XU Biweekly - Issue 68 - 17 November 2023

Saturday 18th November 2023 | No. 68

XU Biweekly

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The independent user news source for accounting apps and their ecosystems

Xero’s H1 FY24 financial results: Deputy Appoints Jaimie Buss Evolving Xero to deliver as Chief Revenue Officer on our global aspirations F T ODAY WE ANNOUNCED XERO’S HALF YEAR FINANCIAL AND OPERATING RESULTS TO 30 SEPTEMBER 2023 (H1 FY24).

The results highlight our continued strong revenue growth, which contributed to Xero’s emerging profitability.

The strong operating results saw operating revenue up 21% (20% in constant currency (CC)) to $799.5 million. This, along with disciplined cost management and restructuring outcomes, supported a 90% increase in EBITDA compared to H1 FY23, to $206.1 million. This reflected our ongoing focus on balancing growth and profitability, and resulted in an increase in free cash flow to $106.7 million, representing a free cash flow margin of 13.3% compared to 2.4% in the prior period. This focus was also reflected in our net profit, which increased

to $54.1 million compared to a net loss of $16.1 million in H1 FY23.

ance growth and profitability, while delivering more value to our customers.

Our total subscribers increased 13% to 3.95 million with annualised monthly recurring revenue (AMRR) growing by 19% to $1.77 billion (22% in CC). Total lifetime value (LTV) grew 14% (17% in CC) to $14.8 billion, as average monthly churn (0.94%) remained low and average revenue per user (ARPU) improved a further 6% (8% in CC). This highlights the value and trust customers place in Xero to help them manage their business in changing economic circumstances.

Result highlights

Our H1 FY24 performance demonstrates good momentum. As we look forward, we’re sharpening our focus on Xero’s key levers of growth as we aspire to become a higher performing SaaS company.

We will continue to bal-

(All figures are in NZD and comparisons are made against H1 FY23) • Operating revenue $799.5m, up 21% YoY • Subscribers 3.945m, up 449,000 YoY • Average revenue per user (ARPU) $37.38, up 6% YoY • Annualised monthly recurring revenue $1,769.5m, up 19% YoY • EBITDA $206.1m, up 90% YoY • Operating income $67.4m, up $46.7m YoY • Net profit $54.1m, up $70.2m YoY • Free cash flow $106.7m, up $91.1m YoY • Total subscriber lifetime value $14.8b, up $1.8b YoY • Gross margin percentage 87.5%, up 0.5pp YoY

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ORMER ZENDESK AND VMWARE REVENUE LEADER JOINS TO FUEL THE NEXT PHASE OF GROWTH.

Deputy, the world's premier software platform for managing shift workers, has announced the appointment of Jaimie Buss as Chief Revenue Officer (CRO). In her new role, Buss will lead Deputy's global sales, marketing, and strategic partnerships functions to further solidify Deputy's standing as the preeminent global platform supporting shift work industries and deskless workers.

As a seasoned executive with over two decades of SaaS experience, Buss joins Deputy from Articulate, where she served as CRO, leading sales, customer suc-

cess, revenue operations, sales engineering, and sales enablement. Her impressive journey began at VMware, where she held various leadership roles and contributed to their massive hypergrowth and scale.

During her tenure at Zendesk, Buss played a pivotal role in the company's phenomenal growth, from $300 million to $1.3 billion in annual recurring revenue. Her leadership was instrumental in doubling the sales team to over 250 people while establishing and incubating essential new functions, including business development and the first renewal team in North America.

"We are thrilled to welcome Jaimie to Deputy as our new Chief Revenue Of-

Reflecting on her appointment, Buss expressed her enthusiasm for the opportunity: "I am incredibly excited to join Deputy and be part of a team poised for remarkable growth. The opportunity to make a significant impact through technology to address the unique challenges faced by shift workers and the businesses who employ them is truly inspiring.

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We’re introducing eInvoicing to Xero in the UK

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ANY GOVERNMENTS AROUND THE WORLD ARE INTRODUCING EINVOICING AS A WAY TO DRIVE DIGITISATION OF THE SMALL BUSINESS ECONOMY, WITH SOME REGIONS EVEN MANDATING ITS USE. WHILE IT’S STILL EARLY DAYS IN THE UK, WE EXPECT THAT EINVOICING WILL EVENTUALLY BECOME A GLOBAL BEST PRACTICE STANDARD AND A NATURAL PART OF THE CLOUD ACCOUNTING PROCESS.

counting software company to launch eInvoicing in the UK. In the months ahead, you’ll be able to receive your monthly Xero subscription bill as an eInvoice, with the ability to send eInvoices to follow, as the adoption of eInvoicing in the UK increases.

To start receiving your Xero subscription bills as an eInvoice, you’ll need to register to receive eInvoices in Xero. It’s easy and free with your Xero subscription.

What is eInvoicing?

Today, we’re excited to share that we are the first major small business ac-

Most businesses create an invoice and send the PDF

Saturday 18th November 2023

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ficer," said Silvija Martincevic, CEO of Deputy. "I am confident that her unique skill set, honed through years of experience in product-led growth (PLG), high-velocity and enterprise SaaS sales, will be a driving force in accelerating Deputy's global growth and impact on the world of shift work."

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via email, or use a word processing software like Microsoft Word and post a hard copy in the mail. However, the customer still needs to open the invoice when it’s received and either scan or manually enter the data into their accounting system.

This is time consuming and can lead to errors, such as entering the wrong invoice amount or bank account, or sending the invoice to the wrong contact. Businesses can spend valuable time chasing customers for payment, which may impact their cash flow.

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New Apps & Updates Xero launches tax manager, providing one place for VAT, personal tax and company accounts tax X 2 XU Biweekly | No. 68

ERO IS BOLSTERING ITS TAX AND PRACTICE MANAGEMENT SUITE AS IT MOVES TOWARD A MORE CONNECTED PRACTICE EXPERIENCE Xero, the global small business platform, has launched several updates to its practice tools at UK Roadshow, including a new tax manager feature in Xero HQ, an important feature in its plan to more seamlessly connect Xero Practice Manager (XPM), Xero HQ and Xero Tax.

