether it be the boom in small business creation seen by the pandemic, technological disruption seeming to democratise the financial management of companies or changes to the legislative landscape. But what does this mean for the bookkeeping profession? Speaking at Accountex, the Institute of Certified Bookkeepers’ (ICB) panel of experts took out their crystal balls and discussed the future of bookkeeping. Technology and automation Automation has presented a challenge to many industries, and bookkeeping is no exception. A 2020 survey conducted by Sage demonstrates that entrepreneurs increasingly want to take control of their business’ finances and feel empowered to do so using digital accounting software. This trend surely suggests that the

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role of the bookkeeper is at risk of becoming obsolete, but is this the case?

uniquely placed to provide. This sentiment is illustrated in the exponential growth of the sector, with a fifty-fold increase in its turnover and number of bookkeepers since 2003.

Rasa D’Alton FICB PM.Dip, ICB member and owner of Cloudit Bookkeeping Ltd, remains confident that business owners Chartered Accountants vs. will not turn their back on vital Certified Bookkeepers bookkeeping support from qualified professionals. Similarly, Panel chair and business Dayle Rodriguez, Kreston Reeves’ journalist, Juliette Foster, quizzed Systems Advisory Manager panellists on whether the questioned the threat that similarities between the role of accounting software the bookkeeper and poses to accountancy accountant posed “Bookkeepers… professionals. “AI an existential threat have always is not as smart as to either profession. people think,” he ICB Director of been there to said “accounts need Professional systematise, to the oversight of a Standards, Lucy explain and to skilled accountancy Brown FICB PM.Dip nurture” professional for said that she didn’t them to make sense to think that this relationship businesses.” It is not enough to had to be so adversarial. “I see the simply file accounts electronically relationship between accountants without guidance, and and bookkeepers as symbiotic,” entrepreneurs are demanding she said; “people go to their the level of insight, engagement bookkeeper for regular oversight and knowledge of their business’ of their business’ finances, and to figures which bookkeepers are their accountant for broader tax

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advice. I don’t see that changing.” In fact, it is the case that many accountancy firms are capitalising on the trust businesses place in bookkeepers by taking on teams of them to attract new business and provide better advice, increasing the already high demand for bookkeeping skills. Making Tax Digital for Income Tax Self-Assessment and legislative change Arguably, it is the advent of Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) that presents the largest challenge to the bookkeeping profession going forward. The need to submit a quarterly update on business income and expenses will undoubtedly create unprecedented demand for client services, with 4.2 million businesses falling within the scope of the changes. “Many sole traders, landlords and small and micro business owners urgently need trustworthy, skilled professional support,” said Ami Copeland, Director of Communications at ICB. Panellists agreed that this work should only be undertaken by a supervised professional, such as an ICB bookkeeper, who with their proximity to their clients are in the best position to submit that quarterly return. Of course, the increase in demand driven by MTD for ITSA bodes well for bookkeepers’ bottom lines, but also provides an opportunity for them to highlight the valueadd that working with them can present to a business. Ami additionally predicted that accounting professionals will need to be able to cope with a rapidly

evolving legislative environment. With MTD for ITSA shifting to a quarterly reporting system, it seems likely that quarterly income tax payments will follow in the coming years, increasing the administrative burden on accountancy professionals and the skillsets they will need to possess. Likewise, major changes to the wider taxation system, such as the government’s recent move to increase the tax burden on online and digital businesses will require accountancy professionals to keep up with developments as they happen; something that ICB works hard to promote to its members through its agile qualifications syllabus and extensive programme of ongoing learning. A consistent theme of this panel was that change is a constant in the business world and that small businesses are crying out for adaptive, supportive and technologically savvy advisors to give them the clarity to navigate the challenging terrain ahead. ICB Bookkeepers are

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and have always been there to provide entrepreneurs with the support they need to increase their business’ productivity, to systematise, to explain, to nurture, and are therefore best placed to guide small businesses on that growth trajectory. It is the bookkeeper’s adaptability to change and passion for getting to the heart of the businesses that they work with that will stand them in good stead to cope with evolving client expectations and position them as key figures in promoting growth. Increasing demand for services will additionally provide them with opportunities to show entrepreneurs what it is that they can do to turbo-boost companies’ development, making the future seem very bright for the bookkeeping profession.

FIND OUT MORE... To find out more about ICB and its members, visit: bookkeepers.org.uk

Issue 31 / 111

Time tracking for payroll, which one is best for your business?

@eBillity

Joe Daee, VP Business Development, eBillity Joe’s role is to help solve client’s issues through technology and oversee implementation of strategy to secure revenue and growth for eBillity’s clients.

