Saturday 2nd December 2023 | No. 69
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Spotlight Reporting Launches UK SME payments fintech Revolutionary ESG Reporting Crezco raises $12m, Tool as Demand Grows announces its technology is
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S ENTERPRISES SEEK TO IMPROVE ESG INITIATIVES AND TRANSPARENCY, EFFECTIVE REPORTING BECOMES AN IMPERATIVE.
Environmental, social and governance (ESG) reporting is becoming an increasingly necessary aspect of business activity in 2023 and beyond. Not only are enterprises recognising the need to be involved in ‘measuring what matters’ beyond the bottom-line, but they are seeking solutions to the problems that organisations and communities face in this modern world. Recognising this need, Spotlight Reporting has today officially launched its standalone ESG Reporting solution, Spotlight Sustain.
With over 12 years of expertise in delivering engaging and actionable reports and forecasts to accountants, CFOs and advisors, Spotlight Reporting’s new Sustain product will streamline the ESG reporting process, access data from leading specialist providers, while also being highly customisable and adaptable to specific business needs and initiatives.
Demand for ESG Reporting grows as regulations, sustainability and social causes boom In its sustainability predictions for 2023, global analysts IDC highlight the role of reporting in the ESG boom, stating that by 2026, “70% of organisations...will achieve improved operational efficiencies leading to distinctive business benefits of
improved ESG and financial performance.”
In addition, the Harvard Law School Forum on Corporate Governance (HLS) released guidance on ESG trends, also championing the critical role of reporting. Amidst the demand for return on ESG initiatives, the researchers find data and the means of capturing and sharing key insights is evolving. HLS states, “In this environment, companies need to start evaluating their ESG-related reporting with a rigour akin to that applied to their financial reporting processes. [...] Companies should evaluate seriously the internal systems and tools that are being used to collect, scrub, analyse, verify and report that data.”
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enabling a new Xero feature
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HE CLOUD-BASED ACCOUNTING PLATFORM HAS INTEGRATED CREZCO’S TECHNOLOGY TO OFFER ON-PLATFORM BILL PAYMENTS USING OPEN BANKING TO ITS UK-BASED SUBSCRIBERS.
Crezco, a UK fintech company using open banking to make B2B invoice and bill payments as convenient as B2C card payments, has achieved several major business milestones through securing funding and integrating its technology into global small business platform Xero. Crezco has secured $12m in Series A funding from
MMC Ventures and fintech-focused 13books Capital to enable further growth.
Additionally, its recent agreement with Xero has resulted in the technology being integrated into its bill payment feature which will be launched to UK small businesses at the end of the month. Underpinned by Crezco’s account-to-account payments API, Xero will be the first major small business cloud accounting software in the UK to offer on-platform bill payments using open banking. The solution will allow small businesses to simply
and securely manage, approve and pay their bills without leaving Xero’s platform. To achieve this Crezco uses open banking, a relatively new technology leveraging account-to-account (A2A) payments. In their new report, Xero has found that 50 per cent of UK small businesses are worried about their financial future amidst economic uncertainties. By leveraging Crezco’s technology and API, Xero’s new bill payments feature can help small businesses have a more accurate view of their cash flow.
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Weel’s new bill payment experience is a huge win for bookkeepers and AP teams alike
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EEL, AUSTRALIA’S LEADING SPEND MANAGEMENT SOFTWARE, HAS ANNOUNCED A SUITE OF RELEASES WITHIN THEIR BILLS PRODUCT, WHICH WILL CUT ACCOUNTS PAYABLE (AP) PROCESSING TIME IN HALF WHILE ALSO PROVIDING ENHANCED SECURITY AROUND INVOICE PAYMENTS. Among their newest innovations in the bills space,
Weel has launched an instant import from Xero function. This feature allows users to automatically extract approved bills from Xero and seamlessly import them into Weel for prompt payment. Actioned in a single click, this function serves to streamline the payments process by offering bookkeepers an accelerated method for efficiently managing clients' bills. Complementing this inno-
vation is Weel’s new supplier management feature. Weel customers can now save approved payee details for future bill payments.
Once a supplier is saved, it can be selected for any subsequent bill and their address and payment details will be automatically populated, further expediting the payment process. Another feature set to streamline the payment ex-
perience is Weel’s automated remittance notice.
As soon as a bill is paid, suppliers will receive an automated notice of payment via email, ensuring timely and transparent communication of payment status. The last of Weel’s recent updates to its bills product is the split line items feature, which allows Weel users to accurately capture and categorise individual expense
details from a single invoice, allowing for precise category tracking and enhancing overall accuracy in financial management.
While Weel first made its name through its innovative virtual cards expense management solution, its bill payment and management product has quickly become one of its most popular tools, solidifying Weel’s status as the leading AP solution in the market.
Saturday 2nd December 2023
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The ability to seamlessly handle all company expenses from a single tool not only serves to streamline the accounting process, but also plays a pivotal role in effective cash flow management and cost control. These new releases are a testament to Weel’s ongoing commitment to delivering innovative solutions that empower businesses to optimise their financial processes.
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