To move towards this connected future, beyond the tax manager feature, Xero also announced the rollout of the single client record and a new early access programme for partners to test a new integration with tax manager in XPM.

Tax all in one place The new tax manager feature in Xero

XU BIWEEKLY - No. 68 Newsdesk: If you have any news or updates that you would like us to consider for inclusion in the next edition of the XU Biweekly, please email us at: newsdesk@xumagazine.com CEO: David Hassall Managing Editor: Wesley Cornell Chief Revenue Officer: Alex Newson Account & Partnership Assistant: Robyn Consterdine Creative Assistant: Aidan McGrath Advertising: advertising@xumagazine.com www.xumagazine.com ‘Xero’ is a trademark of Xero Limited (New Zealand). XU Biweekly and XU Magazine is collaboratively produced by an independent group of Xero users and is not affiliated in any way with Xero. All other trademarks are the property of their respective owners. © XU Magazine Ltd 2014-2023.

All rights reserved. No part of this publication may be used or reproduced without the written permission of the publisher.

XU Biweekly is published by XU Magazine Ltd (08811842), registered in England and Wales. Registered office: Office 1, Brunswick House, Brunswick Way, Liverpool, L3 4BN, United Kingdom. All information contained in this publication is for information only and is, as far as we are aware, correct at the time of going to press. XU Magazine Ltd cannot accept any responsibility for errors or inaccuracies in such information.

If you submit unsolicited material to us, you automatically grant XU Magazine Ltd a licence to publish your submission in whole or in part in all/any editions, 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 Ltd nor its employees, agents or subcontractors shall be liable for loss or damage.

The views expressed in this publication are not necessarily the views of XU Magazine Ltd, its editors or its contributors.

HQ enables accountants and bookkeepers to view their clients' tax obligations (VAT, company accounts and personal tax) in one place to help improve job tracking and prioritisation. Following this release, tax manager will continue to evolve to help with consolidating Xero’s customisation features across all tax applications.

Luis Sanchez Castillo, GM Product, Xero said: “Over the past year, we’ve made a number of significant improvements to Xero Tax, driven by feedback from our accounting and bookkeeping partners. Bringing this critical visibility into Xero HQ provides new superpowers for our accounting and bookkeeping partners through enhanced productivity and connectivity, while remaining in line with HMRC and regulatory standards.”

Bringing this critical visibility into Xero HQ provides new superpowers for our accounting and bookkeeping partners through enhanced productivity and connectivity, while

Connect ApprovalMax to your Slack Workspace

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NHANCE AP COLLABORATION AND DECISION MAKING PROCESSES FOR TODAY’S REMOTE BUSINESS LANDSCAPE In today’s fast-paced and increasingly remote business world, efficient collaboration and streamlined approval processes are essential for maintaining financial controls. Decision-makers need a number of channels to stay connected and informed, especially when it comes to crucial documents that require their approval.

To address this need, ApprovalMax has introduced a powerful integration with Slack, allowing teams to manage approvals seamlessly without leaving their favourite communication tool. This integration adds to the list of ways ApprovalMax notifications can be received such as the mobile app and email.

Get Real-Time Approval Notifications in Slack With the ApprovalMax Slack integration, decision-makers can receive real-time Slack notifications when their approval is needed. This integration bridges the gap between approval workflows and the communication hub, by allowing decision-makers to have their say, without having to leave Slack! Slack users will enjoy the convenience of being able to provide prompt requests for approval, further adding to the variety of decision-making channels facilitated by ApprovalMax. This added convenience speeds up response times and can contribute to better overall approval times, allowing businesses to get more purchase orders, bills, and invoices ready for payment sooner, rather than later.

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remaining in line with HMRC and regulatory standards.

Bringing together tax and job management

Xero is also on a journey to integrate jobs and tax management in the UK, to enable accountants and bookkeepers to manage their work and obligations in one place.

XPM is Xero’s practice management solution for accountants and bookkeepers, helping them manage client jobs, practice workflows, time tracking and invoicing.

In the future, the new tax manager feature will be connected to XPM. Attendees at Xero’s Roadshow were given the opportunity to sign up for early access to test the connection between the tools.

Saturday 18th November 2023

NEW XERO CONNECTED APPS! EvergreenCONNECT AU - EvergreenConnect is a new generation in plant stock sourcing. We aim to be the largest greenlife database in Australia and New Zealand with up to date information on who's got what, where it is, and how to get it. At EvergreenConnect we pride ourselves on using current technology to ensure up to date plant sourcing and supply information is easily available to the wholesale and retail nursery market and landscape industries.

We provide you with one place to find, view and contact wholesale nursery suppliers. Our service is widely used by wholesale and retail nurseries, landscapers, councils and the allied professional landscape community.

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RAVE GENERAL UPDATE

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IGHLIGHTS FROM RAVE'S 9TH NOVEMBER 2023 GENERAL UPDATE

additional supplier contacts to contractor secondary emails

• The addition of a new proposal style “Streamlined No Pricing Lines”, and a new proposal option “Show Raw Cost Pricing” that can be applied to any proposal style.

When users switch Supplier contacts to Contractor contacts using the “Invite as a Contractor” button, any extra supplier contacts get transformed into the contractors’ secondary emails.

We have recently added 2 new proposal styles to the Client Estimate subtab. Now when you generate a proposal you have the added proposal style – “streamlined no pricing lines” as well as a new proposal tick box option – “show raw cost pricing”.

This ensures that an extra supplier email will remain if that supplier is invited as a contractor.

A ‘How to Create a Client Proposal/Estimate via the Estimate sub-tab’ FAQ guide is available from the RAVE Help portal.

• Show ‘Project Name’ on the Build Overview Gantt tooltip for office users Before, Rave users needed to scroll back on the Build Overview Gantt to view the project ID column as this information wasn’t shown on the tooltip.

