XU Magazine - Issue 20

The independent magazine for Xero users, by Xero users

ISSUE

20

magazine

Virtual Roundtable

ISSN 2054-7226

20

Forecasting the Future of Cloud see page 8

9 772054 722009

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Celebrating

COVER STORY

+

5

years of XU Magazine see page 12

Plus lots more from Xero connected Apps Follow us on Twitter: @xumagazine

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Issue 20 / 1

The powerful financial project management software that over 10,000 businesses love.

1

Powerful financial analysis with a suite of customised reports

2

Track time, costs and profitability from quote through to job and invoice

3

Staff allocation feature gives more visibility over workflow, team productivity and capacity

4

Manage business on-the-go from anywhere, using the mobile app, and with everything in one system

5

Xero owned and integrated with robust customer support standards, and ongoing product development

Get started for FREE 2 / Issue 20

workflowmax.com/start

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

“We love WorkflowMax because it means we’re spending less time doing admin and more time designing gardens, which is what we love.”

Julia Levitt (L) and Fiona Ericsson (R) Sticks & Stones Landscape Design (Sydney, Australia)

Follow Stick & Stones’s story and find out how WorkflowMax can help your business get profitable workflowmax.com/case-studies

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Issue 20 / 3

Welcome to issue 20...

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magazine The independent magazine for Xero users, by Xero users

Issue 20 Main Contacts CEO: David Hassall (Co-Founder) Managing Editor: Wesley Cornell (Co-Founder) Director of Strategic Partnerships: Alex Newson Media Manager: Emma Guy

8

COVER STORY Receipt Bank Virtual Roundtable: Forecasting The Future of Cloud

12

40 12

16

‘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 2014-2019. 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: 12 Jordan Street, Liverpool, L1 0BP, United Kingdom. All information contained in this magazine is for information only and is, as far as we are aware, correct at the time of going to press. XU Magazine cannot accept any responsibility for errors or inaccuracies in such information. If you submit unsolicited material to us, you automatically grant XU Magazine a licence to publish your submission in whole or in part in all/any editions of the magazine, including in any physical or digital format, throughout the world.

Any material you submit is sent at your risk and, although every care is taken, neither XU Magazine nor its employees, agents or subcontractors shall be liable for loss or damage. The views expressed in XU Magazine are not necessarily the views of XU Magazine Ltd, its editors or its contributors.

4 / Issue 20

XU Magazine 5 years and counting…

Profitsee Q&A with ProfitSee’s Global Team

T: +44 (0)116 340 0560 E: hello@xumagazine.com W: www.xumagazine.com

Float How to differentiate your firm in the changing world of cloud accounting

36

Editorial/News Submissions: If you have any editorial content (news, comment, tutorials etc.) that you would like us to consider for inclusion in the next edition of XU Magazine, please email us at editorial@xumagazine.com Advertising: advertising@xumagazine.com

36

20 22

AdvanceTrack Work out your worth

ApprovalMax How to: build a software foundation for advisory with ApprovalMax & Receipt Bank

Tidy Succeed in the digital transformation era - It’s mostly about your own cultural mindset

44

Square Starting a business?

Here’s why you should consider ditching cash!

46

Senta Building a winning tech stack for your practice

48

Practice Ignition The death of the salesman: the problem with responsive selling

24

54

28

56

chata.ai Interview with CEO & Founder Kelly Cherniwchan Hunt & Hawk 5 Pitfalls Stopping You Getting The Most From Your CRM

34

SimPRO 10 signs your client needs job management software

enableHR Culture’s the DJ, Compliance the Dance Floor

SuiteFiles Introducing: SuiteFiles

Connect

56

34

58

iPayroll Is giving to charities an Employee or Employer Responsibility?

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

Cover Story...

Virtual Roundtable

60

Cloudsolve Inventory That Pops Getting back control of your inventory will transform both you and your business

ProfitSee’s Global Team

Check out our 2019 Event Directory

AccountancyManager Meet: James Byrne

Xero App Partners of the month

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84 86

64

90

> Page 153

TOA Global Is outsourcing for me?

Why building a global team is the missing link in scalability and success

60

Interviews with...

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80 82

Forecasting The Future of Cloud

8

EVENTS

AccountechLive The Slow Road to Automation

SuperConcepts Keep your SMSF records – but which ones?

AutoEntry Automation will enable mid-tier accounting firms to provide higher value services

66

TradeLock Why we launched the first invoice insurance on the Xero app marketplace

Aider What is a Digital Assistant? Problems it solves and how it can help your clients make smarter decisions

MarketInvoice Know your value: the impact on company valuations - How getting the basics right increases the value in your business

90 16 66

Kelly Cherniwchan CEO & Founder chata.ai

UPDATED WITH

NEW APPS

Watchful Eye Software How do you measure how well your admin team (or your clients) use Xero?

70

Appogee HR 7 stresses of employee absence and how to overcome them

96

72

100

74

102

Arthur Online How technology can help scale your business

24

92

Compleat Software How AI can revolutionise the accounts payable process for businesses

Wolters Kluwer Why standalone software is holding back your practice WorkflowMax Getting back to their roots: WorkflowMax helps Sticks & Stones do what they love most

GoCardless Learnings from around the world: Insights and advice for scaling SMBs

App/Service Directory Turn to page 158

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NOW OVER

7AP0PS0

Issue 20 / 5

106

ApprovalMax ApprovalMax facilitates virtual CFO advisory with bill automation

120

UpSheets Save time! Meet

UpSheets

122

Tim Hoopmann Creating a mentally healthy business

142

Unleashed Software Using cloud apps to boost client productivity

144

EzzyBills What you do will change the future

146 122

106

108

Expandly Making eCommerce work for Xero

126

SuiteFiles Becoming Completely

110

128

Sapaad The Age of Restaurant

Xavier Analytics What makes a good

Advisor?

Cloud Based

Technology

130

Infoodle 5 simple steps to administer donations

110

112 114

The Profitable Firm Branding, design, and website: The golden trio of marketing

Apps Compared Data Capture

Shieldpay Certainty of payment Putting trust at the heart of fast payments

118

Cloud Integration Partners Automation: Threat or Opportunity?

118

146

132

152 154

New to the Xero App Marketplace

134

158 166

App/Service Directory Over 700 Apps!

PaySpace Practical is Good, but Insightful is Better: How Payroll and HR are Earning Their Spot at the Boardroom Table

Dryrun Xero’s Cloud Connectivity is the Starting Point for Advisory

136

Updates and new releases from the Xero App Marketplace

Xero Human at the heart of customer experience

Accounting & Finance Show Asia The technology event of the year for SMEs and accounting firms in Asia

136

166

Subscribe for FREE !

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

â„¢

BRING THE FUTURE OF CLOUD TO YOUR CLIENTS. Expectations are changing. You deserve tools that work as hard as you do.

Our award-winning data extraction, Xero integration and automatic document collection puts you in control.

FIND OUT MORE AT RECEIPT-BANK.COM/XU20

receipt-bank.com/xu20

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Issue 20 / 7

Cover Story

Virtual Roundtable:

Forecasting The Future of Cloud When Xero entered the Australian market in 2008 and kickstarted the cloud accounting transformation, they promised to shake up the landscape. More than a decade later, how has the market changed?

@ReceiptBank

Damien Greathead, Vice President of Global Accountants, Receipt Bank With over a decade of experience in cloud accounting, change management and marketing, Damien leads the company’s global thought leadership program. Before Receipt Bank, he was the Director at 2020 Group USA (acquired by Panalitix in 2016). Today he helps accountants and bookkeepers across the world drop the data entry and do more of what they love.

We asked seven of the world’s leading Xero and Receipt Bank partners to find out how the roles of the accountant, bookkeeper and BAS agent are changing...

T

he uberisation of the industry

Damien: What are the biggest changes right now in the ecosystem?

Adriaan: It’s actually quite hard to say. It’s like standing inside a building describing what it looks like from the outside. The industry hasn’t fully embraced cloud technology. Yet for those of us who have, it feels like we all are.

Stuart: It’s also the extent of change itself within the ecosystem.

Third party apps have grown rapidly

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8 / Issue 20

and becoming increasingly aligned to a particular general ledger.

Michele: Governments are catching up too. Legislative changes like single-touch payroll are also making everyone review their entire accounting, bookkeeping and business system. In Australia, this means we’re working with people we’ve never been able to before – be it politicians, app providers or fellow accountants and bookkeepers. It’s levelled the playing field.

Damien: So how do you guide your firms through all this change?

Michele: Do a lot of research. Ask a lot of questions and find out everything you need to know before you even start talking to clients.

I love Trello boards for writing a process down as you do it. It makes it easier for others to follow and can be customised for each client.

Alex: Totally agree. We also documented processes from day one. It’s particularly helpful as you grow the team.

Damien: What about helping clients cope?

Michele: All changes with clients are initially received with resistance. They always ask why.

My answer is always the same.

The government wants to simplify processes. You have to see it as an opportunity.

Will: Simplification is at the heart of everything we do. For example, we’ve built an end-to-end system in Salesforce that integrates with Xero, Receipt Bank and other apps like GoCardless.

Thanks to automation and outsourcing, we’re a third of our original headcount, have doubled our revenue and grown our client base, even while churning clients who weren’t interested in using cloud technology. That’s all with organic growth and no marketing.

Mike: Having the right people is the cornerstone of our business.

Technology enables fast, efficient growth yet you’re only ever as good as your people. Turnover was crazy in the days of traditional accounting. Now, we want to build client relationships that last. The question becomes that of hiring great people and retaining them.

Ian: Likewise. For me, Receipt Bank is there to make our teams bigger,

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

Cover Story

Phool Ashraf Gains Accountants, UK

Adriaan Basson

Stuart Brandman

Wingman Accounting, SA

542 Partners, AU

Alex Falcon Huerta

Mike Pinkus

Soaring Falcon, UK

CPAConnect, CA

Ian Meaker

Will Taylor

Creative CFO, SA

Will Taylor, UK

Michele Grisdale Rainforest Bookkeeping, AU

not smaller. To offer high quality client touchpoints and free up time for more high-level analysis.

Receipt Bank is there to make our teams bigger, not smaller.

There’s less and less time spent crunching numbers and more and more interpreting them. Hopefully this is why we all went into the profession in the first place. Not to be a human calculator, but a human who listens, interprets and solves problems.

Advisory vs compliance Damien: We can’t have a conversation like this and not bring up Compliance vs Advisory. Where do you fall, and does it even still matter?

Mike: For me it’s important that we’re more than compliance officers for our clients’ businesses. We’re a plug-in and play accounting department for a startup looking to scale.

Most businesses were flying blind before. Now, we can manipulate big data and offer insights that were previously unheard of.

Michele: Compliance advisory and advisory in my chosen niche, mainly. If I wasn’t driving compliance, my clients would have no idea of their deadlines.

Specialising allows us to align with the experts with the best fit for my clients.

Will: My clients want compliance delivered on time so they can get

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on with running their businesses.

It’s about giving pure, objective data, which they can use to make decisions.

Damien: Do you think you can you do both?

Phool: Yes but it’s a challenge, particularly as a sole practitioner.

We deliver both at Gains Accountants thanks to AI and OCR technology like Receipt Bank. As compliance evolves and becomes increasingly automated, advisory work will always need the human touch.

Ian: They’re certainly not mutually exclusive. Compliance is a grudge purchase – the very last thing business owners want to buy. But they do want someone to reach out Follow us on Twitter: @xumagazine

Issue 20 / 9

Cover Story to who can provide peace of mind, financial clarity and add as much value as part of the process. The core compliance function is a small but necessary part of our business.

Practice View & Client View Why we love it: “I use this to check where the work’s at. Because I outsource a lot, we check this to make sure it’s up-to-date. Everyone in my team logs into Receipt Bank first thing. Bookkeeping starts here.”

Alex Falcon Huerta, Soaring Falcon

Bank Statement Extraction Why I love it: “Bank statements are the very last thing we collect from clients at the end of the financial year.

Being able to extract data from them automatically means we save around one hour per client.”

Stuart Brandman, 542 Partners

Will: I do think that we deify the accountant as a font of knowledge to help engineer a business. It’s hard to do that when you’re not the founder or in the business.

I see the future generation of business owners wanting to see their accounts on their phone at a glance.

Stuart: But then this circles back to cloud technology. New generations of business owners will have a completely different interaction with their accountant thanks to technology.

Advice is much more accessible and affordable than it was. It doesn’t necessarily mean face-to-face strategy meetings but continuous feedback, performance reviews and system analysis.

Ian: That’s exactly it. For anyone interested in joining the industry, there’s never been a better time to leverage technology and use numbers as a language to support the growth of a business.

Alex: Our goal is actually to outsource the compliance so we can focus more on the advisory.

We’ve even set up group chats on WhatsApp for customers so they can get responses fast.

Damien: And what changes would you like to see in the industry?

Data Capture Why I love it: “Receipt Bank clearly separates jobs. Our clients’ job is to snap photos of their receipt. Ours is to process. The quality of OCR, extraction, ability to set VAT rules and integration with Xero is where we get the most value out of Receipt Bank. Our client snaps it, Receipt Bank extracts it, so we can interpret it.”

Ian Meaker, Creative CFO

10 / Issue 20

Adriaan: I think we need to see a mindset shift. There’s an old-world notion where you protect your IP and keep your cards close to your chest. We’re now in this new world where we have more communities, supported and developed by enthusiasts. We’re in this together.

Mike: Certainly, some trade secrets still exist. Yet for the most part, we work closely with other cloudbased firms. When we first started out, we were the guinea pigs of an unproven business model. Fast forward to 2019, we’re still on this

journey together.

Ian: As one of the founding partners of the Xero App Integrator programme in South Africa, we’re doing the best we can to see SME’s succeed by using great technology.

This means doing implementations directly for businesses and also supporting other accounting firms to implement technology for their clients, without the risk of us taking on any of the accounting work.

Damien: Is there anything frustrating you about the industry right now?

Michele: There’s just so much going on. The volume is huge. We have so many apps that should make our lives easier. They come and go.

I wish there was a way to easily screen apps.

Phool: It’s so easy to be overwhelmed – I was at the start.

We now take a step-by-step approach to researching and implementing new apps. We’ll start with our client needs, research the market then prioritise the amount of available support from the vendor.

Damien: Where do you start when researching the app ecosystem?

Michele: It comes back to the community element we just mentioned. I use Facebook groups a lot. You can learn from other peoples’ experiences and mistakes.

There are many tools that are good for accountants but not for bookkeepers or business owners.

Damien: So you’d say the accounting and bookkeeping community is pretty strong.

Alex: There’s loads of advice out there and we’re all there to help. If business is your bread and butter, all it comes down to is making sure you get it right for them. The SMEs are the ones at stake here.

Damien: Where would you start?

Michele: Getting our clients’ accounting system right. I’ve moved

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

Cover Story everyone over to Xero. We take everything they’ve got and find ways to streamline it with Trello.

Receipt Bank is also at the core. I introduce it right at the beginning.

If clients take photos of receipts straight away, we don’t fall behind.

Damien: And how is Receipt Bank and Xero helping?

Michele: It’s a seamless process.

Clients don’t need to know the ins and outs of all accounting systems, they only need to take photos.

When I show them on the Xero app how to reconcile while having coffee, you can see the smiles on their faces. It’s instant gratification.

Making the changes work for you Damien: So what advice would you give to someone fairly new to cloud technology?

Michele: Move. Now. Quickly. Do business better or get left behind.

Adriaan: And in doing so, know that you don’t need to be all things to all people. Pick just a few integrations and become experts in those to start with.

Ian: Cloud technology and the single ledger brings you closer to a client’s business, it allows greater involvement but also requires a different operational model from just month-end or year-end accounting. Pick the key apps that will drive the financial function and ensure there are clear expectations on who is doing what, and by when, to achieve financial clarity.

Stuart: I’d echo that. It’s unrealistic to offer everything. Narrow your tech stack. Promote it internally.

Then market it as your strength and specialisation.

finger on the pulse.

Who knows what the job description of an accountant will be in five years? The one thing that hasn’t changed is the people.

Change is what we all do now. It’s up to us to write the future, mixing and matching world-class tools to bring the future of cloud to our clients.

Alex: Agree. Now we have our tech stack in place, we have years of accurate data that we can use for in-depth analytics and insights. I hot-desk in a fintech hub in London alongside 250 companies to keep a

Projects

Smart Split

Bank Match

Why we love it: “It allows us to assign tracking to users for seamless flow through and less coding.

Perfect for clients with multiple locations.”

Why we love it: “It allows us to set rules based on a percentage of use to reduce manual journals. Allows setting up lines for different categories to trigger splitting costs.”

Why we love it: “We use Bank Match on a daily basis to automatically reconcile items against the Xero bank feed. It saves us 30-40 minutes a week so we can leave early and skip the traffic.”

Michele Grisdale, Rainforest Bookkeeping

Michele Grisdale, Rainforest Bookkeeping

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Adriaan Basson, Wingman Accounting

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Issue 20 / 11

XU Magazine - 5th Birthday

5 years and counting...

Like any family, we went through it all with XU. The sheer joy after just being born (albeit on the back of a beer mat in Wesley and David’s local), to the sleepless nights. We’ve experienced the teething pains, and the tantrums of starting a magazine, and like any expectant parents have the battle scars to prove it...

5

years on, we can happily say that we have graduated from infancy and the stabilisers are well and truly off, (we have the crayon drawings to prove it).

Here’s a look back at our journey...

Warning: If you have travel envy or are averse to Alex’s scooter antics, please look away now. Results may cause nostalgia and we will not be liable for any feelings of sentiment you may experience.

Within 5 years, XU went from being

12 / Issue 20

a concept, drawn up over a pint to being distributed to readers worldwide (eat your heart out, Murdoch). Despite our growth, we wouldn’t have been able to do this had we not started with a solid vision.

be apart of your journeys too.

We said it in issue 10 so it seems fitting that in issue 20 we’ll say it again: we knew exactly what we wanted to create. The goal? To be informative, topical. To bring valuable information spread across the web into one place, not just to save you time, but so that we could

Since then, XU have exhibited at Xerocon London and Australia over 5 times and have had the pleasure of travelling around the USA for 4 of those years.

It’s because of that very reason, why we wanted to remain impartial and through doing so have met some amazing providers along the way (that’s you).

Whilst the magazine’s origins are somewhat rooted with Xerocon,

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

XU Magazine - 5th Birthday Events we’ve exhibited at over the last 5 years...

6

times at

Xerocon Australia

5

times at

4

times at

4

times at

Xerocon London Xerocon USA Accountex - London

2

times at

2

times at

Accountex - North ABE - Sydney

Coming up...

New events this year • Professional Accountancy • Accounting and Finance Show - Singapore • Accountech.Live

we’ve embraced growth and have taken on six additional conferences including Accountex.

“Happy Birthday to XU!! We’ve enjoyed working with the team over the years and it’s always a pleasure to have XU’s energy and enthusiasm at our expos and conferences. The magazine has literally gone from strength to strength… it’s a must-read for anyone in the world of accounting and finance … and absolutely essential if you’re a Xero user.

Here’s to another five years!”

Jenni, Marketing Manager, Accountex Earlier this year we had the pleasure of attending the

Professional Accountancy conference and Accountech.Live which were new to our books in 2019.

Whilst the vision for XU was clear from our initial crowdfunding campaign on Indiegogo, we didn’t always realise the crazy world we had thrown ourselves into. Going from home offices to Austin,Texas with donkeys, to watching fire breathers and salsa dancers around the world working with outstanding contributors along the way.

“In a world filled with digitaleverything, and instant-everything, XU magazine reminds me of the importance of what we would sometimes call ‘old school marketing’. The printed word, the shiny page, the magazine dropping through my letterbox. At the same time, running into the XU team at an event is always good for a laugh or a serious business chat (usually both!).”

Karen Reyburn, MD, The Profitable Firm It’s thanks to our expanse of air miles, we have been able to work with a diverse group of CEO’s, Founders, and leading experts, to provide our readers with Xero related content. It’s official, you must now address us by the proper

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title: travel gurus.

The publication has evolved, from a home of disparate news and information, to be the voice of the people. XU have made a transition and have had the opportunity to share Q&A’s, Interviews and Tutorials with some of the biggest names in the industry: one being, Receipt Bank.

“The Xero community has always been the most inspiring and engaged. You can see the evidence at every Xerocon, in the stories on social media and in the pages of this magazine. It’s been an honour to see XU Magazine fly the flag for better business over the last five years, and I can’t wait for us to keep growing alongside it.”

Alexis Prenn, Co-Founder, Receipt Bank Never fear, in case you missed us (after all, hot pink is the new camo), take a look at what we’ve been over the past 7 months.

Everyone here has worked hard to integrate themselves into the industry, bringing a vibrancy that can only be described with 2 letters: XU. It’s our down to earth approach to financial technology that has led

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Issue 20 / 13

XU Magazine - 5th Birthday us to cement our partnerships with Accountex USA and Accounting and Finance Show (LA, New York and Tronto). With these partnerships in place, XU have been able to reach out and make new connections, but don’t take it from us: Lets see what Chata.ai has to say.

“Being the new kid isn’t always easy, but when chata.ai launched with Xero in 2018, the XU team was quick to invite us to sit at their table. Each issue of the magazine is incredible, but it’s the people behind it that drive such genuine connection in this community. To Alex, David and the XU family, we celebrate you. Cheers to the next five years!”

Erica, Marketing & Customer Success Specialist, chata.ai 2019 has been a defining year for shaping the future of the publication, as we made our debut at Accountech.Live and are set to make our presence known in Singapore for Accounting and Finance show.

One of our favourite things to do at events is spend time with the ProfitSee team, so we asked them to share some of our best bits. The XU Greatest hits if you will.

“In 2014 I saw a tweet announcing a revolutionary idea, and I knew ProfitSee needed to be a part of this. It’s been absolutely incredible to get to work with the XU Team over the past 5 years, but it’s been even better to be able to say that I am working with my friends.

When you have passionate people working in an industry they love, magic happens.”

Brooke Roberts, Vice President of Global Marketing, ProfitSee

content just gets better and better. Full of useful stories/tips and tricks that really add value for anyone thinking of joining this wonderful Xero ecosystem. Huge congratulations to the team on this milestone.”

Millie Vingrys, Global Marketing Manager, WorkflowMax (a Xero product) A lot has changed over the past 5 years, but what hasn’t is the love and support we receive from all of you, our subscribers, our partners, and most importantly our pre-con party goers and our XU run-clubbers (It’s our birthday, we’ll make up words if we want to).

“I never thought that when Wesley and I started the magazine 5 years ago that XU Magazine would have grown into the worldwide publication that it is today. We have met literally thousands of Xero users, Xero staff and Xero connected Apps along the way.

Our vision from the onset was to provide a magazine for Xero users,

by Xero users; and its success is testament to the outstanding support we’ve received from the Xero community along the way.

For that, we cannot thank you all enough.”

David Hassall, CEO, XU Magazine So here’s to making it come true, one click at a time.

Not to fear! when we’re not running circles around the world, we’re hard at work to build those bonds between companies. Our dedication to cultivating these relationships are embodied in our ties with Practice Ignition.

“Working with the XU Magazine team has been brilliant for Practice Ignition. We’ve been able to work on key projects to drive exposure for our brand and be introduced to new customers. The team are wonderful to work with and we’re glad to be part of the XU Family.”

Trent Mclaren, Head of Accounting & Partnerships, Practice Ignition Practice Ignition, we’re happy to have you as part of the XU family.

As it’s our birthday, on behalf of everyone here at XU, David is here to make our birthday wish.

We know by now you’re eager to know what our next move is, and we promise there will be lots of exciting announcements over the next 12 months. And whilst we don’t have a magic mirror, to look at the next 5 years, we spoke to WorkflowMax to give you a trip down memory lane.

“We’ve loved seeing XU Magazine grow into the highly regarded publication that it is today. The 14 / Issue 20

The new XU Run Club Running all over the world...

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

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Issue 20 / 15

Interview

Q&A

with ProfitSee’s Global Team

Since 2009, ProfitSee has been helping accountants and bookkeepers have better conversations with their clients, move towards being future-focused, and streamline the work that goes into advisory work. Today, we sit down with a team who has decades of experience in accounting, corporate turnarounds, managing financial services, and much more to understand the global vision of the accounting world...

XU:

To get started can you tell us a little bit about

ProfitSee?

BR:

ProfitSee is an automated and whitelabeled financial forecasting, reporting, and analytical tool designed to make advisory services, and life, easier for accountants and bookkeepers.

But what we do goes far beyond just the software tools. We help accountants move away from traditional, compliance focused work, and start efficiently providing controller-type services, and grow into CFO-level services that focus on Creating Future Opportunities for their small and mid-sized business clients. We have a dedicated training team that works with our partners every step of the way, understanding their clients’ needs, and making starting this advisory opportunity seamless.

XU: PV:

And who benefits most from using ProfitSee?

This is kind of a big question because our goal truly is to rebuild the global economy, one small business at a time. We know that small businesses are the backbone of the economy and we know that they can benefit from financial insights and strategic plans that large corporations get from their in-house CFO. Accountants and bookkeepers can fill this gap and provide their SME clients with the services and information that will make a difference to their bottom line, using a tool like ProfitSee. This obviously benefits the small businesses by having access to real-time data and have someone to stay on top of their finances, but it also benefits accountants and bookkeepers. Technology is advancing in a way that is

improving the efficiency and processes in traditional accounting and bookkeeping roles. This opens up time and resources for them to grow their firm and their services.