Are you on the hunt for the best time tracking app for your team? You’re not alone. T

ime management is a huge priority for businesses of all sizes and industries. Companies are relying on technology to help streamline their processes and boost operational efficiency. In fact, a study by PTC found that 40% of executives are seeing huge benefits in operational efficiency from digital transformation and tech initiatives. When you are considering time tracking apps they need to be able to easily collect, track, and measure data. Data is an important piece of any business, whether you’re tracking data from customers and potential clients or measuring the internal functions of business and employees. Time tracking data and keeping an electronic record of employee hours is an important part of running a successful and profitable business. You probably didn’t get into business to constantly think about payroll and billing, but federal and state laws require you to track employee hours closely. Therefore, it is worth finding a quality (but still affordable) time tracking app that reduces administration time and keeps your business compliant

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with employment laws and regulations. A lot of time tracking apps offer similar features, but not all features work the same. For example; when it comes to tracking time, does your team clock in, take breaks and clock out or do they complete a weekly timesheet? Do you manage a basic schedule or do you need more automation to manage continuous change? The only way to find out if a feature like “scheduling” is the right type of scheduling tool for your business is to “try before you buy”. Here are some additional points to consider when making your decision on which time and attendance tracking app is right for your business: Pricing In addition to a free trial look for apps that don’t ask for a credit card up front that way you won’t be charged for something you don’t want or haven’t made a decision on. It’s equally important to experiment and find out which time tracking app offers the features you need at an affordable price. Most will also provide annual discount pricing,

so if you are looking to lower your cost you should definitely consider choosing this option. TIP: If your free trial gets away from you before you really have time to try it out, we recommend reaching out to the support team, chances are they will give you a one-off extension on your trial account. Free Integrations The easier it is for employees and Human Resources to access time clock data; the more accurate payroll and reports will be. Many of the popular timekeeping apps integrate with payroll, expense and accounting software such as Xero and QuickBooks to sync important data such as; employees, clients, payroll items, timesheets etc. Also consider other integrations that help with efficiency and productivity, apps like; Zapier, Amazon Alexa and Google Home or connected apps that sync time like Google Calendar and Outlook/365. You never know what is around the corner so explore all your channels to avoid a costly or time consuming product switch in the future.

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

Mobile Apps Mobile apps are a must when considering a timekeeping app, being able to track time from any location means all hours are accounted for. This will also help you run an accurate payroll and bill clients for every second worked. GPS tracking and geofencing are great features for managing a remote team; they allow you to see who is on the clock and where, and who is on a break or offline – all in real-time. Whereas geofencing will allow you to set a predefined boundary around where the employee can clock time, think of it as an ‘out of bounds” management tool, if your employee is not inside the predefined circle then they cannot log time. Support With so many apps on the market to choose from you get to be picky. Select apps with free unlimited lifetime support and one-on-one training. Be sure to take a closer look to see what that means for your timezone, and the method of contact available. For example, does it include phone, live chat, email, webinars, private demos and an online help forum? You should seriously consider support when deciding on a time trackingapp because we may love technology but some days technology doesn’t love us! Our Recommendation? We’re not going to do all the

Disclaimer. This is a paid advertisement by eBillity. The comparison chart is information gained from online research and some details may have changed since the time of print.

heavy lifting for you! We’ve given you an overview of what to look out for and now it’s up to you to try and buy. Start some free trials and determine what app has the right features and benefits for your business and budget. Get started on your journey today with Time Tracker by eBillity visit www.ebillity.com use promo code ‘Xerocon22’ to receive an extended 60-day trial. Afterall

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time is money, and we want you to have more of both!

FIND OUT MORE... Visit www.ebillity.com and use promo code ‘Xerocon22’ to receive an extended 60-day trial.

Issue 31 / 113

App Partners of the Month

Xero App Partners of the month

April 2022

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: pages.clarity-hq.com/ book-clarity-discovery-call

otential realised

We are passionate about small businesses and helping them succeed. SMEs power the global economy and their success is inextricably linked to the success of local communities, increased employment, wealth creation and the building of national economies. We believe that all potential ought to be recognised. However, small businesses will only succeed with empowered advisers. And we know that accountants and bookkeepers are the best placed professionals to help.

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Our Solution Clarity is an end-to-end business advisory solution that helps you thrive, by realising the full potential of your team, your firm and your clients. Our multi-award winning platform and Member Success Team give your firm the structure, tools and plans to build better businesses; and the confidence to make it happen. We help you introduce and create a profitable, repeatable and scalable business advisory service for your firm. One that increases revenue in excess of 40% and profitability by over 125%. Using Clarity adds significant

value to your small business clients. Value they clearly understand and want to pay for. About Clarity We help busy accountants thrive by realising the full potential of their team, their firm and their clients. We do that by giving them the structure, tools and plans to build better businesses; and the confidence to make it happen. Why not book a call, so we can schedule a strategy session with you to create a customised implementation plan? We will then work with you to execute your plan.