Refinements • When users archived a supplier they could no longer search the company name to find old Bills In, Purchase Order or Credit Notes. These are now searchable in the contact filter.

• Estimate Version and Variation proposals now have the “reply to” address set to the sender’s email address Prior to this, when a client replied to a variation or estimate proposal email, the ‘reply to’ was noreply@ravebuild.com.

Now, users can easily see the Project ID for each task on the Build Overview Gantt simply by hovering over the task row, eliminating the need to scroll back.

When a client replies to a variation or estimate proposal email, the Rave user will now receive the reply to their external email.

• “Invite as a Contractor” button converts

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News & Updates

4 XU Biweekly | No. 68

Saturday 18th November 2023

How to Edit a Contractors ezyCollect Introduces ACSISS Connect Amplifies Microsoft Business Payment Plans: Contact Details in RAVE – Central Integration With Open Bankingg Transforming recurring Process Update

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E HAVE UPDATED OUR PROCESS FOR EDITING A CONTRACTORS CONTACT DETAILS IN RAVE. WE NOW HAVE TWO WORK FLOWS DEPENDING ON WHETHER: 1. The contractor’s RAVE profile exists in your business ONLY 2. The contractor’s RAVE profile exists in MULTIPLE branches/businesses

1. To EDIT a Contractor’s contact details when their RAVE profile exists in your branch ONLY If a contractor’s login/RAVE profile only exist in your branch/business – you have the ability to edit their contact information – via the ‘Edit’ button under their Contractor Profile Full instructions for how to EDIT their details are available via RAVE Helps ‘How to Edit a Contractors Contact Details in RAVE’ FAQ guide

2. To REQUEST a change to a Contractor’s contact details when their RAVE profile exists in MULTIPLE branches/ businesses If a contractor’s login/RAVE profile has access to more than just your branch/business – you will not be able to edit their contact details via your branch login. Instead, you will need to email RAVE’s customer support team with a request to do this for you, or alternatively ask the contractor to update their own details.

payment management I

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ZYCOLLECT, A PIONEERING FORCE IN ACCOUNTS RECEIVABLE AUTOMATION THAT HELPS BUSINESSES GET PAID FASTER, IS EXCITED TO UNVEIL THE BETA RELEASE OF PAYMENT PLANS, A HIGHLY ADAPTABLE AND EFFICIENT INSTALMENT PAYMENT MANAGEMENT FEATURE BUILT TO STREAMLINE AND EXPEDITE HOW BUSINESS MANAGE RECURRING PAYMENTS. In an era where businesses increasingly recognise the importance of structured payment plans for accommodating customers with extended payment needs while aligning with specific business processes, ezyCollect introduces a game-changing solution to manage instalment-based invoice settlements, monthly subscription plans, and annual commitments paid in instalments, among other options.

Ricardo Hori, CTO of ezyCollect, emphasised the significant impact of Payment Plans for business, explaining, “Our goal with Payment Plans is to address the prevalent payment challenges faced by our clients and their customers. Businesses can now offer flexible payment options that are simple to set up and manage, ensuring a more reliable cash flow with minimal effort.”

With ezyCollect’s Payment Plans module, businesses can offer tailored payment plans that cater to their customers’ preferences while retaining full control over their accounts receivables.

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Celebrating Global Bookkeeping Week

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T’S GLOBAL BOOKKEEPING WEEK, AN ANNUAL TRADITION THAT RECOGNISES BOOKKEEPERS FROM ALL CORNERS OF THE GLOBE AND A WORTHY CAUSE FOR CELEBRATION AT XERO. FROM 6-10 NOVEMBER 2023, THIS DEDICATED WEEK WILL SEE TENS OF THOUSANDS OF BOOKKEEPERS TAKE A MOMENT TO REFLECT ON THEIR INCREDIBLE CONTRIBUTIONS TO THE SMALL BUSINESS COMMUNITY. Bookkeeping remains a thriving global profession, presenting its practitioners with a unique blend of challenges and enriching experiences. Global Bookkeeping Week serves as an important reminder of the vital role bookkeepers play in bolstering small businesses worldwide.

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Joiin launches attractive new affiliate partner programme

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OIIN, THE CONSOLIDATED FINANCIAL REPORTING PLATFORM, IS DELIGHTED TO LAUNCH ITS AFFILIATE PARTNER PROGRAMME IN ASSOCIATION WITH REDITUS. Joiin’s new programme builds on its strong organic growth in the Fintech and cloud accounting sectors, aiming to connect with more partners globally.

About the new affiliate partner programme

Today, we are thrilled to introduce you to two remarkable bookkeepers, Katie McCool and Deb Mirisch from Beam Bookkeeping, based in Newcastle and Maitland, NSW and expanding into other locations in the near future.

Working with the affiliate management team at Reditus, Joiin’s new programme builds on its strong organic growth in the Fintech and cloud accounting sectors, aiming to connect with more partners globally.

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N A STRATEGIC MOVE TO REDEFINE FINANCIAL DATA ACCESS, ACSISS ANNOUNCES A PIVOTAL ENHANCEMENT TO ITS ACSISS CONNECT PLATFORM.

Beginning 1 December, the integration with Microsoft Business Central will expand beyond its existing range of direct bank data feeds, seamlessly integrating feeds powered by Open Banking. This significant shift greatly expands the ACSISS Connect platform, offering Business Central users access to a diverse range of banks and accounts.

“Our commitment at ACSISS has always been to provide clear, solution-oriented tools that address the unique challenges of our industry,” said Grant Augustin, CEO of ACSISS. “This enhancement with Microsoft Business Central is a testament to that dedication, ensuring professionals have a broader, more efficient data access solution.”

The integration with Microsoft Business Central is just the starting point. ACSISS

has its sights set on the horizon, with plans to implement similar enhancements across other ACSISS Connect integrations, such as with SAP BusinessOne, Oracle NetSuite and other leading ERP platforms used by larger businesses.

“Business Central is the first cab off the rank, but rest assured, it’s merely the beginning.” Augustin emphasised.