XU:

What problems are solved through your

tools?

JT:

The problem our software tools solves is: how to provide advisory services. It’s become increasingly clear that advisory is a great opportunity and our tools make it incredibly easy to provide the real-time information your clients need, and monitor their financials on a daily basis.

ProfitSee does the heavy lifting for accountants and bookkeepers by automating the financial analytics, reports, and cash flow forecasts and simplifying strategic business plans. Being proactive means you can change the conversation with

Peter M. Vessenes CEO and Founder

Hanja De Beer Global Director of Training

James Tobin Director of AU Operations

Brooke Roberts VP of Global Marketing

Peter has served as a highlevel corporate adviser since 1983. Projects that began with assisting presidents of Fortune 100 companies broadened to include mid-sized corporations, closely held companies, startups, and capital formation.

Hanja is a Chartered Accountant with more than 20 years experience, 18 of which have been in the UK and Europe.

With a passion for business transformation, use of technology, and smarter working in businesses of all sizes and accounting practices.

With 10 years experience in Financial Services, James has managed large scale workflow operations for one of Australia’s biggest banks. He is passionate about providing high value training, client service, and helping clients answer questions they didn’t even know to ask.

With over 6 years experience in the global accounting industry, Brooke is passionate about understanding how technology impacts businesses and how advisory services can impact the global economy.

16 / Issue 20

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

Interview your clients; moving from handling transactional queries to focusing on better overall outcomes. Ultimately you can only sell a certain amount of time, but there is always an opportunity to add more value, which is a great way to boost your margins and add to your bottom line.

XU:

You’ve mentioned that your goal is to help rebuild the global economy, but where does this inspiration come from and why are you so focused on the future of accounting?

PV:

ProfitSee was born from over 30 years experience working as a turnaround and transition expert to companies of all sizes, from Fortune 100s to start-ups. I’ve always been passionate about fixing businesses and making things work. And now the accounting industry is going through an enforced change.

Technology is pushing accountants and bookkeepers to provide more, and we’re able to help them work proactively with their small and mid-sized business clients.

HB:

The profession has been crying out for change but accountants approach game-changing journeys, such as incorporating value-add services, with great caution - it’s in their nature. We have seen the results of good fiscal management in large corporations and the value that advisory services bring. We’re committed to sharing these best practices and bringing advisory within the realm of smaller businesses and practices also.

SMEs and accounting practices worldwide are embracing the evolution, and we’re the only tool that’s ready to go. Plus, it is fun!

XU:

10 years is a long time, what has been your proudest moment?

BR:

There’s a number of things we are proud of, including the features that come from customer feedback and the incredible team we’ve built. But I think most importantly is the fact that, since 2015, ProfitSee has been

the only forecasting and budgeting software accredited by the ICAEW (Institute of Chartered Accountants of England and Wales).

JT:

For me, it was when we officially opened our office in Australia. We started from scratch, and it really gave me a new perspective on how accountants can work with new companies. I was able to bring my expertise to the way we handle client service, technical support, and product feedback for future development.

XU:

What trends do you see in the global accounting industry, and do you have any predictions for what’s next?

JT:

I think it’s pretty evident that there is going to be more digitisation and automation with the flow of data, we’ve seen this happening in South America, North America, Australia, and Europe. I believe that the ones to succeed will be those that can move beyond the data and create an accurate picture. While I see the way we process data as being better and faster, the art comes from using this information to answer questions people don’t know to ask; that will make the difference between being good or great.

HB:

Cloud accounting has clearly been a huge trend globally. It not only made accountants’ lives infinitely easier and brought businesses in touch with their numbers, it also has created opportunities for accountants to expand their offering seamlessly into CFO-level services alongside their compliance functions. This shift towards proactive advisory services will happen soon; the time is right.

XU:

So we’ve built our training system around those three stages.

Compliance services are things like tax and audit. Controller services are things that monitor the company’s activities and makes sure things are running smoothly currently, like budgeting, financial reports, and analyzing trends. And CFO level services are focused on creating future opportunities for your clients, like cash flow forecasting, business strategies, benchmarking, and more. So no matter where our partners fall into these categories, we are able to help them not only learn how to use the ProfitSee tools, but also understand how to have effective conversations with their clients, sell their services, and fit these new opportunities into their daily work life. Once you get started with ProfitSee, we’re with you every step of the way.

XU:

What advice would you give to someone who’s considering moving into advisory and CFO-level services?

HB:

Compliance takes a lot of time for a modest income stream and is laden with regulation. Advisory takes much less time through harvesting numbers from compliance, is a natural client relationship building tool, and brings in a higher income.

PV:

The traditional things accountants did for a living are being commoditized by technology, so what they are able to charge for that work is shrinking.

But business owners are turning to their accountants for assistance; they trust them to talk about their money. So if you have business clients that you want to help grow, if you’re even considering making this move, you are in the right place. Because the future is happening fast!

What does it look like to start using

ProfitSee?

BR:

We’ve seen that there are three major categories of services accountants and bookkeepers are providing: compliance, controller, and CFO.

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To start your complimentary trial of ProfitSee, go to: > www.myprofitsee.com/trial

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Issue 20 / 19

Work out your worth Understanding the value you provide as an accountant is the key that opens up opportunities to create a robust and clear pricing strategy. A key theme in AdvanceTrack’s recent ‘The Client Journey’ annual conference, we discover the attitude – and action – required to increase your fees...

A

dvanceTrack’s annual conference focused on “The Client Journey”. Pricing is a perennial issue that practitioners face. This article features many pointers from practitioners and experts from around the world to ensure firms can be brave in justifying how firms can “Work out their worth”.

“Accountants, as a breed, are intrinsically embarrassed about having to charge and how much they cost,” states former Price Bailey executive chairman Peter Gillman.

It’s quite an opening gambit in the game that is understanding your value as a practitioner and charging appropriately for it.

There has been a bias towards conservative and “slightly introverted” people in the profession. Clients can sense this, and will leap on an accountant apologising for the cost.

Accountants therefore need to turn things around, and think from a client’s point of view as to what value they provide.

For example, bookkeeping has always been viewed as low value: a manual-intensive process that provides out-of-date information for compliance purposes only.

The value comes from being able to produce timely and accurate financial information – data which can be interpreted by an expert to help the business make decisions.

“Can you help a client understand why costs are going up disproportionately to turnover? Can you do that? So many accountants merely shove the [basic information] in front of clients,” suggests Gillman.

This type of thinking is exactly what occurred to Paul Barnes, founder

20 / Issue 20

@AdvanceTrack

Vipul Sheth ACA CTA, Founder and Managing Director, AdvanceTrack Outsourcing Vipul is a UK based ICAEW Chartered Accountant and Chartered Tax Advisor.

Vipul trained with a regional UK firm before moving to Ernst & Young and KPMG. AdvanceTrack is a UK Headquartered Accountancy Outsourcing Company with offshore operational centres, delivering services around the globe.

AdvanceTrack demonstrates compliance with international security laws including GDPR through certification to ISO27001:2013 and BS10012 audited by BSI.

and MD of Manchester-based practice My Accountancy Place (MAP). “One of the first things I did [when MAP was launched] was list all the services I would like as a business owner – it’s about being in the client’s shoes and what solutions can be made available to them,” explains Barnes. Then, with each line of service, no matter how small, Barnes set about putting a price against it – and considering how to differentiate it based on type/size of client or their requirement.

Barnes sees that accountants are “scared” about upselling services because clients “won’t pay more”.

For MAP, there is a simple and clear message for clients: the cost of using MAP’s offerings is far less than hiring an in-house accountant or setting up a nascent finance function.

“One of the strengths and weaknesses for accountants is that there are so many clients, and it’s easy to win them,” says Barnes.

“They’re coming in their droves because they have a fear of getting into trouble. So, the accountant has to break out of signing clients on their fear, and spend a bit longer thinking about what they need rather than what they ask for.

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

“You can then craft a package that helps the client mature as a business, rather than them clinging on with you at the bare minimum.

Any firm can win business but going through the motions of selling the same simple stuff is not inspiring or rewarding.”

Ignition, it’s important that firms walk before they run. And the first step is to get a select number of clients onto the cloud – which creates an opportunity to produce monthly bookkeeping and reporting based on up-to-date income and expenses information.

Walk before you run

“I’ll tell a lot of firms we chat to that it’s ‘too early’ for them: we can be the catalyst but they need to start with a smaller bucket of clients they want to work with more often and show them the extra things you’ll offer them, business goals support or regular KPI reporting,” says McLaren. “Then, your pricing revolves around that.

While most accountants are well-versed in the benefits of cloud accounting, the plethora of information and apps can be hard to navigate and make applicable for your own practice – particularly if long-established.

For Trent McLaren, global head of accounting and sales at Practice

VIPUL’S VIEW...

AdvanceTrack’s MD and founder gives his take on practices’ value.

I’ve said to many practitioners: Don’t sell them bookkeeping… sell the outputs and the conversations.

Of course, in order to do that you will need technology and it helps if you’re doing the bookkeeping. The moment it’s just about doing the books, then the client will immediately think of someone undertaking it at the kitchen table, rather than what you can offer: wellqualified and professional staff who analyse and interpret information.

You have to be brave and price on value.

If you recognise the value you deliver and the client can see that value, it makes it easier to be brave in that conversation.

For AdvanceTrack, it’s about using technology with our skilled team in India to deliver the processing of data, which frees up your skilled people to undertake that analysis and interrogation.

“You have to start somewhere and often it’s breaking down the yearly accounting to quarterly or monthly.” And, as the practice itself is billed monthly to access tech subscriptions, “it forces firms to think differently about their own pricing” and consider regular client billing – not just waiting until a year-end ‘task’ is completed.

“Once you have the monthly reporting or meeting with the client, then other services come into play,” says McLaren.

Decent proposal What is the experience of an established practice when thinking about what constitutes client value, and whether that means changing both what they offer, and how they offer it? For Wood and Disney, an Essex-based practice in the UK, a discussion at AdvanceTrack’s annual conference two years ago was a pivotal moment.

“We had a chat with GoProposal’s James Ashford,” explains Wood and Disney senior client manager David Rudd. GoProposal is a pricing and proposal technology launched by both Ashford and MAP’s Paul Barnes.

“Historically we used a spreadsheet that contained details of three different pricing models based on turnover and different offerings, but we’d got to the stage where it wasn’t working well,” says Rudd.

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Wood and Disney started using GoProposal and since then has adapted the pricing to suit its needs.

“For example, we quote on accounts production a year in advance: they tell us what they’re going to provide us in terms of bookkeeping and then we also price dependent on turnover,” says Rudd. Historically the firm “gave bookkeeping away”, admits Rudd, “without realising its value”.

“It’s actually the most valuable thing we do as it’s fundamental to everything else,” he says. Building a quote requires face-to-face time with a client, prospective or otherwise, which drives contact and conversation.

A systemised approach also improves governance, with Rudd’s bosses able to check the pricing overview quickly. “We’ve created a system that’s fair to everyone, transparent and we can explain to clients why and how we do the job – they understand what you’re doing,” says Rudd. The next, logical, step for the firm has been to move away from timesheets.

“We’ve binned those off and now have an hourly average rate, which means we can track roughly the amount that is coming in and how much time that will take,” he says.

“The next step is for us to monitor capacity.

“We now understand we’re doing a job that helps people and we should value it appropriately. And we needed technology to help us do this in a systemised way.”

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Book your web discovery meeting with an AdvanceTrack professional by clicking here: > advancetrack.com/start-here

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Issue 20 / 21

Tutorial

How to: Build a software foundation for advisory with ApprovalMax & Receipt Bank Integrating apps into an end-to-end Xero-based Bill Automation flow ensures forecast data quality and process efficiency...

P

roviding high-quality advisory services is the ambition of many accounting & bookkeeping practices.

Advisory services use insights obtained from cash forecasts and recommend to clients’ business owners the proper course of action both short and long term, for example, focusing on the bottom line to reduce overall spending, boost sales revenue, or take out a business loan to cover a potential cash shortage.

Invoice processing One of such complex processes with a high impact on the accounting data quality is invoice (bill) processing. Basic invoice processing starts with the receipt of invoices, which are subsequently entered into the accounting system in the form of Bills. These will then be validated and eventually get paid.

If not done right, bill processing can suck up all the company’s resources and time, and even produce corrupt accounting data. Paper invoices might get lost, misplaced

Konstantin Bredyuk, CEO and Co- Founder, ApprovalMax With his roots in business process management and optimisation software development, Konstantin has delivered hundreds of spend management workflow setups to ApprovalMax clients worldwide.

Konstantin has consulted multiple clients with profiles ranging from SMB to governments and industry tycoons, and holds unique knowledge of best case scenarios of company spend management and the most common process inefficiencies and fallouts both from the finance and technology perspectives.

or allocated to the wrong account, tracking category, budget. Missing a payment due date might lead to supplier fines while incorrect invoices that should not have been accepted in the first place are paid. All this has its impact on the bottom line and often causes timeconsuming internal investigations followed by manual process changes.

Bill automation On the upside, with a high level of automation and efficient data validation, bill processing can indeed become a solid foundation for providing high-quality advisory services.

Xero Cash flow app advisory and Bill Automation

However, what often stands in the way of delivering first-class advisory services is the lack of reliable, actionable and up-to-date data in the core accounting system as well as accounting processes

that are not only complex and bespoke but also manual.

@ApprovalMax

22 / Issue 20

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Tutorial

Receipt Bank to ApprovalMax end-to-end flow

When done properly, accounting data will be appropriately validated and accurate, payments will be made on time and with confidence.

The entire process will be transparent and traceable, allowing easy on-the-fly adjustments.

On the functional level, Bill Automation requires full digitisation of data with Xero as the system of records, complemented by fully digital workflows for Bill review and authorisation as well as data quality control.

This is accomplished by using two of Xero’s leading application partners: Receipt Bank, the #1 pre-accounting tool for accountants & bookkeepers as well as ApprovalMax, the best-in-class application for Bill review and approval.

How it works Both ApprovalMax and Receipt Bank are natively integrated with Xero and designed for working together to provide a seamless endto-end Bill Automation flow.

To start the process, all supplier

invoices and corporate expense receipts go to Receipt Bank, which offers several options for submission: taking photos with a mobile device, emailing images or PDFs, and having suppliers send their invoices electronically or even as paper documents. Once the capture of relevant data is completed, Receipt Bank pushes invoices and expense receipts as Bills to Xero.

using their preferred method of communication (mobile, web, and/ or email).

Once a Bill has been fully authorised, it is marked in Xero as “Awaiting payment”. Throughout the whole process, the Bill status is completely transparent and visible.

So even Bills that are not yet finally approved, can be properly accounted for in the cashflow forecast.

When a Bill in Xero is tagged with the “Awaiting approval” status, it gets picked up automatically

by ApprovalMax. The following step takes care of Bill review and ensures that all extra-added data such as account and tracking category is correct. That is also an opportunity to check if the proper supplier has been selected for this Bill, to avoid the unintended creation of multiple “ghost” suppliers, e.g. “Pepsi” vs. “Pepsi Co”.

Next, ApprovalMax executes a multi-level multi-step authorisation process based on the settings specified in the approval matrix.

Approvers are selected based on predefined criteria and get notified

FIND OUT MORE...

To find out more visit: > approvalmax.com

Help your clients make smarter business decisions with real-time data.

Available on Xero’s App Marketplace

The digital assistant for small business

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Issue 20 / 23

Q&A Interview

Kelly Cherniwchan CEO & Founder

chata.ai

@thechataHQ

Kelly Cherniwchan, CEO & Founder, chata.ai Kelly is the founder and CEO of chata.ai, an AI-driven platform that empowers users to make data-driven decisions more easily, more intuitively and more often.

Holding an MBA specializing in finance and having previously cofounded another company where he served as CFO/COO, Kelly has learned the business value of artificial intelligence firsthand and brings his knowledge of machine learning and data science to the forefront at chata.ai.

Kelly Cherniwchan is in the business of leveraging advanced machine learning technology to improve the lives of everyday people. He launched his current venture, chata.ai, to solve a problem he encountered frequently as an entrepreneur: accessing his business and financial data quickly and easily so he could make better decisions for his company. chata.ai’s latest AIdriven innovation is a predictive forecasting technology, yet another tool that supports the mission of reducing barriers to finding powerful insights in the wealth of data that’s available in our digital-driven age.

Tech is really the engine of your app.

Why use AI-based technologies?

XU:

they would ask another human for that information, and it’s powerful because it’s so intuitive.

an opportunity to leverage those capabilities into a machinegenerated forecasting technology.

KC:

XU:

XU:

When we started the company, we envisioned a way for people to literally ask their data for answers, or “chat with your data” as our name alludes to. Our team of data scientists has built a proprietary AI that learns and understands Natural Language (NL), or “human language”— the way we put ideas together in words when communicating with other humans. chata.ai’s superpower is translating “human language” into “database query language”, which is basically the “language” a developer would use to search, retrieve, and calculate data stored in a database. Enabling NL-based software interactions is important because it allows people to explore business data in the same way

24 / Issue 20

How does your forecasting system fit into that picture?

forecasting?

KC:

KC:

chata.ai’s company culture is really based on our teams having the freedom to solve problems they see in the domains we develop in. Our forecasting system was conceptualized out of this culture and driven to the finish line by one of our very talented PhDs and a core team of engineers. They recognized some limitations in the underlying technology around current forecasting systems and the subjectivity introduced to them. Because of our experience in helping machines learn complex and dynamic concepts, we saw

So, what’s chata.ai’s approach to

We believe that data reveals the most accurate narrative of the realities of a business. One of the limitations of current forecasting is the level of subjectivity and bias that can be introduced. This often leads to forecasts that are based on how people want the future to look, as opposed to how it will most likely look, based on objective data. It’s the complex dynamics in the historical data that ultimately predict the most likely scenarios.

We’re after an accurate forecast that’s neither idealistic nor disheartening, it just reflects the

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

Interview

The chata.ai team aims to empower financial professionals and business owners to make data-driven decisions more easily and more often. Through their AI-driven business intelligence platform, users simply ask questions and receive immediate answers, from anywhere, at any time. Integrating directly with Xero, chata.ai offers customizable Dashboards, automated reporting, intelligent forecasting, and more.

reality at hand and offers the most probable, best-case, and worstcase outcomes based on multiple simulations of future scenarios.

With every new transaction in the accounting software, new data is created. Rolling forecasts are valuable to operating businesses, however it’s critical that a rolling forecast is able to adapt its understanding of the holistic businesses narrative as it changes over time. Our forecasting system not only automatically learns from new data as time goes on, it also understands when a predicted forecast was wrong, learns from this variance, and applies what is learned into future forecasts on a go-forward basis.

XU:

Forecasting is having a moment in the accounting ecosystem, what do you think all the hype is about?

KC:

There’s no doubt that cash flow can make or break businesses, especially when they’re starting out or trying to aggressively grow. Risk management is something we all deal with. The economy is volatile, change happens fast, and we can’t always be sure of what the future holds. People are looking to make informed decisions, or at least some way to see the potential outcomes of their decisions and

where their business is headed.

Forecasting is really a decisionmaking tool that enables you to make the best decisions possible in line with the business goals you want to achieve. Financial professionals are responsible for helping clients meet those goals, so those questions about the future are a critical necessity.

XU:

What makes your forecasting system

different?

KC:

Our forecasting is automatic, rolling, objective and perhaps most uniquely, a system that learns.

Lots of advisors may be hesitant to offer forecasting support to clients because of how much time it can take. Using machine learning, the forecast builds itself, updates in real time, and accounts for changes in business dynamics as time goes on. If one of your client’s customers suddenly starts paying their invoices ten days sooner than they did previously, the system notices that and adjusts the outstanding AR forecast for that specific customer to reflect that. If a new revenue stream is added to the data, it notices that too and makes appropriate changes automatically.

There are already many

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sophisticated forecasting tools and apps offered in the ecosystem and we’re not in the business of replacing those solutions that provide things like manual scenario modelling or manual altering of high-level forecast assumptions.

In fact, our plan is to expose our forecasting technology to interested app developers with a vision of providing them with an automated base forecast that is generated from the underlying operational data. Their users can then employ different app-specific tools available for manual adjustments, scenario modelling, etc.

XU:

How can financial professionals implement this tool in their practice?

KC:

Because our forecasting system is constantly learning and adjusting, users can expect a zero-effort forecast that improves over time as the underlying fundamentals of the business or economy change. That means that financial professionals have the capacity to provide data-driven forecasting services to their clients, offering greater value without adding to their workload.

We see this forecasting system as a means of helping financial professionals empower their clients to achieve key goals and objectives

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Issue 20 / 25

Interview through better decision-making.

Rather than presenting inescapable absolutes or wishful estimates, we want to give users the opportunity to see probable outcomes so they can look at the forecast and say “We’re aiming for this target and the data shows us that with some minor operational changes that target is very attainable.”

Financial professionals can use the tool to advise their clients to take calculated risks and make better informed decisions.

XU:

What excites you most about introducing this

new tool?

KC:

The forecasting technology that our team has developed is so complex

FIND OUT MORE...

For more info go to: > chata.ai/forecasting

behind the scenes, but it’s profoundly simple on the surface, which makes it incredibly userfriendly. That’s a very powerful thing.

with. We are most excited about putting this system to the test, working actively with our customers to bring them new value, and ultimately helping businesses make better data-driven decisions.

We believe we have an opportunity to really add something remarkable to our partners’ practices and to add unique value to the offerings from other app developers we work

18 -19 September 2019

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Issue 20 / 27

5 Pitfalls Stopping You Getting The Most From Your CRM Your Customer Relationship Management (CRM) system is the most powerful business tool that gives you insight into the health of your database. And yes, we know they are hard work. These are the top 5 pitfalls that are stopping businesses from utilising a CRM for better productivity, higher customer lifetime value and more sales...

I

n one of my past jobs, I started the first day being shown around the office, how to clock in/out, and that was about it. It was a rocky start to say the least, and I had to quickly find my feet on how things were done.

Why is a CRM so important?

This is the central hub where every single piece of information and interaction about a customer is recorded and available for all team members to access. When used properly, Soon, I realised a CRM is the that team It’s estimated that the most powerful collaboration average CRM user spends business tool was at an all5.5 hours each week on that gives time low. The you insight main sources manual data entry because into the of frustration their system isn’t setup strength of were properly - this adds up to a your database missing data lot of hours! and health of in customer your customers, files that one prospects and leads. team had but never passed along, and lack of Here are 5 powerful things you can proactivity in managing our new achieve with a CRM with all your sales leads. The customer churn contacts in one central database: rate started going up and our • Boost productivity and free up revenue was taking a hit. After 13 admin time years working with businesses in • Profile your most profitable professional services industries, I customer or product segment still hear this story far too often.

• Cultivate collaboration between teams We can all agree that customers • Identify the most effective should be at the heart of every marketing channel for lead business, but where businesses generation struggle is not having one source of • Nurture relationships and make truth by utilising a CRM (customer more high value sales relationship management) system for exactly that, managing and Now here are the most common improving relationships with their pitfalls we see from businesses of customers.

28 / Issue 20

@HuntandHawk

Ryan Devlin, Co-Founder, Hunt & Hawk Ryan found the number one skill needed to grow any business was his specialty; sales. He has created effective and tailored sales strategies for professional services businesses across the globe based on 13 years’ experience as a sales professional and management consultant.

Since co-founding his own sales and marketing firm, Hunt & Hawk, Ryan has helped Accountants and Professionals to forget their fear with Sales & Marketing, and create incredible results they believed they could never achieve.

all sizes who don’t have a CRM and their contacts are scattered across multiple spreadsheets or systems - this could easily have been a list of 50 but I’ve narrowed it down to 5 points: 1) Manual entry instead of automation Way back in 2006, Xero transformed the way small businesses interacted with their finances by pulling bank transactions directly into their software automatically. This one function reduced a plethora of steps a person would normally have to take into a single action, presenting a clear dashboard of their cash balance.

It’s estimated that the average CRM user spends 5.5 hours each week on manual data entry because their system isn’t setup properly - this adds up to a lot of wasted hours!

Syncing your emails, meetings, calendar activities and payment records are the easiest thing you can set up to eliminate manual data entry. This frees up your time, reduces human error of forgetting to put important information in and provides automated reminders if you do forget!

Cont. >

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Issue 20 / 29

2) Un-integrations

Every person in your business is equally responsible for keeping an accurate profile of your customers.

Wouldn’t you prefer to use that 30% to delight your customers?

The dark side of automation is integration. Every app touts a laundry list of integrations with a simple click. It’s critical to make sure data sets are matched up from 4) Neglecting your sales funnel Point A to Point B before hitting the go button. Skipping this step A marketing study found that could create redundant input fields, over 60% of people requesting incorrectly migrate data or erase information from your company historical records. Teams can today won’t spend weeks undoing buy from you this or backtracking for at least 3 when the data months - and 60% of people requesting integrity was 20% will take information from your first lost. more than 12 company today won’t buy Better to months to buy! three least at spend time Sounds like for from you on the initial we could all months - and 20% will integration use a little help take more than 12 months or migration to stay on top to buy! step and make of our leads and sure your systems sales calls. speak to each other to avoid double handling.