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Issue 31 / 115

Ready, Set, Scale:

Tips to Support Your Field Service Clients

It’s a satisfying feeling when your advisory services have played a part in the growth and success of a client’s business, especially if you’ve been working

with them for a long time. But even without long term client relationships you can provide exceptional advisory services by knowing your clients, their

@simprosoftware

Alan White, Channel Sales Manager, simPRO Software After twenty years as a solutions consultant within the Managed Services Sector, Alan has a wealth of experience to assist businesses in achieving real time gains and greater efficiencies. Advising businesses from all verticals and industry sectors has allowed him to understand what becomes mission critical for any business looking to upscale and become more efficient by adopting new technologies and processes. Alan’s vision & mission is to assist accountants and business coaches in growing their trade clients businesses.

industries and their needs as they scale. This article is

n particular, your field service clients will have their own set of unique challenges so investing time in partnering with experts in that industry will expand your knowledge and set your services apart from the competition. Check out some of our tips on how you can help field service clients build a solid foundation in three key areas - sales, operations and marketing.

1) Sales: Create competitive estimates on the fly to easily win new business To secure business, field service professionals need to impress customers the second they win the sale. They can do this by: • Getting them an estimate in minutes • Sending an electronic version so

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it doesn’t get lost • Ensuring accuracy Having a job management solution, like simPRO, speeds up the estimating process significantly by allowing accurate winning estimates to be created, updated and submitted in the first meeting with a potential new customer via a mobile app. This also allows accurate project and control costs, meaning accurate accounts for you as their accountant at the other end.

Business reporting answers this question, and more. Solid reporting processes are essential for identifying trends and highlighting inefficiencies while scaling. simPRO job management software offers standard reports to help keep job and project costs on track. And, as a simPRO Partner and trusted adviser you can work together with your field service clients to help make recommendations, predictions and forecast growth whilst they scale.

2) Operations: Timely, strategic decisions with intelligent business reporting As their accountant you’re likely asking at what point does your client know they’re making or losing money?

3) Marketing: Build credibility and attract referrals with reviews Besides simple word of mouth, online reviews can be the make

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

or break for customers when deciding if they want to use a business. Another way to help your field service clients scale their business is to recommend a software solution that integrates with other business solutions. For example, simPRO integrates with review site Podium. With this integration, Podium automatically requests reviews from customers as soon as a job or project is completed in simPRO. This integration makes capturing reviews and boosting credibility simple by incorporating the process directly into any workflow. And, for every positive review

gathered, there’s usually an opportunity for a great referral and more new business! Ready to specialise in the field service industry? Become a simPRO Partner.

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FIND OUT MORE... Learn more at: simprogroup.com/partners/ become-a-partner

Issue 31 / 117

Updates from Xero

Xero News May 2022

The latest in product, ecosystem, business news and insights at

What we’ve been working on Expanding our global leadership team We’ve expanded our executive leadership team with

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Updates from Xero

Xero’s newly-created Applications & Services division, Steve Vamos, global and N

What we’ve been working on...

which represents part of Xero’s small business platform.

This article is

Jug Bath join

leadership te

xpanding our global leadership team

We’ve expanded our executive leadership team with the appointment of Chris O’Neill to the role of Chief Growth Officer, Jugdip Bath (Jug) as EGM Product Engineering and Hamish Cook as VP Product. Based in the US, these senior appointments strengthen our talent and experience in North America, and bring new product capabilities to meet the needs of customers and partners globally. Reporting to Xero CEO Steve Vamos, Chris O’Neill is based in San Francisco and responsible for the strategic direction and operational performance of Xero’s newly-created Applications & Services division, which represents part of Xero’s small business platform. The Applications & Services

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CEO, Xero markets.

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

WorldFirst Growth Package Up to £3m in growth capital funds, fast Help clients gain access funds when they need them, plus eliminate overseas banking and cross-border payment complications.

Visit: worldfirst.com/uk/growth-package or call +44 (0) 207 326 9120 to find out more Visit the XU Hub: Go to www.xumagazine.com

Issue 31 / 119

Updates from Xero division comprises a number of Xero’s existing businesses, including recent acquisitions that are an increasing area of growth and of strategic significance for Xero. Chris will also lead the strategic development of Xero in the Americas - including US and Canada - working closely with Xero President Americas, Tony Ward. Chris joins Xero having served as a senior executive, board member and investor for a number of global technology companies, including Google and Evernote. He also has deep leadership experience in global and North American consumer and enterprise markets.