From 1 December, the range of banks and account types accessible through the ACSISS Connect bank feed for Microsoft Business Central will see a substantial expansion.

In line with the Consumer Data Right (CDR) legislation in Australia, ACSISS is poised to offer secure data feeds for business accounts from nearly all Australian banks and financial institutions. This includes a comprehensive array of account types, from transaction accounts and loans to deposits and credit cards.

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The Power of Xero Awards UK: Business Expos: Introducing our Connecting, 2024 judges Showcasing, W and Growing I N AN ERA WHERE DIGITAL COMMUNICATION DOMINATES, AND ONLINE MARKETING STRATEGIES ARE PARAMOUNT, ONE MIGHT WONDER ABOUT THE RELEVANCE OF IN-PERSON EVENTS LIKE BUSINESS EXPOS. HOWEVER, THE IMPORTANCE OF BUSINESS EXPOS REMAINS AS STRONG AS EVER, IF NOT MORE SO, IN TODAY'S FAST-PACED WORLD. THESE EVENTS PROVIDE A UNIQUE PLATFORM FOR COMPANIES TO CONNECT, SHOWCASE THEIR PRODUCTS AND SERVICES, AND GROW THEIR BUSINESS IN WAYS THAT VIRTUAL INTERACTIONS SIMPLY CANNOT REPLICATE.

Connecting Face-to-Face In an increasingly digital world, the significance of face-to-face interactions should not be underestimated. Business expos create a unique opportunity for professionals to meet and engage with potential clients, partners, and collaborators in person. The ability to shake hands, make eye contact, and engage in real-time conversations can help establish trust and build relationships that are often difficult to achieve through email, video calls, or social media alone.

Networking is a fundamental aspect of business expos, as attendees can discover new contacts, generate leads, and even find mentors or advisors. This personal touch fosters authentic connections that go beyond the virtual sphere.

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E’RE EXCITED TO ANNOUNCE OUR OFFICIAL JUDGING PANEL FOR THE XERO AWARDS UK 2024. THIS YEAR’S PANEL IS MADE UP OF XERO LEADERSHIP, AS WELL AS GUEST JUDGES FROM THE XERO COMMUNITY, INCLUDING PREVIOUS XERO AWARD-WINNERS AND INDUSTRY LEADERS. THEY’RE TAKING ON THE DIFFICULT TASK OF SELECTING OUR WINNERS FOR THE 12 ACCOUNTANT, BOOKKEEPER AND APP PARTNER AWARD CATEGORIES. Pam Phillips: Managing Director, de Jong Phillips Pam joins us again as one of our judges, and is a true Xero advocate, flying the flag for how Xero and cloud software can transform business operations. She runs a slick operation at de Jong Phillips and is living proof that the future of the accountancy industry can be flexible and inclusive, while still ensuring that excellent client service remains at the core. de Jong Phillips was a Xero Award winner for Small Firm of the Year in 2022, and Pam was also awarded Xero MVP. She is an industry leader and an inspiration to many.

Russell Frayne: Head of UK Digital Accounting Solutions, Azets Russell leads the adoption and optimisation of digital accounting solutions across the UK for Azets. Working closely with software providers such as Xero, Russell ensures the company is harnessing the latest technology to empower the Azets teams to deliver tailored services to their clients.

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News

6 XU Biweekly | No. 68

Saturday 18th November 2023

Xero welcomes new members Announcing the winners Plooto Ranked on the Deloitte Technology Fast 500™ to Aotearoa New Zealand’s and Technology Fast 50™ Canada for Triple Digit Growth of the 2023 Xero Partner Advisory Council LOOTO, A LEADING PAYMENT AUPlooto makes it easy for businesses and

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ERO HAS THE PLEASURE OF WELCOMING SEVEN NEW MEMBERS TO ITS NEW XERO PARTNER ADVISORY COUNCIL (XPAC).

The XPAC has been reintroduced into Aotearoa and is made up of a diverse panel of accountants and bookkeepers who are both thought leaders and trailblazers for the needs of the sector.

The latest members are as follows: • Trudi Ballantyne – Director, Stem Rural Accountants Limited • Louise Holmes – Director, Red Office Limited • Manoli Aerakis – Managing Director, Malloch McClean Tasman • Kayur Patel – Senior Manager, PriceWaterhouseCoopers New Zealand • Josh Wilson – Director, The Software Coach Limited • Amie Lorenzen – Director, Figuration Limited

Beautiful Business Fund

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E’RE VERY EXCITED TO REVEAL THE GLOBAL AND REGIONAL WINNERS OF THE INAUGURAL XERO BEAUTIFUL BUSINESS FUND – EACH OF WHOM WILL RECEIVE A SHARE OF THE NZ$750,000 GLOBAL PRIZE POOL. AFTER RECEIVING A MASSIVE 5,500+ APPLICATIONS ACROSS FOUR CATEGORIES AND SEVEN COUNTRIES, OUR REGIONAL AND GLOBAL JUDGING PANELS HAVE SELECTED A TOTAL OF 28 WINNERS. THE RESPONSE AND DEDICATION TO APPLY HAS BEEN INCREDIBLE – A BIG THANK YOU TO ALL WHO TOOK THE TIME TO ENTER AND SHARE THEIR STORIES WITH US. The amazingly diverse set of entries came from Australia, Canada, New Zealand, Singapore, South Africa, the United States and the United Kingdom, and fell under four categories: Innovating for sustainability, Strengthening community connection, Trailblazing with technology and Upskilling for the future.

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The single client record is What you can expect at coming: here’s what your Xero Asia Roadshow 2023 practice needs to know

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NE OF THE MOST IMPORTANT WAYS WE’RE HELPING YOU SAVE TIME AND GROW YOUR PRACTICE IS

BY MOVING TOWARDS A FUTURE WHERE XERO PRACTICE MANAGER (XPM), XERO HQ AND XERO TAX WILL BE SEAMLESSLY CONNECTED. This will streamline your workflows and give you confidence that your data is accurate and your teams are all working from the same information – no matter what practice tool they’re using. In the future, there’ll be no switching tools, no duplicates or double handling of data. Just one set of connected practice tools that will help you work more efficiently.