A business-aligned CRM solution will grow the relationship 3) Not bringing the team along with your prospects and increase the value of your sales. Follow up Information silos are hurting opportunities systematically, track (and costing) your business and conversation history, see the trends reducing productivity by around in your sales cycle, and identify 30% through extra handling, search your best selling solutions. Many time, waiting for permissions, of our clients at Hunt & Hawk worry and double-checking. How many about being ‘bad at sales’, but our times have you heard this in your first step is always to create a solid office, “Sorry, we already had this sales process that continues to information but it was in a folder convert even without us. you don’t have access to...”. Don’t leave team members out of the loop 5) Not tracking your marketing with this important role. activity

FREE BEER while we improve your CRM & sales...

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30 / Issue 20

e-book download, you’ve now also captured their name, email address, publicly listed social info and topics of interest. These actions are linked to their individual profiles without you lifting a finger.

When we are running marketing campaigns for our clients, we want to test the waters to see which approach will be the most effective in boosting your client success experience. It costs anywhere from 5 to 25 times more to acquire a new customer than to retain an existing one. And with 93% of existing clients likely to be retained when you offer excellent customer service, taking the long view to invest in your customers enables you to grow more.

Your CRM should be the engine behind all this activity propelling your team further on the runway.

Steer clear of these top five pitfalls and focus on optimising one thing at a time. If you feel like your CRM isn’t hitting the mark, Hunt & Hawk are specialists in the professional services industry to develop systems that grow your sales and help your business soar.

By the time my CRM notifies me of a new prospect, I already have a good idea about who they are and what they are interested in. Many CRMs have the ability to track visits to your website and tell you which pages users clicked on or emails they viewed. Couple that with a sign up to your newsletter or an

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Issue 20 / 31

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Issue 20 / 33

New to SuiteFiles

Introducing: SuiteFiles Connect For the past 12 months at SuiteFiles, we’ve been focused on communication. As more tasks become automated and the Gig Economy increases in prominence, communication is more important than ever. Yet it’s still fragmented. Critical information is living in unsecured emails and keeping everyone ‘in the loop’ is harder than ever as workforces become global. We wanted to build something that would help make communication easier, and so this month we’re introducing SuiteFiles Connect.

A

ccountants often sit at the core of other’s businesses, while also working on their own firm to ensure its ongoing success.

Communicating constantly with clients, internal staff, remote teams and then your own HR/ Legal/Marketing professionals who help make a practice successful. SuiteFiles’ original mission was to make document management as easy as possible, but to do this in 2019, we need to have easy and effective ways for those external to your business to be able to send and receive documents straight into the place you want them stored.

SuiteFiles Connect will allow our customers to share any type of document they choose directly to their client, HR professional or legal team. In turn, clients can log on and upload requested documentation, sign documents or complete a task list from within their SuiteFiles Connect account.

We think that human connection is more important than it’s ever been before, and SuiteFiles Connect aims to make it easier to share and receive information securely from wherever you are.

Log on with Single Sign On Security has become even more important as services become cloud based, with key documents 34 / Issue 20

needing to be properly protected.

But one of the biggest complaints with new systems is that clients have to remember another set of login credentials. To avoid this, you’ll be able to log into SuiteFiles connect using your existing Gmail or G-Suite credentials. We’ll also be launching another exciting single sign on option at Xerocon Brisbane, which will make it even easier for your clients to log into SuiteFiles Connect. There is also the option to create their own username and password if they would prefer separate credentials.

Create a task list for your clients to complete Sometimes there’s more than one thing you need from a client, an outsourced staff member or another business partner. Using SuiteFiles Connect, you’ll be able to send them a task list to complete in SuiteFiles Connect. They’ll be able to drag and drop documents onto the relevant task, and mark it as complete, alerting you when individual tasks or whole lists have been completed. This task-based view means you’ll have a clear picture of what you’re waiting on from clients or other partners and make it easier to quickly follow up outstanding items. It will also make it clear to your clients what you require from them, without needing to send an email!

@SuiteFiles

Molly Banister, Marketing Manager, SuiteFiles Molly heads up SuiteFiles Marketing. She is passionate about communication and how technology can help create more effective channels for information storage and sharing, providing greater clarity in business.

Send documents securely for signing Our document signing functionality is fully supported by Connect, and the experience is further streamlined. Documents will be sent to clients directly through SuiteFiles Connect for clients to sign. Your clients and other connected contacts will be able to see a list of documents they have signed in the past, and access copies of these if needed. As the signature requester, you’ll be able to see a list of all the documents you have out for signing and follow them up as required. You’ll also continue to have the ability to customise branding on signature requests, enable SMS verification on signatures and to request multiple signatories on a document.

Receive uploaded documents securely The biggest complaint we hear about sharing documentation with clients via email is that I’s been hard to keep track of what’s been shared. Versioning quickly becomes impossible to track and no-one can be confident that files are secure.

Emails are easily forwarded and emails accounts are consistently the target of hackers. Increasingly the recommendation is to not share important information through email. SuiteFiles Connect will

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

New to SuiteFiles

allow you to both send and receive documents securely, without the need for third party technology or email. You don’t need to involve another provider or system, and you can ensure that documents are only accessed by the intended recipient. You can even choose to enable Two Factor Authentication for additional security.

Connect with remote teams If you’re working with remote or outsourced teams, SuiteFiles Connect will allow you to share

the specific information they need, or the specific tasks they need to complete, without involving email.

You can track the progress of each task, or of the documents you’ve shared, and leave comments or messages within SuiteFiles Connect for your team. Connect is accessible from anywhere in the world and means that you can have greater visibility around what’s happening for your remote and outsourced staff, as well as allowing you greater control over security and permissions through specific sharing.

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We are incredibly excited to be launching SuiteFiles Connect at Xerocon Brisbane this year.

Come and see us at the event for exclusive access to special offers and to get a firsthand look at Connect.

FIND OUT MORE...

To get a free 30 day trial of SuiteFiles, connect with us at: > suitefiles.com/trial

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Issue 20 / 35

How to differentiate your firm in the changing world of cloud accounting

@floatapp

Colin Hewitt, CEO, Float Colin is the CEO of Float, an operational, visual and easy-touse cash flow forecasting solution for Xero. Colin began working on Float in 2011 after running a creative agency and feeling the pain of forecasting the business’s cash manually in a spreadsheet.

Float is now used by thousands of businesses and accounting firms worldwide, with the vision putting cash flow awareness at the heart of every business.

As compliance becomes more and more automated, it’s now more important than ever to double down on what your clients need. Aligning your advisory services with the client workflow will help you keep your clients happy in this changing environment...

I

t’s now easier than ever to swap banks or mobile providers, and for all the benefits cloud accounting brings, the reality is, it is now easy for your clients to switch firms too! We’re also seeing a growing trend of clients working with multiple firms at once.

The firms that thrive will be the ones who build strong and proactive relationships with their clients.

I see a new kind of firm emerging.

One that starts with the client workflow and puts itself at the heart of the client’s relationship with money, not just end of year tax. To get to this point, there are two prerequisites: Becoming super efficient with compliance accounting and prioritising advisory. Efficient compliance means that accounting data is much more real-time. This forms the basis of a more proactive and constructive advisory relationship.

From operational cash flow forecasting to outsourced credit control or business planning, there is so much to offer that businesses need help with!

36 / Issue 20

Streamlining of compliance accounting

that external advisors (accountants) can bring them.

Compliance accounting is becoming increasingly automated and outsourced. Open Banking provides live bank feeds, and we know Xero is working on automatic bank reconciliation aiming to capture 90% of all transactions.

I’m certainly not saying that businesses will all start doing all their accounting on their own. They will continue to need tax advice and help to understand all the things they don’t know that they don’t know. For example, I know how to wire a plug, but I certainly wouldn’t try to rewire my whole home!

Through our work at Float, we see a new generation of business leaders who grew up with digital tools expecting to be able to handle the majority compliance themselves.

As such, it makes sense to start building out an advisory offering now while at the same time streamlining the efficiency of the compliance work and helping clients run a tight ship when it comes to their bookkeeping.

Prioritising advisory The streamlining of compliance accounting doesn’t mean the end of accounting, just as the rise of Google and Wikipedia didn’t make schoolteachers redundant. Clients need more than facts, more than search results. They still look for the empathy, context, understanding, advice and breadth of experience

One of the biggest opportunities in advisory will be helping businesses choose the right technology resources available to them.

App advisory is now becoming a business in its own right, and setting up and maintaining a functional tech stack isn’t something many businesses want to get heavily involved in. So either working closely with an app advisor or bringing this skill in house, could be a wise move.

Introducing two-way feedback The number one reason we hear as to why businesses switch accounting firms is that they didn’t hear from them enough, or they didn’t think their accountant really cared that much. If you forget to

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

check in with existing clients on a regular basis, they will leave. The firms that are still around in ten years from now will be those that have a regular touchpoint with their clients. Like successful brands do now, they will actively work to understand what their customers want, and what they honestly think of their services.

I know that interviewing customers is time-consuming and often painful, but it’s just good business.

Start by simply building a list of assumptions you hold, then interview 20-30 of your best clients to get a qualitative sense of whether they are accurate.

Intersecting with the client workflow As well as establishing these feedback loops, you could set up an annual review, and start to look at client pain points, which could look

something like: • Their bookkeeping process • When they do their bank rec • Employee expense reporting • Are they with the best bank?

• Systems integration. What could be better? Eg. e-commerce reporting, or SaaS based revenue recognition • Financial reporting for management teams • Budgeting and forecasting • Board reporting • KPI measurements • Longer term business planning (one pager) Maybe you have staff that will understand where clients are having challenges in some of these specific areas. Your annual or quarterly meetings with clients could be a great platform to offer proactive advice before critical moments, and will soon make these interactions indispensable for your clients.

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The best firms we’ve seen ask themselves if clients are inspired to run a better business as a consequence of their financial advice. Adopting this mindset not only helps grow new business and reduce client churn, but also boosts employee satisfaction, retention and recruitment.

These may be bold claims, but I’ve seen how this approach resonates with businesses in the real world.

Indeed, the client workflow is where a lot of the most progressive accounting firms are focused. If competitors implemented this kind of business model successfully, what impact would that have?

Suddenly it doesn’t feel so unrealistic, does it?

FIND OUT MORE...

Visit Float’s website at > floatapp.com to try Float for free

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Issue 20 / 37

There’s never been a better time to optimise your practice - digitalisation is here.

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When you have to be right.

“Adopting Wolters Kluwer has been a game changer. Everyone is up to date and everyone shares the same consistent view of the data. It’s upped our efficiency no end.”

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Don’t get left behind, many practices have already discovered the power of integration. Visit wolterskluwer.co.uk, call 0344 561 8181, or email cchsoftware@wolterskluwer.co.uk © Wolters Kluwer for (UK) FREE: Limited 7/2019.

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Issue 20 / 39

Succeed in the digital transformation era It’s mostly about your own cultural mindset Part 2 to ‘Business survival depends on digital transformation’ in XU Magazine, Issue 19...

‘J

obs, Robots & Us’, is a new, must read, book about the future of work in New Zealand and why it’s in our hands. Author, Kinley Salmon, is a Kiwi-born Economist based in Washington D.C. and former McKinsey and Company consultant. He outlines the changes the Digital Transformation (DX) era is having on our jobs right now and how to adjust our cultural thinking and actions to deal with this change.

This applied thinking is relevant to all workers; those about to enter the workforce, and especially those who might believe they’re in a “safe” career; blue collar to white collar; consultants, chartered accountants; board directors to startup entrepreneurs.

The messages are totally relevant to anyone in the global workforce because we are firmly in a global economy and no one will escape the impact of this combined digital, cloud, mobile, revolution.

In 1983, Andy Grove, one of Intel’s founders who went on to be their CEO and Chairman, wrote a book about his experiences in the creation of better processes. Three editions of this book titled ‘High Output Management’ have been published. The most recent, in 2015, was endorsed by Ben Horowitz.

40 / Issue 20

@TidyInt

Kevin Mann, Founder and CEO, Tidy International Kevin is the Founder and CEO of New Zealand based Tidy International. The cloud software produced by Tidy is used globally to enhance project and stock management productivity for SME users. Kevin has more than 30 years global experience in data science and digital technologies starting his career with British Petroleum after graduating from Canterbury University with a degree in Electrical and Electronic Engineering. He has specialised in the design, development and improvement of systems that have been critical in industries ranging from from oil and gas to banking and finance.

There are millions of others all over Ben comments that Andy’s book the world, picking up the pace, has been handed out by many capable of doing the same work Silicon Valley Venture Capitalists that you can do and perhaps more to the founders of the firms they eager to do it.” invested in, because of the wisdom it reveals. I believe that not only What Grove was predicting in 1983 technology founders should read was that globalization, through the powerful messages in that book. Any firm who wants to reduce digitization, would only accelerate and change the work environment the risk of failing in the digital age forever. As I have said in my earlier should think about its easy-todigest content - from board member article, positively embrace this and you should enjoy or even begin to to floor worker. Doing so, and love your work environment, and working on the mindset it coaches, most likely succeed. Ignore it, and will help your organization or own your business job retain its relevance and or career will deliver value. Avoiding become a poker the mundane, “You are in game. Testament repetitive to the cultural processes that competition with mindset and computers millions of similar clear manner in are brilliant at businesses.” which Andy Grove and creating Andy Grove OBE, former CEO & ran Intel during a company or Chairman, Intel his tenure, is that career that is Intel today remains fulfilling in purpose extremely relevant and remains interesting in cloud computing with its is an essential, continual chips having evolved to power mindset. an enviable lion’s-share of this I consider this to be one of the most exploding market. powerful statements made by Andy Embrace the positive in both Grove: “...you have to accept that Kinley’s book and those from the you are not an employee – you are insightful Grove, and you should in a business with one employee: discover the DX journey is not one yourself. You are in competition to be feared, but one of exciting, with millions of similar businesses.

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

oft

os

i cr

I have just spent a week at Microsoft’s world partner conference, ‘Inspire 2019’ (July), where Microsoft CEO, Satya Nadella spoke about the massive changes happening right now on the digital technology stage with the world’s computer, the cloud, as lead actor.

Main supporting roles being played

by IOT, AI and mobile devices.

To summarize some of Satya’s keynote, he talked about new ways of working where partnering in this digital era will essentially help us keep pace and achieve success.

He demonstrated recent examples where massive organizations like Unilever have been partnering with relatively small, third parties to create automation solutions across their international manufacturing facilities. They created “selfadjusting” intelligent workflows that immediately respond to the quality control complexities of their Dove branded soap production.

These changes are taking the mundane, laborious tasks away from their workers and allowing them to use the time saved to improve the competitiveness of

Unilever.

The jobs of their employees are saved by turning them , O to smarter, CE a, l l engaging tasks. ade S a ty a N They are leveraging the new technology available to them, excited about using these tools and not afraid of them.

M

interesting, opportunity.

reminded the conference that only a fraction of current data gets analyzed. Yet this data universe is expanding at a massive rate. 90% of this worldwide data was created in the last two years alone, and there is an immense amount of data still in a form that cannot be analyzed economically until it is digitized.

The opportunities exist to rid us of the mundane and be proactive in exploring new areas of value.

Since the start of my career Satya emphasized his belief of a I’ve been striving to replace the few years ago that “every business mundane tasks in my job with a will become a software business”. digital solution. For instance, I This means that digital technology remember my first head office will be part of the decision making role working in Oil & Gas Supply of every worker and team within Operations at BP being handed the organizations they deliver the duties of value to. The mundane Bob Donaldson, thinking currently being an Economist, spent by workers who was moving will be replaced on to a more by mobile/ senior role. Bob IOT devices, spent his last or robots, month handing connected by his workload cloud computing.

Satya Nadella, CEO, over to me; tasks The time saved Microsoft to help ensure end will provide consumers of BP’s opportunities to fuel products would not improve both their own run dry. I recall it was quite some output, and the company’s, and responsibility ensuring I did my part drive quality to a higher level. in deciding what had to be imported from where in the world at the To give us perspective, Satya

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“Every business will become a software business.”

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Issue 20 / 41

right price and lead time and what needed to be refined and delivered by pipeline, rail, road, or regional tankers to reach the customer.

I had to allow for the demand of bunkering of cargo ships and fishing fleets, aviation gasoline to power jet aircraft, 91 or 98 Octane grade petrol for cars, heating oil for buildings and so on. It was an essential process of calculations to ensure NZ’s consumers, especially emergency services, could rely on their deliveries of BP’s products.

It was necessary but laborious. A repetitive pattern and therefore, to me, mundane!

something that I knew I could get a computer to do much faster, stress free, and definitely more reliably. Each day during that hand-over month, without anyone’s instructions or knowledge, I was quietly converting the workload to an array of software models. Bob left at the end of the month and it took me all of 3 days to run the programs to do the work that had previously taken about 20. That was over 200 working days saved per year. Close to 80%! I was certainly not made redundant having saved approximately 17 days per month of my time by digitization.

Instead I was promoted.

I was not about to continue doing

FIND OUT MORE...

To learn more about Tidy, visit: > tidyinternational.com

cloud products selected by customers according to their need. Not the old, single vendor/ monolithic type solutions with long, costly lead times to get started, or inflexible lock-in periods. And we now all have access to ‘Low-Code’ tools aimed at ‘Citizen Developers’; like the Power Platform from Microsoft that allow your staff to cut inefficient workloads and instead provide productivity insights that transform your organization to being more competitive.

Now we can all achieve success in the DX era if our organization’s cultural mindset begins to think the way Andy Grove wanted us to.

Now the tools for DX are more readily available and easy to learn and use. Modern ERP solutions are modular and multi-vendor; seamlessly interconnected via the cloud infrastructure like my own company’s product TidyEnterprise that connects to Xero and other

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Issue 20 / 43

Starting a business?

Here’s why you should consider ditching cash!

When your clients set out to start a business there is plenty to think about — what they’re selling, how they’ll market it, suppliers, fulfillment — the list goes on! There are so many steps to starting, running and growing a business that business owners often overlook a simple, but critical component of success: getting paid...

G

etting paid is a problem for businesses of all sizes, but it often affects small businesses more as they don’t have the resources (or the time) to spend chasing payments. Plus, it has potential impacts on their ability to pay their bills or re-invest into their operations. This makes choosing a payments acceptance platform, and the types of payments you are going to accept, one of the most important business decisions you’ll make. Consumer behaviour and advancements in technology mean that the payments landscape is changing all the time. We’ve put together the latest so that the next time you sit down with a client you can give them the right advice on getting paid.

Australia is rapidly becoming a cashless society and businesses have much to benefit in moving with this consumer trend — here are three reasons why.

Consumers don’t like cash Firstly, not accepting cards or other cashless forms of payment is becoming increasingly rare.

Cash only businesses are on the decline. Consumers want speed and convenience when it comes to their purchases; payment mechanisms 44 / Issue 20

such as digital wallets are decreasing the time that consumers are spending in line, and increasing the amount of time enjoying their purchase. Card payments remove limitations of carrying enough cash and the inconvenience of going to the ATM.

@SquareAU

Dominic Yap, Australian Strategy and Growth Lead, Square Dominic is responsible for developing and deploying go-to-market strategies, pricing analysis and industry partnerships for Square, as well as refining operational performance of the products and services across the Australian market.

remember the last time they even visited an ATM. Cash has a cost too One of the biggest myths that needs to be debunked is that accepting cash payments is ‘free’ for the business owner. The time it takes business owners and staff to have cash ready for trading, prepare daily tills, handle cash transactions, reconcile books and deposit cash each day, can quickly add up.

A consumer behaviour report undertaken by Square in 2018 highlighted that over 80 per cent of Australians now prefer cashless forms of payment, and one in three are actually card2.5 million Australians only shoppers Square’s report reported they hadn’t who no revealed that longer carry small and withdrawn money in at any cash medium-sized least four weeks, and a at all. This businesses further 2.3 million stating consumer (SMBs) were they couldn’t remember preference wasting an the last time they even for card average of 216 visited an ATM. payments is hours per year not surprising (that’s almost 29 considering that the working days) handling, average consumer only counting and banking cash. carries $50 in their wallet.

When we consider that the minimum wage for an Australian Even the recent removal of ATM fees worker is just over $18, managing by our big banks hasn’t swayed cash is costing the Australian SMB consumers back towards cash, sector a minimum of $8.7 billion in with the same research revealing annual staff wages.

2.5 million Australians reported they hadn’t withdrawn money in This is a cost that SMB owners at least four weeks, and a further could instead be using to hire 2.3 million stating they couldn’t more staff, serve their customers

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

better or diversify their product and service offerings.

Businesses that surcharge or implement minimum spends end up driving customers away, or delivering a bad customer experience. Just like renting a business space or hiring employees, accepting payments should also be factored into operating costs — including cash handling. Many people think of cash as being cheaper and easier because there’s effectively no direct cost to them to accept it, therefore it must be free. Our research shows that this isn’t true — processing and handling cash has a very real cost for business owners.

Tech is getting cheaper Historically, getting setup to

accept card payments would often involve an appointment at a bank branch or waiting on hold over the phone, expensive setup fees and ongoing rental costs for clunky hardware. That’s changing, fast.

Providers like Square allow you to get setup to take card payments online in minutes. You can purchase hardware outright (for as little as $59 for the Square Reader), online or via a local retailer, and there are no long term contracts or ongoing fees.

The best thing about this shift for business owners is the software and data that is becoming available.

Cloud based point-of-sale and payment platforms allow you to gather more detailed data on your sales, inventory, customers and employees. Whether you’re adjusting your menu based on what

“Can I make payroll?”

Deliver the answer with cash flow forecasts your clients will LOVE.

is selling well or getting an accurate measure on labour costs, tools like Square track all of this for you — for free. Plus, Square’s integration with Xero means that accounting becomes simple at the end of the month.

So, whether you’re wanting to streamline your business or helping a client get set up, make sure that you’re using the right tools to maximise your return.. You might be surprised at how much you can save.

FIND OUT MORE...

Visit our website for more info: > squareup.com

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Issue 20 / 45

Building a winning tech stack for your practice Automation and integration can make practices more efficient, enabling fast growth and great client service even with the increased workload. But accountants often need a long list of products to support their complex work – not just accounts production and tax software, but also proposals, CRM, workflow, emailing, automation, client portal and e-signing... the technology stack in a modern practice can be pretty complex. But is the answer an integrated suite from one vendor, or a carefully curated set of best-of-breed products?

T

@sentahq

Laurence Chater, Implementation Specialist, Senta Laurence is implementation specialist at Senta. He looks after practices throughout trials and during implementations, advising them on what Senta can do and how it can do it. He helps practices build highly customised workflows and configurations, ensuring that Senta works just the way they need it to. Laurence has worked with hundreds of practices, and has in-depth knowledge of the platform and integrations.

in class for each,” explains Gurpreet The reality of most modern Sandhu at 3 Wise Bears. practices is that their software landscape is very complex, often Modern practices shift towards with more than 10 pieces of It’s frustrating to repeat the same best-of-breed software or cloud services. It’s tasks over and over again in not reasonable to believe multiple pieces of software, Senta delivers best-of-breed a single integrated so it’s not surprising practice management software that platform can that some firms evolves with your business. We deliver the best of hunt for a single, think the most sensible approach everything, and fully integrated for dynamic firms is to source the critical functions accountancy product best software for each area of such as practice suite, believing this the practice’s work, and to take management are often will be the answer to D e el la Th f advantage of integrations when the second-class citizens all of their problems Hu d s o n, a ut h or o opportunity is there. in integrated suites. For – the promise of timemodern practices that want saving features can be alluring.

Increasingly, individual vendors flexibility, integrated solutions are team up to integrate their systems rarely the answer.

Yet many accountancy firms are with complementary software dissatisfied with integrated suites providers, and whilst this doesn’t Senta’s clients have tended to – not least because of the many offer a single integrated suite of move away from integrated suites, compromises they face in terms of products it does offer far greater having found that the negatives functionality. Integrated suites are choice and flexibility. With often expensive, built on old tech or far outweigh the positives, thorough research to instead putting are locally installed, and they often identify the best Senta at the heart include products that are limited products you can of their practice for in their capabilities or are not wellthen refine your CRM, workflow & suited to the practice. Accountants search to hone in automation. often find that they even have on products that to re-enter data within the suite also fit well with “Ultimately, we’ve in multiple places, so the only Gu e the processes of your stopped seeing the is integration they actually enjoy is rp r e et S 3W a n d h u, practice. single sign-on or a common address benefits for an integrated approach where you have to database – not quite the holy grail Senta client Della Hudson, author settle for certain systems. It just of completely integrated data. makes sense for us to have the best of The Numbers Business, says: Be

ar

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mb

e rs

B u sin es s

he myth of the integrated suite

46 / Issue 20

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

“Taking the best-of-breed approach means that we get to choose the best software rather than compromising to find a one-sizefits-all solution.”

Check your shortlisted vendors are being ambitious in their pursuit of integration with open APIs. If they’re working with other vendors to integrate, there’s a good chance your practice will benefit now or in the future from a reduction in duplication of tasks. At Senta, right from the outset, we were keen to integrate with other software vendors so that practices really could have the best choice.

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“It is helpful to have one main companies that are responsive Flexibility wins the day source of client data and just share to accountants’ requests for essential information with other new features, and are constantly software,” Della Hudson continues. “I think we all would like a working to improve their product. completely integrated “Once set up, changes of They don’t spread themselves thinly system,” says Paul standing data such as by trying to offer an integrated Stankiewicz of addresses are rare, suite to cater for all accountants’ Paul Marks & Co. so there is minimal needs, but instead focus on solving “However, I have admin – and you a practice’s problems in one always been very can set up a Senta particular area. disappointed with process to ensure the main suppliers that you don’t miss Pa ar Allison Walker from Mint Accounting that offer accountants anything. These days ul lM St a n kie wicz, Pa u says, “Senta has completely an integrated suite even systems developed changed how we work of modules, in isolation can be linked at Mint Accounting either because they through their API or by using and allowed us to are missing key something like Zapier, so there is significantly improve functionality in no additional time spent keeping internal efficiency. certain areas or systems in sync.”

