XU Magazine - Issue 04 - Digital Edition - Preview

The independent magazine for Xero users, by Xero users

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COVER STORY:

XERO USERS ISSN 2054-7226

ISSUE

Forecast the Future

39

9 772054 722009

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WELCOME TO ISSUE 04 magazine The independent magazine for Xero users, by Xero users

Issue 04 Co-Founders: David Hassall, Wesley Cornell Managing Editor: Wesley Cornell Editor: Jo Hardman Editorial Assistant/Subscriptions: Joel Barnett Advertising: Marco Hipwell, Alex Newson Contributing Writers: Jonathan Rhodes, Peter M. Vessenes, Jordan MacAvoy, Jeannie Doherty, Jacob De Geer, Andrew Erkins, Craig McLellan, Lucy Danon, Neethu​Stephen, Dan Fairbairn, Karen Reyburn, Bruce Coombes, Kristin Harris, Lindsay Hassall, Heather Smith, Richard Francis, Simone de Cunha, Bethany Walsh, Heather Townsend, Michelle Polglase, Kelly Newbery, Jo Milton, Peter McCarroll, Guy Pearson, Mark Woodbridge, Sarah Jones, Brandon Smith, Adrienne Unkovich, David Watson, Sophie Hossack, Macarton Gauhan Ambassadors: Gayle Buchanan (NZ), Jonathan Gaunt (UK), Carol-Ann Brouwer (CA), Rory Finegan (IE)

We always seem to manage to publish each issue just in time for a conference.

This time it’s Xerocon Melbourne, the biggest event in the Xero User calendar.

I am especially excited to be there, since not only will this be the first time that I’ll have visited Australia but it also marks a year since the publication of the inaugural edition of the magazine!

Unfortunately, none of our team were able to attend Xerocon Denver. We were all very disappointed, it looked great fun! Go to page 50 (Xero user community - your pics) to see what some of the delegates got up to.

The big news from us, of course, is the launch of our new website! Visit xumagazine.com to find out more.

If you’ve never picked up a copy of XU before, this issue is definitely a good one to start with.

There’s certainly a theme this time - forecasting and telling the future: Richard Francis of Spotlight gives forecasting advice (cover story, p39), Peter Vessenes looks at where the Accounting profession is going in the next few years (p10), Sophie Hossack from ReceiptBank writes about coping with change as the industry evolves (p85), and Brandon Smith explains how to create a fortune telling crystal ball for your business (p66).

Thank you so much to all the contributing writers, we couldn’t produce the magazine without you.

Jo Jo Hardman - Editor jo@xumagazine.com

Editorial/News Submissions: In the first instance, please send editorial, news stories, requests and enquiries via your country’s ambassador (email addresses overleaf). For general submissions, please email: hello@xumagazine.com Advertising: advertising@xumagazine.com T: +44 (0)116 298 60 80 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 2014-2015. 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: 198 Welford Road, Leicester, LE2 6BD. 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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To cope with the immense number of submissions that are sent in from fellow Xero users (and to get around the time zone differences!), we have four country Ambassadors. Please send in any editorial, news stories, enquiries and requests via your country’s Ambassador.

Gayle Buchanan is well-known amongst Xero users through her activity in the Xero Community Forums. She is the founder of Number Nurses, cloud integrators who specialise in helping business owners and accountants to master applications like Xero, Xero Add-ons and the Google-Suite. For those of you in New Zealand, get in touch with Gayle at nz@xumagazine.com

Jonathan Gaunt is the XU Magazine Ambassador for the UK. After working in ‘big’ businesses, Jonathan now works with small businesses, primarily in the creative and technology sector. He is the founder of FD Works, based in Bristol, UK, and an enthusiastic fan of Xero and its Add-ons. Contact Jonathan at uk@xumagazine.com

Carol-Ann Brouwer is our Canadian Ambassador.

Carol-Ann is a global certified Xero trainer, professional speaker and successful entrepreneur. Inspired

by Xero, she founded Accounting AnyWhere, committed to moving businesses over to the Cloud. You can message Carol-Ann by emailing ca@xumagazine.com

Rory Finegan is our Irish Ambassador.

Rory is a Chartered Accountant in Ireland and he runs a busy Xero practice in the centre of Dublin city. He is a very enthusiastic user and supporter of Xero. You can contact Rory via email at ie@xumagazine.com

Founding Supporters: XU Magazine’s Patrons

Funded on:

Between 23rd March and 14th April 2014, we launched our campaign to raise US$25,000 to fund the magazine on Indiegogo, one of the world’s largest crowdfunding websites. Amongst those of you who supported the magazine are our Patrons, listed below: 5mc | Melbourne, AU accountantshub.com.au | AU Account Wise | Auckland, NZ Accounting Buddy | Adelaide, AU Accounting To You Pty Ltd | Melbourne, AU accounts2u | Wellington, NZ AccountsConnect | Sydney, AU Active Admin Ltd | Upper Hutt, NZ Adam Ramage | Melbourne, AU Adaptive Advisers | Melbourne, AU Addept Pty Ltd | Adelaide, AU Addflow | Melbourne, AU Admin Happy | Melbourne, AU All Round Accounting | Port Macquarie, AU Ashton Wheelans Limited | Christchurch, NZ Axis CPA Group | Connecticut, US Bach & Company Chartered Accountants | Indooroopilly, Queensland, AU Barcant Beardon | London, UK Basis 365 Accounting | US BBS Partners Business Hub | Brisbane, AU Beacon Bookkeeping & Accountancy Ltd | UK Bette Hochberger CPA, CGMA | US Biscuit Bookkeeping | Geelong, Victoria, AU Bitcoin Investment Group | Wellington, NZ BizFitness Limited | Nelson, NZ Bollands Chartered Accountants | Alcester, Warwickshire, UK Bookkeeping With Zero Effort | Melbourne, AU Books & BAS | Canberra, AU Books In Shape | Melbourne, AU Boost Bookkeeping | Brisbane, AU Btom | Pyrmont, NSW, AU Carey V. Downing, CPA, PLLC | Fayetteville, North Carolina, US Chaser | Global Cloud 9 Accountants | Auckland, NZ Cloud Accountants | NZ Cloud Accounting | Oregon, US 6 / Issue 04

CNJ Accounting | Edinburgh, Scotland, UK Coastal Bookkeeping For You | AU Concept Bookkeeping | Wagga Wagga, AU Connected Accountants | Global Consult to you | Melbourne, AU D J Ramey & Associates, PC - CPA’s | Brookfield, Connecticut, US Dailey Bookkeeping Services | Southfield, Michigan, US Daily Balance | Elk Grove, California, US Diablo Management | Auckland, NZ DJA Capital Pty Ltd | Melbourne, AU Elite Bookkeeping Solutions | Kirrawee, AU Engine Room CA Limited | Pukekohe & Tauranga, NZ Expert Cloud Accounts | Melbourne, AU Fax n Figures Bookkeeping | Canberra, AU Figurit Bookkeeping Pty Ltd | Mooloolaba Queensland, AU Finance On Demand | Seattle, Washington, US First Class Accounts - Ballarat | Ballarat, AU Francis Handcock | Wollongong, AU Fullstop Accounts | Cardiff, Wales, UK Futurebooks | Asia Generate Accounting Group Limited | Auckland, NZ Get A Life Accounting Solutions | Far North Qld, AU Gill McKerrow | Brisbane, AU Green Cloud Bookkeeping | Idaho, US Heather Smith, author of Xero for Dummies | Brisbane, AU i-Accounting & Tax Limited | Auckland, NZ Institute of Certified Bookkeepers | Melbourne, AU Integrate in the Cloud | Perth, AU Intersect Bookkeeping Services | Perth/ Albany, West Australia, AU Island Accounting Solutions | US

Jill Of All Trades | Gold Coast, Queensland, AU Johns Creek Professional Bookkeeping | Johns Creek, Georgia, US Joshua Lance CPA, LLC | Chicago, Illinois, US Julie Russell Bookkeeping | Auckland, NZ Justin Cooper | Melbourne, AU Katalyst Office Management Ltd | NZ Kinder Pocock | UK Laurus Bookkeeping | Brisbane, AU & Global Nexus Bookkeeping Systems | Margaret River, West Australia, AU NQ PRO Bookkeeping Solutions | Townsville, Queensland, AU Number Nurses | Global Nuvem 9 Ltd | Northern Ireland, UK Orbit Accounts | Melbourne, AU Pavilion Accountancy | Ramsey, UK Quick Win Development | Global Rebecca Pizzi | Perth, AU Redman Tax & Consulting, LLC | Durham, North Carolina, US Robin M Wentzel, LLC | Honolulu, Hawaii, US Russells Ca | Bay of Plenty, NZ Spotlight Reporting | Global Star Strategies Bookkeeping | Melbourne, AU Stratus Online | Southern UK Tally Accounting, LLC | Greenville, South Carolina, US Titanium Accountants Ltd | Birmingham, England, UK Total Accounts | Perth, AU TradiePad Pty Ltd | AU Verte Consulting | San Francisco, California, US Whitehead & Aldrich Chartered Accountants | Preston, Lancashire, UK xerousers.com | Global Your Business Accounts | Sydney, AU

XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

In this issue...

08 / Branding: why it’s so important

39 / Cover Story: Forecasting the Future

10 / The global accountancy future. It’s more dangerous than you think!

41 / IT relevant for today’s accountant – where reliability and transparency thrive

12 / How to turn your cashflow from blah into fantastic

44 / 7 tips for creating your expense policy

14 / Never forget your customers and they’ll never forget you

46 / 5 innovative ways to deliver extraordinary client service on a shoestring budget

16 / Mobile technology opens up the world to entrepreneurs

47 / How do I market my accounting practice?

18 / Meet: Andrew Erkins

48 / 4 essential ingredients for creating emails that convert

20 / ICAEW accreditation and Xero: how to gain software accreditation

50 / Xero user community – your pics

21 / The importance of ongoing Xero training

52 / Revolutionising accounting one installation at a time

23 / Dropbox and Xero team up to increase productivity for small businesses

54 / Get paid on time, every time, effortlessly

24 / Managing multijurisdictional businesses with Xero 26 / Margin vs Mark-up: the difference is significant 28 / Book review: Remote Office not required 29 / Digital Disruption: why accounting should be embracing the trend 32 / Our partners lead the way in solving business problems

IN THIS ISSUE:

56

66

56 / Monster growth by retargeting your client base 58 / Going global: how Xero changed the game

46

64 / Invoicing made easy with the Xero to Xero network 66 / Budgeting across multiple departments 71 / Connected advisors helping Xero users 74 / Multi-entity reporting for Xero

58

35 / Book review: working 78 / The ultimate guide to smarter with IT in your business debtor tracking add-ons 36 / Xero inventory management vs TradeGecko inventory software 38 / The power you might be missing in smaller add-ons

85 / Managing change in an evolving industry 90/ Closing words: Is accounting cool yet?

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Issue 04 / 7

Branding: Why it’s so important

Words: Jonathan Rhodes Jonathan is the founder and CEO of an established creative agency based in the UK. His agency CreativeCode offers a wide range of services, including web design, graphics design & digital marketing. He prides himself on being pixel perfect, leaving a lasting impression on all his clients.

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Every freelancer and small business owner tackles the tedious task of putting together an invoicing process. It’s rarely the most thrilling project to undertake, but it has to be done. And, if designed correctly, it can impress clients and save time that would otherwise be spent repeatedly asking for payment and babysitting the process. Your business invoice is often the closing component of a business transaction with your client; so why not leave them with a lasting impression? Therefore it should be flawless and impressive. Done properly, your invoice can be an effective part of your marketing strategy.

When introduced to Xero in 2013, we

immediately fell in love with it’s smooth user interface and revolutionary invoicing system and have been avid users ever since. As designers, we soon took advantage of the invoice grid system to design our own branded invoice. Not long after, InvoiceDesigns.co.uk was born.

Just because the invoice is a business document, doesn’t mean it has to be boring. Why can’t your invoice reflect your branding and express your thanks to the customer for their business?

The Impact The need to make a lasting impression

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Issue 04 / 9

The global accountancy future: It’s more dangerous than you think!

All of us in the Xero community have seen many amazing changes in the accounting world and the SME community over the past four years. These changes were not trivial.

Words: Peter M. Vessenes, CEO, ProfitSee

Looking back to 2011, how many viable, comprehensive, cloud based accounting software applications were really around? Yes, there was this New Zealand based company named Xero, but who else?

Intuit’s QuickBooks Online was in its infancy, and did have not workable APIs for value added developers to create stable, value-added applications.

Twinfield, a Dutch company, has been a truly robust cloud based accounting software application since 2000, but has operated primarily in the Netherlands, parts of the EU, and UK. Its mid-sized and larger companies focus is licensed exclusively through larger accounting firms.

Were there any beyond that? Lets list a few…

• Zoho Books - Zoho Books is part of a suite of apps that interfaces with SMEs

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through smart devices.

• Outright – A simple bookkeeping application for micro businesses owned by Go Daddy.

• Kashoo – Another smart device enabled accounting system for micro businesses.

• Clear Books – A micro business system for the self-employed and micro businesses serving the UK. • Yendo – Another micro business application with a small market penetration.

• Netsuite – A large business comprehensive accounting application used by mega-corps.

• NolaPro – Allows you to create your own online accounting site, or rent the hosted version directly from them.

• Crunchbase.com – Back then called Merchant’s Mirror, a simple micro business application based out of San Francisco.

• Wave Accounting – A very basic and free micro business accounting system.

• Skyclerk – Another micro business focused system.

• Financial Force – A relatively expensive

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How to turn your cashflow from blah into fantastic 3) Milestone Billing

Cash flow is king, but it’s also the number one reason why small businesses fail. In fact over 82% of small businesses fail due to cash flow problems alone.