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ITH A WEEK TO GO ’TIL XERO ASIA ROADSHOW, WE ARE BUZZING WITH EVERYTHING WE HAVE LINED UP FOR OUR ACCOUNTING AND BOOKKEEPING COMMUNITY.

Exploring the agenda This year we’re exploring how we can work Smarter, Faster, Stronger, Together to support small businesses across Asia; your clients, who themselves strive to do this every day, and depend on their accountants and bookkeepers to help get them there.

This is what Xero Asia Roadshow 2023 is about – with our community front of mind, we’ll share how Xero can better support you and your small business clients.

Delivering the single client record to your practice is the next step in achieving this vision. The single client record is a single database that exists behind your practice tools and houses your client data across Xero Practice Manager (XPM), Tax and Xero HQ. You can use XPM to maintain your client information, while unlocking the value of Xero HQ when managing client organisations and staff access.

Roadshow will not only leave you with plenty of food for thought, but also actionable insights and strategies to enable you to grow your practice.

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Making space for connection One of our favourite things about Xero Asia Roadshow is bringing our partner community together to connect in person.

Apron named ‘Financial Services Provider of the Year’ at ICB LUCA Awards

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E’RE THRILLED TO ANNOUNCE THAT APRON WAS RECENTLY NAMED ‘FINANCIAL SERVICES PROVIDER OF THE YEAR’ AT THE INSTITUTE OF CERTIFIED BOOKKEEPERS LUCA AWARDS.

welcomed Apron from the start, recognising our dedication to providing essential services to a profession that has long been underserved.

This prestigious accolade acknowledges Apron’s commitment to supporting bookkeepers and addressing the immediate and evolving needs of the payments as a service industry.

As more bookkeepers step up to offer a range of financial services to their clients, including domestic and international payments, supplier payments, and payroll management, Apron stands out as a reliable partner in navigating the challenges of modern bookkeeping.

Thank you, bookkeepers!

You asked, we listened

The bookkeeping community has warmly

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TOMATION SOLUTION FOR SMALLTO-MIDSIZE BUSINESSES, TODAY ANNOUNCED IT WAS NAMED A 2023 WINNER OF THE DELOITTE TECHNOLOGY FAST 50™ CANADA AND DELOITTE FAST 500 NORTH AMERICA AWARDS. Fueled by its commitment to deliver powerful and accessible payments technology to growing businesses, Plooto grew revenue by an astounding 433% between 2019 and 2022, leading to its coveted ranking by one of the world’s top accounting and business consultancies.

accounting firms to automate their accounts payable and accounts receivable in one seamless platform.

In a 2023 survey, nearly 48% of small business owners in Canada reported cash flow as their most significant concern. Plooto’s all-in-one solution alleviates the pain of manual processing, approvals, and reconciliation and puts control over cash flow back in the hands of finance professionals so that they can invest in growth opportunities.

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Introducing our Heads Chaser is a finalist for of Accounting and the CICM Technology Bookkeeping for EMEA Development Award

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ARTNERS ARE INVALUABLE TO WHAT WE DO HERE AT APPROVALMAX. WE’RE PROUD TO WORK CLOSELY WITH ACCOUNTANTS AND BOOKKEEPERS ACROSS THE WORLD TO HELP THEIR CLIENTS BUILD ROBUST FINANCIAL CONTROLS USING AUTOMATED APPROVAL WORKFLOWS. As part of this, we’re excited to announce the expansion of our Partner leadership team in EMEA: Stuart Hurst, Managing Director of Accounts and Legal, and Lara Manton, Founder and Director of LJM Bookkeeping Ltd, are joining the ApprovalMax team in the UK. “ApprovalMax wouldn’t be what it is today without the accounting and bookkeeping community,” says Matt Lowry, Chief Revenue Officer of ApprovalMax. “We’re thrilled to have Stuart and Lara join the team to offer a local presence for our partners here in the region, sharing valuable knowledge on end-to-end AP automation, financial controls, and digital adoption. There are great times ahead!”

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'M THRILLED TO SHARE THAT CHASER HAS BEEN SHORTLISTED FOR THE TECHNOLOGY DEVELOPMENT AWARD AT THE CICM BRITISH CREDIT AWARDS 2024. THE AWARDS RECOGNIZE STANDOUT ACHIEVEMENTS OF INDIVIDUALS, TEAMS, AND ORGANIZATIONS IN THE INTERNATIONAL CREDIT INDUSTRY, AND CHASER IS HONORED TO BE RECOGNIZED

BY THIS PRESTIGIOUS AWARDS BODY. Being shortlisted for this award recognizes the efforts of the Chaser team to use cutting-edge technology and advancements in artificial intelligence to support SMEs globally to reduce late payments and improve efficiency, at a low cost.

The Technology Development Award recognizes the development of information and communications technology that demonstrates a clear achievement in driving greater efficiency, has an effective implementation, and has been delivered within agreed budgets and timelines.

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Xero Beautiful Business Fund: Congratulations to our partner referral winners!

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OW – WHAT AN AMAZING RESPONSE WE’VE HAD TO THE XERO BEAUTIFUL BUSINESS FUND! THERE ARE TRULY SOME INCREDIBLE SMALL BUSINESSES OUT THERE IN THE WORLD, AND SOME WONDERFUL ACCOUNTANTS AND BOOKKEEPERS WHO SUPPORT THEM. THANK YOU TO EVERYONE THAT HAS APPLIED, AND FOR HELPING GET THE WORD OUT AND ENCOURAGING SMALL BUSINESSES TO GET INVOLVED. We’re pleased to announce the winners of our partner referral competition below:

Visa card winners (drawn from those who had 1 – 9 referrals) Entrants went into the draw to win a Visa (or equivalent) gift card (1 entry into draw per referral), with 5 to be won worth NZ$200 (or equivalent currency). T&Cs apply. The winners are: • Faith Maclennan, Faith in Numbers, Australia

• Amy Haydon, AHS Limited, New Zealand • Megan Velo, Coda Numbers, Australia • Tonya Ylivainio, Canada • Dawn Hatch, MATAX, US

Xerocon 2024 grand prize winner (drawn from those who had 10+ referrals) Entrants went into the draw to win the chance to go to a Xerocon in 2024. One lucky winner gets the choice of attending a Xerocon in London or Nashville next year, including a travel voucher to the value of NZ$7,000 (or equivalent currency), plus a Xerocon pass. T&Cs apply. The winner is: • Iridium Business Solutions, South Africa Congratulations to these six partners!