The ability to decide because they are far how we collect and too expensive. We In our experience, many maintain data, as well have decided on bestpractitioners build their practice Al Ac lis on nt i as set up jobs and tasks of-breed as you get far technology stack around Senta.

M W alk er fro m in exactly the way we want more functionality and Some already benefit from them to run, means we feel like flexibility at a reasonable price. established integrations with we are using a bespoke system.

It obviously requires more work in popular best-of-breed software The fact we can feed in information streamlining your processes but I such as Xero and GoProposal, and from other platforms, such as Xero think the advantages outweigh the our development roadmap includes and GoCardless, is also hugely disadvantages.” many more. Practices don’t want to beneficial. Senta is now at the core be forced into a particular way of of our business – we would be lost Patricia Brennock of Ezyco working. Some of Senta’s without it.”

Accounts agrees: clients work exclusively “Having stand-alone with Xero or another cloud-based specific package – but a large packages provides proportion want to us with amazing be able to use many flexibility. Each different platforms package delivers a based on their own Pa A tri co cia y z high level of expertise clients’ requirements B re n no c k, E FIND OUT MORE... and is not challenged to and we enable practices do deliver many different processes.” that because we’re agnostic about Try Senta free for 30 days what’s right for each practice. > senta.co/xu Usually you’ll be dealing with modern, independent software Subscribe for FREE: Go to subscriptions.xumagazine.com

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Issue 20 / 47

The death of the salesman: the problem with responsive selling A

s Willy Loman puts it – “Be liked and you’ll never want”. For decades, the old wisdom in sales has been “Make friends to Make Money”. Countless literature has been created to tell you how to be a ‘Relationship Builder’, to be ‘responsive’ to a customers direction and offer ‘options’. This no doubt comes from a good place. No one wants to be like the sleazy car salesman, pushing a sale on a hapless customer – but this has led to the

48 / Issue 20

needle swinging perhaps too far in the opposite direction.

I want to take a moment to look at what some of the best sales research has been telling us and how this runs contrary to what you may expect. Declaring upfront, some of this research is from a prior employer of mine (CEB, now Gartner), but I am receiving no personal benefits other than those of sharing knowledge with you all!

@ignitionapp

Jana Paulech PhD, Product Strategist, Practice Ignition Jana is a scientist at heart, taking a hypothesis-driven approach to everything. With a background in commercial strategy advisory, she has seen firsthand the pitfalls of lackluster commercial management across many client businesses.

She is a strong believer in technology as a way to streamline a good commercial process rather than to automate a bad one! As Product Strategist for Practice Ignition her mission is to ensure it helps all businesses streamline a great commercial strategy, sell more and get paid.

Be liked and you’ll never want How much do you agree?

• Customers are more informed than ever and generally know what they want. My job is to show how I fit with what they want.

• Customers don’t want to be sold to, they want to purchase from people they like • More choice is better for the customer • Salespeople must be flexible in responding to a customer’s

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Issue 20 / 49

direction (even if they disagree with it) These are common conceptions in relationship based or responsive sales approaches, which focus on: i) understanding the customer by asking ‘discovery’ questions, ii) being responsive to a customer’s direction, and iii) providing customers with copious information to make a decision (1). Classically, organisations have looked for good ‘relationship builder’ salespeople who are amiable and get along well with others – and teach them the above tactics.

Notably, about 80% of all salespeople do agree with these tactics (1) and often self-identify as a relationship builder.

The trouble is that it’s getting harder and harder to sell to businesses. The last decade has seen a rise in unexpectedly long and stalled sales cycles, with 84% of customers saying it takes much longer than they expect to make a buying decision (2). They are also second guessing more often, in about 40% of B2B sales (1).

When they second guess, they are falling back on the consensus of others, with the average number of stakeholders involved in a sale rising 1.4x in the last decade (2).

Customers have more information and options available to them than ever, but that isn’t making the decision easier for them. In fact, the average responsive sale results in an 18% decrease in purchasing ease and a 50% increase in purchase regret for customers (1).

A fear of losing amiability in a relationship, leads to putting almost all decisions in the customer’s hands often with little direction. Let’s look at the example below.

There is at least 8 steps in here, mostly led by the customer, which leaves them feeling like they did a lot of work. After all this there is usually still no real value delivered to them – leading to a higher chance of purchase regret. So what should we look to do instead?

50 / Issue 20

Instead lead with Insight Rather than focusing on equipping customers with information and options or on relationship building, instead focus efforts on making the buying decision easier for customers – shifting from responding to a customer to constructively and credibly prescribing to a customer.

Research shows that a prescriptive sales approach increases purchasing ease by 86% and decreases purchasing regret by 37% for customers (1). But how do you be prescriptive without being too pushy? The secret lies in leading a sale with insight.

While customers are approaching salespeople later in their purchasing journey then ever before (2), equipped with more information - the failure of the responsive sale shows us that they are no better at sorting through the chaff to determine the unique insight in all of that information.

That is what an insight-led (aka. ‘challenger’) salesperson excels at (3). They are adept at identifying and communicating unique insight, fearless in the defense of their insight and comfortable generating constructive tension.

In a study profiling the success of different sales behaviours, 40% of high-performing salespeople were identified as challengers, but only 7% as relationship builders (3). So while the fear is being more prescriptive will lose a sale, research tells us it will have the opposite effect. Now, let’s look at the 3 things that challengers do, that no other salesperson does.

Finding unique insight and “teaching” it While traditionally ‘discovery’ questions are used to build a relationship (assuming that every sale is ‘unique’), a challenger will focus more on preparation.

They look for insights they can ‘teach’ customers to demonstrate credibility, recognising that there are similarities across businesses.

But how do we ‘teach’ the customer when they know more about their business? Apart from this being a perfect example of a responsive sales reaction, it misses the point entirely. Challengers are not seeking to be an ‘expert’ on their customers business but do have an informed opinion backed by research, which forms their unique insight.

First let’s be clear on what is and isn’t a unique insight. To say that a unique insight is “90% of small businesses fail for lack of cashflow” is not a unique insight! This is a symptom. Dig deeper for a true diagnosis. All of these businesses will be terrible at commercial relationship management – focus research here to identify unique insights to share with customers.

Where do I find this research? As a professional services provider, you will have dealt with dozens, if not 100s of client businesses, many of whom have congruent circumstances and problems. Ask yourself what can you take from one business and apply to another?

This involves looking deeper into your clients businesses for a case study. You are probably adept at finding what is wrong with your client’s business, but what about what is right? What are they doing better than anyone else that you can help other clients learn from?

Finally, hopefully, you are subscribed to publications of relevance to your customers. These may be industry specific, or more to do with business processes or strategy. Academic research can extend on your experiences with clients, and provide you useful data and statistics to use to demonstrate credibility.

Focus on tailoring your message for resonance With the realisation that many of your customers face the same problems, it may be tempting to rehash the same scripted insight over and over again. But challengers realise it is not only about what you teach, but how you teach it. You have to tailor your

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Issue 20 / 51

communication for best resonance with that customer.

and tailor your style and message to theirs.

This may be as simple as tailoring terminology across industries – but try to not only to consider the circumstances, but also the communication style of the customer. How do they communicate? Via stories? Via data?

Take control to close the sale

Having a communication style framework can be useful here.

There are countless out there. I commonly use the social styles model (4), which is simple yet effective. Find one that works for you.

A good time to assess how that customer communicates is during opening pleasantries. Try scripting an opening to identify how that customer likes to communicate,

FIND OUT MORE...

To learn more about Practice Ignition, please visit: > practiceignition.com

This tends to be the hardest thing for most salespeople to do as it brings us closest to the fear of being the pushy salesperson.

But, taking control and leading a customer through a decision is key to purchasing ease. There are three common mistakes made here that are worth mentioning.

First mistake - not preparing for a negotiation before walking into the room. As Sun Tzu says “every war is won or lost before it begins”. If you don’t have a plan before you walk into a closing conversation, you will probably walk out with a bad deal or no deal at all (5). A few elements to prepare before you walk in are summarised in the graphic above.

Second mistake - ‘requesting’ or ‘apologizing’ for your requirements.

Use prescriptive language to describe what is required next and why. Especially, never apologize for price complaints. Be open to explaining your price and referencing your unique value in

authoritative language. Apologising opens the door for prolonged negotiation or “walk out the door” tactics (5).

Third mistake - failure to set next steps and leaving a sale ‘hanging’.

Ideally, you will be able to get a signed agreement within or shortly after a meeting. From Practice Ignition’s data, the average time to acceptance is 22 hours. If this is not possible, ensure you have a timeline and understand the decision process. What are their next steps? Who has to get involved? When will a decision be made? What information is required in the meantime?

Final notes – Lead with insight, close with prescription Succeeding in the increasingly difficult B2B sales space requires a refocus on making purchasing decisions easier for customers, not just ‘building relationships’.

Or instead you can listen to Willy - “Be liked and you’ll never want” but there is a reason why the book is called The Death of a Salesman...

1) “The New Sales Imperative”, Nicholas Toman, Brent Adamson and Christina Gomez, 2017, CEB 2) “The Challenger Customer” Brent Adamson, Matthew Dixon , Pat Spenner, Nick Toman, 2015, CEB 3) “The Challenger Sale”, Matthew Dixon and Brent Adamson, 2011, CEB 4) “Personal Styles & Effective Performance” David Merrill and Roger Reid, 1981 5) “Negotiating the Impossible”, Deepak Malhotra, 2016

52 / Issue 20

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Issue 20 / 53

10 signs your client needs job management software

@simprosoftware

Mathew Wray, Partner Manager, simPRO (UK team) Mathew Wray, is the Partner Manager for simPRO’s UK team.

Since Mat joined simPRO three years ago, he has established strong connections with a number of strategic accountants, business advisors & cloud software integrators.

The single source of truth concept tells us that to function as effectively as possible, there needs to be a central database where operational data can flow in and out. Job management software is a one-stop shop when it comes to any workload in a trade business, helping owners and operators maximise their utilisation of staff and information. Mathew Wray, simPRO’s Partner Manager in the UK, offers up 10 easily identifiable problems in a business that indicate if a job management solution is a beneficial investment.

J

ob management software enables businesses to easily manage service, project and maintenance work online using this single, flexible cloud tool.

For accountants and app advisors, by recommending job management software, you can: • Help clients increase efficiency, grow profits and deliver exceptional customer service • Improve the data you receive, so you can give more constructive and detailed advice • Build credibility as an advisor Here are 10 common issues that will highlight if a client needs a job management solution to more effectively manage their operations.

1) Paper problems Countless trade and service businesses still manage jobs using handwritten forms, quotes and timesheets - adding hours of admin to their day to day.

A job management solution can 54 / Issue 20

help them eradicate cumbersome paper-based workflows as it is entirely online, and can be accessed from any desktop or smart device.

“I used to hand write every single quote separately. Now each quote takes 5 minutes.” simPRO user Dale Lovell, Heron Plumbing

Using these, businesses quickly become aware of the unprofitable operation of their business, and work more closely with their accountants to find their way back.

3) Struggling to manage field staff Without a robust system in place, managing field staff becomes a headache. Common issues include:

2) Unclear costs and margins Running a company with cost figures that aren’t 100% accurate will undoubtedly lead to major issues down the line, making an accountants job more difficult than ever.

They will often find they are unsure how much a project may be costing them in terms or labour and materials. Or they will have uncertainty surrounding the profits and losses with each job.

Some job management software will have built-in reporting features to analyse the data that has been entered into a system in a variety of ways.

• Seeing where field staff are in real time • Tracking and measuring productivity • Improving communication between office staff and field teams • Reducing paperwork and data entry time from paper timesheets/job cards These are signs they’ve outgrown their current job management system, and need something that can help them easily replicate and compare data, and capture important metrics.

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

“You can see who has been most productive and where the benefits are in which jobs.”

Tom Purtle, Purtle Electrical

• Where is unused stock stored?

This is a big sign that lost or damaged stock may be eating into their profits - and that they might not even know it yet!

9) Looking to improve customer service Customer service can suffer when handling more and more customers across more and more jobs.

4) Succession planning 7) Poor cash flow If a business owner is looking for an exit strategy, or to secure the future of the company, they’ll need to implement systems that are easy to learn and operate. When a business is dependent on a single person to function, it will undoubtedly run into problems.

Most, if not all, job management software providers offer comprehensive online learning opportunities for their users, this is even better for businesses as it often mean upskilling staff can be done easily and quickly.

5) Daunted by a new contract If you notice a business is worried about a new contract, dig a little deeper. New software might be the fix they’re looking for - especially when you consider that many job management solutions often have a range of features to cater to work of any size.

6) Lack of stock control Businesses who are struggling to manage their inventory of parts when it comes to location, cost and stock numbers will often have difficulty answering questions like: • What stock is being used on which job?

• Have they ever been overcharged/undercharged by a supplier?

• How much time is wasted with on-the-job ordering?

Poor cash flow will bring any trade business to a grinding halt, thankfully though, an accountant is in a prime position to spot a problem, and investigate what’s causing it.

Often, these issues are related to invoices taking too long to be paid or sent out, and a lack of being able to monitor which customers still owe money.

A key benefit is visibility at any stage of a job process. Whether it’s a lead or an invoice, a business will be able to understand just where they’re at when it comes to payment.

8) Needing a system to support growth Legacy systems inhibit growth all too often. We’ve seen thousands of businesses who have everything in place to scale — except their job management processes.

Time and technology will inevitably change. Job management software however is intrinsically linked to the future, and many users often find that their solutions are regularly updated as new tools and technology becomes available. “simPRO has allowed us to grow” Tom Simmonds, Allfire UK

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Job management software can improve customer service in numerous different ways: • Staff have easy access to the information they need to answer customer questions • Response times are reduced and first-time-fix rates improved • A single database provides a better, more holistic insight into customers • Field staff have full visibility of any customer, site or job-specific notes to provide a personalised and consistent level of service 10) Irregular reporting Making good business decisions requires solid reporting and analytics. Business owners and operators need to be fully confident that they’re making decisions based on correct data, not estimates from reports they can’t trust, or that don’t contain the required information. simPRO has Report Builder that enables users to dig deep into recorded metrics with filters, visualisations and graphs.

FIND OUT MORE...

Are you working with a trade business who might benefit from a job management upgrade? > simpro.co.uk

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Issue 20 / 55

Culture’s the DJ, Compliance the Dance Floor Campbell Fisher is widely regarded as one of Australia’s premier legal minds when it comes to workplace law.

He digs into 25 years of industrial relations experience to unearth some pertinent advice for businesses...

C

ompliance. Values.

Employee experience.

Being an employer of choice.

Culture. In every business these things are continually performing a slow, alluring dance that attracts and retains the best talent.

Well, except for compliance – compliance is the dance floor upon which it all takes place.

Compliance isn’t sexy. There’s an enormous amount of compliance pressure out there, yet every H.R. professional is talking about employee experience and being an employer of choice. None of them want to have a dialogue around compliance.

Of course, people want to be employers of choice as well. But in Australia we’ve got such things as Royal Commissions into aged care, franchise Senate committees, and industries that use migrant labour being targeted by migrant task forces, so compliance seems more important than ever. But it’s still not sexy.

So, let’s look at it in a different way.

It’s about values Becoming an employer of choice and providing a sensational employee experience starts by getting compliance right – all the time.

56 / Issue 20

Don’t look at compliance as just ticking a bunch of legal boxes. See compliance as a reflection of the values of your organisation: how you feel about and respect your employees and society. Compliance is something that often goes unnoticed by your customers, unless you get it wrong, become headline news and damage your business and brand.

But your employees notice.

What many organisations don’t see, but what employees know, is that the values of an organisation and the leaders within it are critical to the attraction and retention of top people. Values feed into the employee experience and whether they consider you an employer of choice. I always say to people: “Find your organisational values.

Find what your organisation stands for and live those values, internally and publicly”.

If there’s one set of values you can have as an organisation, one that’ll make the most difference in today’s climate of accountability, social media and one-star Google reviews, it’s openness, honesty and transparency.

Honesty is one of the most fundamental things in everything everybody does – in society, in personal relationships and

@enableHR

Campbell Fisher is Managing Partner and Solicitor Director of FCB Group, co-founder and chairman of enableHR Campbell is one of only two lawyers in Australia to be an accredited specialist in employment and industrial law in both New South Wales and Victoria. He is highly regarded by both the legal and business communities for both his expertise in workplace relations law, and his innovative approach to the delivery of legal services.

business relationships. In highperformance culture, I’ve never met anybody who’s a high performer who’s got any nervousness about transparency, because normally high performers want transparency as it shows the great contribution they make. It’s in weaker cultures that people fear transparency or try to avoid transparency, because if you’ve got some negativity in the culture – if people think they’ll get into trouble for doing something, saying something, raising something, putting forward an idea, challenging something – then those are always the cultures without transparency or honesty.

It’s about what’s fair Think about compliance as also being about what’s fair.

I’ve always been interested in the interplay between efficiency and productivity and fairness.

It’s why I went into industrial relations, because it was all about the discussion of what is a fair arrangement in the context of a business. I spent the whole of my legal career in that area: where you’re trying to help businesses employ people well, help them maximize the contribution people can make. I was helping organizations get it right and we [FCB Group] spent a long time trying to help businesses come

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

out of adversarial models into collaborative models.

I then got to see what happened to some of these organisations, when people started to enjoy coming to work, started to respect the organization they worked for and the people that they worked with. The benefits in recruitment, retention and productivity alone were enormous.

But compliance isn’t easy for small or medium-sized businesses. While big clients with really big problems are happy to pay for expensive lawyers to solve those kinds of problems, small or medium sized companies just can’t afford to get the same kind of support.

I remember, in 2006, I’m working at a firm stuffed with these same, expensive lawyers (I’m one of them), and I’m being approached

by SMEs every day with all sorts of compliance issues. I started asking myself, how do we help these people? How do we make sure they get the same support as our bigger clients? Technology was the

solution, of course (isn’t it always?)

You could say enableHR was founded out of frustration at our firm’s inability to deliver the value I wanted us to – a way of solving very similar challenges for clients but doing it in fundamentally different ways.

damaging headline. It’s about building a foundation on which to safely build your organisation’s culture – part of that frontline, basic management of behaviour and performance and conduct that helps you win employer of choice awards. If that isn’t sexy, what is?

Build your foundation However you view compliance, remember that getting the fundamentals of compliance right isn’t just about ticking some legal boxes and not being the next brand-

FIND OUT MORE...

To find out more visit: > enableHR.com.au/xero

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Issue 20 / 57

Is giving to charities an Employee or Employer responsibility?

Elaine Kirk explains, when charity starts at work instead of home, who does it come down to?

A

ll of us who have our health, a paying job, or the security of living in our own home are aware that many people in our society do not enjoy this same standard of living. It is not unreasonable for employees who work for NZX listed companies that pay our wages or salaries to almost expect that giving to charities is the employers responsibility.

There is always room for higher corporate support in developed countries such as New Zealand and Australia. Smaller employers are busy keeping their heads above water and although many believe giving to others is important, daily life takes over.

NZBusiness Magazine recently quoted that there tends to be a weaker welfare system, more inequality and little government assistance for charities in countries where corporates donate more and generally, the ‘reward’ for these donations is higher corporate visibility such as building naming rights.

The world and employees are changing, and we are definitely more aware of the environment

FIND OUT MORE...

To find out more visit: > www.cloudpayroll.com.au > www.ipayroll.co.nz

58 / Issue 20

Elaine Kirk, National Sales Manager, iPayroll Elaine has more than 35 years’ experience in payroll and related fields and has worked with iPayroll and CloudPayroll since each of their respective founding days. She is proud to manage a team of Business Development Managers for iPayroll and believes that the strength of both companies is down to the quality and usability of the service as well as the calibre of the people.

When the Government first announced the London Benchmarking Group (LBG) of payroll giving in New Zealand, iPayroll were inspired to develop the programme. This group is the global standard in measuring and managing corporate community investment.

around us and the future for humanity, but consumers want to know that their choice of where to spend their dollars is with good citizens.

So how does this work in practice?

Charities have various marketing avenues including asking corporates, having a call team to contact you in your home, or street appeals.

With credit cards and EFTPOS cards being the only way certain demographics pay for goods and services it is of no surprise that street appeals become harder each year. How then to raise the money so badly needed by so many charities? iPayroll is a cloud-based payroll company which, alongside its traditional payroll features, provides an ‘iPayroll Giving’ service for all employees of their customers. This provides online giving access for all employees whose payslips are processed through iPayroll.

iPayroll manage the whole process pro bono, so 100% of donations made via their payroll giving services are passed onto the recipient charity. Since inception of the programme, iPayroll has facilitated actual donations of over $450,000. The integrated streamlined system sufficiently lowers the barriers to giving for those using iPayroll’s services, making it easier to donate, which in turn makes receiving donations easier for charities. Any registered charity that is on the IRD donate registry, and is an iPayroll customer, is eligible to be part of the iPayroll Giving service.

Development of the software and service and ongoing maintenance costs are all absorbed by iPayroll as part of their charitable giving facility.

Many businesses today reference being “social businesses”. iPayroll is proud to have been a forerunner in charitable giving services for over 10 years. Facilities such as the iPayroll Kiosk app allow employees to take their own responsibly for donating in this ever-changing cashless society.

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These people could be doing data entry...

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up meetings with what might turn out to be a new client. They are meeting up with family or friends, maybe they're walking the dog. They might be going home early (or on time) for once. They might be getting promoted.

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Accounting firms make significant time savings on processing customer documents. Their staff are spending less time doing repetitive tasks and more time working on accounting tasks that are more valuable.

Their customers are happy because they can now process their documents when it suits them, saving everybody the end of season rush.

Small business owners get to spend a lot more time running their business.

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Issue 20 / 59

Inventory That Pops Getting back control of your inventory will transform both you and your business Oftentimes inventory-based businesses find that, as they grow, the spreadsheets that worked so well for them when they started out become cumbersome and clunky. They find that keeping track of stock in real-time is almost impossible. Running out of stock, or holding too much stock is all too frequent. And that hits them where it hurts most, their bottom line.

D

oes this sound like you?

Do you find the manual processes you started your business with aren’t keeping up with your production and orders?

Do you find you’re out of stock all too regularly? Are you struggling

to manage your pricing between retail and wholesale? Are your team spending too much time double or triple entering data in different systems? Do you dream of seeing your stock on hand in real-time?

Rest assured, you’re not alone.

Most of our clients come to us because they find themselves in exactly the same position. They’re working their proverbial butts off, only to feel like they’re treading water. Sales are increasing but they are working harder than ever in the business, not on it.

Growth is a good problem to have, but sometimes, old processes don’t grow alongside the sales.

What if I told you, you could dramatically improve your bottom line, minimise waste, improve your negotiating power with suppliers and get your weekends back? And you could do it all cost-effectively?

It doesn’t have to be just a pipe dream, it can be your reality.

60 / Issue 20

@CloudsolveAU

Rhys Roberts, Founder, Cloudsolve Rhys Roberts loves nothing more than transforming businesses by implementing smart, tailored inventory integrations. As a Cloud Integration industry leader with more than 25 years’ experience in the retailing, manufacturing, accounting and technology sectors, his expertise is second to none.

Whilst his corporate experience is extensive, it was the unique combination of his accounting and manufacturing skills that resulted in identifying the gap between bespoke integration and customer needs. Cloudsolve - a business for businesses - was subsequently launched.

Top 5 Tips for Inventory Management: 1) Eliminate double handling of data Stop rekeying invoices into multiple systems.

2) See your stock in real-time Never run out of ingredients or packaging again.

3) Improve your cash flow Reducing overstocked products puts cashback in your bank account.

4) Improve the efficiency of your production Plan your production around seasonal availability, international deliveries or despatch requirements.

5) Improve your profitability With all the facts at your disposal, you can negotiate better rates with suppliers and improve your margin.

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

It has certainly become a reality for our clients, Georgina Larby and Alice Storey from Pure Pops. Pure Pops make healthy, delicious frozen icy-poles for kids and grown-ups alike. They’re as preservative and sugar-free as possible and absolutely delectable.

Georgina and Alice spent a long time perfecting their recipes but after a couple of years, they found themselves with a burgeoning business that was outpacing the spreadsheets they used to manage stock levels and production. They had an increasing variety of recipes to manage, ingredients to source, packaging to order, batches to track and shipments to prepare.

They were working overtime and growing nicely, but no matter how many times they heard; “but your own business is always a 24/7 adventure” they knew, deep down, there was a better way.

Unleashed software was a great fit for Pure Pops, it delivered a solution that exactly matched their requirements. They buy raw materials; fruit, milk, cream and packaging items, sticks and wrappers to produce icy-poles and then sell and despatch them all around the country. Trying to track everything, including recipes and batches, without having an inventory management system in place is really, really difficult.

“When you start your business with spreadsheets – it’s fine because you don’t have that much to track, but when you start talking ‘000’s of items or tonnes of materials then you really do need something more sophisticated,” says Alice.