Jug Bath joins Xero to strengthen our engineering leadership team, following many years’ experience in SaaS and cloud product development leadership roles. He is skilled at building organisations for scale and operational excellence, including a track record of delivering new and innovative products to market. Jug joins Xero from Chegg Learning Services (NYSE- listed academic student hub), and prior to this held senior engineering roles at ADP, Citrix and Intuit. He lives in the San Francisco Bay Area with his wife and two daughters.

management and design for VMware Tanzu lab, helping companies such as Boeing, JPMorgan Chase, and Ford Motor Company design, build and run software delivery labs and product management organisations. Hamish is originally from New Zealand and has over 20 years’ experience in product management across FMCG and tech businesses. He will play a vital role in Xero’s product leadership and Americas leadership teams.

Announcing our new partnership

Hamish Cook is based in with FIFA Women’s Football Atlanta and joins Xero from Xero has been named a FIFA Women’s Football VMWare, where hecommercial led product Partner under FIFA’s new partnership structure, which takes effect in 2023. The global

partnership will cover the FIFA Women’s World Cup Australia & New Zealand 2023™, the 2024 and 2026

Xero Product Updates...

editions of the FIFA U-20 Women’s World Cup™ and the FIFA U-17 Women’s World Cup™.

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We’ve made a number of other updates on the Xero platform over the pastProduct month,updates including:

Global More flexibility in new reports To streamline financial analysis, we’ve added new reporting features, including customised management report packs, refreshed Xero HQ report templates and flexible executive summary reports. Enhanced bank reconciliation We’ve enhanced our bank reconciliation ‘memorisations’ feature to surface even more suggestions in the workflow. This further minimises manual data entry for customers to save them time.

Global

Distinguishing payment types More flexibility in new reports in Xero To streamline financial analysis, we’ve added new reporting features, including customised management report packs, refreshed Xero HQ report templates and flexible executive summary reports.

To distinguish bank payments from card payments and make it easier for small businesses to get Distinguishing payment types inwe’re Xero updating the language paid, To in distinguish payments from card payments used Xero.bank ‘ACH payments’, and make it easier for small businesses to get paid, ‘Direct debit’ and ‘Pre-authorized we’re updating the language used in Xero. ‘ACH payments’, ‘Direct debit’ and ‘Pre-authorized debit’ will be updated to ‘Bank debit’ will be updated to ‘Bank payments’. payments’. £

Reimagining the Xero experience

Announcing our new partnership with FIFA Women’s Football Xero has been named a FIFA Women’sbank Football Partner Enhanced reconciliation

under FIFA’s new commercial partnership structure, which takes effect in 2023. The global partnership will cover the FIFA Women’s World Cup Australia Reimagining the Xero experience & New Zealand 2023™, the We’re working to upgrade the technology that underpins the Xero platform, so it doesn’tof slow us 2024 and 2026 editions down over time and gives us the ability to improve the and FIFA U-20 Women’s World speed accessibility. Here are the most recent design changes Cup™ andin Xero: the FIFA U-17 • A new design for Individual Tax Returns within Xero Women’s World Cup™. Tax in Australia We’ve enhanced our bank reconciliation ‘memorisations’ feature to surface even more suggestions in the workflow. This further minimises manual data entry for customers to save them time.

•

A change to the way multi-currencies are displayed in bank reconciliation

We’re working to upgrade the New Zealand technology that underpins the 2022 Income Tax Returns Xero platform, so it doesn’t slow We’ve incorporated legislative changes in relevant us down over time and gives us forms, to make it easier for New Zealand customers prepare and 2022 Income Tax Returns. the to ability to lodge improve speed andThe updated forms include changes to tax rates, removal accessibility. Here are most of losses, residential income andthe interest limitations. recent design changes in Xero: • A new design for Individual Tax Returns within Xero Tax in Australia

•

A change to the way error messages on the ‘Discuss’ tab in bank reconciliation are displayed

• A change to the way multicurrencies are displayed in bank Australia reconciliation New STP Phase 2 experience • A change to the way error This year, we’re transitioning to STP Phase 2 in Xero messages on the ‘Discuss’ Payroll. The first stage involves changing the way users employees to Xero Payroll. Customers tabaddinnew bank reconciliation are can now opt-in to a limited release of the new payroll displayed experience before we roll it out more broadly. XE RO NE WS — MAY 202 2

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NI) categoriesUpdates for veterans fromand Xero

Atto, 1099SmartFile and many others.

in a Freeport tax site. Xero will pply the new tax calculations

n employees’ NI eligibility

pire.

news

Australia

New Zealand

New STP Phase 2 experience

2022 Income Tax Returns

This year, we’re transitioning to STP Phase 2 in Xero Payroll. The first stage involves changing the way users add new employees to Xero Payroll. Customers can now opt-in to a limited release of the new payroll experience before we roll it out more broadly.