We all know projects and client engagements can go on for much longer than you anticipated and, if you’ve agreed to invoice upon completion of work, this can be a problem.

But not to worry! There are quite a few tangible changes your business can make to improve your overall cash flow situation.

Instead consider milestone billing. This involves setting key milestones for projects and billing as soon as each stage is completed.

Here are five:

One of the most important things you can do for your business is make sure you have an accounting system in place that helps you keep track of the money that’s coming in and going out. If you already have Xero you are on top of the game. You can utilize Xero’s Cash Summary Report to create a simple cash flow forecast tool to track your cash.

Think of it this way: if you run an application development company and are hired by a client to help them create a new mobile app your invoice cycle will look something like this: The first bill will be paid when a needs assessment is done, the next when the proposed solution is presented, the next once a beta app is in place, and so on. Just be sure all parties are agreed to the milestones and payment terms upfront in your contract.

2) Nurture Retainer-Based Business

4) Adjust Your Message

Retainer agreements are a great way to secure a consistent and predictable income from clients. When a client agrees to “retain” your services on contract, they are reserving a set amount of your hours per month and paying you a pre-agreed amount. That’s great for cash flow.

When cash flow is tight, it’s often a kneejerk reaction to lower prices or have a sale. Doing so can create a downward spiral for the business – setting a standard that you’ll settle for less. Before dropping prices, ask the following questions of your business:

The benefit to the client comes in the form of cost savings (if you’re willing to agree to a reduced rate in exchange for a steady volume of work). Likewise, it gives them the reassurance that they have a dedicated resource on-tap whom they can rely on.

• Is our competitive advantage clear?

• Do potential customers really know why they should do business with us?

• What additional value do we bring to our clients?

1) Put the Right Tools In Place

Ideal target customers for retainers are the ones where you’ve proven your value to over time. Alternatively if you find yourself doing more and more work for a certain client, it might be time to think about having a conversation about a retainer.

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If you can’t answer these questions, your marketing or messaging may need a refresher.

5) Offer Incentives for Early Payment If late paying clients are a perpetual cause of your cash flow problems, then you might want to consider trying incentives

Words: Jordan MacAvoy, Fundbox

to get past the standard net 30. Here are a few options to consider: • Let clients know about your early-pay discounts early on in the contract process.

This way they have time to review and agree in the context of their budget.

• Get a deposit. This is standard in businesses where the cash flow can quickly be eroded by the cost of funding product purchases needed to complete a job.

• Offer discounts for your preferred payment option. If you prefer credit cards, PayPal, COD, or cheques. Offer an incentive to use your payment of choice.

While these 5 tips can dramatically help your cash flow situation, cash flow gaps are inevitable, and there are some things you can do to be prepared and reduce the impact. Consider looking into a line of credit or a small business loan with your bank to ensure you have the cash on hand to make it through those gaps.

Alternatively, you might also consider cash flow optimization solutions such as those offered by Fundbox. These types of services can help you overcome payment delays by advancing the full amount of your outstanding invoices.

Here’s how it works: Once businesses sign up with Fundbox, they then choose which outstanding invoices they want to clear. For a small fee, Fundbox quickly deposits 100% of the invoice amount into the company’s bank account. Customers subsequently repay that amount over a 12week period (unless they want to square up sooner and waive any remaining fees!).

The best part? Fundbox is a Xero Add-On partner so as soon as you create a new invoice in Xero, the invoice is reflected in Fundbox and with a click of a button you can have cash on hand the moment it’s needed, guaranteeing that business operations remain smooth.

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Never forget your customers and they’ll never forget you Looking over my Xero and WorkflowMax databases the other day (at midnight, you know how it is) I remembered something my mentor use to say…. “Never forget your customers and they’ll never forget you”.

Words: Jeannie Doherty, Director of Cloud 9 Bookkeeping

One of my favourite questions when it comes to email marketing is “how often should I send out a newsletter” and my answer is NEVER! Personally I loathe them because I’m busy and I don’t have time to read and read and read... until I find the ONE thing that is useful to me.

What I do have time for is the savvy suppliers like Xero and many of their addon partners who email me the cool stuff I need and want. It’s targeted, it’s concise and it hits the spot.

So how often should we send out specific, targeted information? The answer is... As often as it’s relevant. That could be daily,

weekly, monthly, whenever, as long at the recipient needs and wants it. Think of sporting updates, some people want them hourly. It’s all relevant to the market and the information.

card (who does?). If he was sending me a text (or email) every now and then I’d book in but I never hear from him... Where are you car detail guy???

I know this ‘stuff’ is easier said than done, but you’ve got to start somewhere right! So because I’ve spent what feels like 100 years creating a fab network of people then I MUST start keeping in touch with them more strategically. So I’ve FINALLY started getting my database in shape starting with my active clients which I have in Xero before moving onto people like inactive clients (also in Xero), prospects, cold leads, strategic partners (all in Workflow Max as Leads) and the list goes on.

There are lots of great software tools to use to send information to clients but consider one that allows you to categorise your contacts (ie: SendPepper) so that you can more easily serve up relevant information.

Oh, and here’s a good example of how simply keeping in touch with your customer is the cheapest and easiest way to market your business. I recently had my car detailed at home. The guy was awesome, the price was right. Now I’d like to call that guy again, but I didn’t keep his

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Issue 04 / 15

Mobile technology opens up the world to entrepreneurs Words: Jacob De Geer, CEO and co-founder of mobile payments company iZettle.

iZettle’s partnership with Xero is another huge step for small business owners

Jacob De Geer, CEO and co-founder of mobile payments company iZettle, examines the way modern mobile technology has revolutionised the business world and how the Swedish firm is helping democratise entrepreneurship.

One of the most exciting aspects of the digital revolution is the new world of opportunity it has opened up for entrepreneurs.

Thanks to the wonders of the smartphone era, even the smallest of businesses is able to use tools and access data undreamed of even just a few years ago.

Before smartphones and tablets became common everyday items, the difference between the tools an SME or sole trader could use in comparison to a larger corporation was vast.

Things like taking card payments, automating and analysing accounts or global marketing required access to huge resources and often eye-watering amounts of money.

I’ve always been passionate about entrepreneurship and finding new ways to do things, so when with smartphones

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Issue 04 / 17

Meet: Andrew Erkins Andrew Erkins is the co-founder of Digit Books, an award winning Xero bookkeeping agency in Western Australia.

With a background in information systems, he is passionate about taking businesses digital to create engaged clients, informed decision makers, and be both agile and resilient.

When not connected online, Andrew can be found rock climbing or down at the local beach. You can follow Andrew on twitter @AndrewErkins

Andrew Erkins, the co-founder of Digit Books and a panelist at Xerocon Melbourne 2015, reflects on the changes in lifestyle with the digital revolution and the benefits of online accounting.

What is your first experience with a personal computer? Mine was at the age of 6. I grew up in a country town in the Pilbara during the 80s and Dad had gone down to Perth for the weekend only to return with a giant box. Hidden amongst the Styrofoam was a giant monitor – a monochrome CRT with a dull green display, flashing a DOS prompt happily.

Dad had bought me two games on 5 and a quarter inch disks – and that began my love affair with technology.

During high school I taught myself programming and developed games. In university I studied IT after a brief stint in engineering. And then over 16 years, worked with businesses developing tailored web apps and integrating their business systems. I’ve always been fascinated by how technology can enable us to do things faster, smarter, and more efficiently. And the world is changing rapidly.

You only need to look at the next generation, kids brought up with smart devices from a young age. Some friends of mine bought iPads for their child, who is 3. Freshly installed with BabyFirst apps – it’s a learning tool for a generation that doesn’t know life outside of connected technology.

So what impact is technology having on us? I read recently that humans have officially surpassed goldfish in

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our attention spans. Think about that for a second. Now think about that for a second. And while you think about it – consider that 20 years ago, we had to remember the phone numbers of people in our lives. There were no smartphones. Our partners, family, friends, and colleagues – every number we would memorise systematically. Now? I would be lucky to remember 5 phone numbers, or navigate around a busy city without relying on GPS. We’re changing to an ‘on demand’ culture. One where we expect our needs to be met anytime, anywhere. Consider television as an example. Once we were limited to several channels and had to choose the best of a mediocre bunch of shows. Now? With Netflix, Presto, Stan – we can have shows we want to watch delivered right to us, on any device, at the time we want it. The same metaphor applies to the changes in shopping habits – with a shift from the offline to online.

We can purchase what we want, when we want – without leaving the house.

Social media is also driving change.

TV ads happily proclaim Shazam links, sending you to further advertising bombardment. Should you make a purchase, you can tell the world about it on twitter or facebook. Talk shows have live twitter feeds, and reality TV is as much about engagement and conversation as it is about the manufactured stars it produces.

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Issue 04 / 19

ICAEW Accreditation and Xero How to gain Institute software accreditation The ICAEW (Institute of Chartered Accountants in England and Wales) Software Accreditation Scheme has been in existence for over twenty years.

The scheme provides an independent assessment of accountancy and other software products for members. Over the years the scheme has grown and adapted to the continuing changes in software and the growth of different accreditation categories and cloud based products.

a new review product.

The scheme was devised to give members peace of mind with access to reliable and independently evaluated software products. The products on the scheme have satisfied an independent technical evaluation and are from companies that are financially sound and have a strong customer ethos.

Prior to launching in the UK Rod Drury came to the UK and met with ICAEW and Baker Tilly (who manage the technical evaluation) to discuss accrediting and to see what the process would be for Xero to achieve this. Xero continued to work with ICAEW when Hamish Edwards relocated and launched Xero in the UK.

Over the last year there has been a growing request for a new type of ICAEW recognition scheme. This is being driven by products which do not fall into any of the existing categories and are usually not big enough in their own right to justify a new classification / category.

ICAEW A ccreditati These products may be on Schem cloud based and whilst e This is to certify that these products may work in their own right, it is generally perceived and recognised to be an “add-on” to provide additional functionality to other products. Some of the Has had the follow ing produc products will for instance need t accredite d: to extract data from accounting Xero solutions to be able to function.

Any Xero Add-ons interested in pursuing accreditation should contact Craig McLellan on craig.mclellan@icaew.com or via telephone on +44 20 7920 8954.

Words: Craig McLellan Craig is the Affinity Partnerships Manager at ICAEW and manages the ICAEW Software Accreditation Scheme.

Craig has over 20 years’ experience in business, initially working within the publishing industry and latterly for professional bodies.

Craig specialises in relationship management and high profile projects.

Lately Craig has set up an affinity / member reward programme for another institute which is managed and run by ICAEW. With a strong record of consistently achieving substantial revenue growth within exceedingly competitive markets.

For the pe

01.01.201

riod:

5 – 31.12

Craig McL ellan Scheme Manager

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.2017

With this in mind ICAEW is looking into how best to cater to this growing demand. Initial thoughts are that this would be a separate product offering and open only to add-on products.

This subject was discussed at the scheme’s quarterly internal review meeting with the result that the scheme manager was tasked with looking at process, price and viability in launching

With any new scheme ICAEW appreciates that it needs to be very careful that there is no blurring of the lines between the accreditation scheme and any related schemes Xero were first accredited in 2008 and were re-accredited in 2012 and had their latest review in the last few months.

Who are the ICAEW? ICAEW is a world leading professional membership organisation that promotes, develops and supports over 144,000 chartered accountants worldwide. We provide qualifications and professional development, share our knowledge, insight and technical expertise, and protect the quality and integrity of the accountancy and finance profession.

As leaders in accountancy, finance and business our members have the knowledge, skills and commitment to maintain the highest professional standards and integrity. Together we contribute to the success of individuals, organisations, communities and economies around the world.

ICAEW is a founder member of Chartered Accountants Worldwide and the Global Accounting Alliance.

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Issue 04 / 21

When clients first move their business to Xero they can come up against quite a steep learning curve – especially if their finance team aren’t on the ball with cloud accounting and are still in the old-school, desktop-software mindset.

>>

Offering Xero training to our clients was a bit of a no brainer when we started specialising in cloud accounting, but we knew that we wanted to offer more than just the basics. That meant devising a whole new approach and delivering a different kind of training.

a business’s use of Xero from average to amazing. You can really get every ounce of value out of the system.

What does tailored training really mean?

There’s a real benefit to delivering tailored training that goes beyond standard, generic education.

Adding the Xero Add-ons An element of Xero that some businesses don’t explore is the huge community of Xero Add-ons.

We insist on Receipt Bank for all our Xero clients to save time spent on data-entry and open up ways to automate financial admin time. By speeding up the process of sucking data into Xero, you free up time for the finance team to focus on more high priority jobs.

Rather than delivering one-size-fits-all coaching, you need to find out the exact kind of training that’s required. That means getting to know each business inside out. It’s about knowing how Add-ons can really improve the overall that company works internally – capability of the client’s Xero Xero’s free education already offers so reviewing the business, it’s system. Solutions like much systems, its financial Workflow Max for processes and its improved workflow and Xero do a great job of getting new users industry or sector. project management, “We always begin up to speed. There’s so much amazing free Chaser for a by getting to know the and training and education available and that more effective, The aim is to make client’s business. That’s automated debtor can be a real bonus when companies want their financial to take their first steps with the software. tracking system procedures our starting point for are real benefits to better and quicker all training.” the running of the Xero are unique in offering so much and improve the business. support for free – the competition just overall efficiency and don’t offer this level of education – and profitability of the whole Xero U, Xero TV and the support provided company.

We incorporate learning on by the Education and Enablement teams these Add-ons into our training, are second to none at getting people alongside the Xero-specific elements. And Helping your clients overcome their started on their Xero journey. that helps to create an understanding of financial challenges Xero as the centre of a wider, bespoke system.

But Xero’s training only takes you so far.

Reviewing the client’s business is just the And that’s where we come in. start of the process.