Implementing Unleashed for Pure Pops transformed their business in more ways than they could imagine. Yes, they stopped manually entering data in three different systems (accounts, CRM and freight). Yes, they were able to see their stock in real-time and yes, their stock outages were eliminated. But these are all things that you’d expect to come from an inventory management system. It was also so much more than that, though.

They got greater insights into their minimum and maximum stock ordering, with low stock alert triggers. This meant they could confidently order the right quantity of stock and significantly reduce spoilage and waste.

Knowing exactly what they need and when they needed it meant they could also better negotiate wholesale and freight pricing with suppliers to improve product profitability.

This, in turn, enabled them to make better production decisions. For

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example; the quality and price of watermelon are at its best in the Australian summer. Buying Watermelon in winter in preparation for summer was both more expensive and less flavoursome so they were able to schedule the manufacturing to take advantage of both better pricing and quality fruit.

“Whilst there is an investment upfront, the cost of implementation was negligible compared to the savings and efficiencies that have resulted from it. Having Cloudsolve on board with us was invaluable.

We tried to implement it ourselves, initially but bringing Cloudsolve onboard to drive it for us really changed the game. We get so much more value than we could ever have imagined” said Georgina.

So stop dreaming, you too can live the dream!

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To find out how we can help you transform your business, email: > cloudsolve.com.au

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Issue 20 / 61

Focus: Australia

Keep your SMSF records – but which ones?

You’ve been running your SMSF for a while and have amassed a lot of information about your fund. You know that your SMSF must keep some records but which ones do you keep, how long for and where do you store them? Let’s see what you need to do...

S

uperannuation law and record keeping

The Superannuation Industry (Supervision) Act 1994 (SIS Act) requires you to keep accounting records that: • Correctly record and explain the fund’s transactions and financial position; • Enable annual financial statements such as a Statement of Financial Position and Operating Statement to be prepared; and • Allow the preparation and lodgement of your SMSF’s annual income tax and compliance return to be lodged with the ATO. In simple terms, as trustee of your SMSF, you need to keep records that allow preparation of financial statements and annual tax and compliance returns. This information needs to be kept for at least five years after the end of the financial year, even after your SMSF has been wound up.

There are some records your SMSF must keep for at least 10 years which relate mainly to the underlying operation of the fund.

They are: • Trustee resolutions and minutes of meetings; • Change of trustee notices; • Trustee declarations that acknowledge the obligations and 62 / Issue 20

responsibilities as trustee; • Copies of a Trustee’s consent to be appointed as trustee of the SMSF; • All reports provided to members such as an annual member statement; • Decisions about the storage of ‘collectables and personal use assets’; and • Certain grandfathering elections made by the fund involving pre 11 August 1999 fund investments.

@SuperConceptsAU

Graeme Colley, Executive Manager - SMSF Technical and Private Wealth, SuperConcepts Graeme is a well-known figure in the SMSF community with a long-standing reputation as an accomplished educator, technical expert and advocate for the sector. Graeme has held senior roles in the Australian Tax Office, worked as Assistant Commissioner for the Insurance and Superannuation Commission, and most recently held the role of Director, Technical and Professional Standards at the SMSF Association.

other governing rules for the fund. However, common sense dictates that it’s essential to keep the originals in case the payment of benefits or other decisions of the trustee is challenged at any time. Keeping these records for at least five years after the final tax and regulatory returns have been lodged would seem a reasonable time.

What needs to be kept for tax purposes?

Not keeping the fund’s records If your SMSF doesn’t keep the records for at least the time required you may be penalised. The penalties can be seen in Table 1.

It’s interesting to note that there is no requirement to keep a copy of the fund’s trust deed, any subsequent amendments and

For tax purposes there are record keeping and substantiation requirements that must be met by your SMSF. This includes copies of receipts and invoices to justify any deductions and income received by the fund from dividends, rent, interest and so on. This information is required to be kept by the fund for at least five years from the

Table 1 - The penalties for not keeping the fund’s records Record keeping breach Not retaining trustee minutes for at

Penalty units

Current penalty amount

10

$2,100

10

$2,100

least 10 years Not retaining notices for change of trustee Not retaining trustee declarations

10

$2,100

Not retaining member reports

10

$2,100

Not retaining the appropriate in-house asset election

10

$2,100

* Each penalty unit is currently $210 and is increased every 3 years

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

Focus: Australia lodgement of the relevant income tax and regulatory return.

Any information that supports the calculation of any capital gains or losses on assets owned by your SMSF is also required to be kept.

Your SMSF may need to retain these records for a lot longer than you would think. For example, if your SMSF acquired assets many years ago, the purchase price plus other expenses need to be retained to justify the cost base of the asset and kept in the fund records until at least five years after the asset has been sold. If company shares are involved and the fund has taken up a dividend reinvestment plan, then the cost of the shares received in lieu of the dividends will need to be recorded.

Experience has shown that ATO audits have required a copy of the buy contract for listed shares as well as a sell contract plus details of any shares acquired as part of a dividend reinvestment plan. So an SMSF that has good records will reap the benefits of keeping a regulator happy.

In some situations your SMSF may need to be registered for GST and PAYG purposes. For GST the SMSF may need to lodge a BAS statement regularly and for PAYG purposes any amounts deducted from taxable pension payments will need to be recorded and paid to the ATO as required. If you have rolled over a benefit into or out of your SMSF, a copy of the rollover statement will

be kept by the fund.

important fund documents.

Storing and keeping the fund’s records

As an individual trustee or director of the corporate trustee, you are responsible for retaining and storing records. If stored electronically it may save space but be conscious of the time the records need to be retained. Do you know which records need to be kept for at least five and 10 years?

Your SMSF’s records must be kept in Australia, in writing and in the English language or in a form that can be readily converted into English.

Do you know which records need to be kept for at least five and 10 years?

The ATO permits the fund records to be kept in an electronic format providing it is easy to access and verify.

With this in mind the ATO requirement allows trustees to maintain many of the fund records, receipts, statements and notices electronically which saves on storage space. But there are some documents that the trustees need to keep in their original form, for example: • The fund’s trust deed, any amendments or upgrades thereto; • Change of trustee documents; • If the fund has a company as trustee, a copy of the company constitution; • Trustee resolutions and minutes; and • The fund’s investment strategy.

Courts and government departments may require an original or a certified original of the document which is the reason to keep originals of the most

With a new tax year having just commenced, your new year’s resolution could be to review your SMSF’s records and work out which need to be retained as originals and those that can be scanned and stored electronically – but make sure you keep a backup copy in case a disaster strikes.

FIND OUT MORE...

For SMSF software, services and technical education, visit: > superconcepts.com.au

Making eCommerce work for Xero

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Issue 20 / 63

Automation will enable mid-tier accounting firms to provide higher value services Clients who might previously have looked towards the Big 4 or second tier firms for business consulting projects will have an alternative. And most importantly, they will be able to get the service from professionals who already know their business and with whom they have a long-standing relationship. Introducing the small 4 (thousand)...

I

ntroducing the small 4 (thousand)

Discussion of artificial intelligence (AI) and machine learning technologies tends to provoke a range of responses from eyeball rolling boredom to dread and anxiety at what the so-called rise of the robots will do to the employment landscape in the coming years.

133 – 75 = 58,000,000 new jobs The more sanguine point to the various optimistic reports such as The Future of Jobs 2018 produced by the World Economic Forum (WEF) which predicted that machines and algorithms in the workplace will create 133 million new jobs, but cause 75 million losses by 2022 – net gain 58 million jobs over the next few years.

That’s very comforting if you are on the right side of that gain line.

Pretty bleak if you are not, however.

“Robots and algorithms won’t be designed to do particular jobs or take over specific roles, they will carry out individual tasks and 64 / Issue 20

elements of tasks”.

But things aren’t quite that clearcut. They never are. Robots and algorithms won’t be designed to do particular jobs or take over specific roles, they will carry out individual tasks and elements of tasks. And the impact will be much more nuanced than many anticipate.

For example, the same report found that nearly 50 per cent of all companies are expecting their full-time workforce to shrink by 2022 due to automation, but 40 per cent are expecting to grow their workforce while more than 25 per cent are expecting the technology to lead to the creation of new roles in their organisations. ‍ Where those new roles will come from The facile answer is as a result of increased demand for products and services generated by economic growth which in turn has been fuelled by the efficiencies and cost savings delivered by the new technologies.

@AutoEntry_OCREX

Brendan Woods is founder and CEO of AutoEntry Originally a software developer in the hedge fund space, he quit his job and started the company to automate data entry for accountants and bookkeepers.

AutoEntry automates data entry of sales and purchase invoices, bank and credit card statements, expenses, receipts and more, providing significant time and cost savings to users. AutoEntry is a trusted supplier to over 2,500 accounting firms worldwide.

Would that everything was so simple. Those same savings and efficiencies could drive smaller less well-resourced players out of business as their products and services becoming increasingly commoditised. There are no real winners in a race to the bottom after all.

Don’t inadvertently enter into a race to the bottom The challenge, therefore, is not to get involved in the race yet still emerge a winner. By all means utilise the technology to take out costs and become more productive, but don’t get caught in the death spiral of ever decreasing margins.

That way lies obsolescence; where basic accountancy service offerings go the way of the pocket calculator.

When was the last time you saw one of those outside of a Christmas cracker? The smartphone has killed that market.

The choice for smaller accountancy firms One option sees them jettison

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

all cost incurring items, including people, in the pursuit of efficiencies and short-term competitiveness.

The other involves taking a risk and searching for new market opportunities which will assuredly arise as a result of the technology.

That risk begins with how the investment in the technology is viewed. Is the return on the investment to be delivered through cost reductions or business growth?

The latter may be more uncertain but is also the option with most potential.

more repetitive tasks currently undertaken by trainee and junior accountants. It will soon automate many of the more routine tasks carried out by more senior professionals as well.

The old-fashioned answer would be to make staff redundant and bank the salary savings. The courageous one is to invest even more money in the training and up skilling of those staff to enable them to take on higher value tasks.

What should be done with the time saved from using automation?

FIND OUT MORE...

Automate manual data entry with AutoEntry. A free trial is available for all new users. Find AutoEntry in the Xero App store or via: > autoentry.com/integrations/xero

The technology will automate the

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Issue 20 / 65

Know your value: the impact on company valuations

How getting the basics right increases the value in your business Carrying out a company valuation isn’t just a concern for those looking to exit a business. In fact, understanding and cultivating the value of your company is something many founders, ownermanagers, CEOs and leadership teams see as a key priority. Anil Stocker, CEO and Co-founder of MarketInvoice, explains the results of their research into attitudes to company valuations, and the key part that financing has to play in success...

C

ompany valuations are always a hot topic among UK SMEs, especially if you’re based in the centre of the burgeoning London startup community, like we are at MarketInvoice.

Knowing the intrinsic worth of your business isn’t just a consideration at the sale or acquisition stage.

Company valuation is often seen as a key metric of success by aspirational startups and growing SMEs, with many making it a core priority. The key question, though, is why.

To understand more about the way business owners think about company valuation, we’ve carried out our own research, talking to 1,000 UK SMEs to gauge the part that value has to play.

Company valuations as a key metric of success 66% of owners confirmed that 66 / Issue 20

@MarketInvoice

Anil Stocker, CEO, Marketinvoice Anil Stocker is the CEO of MarketInvoice, the company he co-founded in 2011 to help small businesses raise funding and drive their businesses forward. His ambition is to use technology and data to completely reinvent how businesses go about financing their growth, and breathe fresh life into outdated financial products.

The real value contained in your valuation was a huge priority for business their business, according to our MarketInvoice Business Insights Company valuation may be a report. This is especially true among younger entrepreneurs, with financial metric, but the actual value of your limited company isn’t 78% of younger owners naming just the equity, company valuation as assets and cash priority one. reserves that Knowing how your owners are locked up in value compares 66% of business your finances. against confirmed their valuation competitors, was a huge priority for In many and within the the business, with 78% of ways, value wider market, younger owners naming goes beyond is a key piece company valuation as the financial of business priority one. numbers to the intelligence. With fundamental building the average UK blocks of the business SME worth £2.9m, this – the elements that allow you valuation figure gives owners, to trade effectively, attract the founders and leadership teams a right customers and give you a benchmark to aim for, making it a competitive edge in your market. metric that’s likely to feature highly over the course of the business Value can come from: journey.

But should we be obsessing so much over this singular company valuation metric?

• Your products and USP – if you have a product/service that offers a unique selling point

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

(USP), or has a competitive advantage in your sector, that adds considerable value to your market position and your ability to win sales and bring in revenue.

• Your potential for growth – a valuation isn’t just based on your current position; it’s also measured on your ability to create future sales, revenue and profits. So nurturing and growing the business is crucial if you’re aiming to add value.

For example, the UK SMEs we spoke to saw value across a diverse range of areas (see Fig. 1).

The barriers to increasing your valuation 30% of the companies we spoke to increased their valuation by more than 10% over the previous 12 months. But, interestingly, 18% saw no change in their valuation – and 20% actually saw a fall in value of 10% or more over the year.

An increase in valuation is certainly possible, so, what’s holding these companies back?

According to our research, the biggest hurdle to growing valuation is finance. A lack of appropriate finance options to grow the company is the largest obstacle for SMEs to overcome, with insufficient technology infrastructure coming second and finding the right people coming third.

When you don’t have access to appropriate finance, it can: • Limit investment in the business – without access to additional funding, you restrict the amount of capital that’s available to invest back into the business.

Figure 1

• Your people and talent – people are a hugely valuable asset in the company, so attracting and retaining the very best talent is critical. The right executive team, the best managers and the most effective workforce all add to your value as a company.

• Remove the fuel from your growth plan – without the finance to fund the next stage in your expansion, growth plans have to be revised, or even put on hold completely.

or fund the next stage in your longer-term growth strategy.

Choosing the right finance to boost growth

Removing the finance hurdle sets a more level playing field for SMEs that are looking to grow. But success, growth and added value won’t come from finance alone.

26% of companies favour invoice finance to boost growth and valuation. The simplicity of this kind of finance makes it a clear leader when it comes to quickly injecting • Make you less attractive to working lenders and investors – capital into ironically, if you’re According to our your business. cash-poor and research, the biggest Tellingly, have a low hurdle to adding value only 6% of credit rating, companies you’re less is finance. A lack of favour Dragon’s likely to appropriate finance Den-style attract options to grow the investment, funding from company is the largest such as private investors. obstacle for SMEs to investment or overcome. venture capital • Restricts your investment – options ability to increase which take more time, more the value – with a limited effort and more guarantees for a amount of capital, an inability to business to secure (see Fig. 2). grow at pace and a poor access to extra funding, it becomes Getting the basics right; continue increasingly difficult to focus on to grow adding value to the company.

The key takeaway from our Know Your Value research is that appropriate finance is critically important for any SME looking to move the needle on their company valuation metric.

For the company to invest, grow and increase valuation, it must be properly financed. This means being proactive around cash-flow management, spend management and reducing aged debt etc. It also means choosing the right finance options to top up the cash reserves,

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To push your value effectively, it’s vital to: 1. Invest your money wisely – and have clearly defined and agreed budgets so you can track and manage the return you get on your investment.

2. Keep developing your product/ services – increasing your sales is a must, so keep refining and Follow us on Twitter: @xumagazine

Issue 20 / 67

6. Keep in control of your cash – balancing the books, staying in control of cash flow and having effective access to additional funding are vital, guaranteeing you have the liquid cash to fund all elements of your value growth strategy.

Figure 2

Our conclusion: it’s imperative that you, as a business owner or executive team, stay focused on your product or service offering and ensure the fundamentals are right first. adding to your product/service offering and customer value.

3. Build the best possible team – to grow at scale, you need a team that’s up to the job. Expanding your roles and resourcing gives you the ability to meet your goals.

4. Expand your infrastructure – to provide the property, technology, equipment and operational capabilities you need to keep pushing your expansion

5. Continue raising your market presence – sales, marketing and social media activity all help to raise your profile in the sector, adding to your perceived value as a company.

Adding value is as much about managing cash flow and working capital as it is about having the right people in the right roles. When you get the basics in place, the rest will take care of itself.

FIND OUT MORE...

To learn more, visit: > marketinvoice.com

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Issue 20 / 69

7 stresses of employee absence and how to overcome them Absence is an unavoidable part of any business. Whatever the leave or sickness policies, absence will occur, both planned and unplanned. Simple systems can provide everything you need to alleviate the usual questions leave from the office and allowance tracking bring to an organisation.

“

I didn’t know he was off sick today”

How many times have you heard employees or managers unaware that someone was on leave or had called in sick today? It is a common situation in which the message has not been effectively communicated by the line manager. Without transparency around absence in your business you could waste time and effort, upset your clients or fail to complete essential business processes.

With the advances in business software, all companies should be using a solution that allows them to not only manage the full leave and sickness process but also to share meaningful information about employees’ whereabouts.

A good solution should support functions such as team calendars, integrations with Google Calendar and Outlook Calendar, report emails, notifications and more.

“How much holiday do I have left?”

Every employee wants to know how much allowance they have left at several points throughout the year. This can be a nightmare to answer when the question needs to go to the manager, then the HR team to be worked out across spreadsheets and forms. By the time the employee gets the answer they need lots of time and effort 70 / Issue 20

has been wasted.

Just this simple query can be made so much easier with a transparent system with a single source of truth. Allow the employee to view balances at anytime right before they submit a request. With the same view as the Team Manager and HR Manager, there will never be any confusion again.

“Will that come out of my allowance?”

In every company there are varying types of absence that could occur.

These could include sickness (paid or unpaid), annual leave or PTO or other absences like work events, training, Jury Service or Maternity Leave. Even in this small list, there are examples of types that should come out of an allowance (annual or accrued) and some that should definitely not.

Using a solution that allows you to define a series of deducted and non-deducted leave types will enable you to not only accurately subtract from allowance where required, it will also provide a list of absence options to the employee so everyone is on the same page.

“Have you approved my request?”

There is no employee who hasn’t needed to ask this question at some point. With managers pushed for time, old fashioned leave

@appogeehr Charlotte Brown, Business Operations Manager, Appogee HR Limited Charlotte has an excellent knowledge of the HR challenges companies may face, with a proven record in understanding their needs with the ability to find ways to overcome them.

Having helped 100s of businesses move their HR and Leave Management to the Cloud, Charlotte is a fantastic source of innovative ideas to help organisations and their people.

request and approval processes can be left to one side with the requester being unsure if they can take the leave or not.

A good solution will allow you to set simple request and approval workflows to allow your employees to make a request from their device and for a manager to be alerted that they have an approval to make. In just a couple of clicks requests can be reviewed, checked against clashes and approved. A simple solution that puts an end to questions about approvals!

“Who still has leave to book?”

HR and team managers will always want to know how employees are progressing with their allowance throughout the year. Will anyone be taking it all at the end of the year? Do we have an issue with employees not taking the leave they need to recharge? All questions that need to be answered.

With access to an absence management tool, managers will have clear visibility of allowances throughout the year, how much leave has been taken and what the balance is. This visibility allows action to be taken in the moment rather than after painstaking calculations continuing well after the leave year has ended.

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

“Where are the sales team?”

At some point all companies have granted too much absence in one area of the business by mistake. If the manager does not have a simple system to see who is off when presented with requests, it is hard to avoid this scenario. With a team facing multiple absence at once, this could have an effect of the day to day running of the business.

Using software that allows for this visibility when making approvals will help managers to make the right decisions and keep process running smoothly during absence.

Employees should also have visibility of who is off already so they can follow company set rules around absences within a team or company.

“How has leave affected payroll this month?”

With leave happening across the business on a monthly basis, it can be hard to work out if and how this affects pay when it comes to payroll.

Accuracy is crucial here and the payroll admin or team does not want to have to manually work out such detail around payslips.

Integration between payroll and other systems affecting pay such as leave and absence is essential to keep the process running smoothly.

If you choose to use a separate leave management tool to keep your absence process in check then ensure it integrates with Xero to improve accuracy and maintain efficiency.

Don’t waste time on the questions around where employees are, what leave they have taken or how much sickness they have used. Get all the answers you need in an instant with a simple leave and sickness management solution.

FIND OUT MORE...

For more information on how Appogee HR can help with your absence management and integrate back into Xero, please visit our website: > www.appogeehr.com Exclusive to XU Magazine readers: quote ‘XU3-XERO19’ for 20% off your first year (code expires 31/12/19)

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Issue 20 / 71

Industry Focus: Property

How technology can help scale your business Technology is changing how businesses can operate today with a variety of different applications offering innovative solutions that can help businesses provide better products to their clients.

Identifying tools that can help scale your business is essential in an era where a strong digital presence is vital in giving your business a competitive edge.

I

n today’s economy, companies are looking for every opportunity and tool to help them grow. The answer for many is technology.

Irrespective of which industry you are in, for businesses to thrive in today’s climate, technology and its associated benefits should not be ignored. Tech has become an intrinsic part of our everyday lives. The key for business lies in choosing what to harness within your company to enable growth.

Innovate Technology is all about innovation.

Innovation in business is about doing things differently to provide better products, solutions and improved services to clients.

As technology becomes more powerful and less expensive, the potential for start-ups to operate more efficiently is exponential.

As well as this, taking advantage of new technological advances is one of the best ways to improve productivity, staff wellbeing and customer service.

Not only is technology essential for day-to-day business functions, but when effectively utilised can help them achieve successful growth.

Technology is used to open up new ways of doing business – this article will explore the ways in which technology helps facilitate business 72 / Issue 20

growth, as long as it has been correctly implemented.

Virtual connections Historically, businesses have used programs and applications through software that had to be downloaded onto a computer or server to carry out a task. Introduction of cloud technology has revolutionised the way businesses operate. The benefit of this, is that it allows you to manage operations from anywhere, anytime on any device.

Using the cloud eases daily tasks, reduces costs, increases productivity and boosts mobility.

It’s also a fantastic way of backing information up and making sure your files are secure. For example, if you’re using the cloud and happen to lose your laptop, you can still access data through the cloud.

Additionally, using cloud technology means the servers are off premises.

This means your supplier is responsible for managing software updates allowing you to focus your time on the growth of your business. Cloud-based applications are often ideal for small to medium sized businesses because they tend to carry lower upfront costs and alleviate some of the in-house management.

Thanks to new technologies like cloud collaborations, apps and the internet of things, initial costs of starting a business have

@ArthurProperty

Patrick Caulfield ACA, Associate Director, Arthur Online After graduating from Durham University with a Masters in Economics, Patrick joined EY (London) where he became a chartered accountant. He then spent 3 years in M&A and investment banking with Citi Group and an early stage VC. Patrick now works at Arthur Online where he manages everything finance and investor related, from fundraising to shaping and rolling out Arthur Online’s ambitious growth plans.

plummeted from £3.3m (at the turn of the century) to around £3,200 this decade. The report by CB Insights also found that companies founded in 2009 or later grew far faster, trading internationally in 22 months on average.

For many, the key to this rapid growth is cheap cloud technologies like Google Drive and Amazon Web Services (AWS). Benefits of using cloud technology allow companies to move quickly and save money.

Enhance your marketing Businesses are competing and operating in an era in which a strong digital presence is essential.

A lack of this presence is known to be a contributing factor in the failure of many small businesses.

The key to developing a clearly defined digital strategy is having clear aims, methods and strong analytics. Many companies are digitally active but are yet to carve out a clear strategy, leading to wasted resources and missed opportunities.

A strong website is essential for any business. Aside from aesthetics, an effective website should be user friendly, mobile responsive and optimised for search engines. Search engine optimisation in particular, requires ongoing attention. Alongside a good website are the use of

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

Industry Focus: Property social media marketing channels.

E-mail marketing and pay-perclick advertising can also be extremely effective, but come at a cost. Digital technologies help accelerate business growth – they allow companies to reach wider audiences helping develop lasting relationships whilst promoting brand loyalty.

Avoid common mistakes During early stages of development for smarter internet searches and artificial intelligence, businesses were clamouring to invest in tech that had promised to catapult their venture into another dimension.

Smaller businesses can often buy into this technology without a plan or the understanding on how this technology works. Purchasing tech solutions can often come with underlying pressure to immediately start using it, as opposed to letting unfulfilled potential linger in your business. The important step some miss, is to have a specific plan in place before you make the purchase.

Install...?

More than just installing a tech solution, it is important to implement it. As opposed to thinking of the most obvious solutions, it works well to imagine yourself as a potential client browsing through your own website, delving further into the problems that might already exist, or aspects that could be improved.

This is the gap in which you should apply your tech fix. Taking this nuanced stance, you will develop a real understanding of how a typical client will be affected.

How you use technology to improve

the growth of your business depends on what problem you are trying to resolve. The more you refine your business ‘hurdles’, the better the position you will be in in finding a tool that works for you.

Parting thoughts Technology is a powerful tool for deploying business growth strategies. However, the reality remains that the process of digitization is not always straightforward. It takes time and involves learning about your internal processes to find ways in which technology can streamline your operations. This should be treated as a strategic resource rather than an operational cost.

Identifying tools that will benefit you come from listening to customer feedback and knowing essential in-house needs.

Technology can help businesses achieve a myriad of aims. Increasing productivity and efficiency is pivotal

in reducing costs and maximising revenue which can then be invested into growing the business.

Arthur Online is one such tool that has been developed to streamline property management processes.