We’ve incorporated legislative changes in relevant forms, to make it easier for New Zealand customers to prepare and lodge 2022 Income Tax Returns. The updated forms include changes to tax rates, removal of losses, residential income and interest limitations.

ur new Ultimate businesses

UK New National Insurance categories in Xero Payroll To help users report accurate payroll information to HMRC, we’ve updated Xero Payroll with the new National Insurance (NI) categories for veterans and employees who work in a Freeport tax site. Xero will now automatically apply the new tax calculations and remind users if an employees’ NI eligibility period is about to expire.

Welcoming PKF as a Xero Global Partner

Xero business news...

needs of all small businesses, We’re pleased to have signed a global agreement ew comprehensive with PKF International, welcoming them as our Welcoming PKF as a Xero Global he Ultimate plan gives latest Xero Global Partner. This means Xero will Partner Xero’s suite of tools to help become the preferred cloud accounting solution for Announcing our new Ultimate We’re signed business clients. ss and people processes in PKF’s firms and itspleased smalltotohave medium plan for small businesses a global agreement with PKF ate plan will be available in International, welcoming them To meetinthe growing needs as our latest Xero Global Kingdom and New Zealand

Global

of all small businesses, we’re introducing a new comprehensive subscription plan. The Ultimate plan gives businesses access to Xero’s suite of tools to help manage their business and people processes in one place. The Ultimate plan will be available in Australia, the United Kingdom and New Zealand in the coming months.

Partner. This means Xero will become the preferred cloud accounting solution for PKF’s firms and its small to medium business clients.

United Kingdom

Insights... Report shows UK small businesses

hows small business ralia

struggle to find workers

Australia

nce a small business boom Small businesses across the United Kingdom are UK small ation of entrepreneursNew andreport shows small struggling to Report fill jobshows vacancies to support consistent business boom in Australia businesses struggle to find eir careers. Xero’s ‘Where sales growth,workers according to Xero’s Small Business Australia a small report. Based on anonymised and report reveals that in the nextwill experience Insights business boom led by the next Small businesses across the of small businesses in Australia aggregated data, the number of jobs provided by generation of entrepreneurs and United Kingdom are struggling s 4.2 million. These businesses them fell by 4.3 year-on-year those reimagining their careers. to fillper job cent vacancies to support in February.

Xero’s ‘Where $60 billion per year in value to Opportunities Lies’ report reveals that in the next my by 2031. decade, the number of small businesses in Australia could reach as high as 4.2 million. These businesses will contribute over $60 billion per year in value to the Australian economy by 2031.

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consistent sales growth, according to Xero’s Small Business Insights report. Based on anonymised and aggregated data, the number of X E ROfell N Eby WS4.3 — M AY 2 0 2 2 jobs provided by them per cent year-on-year in February.

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Issue 31 / 123

STP PHASE 2 – are your clients ready? This article is

he Australian government has previously announced the expansion of Single Touch Payroll (STP) to include additional reporting information. This expansion is known as STP Phase 2. When processing a payroll on STP Phase 2 an employer is no longer required to forward the employees’ tax file declarations to the ATO separately. Employment and taxation conditions will be automatically reported through STP Phase 2. This includes an employee’s employment basis e.g. full time, part time or casual and additional information from their tax file declaration that was previously not required under STP. Employers are still required to keep a signed copy of their employees’ signed declarations. These documents can be conveniently and easily stored in CloudPayroll by scanning a copy

124 / Issue 31

and adding it to the employee’s documents. As part of STP Phase 2 the details of when and why the employee leaves the company will now be reported. Other key changes to reporting through STP Phase 2 include: • Disaggregation of gross • Income types • Country codes • Child support garnishees and child support deductions Classification of gross can be easily set up in CloudPayroll. Simply select the relevant earnings type and if there is a need for it to be itemised for tax reporting. Note all allowances will now need to be itemised for STP Phase 2 reporting. These can be set up in CloudPayroll by selecting the category and the other allowance type if the itemised category is other allowances. For each pay run details of

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.

employee’s pay reported via STP Phase 2 will include the type of income for example salary and wages or working holiday maker income. Additionally, the components which make up the pay amount will now be reported i.e. gross pay, paid leave, allowances. As part of STP Phase 2 additional information will be reported to Services Australia. This will enable them to more easily ensure their customers, some of whom may be your clients’ employees, receive the correct payments. This also removes the requirement for your clients (and their employees) to provide employee information to multiple government agencies. CloudPayroll is STP Phase 2 ready!