Ongoing support keeps clients evolving Clients need more than Once you’ve reviewed their “Tailored just basic training Helping our clients evolve and grow is at finances, systems and training is what the core of what we do at Stern. And our procedures you can takes a business’ use support and training services really are at Once you’ve learnt start thinking of ways the centre of what we deliver. the basics, you need to improve them.

You of Xero from average to to start tailoring the can highlight their amazing. You can really issues and struggles Whether it’s solving issues the client way you use Xero to get every ounce of fit your own business and come up with created when setting up Xero themselves, and its specific needs.

Xero solutions that or expanding their system to include value out of That’s where the real then form the backbone a more bespoke use of Xero Add-ons, the system.” value lies. of the hands-on training. we always begin by getting to know the client’s business. By getting that handle on their company, its people and its As a software solution, Xero is This best practice approach means processes we can deliver a long-term always changing and being updated – so you can: approach to training that helps each client clients also need to be at the forefront of increase the benefits of Xero. change and learn not just the basics, but • Streamline their financial processes also the new features they’ve got at their and systems. disposal.

• Suggest amendments to areas like their chart of accounts etc.

As accountants, Stern can offer something • Help import their data into Xero, as a above and beyond just basic software central hub. training. By applying our accounting and • Educate the client on the benefits of commercial knowledge, we can deliver the cloud. training that’s incredibly specific to each • Train their finance team to make them client’s business. more efficient.

• Provide ongoing support on a longterm basis.

And that tailored training is what takes 22 / Issue 04

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Dropbox + Xero team up to increase productivity for small businesses

Words: Staff writer

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Dropbox, one of Xerocon Melbourne’s major sponsors, announce plans to allow access to Dropbox’s iconic file sharing system from within Xero.

In an exciting move, Dropbox and Xero announced a partnership on the 30th of June.

Dropbox have promised (in a press release) to give access to dropbox files within Xero, along with announcing an undisclosed “special joint offer for small businesses” (to help simplify accounting workflow), and a number of other workflow enhancements.

Dropbox’s Australia and New Zealand MD (Charlie Wood) has revealed big plans, (for small business services anyway) saying: “By partnering with Xero, it is Dropbox’s vision to be at the heart of every growing organisation. Cloud solutions from Dropbox and Xero provide an opportunity for rapidly growing businesses to accelerate and differentiate their services and offerings. Together, we’ll be able to

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offer everything a small business needs to get up and running from day one” Chris Ridd, managing director of Xero in Australia, said: “Our partnership with Dropbox is another big step in our efforts to demonstrate continuing innovation and support for small businesses. We have seen huge, global growth over the last four years in particular, and earlier this month announced that we now have 500,000 subscribers. Combining our efforts with Dropbox will support us in becoming a smarter and even-better connected platform for small businesses.”

While playing coy for now, Dropbox have promised to reveal more at Xerocon.

Members of the Dropbox team will be available throughout the conference for information and demonstrations.

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Issue 04 / 23

Managing multi-jurisdictional business with Xero

Words: Neethu​ Stephen​, Partner at Futurebooks, is a Chartered Accountant and CPA by profession.

Xero lover and evangelist for funded tech start-ups. Interest areas include crossborder taxation and project management for multi-jurisdictional parent-subsidiaries​.​

Thanks to Xero, Futurebooks seamlessly went from performing accounting only for Singapore companies to managing multijurisdictional businesses. The ease of this transition surprised many. Here is our take on how the Xero-centred cloud ecosystem has simplified our regional financial operations and reporting, and how it can do the same for you.

The advent of cloud accounting has caused ripples across the world of business. While in the past businesses had bookkeepers sitting in a (typically) monochromatic back office keying in numbers, we now have an integrated cloud ecosystem taking care of that. And on the top of the cloud accounting chain is Xero – a very handy software product.

For accountants and tax planners, the convenience of having reliable software is immeasurable. Yes, accounting has even become pleasurable.

As the operations head of a mid-sized multinational based in Singapore that provides branding strategy and identity management explains, “The shift to Xero was a monumental moment for us. We are now past the days of dealing with uncertain numbers and what they mean in the larger context. Xero has given us much more confidence. Also, its easyto-use interface has been an important factor in making it an essential tool for our decision-making.”

From the conversations Futurebooks has had with clients, they cite a number of reasons for using Xero. Data security and accessibility are the top two reasons for using Xero. Ease of use follows closely, succeeded by a number of other reasons, such as PayPal integration and multi-user capabilities. This clearly highlights Xero’s versatile functionality.

24 / Issue 04

As accountants and tax planners with a global clientele, Xero supports our work in multitudinous ways; as a way of illustrating this, following is a brief on how we work with Xero.

Futurebooks has a global clientele with diverse levels of accounting complexity.

This is further complicated by the varied nature of global tax and accounting requirements. Xero plays a pivotal role in this business model, since we need an easy-to-use interface for our clients and reliable software for the consultants.

Across locations, we can also collaborate on the same source data, which has reduced the need for excessive back and forth.

Simplicity in managing and delivering work on time This is the top reason our team loves Xero is this – it’s simple! Simple to use, simple to manage and simple to demarcate tasks.

Among all the software we have used over the years for SME accounting, Xero is the most pleasurable to use. It’s always difficult to manage tasks between clients and accountants when each one manages one part of the whole. For instance, clients could be entering invoices and reconciling incoming funds, while we could be managing payments and reconciling those in the bank. This has the potential to be complicated but, instead, this whole process is neatly managed on Xero,

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Issue 04 / 25

Margin vs Mark-up: the difference is significant!

dollars. To this extent, all the reports required can easily be pulled out from Xero. The step that our great in-house accountants still do for us is to convert these into Mandarin for reporting purposes.

>>

Customisation for specific country requirements It may be possible to customise Xero to your country’s requirements. We have done this quite effectively for Singapore businesses. As Xero does not have a Singapore version at the time of writing, we use the Global version of Xero and add in or edit items to make local reporting easier. For example, we can customise payslips to comply with the Singapore payroll standards. This includes adding references to employers’ and employees’ portion of CPF (Singapore’s provident fund), special community-based deductions (various ethnic funds) and the general presentation of the payslip.

Another area that we have customised is the local sales tax and how it is presented on the customer invoice.

Singapore has an excellent tax scheme with incentives to increase innovation and productivity for local firms. Known as the Productivity and Innovation Credit (PIC) scheme, this has revolutionised the way most SMEs function in Singapore. Cloud accounting is an area where this incentive is available. So all our customer bills for Xero subscription, as well as set-ups, qualify for the government incentive – you just need to make your claim lodgements on time.

We club them as specific ‘PIC Claimable’ items in the bookkeeping. This streamlines the lodgement process and thus the time lag between preparing the reports and lodging the claims is minimal.

This is a country-specific action item.

Other location-related customisations are also possible. Certain areas of interest may include VAT/GST percentages and corporate tax rates.

In summary Xero is a powerful tool for accountants who have clients across the globe but are managed from one location. Convenience at a competitive price is a crucial combination for any web-based tool. Xero is a winner on both counts.

26 / Issue 04

However, the more projects we undertake at Ocius Digital, the more we realise that many of our clients don’t seem to understand exactly what this means – and the implications of getting it wrong.

It’s important to understand the difference, and to set up your systems to accurately reflect what your business is making, because when it comes to the crunch, the impact margin and mark-up can have on your bottom line is significant.

What exactly is the difference between margin and mark-up?

Words: Dan Fairbairn, Managing Director of Ocius Digital Dan is passionate about technology as an enabler, with years of experience training, evaluating and implementing technology into small businesses. Outside of work he loves live music, craft beer and over-analysing sport...!

Today margin and mark-up are used interchangeably to represent gross margin. In actual fact, this misunderstanding could make or break your bottom line. Margin and mark-up are two very different things, and should be treated as such.

To be precise, mark-up refers to the percentage difference between the actual cost and the selling price. In contrast, margin is the percentage difference between the selling price and the profit.

Whilst many believe that if a product or service is ‘marked up’, the result will be the same amount in gross margin, this is not actually the case.

Although mark-up is often used by operations and sales departments to set prices, it often exaggerates the profitability of the transaction.

Mathematically, mark-up is always a larger number when compared to the gross margin.

As a result, many people think they are gaining a larger profit than is actually the case.

By calculating sales prices in terms of

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Issue 04 / 27

Book Review

Remote: Office not required

by Jason Fried & David Heinemeier Hansson, founders of 37 Signals Review by Karen Reyburn, Managing Director of the Profitable Firm

of new writing: it doesn’t follow all the rules, but it follows the ones that matter.

In the same way that online accounting software has massively affected our perception of what is ‘normal’ when it comes to accounting and bookkeeping (and accountants themselves), remote working is also spreading rapidly. Having an office is now optional, not required, when it comes to growing a successful business.

The same applies to remote working. I work exclusively with accountants, and they themselves often confess to me that an openness to change is not their primary trait. But those who are succeeding the most in their own marketing are those who are challenging that in their own mind – and that is where the hard work always begins. Whether it’s Xero or remote working or outsourcing or converting to Apple from PC’s, the authors have pinpointed the key issue:

Reading this book was like reading the inside of my own head. It was almost uncanny how often I thought, “That’s what I’ve been saying!”, or scribbled “YES!!” in the margins of a particular page. Even the dedication page had me laughing – “For all those sitting in traffic right now”. I hate traffic and commutes with a passion. Combine that with the fact that I love Scotland and didn’t want to move, and you’ve got the Profitable Firm, which I set up several years ago from a spare bedroom in my flat.

adopter.

The book is such a good fit with the Xero philosophy, which is all about using the latest technology. Trying new things. Using apps and cloud solutions and virtual working wherever possible.

Whether you’re a Xero user or a Xero team member or a Xero accounting partner, the principles within Remote apply directly to you.

Remote working too is for those who want to innovate: and you can tell, because the doubters are still in evidence. It’s not a bandwagon yet if many people are still suspicious and uncertain and – quite frankly – a bit scared of the new thing.

If that’s you, this book will help you get over those suspicions and inhibitions and uncertainties.

And if they don’t, you may want to rethink where you’re going. One of the best lines in the book was the very last one (spoiler alert!):

As a sketchnoter, one of my favourite elements of this book is the imagery - sketches and drawings throughout make it an easy read. The chapters aren’t numbered. The words aren’t close together, and the pages have plenty of space to jot your own notes. It’s the best

“Remote work is here, and it’s here to stay. The only question is whether you’ll be part of the early adopters, the early majority, the late majority, or the laggards. The ship carrying the innovators has already sailed, but there are still plenty of vessels for the early adopters.

Come on board.” (p237)

“The technology is here; it’s never been easier to communicate and collaborate with people anywhere, any time. But that still leaves a fundamental people problem.

The missing upgrade is for the human mind.” (p3) Here are a few highlights of the points made in this very excellent book: - The office is not a good place in which to get meaningful work done. “Offices have become interruption factories.”

(This resulted in a ‘yes!!’ scribbled in the margin) - It’s not about the 9 to 5 anymore – and we are all doing it. Mobiles, weekend working, late-night-email-checks – stop restricting yourself to hours and look instead to productivity. “It’s the work, not the clock, that matters.”

- “Your life no longer needs to be divided into arbitrary phases of work and

Shark slide, anyone??

At Xerocon 2015, it quickly became evident that never has a conference been so dominated by one slide. It grabs the attention. No one wants to be the fish: you want to be the shark. The early 28 / Issue 04

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retirement. You can blend the two for fun and profit.”

Digital Disruption:

- Remote working saves hundreds and thousands of dollars (or whatever your currency). “Money, in fact, is the perfect Trojan horse for getting the bean counters on your side.”

why accounting should be embracing the trend

- It’s not that having an office is a bad thing: the important truth now is that “It’s a luxury, not a necessity”.

Bruce Coombes, founder and Managing Director of QuickFee, discusses how the accounting industry might benefit from embracing the business world’s new favourite buzzword. >>

- “You may be surprised to discover that your company is more remote than you think.”

- Break out of the mould for greater productivity. “These staples of work life – meetings and managers – are actually the greatest causes of work not getting done at the office.”

- It’s all about trust. “Coming into the office just means that people have to put on pants. There’s no guarantee of productivity.” (This line is particularly funny for those of us in the UK.) - Encouraging remote working means you can hire better talent. The companies that offer remote working “are at an almost unfair advantage in attracting and keeping the best people in the world”.

- Stop “managing the chairs”, and manage the work. “The job of a manager is not to herd cats, but to lead and verify the work. When or where someone is doing the work is irrelevant most of the time.”

If I keep going, I’ll just quote the entire book at you – so go read it. But in the four seconds you’re waiting for your ebook to download, remember that “Old habits die hard. The more entrenched, the harder they die”.

Words: Bruce Coombes Bruce knows accountants.

But after 30+ years’ experience in Asian and Australian tax, outsourcing to Malaysia, CA programme exam writing, public practice, board appointments and more, he noticed accountants had a big problem: clients often took a long time to pay.

Chasing payment was time-consuming and relationship damaging, so Bruce founded a solution. QuickFee is a Professional Fee Funding service that pays the invoices of accounting firms within 3 business days, while allowing their clients to pay in instalments.

Open your mind to remote working: because like Xero, remote working is not the future. It’s here.

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Issue 04 / 31

Our partners lead the way in solving business problems

Words: Kristin Harris, General Manager of Deputy

Kristin Harris, General Manager of Deputy, the cloud-based people scheduling and workforce management platform, discusses the importance of engaging with leading technology integrators and business consultants.

If you’re an owner or manager of a small or medium sized business, you know only too well how critical it is to stay up-to-date with the latest technology trends - this includes transitioning your traditional business applications to the cloud.

According to data published by the Asia Cloud Computing Association (ACCA), small- and mid-size enterprises across the Asia Pacific region spent US$2 billion on cloud computing services last year alone.