Alongside a variety of functionality tools and third-party integrations to aid property managers, Arthur integrates with Xero. The integration means that multiple entry is a thing of the past. The two systems work in tandem, with Arthur sending invoices one way and Xero sending receipts the other, making the transfer of information seamless. Simply put, all you have to do is match the payments. The integration provides users with access to a powerful combination of comprehensive accounting and property management functions. It is perfect for property professionals looking for a simple, effective way to save time, money and better track their portfolio financials.

FIND OUT MORE...

To find more about how Arthur can help you gain more property clients, visit: > arthuronline.co.uk

Order, invoice, approve.

Anytime, anywhere.

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Issue 20 / 73

How AI can revolutionise the accounts payable process for businesses

@compleatp2p

Philip Douglas, Chief Executive Officer, Compleat Software Philip is a qualified Chartered Accountant with extensive experience as a consumer and supplier of Financial Management Software and its expected controls. Philip joined Compleat in May 2008 as Senior Implementation Consultant.

His knowledge, technical and managerial skills led to his rapid promotion to Managing Director and his current role as Chief Executive Officer.

The accounts payable process doesn’t have to be time-consuming and monotonous; using AI technology, businesses of all sizes can revolutionize their legacy AP function through automation and do much more with less...

G

one are the days where accounts payable specialists must spend hours manually processing paper invoices and tracking this information through various spreadsheets and databases.

Today’s modern accounts payable specialist has plenty on their plate and does not have the capacity to spend time conducting menial tasks such as manual data entry. AI and automation are two buzzwords that can cause confusion for accounts payable professionals as they are unsure if AI and automation will take their job or enhance it. The good news is, people have always been and always will continue to be at the heart of accounts payable, thus, the AI function is not meant to steal jobs, but is meant to enhance them and help the AP professional do their job more efficiently and effectively.

AI and automation are here to stay, and the finance sector must adapt these technologies or face being run out of business. Let me explain why. According to Documentation UK, the average cost of processing an invoice through a paper-based system for a US-based company 74 / Issue 20

costs approximately $25, and the time it takes to process said invoice can take anywhere between five to fifteen days. While this has always been the standard, this does not mean that this should be continued.

According to a study by the Aberdeen Group, they found that through using an automated system, companies were able to process invoices at a cost of just $0.17. By implementing a best-ofbreed service, companies can allow accounts payable professionals to spend less time manually entering data and more time focused on meaningful tasks. Using an automated process will also help employees refrain from making costly errors that could cause harm in the short and long term.

By keeping employees stimulated and engaged with their work, they should find themselves with a higher employee retention rate and spend less time worrying about employees leaving their jobs.

Although AI will assist some accounts payable professionals in their job, other companies may find they no longer need to employ these people to conduct these tasks, which will lead to a reduction

in future employees and all the costs associated with this process.

Should a company not need to hire more people, they will be able to spend more time investing in other areas of the business and if they wish, they have the capacity to spend more money on automation itself.

Time is money in the accounts payable department and if the average time it takes to manually process an invoice takes about 20 days, it’s a no-brainer as to why companies with automation are then able to process an invoice in three days (according to Van Systems).

According to Medius, if the AP process is automated, it will save AP professionals an average of one hour per day, and with the volume of invoices increasing by 10% each year, it’s safe to say, accounts payable professionals need that extra time and energy to complete their tasks in the most efficient and effective way. Furthermore, say there was an error somewhere along the invoice process, this would then take additional time and energy to amend, whereas, with automation, errors could be

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

quickly spotted and solved. By eliminating these outdated paperbased systems, companies can utilise their employees in a better and more meaningful way. The data captured in software would also give companies a more holistic view of overall spend and allow them to make better, more informed decisions.

AI has the power to change the entire accounts payable process and will help expedite the entire process, from purchasing of goods and services, to payment of a supplier. Although some of our best employees can do this all day long, without Companies can breaks and with implement AI into their little to no error, AP department and AI can do this at any time, watch the employees faster and skyrocket from boring more accurate and menial tasks necessary investment. Companies they are than your best to inspiring and who are at the forefront of this doing. Having employee. The outstanding work tasks. employees change will see many rewards and way AI operates manually enter data will find themselves in a much is that it learns from better position than those who into a spreadsheet repetitive behaviour abstain from the change. There are and skim through piles and tasks. So, if you teach many benefits to AI with increased of paper is one way to keep it to process an invoice, it will do accuracy and productivity to time employees disengaged and bored it often enough to continuously and cost cuts, and all these benefits with their role. If employees are get better at it, thus, eliminating will help your company to be more not happy, they may make errors, errors and creating a more successful and ready for an AIforget things or simply may not effective process. AI can facilitate obsessed culture. complete their work at all. Using AI, the accounts payable process in employees can complete the same an accurate way with unlimited Compleat’s invoice capture, task but in a much more efficient, speed and capabilities and at the purchase order and approval time and cost-effective manner. same time, it gathers valuable automation solution, iCompleat Companies can implement AI into information that will enable empowers accounting practices their AP department and watch the decision makers to get better in and SMEs to see substantial employees skyrocket from boring the process. With the availability ROI from their accounts payable and menial tasks to inspiring and of data-filled and accurate process and procedure. I believe outstanding work tasks. information, they can make better using automation can definitely decisions for their business and help the AP process for the better AI is being heavily implemented in employees. Companies can even and will allow accounts payable the banking and finance industry go a step further by continuously professionals to put power with an IDC study suggesting investing in AI and automation to back in their own hands. It is that these companies spend undertake even more AP functions, imperative that companies gain around $3.3 billion on digital allowing businesses to make even an understanding of AI and use transformation projects in 2018 more accurate decisions. it correctly to reap continuous alone. This proves that automation rewards for their employees and and digitally transforming the AP It’s a well-known fact that customers. process is becoming more of a employees whom are happy and engaged in their work are more likely to report higher levels of FIND OUT MORE... job satisfaction and remain at a company. If employees can focus Watch this space for more information about company news, product their time and energy on meaningful releases, events and much more! tasks and responsibilities, they can > compleatsoftware.com increase their skills and interests and find more value in whatever Subscribe for FREE: Go to subscriptions.xumagazine.com

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Issue 20 / 75

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Issue 20 / 77

Event - FREE ticket

The Slow Road to Automation It has been several years since former Xero CEO Rod Drury stood on stage at various Xerocons and promised the dream of automating bookkeeping...

Y

ears down the track and this dream has yet to come to pass. One of the greatest hurdles has been the difficulty in collecting data easily, reliably and consistently. While Xero and its rivals have striven for years to achieve this, the technical challenges turned out to be far greater than anticipated.

The killer feature that propelled cloud accounting software was the integrated bank feed. However, the quality of data coming through these feeds has been far from perfect. The way that banks collect and verify transactions created instant problems in the accounting software that are only now being resolved in some of the more advanced economies.

In many countries, when banks receive money from other banks they place the transactions in a pending status while they run their checks. These checks can take 24 hours or more and so the bank feed has to decide how to display these pending transactions in the accounting software.

This is one reason why accountants and bookkeepers are still reconciling against bank statements. The monthly bank statement is a historical document that shows everything that has been processed by the bank, rather than the more complicated realtime view. It takes into account all of a bank’s decisions on pending, approved and rejected transactions.

78 / Issue 20

Eventually all countries will move to instant payments between accounts at different banks. This is already happening in Australia and the UK. The bank feed will then always accurately mirror the banks’ own internal systems.

Another major stumbling block has been the quality of feeds from payment platforms. Many businesses now sell online and use payment platforms such as Stripe and PayPal to process credit cards. Many more businesses send invoices through Xero with a “pay now” option to increase the speed of payment.

Reconcile transaction from these systems in accounting software because the fee for the payment had to be split manually or with a bank rule.

Xero has been gradually improving the quality of its integration with Stripe in particular. In June it made a huge leap by allowing recurring card payments for repeating Xero invoices via Stripe. (This will presumably compete with ticketclip business models by apps such as Gocardless and Practice Ignition.)

This “auto pay” feature will be available over the next few months and is activated from the repeating invoice screen.

Xero also announced at Xerocon San Diego in June a new data feed from Stripe, improving on the first

@AccountechLive

Sholto Macpherson is an awardwinning journalist who has spent the past eight years researching SME accounting technology and its impact on the accounting profession. He is the editor of accounting tech blog DigitalFirst.com and is the head of content for the Accounting Business Expo and Accountech.

Live expos. He also contributes to In The Black and Acuity magazines, among other publications.

iteration launched two years ago.

The new feed adds individual items to the transaction data for any Stripe payment whether via Xero invoice or e-commerce platform.

Xero claims that this level of integration is the deepest of all the accounting platforms. Given that Intuit has a payments service that competes with Stripe, it’s clear that the Xero-Stripe partnership has a lot of common ground.

But the biggest change here is that the Stripe feed, available globally in the next few months, will finally be treated as a bank feed. Users who connect Stripe on invoices will see a feed set up automatically on their behalf.

For two years Xero has argued that Stripe should be treated differently to rival PayPal. “Stripe doesn’t operate as a sort of bank in the way that PayPal does, so we won’t be building a bank feed for it,” Xero replied in response to comments on its post about the original, 2017 integration.

While Xero may have been correct on a technical point, from an accounting perspective this was rubbish.

Stripe delays paying the merchant for several days after taking the payment from the customer. “Your bank account is always going to be out of balance until that payout occurs – and since we could be taking payments every day then the bank account is never going to

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

Event - FREE ticket be balanced,” said Xero user Roger King. “Since Stripe are holding your money then they are holding a company asset. For year end purposes we need to have that money showing in the balance sheet.”

Solid arguments that Xero would have recognised immediately, and yet it took two years to address.

Given the sensitivity and complexity of integrating financial payment systems, I think this is just how long it takes to do these things.

The third leg of this data collection is the processing of expenses.

Again, this is proving more complicated than one would have thought. Just take a look at the Xero Expenses app. We have machine learning at work in that it will automatically scan the image and enter information such as tax, price, date, and the name of the supplier.

However, there is no option to manually add a purchase order, account code or client job at the time of purchase. This is a huge fail. The mobile app in Intuit’s

QuickBooks Online, released well before Xero Expenses, lets you assign an expense to the customer at the time of capture then processes the rest of the receipt via machine learning.

Xero Expense users either need to enter the whole receipt manually and miss out on the benefits of machine learning. Or they have to review the machine translated receipts in a laptop browser and edit the account code, assign it to a client or match it to a purchase order.

Clearly there’s more work here to do.

Until we have more skill at collecting and confidence in the quality of data, automating bookkeeping will remain just out of reach.

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Issue 20 / 79

Meet:

James Byrne CEO and Co-Founder of AccountancyManager It’s been just two years since AccountancyManager launched and it’s fair to say, they’ve taken the practice management world by storm. Growing from two to 20 staff and currently serving thousands of accountants and bookkeepers, AccountancyManager is a true start-up success story. We spoke to James Byrne about how it all began...

XU:

So James, how does an accountant become the co-founder of a software start-up?

JB:

Frustration. Pure and simple. I was shocked at how much time my firm spent on what can only be described as admin. Chasing clients for information and reminding them to make payments was a large chunk of each day. Onboarding clients was another long-winded process,

due to the stack of documentation you need to gather and have your client sign. If these challenges were unique to that firm, we probably wouldn’t have anywhere near as many businesses using AccountancyManager (AM) today.

@accountancymgr

James Byrne, CEO and CoFounder, AccountancyManager Working as an accountant, James Byrne had an idea. That idea now helps accountancy firms across the country to save masses of time on admin and has been voted the #1 practice management software in the UK. James and his co-founder - Alex Hawke - now head up the team from their offices in historic Warwick.

JB:

A fantastic team helps!

We have a couple of real-life accountants on staff, which is great for on-tap industry knowledge, as well as two ex-HMRC tax inspectors over the road as our advisors. I’d say a focus on customer experience has been a key factor too.

Two years and But what it really already so comes down to many users, what’s It’s so satisfying is the product. your secret? to see everything We developed we needed as AM within the accountants, now offices of an working to help accountancy firm, other firms. literally writing the software in response to the problems happening around us. It quickly grew from automating as many timeconsuming tasks as possible, to a full-blown cloud-based onboarding, CRM, time management, invoicing, practice management machine.

It’s so satisfying to see everything we needed as accountants, now working to help other firms.

XU:

XU:

Ok, give me an example - as an accountant, what was your biggest challenge?

JB:

Probably the run up to the self-assessment deadlines. Obtaining the client’s paperwork, with all the correct 80 / Issue 20

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

information and in good time was always hard work. Add to that managing your own workload in preparing the submissions by the deadline and, let’s just say - it’s a little stressful!

XU:

And how does AccountancyManager

solve this?

JB:

Think mass automated emails requesting specific information, based on task and deadline. The client can then log on to their online portal (which can be reskinned with the accountant’s brand) to check data, provide information, e-sign documents and view a list of deadlines. Both AccountancyManager and the portal are cloud-based, so the accountants and their clients can access whatever they need, wherever they are. Freedom!

Automated emails chasing clients for specific missing information are triggered along the work

pipeline and any tasks required of the accountant are added to a daily task list. All activity on each client’s account, including any calls or emails, are stored in a client timeline.

XU:

the line you might find yourself using complicated workarounds and keeping records elsewhere.

I’d recommend any business looks for end-to-end software that’s been designed specifically for their industry.

One-size fits all, or industry-specific software - discuss!

JB:

With a generic CRM, you will spend hours upon hours trying to customise it to suit your business. Months down

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FIND OUT MORE...

Sign up for a free trial at: > accountancymanager.co.uk

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Issue 20 / 81

Is outsourcing for me?

Why building a global team is the missing link in scalability and success A

s a US$500 billion dollar industry, accounting is the focus of constant change and growth. The digital transformation has already flipped the seemingly traditional industry on its head, introducing new ways to help your team work more efficiently.

But in the rush of new and shiny technology, why are firms still struggling to scale with larger workloads, while simultaneously attracting and retaining top talent?

It’s a lot to balance for a local team. Rapid growth and growing client demands don’t scale without investment in people. Outsourcing has become a top strategy for helping scale as you build a global team – but how does outsourcing help your team?

Outsourcing is about getting the right people to do the right work at the right cost Firms struggle to get access to everything they need in local talent.

Competitive salaries, competitive firms, and a shortage Firms struggle in accountants to get access to is a barrier to building the ideal everything they team. Outsourcing need in local can include roles talent. from accountants and bookkeepers, administration and client service roles, personal assistants 82 / Issue 20

and many more. This puts thoroughly vetted, global talent into positions that can be difficult to fill – opening the opportunities and the budget to recruit the best of the best.

@toaglobal

Nick Sinclair, Founder, TOA Global Nick Sinclair is the Chairman of The Outsourced Accountant and has over 10 years of accounting experience. He has successfully run his own accounting, bookkeeping and financial planning firm and has a passion for what he believes to be an organisation’s most important asset – its people.

Nick has featured in a number of digital media outlets, including Public Accountant: The Official Journal of The Institute of Public Accountants.

Set Metrics for Success

Many firms struggle to get three times revenue from their professional staff. The main reason we have found for this is people doing the wrong type of work. An accountant, for example, spends Outsourcing makes your team, too much time doing administration both onshore and off, your biggest related tasks or asset following up clients for outstanding Few firms properly Few firms properly information. These invest in the training tasks are much and career growth invest in the better suited to a of their team. training and career global team. growth of their Most accounting We have also seen firms we see team. a shift in how firms globally don’t track success. The old spend enough time way of tracking time isn’t developing and growing their a clear metric for true success. people. There is so much focus on Ensuring your team knows what technology and keeping up with success is on a daily, weekly, client demands that many firms monthly and yearly basis is key. forget about their biggest asset - their people. Our role running Map out a fast track for your local accounting firms isn’t just to make team’s career path with clear our people better technicians, goals and coaching to reach those it’s to make them better people. goals. Career growth comes from Implementing training plans that mentoring – but nothing takes the cover both soft skills and technical place of hands on experience. skills will not only grow your people, but make your people Provide Work-Life Balance better people (who will, in return, better serve your clients). By giving For both on and offshore the process orientated work to a employees, work life balance helps global team, you will allow your onshore team more time to develop to prevent burnout and recognizes the human nature of a people-run their skills, sitting in meetings with business. But how many firms really partners and clients sooner for promote true balance? Would you hands-on experience.

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

ensure your team leave at 5pm each day, or would you consider a 5-hour work day (but pay your team for 8 hours like one of our clients has)?

Building a high performing team doesn’t mean working excessive hours when your capacity and people strategy is properly mapped out.

Outsourcing helps to grow and retain your local team Virtually any role you have locally can be supported with a global team!

It’s a common misconception that outsourcing is replacing jobs that your local team can do. Building a global team not only attracts the best talent from around the globe but helps to retain the strong talent you already have. By having your outsourced roles manage processoriented work in your accounting firm, you’re allowing your local team room for growth by managing the outsourced roles, faster progress in their career, and more proactive work with their local clients.

Outsourcing is more than just sending a quick job overseas - it allows you to access the best talent from all corners of the world.

Putting the focus on your people means making new investments

in the team you have now, and the global team you want to build. Let’s build it together.

FIND OUT MORE...

To find out more, book a free exploratory chat here: > theoutsourcedaccountant.com/xu

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Issue 20 / 83

Xero App Partners of the month June 2019

Xero’s app marketplace has over 700 apps which help small businesses and their advisors reach their goals.

Each month Xero celebrates an app partner who stands out for helping small businesses thrive... account transactions, Purchase Orders, Profit and Loss, Income Statement, Balance Sheet, as well as an ‘Offline Schedule.

F

irst, G-Accon brings a simple elegant solution to the numerous problems of having to connect different sources of financial information faced by many businesses.

July 2019

Find out more at: > accon.services

The integration tool has helped over 4000 customers since launching on Xero’s app marketplace in 2018.

Offering many powerful features to its users today. These include: synchronising Google Sheets with Xero Accounting, Payroll, Assets, and Project data. The tool also has the ability to create alerts and receive notifications if certain criteria are met; get detailed

Secondly, our business is all about customers! We are constantly searching for feedback. We are all about relationship!

Finally, we offer a free live demo session to all our current and prospect customers and 2 weeks free trial.

customers who inspire the team to make AccountKit the best it can be.

A

ccountKit is thrilled to have been named Xero’s App Partner of the Month for July 2019! The nomination follows on from winning Industry-Specific App Partner of the Year at Xerocon 2018.

No matter what industry you’re in, you need your go-to toolkit.

AccountKit provides a suite of tools to power up Xero Practice Manager and automate compliance and admin tasks.

Try Accountkit free at: > account-kit.com 84 / Issue 20

Andrey Kustarnikov, Founder at G-Accon’s, states that making life easier for users through automation was always the main goal of the company. “Many operations these days can be done with a little human intervention. Accounting is one of those fields where you can automate many functions.”

Since taking the honours at Xerocon, AccountKit has seen growth of over 300% – in big part due to the support of fantastic

AccountKit recently revised its pricing in response to feedback from customers who wanted to pick and choose their tools. In short, customers now only pay for the tools they need and can update their toolkit when it suits them.

AccountKit Founder Paul Murray says the new pricing structure, as well as better functionality and performance, are all part of the plan to deliver more genuine value to accounting firms.

“We want to look after our clients.

We listen to them to evolve the product. If I can make their lives and our lives easier, we’re all winning.”

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

August 2019

This recognition was also fueled by a recent award win from AccountingWEB as Cloud App of the Year 2018, and approaching ‘Recommended’ Xero App Status.

W

e are thrilled to have been selected as Xero’s App Partner of the Month for August! This is a testament to the incredibly supportive Xero-Chaser relationship which has gone from strength to strength over the last 5 years.

If you would like to try Chaser, visit: > chaserhq.com

Chaser has also seen tremendous support from Xero users, with 320+ 5 star reviews on the Xero App Marketplace. Xero has also remarked on the continuously outstanding feedback they receive from users about Chaser. Chaser also focuses on collaboration with other apps to better serve Accountants and Bookkeepers with webinars, case studies, blog posts, and events!

And it’s not just the amazing reviews, and awards that have contributed to this honour.

Chaser provides a cloud credit control product which integrates seamlessly with Xero and enables Accountants and Bookkeepers to offer Virtual Credit Control as a service to their clients. This has a huge impact on their cash flow and ability to grow their business. And it removes the uncertainty of whether or not they will be paid for their work.

Chaser typically saves SMEs over 7 hours per week and boosts cash flow by £4,400 for every £100,000 of turnover. For many SMEs, this can be the difference between having to borrow money or not.

18 -19 September 2019

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Issue 20 / 85

New to the Xero ecosystem

Why we launched the first invoice insurance on the Xero app marketplace B2B invoice insurance. Bad debt protection.

Trade Credit Risk prevention. We’ll admit they don’t sound all that sexy. But unpaid invoices are one of the biggest problems facing many businesses.

C

ashflow is king — for all businesses — which is why many companies will often wait until the very end of the payment term to pay you. Sometimes invoices just slip through the net — which is why it (literally) pays to stay on top of what you are owed.

86 / Issue 20

But consider the day comes when a client wouldn’t or couldn’t pay?

Even your most loyal or longstanding clients may one day face financial hardship. Wouldn’t it help if you could ascertain a client’s solvency before offering them credit terms and also be insured in case they end up not paying.

@TradelockCover

Niclas Aunin, Product Owner Tradelock, Euler Hermes UK Niclas Aunin is Digital Product Manager at Euler Hermes UK & Ireland and Product Owner of Tradelock. Combining his background in credit insurance and the development of digital solutions for companies of all sizes, he co-created Tradelock to build a simple, accessible and innovative invoice insurance dedicated to small businesses.

How Tradelock invoice insurance helps?

That’s exactly why we launched Tradelock. We allow you to review your clients’ level of risk and then you can insure your business against the risk of non-payment.

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

New to the Xero ecosystem All you need to do to get started is create an account, connect your Xero account and select the invoices you want to insure.

We offer flexible, pay-as-you-go cover. No need to insure all your receivables as required under traditional credit insurance policies.

Given that premiums can be as low as 0.02% of the invoice value and we indemnify 90% of the invoice value in case of a claim, it’s not the kind of expense you’d be panicstricken by.

We understand being a small business owner is less about taking risks, and more about reducing them. With careful planning and the right financial measures in place, you can afford to grow safely in the knowledge that your business is covered.

But, what makes our data so reliable?

it bases its credit risk analysis.

What’s in it for accountants?

Well, as a Euler Hermes product Tradelock is That’s also why users part of Allianz can tap into Euler — one of the Sometimes invoices Hermes vast credit world’s largest the through risk database, financial services just slip monitoring more companies net — which is why it than 82 million and business (literally) pays to stay companies insurance on top of what you are worldwide, and providers. Euler find out which Hermes itself owed. clients and prospects specializes in trade are stable or more risky credit insurance and has to make well-informed credit a wealth of business data control decisions. and predictive intelligence on which

Besides the obvious, to safeguard your premise against unpaid invoices, we will launch our introducer program soon. Get in touch via our website to learn how your clients can benefit from invoice insurance. Maybe you have a client who struggled with bad debt in the past? Let them know that Tradelock is here to help.

FIND OUT MORE...

Get a free quote at: > tradelock.co.uk/xero-invoice-insurance.html

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Issue 20 / 87

GREAT ACCOUNTING IS MORE THAN JUST NUMBER CRUNCHING That’s why we work with hundreds of accountants and bookkeepers to make business finance quick and easy for their small business clients. A client will never forget the accountant that helped them access funding to invest in growth, take on game-changing projects or develop innovative new products.

FAST, FLEXIBLE FUNDING With our solutions, your clients can get an advance against their outstanding invoices to unlock working capital, boost cash flow and accelerate growth. The best part? They can pick and choose which invoices to finance, flexibly accessing funds as and when they need to.

APPROACHING BUSINESS FINANCE DIFFERENTLY

Hassle-free experience

Fast funding

Help in real-time

Straightforward costs

Easy to use smart online platform

Quick decisions, easy set-up, fast access to funds

From application to on-going account management, our team is here to help

No hidden fees

88 / Issue 20

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“I am always confident to refer clients to MarketInvoice because you know what they are going to get. A quick decision, the right decision and a relationship-driven approach. The process is always handled efficiently and with no surprises at the eleventh hour” BOBBY LANE / PARTNER BLICK ROTHENBERG

£2BN+

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Issue 20 / 89

What is a Digital Assistant?

Problems it solves and how it can help your clients make smarter decisions A digital assistant is an app that connects to Xero and the other apps a business owner uses. The assistant answers questions related to the business owner’s data, performs tasks, notifies the owner when it sees a problem and more… It is the ultimate side-kick when it comes to making good, data-led decisions.

I

get more complex. Small business owners need to be hyper-focused on getting a better handle on what is happening in and out of the business -- making better decisions that keep their customers coming back for the push of more.

f you’re an avid XU reader, you know the importance of getting your clients in the cloud and building a great ‘app stack’.

Cloud apps give business owners the ability to access data “With from anywhere, automate tedious three buttons using processes, and Aider I was able to save time (oh get the information precious time!).

In the industries that Aider, the digital assistant for small in real time.”

Benny Castles business, currently And with nearly serves (Retail and 50% of small Hospitality) a typical businesses not making app stack would include: it past the five-year mark, it’s Accounting (Xero), Point-of-Sale, clear that every decision counts Rostering, Payments, Pay Roll, and the competition continues to

@AskAider

Kari Viccars, Head of Marketing, Aider Kari has led a diverse marketing and communications career, previously working for several multinational companies and running her own consulting business. Kari joined Aider in 2019. From a family of small business owners, Kari knows the challenges SMBs face and is passionate about helping them innovate. She takes a people-focused approach to AI, working closely with early-stage customers, developing brand loyalty through engagement, customer success and education.