Find out more... Request more information about CloudPayroll and STP

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PayPal is one of the world s most trusted and preferred brands.* Pay Later can help improve on-time payments, get you paid up front, and give customers the flexibility to pay over time. And it s simple for customers to pay your invoice on-the-go from just about any device. See how easy it is to add PayPal to your invoices. Visit the XU Hub: Go to www.xumagazine.com

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Issue 31 / 125

*An online study commissioned by PayPal and conducted by Netfluential in November 2020, involving 1,000 US online shoppers ages 18-39.

Events

Reasons to Attend Digital Practice Summit 2022

@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.

All the latest technologies and digital insights for accountants in practice The Digital Practice Summit returns for a second year as a dedicated, one-day virtual event for the accounting, bookkeeping, audit and corporate services firms across Asia.

ccounting firms in Asia are facing a major transformation. The road ahead is paved with challenges and opportunities for growth. To thrive in the coming years, firms will need to embrace technology to increase efficiency, strengthen connections with clients and provide new services that add value.

The Digital Practice Summit returns for a second edition on 15 June 2022, giving you insights into the future of your accounting practice and helping you gain a competitive advantage in the market. Last year, we brought together 700 professionals from accounting and bookkeeping firms across Asia and this year we’re back with more!

high quality services and enhanced client experiences. Our speakers onboard include pace-setters from BDO LLP, Forbis Accounting, Affintive, ASL Advisory Pte Ltd, All In Advisory, PixieB, YesBoss and many more.

The show is a month away so here are the 5 top reasons why accountants and bookkeepers need to be part of this one-day virtual event:

From sessions on cloud accounting, cybersecurity, compliance services to marketing, this year’s programme will help you make sure you have the right information at your fingertips. There’ll be insightful case studies and interactive panel discussions running live simultaneously on the platform: • Business Advisory: Moving your clients to the cloud, Streamlining practice workflows, Digital Marketing & Sales Tactics, Becoming a firm of the future, Building your practice value through tech

1) 40+ expert speakers sharing their insights Hear and learn from the best of Asia’s leading accounting and advisory firms on how to build a more collaborative and efficient relationship with your clients. They have successfully leveraged technology to build faster work processes to deliver

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2) 22 panels and presentations across 2 channels

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

Events

• Practice Management: logged in on the event platform. It Launching Advisory Services, is the best opportunity to network Building an Advisory App with fellow like-minded peers Stack, Tech Advisory and how and build sustainable business to charge for it, Advising your relationships for the long-run. client-base without an Our AI-powered office, To niche or networking tool “There was so much not to niche makes it easier than ever to diversity amongst the identify who 3) Discover and speakers, which really demo all the you should be helps with gaining well meeting. Plus, latest in digital rounded understanding” accounting there are various CEO, Fresh Accounting innovations communication means - message, Save yourself time video call and more, all on the platform! researching and sending off enquiries. Our fantastic sponsors are gathered on one platform to 5) It’s all free and you get one month on-demand access showcase how to improve the Attending the Digital Practice way you work. Meet Title Sponsor Xero, Platinum Sponsors Aspire Summit is completely free! If and Spenmo and more, all at the you cannot make it for the LIVE sessions, you’ll still get access click of a button. to unlimited playbacks for one month. It’s the must-attend event 4) 8 hours of virtual networking in the region! 700+ accountants and bookkeepers are expected to be There are so many opportunities

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

for accounting, bookkeeping and audit firms in Asia to differentiate themselves from the competition. We’ll show you how at this dedicated one-day virtual event. Do not miss out on this FREE opportunity, as well as other events we’re running throughout the year: • 20-21 September 2022 – Accounting & Finance Show Singapore • 1-2 December 2022 – Accounting & Finance Show Asia • Year-round – Accounting & Finance Show Asia Webinar Series We cannot wait to welcome you to our events!

FIND OUT MORE... terrapinn.com/ AttendAFShowSeries2022

Issue 31 / 127

Focus: Mental Health

Self-Care for Small Business Owners and how to find support when you need it

Tim Hoopmann, Speaker and Trainer Experienced founder with a demonstrated history growing small business. Strong entrepreneurship and professionally skilled in Business Planning, Cloud Technology, Sales, Marketing, and Operations Management. A passion for helping small businesses use technology as a key enabler to increase productivity and decrease costs. A volunteer speaker for beyondblue, an Australian organisation that works to raise awareness of anxiety and depression, reduce the associated stigma and encourage people to get help.