This trend is only set to continue. Indeed, figures published by IDC, indicate that the global Software as a Service (SaaS) market is expected to reach US$50.8 billion by 2018.

Whether you’re the owner of a health care or aged services company, a retail store, a restaurant, or fast food outlet, adopting cloud solutions is all about making you more agile, with more muscle.

And this means faster, leaner, and more competitive.

Cloud technology gives you the ability to use enterprise-level software at a fraction of the deployment and ownership costs. This allows you to reap efficiencies by streamlining manual processes, supporting mobility, increasing productivity and providing greater flexibility - all without breaking the bank.

Adding more cloud services Of course, Xero is already proving itself as the cloud technology nerve centre in many small businesses. But there’s more to the cloud than your accounts.

With cloud computing it makes sense to maximize the potential of your technology by using other cloud services. However, it’s important that multiple and disparate cloud solutions that you use integrate with one another.

32 / Issue 04

So if you’ve already switched your accounts to the cloud, make sure that the other software applications you use to run your business, including CRM, workforce management and HR, all integrate with one another.

This is why it’s important to work with experts in this field. It’s why we put so much of our energy into establishing partnerships with leading business consultants and technology integrators.

They have specialist knowledge in agile and tried-and-tested solutions that work together and don’t have prohibitive upfront costs.

They find best-in-class applications to manage different parts of their clients’ businesses, and to solve specific business problems. By developing the longterm technology roadmap, they help their clients streamline administrative processes, improve productivity and cut down on the reliance of paper-based systems. They know which cloud solutions play best with each other.

Boosting efficiency at iconic winery As a case in point, when Karen Williams, owner and executive director of Hollydene Estate Wines in the Hunter Valley, in New South Wales, was planning to open her newly refurbished restaurant, function rooms and cellar door facility, she knew that choosing the right technology backbone to manage her people was critical.

Scheduling employees in a business that’s open seven days each week with variable operating hours can be a real challenge without robust business systems in place.

So her first port of call was to cloud integration experts, SMB consultants in Sydney. Having established that Hollydene’s accounting and finance

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Book Review

Working smarter with IT in your business 21st century bookkeeping, accounting and business processes

by Kevin Salter

The book, which is 116 pages long, can be scan read in about 90 minutes. The book is well written and does not use technical language. This is good as we all have to be careful about how we use our valuable time. A lot is to be gained with the quick read but to benefit from the author’s experience and knowledge there are parts that need to be studied in depth. These are found at the end of each chapter or section and called ‘Key questions and takeaways’.

Before I look at those let’s look at the author, Kevin Salter who over the years has gained the reputation of being on the cutting edge and a bit of a guru. Kevin has been in North Devon all his working life, qualifying with Barrow Bartlett & Stanbury (Now merged with Glover Pearce & ross) and becoming a partner in that firm in 1982. He is a committee member of the Information Technology Faculty of the ICAEW, appointed in June 1997, and a member of the Institute of Taxation.

After his degree in Business Studies specialising in Organisation & Methods he went on to Cambridge where he studied Theology and became an ordained Minister of Religion.

After various managerial positions in businesses ranging from the creative industry, not for profit and logistics he cofounded DHBS which is now a thriving family business.

4. Raising and sending quotes and sales invoices 6. Cash based business – point of sale and stock control 7. Entering Purchase invoices 8. Expense claims 9. Paying suppliers 10. Payroll 11. Accounting reports and information 12. Workflows and time recording 14. Document Management 15. Cloud vs On Premises Servers 17. Specific business and trade products linking to Xero 18. Why not outsource all of your accounting function?

19. So how will ‘doing the accounts’ change for YOU?

When I picked up this book called ‘Working smarter with IT in your business’ I was eager to see what I could learn to enable our own business to work smarter and so save time and increase profit. I was not disappointed and was taken on a journey that I did not expect but was pleased I had taken. I was interested in the processes he might suggest as I have spent the last eight months in our own business trying to implement more efficient processes. (I wish I had read this eight months ago!)

The book focuses on Xero and its add-on partners but is not about how to use Xero.

It is about how Xero can help you work smarter. It talks primarily about Xero but is not restricted to Xero. It is about the cloud and the future of which Xero is a part. It is not just about the future but also about using what is already available to us now. Kevin challenges us to ask do we have the key information we need at our fingertips? Are we fully using the information and technology we have?

Review by Lindsay Hassall

Kevin is also IT Director of 2020 Innovation Group Ltd, a company providing added value tools and services to the accountancy profession. He was voted “Best Chartered Accountant in Practice” in the ICAEW South West Regional Awards 2006 and also made the shortlist again in 2007 so he not only knows the theory but can also put it into practice to run successful businesses.

Xero Accounting Software was subject to an independent Financial Accounting Software Evaluation in 2012-13 and was awarded accreditation with the ICAEW. Kevin carried out this evaluation. In the introduction to his book there is an excellent section on how we lose money by not invoicing for tasks that take no time at all and are not worth tracking. He looks at how much time and money is lost with this mentality.

I mention this because it is a major problem in business and often people skip the introduction when reading a book and jump in at the first chapter.

There are twenty chapters including: 1. Change – the big hurdle 3. Automated Bank, PayPal, and Credit Card Entry

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Don’t assume that by looking at the chapter headings that you know all about that topic. The chapter is only an overview, preparing the way for the ‘Key questions and takeaways’, which is where the book becomes a valuable tool to making changes to working smarter.

Kevin closes the book saying the next step is to contact himself. Of course he would, so he can work with you and help you. This is not just to promote his own company. He reveals the key on how this book can be used to really make it worthwhile, and a positive impact on your business. We should all take advantage of this and use this book to promote our own accounting or bookkeeping practice. We could be the person readers need to turn to in chapter 20 ‘The next steps?’ We could be their next step.

I would like to see all accountants and bookkeepers with copies of this book to give to their clients to read and then work through the ‘Key questions and takeaways’ with them. The result will be a client who wants to use the cloud, Xero, the add-on partners and also be a client who now looks to you as a business advisor who has helped him work smarter in his business.

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Issue 04 / 35

Xero Inventory Management vs TradeGecko Inventory Software Heather Smith reflects upon the new Tracked Inventory feature recently introduced by Xero, and what it means to Xero using businesses.

Words: Heather Smith Heather Smith is an accountant specialising in content creation. She hosts the Cloud-Stories podcast, authored Xero for Dummies, and develops blog content and training videos for business within the Xero community.

Like many in the Xero community, I was thrilled to hear of the launch of Tracked Inventory in Xero. Xero has always offered limited stock-recording functionality, but the new Tracked Inventory feature records both the quantity and value of inventory on hand.

For businesses that require a simple inventory solution, Xero should now meet their needs.

“With Xero delivering inventory, most businesses in the world now can be more productive with cloud software,” said Rod Drury, CEO, Xero. “Today we’ve not only matched most of the features of traditional desktop software, but taken it beyond in terms of ease-of-use, mobility, value and performance.” source: Xero media release.

This milestone release made me wonder about the future of Xero add-on inventory solutions. Do they still have something to offer the Xero community? Do they still have a business? Or have they stocked up their freezer with Ben & Jerry’s ice cream in preparation for the day tumbleweeds roll through their office?

I think there’s definitely still a place for inventory add-ons in the Xero ecosystem.

Let me explain why that ice cream can stay in the freezer — and why I predict the release of Xero’s Tracked Inventory feature will lead to an increased uptake of add-on inventory solutions.

Businesses that need to access current details about their inventory to manage their operations, benefit from the extensive range of in-depth reports that specialised add-on platforms like TradeGecko offers. With this insight, you can effectively and efficiently manage your inventory.

Note: You would look to Xero’s Profit and Loss and Balance Sheet reports to see a complete picture of the business’s financial position. This insight would not typically be available in any inventory addon solution.

Inventory Item information With the introduction of Tracked Inventory in Xero, businesses can easily access plenty of extra inventory management information, including Quantity on Hand, Average Cost, Total Value, In Committed Quotes and Quantity on Order.

Xero now offers two inventory reports, one of which includes Tracked Inventory. That report, the Inventory Item Details report, includes fourteen customisable columns of information.

In addition to Xero’s Inventory Item information, TradeGecko has an extra seven fields available: • Barcode • Supplier code • Volume (e.g. 500 ml) • Price level options • Images • Indicators around (1) whether it’s available for sale and (2) whether you can keep selling below zero stock levels

Contrast this with TradeGecko, which has nine customisable specialist inventory reports, including: 1. Inventory stock on hand 2. Inventory detail

Being able to record and access extra information about inventory helps you attract and keep repeat customers, because you’re in a better position to meet their demands.

Reporting

36 / Issue 04

3. Location report 4. Reorder report 5. Income stock report 6. Historical stock report (beta) 7. Sales by time period 8. Sales by company/product/variant/ channel/assignee 9. Sales history report

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Issue 04 / 37

The power you might be missing in ‘smaller’ add-ons Whilst accounting software Xero boasts an impressive series of best-in-breed add-ons across a range of industries – such as DEAR Inventory, WorkflowMax and simPRO to name a few – many businesses miss the power of ‘smaller’ add-ons for repetitive tasks...

Here are just a few of our favourite Xero add-ons that allow you to automate repetitive tasks to save time, money and boost your productivity:

and directors, you can do everything, from simple profit and loss reporting to department costing and three way cash forecasting.

Receipt Bank

Chaser

“Receipt Bank extracts the key information from your bills, receipts and invoices, removing the need for manual data entry. Receipt Bank can then publish the data to your accounting software or it can be downloaded as a spreadsheet or used to create expense reports.”

“We know that if your chasing emails are obviously automated, they are much less likely to get your invoices paid. Emails from Chaser look and feel like regular emails from you to your customer.”

We love Receipt Bank for two reasons.

Firstly, we use it at Ocius Digital for both expense claims and bills. Secondly, it’s a value-add we can provide for clients during our bigger projects that always wows them without fail. For us, it’s true love.

The simplicity of Receipt Bank astounds clients when they first see it in action, and it really is that simple. The work reduced by just taking a quick photo of a bill, only to see it appear in Xero with all the correct information is stunning. If you’re using Xero and not using Receipt Bank, you really are missing out on half of the benefits… and half the fun!

Chaser is a really strong accounts management add-on. We can always tell internally when the ‘chasers’ go out, as we see payment notifications flood through to email, saving so much time and pressure internally.

Chaser is one of our favourite recommendations to clients as a valueadd.

Crunchboards “A complete practice management and client experience tool. View multiple Xero organisations, the way you want to, side by side and collaborate with clients in real-time.”

Crunchboards is a reporting solution that has taken the Xero add-on marketplace by storm. It’s simple to use and provides high level reporting where Xero stops.

Useful for administrators, office managers

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Far too many small businesses are handcuffed by poor payment, and the automation of this process saves time for other more important tasks. Obviously, we don’t expect any add-on like this to take care of the truly ‘bad payers’ and ‘disputes’, but having an automatic follow up to your standard terms will ensure that those people who just mislay an invoice or forget a payment will get followed up in a reasonable time frame.

FORMbasic “FORMbasic will streamline lead capture automation by sending all lead information gathered from your website directly into WorkflowMax.” FORMbasic is a great solution for managing web leads for those clients who are using WorkflowMax – which makes up

Words: Dan Fairbairn Dan is passionate about technology as an enabler, with years of experience training, evaluating and implementing technology into small businesses. Outside of work he loves live music, craft beer and over-analysing sport...!

a large proportion of the work we do at Ocius Digital.

FORMbasic allows you to have contact forms on your website which send directly into WorkflowMax, saving administration time and double handling. From here, you can manage the lead, add quotes and run jobs without ever re-entering other information.

As with most of our best recommendations, the proof is in the pudding – and we use FORMbasic too in order to manage our business.

Exsalerate “Everything you need to build strong relationships. Our integrations with Xero, WorkflowMax and MailChimp connect your business so you can share data, automate tasks, save time and increase productivity with just a few clicks.”

Exsalerate is a simple CRM for Xero – just connect and away it goes. Every contact in Xero is synced automatically so you have one centre for sales details, tasks, invoicing information and more.

In addition, it works with WorkflowMax, which is one of our most popular software implementations.

Therefore, you can create projects for CRM clients instantly. In addition, their lowest pricing plan starts at a fixed price for up to the first 5 users.

Simple, easy, inexpensive – our favourite combination of features!

For tailored advice about the best Xero add-ons for your business, get in touch with us today.

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Cover Story

Forecast the

Future

We’d all love to be able to look to the future with more certainty and clarity. If we can quantify and qualify the pathway ahead, opportunities can be seized and crises averted...

The word ‘future’ conjures up strong human emotions - hope, expectation, fear even. It is a place that we are yet to go, but that we can see or imagine just out of reach.

In business, the future holds special challenges as it is here that so many ventures fail. With business failure rates scarily high around the world, it’s clear that too many owners and their advisors are operating in the dark.

It doesn’t need to be this way.

Keep the Lights On - 4 Rules As an advisor to business, I always advocate that business owners follow 4 simple rules for maximum visibility: 1. Measure what matters - have a strong reporting process for capturing, reporting and analysing financial and non-financial data 2. Look ahead as much as you look back - projecting your data ahead is at least as valuable as ascertaining where you are now and why 3. Monitor and react - monitoring performance and receiving feedback on your results and projections is vital (tip: use a trusted advisor), as is how you decisively you react to this clarity and insight 4. Keep it real - don’t be a slave to numbers, but also don’t keep your head in the sand and ignore the evidence from your performance reporting system and advisor. If you do, it could be fatal.

Cloud software has made these rules much easier to action. Data flowing between systems and

>>

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Words: Richard Francis, CA Richard Francis is founder and CEO of Spotlight Reporting, the Xero Add-On of the Year 2014. Richard also founded Francis Consulting, an early Xero Partner and cloud advisory practice and Spotlight (now Xero) Workpapers, which was acquired by Xero in 2012.