Social Media and Google Analytics.

All of these cloud-software programs together hold a lot of data, everything a business owner needs to make daily, data-led decisions that, incrementally, can change the company’s survival trajectory.

So what’s the problem? And how can a Digital Assistant help?

Bringing it all together Problem: All of that business data is in different places. Most apps require a different login and have completely different interfaces.

Most business owners are not app experts.

Solution: Aider connects to those apps and allows users to access them all from one place, on their mobile. If a user needs to dig deeper, they can just press a button and we’ll take them to their app dashboard.

Just Ask

Benny Castles, CoFounder and Creative Director at WORLD

90 / Issue 20

Problem: Finding answers to questions for daily decision making can be challenging. The business owner needs to find the data required, often from multiple XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com

don’t know what to ask.

Solution: We’ve got you! As Aider gets to know a business it will start to notice anomalies in the data.

Maybe there’s a drop in sales of a particular product or an employee who is habitually late. These are little things that can make a big difference over time. Aider sends proactive notifications to keep the business owner in the know.

places and sometimes requiring spreadsheets and calculations. This all takes time.

Solution: Now that all the apps are connected, just ask Aider the question via text, voice-to-text or through a voice assistant like Amazon Alexa. Aider texts you right back with the answer. The business owner instantly has the insights needed to make a data-led decision.

There are several more tasks a Digital Assistant like Aider can help with such as scheduling reminders, giving daily updates, and predicting what the next week will look like, based on past business performance.

In the next issue of XU we’ll discuss how Aider is evolving to help with the specific needs of accounting and bookkeeping advisories.

FIND OUT MORE...

You don’t know what you don’t know

To learn more visit Aider at: > www.aider.ai

Problem: Business owners often

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Issue 20 / 91

Is quality control required for Xero?

How do you measure how well your admin team (or your clients) use Xero?

@watchful_eye_sw

Brett Wilgar, CEO, Watchful Eye Software Brett is the founder and CEO of Watchful Eye. He has a passion for working with data and helping accountants assist their company and clients, and uses this drive to propel the product strategy and direction of Watchful Eye. Brett has a BCom from the University of Otago, is a Chartered Accountant member of CA ANZ, and has over 20+ years’ experience in the IT industry.

In today’s busy world, most accountants and bookkeepers are pressed for time and oversight can fall to the wayside. Watchful Eye offers an invaluable solution, efficiently providing insight into how well your accounting is functioning so you can maximize internal control, quality, and reduce the risk of fraud and error.

T

he Watchful Eye story began a long way from quality control.

Watchful Eye was born out of the founder experiencing employee fraud first-hand while working as a CFO. With 5% of company revenues lost annually to employee fraud globally, fraud is a huge issue.

As such, it’s critical for small-tomedium businesses to understand how they can protect themselves from employee fraud.

The perverseness of employee fraud has necessitated a platform that allows for companies to have visibility of suspicious activity.

A tool was needed to highlight anomalies so that they could be proactively investigated, reducing the risk of employee fraud and the loss of company funds.

Watchful Eye’s initial approach to protecting companies against error and fraud was to take a holistic view of improving the integrity of Xero data while also investigating 92 / Issue 20

suspicious anomalies within the transactional data.

As early adopter companies connected to Watchful Eye’s platform, it became apparent that the actual use of accounting tools was quite poor. This triggered a flip in Watchful Eye’s approach, bringing processing quality to the forefront to help SMEs get the most out of Xero’s functionality (while simultaneously protecting against error and fraud).

payments - Percentage of payments not supplier payments • Percentage of customer credit notes\ deleted invoices • Customer invoices average days to pay Monthly Reports Another time-saving feature of Watchful Eye is the monthly report, a simple and efficient way to keep abreast of what’s happening in Xero each month.

Watchful Eye’s Features Watchful Eye covers the following areas in their rolling 12-month processing quality charts and overall quality score: • Percentage of supplier credit notes\ deleted invoices • Supplier invoices average days to pay • Supplier invoices average days to process • Supplier invoices without attachments • Payment trends - Percentage of supplier payments not generated by batch

The monthly report gives an overview of your Watchful Eye data and is made up of three sections: • Processing quality charts • Monthly anomalies • Data integrity Processing Quality Focus: Watchful Eye gives each company an overall quality score based on how a company measures up in the processing quality menus.

The menus highlight how well the company’s accounting function is working and compares its performance against all Watchful

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

Eye users (the Watchful Eye benchmarks). Accountants can easily scroll through the processing quality charts to view which Xero data needs to be reviewed and forward it to administration staff to have the data corrected or investigated.

Data Integrity: Watchful Eye focuses on three data integrity areas which, once matched, significantly improves the ability to look for relationships across your data to find abnormalities.

Legal Entity Names Watchful Eye uses APIs to connect to the Australian ASIC, NZ Companies Office, and UK Business House to match your suppliers and customers’ names to make sure you’re dealing with the correct, currently registered legal entities.

Once your suppliers and customers are matched by the API, you will receive alerts of any changes occurring in the source registry.

Physical Addresses Watchful Eye recommends that you store physical addresses in

XERO USER TIP: Batch Payments - Watchful Eye cannot encourage you enough to use this great Xero feature!

This is the only way to get information on where money actually gets paid.

Making payments is often the delineation point of the outsourced accounting function. Do not expose your clients to payment-side risk simply because you’re not responsible for this function; educate them to get the most out of Xero and reduce their risk of the money getting paid to fraudsters.

POOR

NT ELLE EXC

Transactional Anomalies: There are 16 transactional menus across suppliers, customers, and employees. The algorithms scan transactions that need assessed & investigated; simply dismiss any that you know are not suspicious.

Xero to make sure the people you are working with are real. The tool uses two Google APIs to match or suggest correct physical addresses.

The New Zealand Companies Office open data approach is awesome! This enables checking of employees’ addresses against your customer, supplier, shareholder, and director addresses, and bring back any close matches so that you can assess whether there are any conflicts of interest to investigate (or worse).

Alerts Not all businesses face the same risks. Watchful Eye allows you to select from 16 alert types to best align to your business risk profile.

Simply select the alert(s) and cycle and watch as they are delivered to your inbox as soon as they occur.

It is recommended to set alerts related to bank account changes to hourly, as this way you can check your internal control prior to approving payments.

Bank Account Changes Advisor Tools The payments integrity menu was built to enable you to check that your internal controls around changing supplier and employee bank accounts is working prior to sending payments to the bank.

Since business email compromise is prolific, we recommend you use the Xero batch payments functionality in conjunction with Watchful Eye. With these internal controls in place, it is very unlikely that you or your clients will ever be exposed to this significant business risk.

Internal Control When requests for bank account changes are made, simply pick up the phone and call the supplier from a phone number listed on a previous invoice and confirm that the bank account change request is valid. If the request is valid, save a PDF version of the request against the contact record in Xero.

Since Watchful Eye is a tool built by accountants for accountants, they are dedicated to helping advisors, accountants, and bookkeepers who look over many Xero companies.

The Watchful Eye’s ‘Advisor Menu’ allows you get an overview of all the clients you have connected to Watchful Eye, from those in the top quartile to those in the bottom quartile. Learn from your high scoring clients and help clients who perform poorly on the overall quality score or in specific transactional processing areas.

Use Watchful Eye to boost engagement with clients by being able to quickly get insight into what’s going on in their Xero company, or use the alerts to checkin with clients as issues arise in real time.

Cont. >

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Issue 20 / 93

Advisors can integrate their branding into the Watchful Eye platform so that when sharing the company via Watchful Eye, clients see your practice branded version of Watchful Eye. Xero Assessment Report Watchful Eye automatically generates a Xero assessmentstyle report once a company has completed the initial connection.

This includes an overall quality score and a summary of results

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94 / Issue 20

across all menus. This is an advisor only feature, branded with your practice and your client’s logo.

will collect and process the data and build new algorithms to expose issues. New processing quality charts will also be added.

Role Based Playbooks Watchful Eye has more features than can be covered in this article, so they have created role-based playbooks to enable users to get the most out of Watchful Eye. To see how you can manage your accounting functions in just 30 minutes per month, download the CFO App Playbook.

Ever-expanding Functionality With a continual view to expanding the Watchful Eye functionality to help accountants help their company or clients. As new APIs get released by Xero, Watchful Eye

The next major feature under development is allowing users to create a “group” of companies, so they are linked in Watchful Eye. The Watchful Eye algorithms will then be able to search across all group data to expose anomalies.

Watchful Eye provides an invaluable level of quality control, indispensable in today’s climate of ever-increasing risks. With its seamless integration, development for accountants by accountants, multiple levels of insight, and custom alerts, Watchful Eye is a modern solution to the age-old problem of error and fraud.

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

Square is

and invoices, point of sale, eCommerce, team management, analytics, hardware, gift cards, Subscribe for FREE: Go to subscriptions.xumagazine.com

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Issue 20 / 95

Why standalone software is holding back your practice

@wolterskluweruk

Gareth Cram, Product & Strategy Director for Tax and Accounting, Wolters Kluwer Gareth is responsible for the strategy and direction of the tax and accounting software suite.

He is an experienced commercial leader with a track record of delivering outstanding results over a 20-year period within international organisations.

It’s a question as old as the industry itself: How can we reduce the amount of dead, non-billable time? Practices have spent considerable time and resources trying to find the answer. In today’s market there are also new questions to consider. How do we create a practice fit for the future? How to remain competitive in a market with new, tech-savvy practices entering the market? How do we keep up with the demands of clients and the speed of data today?

W

olters Kluwer have noticed a trend of practices with standalone software products, moving to an integrated software suite to optimise processes and drive efficiency. The move to digitalisation is firmly in motion and remaining competitive is key.

Moving to a centralised suite of software that drives efficiency and helps to differentiate your practice from the competition will enable you to grow as the market changes.

moving to an integrated suite.

With that in mind, why are so many practices reluctant to make the move and choose to stay with providers they are dissatisfied with? That part of the conundrum is all too easy to understand. The time and resource cost of migrating multiple products to a centralised suite seems an impossible barrier to overcome. When you are working to meet deadlines and the software you have works, with some or a lot of manual intervention from your team, why fix what works now?

Everything about maintaining a client’s data, from onboarding them to changing an email address to sending the correct billing information is laborious if there is more than one system to manually update.

What is often overlooked in this consideration, is the cost of not 96 / Issue 20

Weighing up the cost of staying with the devil you know Every practice partner will task their teams with the objective to find efficiencies and reduce time wastage in the practice. Their goal is to improve the productivity and profitability of the practice and that’s where an integrated suite software comes in, helping the whole team to work more efficiently.

Let’s take a practical example: a change in address. Have you worked out the administrative overheads for that unbillable action?

Start by working out how many databases you have across the practice, say 10 for our example.

Even if it takes a minute per database to change the address, multiply that at least 10 times and you have close to ten minutes work just to make this simple change.

If you have multiple offices, each with their own databases, the more time consuming and expensive the exercise becomes.

Now take the average charge rate of the people making this change and the number of address changes that you make each year to work out how much those changes cost your practice. The changes on their own seem insignificant, but when you start to add up the true cost it can be staggering.

Beyond the cost in resource and time wastage, is the cost to your reputation if there is an error. If multiple teams must manually change the address in multiple databases there are multiple chances for genuine human error.

You can scrutinise every inch of a tax return and record every detail, but if you send that tax return to the wrong email or physical address,

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

clients will start questioning your practice’s competence and attention to detail. There are also the GDPR breach implications.

Reputation damage is poison in an industry built on detail.

Changing an address is just one example of dead time and the damage it causes your efficiency levels. The danger with dead time is that it is small pockets of wasted time and resources cost go unnoticed.

driven, meticulous professionals who scrutinise every number. You therefore need to be able to trust the data you are using without needing to question its accuracy.

Without a centralised data entry point that integrates data across the suite, there isn’t a single source of truth. One staff member might trust your tax software over the

Client’s today expect more from their accountants Clients’ expectations are changing and becoming more challenging. They are looking for greater collaboration and more proactive services that they place higher value on rather than routine compliance tasks. More and more tech-savvy clients are already completing simple tax returns themselves using the software now available, however this does not provide them with the expert advice that comes from an advisor.

Businesses across the board are trying to manage complex growth and regulation challenges and need advice to help them navigate these challenges. Up-to-date information to gain better insight has never been more important for the accountant to remain competitive.

What’s more, the speed and quantity of data as well as the added pressure GDPR compliance has necessitated the need for futureproofed systems that produce accurate data in real time.

The difficult question many practices are also left asking is: When you have to be right, can you definitively say that the data you have in front you is correct?

One source of truth Clients trust their accountants to perform their tax and accounting tasks in a meticulous manner.

Accountants by nature are data

struggle to keep up with growth, create process bottlenecks and productivity issues. Siloed applications leave room for wasted productivity and lack the real-time visibility across all areas which efficient practices need to operate today.

An integrated suite can drive processes like data capture across the solutions automatically, rather than you needing to update spreadsheets or standalone products. You will then be alerted to any abnormalities reducing the risk of these going unnoticed.

Futureproofing your practice with a centralised suite An integrated suite, like CCH Central from Wolters Kluwer, can intelligently share information wherever and whenever it’s needed.

accounts data while another will consider the accounts data the primary source.

Digitalisation has thrown accountants into a period of evolution and it will become about the survival of the fittest. Spending time validating data can cause wasted time and resources at your end and frustration with the client.

There is little room in today’s rapid pace market to be wrong when you must be right.

Digitalisation is here - the time to prepare is now Practices are reviewing mundane and manual processes that have previously been managed using spreadsheets, such as workflow management. Automating these processes with an integrated software suite will eliminate manual processing and enable your practice to manage processes by exception.

Even if you are using sophisticated software to automate processes, disconnected software will

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CCH Central redefines software integration delivering a complete picture of your practice and clients, enabling you to improve the service you provide.

You no longer need to open different applications, extract data, combining it and format it manually to build a snapshot of information which will soon be out of date.

Instead, simply drag and drop whatever you need onto your own home page and watch it update in real-time.

With an integrated suite you will gain: • Better planning, greater foresight Real-time visibility of your data is key to improving the experience for your clients, offering them additional advisory services and making decisions.

• Improved data flow Secure links to online sources to import and access data effortlessly for the people who need it.

• Reduced errors Eliminate wasted effort and eradicate errors with a single, central database where data is Follow us on Twitter: @xumagazine

Issue 20 / 97

only entered and updated once.

• Unlock time and drive efficiency By harnessing the power of automation your team are released from mundane manual tasks, giving them time to deal with any exceptions and provide higher-value services that clients are willing to pay for.

• Greater collaboration Safe and secure messaging allows team members to collect data easily, allowing your team to concentrate on delivering exceptional customer service • Enhanced client service Get a complete picture of your clients and your practice without having to swap between individual

programs. Give your clients a faster, better service based on complete and current data.

The opportunities are limitless with integration Time saved means you can redeploy staff who previously spent time managing different software systems to higher value tasks. The training overheads on an integrated suite is less demanding, with only a single centralised suite to master.

That equates to less dead time learning how to use standalone software and rekeying in data.

The result is more time for teams to proactively enhance your client’s

Find out more...

You can find out more about Wolters Kluwer’s fully integrated suite at > wolterskluwer.co.uk/build-an-integrated-suite

98 / Issue 20

experience and offer value added services like advisory. Advisory services will play a critical part in the evolution of practices as they face the growth challenge head on.

The question you need to ask yourself: Is your practice in the best digital shape to take on the competition?

With that question in mind, here is a challenge to consider. Make the calculation for any task where your standalone software solutions require manual intervention. From client onboarding to changing an address to finding correct email addresses. Work out the cost, the time and resource wastage and the potential reputational damage from errors.

Still think the cost of staying outweighs the gains of moving to an integrated suite?

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

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Issue 20 / 99

Getting back to their roots:

WorkflowMax helps Sticks & Stones do what they love most Are you finding that the day-to-day admin of your business is distracting you from the actual work you love? As co-owners of Sticks & Stones Landscape Design, Julia Levitt and Fiona Ericsson found themselves in this exact same predicament.

R

unning an award-winning landscape studio in Sydney with a team of just four, Sticks & Stones’ star rose fast, but their trajectory was not without a few learning curves. With demand for their services escalating quickly from the start, they soon realised they’d need better systems to avoid burnout and cope with their workload.

As is the experience for many new business owners, no point in time was more difficult than when Sticks & Stones were first finding their feet.

“We had to decide how we were going to use the funds we’d put aside to start up the business,” says Fiona. “Spending on accounting software definitely wasn’t on the list then, so I used to put everything into a spreadsheet.”

The team soon realised that they needed something more sophisticated in terms of features but simple and easy enough to use day-to-day. Enter Xero. Intuitive, 100 / Issue 20

@WorkflowMax

Joe Salvati, Growth Manager - New Products for Xero Australia, WorkflowMax He enjoys working with SaaS companies, loves growing and managing high-performing teams and progressing the careers of great people. Joe is passionate about how he can help small business in Australia have all the benefits of big business through the use of cloud technology like Xero.

transparent and cloud-based meant the search was over, and better yet, they could work easily from anywhere. “It’s been amazing for our business,” says Fiona.

Taking off with Xero

accounts,” says Fiona.

Wanting to only surround themselves with the best, Julia and Fiona discovered Sophie Andrews from Carbon Group through Xero’s advisor directory.

“When I come out for “As our Now with Xero our regular sessions bookkeeper, under their belts, with Sticks & Stones, the Sophie oversees the accounting girls make the comment our day to day side of things and come you accounts. She was humming. ‘whenever more pays the wages, And so was make see us we checks our business overall. money!’”

Clinton Cowin, TradiePad invoicing, receipts It didn’t take and everything (Sydney, Australia) long for the Sticks in between. Sophie & Stones brand to plays a crucial role in become synonymous with our business. She makes sure premium outdoor lifestyle design, everything is above board and especially after a few spreads leaves no stone unturned,” says in House Magazine and some Julia. excellent referrals from awardwinning architects. Unsurprisingly, “We don’t even worry anymore. business boomed and so did their Knowing everything is under control needs. gives us peace of mind AND some valuable time back, to do what we “Our business advisor suggested do best.” that we focus on the things we’re good at and invest in a bookkeeper Things were certainly starting to to manage the day to day

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

look up in the world of Sticks & Stones, with only a couple of pain points left to address. Next on the agenda was tackling project management and quoting, not necessarily an easy feat as Julia confesses.

“We have quite a complicated business structure and that’s reflected in the way that we quote and price, hence we needed an app that met all our needs, including Xero integration.”

So the team set to work searching for market-ready software solutions and signing up for trials when possible, but things weren’t going swimmingly. “We were well ingrained in Xero and it was working well, but in addition to quoting and pricing complexities, we didn’t really know where our money was going, what project it was going to or how much we’d made on each project,” says Fiona.

Struggling to find something suitable, things took a happy turn when Sophie suggested they meet with local cloud integrator Clinton Cowin from TradiePad.

Julia Levitt and Fiona Ericsson, Co-founders, Sticks & Stones Landscape Design

continue to learn from the status quo and drive efficiencies through the business.

“When I come out for our regular sessions with Sticks & Stones, the girls make the comment ‘whenever you come to see us we make more money!’”

– Clinton Cowin, TradiePad (Sydney, Australia)

MAXimising efficiency TradiePad is a technology training company that specialises in helping small businesses in the construction industry learn how to transition their operations to the cloud. Clinton is also a WorkflowMax implementation partner and recommended the software after assessing the team’s needs.

Using an implementation expert can be a priceless step in the process. When you have someone on board who understands both WorkflowMax and Xero, as well as your own unique business needs, the result is that you truly harness the full power of both products working together.

“He sat down with us and spent the time to really understand our business,” says Julia. “Turns out WorkflowMax could be customised into exactly what we needed. We have a complicated setup and what we required was very particular, so Clinton created custom-made templates and it’s saved us so much time!”

The integration with Xero was a deciding factor for Sticks & Stones, and that’s exactly what WorkflowMax is good at. “It’s fantastic!” says Fiona. “Now when plotting things into WorkflowMax, all information flows seamlessly through to Xero, eliminating the need for double handling. Because it’s so easy to use, we can all speak the same language. Everybody’s onboard.

Now they’ve done the setup and training phase it’s all about refining the system and using WorkflowMax to its full potential, through regular monthly catch up sessions to

“We use WorkflowMax for project management and scheduling, quoting and invoicing, as well as running reports,” says Fiona. “Time management is also a big one,

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we can now see how much time is being spent on each project and manage the status of the project as it moves through the design and construction stages.”

“Sometimes we have jobs that can run for up to two to three years,” says Julia. “So to be able to actually see how much money is being spent on the likes of design time versus consultancy management gives us a far better view of our project profitability.”

If you’ve been considering WorkflowMax for your own business, Julia and Fiona have a few words of advice.

“Just do it - it’s been incredible for our business. We don’t have to worry about any frayed edges, everything’s in place. The system’s fantastic, and we can now spend time doing what we love, designing gardens!”

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Issue 20 / 101

Learnings from around the world:

Insights and advice for scaling SMBs In 2018, GoCardless took the number of countries in its global payments network to 30 – and have even more in the pipeline for this year, starting with the US.

A

Moving to the cloud

Rachel Astall, SMB Partnerships, GoCardless Rachel heads up the global SMB Partnerships team at GoCardless.

Since joining at the start of 2017, Rachel has spent time working closely with our accounting software partners to ensure that integrations run smoothly and add real value to our customers.

As GoCardless has expanded these relationships globally, Rachel has been working closely with shared customers around the world, to ensure we continue to improve their customer experience.

Zealanders alike were quick to move to cloud accounting software – as such their adoption rates are some of the highest in the world. In part, I think this because many were already using desktop accounting software so it wasn’t such a big leap – for example from spreadsheets and paper filing.”

Small businesses are increasingly using cloud software to manage their accounts and day to day admin more efficiently. These services range from electronic storage and email services to full cloud accounting software and add-on apps that Bi all automate data entry, In the UK, though A le m ,S xi B o y d , P re s e n t er payments and other adoption rates are strong processes associated with compared to the rest of Europe running a business.

– they still fall behind their peers in Australia and New Zealand, with 40% of firms now using some sort According to research, SMBs in of cloud software.

Australia and New Zealand are ‘global leaders’ when it comes to the adoption of cloud However, with the number of apps technology – with and software available, some half of businesses argue that adoption isn’t always an implementing cloud indicator of how well these tools services on some are being utilised. Host of podcast, level.

Small Biz Matters, Alexi Boyd says: M

z

In this article, we hear from industry leaders Sholto Macpherson, Alexi Boyd and GoCardless’ Carolyn Breeze to understand how SMBs in different markets are tackling their challenges and where they might be able to learn from each other.

at

t er

s

s we expand into these new markets, we have the opportunity to work with small businesses all over the world and get a real understanding of their challenges – not only in terms of getting paid but also how small business owners manage and utilise the influx of new apps and technology and the level of support they receive from legislation and government initiatives.

@GoCardless

Cloud accounting expert, Sholto Macpherson, notes how businesses in New Zealand and Australia were early adopters of cloud accounting: “Australians and New 102 / Issue 20

“While adoption rates are high, particularly for ANZ, when you look more closely, this tends to be in industries where you have to be an early adopter or where legislation makes moving to the cloud unavoidable – for example in accounting and bookkeeping.”

In the UK, for example, Making Tax Digital has encouraged more

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

businesses to embrace cloud technology. Sholto adds:

90 days after the work has been completed.”

and Australia.

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There are many factors that “With MTD, the UK government has In the UK, the government has contribute to a businesses cash a successful campaign promoting recently introduced new legislation flow which is why, in the past, the digitisation of to help “tackle the scourge businesses have struggled to stay tax – and actually of late payments”. in control. Sholto says: getting these This requires big businesses to businesses to “Without the right systems, cash start using cloud report on their flow is a huge challenge and a software to payment practices massive pain to do properly. It’s manage it. While and for companies incredibly time consuming to work this is happening to nominate a non- out when payments are coming in in Australia and executive director and going out and then chase late New Zealand, it to take responsibility payers.”

N U/ Ca A ( rol isn’t getting the same for the supply chain. yn B g er r e e z e, M a n a amount of promotion.”

Cloud accounting software has Though it is still too early to tell helped to automate invoicing and Tackling late payment culture whether or not these measures billing processes and apps exist are enough to see the end of to automate data entry and credit As well as pushing small businesses late payments for good, many control but despite this innovation see this as a positive move in and new technology – one thing has to start their digital journey, support of SMBs and governments have also started to been left behind and that’s their importance to be more vocal in supporting small the way businesses get the economy. Alexi paid. GoCardless’ businesses in the fight against late adds: General Manager payments On average, it takes the for Australia, average SMB 40 days to get paid Carolyn Breeze, for an invoice with 30 day payment “You need says: terms. legislation in place to break that cycle and “The way For Alexi, this is a legacy problem hold businesses people get paid that sees SMBs stuck at the end of a Sh di ol t e accountable. The is fundamental to the payment chain, she says: M oM of acph e rs o n, H e a d Australian government is fixing cash flow. It’s encouraging larger businesses shocking to think that 52% of “Big businesses pay small to be transparent about their businesses still get their invoice businesses last – and it’s a choice, payment terms. But that doesn’t paid through outdated methods like to keep that cash on their balance mean it is actually legislated – I cheques. It leads people to think sheet. Small business get payment would like to see legislation for 30 that getting paid late and poor cash terms thrust upon them, without day maximum payment terms on flow are just part of running a small negotiation, that can be up to invoices.” business when it doesn’t have to be the case.”