This article is

recently spoke at Accounting Business Expo in Sydney to many small business owners about selfcare and how to seek help when you are feeling the stress and pressure of running your business. As small business owners we often put ourselves last and focus on supporting our teams, customers, and suppliers. While supporting others is great, it overlooks the importance of taking care of our mental health, so we are then able to be our best at work and support those around us. Over the past two years small business owners have endured many challenges. They are having to take extreme measures to stay afloat as coronavirus keeps their customers away. They are running on “empty” as ongoing coronavirus uncertainty takes a toll on mental health. They feel the “new normal” is anything but, with many now navigating a multispeed operating environment. These challenges and feelings are real and add to the already long list of challenges faced by small business owners. Small business owners, whether they are micro, small, or sole operator based are all reporting

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high levels of phycological distress. Up to 36% of these owners have reported much higher levels of distress than in prior years. This can result in health-related productivity losses with people often absent from work or working despite a healthrelated problem. The past two years have highlighted the importance of self-care and how it is vital to your mental health and the overall success of your business. When we are mentally healthy and make wellness a key part of our small business, we ensure the success of our business. In March 2021 Beyond Blue in Australia launched a mental health coaching program to support small business owners across Australia. The free NewAccess for Small Business Owners is a six-week program that offers support by trained mental health coaches who have a background in small business. The program is delivered via telehealth to small business owners experiencing stress and worries, and coaches, who operate with oversight from clinicians, are trained to refer participants to other support services as required.

What is NewAccess for Small Business Owners? • A fully funded mental health coaching program (no cost to participants) • Specifically developed for Small Business Owners with 20 employees or less. • It is scheduled to run until December 2022 • NewAccess coaches have small business background and expertise • It is 100% confidential with no requirement for a doctor’s referral or mental health treatment plan • Clinical backing with clear escalation and referral pathways for further support • Coaches don’t have background in psychology but have training and clinical supervision • Available nationally via phone or video call, from 8am – 8pm (AEST), Monday to Friday Why Have Beyond Blue set up a programme specifically for small business owners? Running a small business is a unique experience which can involve stress and pressure coming from many directions. If left unaddressed, these demands can sometimes place you at risk

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

ICB MEMBER SPOTLIGHT

Anish used his accountancy experience to

ANISH JOSE MICB PM.DIP Anish worked at IBM and Mercer in India before moving to the UK with his wife. After gaining experience working at an accounting firm, Anish decided to start his own practice supporting local small business clients. ‘Now that I’m working with small-scale businesses, I know what they go through and what services they want from a bookkeeper. I help them identify areas for improvement and help their business grow."

It’s this focus on small businesses that ultimately led Anish to choose ICB for his qualifications and practice licence. "With ICB you can take exams at any time, any day, and the results come straight away. I was thinking of studying with ACCA but with kids and a job, and my wife also working, I didn’t have much time to study and didn’t want to waste time. ICB is a quicker route and more useful."

qualify with ICB and set up his own business.

“ICB membership gives you that edge.”

Join ICB and get professional status, technical support and anti-money laundering supervision all for just £300 per year* Visit the XU Hub: Go to www.xumagazine.com Follow us on Twitter: @xumagazine Issue 31 / 129 Find out more at www.bookkeepers.org.uk

Focus: Mental Health of severe or longer-lasting mental health challenges. They understand you may feel obliged to work when unwell, take work home or find it difficult to justify allocating time for yourself, let alone for your mental health. And there are always many barriers that can make seeking help difficult, such as: • stigma attached to seeking help – business owners are independent and proud and seeking help can suggest failure to them • cost at a time when the business may not be able to afford it • owners are time poor, and many are multi-tasking and taking on many roles within their business • they prioritise the business over self as they are concerned with immediate needs to support their business and so self takes a back seat Understandably, a lot of small business owners are reporting that COVID-19 has negatively affected their mental health. To address this need, Beyond Blue’s NewAccess program aims to provide a much needed and practical support option for you. Who are the NewAccess for Small Business Owners Coaches? Coaches of the NewAccess program all have a small business background, allowing them to better understand the challenges small business owners may face. Coaches are trained in Lowintensity Cognitive Behavioural Therapy.

The Coaches undertake 12-months of training, starting with a six-week intensive that then moves to practical learning which involves managing participants and an ongoing curriculum under clinical supervision What have been the results from the program so far? • Over 1900 enquires to the program • Over 1600 small business owners have attended the program • Less than 10 days wait on average from enquiry to booked assessment • The average age of participants is 45yo • The recovery rate of participants is over 65% What was the feedback from participants in the program when asked what they liked most about the program? • 91% of participants said the program helped them to better understand and address their challenges • 88% of participants felt more equipped to address similar issues if they arose in the future • 100% of participants would recommend New Access to other small business owners • 86% of participants feel more productive and able to address future business challenges How do I start a conversation with someone who might benefit from the New Access program? Starting a conversating with someone you feel may need support can initially be quite daunting. What if they react negatively? Will I have to help them fix their issues? While you may feel apprehensive,