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Issue 04 / 39

improved accessibility for key stakeholders has revolutionised the world of performance monitoring.

Xero of course has been a key player in this revolution, with the add-on community providing the extra sugar and spice.

>>

Specialist forecasting software has only just begun to catch up with this brave new world. The most dominant forecasting systems are desktop-based and have had their heyday a decade or more ago.

The lack of fresh options has meant that many accountants and bookkeepers approach forecasting reluctantly, with dread even. It can be a painful, expensive process with lots of EXCEL-like interactions and manual processes.

Well, it shouldn’t be this way - it is vital work. Both accountants and business owners deserve to have better options, especially ones that are usable, flexible and harnessing the power of the cloud.

Better Budgeting The bottom line is that all businesses of substance and ambition should have an accrual Budget and a Cashflow Forecast as part of its tool-set. As businesses grow the decision-making can become more difficult, with significant consequences if options are taken that aren’t supported by the data. Having visibility of the horizon is increasingly important.

There are a number of important features of a sound Budget, including: 1. An air of reality - being pragmatic, prudent and then cutting out the areas of wishful thinking. Many budgets I have seen should have had 2. A discernible or defendable pattern - looking at your own trend data and considering what progression makes most sense.

3. Allowing for the unexpected considering a contingency to reflect a possible unexpected downturn, bad debt, staffing issue or project blow-out.

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An accrual Budget, once locked down, forms the basis for some very important work - cashflow forecasting. Cash, as the saying goes, is king.

Get Forecasting, Proactively With better tools, hopefully better forecasting services will be provided by accountants. Unfortunately, the triggers now for a forecast being created in the first place are all too often external.

Perhaps a desperate client is seeking bank finance or a start-up is dreaming big and wants to forecast up a storm.

possibilities or obvious decision paths the process many unearth.

Drawing the Strands Together Our goal at Spotlight Reporting is to make business intelligence easy for advisors to prepare and share and for businesses to consume. This ethos also applies to Forecasting, where we saw and acted upon a real need for a full-service tool in the cloud, incorporating a Budget Manager, three-way Forecasting and a Scenario Builder. This is where Spotlight Forecasting v2 comes in.

Preferably, the accountant should be proactively offering annual forecasting with clients as standard. These forecasts can then be monitored and rolled into the reporting and decision-making process for each business. Better still, more frequent updates (perhaps rolling forecasts) means that changing circumstances can be reflected and reacted to.

In drawing the strands together, Forecasting v2 should allow the accounting profession to offer robust and useful budgeting, forecasting and scenario services to clients. After all, obtaining clarity and focus for the future should not only be seamless, cloud-based and powerful, but it should also be the desire of all business owners who truly plan to succeed.

Three-way forecasting allows for an all-inone set of forecasts that are most useful.

To find out more information, visit spotlightreporting.com/future

Scenario Building Budgeting satisfies the need to get some accurate expectations in place and to work to these. Cashflow forecasts takes the language of the Budget and turns it into a useful analysis of the cash inflows and outflows of a business, impacting net position. Both critical business outputs that deserve more care and attention.

Scenario-building, however, is the fun stuff. This is where a prudent, pragmatic forecast can be allowed to run bit wild, go off on a tangent or to crazily reflect a complete business pivot. Scenarios ask and answer the “what if?” options we dream (or worry) about.

Generally, scenario-building is done at an even more infrequent cadence than forecasting. It is often seen as too hard or something that a client may be reluctant to pay for, despite the exciting

“We’ve tried to achieve great functionality without sacrificing usability. Forecasting should be a positive process, not a grind.”

Julie Francis, Forecasting Lead & CFO, Spotlight Reporting

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IT relevant to Today’s Accountant where reliability and transparency thrive Base 10 have made IT relevant to professional services organisations by harnessing what’s important: the value of effective use of staff time, storage, utilising tradespecific software, transparent cost-efficient support and communication, and reliability.

Words: Simone de Cunha Independent Business Communications Consultant Simone is a Masters qualified Journalist and Business Communications Consultant who currently specialises in the Manufacturing, IT, and Business fields. She enjoys great success stories and writing about businesses who have made a positive impact on their customers.

Looking for an IT company that’s relevant to your professional services organisation? Require a company that truly understands the needs of the accounting and law industries?

Skipper Lay & Associates Ltd – Background Skipper Lay is a Xero Gold Partner and the firm enjoys its consolidated Cloud-based capacity. According to Debbie, “Xero is an accounting software package of choice and we love that it’s Cloud-based, online, and available. Everyone is using it.”

Based in Papakura, Auckland, this reputable accountancy group has been serving Auckland for over 50 years specialising in small to medium businesses, property rental, farm accounting, and trust planning and management. The firm offers a wide crosssection of accountancy services.

Technically speaking Base 10’s immediate objectives upon signing on Skipper Lay in 2006 were to eliminate user distractions caused by an antiquated IT system clearly not supporting the firm’s current and future business needs.

offer a 100% professional and reliable service. They needed to upgrade their server and jumped in the deep end with Base 10, which worked really well.

“For us it’s about reliability. We don’t want to have any downtime. That’s really important because it’s costing us. Even if we have 20 staff at a charge out rate of say $150 per hour, an hour’s downtime costs us a lot of money. Therefore it’s really important for us to have a stable environment.”

The Base 10 Solution For accountants and other professional services groups, minimising downtime caused by ineffective and disruptive IT is crucial, therefore the choice of a well performing IT company is paramount to their bottom line.

“We like clients that are critical of their IT performance as we believe that we can make a real difference in areas of staff productivity that other IT companies may not see. We therefore place importance on being in front of the customer regularly and we see things that our competitors would simply overlook”, says Uli Knapp, Director, Base 10.

Main pain points were: • Aging equipment • Inadequate firewall security • Inadequate backup and recovery • Spam • Lack of support According to Debbie Webster, IT Manager at Skipper Lay, the requirement was to source an IT team of experts that could We want to hear from you! Get in touch - email: hello@xumagazine.com

Debbie explains, “The good thing about Base 10 is they plan everything really well for us. We sit around a table, talk about it all, so that we are all very clear about what’s going to happen, and about what it’s going to cost us. They’ve got their finger on what they are doing and they give us a pretty accurate figure. For accountants, that’s important to us!”

>>

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䔀愀爀氀礀 愀搀漀瀀琀攀爀猀 愀氀眀愀礀猀 眀椀渀

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7 tips for creating your expense policy Every company, big or small, needs an expense policy. It’s inevitable. There is always a cost to doing business and an expense policy helps keep those costs in check. The tricky part is creating an expense policy that can actually be followed without becoming overwhelming to your team. It’s a sensitive topic and often, expenses become a matter of good judgement.

So how do you make your expense policy easier to follow?

Words: Bethany Walsh Bethany is in marketing for Abacus, an NYC startup focused on reinventing the way businesses manage expenses. She has spent the past 10 years as part of the small business and startup community, helping businesses utilize technology to grow and optimize their operations and technology stack. With a focus on all things cloud, Bethany loves watching businesses change industries and solve problems through adoption and innovation.

44 / Issue 04

involved party should have. Cover what needs to be submitted, the timeframe it should be submitted in, and how long it will take to be reimbursed. The more straightforward you are, the less lingering questions there will be.

1. Know the Law The first thing you need to do is make sure that you understand the laws and rules around 4. Call Out Exceptions business expenses. The The IRS requires that and Discretionary IRS and even specific you keep business Circumstances states have laws expense records for 3 years No matter how hard that may impact (assuming everything was you try, something your policy. Be sure will happen that to understand what filed correctly), however, requires a judgement kind of records most independent tax firms call by either the you need to keep recommend you keep employee or their and for how long. them for 7 years. manager. A flight might Another area to pay be delayed, special client close attention to is per requests might be made - there diems - laws differ by state will be times when the expenses for what is considered acceptable won’t fit into the expense policy box. By rates. addressing what to do in these situations, you’ll be able to avoid mishaps and 2. Ask for Input mistakes. Clearly define what should be You know the laws and you know what done for gratuity, special requests business expenses look like historically, and one-off situations. but predicting the future can be harder.

Be sure to ask for input from your senior 5. Make Your Policy management team - what are their Accessible budget plans? Do they foresee any travel The IRS only requires If employees don’t changes or new expenditures for their you collect receipts for have access to it, team? Getting a sense of what’s coming expenses over $75, so if it’s they can’t follow will help you setup an expense policy that not important to you, you it. They also won’t is realistic. Another great time to ask for don’t need to require them look very hard to input is once you’ve written a draft of the for reimbursement. find it. By using an policy - ask a few employees for feedback internal website or an to make sure it’s easy to understand. expense management tool, you can make sure 3. Be Clear that everyone has quick and Communication is a two way street - it’s easy access to the policy. only as good as how well the receiver understands the intended message. Try 6. Automate and Mobilize to use as few words as possible to not Work expenses don’t always happen at a only communicate the rules, but also desk in the office. Often they occur in the process and expectations that every XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

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“People like Chris and Rod, they’re just really good people. They’re really fair people and they’re really driven to make something happen and change.”

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5 innovative ways to deliver extraordinary client service on a shoestring budget

Words: Heather Townsend Heather helps professionals become The Go-To Expert. In the last 12 months she has helped her clients add over ÂŁ1 million to their firms. To find out how Heather can help you grow your firm, visit: growingyourfirm.co.uk

Delivering extraordinary client service is essential if you want to grow your practice rapidly by referral. In this article, Heather Townsend, author of The Go-To Expert, shares 5 innovative ways that the best small practices deliver great client care, but on a shoestring budget.

1. Client parties How often do you throw a party for your clients? These can be a great way to deepen relationships with existing clients, meet new prospects and provide great networking opportunities for your existing clients.

With some careful organisation your client party may be possible on even the most shoestring of budgets. With many pubs willing to hire out their function room for free, you need not spend a fortune on refreshments and venue hire. You may find that one of your clients, particularly if they are a pub, restaurant, caterer or hotel, may offer to provide some of the refreshments at a greatly reduced price.

If you are a Xero Silver partner or above, Xero will even give you money towards the costs of your client party.

2. Mobile phone recharger in the office When your clients come to your offices for a meeting, why not offer them the opportunity to recharge their mobile phone? Seeing as you can buy a universal charger now for under ÂŁ25, recharging client phones when they are in their meeting need not break the bank.

3. Knowledge sharing between your

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clients Within your client base you have a huge amount of knowledge and expertise. Why don’t you tap into some of this expertise and interview your clients. Then share the interview as a podcast or a series of short video clips. Then share the interview with the rest of your client base. Your clients learn from each other and get valuable exposure with probably the type of people they want to work with. As an added bonus, you get a deeper level of understanding of exactly what your clients do.

4. Ticketing style system for client support E-mails are often the bane of many practices. It is all too easy to get deluged with client emails and these then get lost and unanswered. How about replicating what Digita does and introduce a ticketing system for client support? A customer service solution like Zendesk wouldn’t break the bank either. It starts from a £1 per month per user. Using a ticketing style system for customer emails means that you will never lose another email again.

In addition all the common questions that clients ask will be kept in one place for others to be able to learn from.

5. Offer your meeting rooms to clients for their meetings How often are the meeting rooms in your office used? If they are lying empty for some of the time why not offer them up to clients to use for their own meetings?

This becomes a real win-win. Your clients save on meeting room costs and travel time, and you get to give them a valuable service at no cost to yourself.

In summary Delivering extraordinary client service and high levels of client care need not cost a fortune or a high investment in technology.

Words: Michelle Polglase, General Manager, PracticePlus

How do I market my accounting practice?

So much to do, so little time. Those marketing initiatives seem to end up on the bottom of that long To Do list, when really they should be near the top of your action list.

content to different industries. Commit to a regular blog post as a key part of your content marketing strategy and execute.

Use links to these blog posts as the main points in your email newsletter.

Why bother with marketing at all?

I don’t know where to start with social media

If word of mouth is key to bringing on board new clients, why spend time on marketing at all? Some of the accountants we talk with just find the whole idea of ‘selling’ their services and products quite daunting. We hear comments like: • “I don’t have the time” • “I’m good at numbers, not words” • “I tried for a few months, but nothing really happened” Marketing is about communication communicating the value of your brand, your products and services. It’s also about communicating your passion for who you are and what you do. Industry leaders are also generous with sharing their expertise, giving rise to the catchphrase “education is the new marketing.” If you can write a regular blog post about a subject of interest to you, or industry trends, that can be a really good place to start. Find your voice.

Email marketing making it easy for you As you start to build your database, consider ways you can add value to your current clients on a regular basis.

Integrate your website with Xero Practice Manager for automatic synchronisation of your contacts. You can set up market segmentation to get targeted email

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Many accountants we speak with are just beginning to explore social media options to find out what works best. There are lots of great marketing experts giving advice, and there are workshops and webinars if you need to upskill. It’s generally agreed the first place to start is with LinkedIn. As a professional network it’s hard to beat.

Set up both your personal profile and a company page; you can also join relevant groups and contribute to discussions.

When you write that blog post on your website, you can then send the link to the blog post out on Linkedin. It’s a great way to connect with your network and start to build your reputation as an industry expert.

Give Twitter a go before you know it you’ll be hooked. The very best thing about Twitter is the hashtag, which connects you to a topic. If you are at an industry event, you have an instant connection to all participants through the #hashtag. Take a look at #Xerocon and you’ll see some interesting conversations! This also gets your comments out to a wider audience; link back to your website through that blog post you wrote and you’ll start to see the power of social media.

A Facebook company page can

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>>

Issue 04 / 47

work well, especially if you encourage current clients to ‘Like’ your page. In a recent marketing webinar with Wayne Schmidt from Addon Success, Steph Hinds from Growthwise discussed how commenting on Facebook in real time as the recent AU budget unfolded gained 11 new enquiries and 6 new clients. Some strategy around targeting this content is important too.