Again, a massive thank you for your efforts in getting the word out there about the fund to small businesses.

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Lorem ipsum Increase accuracy by up to 99%.

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Automate everything: create rules for even more time saving.

Get all features from day #1 at no extra cost—including unlimited companies* & users.

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8 XU Biweekly | No. 68

Events & Webinars

UPCOMING EVENTS

UPCOMING AU WEBINARS

Saturday 18th November 2023

UPCOMING UK WEBINARS

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XU Biweekly | No. 68 Accountant Tools

Saturday 18th November 2023 9

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Features

10 XU Biweekly | No. 68

Saturday 18th November 2023

How to fix bottlenecks and make pre-accounting faster

By Lu Jakubac, Customer Success Lead, Datamolino

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HE PRE-ACCOUNTING PHASE CAN CREATE MANY BOTTLENECKS IN ACCOUNTANTS' DAILY WORKFLOW. HERE ARE SOME TACTICS ON HOW TO MITIGATE THEM. The pre-accounting phase encompasses various tasks that accountants and bookkeepers must complete before transactions are officially recorded in the accounting system, including document collection, data entry, data validation, coding, categorization, and approvals. Each of these steps can create bottlenecks in accountants' and bookkeepers' daily workflows, whether during manual data entry and validation or day-to-day interactions between accounts payable teams and other departments or clients.

I'm sure you're familiar with at least one or two of these common issues: • Misplaced or chaotic paperwork • Lack of a standardized accounts payable process • Time-consuming manual administrative tasks

• Inefficient approval workflows and slow payment processing • Lack of centralized data, leading to communication issues between AP teams and other stakeholders • Duplicate payments due to data entry errors • Invoice matching errors All of these call for automation or, at least, optimization. The good news is that these bottlenecks can be mitigated by improving collaboration and streamlining workflows among all stakeholders involved.

Let me share a few tactics for how your team can automate and optimize specific problematic tasks, preventing bottlenecks from affecting your business. I hope you’ll walk away inspired.

1. Eliminate paper clutter Paper invoices or receipts may get misplaced, or make it hard to find information fast. Instead of heaps of paper, digitize all records. Going paperless makes things simpler, saving time and effort for the accounts pay-

able team and other departments when searching for invoices. In digital form, you can find your documents faster, without the need for looking through papers in binders or shuffling paper on your desk.

Simply scan every paper invoice or receipt using an app like Datamolino. Your clients can actually do them by themselves. More in the next point.

2. Streamline document collection Digitizing your financial documents allows for more streamlined document collection. Bookkeeping automation tools like Datamolino let you or your clients import invoices via multiple platforms, from anywhere basically - either by web app, email or mobile app for easy scanning of invoices or receipts on the go. Your clients or suppliers can simply snap a picture with their phones using the mobile app and upload it or forward documents by email in just a few clicks.

When documents are collected digitally, your clients are able to import all

documents continuously throughout the month. In Datamolino, each folder gets assigned a unique email address, so your client can easily forward their email invoices for processing as soon as they receive them.

This makes a world of difference as it helps ensure you will not have to hunt your client for remaining paperwork at the last minute.

3. Centralize all data on a cloud-based platform Whether you’re working individually or as part of the team, having one centralized platform for all accounts payable data is great help for improving paperwork management, data consistency and keeping everyone involved on the same page.

With documents stored in the cloud, nothing gets lost or misfiled. Any document can be uploaded, copied, sent and downloaded in seconds without the need for costly and time consuming snail mail or physical archiving services. Everything is searchable and retrievable in seconds - from anywhere, at any time.

Datamolino offers a dashboard with a clear overview

of all transactions. All invoices, bills, receipts sit digitized under one roof, neatly organized.

Plus, your whole team can collaborate together in one place.

Not only does this make the data easy to access for anyone who needs it, but it also makes maintaining data consistency straightforward.

In Datamolino, you can invite as many users as you want to collaborate with. You can grant access to specific folders, ensuring data visibility tailored to each person.

4. Automate data entry Reducing manual work in your accounts payable processes is essential to minimize errors and save time.

Bookkeeping automation softwares can automatically extract data from your invoices, bills, receipts and bank statements. Just upload your financial documents to a tool like Datamolino and in a fraction of time, all data is accurately captured and ready to be exported. You no longer have to worry about mistakes in the matching and reconciling processes, or missing

errors that would’ve been costly. With fewer manual tasks, you and your team can focus on more meaningful work, such as collaborating with other departments, or advisory.

5. Build better approval workflows Having one single platform where you store all accounts payable data also allows you to collaborate better across multiple departments. Accounting automation tools like Datamolino offer features like approval structure, folder notes, and comments.

For example, you can easily approve purchase bills with a single click before exporting them to your accounting software. One use case involves client-accountant collaboration, where clients confirm the validity of invoices to be imported.

In larger accounting firms, this feature enhances workflow visibility. Junior staff prepare invoices, which senior staff review for formal mistakes. Rejected invoices include a 'rejection reason,' facilitating a learning process for improvement.

Keep reading

Features

XU Biweekly | No. 68

Saturday 18th November 2023 11

Parlez-vous français? INNOVATION IN PRACTICE:

A CALL TO ACCOUNTANTS IN THE HEALTHCARE SECTOR

By Doria Kao, Education Lead & Marketing Strategist, Tidy

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AURANGA ORAL AND MAXILLOFACIAL SURGERY (TOMS) AND TIDY, ARE COLLABORATING TO SOLVE STOCK, PATIENT, AND PRACTICE MANAGEMENT INEFFICIENCIES THROUGH A SINGLE, ELEGANT SOFTWARE SOLUTION.