in my experience if you approach the conversation with empathy and genuine care the likely hood is they will be happy you have showed concern for their welfare. I am a firm believer in the importance of starting conversations with friends, family, colleagues, and clients about how they are feeling. These conversations, done regularly, become easier and remove any stigma associated with talking about mental health. Here are some opening comments that allow you to position New Access to someone you feel may benefit from the program: “You can talk to someone who has empathy for your situation and understand what you are going through” “It’s confidential and doesn’t require a doctor’s referral. You can talk about your problems in confidence” “It is completely free and won’t cost you anything other than your time” “The coaching is available over the phone or via video link between the hours of 8am and 8pm so you can fit it around your work” How can the NewAccess for Small Business Owners Coaches program be accessed in Australia? Enquiry details below: Phone: 1300 945 301 Website: www.beyondblue.org. au/newaccess-SBO Service provider: Richmond Fellowship Queensland – RFQ Hours: Monday to Friday 8am – 8pm AEST via phone or video call Email: newaccess.smallbusiness@ rfq.com.au I would encourage all small business owners to make mental health and wellness a key focus in their business. There are many resources available and a great place to start is www.beyondblue. org.au or www.headsup.org.au Taking care of you means you can then support others around you.

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15 JUNE 2022 LIVE ONLINE

THE ONLINE TECHNOLOGY EVENT OF THE YEAR FOR ACCOUNTANTS IN PRACTICE HEAR FROM THESE PACE-SETTERS

Ryan Adnin Goh Director of Advisory Forbis Accounting

Cecil Su Director, Cybersecurity Advisory BDO LLP

Aly Garrett Founder All In Advisory

Jay Shong Founder & CEO Affintive

Lily Hii Founder Bookkeeping by Lily

Mahathir Mahzan Managing Director Mahzan Sulaiman

Michelle Lombard Founder PixieB

Sarah Lawrance Founder & MD Hot Toast

Candice Teo Founder ASL Advisory Pte Ltd

Kevin Fitzgerald YC Eng Managing Director Chief Revenue Officer Spenmo YesBoss

Heather Smith Founder ANISE Consulting

GET YOUR FREE PASS NOW WWW.TERRAPINN.COM/ATTENDDPSUMMIT2022 Visit the XU Hub: Go to www.xumagazine.com

Issue 31 / 131

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• • • • •

Issue 31 / 135

...and finally

From The Trenches... XU Magazine caught up with Trent Mclaren, newly

appointed CEO of From The Trenches - Real life in the accounting industry. Trent is also head of strategic

channels of virtual corporate card scale-up, DiviPay.

rom The Trenches is Australia’s largest grassroots accounting community. Showcasing a community of over 2000 accountants working in public practice. Trent was excited to talk about the sequel to last year’s From The Trenches Summit. Trenches 2.0. An online accounting conference built for accountants by accountants. Trenches Summit 2.0 is a two-day online accounting conference hosted entirely online using world-class virtual summit technology. It’s free to attend and/ or a paid ticket option is available to get access to all summit recordings (with all proceeds donated to Lifeline Australia.) Register your tickets here for the 20th & 21st June 2022. 100% of all ticket sales are being donated to Lifeline Australia for the fantastic work they’re doing to help support mental health in Australia. In what was described as one of the most trying times Australians have faced due to the pandemic and the flow on effect this has had on the economy. “We’re really excited to bring the Trenches Summit back to the community. I’ve been involved in accounting conferences for years, as a speaker, a sponsor, a vendor and now we continue to be involved as online event organisers.” “We’ve been privileged to know a lot of the movers, shakers and ‘Thought-leaders’ of our industry

136 / Issue 31

for quite some time. There’s so many great stories that get overlooked by big conferences because commercial obligations take priority. If you’re not a big vendor paying top dollar, you’re not welcome to collectively share your ideas and help our industry move forward.” When asked about the content program and why this is different to other online events he said, “We’re really proud of the content program we’ve put together. It had to pass the Paul and Dave’s no BS test in order to get in the schedule. And they knock back more than they say yes too.” “That’s what ‘From The Trenches’ has always been about and it’s important we stay true to our values.” “Real-life in the accounting

industry, right now. Not mythical vapor-ware technology that Elon Musk dreams about in his 5 mins of down time. It’s gotta be real and it’s got to be relevant.” “We’ve got sessions for everyone. Practice Managers, Bookkeepers, SMSF Specialists. You name it, we’ve thought of it, found the best person possible to speak on it and placed it in the schedule.” XU Magazine is proud to be a media partner and supporter of the ‘From The Trenches - Trenches Summit’ which is being hosted on the 20th and 21st June 2022.

GET YOUR TICKETS... Register your tickets here for the 20th & 21st June 2022.

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