>>

You can get down with Google Plus and get your teeth into many more social channels if you have the time. The key is to commit time each week to some social media activity. Then set up Dlvr.

It or similar for automatic posting of your content straight out to your chosen channels.

Benchmarking Test and measure as you go to see what works best for your accountancy practice.

Start with Google Analytics, and if you really want to dig deep you can set up custom URLs for each social media channel. Analytics are freely available, either directly for each channel, or as an overview if you use Hootsuite or similar for bulk scheduling and posting. It can be very interesting to see your most effective blog post titles, or most popular tweets.

And that gives you confidence to focus your efforts.

4 essential ingredients for creating emails that convert

Words: Kelly Newbery, Marketing Specialist at Vision6

It never ceases to amaze me how many people write about open and click rates as the be all and end all of email marketing!

Now don’t get me wrong, it’s very important to have high open and click through rates. But the aim of the game for email marketing should always be to get conversions and lots of them.

Conversions mean different things for different businesses. For example if you’re a bookeeper the reason you send emails is to increase revenue. So the number one thing you should want your email to do is to drive people to make appointments.

2. Create valuable content that your customers want to receive We know that unless you’re 100% committed to sending email content that is interesting and valuable to your subscribers, you’ll struggle to keep their attention.

So what’s the best way to keep your readers engaged? Make your emails: • Relevant – customise the content in your emails for different segments within your customer base. You can easily do this using conditional content.

• Personal – recognise your customers are real people with preferences and write to them as individuals rather than as your ‘email list’.

• Benefit focused – offer something of value in your emails whether it’s an educational resource, special promotion or useful tips.

Persistence is key Before you begin take stock of your online presence. Make sure your website showcases your brand to best advantage, and that you can easily capture leads for new clients making enquiries. Consider how effective the ‘Call to Actions’ on your Homepage are. Then make a start on actively marketing your business, and persevere!

Or maybe you’re a Xero Add-On and you need your emails to boost registrations for your training courses or webinars.

Whatever your desired end result is, it can seem like a big task to get conversions, which is why I want to share with you four essential ingredients to create emails that convert.

1. Have a clear objective for your email

The short summary: • Step one: Write a blog post from your perspective on something that inspires you.

• Step two: Use this content in your monthly email newsletter • Step three : Post a link to your blog post out across your chosen social media channels • Step four: Test and measure • Step five: Rinse and repeat And if you’re not spending time on marketing, your competitors certainly are.

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It’s really important that you know exactly why you are sending an email, who you are sending it to and what you want them to do once they’ve read it.

Like the examples above, make sure you have a clear understanding about what you want to achieve with your email.

Once you have an objective clearly defined it will make the next step, creating engaging content, much easier. And it will also mean you can measure how your email performs.

It’s also really important to use your reports to gain insights into what your readers find valuable by monitoring the performance of campaigns, paying close attention to click-through rates.

3. Use compelling design to entice your readers to act When it comes to email design one of the most important elements is brand consistency as this builds trust with your customers. If your emails drive your customers to your website then their experience needs to be consistent.

Additionally when designing emails it’s a good idea to keep these best practice tips in mind: • Have an even ratio of images to text • Use alt text to encourage readers to turn on your images as many of them will have their images blocked by default in their inbox • Keep your emails easy to scan by using sub headings, bold text (when

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Issue 04 / 51

Revolutionising accounting one installation at a time The Xero AddOn market will revolutionize the world of accounting and the software developers that service it, just like Apple’s App Store and Salesforce’s AppExchange revolutionized their respective markets.

Understanding the impact of Apple’s App Store is easier because it personally changed our buying habits. When we need a baby monitor, or want to start dating, or are stuck in traffic, we turn to our smart phone. Even something as mundane as a torch (or flashlight, if you prefer) is no longer purchased at a hardware store, but is instead a smartphone app. Had you claimed, 25 years ago, that a torch is downloadable software available wirelessly, you would have been labeled certifiable crazy; now it’s self-evident.

The impact of Salesforce’s AppExchange is less obvious because, as consumers, we don’t interact with it directly; but without the AppExchange, Salesforce wouldn’t thrive. Complex documents are generated at the click of a button with one app, then sent out for electronic signatures through another. UPS labels are generated and packages tracked via Salesforce apps, while marketing automation fires emails from another app. What Salesforce has done with it’s AppExchange is make it very difficult to switch to another CRM because Salesforce’s tentacle-like Apps stretch into every single department.

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Words: Jo Milton MSc Jo is the CFO of Daddy Donkey Labs which builds Salesforce Apps. Jo has now been involved in several start ups and has a background as a financial analyst for a VC firm. In her spare time Jo enjoys skiing, sailing and eating lovely food with friends.

Salesforce doesn’t have to fund or design these tentacles, because they’ve opened up their platform to nimble developers.

These developers piggyback off the market created by their host, and in return strengthen it.

While Apple and Salesforce claim that their platforms are intrinsically superior to their competitors, I doubt this. Instead, it’s the feedback loop of customers demanding apps that enhances the platform that in turn draws more customers. Laggard CRM’s like Netsuite, Zoho, MS Dynamics and even Oracle have trivial or non-existent App stores and this is why they fall further behind every year.

Some people suggest this lack of add-ons is the result of a poor platform, I believe it’s the cause of a poor platform.

I think about the interplay between platforms and apps daily, because our app, Breadwinner, integrates Salesforce

and Xero. We talk to people who have Salesforce and are considering Xero. They know Xero checks all the boxes, but it’s often an add-on that tips the balance in Xero’s favour. Similarly, some companies are already using Xero and need a CRM. Their requirements include integration with Xero, and we might tip the balance in Salesforce’s favour.

And we’re just one of dozens of Xero AddOns that change how businesses is run.

ReceiptBank has changed how we handle expense receipts, Unleashed has changed how we manage and monetize inventory, and WorkflowMax has merged the backoffice of professional services with the realm of Accounting.

Some apps even change how farmers handle livestock reporting! If Xero and the Add-On market can reach dairy cows grazing in green pastures, what industry will find itself upended by Add-Ons next?

XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

Project management software for the construction industry

“

Tracking the profits and losses of each project and learning which jobs and clients make money are among the main benefits. We can plan and track my company’s workload, issue detailed reports from proposal to project activity and link to our CRM and Xero for instant invoicing.

Luke Hankins | BPM Group, UK

+

=

“ ”

Kelly Larsen | Adan Larsen Builders, NZ

”

The ultimate cloud solution for the construction industry

We want to hear from you! Get in touch - email: hello@xumagazine.com

PRODUCT OF

The best thing is having everything for a project consolidated in one place. We can see where a job is at with the click of a button.

Follow us on Twitter: @xumagazine

tidybuild.com Issue 04 / 53

Get paid on time, every time, effortlessly

Words: Peter McCarroll, CPA, CA Business Express Accounting (NZ); Fuel Accounting (Canada).

Peter is originally from Lower Hutt, New Zealand (right next to Wellington) and has been using Xero for 5 years. He was awarded Xero’s “Most Valuable Professional” award for 2012 and is still the most prolific poster on the Community Forum outside Xero staff.

He lives just outside Toronto, Canada, and still has an office in Wellington. He is a Chartered Accountant in both New Zealand and Canada. He serves clients in Canada, New Zealand and USA as well as providing live Xero Support and consulting to users all over the world.

54 / Issue 04

The problem with Pay Now services is that they still leave the customer in charge of deciding if, and when, to pay. We dreamt of a solution that allowed the business owner to reach into the customer’s wallet on the day that the invoice was due and take out the money – in their sleep! in mind. I didn’t want to give my client’s Like many Xero add-ons, uCollect another way to pay – I wanted to be able started as a frustration. I was running my to integrate the only method I had offered small accounting practice in New Zealand them – Direct Debit (known as and using EziDebit to collect my ACH in the U.S.). About monthly fees. The problem a year later I had had was that there was no “I have to say a big enough – and started connection between the EziDebit system thank you, we had our first work on uCollect. and Xero, and every major bill run today and it reconciliation was worked flawlessly, I am very uCollect is a very simple concept. manual, and if I impressed with uCollect” We are not a debt forgot to update the Jason, Wanna collection agency or a payment schedule the Internet, NZ chasing facility and we cash stopped coming don’t manage late fees in. and administration fees. We help business owners ensure that I actually went to EziDebit with they get paid on the due date, every time, the idea first, but their response was to through pre-authorized bank account or build a Pay Now integration – but this credit card charges. Once a contact has was the complete opposite of what I had

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Issue 04 / 55

that it was your fault because you had agreed to it and had failed to properly manage your cash flow.

>>

The issue is that most businesses ask their customers if they want it. Some customers appreciate it, but many say “No thanks.” But what they are really saying is “Well, if you are giving me the option of being forced to pay on-time or having the ability to pay when I remember, and when I feel like it, and when I don’t have any more urgent bills to pay – if I even get round to paying it at all – sure, I will chose the latter, thanks.” Our advice is simple: don’t make it an option. Make it the way that you do business. If you offer your customers no other option than pre-authorized payment, 80% will comply without complaint, 10% will whine but then comply when they realize that you are serious, and the other 10% will refuse.

It is the last 10% that intended to treat you like a bank in the first place – and you don’t need those customers!

So we decided to take Pay Now one step further! Our Pay Now integration not only lets a customer pay for one or more invoices as a one-off transaction, it gives them the option to sign up for pre-authorized collection. Our Invite function enables business owners to send an email to their customer and have the customer sign up for pre-authorized collection independent of any invoice. It’s completely safe and secure.

For more information on uCollect or to contact Peter visit http://www.ucollect.biz or email peter@ucollect.biz.

Monster growth by retargeting your client base

Words: Guy Pearson, Practice Ignition

Retargeting is a term most commonly associated with online marketing, but it is a concept that holds promise for your firm’s growth. In marketing, retargeting refers to hitting the same customer with ads across the Web. In the world of accounting, though, retargeting simply refers to offering more services to more customers. Your customers – that is, your clients – are your keys to growth.

Specifically, the type of clientele you have strongly affects the amount of revenue you generate from them. And that could mean that it is time to offer them something new.

You may have heard the expression “different horses for different courses.”

That’s essentially what we are referring to here. It’s all about running in the bigger race, playing in the bigger game, catching the bigger fish. Growth, you see, requires you to move the goal posts.

If you’re in it to win it, Kentucky Derbystyle, retargeting your client base is your key to growth. This article relates three concepts gleaned from the world of digital marketing to help you leverage retargeting for fun and profit.

work?

2. Can my partners provide services on top of what they already do?

3. Would a sub-brand hold more promise for growth?

If you can’t be satisfied by your answers to these questions, then it might be best to keep your focus on areas in which you have more experience. Uncharted territory is not always a friendly place. If you can’t handle a new type of client, or can’t let go of your old ones, or could do just as well with a sub-brand that appeals to another demographic, then retargeting might not be a good idea.

If, however, you are perfectly contented with your answers to questions like those, then it is likely that retargeting will bring you what you seek: growth.

Retargeting Through Engagement The marketing world retargets with clever codes and hidden pixels. Those tactics may have their place in your firm’s online marketing strategy, but all accountancies can benefit from retargeting in one area near and dear to their hearts: engagement.

Here’s what we have come up with.

Why retargeting is the path to growth Simply put, growing revenue from clients can mean training your focus on a new type of client, or adding a new type to the fray. Small business clients necessarily limit the scope of your work. Retargeting is the path to doing that, because, by shifting your focus from one group of clients to another, you stand to perform more advanced services and be paid accordingly.

Before you start retargeting to catch next biggest fish in the accounting food chain, though, you should ask a few hard questions, including: 1. Can my firm effectively handle more 56 / Issue 04

If you have an agreement with a particular client to provide core accounting services, that’s good and all, but it’s not the end of the story. For one thing, client needs actually tend to grow, so offering followon, advanced accounting services on an ongoing basis is the only way to make sure your clients’ needs are being met and you’re firm is growing from its current clientele.

Of course, annual re-engagement is a good time to offer something new to your existing clients, but it’s also a good time to size them up – and to see if it’s time to tell them goodbye. It could just be that the goals not being met with your existing clients can tell you about the kinds of bigger clients that could help your firm grow.

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Issue 04 / 57

Going Global: How Xero changes the game

Mark Woodbridge is the co-founder and CTO of Chaser (chaser.io). He has over 15 years experience of developing software for informatics and data analysis in both academia and industry, including developing Financial Trading Systems at Reuters Group PLC.

Most XU Magazine readers will recognise Xero not only as an increasingly comprehensive accounting solution but also the centre of a vibrant and supportive community of users, business advisors and developers. This is due in large part to the development of Xero as a platform which has led to a proliferation of complementary add-ons. So, if you’ve spotted an opportunity to extend Xero...

Distribution models change all the time in business. Only a few years ago it would have been ridiculous to contemplate buying your home insurance from the same place as your groceries, purchasing event tickets from a phone you carry around in your pocket, or reconciling your bank account and chasing your outstanding invoices from the beach.

We launched Chaser almost a year ago, featuring in the inaugural edition of XU Magazine with its own launch at Xerocon Sydney 2014. It’s been an incredible year, as we’ve had the opportunity to help Xero users in 25 countries around the world get their invoices paid on time. (Plus the opportunity to add Sir Chasealot to the team as the Xero community’s invoice chasing knight in shining armour!)

On the eve of us (Sir Chasealot included) attending Xerocon Melbourne 2015, itself one of the hottest tickets in town and the centrepiece of Chaser’s own Australian launch, it felt like a great opportunity to reflect. To reflect upon the distribution opportunities that now exist for new add-ons like we were a year ago, and how Xero has truly changed the game of going global as a software business.