TOMS Origins

Maximising profit: Effective pricing models used by accountants

By Alexander Schwendtner, CRO, Bright

P

RICING ISN'T JUST ABOUT COVERING YOUR COSTS AND MAKING A PROFIT – IT'S ABOUT VALUING YOUR EXPERTISE AND SENDING A CLEAR MESSAGE TO YOUR CLIENTS ABOUT WHAT THEY CAN EXPECT FROM YOU. SO, LET’S DISSECT THE ADVANTAGES AND SHORTFALLS OF SOME OF THE MOST POPULAR PRICING MODELS, SO YOU CAN DECIDE WHICH MODEL FITS YOUR FIRM BEST.

amongst accountants. It can provide flexibility to cover any unpredictability and allows clients to see exactly how much time is being spent on tasks.

and adding a suitable percentage to determine your price. Many clients prefer a fixed fee. It also means you’ll try to be as efficient as possible.

Hourly billing however, can tend to focus more on the efforts, inputs, and activities rather than the results and value delivered. It can also be difficult to track exactly how long you’re spending on a client, which means income can fluctuate.

The major downside to fixed-fee pricing is that while income remains fixed, costs may not be. A fixed-price contract may increase the risk of operating at a loss.

Turning guesswork into strategy

Fixed fee - Charging a fixed fee is a common pricing model that lets businesses control costs. This method involves taking what it costs to provide a service

Hourly rate - Charging by the hour is by far the most popular billing strategy

Cost plus pricing - This pricing strategy involves charging clients for every cost associated with a job and adding a specified percentage to achieve your profit.

Keep reading

TOMS is a specialist oral surgical clinic that supports local dental and medical practices by providing patient care outside the scope of general practitioners.

Surgeons Dr Abi Estelle, Dr John Bridgman and Dr David Chrisp are often found removing impacted wisdom teeth, providing surgery for dental implants, and managing difficult dental extractions.

In the medical industry, reliable, secure, and risk-free administration is mandatory and legally required, which has traditionally led to many processes remaining analogue.

Nurses and support staff at TOMS once spent hours flicking through spreadsheets, stickers, and paper folders to monitor inventory activity. However, Dr John Bridgman had ambitions for more.

"Twelve years ago, we decided that we wanted to try to become paper-free," he says.

Given the unique demands of medical practices and the desire to preserve a personal connection between patient and doctor, the process was trickier than anticipated.

"There were a couple of things that were really hard to do. It turns out that paper is actually really difficult to replace. [With] desktop computers, we found that

we lost the intimacy with the patient contact."

Today, TOMS has fully embraced digitalisation.

They have been using iPads in their practice for over a decade and have integrated multiple software systems from reception to consultation clinic to surgery room.

So, how have they achieved this?

vide their services in a collective physical environment such as TOMS. It would be uneconomical for one surgeon to run one “multi-service” clinic alone.

However, this can complicate the accounting side of things.

Tidy Origins

Fortunately, Tidy's seamless integration with Xero made it easy for TOMS to maintain robust financial control while managing multiple surgeons and addressing an important issue in the clinic: inventory management.

Tidy has been an official and trusted Xero Connected App Partner since 2012, providing inventory and project management software to help businesses keep operations tidy. The founder-led company was born from the need to create order from disorder for businesses.

"Stock control is a complex matter for us because we've got a considerable amount of implant stock," says John. "They all have an expiry date so you're always conscious of not only replacing what you need, but also making sure you don’t end up with obsolete stock.

"A tidy workplace is a safer and more efficient workplace," explains Kevin Mann, founder and CEO of Tidy.

Being able to handle that was a really exciting frontier about Tidy - that's how we got into it. But through that, we realised there's a whole lot more capability that a company like Tidy could offer."

The answer is Tidy, a software development company headquartered just 10 kilometres from TOMS.

"That’s where the name of the business comes from.

It's not just tidy in a physical sense. It's tidy in a metaphoric sense.

If you know where things are, if you've got a system that works, you can serve your customers more efficiently and build a better business."

TidyStock TidyStock, Tidy's inventory management solution, proved to be the perfect fit for TOMS when they began using it in 2020.

In many clinical environments, surgeons operate like barristers. They operate independently with their own accounting ledger, but pro-

Tidy's flexibility and willingness to help TOMS integrate their existing iPad system with TidyStock made the transition even smoother.

The Genesis The effectiveness and popularity of TidyStock at TOMS spurred a new idea for John.

"We saw an opportunity to have a patient management system integrated with strong stock management which would be extremely desirable."

Keep reading

FinTech News

12 XU Biweekly | No. 68

Saturday 18th November 2023

Save money with your Ecommpay partners with GoCardless Simple Stripe x Xero Tide Mastercard® and to add direct debit capabilities to its Synchronisation the Mastercard Business range of payment methods S Savings™ programme C

T

HANKS TO OUR PARTNERSHIP WITH MASTERCARD, TIDE IS ENABLING EVERY MEMBER ACCESS TO THE MASTERCARD BUSINESS SAVINGS PROGRAMME.

What is Mastercard Business Savings?

Mastercard Business Savings gives you the opportunity to get cashback on everyday business costs.

Whether you’re doing business locally or internationally, you can save money on travel, hotel stays, meals out, vehicle hire, and so much more.

from around the world.

Cashback is applied automatically to your account a few days after paying with your Tide Business Card, saving you time and money by cutting business administration, with no coupons, codes or costs to worry about.

Offers are updated regularly and sorted by savings area and location, so you can quickly see how to get the most from Mastercard Business Savings. It’s easy to use and simple to understand, with participating suppliers across the UK and around the world.