Thinking outside the (shrink-wrapped) box Without getting bogged down in the

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annals of history, it is valuable to look back to understand the profound change that has taken place. Prior to the advent of cloud accounting that Xero has led, things were very different as an accounting related software business looking to internationalise. One or multiple preparatory trips to the territory concerned would likely be required to forge an agreement with a local software distribution partner.

The business would then ship shrinkwrapped copies of their software to the distribution partner, who would sell and market the software in their territory. In the case of Xero and its ecosystem, it would be the local partner who would be responsible for building relationships with new accounting and bookkeeping partner firms. A business like Chaser would only have been able to undertake the required trips and attract the attention of a distribution partner upon reaching a certain level of size in its own market.

Prior to that point, going global would have been off limits.

Contrast this past picture with today.

There is no physical software. Xero users can sign up instantly over the internet. An add-on can research the Xero accounting and bookkeeping partner directories in any territory they want. They can explore the vibrant Twitter and LinkedIn Xero communities to establish

>>

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Issue 04 / 59

60 / Issue 04

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Issue 04 / 61

What is #XeroUserHour? #XeroUserHour is your chance to shout-out over Twitter what you’re doing with Xero. Perhaps you’ve got a new Xero-related service, launching a new Xero Add-on, want to share a top-tip with other Xero users... this is your chance!

NEW!

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Starting soon on Twitter:

#XeroUserHour

XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

How does it work?

It’s easy...

1

During the ‘hour’ (this will be a regular event taking place at the same time each week - the first will be announced shortly), compose a new tweet in the normal way but include the hashtag #XeroUserHour

2

Here at XU Magazine we’ll be watching closely for any tweets that include the hashtag #XeroUserHour.

3

We’ll then retweet your tweet on @xerousers

Follow what’s happening during the ‘hour’ at

twitter.com/xerousers

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Issue 04 / 63

Invoicing made easy using the Xero Network Do you have any customers or suppliers who use Xero? Why not connect with them directly? Once you have shared your Xero network Key with them you will be able to receive their invoices straight into your sales and purchases in Xero. This is a great way of communicating with your customers and suppliers.

Using the Xero Network will save you time as the invoices are already set up as draft invoices in Xero. All you and your customers have to do is approve the invoices and then they will appear in the awaiting payment section on Xero.

Here’s how it works...

To share your key with Suppliers: Words: Sarah Jones Sarah is Founder of Moneypad Accountants in Bagshot, Surrey, UK. All her life, the people closest to Sarah have been running their own businesses. This has given her a real desire to support ownermanaged businesses – and insights into the support that they need.

When you share your Xero Network Key you will allow another business to send you invoices directly to your Xero Account. To do this you need to go to Settings-General Settings-Xero to Xero (under the connect heading) – Select ‘Send Xero Network Invite’. An email (example below) will then be sent out to your supplier.

To enter the key from your Customers: Once a customer has sent you a Xero Network Invite go to contacts and edit the customer. At the bottom of the contact information screen there is a box where you can enter the Xero Network Key for that customer. Once you have saved this you will notice the Xero Network Key symbol will appear next to your customer’s name. This means your customer is connected and you can now

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start sending your invoices directly to your customers Xero account.

How to send an invoice to your customer:

Tip:

Why not set up an Once you email template for your have your customer’s Xero Network Customers network so when you send an email key you can through Xero then send invoices it will notify them that directly you have sent the invoice to your directly to their draft customer’s Xero account. bills in Xero.

To do this create your sales invoice in Xero. Then select the approve button. You will notice that once you have approved the invoice the Xero Network Key symbol will appear next to the Customer name on the invoice. This confirms that you are able to send this invoice via the Xero Network. To do this select the send button. The standard email template will pop up at the top of the email. It will say ‘This contact can receive invoices directly via the Xero Network.’ Make sure the tick box at the bottom for ‘Send via Xero Network’ is ticked and then send the invoice.

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Issue 04 / 65

Best practices, tools, tips and tricks

How to create a fortune-telling crystal ball for your business

66 / Issue 04

XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

Budgeting across multiple departments Many business owners want to budget, but hate it, don’t know how to do it effectively, or find it a frustrating process yielding little value. This article shows you how to change that.

Reporting shows us the past; budgets predict the future.

Budgets are the closest thing a business has to a crystal ball. I’ve seen a budget save a company of 25 employees from bankruptcy simply because it allowed them to see a significant impending cash shortage months in advance and take action to avoid it.

Words: Brandon Smith Brandon founded Insight Business Advising to guide socially and environmentally responsible organizations toward greater efficiency, effectiveness and success in their missions. Previously, Brandon served as the Chief Operating Officer of the International Living Future Institute, an organization focused on global sustainable development. He spends his time between Mexico, Sweden, Asia, and the US, and loves experiencing the diversity of cultures and landscapes this planet has to offer.

So, how do we turn the budgeting process from ineffective drudgery to an empowering tool for growing your business?

First things first - a well structured accounting system

The first issue to address before beginning the budgeting process is the structure of your accounting system. In Once an organization has a well structured Xero this means your Chart of Accounts and Tracking Categories. If these are not financial system, a good budget is the structured to suit your business, then an bedrock for its ability to scale and grow. effective budgeting process will be nearly impossible. It’s A budget not only gives critical to understand you the ability to the differences accurately forecast I’ve seen a budget between these your cashflow, save a company of two classification but it can also 25 employees from systems. If you empower and are confused transform your bankruptcy simply about the businesses in because it allowed them to optimal way other ways. see a significant impending to structure It allows cash shortage months in these for your an owner to business, reach delegate financial advance and take action out to the Xero responsibility to to avoid it.

Partner network and key departmental get some help. managers and is a powerful accountability More complex organizations tool to motivate employees to often benefit greatly from using at least meet or exceed sales and profit targets. one Xero Tracking Category to track different organizational departments or However, the reality for many small to regions. The remainder of this article will mid-sized companies is that budgeting assume that you are using Xero Tracking seems to have a lot in common with the Categories in this way. typical New Year’s resolution. You know its a good idea - even good for you. You The difference between the Chart of enthusiastically set out with the best Accounts and Tracking Categories of intentions, and you go for it. But as the year progresses, roadblocks arise, Think of the Profit and Loss Chart of initial motivation wanes, and the whole Accounts categories as a way to describe project falls into the gutter until next year what a revenue or expense - maybe. transaction “Is”. If you purchase

>>

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Issue 04 / 67

68 / Issue 04

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Issue 04 / 69

Data conversions from Sage and QuickBooks desktop to Xero for UK accountants.

Make the move to Xero the quick and easy way.

Convert at any time during your accounting year.

Bring your transaction history, balances, customers and suppliers with you and be up and running where you left o, within 72 hours (usually much less).

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XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

Order your conversion now at www.movemybooks.co.uk/order-to-xero

Words: Adrienne Unkovich, Partner Manager, EnableHR

Connected advisors helping Xero users

Growing your business through the Xero / enableHR ecosystem Tony Perkins, Director of HR and business coaching company, People Smartz, first met Kimberley Middlemis, Partner of Adrians Chartered Accountants at a Xero roadshow in Brisbane, Australia.

Middlemis sought out Perkins as she was keen to find out more about Xero’s Add-on partner, enableHR an online HR and Work Health and Safety tool which interfaces with Xero.

closely with Xero accounting partners to help their clients better manage HR compliance.

So having established a business rapport, Middlemis called on Perkins to meet other clients and address their HR compliance needs, and he was the first consultant she called when Adrians won a major new piece of business.

Pita Pit opening across Australia

“Kimberley was really interested in HR compliance,” recalls Perkins. “She told me that they had identified a client who was on the Xero accounting platform who needed HR assistance and wondered if this was something that I could help them with.”

Healthy fast food restaurant chain, Pita Pit, was about to set up in Australia. From its origins in Ontario, Canda, where it first began operations in 1995, the quick service food chain had rapidly grown across North America before establishing its presence in New Zealand in 2007.

He continues “So Kimberley introduced me to her client and I worked with them to sort out their HR compliance issues.

My company philosophy is all about developing capability and knowledge within a business and coaching the business to manage their people and HR needs in-house. I set them up with enableHR so they could better handle day-to-day HR issues by themselves going forwards.”

With plans to cross the Tasman, Middlemis was keen to ensure that this franchise business started on a strong footing and used leading cloud technology to run the accounting and finance side of its business.

He also explained “With enableHR, I can access my clients’ systems remotely and provide advice, help support whenever they need it.”

“I wanted my client to get the operations side of their business running on the cloud,” comments Middlemis. “This meant running Pita Pit’s accounting system on Xero and working with Xero Add-on partners for other key operational requirements such as payroll, HR compliance and WHS.”

Being an enableHR partner allows Perkins to tap into the Xero ecosystem and work

Perkins was brought in to lay the HR groundwork and make sure that Pita Pit’s franchisees ticked all

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>> Issue 04 / 71

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72 / Issue 04

XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

Forecasting the future just got a whole lot easier • Introducing an ‘all-in-one’ budget creator, 3-way forecasting and scenario-building tool • One solution, in the cloud, seamlessly integrated with Xero

Edit first draft

Edit 3 way forecast

Select or create scenario

You are currently using a P&L budget from WorldDom

Create a full 3-way forecast with the flexibility to import, choose or create your base data.

Run additional forecast scenarios for your organisation: growth, expense reduction, or create your own scenario.

Watch the tutorial

Watch the tutorial

Watch the tutorial

To find out more and register your interest visit spotlightreporting.com/future We want to hear from you! Get in touch - email: hello@xumagazine.com

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Issue 04 / 73

Multi-entity reporting for Xero Comparing and Consolidating Xero organisations using Fathom

The power of Xero It’s no secret that Xero provides singleentity businesses with significant efficiency gains. Before Xero, a lot of valuable time was spent keeping accounts up-to-date. But now, this time can be reallocated to activities that help steer a business towards competitive success.

Words: David Watson David is the cofounder of Fathom, a Xero reporting Add-on. Fathom is on a mission to provide advisors and business owners with beautiful performance reports and timely business insights.

While it may not be as widely known, Xero also provides considerable benefits for multi-entity organisations such as franchises, schools, churches and clubs.

For example, Xero provides franchisors with easy access to the financials for the entire franchise network. Or for organisations with international operations, using Xero helps management to keep an eye on each operation, regardless of where they are in the world.

By leveraging the power of the cloud, Xero aids the operational effectiveness of these businesses by helping them run better connected operations.

In addition, specific Add-ons like Fathom assist multi-entity organisations with their business intelligence and advanced reporting needs.

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Advanced reporting using Fathom Successful implementation of business intelligence often rests on two factors – easy access to data, and a rich, flexible toolset to visualise and analyse this data.

Using Xero ensures the latest figures for each entity are easily accessible to decision makers; and then Add-ons like Fathom help to transform these financials into a range of visualisations and insights.

Fathom provides these business insights at both the entity level (ie. to a store manager or franchisee) and also at the group level (to a franchisor or head-office).

So in addition to assessing the performance and financial health of each business entity, Fathom provides multi-entity organisations with a comprehensive reporting solution to compare the performance of each entity and consolidate the performance of a group of entities.

See the big picture – comparative analysis Performance is relative… so it is essential for a business to compare against past performance, and compare against budget, or compare against target. In addition, Fathom also enables comparison against peers.

XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

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Issue 04 / 75

76 / Issue 04

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Issue 04 / 77

The Ultimate Guide to

Debtor Tracking Add-ons A side by side comparison of some of the most popular Xero Debtor Tracking Add-ons

Compiled by Heather Smith All information correct at the time of publishing.

78 / Issue 04

XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

The Ultimate Guide to Debtor Tracking Add-ons

Available Globally

Debtor Daddy Price: from NZD $19 Mobile App

Y

Support - Phone

Y

Support - Email

Y

Support - LiveChat

Y

Support - Helpdesk

Y

Support - In-App

Y

sms messages

N

Pre-written letters

Y

Graphical reports

N

Credit Managers

N

Restrict messages to be sent out during ‘time zoned’ business hours?

N

Able to customise individual customer?

Y

Editable reminders / Follow up emails

8

No. of users

∞

Free trial period (Number of days)

30

Key points of difference Simple, intuitive, fast interface - even time-poor business owners can use it. Simple flat rate monthly pricing. 3 minute setup. 15+ pre-written reminders ready to go right out of the box. Optimised for iPad. Create multiple sets of reminders with your own rules and content.

Partnership programme Partner listing on debtordaddy.com. Free marketing resources. Co-branded eBook to promote your business. 15 - 20% commission for every new customer. Free: Sign up online.

Contact support@debtordaddy.com US +1 (424) 233­4357 AU +61 3 8658 2222 NZ +64 9 887 8334 UK +44 1279 260324

Online www.debtordaddy.com twitter.com/debtordaddy facebook.com/DebtorDaddy

Available Globally

Vision6 Price: AUD $9.9 p/m Mobile App

N

Support - Phone

Y

Support - Email

Y

Support - LiveChat

?

Support - Helpdesk

Y

Support - In-App

Y

sms messages

Y

Pre-written letters

Y

Graphical reports

Y

Credit Managers

?

Restrict messages to be sent out during ‘time zoned’ business hours?

N

Able to customise individual customer?

Y

Editable reminders / Follow up emails

4

No. of users

∞

Free trial period (Number of days)

∞

Key points of difference A powerful tool for automation of debt collection messages and a robust platform to help you grow your business with targeted email and SMS marketing.

Partnership programme Move your practice forward and help your customers grow with email marketing.

Rebrand the interface, set your own prices and make a profit. Get a free account for your own marketing.

Contact See website for details

We want to hear from you! Get in touch - email: hello@xumagazine.com

Online www.vision6.com.au/xero twitter.com/vision6 facebook.com/Vision6

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Issue 04 / 79

Available Globally

Chaser Price: from GBP £10 p/m Mobile App

N

Support - Phone

N

Support - Email

Y

Support - LiveChat

N

Support - Helpdesk

Y

Support - In-App

Y

sms messages

N

Pre-written letters

N

Graphical reports

N

Credit Managers

N

Restrict messages to be sent out during ‘time zoned’ business hours?

Y

Able to customise individual customer?

Y

Editable reminders / Follow up emails

10

No. of users

∞

Free trial period (Number of days)

90

Key points of difference A multi-functional tool that automatically sends a combined chaser for every invoice sent to a customer on a given day. Chaser automatically generates an audit trail of all chasers and replies.

Partnership programme Receive support and an escalating margin of 15-30% depending on the number of new clients added.

Contact david@chaser.io +44 7917 323583

Online www.chaser.io twitter.com/chaser_io facebook.com/chaserio

Available Australia Only

IODM Price: from AUD $30 Mobile App

N

Support - Phone

Y

Support - Email

Y

Support - LiveChat

N

Support - Helpdesk

Y

Support - In-App

Y

sms messages

Y

Pre-written letters

Y

Graphical reports

Y

Credit Managers

?

Restrict messages to be sent out during ‘time zoned’ business hours?

N

Able to customise individual customer?

?

Editable reminders / Follow up emails

4

No. of users

?

Free trial period (Number of days)

?

80 / Issue 04

Key points of difference A compliance driven app, offering SMS reminders, Invoice and Debtor funding and excellent customer service. Includes an easy-to-use dashboard where you can manage all of your clients, and a four letter system (referring to a collection company) covering all aspects of debt management.

Partnership programme White labeling. Offer clients a turnkey debtor solution and introduce a new revenue stream. Free training and marketing/rollout assistance. Help with client events, PR, etc.

Contact See website for details.

Online www.iodm.com.au twitter.com/IODM_Software

XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

The Ultimate Guide to Debtor Tracking Add-ons

Available Globally

Satago Price: starting from free Mobile App

N

Support - Phone

Y

Support - Email

Y

Support - LiveChat

Y

Support - Helpdesk

Y

Support - In-App

Y

sms messages

N

Pre-written letters

3

Graphical reports

N

Credit Managers

Y

Restrict messages to be sent out during ‘time zoned’ business hours?

Y

Able to customise individual customer?

Y

Editable reminders / Follow up emails

5

No. of users

8

Free trial period (Number of days)

30

Key points of difference Receive, read, respond to, comment on and confirm receipt of emails within the system. Download pdf Xero invoices from reminders/statements, and schedule reminders to keep up to date with reconciling accounts. Have accounts for clients on the same system, and switch between them easily.

Partnership programme Earn a share of revenue for referring new users. Satago is unique in allowing the option of donating your revenue share directly to a charity of your choice.

Contact hello@satago.co.uk +44 (0)20 8133 3539

Online www.satago.co.uk twitter.com/satagoHQ facebook.com/satagoltd

Available Globally

Funding Gates Price: from USD $19 p/m Mobile App

N

Support - Phone

Y

Support - Email

Y

Support - LiveChat

Y

Support - Helpdesk

Y

Support - In-App

Y

sms messages

N

Pre-written letters

5

Graphical reports

Y

Credit Managers

Y

Restrict messages to be sent out during ‘time zoned’ business hours?

N

Able to customise individual customer?

Y

Editable reminders / Follow up emails

∞

No. of users

∞

Free trial period (Number of days)

30

Key points of difference A 100% customisable app which combines powerful debt management and intuitive customer relation management features to help build an efficient and organised business. All changes are stamped with a user ID to provide clarity. Features include strategic and effective communication tools, including offering payment options.

Partnership programme Offering perks for referring new users and integrations. Contact Ismail Colak for more information (colak@fundinggates.com)

Contact See website for details

We want to hear from you! Get in touch - email: hello@xumagazine.com

Online www.fundinggates.com twitter.com/fundinggates facebook.com/fundinggates

Follow us on Twitter: @xumagazine

Issue 04 / 81

Available In the UK only

One Click Cash Collection Price: free Mobile App

N

Support - Phone

Y

Support - Email

Y

Support - LiveChat

N

Support - Helpdesk

Y

Support - In-App

N

sms messages

Y

Pre-written letters

N

Graphical reports

Y

Credit Managers

Y

Restrict messages to be sent out during ‘time zoned’ business hours?

Y

Able to customise individual customer?

Y

Editable reminders / Follow up emails

N

No. of users

∞

Free trial period (Number of days)

∞

Key points of difference A real team of people is available to liaise personally with debtors. This service complements existing debt collection solutions which rely on email and text reminders. One Click is driven by free SMS alerts which are optimised for all smartphones, allowing users to make instant decisions based on knowledge of customers.

Partnership programme Partners can access bespoke support and advanced training, along with set up and account management. A rewards programme offers commission bonuses based on the volume of debts collected.

Contact contact@oneclickapplications. co.uk +44 1592 598100

Online www.oneclickcashcollection.co.uk twitter.com/ONECLICK_Apps facebook.com/oneclickapplications

Available Globally

Invoice Sherpa Price: from USD $19 Mobile App

N

Support - Phone

Y

Support - Email

Y

Support - LiveChat

Y

Support - Helpdesk

Y

Support - In-App

Y

sms messages

Y

Pre-written letters

Y

Graphical reports

Y

Credit Managers

?

Restrict messages to be sent out during ‘time zoned’ business hours?

Y

Able to customise individual customer?

Y

Editable reminders / Follow up emails

∞

No. of users

∞

Free trial period (Number of days)

30

82 / Issue 04

Key points of difference Adding automation and CRM features to the debt management process makes payment go through faster. The automated processes enable seamless configuration of a follow up schedule. Integration with payment services such as PayPal and Stripe enable payment straight from reminders. SMS messages and live phone calls give a personal touch to the system.

Partnership programme Bulk discounts of between 10 and 20% are available to partners based on customer count.

Contact see website for details

Online www.invoicesherpa.com twitter.com/invoicesherpa

XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

The Ultimate Guide to Debtor Tracking Add-ons

Available Globally

ezyCollect Starter Plan Price: from AUD $69 p/m Mobile App

N

Support - Phone

Y

Support - Email

Y

Support - LiveChat

Y

Support - Helpdesk

Y

Support - In-App

Y

sms messages

Y

Pre-written letters

Y

Graphical reports

Y

Credit Managers

?

Restrict messages to be sent out during ‘time zoned’ business hours?

N

Able to customise individual customer?

Y

Editable reminders / Follow up emails

∞

No. of users

∞

Free trial period (Number of days)

30

Key points of difference Staff phone call scheduling, customer level reminders, pause/exclude customers that don’t need chasing. Accept real-time payments straight from reminders and the dashboard. Provide legal and debt escalation with a single click.

Partnership programme Partners can earn 20% to 50% of monthly revenue based on the number of referred clients.

Contact AJ@ezycollect.com.au +61 431249330

Online www.ezycollect.com.au facebook.com/ezycollect

Available Only in Australia and New Zealand

Smart AR Price: from NZD $77 p/w Mobile App

N

Support - Phone

Y

Support - Email

Y

Support - LiveChat

N

Support - Helpdesk

Y

Support - In-App

Y

sms messages

Y

Pre-written letters

Y

Graphical reports

Y

Credit Managers

?

Restrict messages to be sent out during ‘time zoned’ business hours?

Y

Able to customise individual customer?

Y

Editable reminders / Follow up emails

4

No. of users

∞

Free trial period (Number of days)

?

Key points of difference Debtors are contacted in the name of the subscriber to chase payments. Personal contact maintains a relationship between the business and client, as well as acting as an early alert to any deeper issues associated with late payment.

Partnership programme An ongoing weekly monitoring fee is paid to partners who offer Smart AR as part of their advisory activity.

Contact contact@smarter.co.nz Australia: +61 1800 831410 New Zealand: +64 (0) 800 467 634

We want to hear from you! Get in touch - email: hello@xumagazine.com

Online www.smartAR.com twitter.com/getpaidontime

Follow us on Twitter: @xumagazine

Issue 04 / 83

CHANGED THE GAME

14-days free, visit crunchboards.com

Simple or complex 3-way P&L, Balance sheet & cashflow forecasting - see 84 / Issue 04 actuals v. forecast

Real, custom Limitless User permissions Completely Limitless users operational KPIs organisations get granular and flexible datafor collaboration with our viewed side by expose Xero. Ie/ design - it's your with no powerful, side - that's Managers or business, your restrictions flexible Formula multiple clientsXU or Investors can way across your team XUMagazine Magazine--the theindependent independentmagazine magazinefor forXero Xerousers, users,by byXero Xerousers. users.Find Findus usonline onlineat: at xumagazine.com Builder businesses have restricted access

Managing change in an evolving industry There is no denying that our industry is on the peak of a wave of change. So how can you make sure your team and your clients are on board?

Words: Sophie Hossack is Australia Country Manager at Receipt Bank.

Receipt Bank is the bookkeeping productivity tool used by accountants and bookkeepers around the world to increase the efficiency of their workflow.

Sophie was one of the first employees at Receipt Bank back in 2011, and has worked in three of the sales teams globally.

Since then she has constructed a team in the Australia and New Zealand market, who are helping practices improve their efficiency and grow their business through automation.

Tim Hoopmann has become a specialist in transitioning workflows to the cloud in his progressive practice, Cornerstone Group, based in Sydney.

Cornerstone moved to the cloud with market disruptor, Xero in 2010 and since then has continued automating as many processes as possible.

The challenge of change “With the cloud, we now have ways of streamlining what we do, an easy way to manage things, and greater access to information,� says Tim, who uses efficiency tools such as Receipt Bank, Zendesk, Google Drive and Slack.

>>

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Issue 04 / 85

Subscribe for free to read the full magazine xumagazine.com/subscribe

86 / Issue 04

XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

䤀渀 匀愀昀攀 䠀愀渀搀猀

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倀攀爀昀攀挀琀 昀漀爀 琀栀攀 戀漀愀爀搀爀漀漀洀 漀爀 礀漀甀爀 漀ϻ挀攀

伀爀搀攀爀 礀漀甀爀猀 愀琀 砀甀洀愀最愀稀椀渀攀⸀挀漀洀⼀氀椀洀椀琀攀搀攀搀椀琀椀漀渀瀀爀椀渀琀猀 We want to hear from you! Get in touch - email: hello@xumagazine.com

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Issue 04 / 87

88 / Issue 04

XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com

Add-on Directory To advertise, please email the team at: advertising@xumagazine.com

Got Xero?

Get financial insights for your business Free 14 Day Trial www.fathomhq.com

Xero’s Featured HR & WHS Add-On NO MORE PAPER. NO MORE DATA ENTRY. www.receipt-bank.com

Xero Add-On Community Rating enableHR.com.au/xero-user enableHR.co.nz/xero-user

Your invoices paid on time, automatically

www.chaser.io

Auto email payment reminders while profiting from late fees and interest charges latefeemanager.com

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Issue 04 / 89

Closing words

Is accounting cool yet? urbanites in their late 20’s to early 40’s grace tram stops and billboards throughout the city spreading the word of Xero. This marketing, sitting alongside their advertisements in newspapers and online is reminiscent of a consumer product looking for widespread adoption.

They are very comparable in tone to those you would see from Vodafone or Bank of Melbourne for example.

Words: Macarton Gaughan, Knightstone

Walking into Xero’s slick Melbourne office in Richmond conjures up images of what 1 Infinite Loop, home to Apple or a Google office might look like. There are the friendly happy employees proudly wearing their casual t-shirts emblazoned with the company logo, small team break out rooms encased wholly in glass and a presentation room hidden cleverly behind a huge sliding door. This nice silicon valley -esque themed office sits perfectly with Xero’s self proclaimed ‘beautiful software’ and its well earned image of a young up and coming tech company.

I’ve been impressed by Xero’s marketing drive in and around Melbourne city centre over the past year. Friendly-faced

There are approx 500,000 small businesses in Victoria, each a potential Xero client, but these adverts are aimed at a wider market. Xero are attempting to drive brand awareness of their products among the general populace, with the presumption that there will be some accountants or helpful friends among them ready to pass on the message to new wave entrepreneurs.

While we should take the slick marketing with a pinch of salt, Xero deserve credit for spicing up a traditionally dull profession and promoting the idea among the general population, and accountants and bookkeepers themselves, that we will

no longer have to be satisfied with just spreadsheets and calculators - change is afoot.

Xero can be proud of passing the 500,000 subscribers milestone recently having grown 10 fold in that last 4 years. This is an impressive metric and further illustrates their position as an up and coming player on the global scene, tying in with their advertisements. Their latest updates, especially the business intelligence dashboard, takes Xero to the next level where it may even start to cannibalize some of the existing add on partners but this continual innovation is demanded by an excited user base.

Until we have an accounting themed TV show on ABC or Netflix to rival those with lawyers or doctors, which perhaps follows the trials and tribulations of tax season or the juicy Division 7a reviews points of a tax file, we can never claim to be in vogue. So we should be thankful to Xero for injecting some much needed ‘cool’ into our work.

With Practice Ignition, your office can be anywhere!

Be even more efficient and productive with cloud software made for accountants, by accountants

3 MONTHS FREE 90 / Issue 04

Go to www.practiceignition.com/xumagazine Enter the coupon code: XU Magazine - the independent magazine XUMAGAZINE for Xero users, by Xero users. Find us online at xumagazine.com

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Issue 04 / 91

MAKING CRM SIMPLE So easy to use our staff will actually use it!”

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Really Simple Systems Pty Ltd 119 Willoughby Rd ask@really simple systems.com Crows Nest NSW 2065 reallysimplesystems.com Australia XU Magazine the independent magazine for Xero users, by Xero users. Find us online at xumagazine.com Tel:-+61 2 8987 1909