There’s a broad selection of carefully chosen suppliers

Keep reading

O L L A B O R AT I O N WILL ALLOW BUSINESSES TO ACCESS BANK PAYMENTS IN OVER 25 COUNTRIES DIRECTLY WITHIN THE ECOMMPAY PLATFORM. GoCardless and leading international payment service provider and UK & Europe direct bank card acquirer Ecommpay have announced a partnership which will see the latter add direct debit to strengthen its payment offering.

Thanks to GoCardless Embed, a white-label integration, Ecommpay merchants will soon be able to tap into direct debit capabilities in

PayPal Announces Executive Leadership Changes

Rebel Energy expands relationship with GoCardless, P using payments as a tool to transform the energy sector

G

OCARDLESS, THE BANK PAYMENT COMPANY, IS EXPANDING ITS RELATIONSHIP WITH CHALLENGER ENERGY SUPPLIER REBEL ENERGY TO SHAKE UP THE ENERGY INDUSTRY WITH A NEW APPROACH TO PAYMENTS AND CUSTOMER EXPERIENCE. Rebel Energy has now added Success+, a feature that uses proprietary GoCardless machine learning models to automatically optimise failed payment retries, to the services it uses from the fintech.

This will help better identify customers that may be experiencing financial difficulty, enabling the company to not only work with those that need greater flexibility

around their payment plan, but also prevent any disruption in service.

The new contract builds on a relationship which began in 2021 when Rebel Energy selected GoCardless to collect payments via Direct Debit.

Not only did the energy supplier and its customers appreciate the transparency and control that came with knowing the exact timing and amount of a payment, using GoCardless has also allowed Rebel Energy to scale efficiently: despite their customer base growing 200x over two years, the number of people in their finance team only increased from one to four.

AYPAL HOLDINGS, INC. (NASDAQ: PYPL) TODAY ANNOUNCED SENIOR LEADERSHIP CHANGES THAT UNDERSCORE THE COMPANY'S COMMITMENT TO BUILDING A HIGH-PERFORMING ORGANIZATION, SERVING ITS CUSTOMERS, AND DRIVING PROFITABLE GROWTH. Isabel Cruz will join PayPal as Chief People Officer, effective November 27. Michelle Gill is joining PayPal as EVP, General Manager of a newly formed Small Business and Financial Services Group, effective today. Diego Scotti will join PayPal as EVP, General Manager of a newly formed Consumer Group and Global Marketing & Communications organization, effective December 4.

"We are redesigning PayPal with our customers at the center" said Alex Chriss, PayPal President and CEO.

Find out more

Save up to 90% on data entry processing time Try for free

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over 25 countries within a platform they already know and trust. This will help them grow in their existing markets while providing the ability to expand into new verticals and use cases where bank payments are preferred.

With over a decade’s worth of experience in online payments, Ecommpay provides access to more than 100 alternative payment methods and mass payouts, as well as a sophisticated Open Banking payment solution via a unified proprietary platform. This partnership will enable the addition of direct bank payments to Ecommpay's com-

prehensive suite of payment options.

The news comes as a new GoCardless study indicates that payment service providers (PSPs) must continue to innovate to stay competitive and boost customer retention. Increasing payment choice was cited as a top priority: 31% of merchants surveyed would be willing to pay more for a wider range of payment methods. Over a third of businesses (35%) want their PSP to offer direct debit and more than a quarter (27%) want them to offer Open Banking or other bank payment options.

Find out more

UBSYNC BRINGS TOGETHER TWO OF THE MOST POWERFUL APPS AVAILABLE TO SMALL BUSINESS BUSINESS – STRIPE & XERO. Our two way integration ensures that you have all of your Stripe invoices in both systems all the time.

Instant Updates to Stripe created invoices are instantly replicated into Xero. Any errors are captured in the SubSync console, then can be reprocessed with ease.

Links Deep links to documents in both directions with PDF’s available in both Stripe and Xero.

PayPal Names Archie Deskus as Chief Technology Officer Introducing Venmo Groups Find out more

P

AYPAL HOLDINGS, INC. (NASDAQ: PYPL) TODAY ANNOUNCED THE PROMOTION OF ARCHIE DESKUS TO EXECUTIVE VICE PRESIDENT, CHIEF TECHNOLOGY OFFICER (CTO) OF PAYPAL, EFFECTIVE IMMEDIATELY. IN THIS ROLE, SHE WILL OVERSEE PAYPAL'S GLOBAL TECHNOLOGY, ENGINEERING, AND INFORMATION ORGANIZATIONS

In addition to enabling PayPal's technology strategy, priorities, and data-driven operating model, Archie will lead the planning, management, delivery, and transformation of PayPal's technology stacks, systems support and infrastructure.

Deskus has served as PayPal's Executive Vice President, Chief Information Officer (CIO) since March 2022.

"PayPal has a significant opportunity to further evolve to operate as a platform company that builds company-wide capabilities,

accelerates at scale, and drives efficiencies across the company. Fully unlocking this will accelerate innovation and improve our ability to seamlessly delight our customers end-to-end," said Alex Chriss, President and CEO of PayPal. "Archie has a strong track record of delivering exceptional results that drive business growth, transformation, and innovation. Bringing our technology, engineering and information teams together under Archie's leadership will foster enhanced accountability, collaboration, accelerate innovation, and fortify the efficiency of our operations."

Deskus joined PayPal from Intel, where she served as Senior Vice President and CIO. As Intel's CIO, her organization capitalized on information technology to accelerate the company's significant growth goals across a diverse portfolio of businesses.

Find out more

V

ENMO USERS CAN NOW EASILY SPLIT, MANAGE, AND SETTLE UP MULTIPLE EXPENSES AMONG GROUPS. Venmo today announced the introduction of Venmo Groups, a new in-app feature that lets users easily track, split, and manage multiple or ongoing expenses among groups like friends, family, roommates, partners, and more. Venmo Groups automatically calculates the individual amounts due based on the overall spend of each person in the group, reducing the need for spreadsheets, multiple apps or mental math to settle up.

More than 84% of consumers say they’ve used a peer-to-peer service1, with common payments ranging from monthly rent to household costs and travel expenses.

Find out more