The cash flow challenge Taking control of cash flow While late payments remain While late payment culture is a challenge, unlikely to change overnight, there and are steps some universal measures technology that small businesses can put in adoption place to help take control of cash is still part flow and make sure they get paid. of a digital journey Starting with the right payment for so method many SMBs, cash flow Traditional payment methods has remained like standing order, cheque, bank one of the biggest transfer and even card payments challenges faced by leave the business reliant on small business owners. the client to initiate payments.

According to Xero research, However, automated payments just 50% of small businesses like Direct Debit and GoCardless are cash flow positive, in the UK allow you to pull payment from the Subscribe for FREE: Go to subscriptions.xumagazine.com

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Issue 20 / 103

customer when it’s due, putting you back in control. Carolyn Breeze says:

the future.

#ThinkCloud

+27 87 250 2500

WWW.PAYSPACE.COM

“Integrate payments in to a good accounting software and let it “Getting paid shouldn’t be a pain do the work for you. You have for small business owners. everything you Pulling funds from need all in one your clients’ account place, and it It’s shocking to with Direct Debit makes it so think that 52% of creates much much easier to businesses still get more predictable keep all of your cash flow – and communications their invoice paid clients can relax with clients through outdated knowing they consistent – methods like don’t need to leaving no room cheques. manually pay their for confusion about invoice each month.” when you expect to be paid and how you want to receive those payments.” Alexi Having the right payment method says. in place allows you to optimise these processes and ensure that the business avoids cash gaps in Sholto speaks to a lot of small businesses and finds that a major challenge even with apps in place is financial literacy and the accuracy of the data produced – which comes FIND OUT MORE... back to the point of not only using Take control of your cash flow at: technology but knowing how to use > gocardless.com/xero it well. He says: “Business owners [other than

accountants] don’t launch an enterprise for the love of administration and bookwork. So it’s not surprising that one of the most common reasons SMBs fail is because they run out of cash.

They don’t know how to read a P&L, create a budget or forecast cash flow. And these are vital to success.

The key is to find a great accountant who can teach you how to do it yourself – and ideally one who does it for their own firm.”

From Cape Town to Cairo, the PaySpace built-in legislation will automatically ensure that your small or medium sized business remains tax compliant 100% of the time across 40 countries in Africa.

104 / Issue 20

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

Practice management that integrates with you Senta is cloud software that gives you CRM, marketing, workflow, email automation, document management & insights. With total customisation and flexible integrations, Senta will help you manage compliance risk, deliver great customer service every time and increase the value of your practice.

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Senta is cloud-based and available on desktop PCs, laptops, tablets & mobiles.

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To use Senta you just need a browser and an internet connection.

Try Senta now, free for 30 days Totally unlimited use with no obligation. No credit card required.

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Issue 20 / 105

Case Study

ApprovalMax facilitates virtual CFO advisory with bill automation At Oxygen Advisors, we are a team of passionate and highly-skilled virtual CFOs who specialise in lifting the weight of financial worries off business owner shoulders.

From providing accurate, reliable monthly reporting and metric dashboards through to strategic support while raising capital, our tailored approach caters specifically for high-growth companies and ensures you get the service best suited to your business.

V

irtual CFO advisory: how it works

We know that every business is unique, even if it is part of a market among similar businesses.

This is doubly true for highgrowth businesses that focus on using their innovative ideas and business models to seize a market opportunity, sometimes by disrupting existing markets or even creating new ones along the way.

Traditional accounting does little for such businesses. Although it is still important to make sure the numbers add up and all regulations are observed, what business owners really need and expect from their accounting practice partner these days is help to obtain and make proper use of reliable, upto-date financial data as the base for best business decisions – be that seeking additional investment, improving the bottom line, or increasing sales revenue.

Unlike traditional accountants, vCFOs serve a smaller number of clients. However, being a vCFO also means we operate in a much closer relationship with the business. In short, engaging us as a vCFO is a lot less about compliance and a lot more about using accounting to support better business decisions.

106 / Issue 20

A key requirement: actionable data Today, a lot of businesses in the 1 to 20m revenue range simply don’t have the reliable and meaningful data needed to make truly informed decisions. Even companies with a turnover of more than 20m find that the quality, accessibility, and completeness of their critical data isn’t good enough.

Looking to solve this challenge leads more and more businesses to involving vCFOs in their operations, on both the revenue and the spending side.

On the revenue side, it’s vital to get hold of accurate sales invoices for goods and services purchased by clients as well as establishing a reliable sales forecast.

On the spending (cost) side, tracking bills and keeping on top of large planned purchases is vital.

An absolute necessity for addressing these goals are a precise, well-documented data flow and robust business processes.

The high-growth nature of the businesses we work with demands ample flexibility and agility while ensuring clear financial controls as well as transparency and traceability.

@ApprovalMax

Matt Griffin, vCFO, Oxygen Advisors With a background in supporting companies with the implementation of robust accounting systems, Matt Griffin enjoys working at the intersection of accounting and technology.

His career has seen him become an associate member of CPA Australia and receive the Robin Oliver Tax Scholarship, among other achievements. Matt has a wealth of experience across a variety of industries including commercial property development, FSP, FMCG and SaaS.

The software component of vCFO advisory Modern, pre-integrated SaaS products offer business-level configuration and allow on-thefly changes, which is critical for a successful implementation in high-growth organisations.

Pre-integration saves a lot of costs inherent to traditional ERP customisation projects as those not only gobble up hundreds of thousands but also months of deployment time.

Today’s SaaS solutions enable clients to set up their internal data and process flows themselves – with very little time and effort. Plus, being able to make adjustments fast and as needed puts clients in the driver’s seat instead of having to rely on expensive IT experts.

Combining a modern cloud-based accounting platform such as Xero with the financial controls and bill automation software by ApprovalMax, and complementing these two with other data automation apps that are preintegrated with Xero provides a solid base for ensuring financial data is validated, accurate, and up-to-date – a perfect foundation for enabling the successful provisioning of our vCFO advisory services.

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

Case Study

The team at Oxygen Advisors

Expert vCFO advisory: approval automation Clients don’t necessarily have the required knowledge to make good and timely decisions when selecting a suitable software solution. This is where our app advisory service comes in because we do know how to determine the optimal scope and timing.

Recommending the introduction of approval automation, for example, really is down to experience. As we find in most use cases, the best time for implementing an approval system is BEFORE it is considered a necessity.

The reason is simple: when you get to the point where you do need an approval system, the company

culture is often gridlocked. And as moving away from a paper-based system is a tall order, financial service providers like us face a lot of resistance when we suggest it.

So, getting in before it’s high time for an approval system usually does the trick.

The many faces of bill automation: crypto-currency approvals Bill automation has countless use cases, at times even in rather unusual business scenarios. One of our clients, for instance, uses bill automation for fraud prevention purposes in a crypto-currency exchange.

He connected the exchange to Xero and whenever a customer

wants to make a cash withdrawal, a withdrawal request is created in the form of a Bill and run through the respective multi-step and multilevel workflow in ApprovalMax for review and approval.

The amount gets checked, it is also double-checked that there is no change to the bank account details, which is always a risk, and the whole transaction history is reviewed. There you are, that’s all it takes!

FIND OUT MORE...

To find out more visit: > approvalmax.com

The world’s #1 preaccounting platform Loved by 25,000 accountants and bookkeepers worldwide ™

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ReceiptBank.com

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Issue 20 / 107

Making eCommerce work for Xero B2C eCommerce is set to hit a staggering £15,698m this year, yet many accountants are looking the other way thanks to the disaster that is getting sales orders into Xero. But it doesn’t have to be this way. Join Expandly as we discover how...

w

e all love tinkering with figures (that’s why we’re here), but eCommerce clients take that to another level. Importing sales orders into Xero can, quite frankly, be a nightmare. Add multiple sales channels and international orders into the mix, and you’ve got yourself a full-on horror movie. But is there an easier way?

The challenge of eCommerce Amazon, eBay and Shopify have made it incredibly easy for anyone to sell online. Almost too easy. Thousands of budding entrepreneurs are setting up shop, without first considering the tax implications that follow. When they eventually turn up to your door, you’re faced with challenges that include:

Multiple sales channels

Approving orders

And, while there are Xero eCommerce integrations out there - as soon as a client sells using Amazon, Magento and Etsy, suddenly it’s not so easy - requiring a mixture of apps, CSVs and manual entry.

Importing orders into Xero is one thing - making your life on Xero easier is another. Look for a Xero eCommerce app that pre-approves orders into the approved or paid section, so you don’t have to.

The opportunity of eCommerce But, despite these trials and tribulations, you can’t ignore the fact that eCommerce is a hugely profitable business. So what can you do to make eCommerce work for Xero so that eCommerce works for you?

International sales tax With the ability to sell items

Importing orders

Please visit: > expandly.com/accountants

108 / Issue 20

With a background that includes rugby refereeing, CFO-ing for numerous online retailers and an impressive Superdry collection, Gerhard knows a thing or two about winning, accounting and eCommerce - making him the ideal person to talk about making eCommerce clients work for your practice.

• Batch orders to avoid Xero’s soft transaction limit; and • Allocate orders to different accounts depending on the channel and payment method.

A variety of new and improved Xero eCommerce integrations have entered the Xero Marketplace - overcoming these issues and increasing your capacity to take on more clients. But, what should you look for to ensure that you’re not putting your time, money and reputation on the line?

Find out more...

Gerhard Badenhorst ACMA (CGMA), CFO, Expandly

internationally at the click of a button, you’ll likely have to deal with cross-border orders too finding them, assigning them and applying the right tax.

Orders to import With thousands of invoices that are nowhere near Xero, you need to export, format, import, assign and approve, which is time-consuming, error-prone and not always MTD compliant.

@Expandly

Importing sales orders into Xero should be quick and pain-free, which is why your app should: • Automate orders into Xero or a daily, weekly or monthly basis;

Xero’s tracking categories Xero’s tracking categories can be used to filter and bulk-update international taxes. Streamline this process further by using an integration that automatically assigns orders to the relevant subcategory and creates new ones if necessary.

Multiple sales channels An app for each sales channel isn’t necessary. Instead, use a multi-channel app that can handle Amazon, eBay, Etsy, Magento, Shopify and more - creating further opportunities for you and your clients. eCommerce doesn’t have to be difficult - you just need to know how.

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Issue 20 / 109

What makes a good Advisor?

Simon Williams from the innovative accountancy FD Works and Xavier Analytics, talks about his essentials for providing a good advisory service for clients...

T

he term Advisory has been bounced around a lot in the last few years, and at FD Works this has been no different.

We have strived to move into this area and offer advisory services to all of our clients as a new revenue stream, but more importantly so we can have strong long lasting relationships with our clients and watch them succeed.

It is well known that Accountants are the first port of call for many businesses when it comes to seeking professional advice, but what does providing Advisory services even mean, and how can we get to this utopian world where clients value the advice you give them and are willing to pay for that advice?

FD Works started on a journey with Xavier Analytics in 2018, with a mission to give exciting small businesses the insight and advice they needed to succeed. After much deliberation, coffee and tea breaks (with biscuits, naturally) we decided we needed to address the following in order to offer good advisory services:

be able to offer advice if we can’t trust the data?

2. Timely Information As we move into the world of Ubers, Deliveroo & Amazon Prime, every aspect of our life is becoming more timely. Why should financial data be any different? How can we offer truly valuable advice if we are relying on data that is many months old?

3. Proactive Conversations We need to be proactive with our

@xavieranalytics

Simon Williams, Senior Business Partner, FD Works Simon is a Senior Business Partner at FD Works accountancy, where he works with businesses to help understand their numbers, analysing and interpreting their data. He’s also the Chief Product Officer at Xavier Analytics, overseeing the development of new tools to make accountants’ lives easier.

out of them. Particularly if you don’t have control over the bookkeeping responsibilities, you’ll be familiar with combing through Xero on a regular basis to check for all the usual mistakes.

At FD Works, we realised that a lot of the checks that we were doing were repetitive and at a high level.

We therefore designed a number of tools with the Xavier team that could review all the data for you, and show you what was needed to make it clean and accurate.

This included our favourite ‘MultiCoded Contacts’ feature, which tells you where you have coded a transaction with a contact to a different account code or tax rate so you can find things that might have been mis-coded really easily.

timely data by giving advice when it’s needed, so our clients can take meaningful action there and then. With this in mind, we put our heads together with the Xavier team to discuss how we can tackle these issues. First on the list:

With these cleanup checks we solved our first problem; we could now rely on the Xero data (or knew that we could not rely on the data!) to provide accurate advisory services.

Timely Information

Accurate Data 1. Accurate Data How often have you gone into someone’s Xero data to find that you can’t rely on the information in there? How are we meant to 110 / Issue 20

As the old computing phrase goes, “garbage in, garbage out”. We know our accounts need to be accurate before we can get anything useful

The second obstacle to tackle was to ensure any financial information was timely. The fundamentals of this come from the accounting system - connecting up bank

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

feeds to Xero and ensuring sales information gets pulled through regularly. Once we had this set up, we then wanted to be able to see some key metrics: • Revenue • Net Assets • Cash Balance With regular oversight, these three key stats would give us enough information about the business to flag any warning signs (i.e. their cash balance is nearing negative) - or any explosion in growth (their revenue is going through the roof!). This is why we designed the practice dashboard with Xavier.

This pivot table style report in Xavier pulls all this information about business performance into one place and updates it at least once a day. We review this report as a team on a weekly basis to highlight which clients we need to speak to, and the kind of advice we need to give them.

Proactive Conversations So now we have the data we need at our fingertips, we need to ensure we have those proactive conversations. However, we then thought how are we going to start having these conversations? Isn’t it going to be weird the accountant just calling out of the blue?

to have those conversations, and helped us become an advisor in our clients’ eyes.

By working with Xavier and ensuring we were accurate, timely and proactive, we now had a new revenue stream and better client relationships. We were now confident that we could genuinely be a trusted business advisor.

To tackle this we worked with Xavier and their accounting community to develop the ‘Health Check’, which goes through a number of checks in the Xero data with a traffic light alert system. The list acts as a script to talk a client through some of the problems we have with the data, and also highlight any issues they might have with their business performance. We decided we would at a minimum have these conversations quarterly with ALL our clients.

Find out more...

This Health Check gave all members of our team the confidence to speak to our clients. With a regular checkin set up, it didn’t seem as weird to pick up the phone out of the blue

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Find out how Xavier can help supercharge your advisory at: > xavier-analytics.com

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Issue 20 / 111

Apps Compared

Compared:

Data Capture AutoEntry

Ezzy Bills

Hubdoc

Lightyear

Receipt Bank

Bills (suppliers’ invoices)

ü

ü

ü

ü

ü

Supplier statements

ü

ü

-

ü

-

Receipts

ü

ü

ü

ü

ü

Sale invoices

ü

ü

ü

Beta

Beta

Credit Notes

ü

ü

ü

ü

ü

Bank Statements

ü

-

ü

-

ü

Employee expense claim

ü

ü

ü

Beta

ü

Scans (images)

ü

ü

ü

ü

ü

PDFs

ü

ü

ü

ü

ü

Xero tracking (such as region, job and project)

ü

ü

-

ü

ü

Match purchase order in Xero with bills (and mark PO as billed)

ü

ü

ü

ü

-

Line by line GL code, Tracking category automation

ü

ü

-

ü

-

Multiple currency

ü

ü

-

ü

ü

Document storage

ü

ü

ü

ü

ü

Auto duplicate flagging

ü

ü

-

ü

ü

Partner portal for accountants and bookkeepers

ü

ü

ü

ü

ü

Web portal file uploads

ü

ü

ü

ü

ü

Phone app to scan receipts or paper invoices

ü

ü

ü

ü

ü

Automated supplier statement reconciliation

ü

ü

ü

ü

-

Line item extraction

ü

ü

ü

ü

ü

Bank statement extraction

ü

-

ü

-

ü

Document Fetching

ü

-

ü

-

ü

Bank fetching

ü

-

ü

-

ü

Auto-Publishing

ü

ü

ü

ü

ü

Features

Compiled by Matt Flanagan, Director, BlueHub (Web: bluehub.co.uk, Twitter: @Blue_Hub) This information was true and correct at the time of publishing. Releases happen all the time. Please contact the App for the latest release information.

112 / Issue 20

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

Apps Compared

For more information, please visit: AutoEntry - autoentry.com Ezzy Bills - ezzybills.com Hubdoc - hubdoc.com Lightyear - lightyear.cloud Receipt Bank - receipt-bank.com

AutoEntry

Ezzy Bills

Hubdoc

Lightyear

Receipt Bank

Auto apply category/ description/ tax/ project

ü

ü

ü

ü

ü

Auto-publish to General Ledger

ü

ü

ü

ü

ü

Missing Documentation Report

-

-

-

ü

ü

ü

ü

ü

ü

ü

(for expenses)

(multiple approval)

(single approval)

(multiple approval)

(single approval)

iOS

ü

ü

ü

ü

ü

Android

ü

ü

ü

ü

ü

Xero

ü

ü

ü

ü

ü

QuickBooks Online and QuickBooks Desktop

ü

ü

ü

ü

ü

MYOB

ü

ü

-

ü

ü

NetSuite

-

ü

-

ü

-

Reckon

ü

ü

-

-

-

Sage

ü

-

-

ü

ü

Kashflow

-

-

ü

Multiple-level approval

Mobile

Integrations

ü

-

Gusto

-

-

-

-

ü

Workflow Max

-

-

-

-

ü

Dropbox

-

-

ü

-

ü

Paypal

-

-

-

-

ü

ApprovalMax

-

ü

-

-

Phone

ü

ü

ü

ü

ü

Email

ü

ü

ü

ü

ü

Live chat

ü

-

-

ü

ü

Knowledge base

ü

ü

ü

ü

ü

Help Centre

ü

-

ü

ü

ü

Partner Training

ü

ü

ü

ü

ü

Client Onboarding Service

ü

ü

ü

ü

ü

Support

Subscribe for FREE: Go to subscriptions.xumagazine.com

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Issue 20 / 113

Shieldpay: certainty of payment

Putting trust at the heart of fast payments Shieldpay protect both sides of any transaction by verifying the identity of both sides. Funds are held securely in escrow – the Shieldpay vault and are released with fast pay outs to the seller, when both sides agree they’re happy. We’re here to make getting paid more secure, more transparent and more efficient than ever before.

A

question of trust

Both consumers and businesses in the UK are used to the benefits of moving money much more quickly, but fraudsters have cashed in as well. With payments arriving within minutes, money can be in businesses accounts and spent again before a red flag has even been raised.

Just in 2018, due to ‘Authorised Push Payment’ scams alone, £354 million was placed in the hands of fraudsters with only £83 million ever recovered. This type of fraud occurs where unwitting consumers or businesses are duped into transferring money out of their accounts and into the accounts of fraudsters when making a payment.

Just last month Which? reported that typically £674 is lost every minute to this crime, and according to our own research, half of people are put off from completing transactions online, for fear they’ll land straight into a fraudster’s pocket.

114 / Issue 20

Businesses, making bigger, more frequent payments, stand to lose out even more. This is particularly important for firms that provide legal and professional services that have the unenviable responsibility of processing high value payments for clients.

It’s for this reason that we built Shieldpay, to create a platform that could protect both businesses and consumers from preventing any payments to another party who aren’t who they’re claiming to be.

@shield_pay

Tom Clementson, Director of Consumer & SMB, Shieldpay Tom is a founding partner here at Shieldpay – making online payments more streamlined and more secure - for everyone.

As an alum of giants PayPal and eBay, Tom is an expert in all things payments. Tom is particularly well known for scaling businesses, working alongside platforms and marketplaces to create new revenue streams and business opportunities - powered by payments.

verifies the identity of both sides of any transaction. We hold funds securely, until both sides agree they’re happy with the exchange of goods or services. Both buyer and seller are totally in control, with funds released instantly when both parties agree. Our solution is a digital escrow, which means that not only can it make every day fast payments secure enough for modern life, but its enhanced security can make the entire process of business transactions much faster and more efficient than ever before.

Our secure payments solution

In addition to Escrow...

In addition to Escrow, we can do the standard payment piece, too.

Fast, direct payments for when you’re dealing with a trusted partner.

We still verify both parties with our bank grade security checks, but the payment isn’t held in escrow – it’s passed straight

through, like you’d be used to with other payment providers you might have used.

The payee will receive funds within 3 or 4 days of payment, rather than 8 to 10. So, once you’ve dealt with a new partner – if you want to pay Direct, you have that option, too.

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

How does it work with Xero?

Shieldpay for Xero is a dedicated app that connects your Xero account with a Shieldpay account.

Once you have linked your accounts you can use Shieldpay for Xero to set up fast, secure invoice payments.

• Our ‘Pay with Shieldpay’ button will appear on your invoices.

• You’ll be able to instantly accept and verify payments by card, bank app and bank transfer.

• Your customers simply click the button and pay.

• You’ll both be able to see the payment is held securely in escrow – the Shieldpay vault.

• And when you’re both happy with the transaction, the payment is released with realtime payouts powered by Bank Transfer or Visa Direct - a fast, convenient and secure way to withdraw money to the cards you already carry.

With the funds held in Escrow until both sides are happy to release, both buyer and seller can enjoy total peace of mind in knowing they are protected by an independent third party – Shieldpay.

So, whether you’re a tradesperson, contractor, manufacturer or exporter with Shieldpay for Xero you can invoice for any size job over any period of time and have total confidence that you’ll receive payment on time, every time – with fast pay-outs when you’re done.

Total confidence As long as sophisticated fraud prevention and security technology is used, there’s no need for the story to be all doom and gloom.

The other positive, in addition to fraud protection, is the total confidence that comes from speed and certainty of payment. The average small business in the UK is owed nearly £25,000 in late invoices. Tallied up across the year, late payments end up costing small businesses £2bn annually.

those in insecure ‘gig’ work or on low pay can be sure they’ll get paid and get their wages faster. It makes businesses more agile and cuts down on cashflow problems.

Burdensome everyday tasks such as paying rental deposits or hiring

wedding caterers can be half as stressful, if you know your money will be safe until all parties have been verified and released instantly when both sides are happy.

FIND OUT MORE...

Shieldpay partner with global leaders in payments in banking – in 2018 we agreed a global partnership with Visa. Our patented payment process creates a unique environment of trust and security that every other payment system lacks. > shieldpay.com/xero

Fast, secure payments also mean

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Issue 20 / 115

The future is in

your hands EMPOWER YOUR CLIENTS

Clients submit their receipts and invoices more often than any other activity, so give them the best experience.

Easily submit up to 50 receipts at once, as well as double-sided or extra-long invoices.

Add notes, classes and projects all within the Receipt Bank app.

Simple onboarding by SMS gets clients up and running in under 2 minutes.

APP STORE RATING

USER RATING

Learn more atXUreceipt-bank.com/xu20 Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com

116 / Issue 20

“

Receipt Bank is easy for clients to use and corrals their information so it’s in one place when our team is ready to complete the work. It’s allowed us to grow our practice significantly and spend our time on more value added services like advisory knowing that the underlying data is correct.“ ALLISON HAWKINS

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Issue 20 / 117

Automation Threat or Opportunity?

AI, automation, machine learning. Buzzwords constantly referenced in discussions about technological disruption in the world of finance.

Should we be quaking with fear? Worried jobs will disappear, replaced by robots like a scene from a Scifi movie? Perhaps… but only for those not willing to innovate and evolve with technology.

T

echnology is our friend, not foe. It sets us free from mundane, repetitive tasks of manual data entry and double handling. It opens up the opportunity to use our real superpowers and move into the more thought driven, valuable and creative role of Advisory.

Human vs Machines Machines excel at data comparison, number crunching and working to set formulas, but they lack the emotional intelligence and social skills of humans. Only a human can combine the business data with the empathy and communication required to educate and empower our clients. We should be leveraging this information to truly change lives, making business processes easier and more efficient.

As trusted advisors we can start conversations with clients about

Find out more...

Learn more about app advisory and how we can help: > cloudintegration.partners

118 / Issue 20

their aspirations and dreams. Data and technology can then be used to transform their business processes, bringing these dreams to life. A true advisor empowers small business and guides them on the road to financial success and longevity.

Xero’s Trent Innes recently spoke about the critical ‘1 percenters’ and how this leads to customer advocacy, “You can’t leave the 1 percent to the machines to process!”

Power of the ecosystem What’s better than one human in a business? A whole ecosystem! The most powerful thing you can do in your practice is to build a team of trusted specialists around you.

Partnering with industry specialist app integrators can be the most efficient way to leverage the 700+ apps in the Xero Marketplace. You will grow your knowledge base and optimise your client offering simultaneously.

“Think of the relationship between the GP and the specialist, the GP doesn’t try and be an expert of all things, they know to leverage their network of specialists. They identify the issues and symptoms

@ci_partners

Clinton Cowin, Co-Founder, CloudIntegration.Partners CloudIntegration.Partners combines two of Australia’s original cloud-integrators, SMB Consultants and TradiePad under one program. CIP offers advisory education and training for bookkeepers and accountants and collaborates with partners to provide the right apps/add-on solutions for their clients in the retail, wholesale, hospitality, trades and construction verticals.

Clinton is passionate about helping business owners understand how to harness the life-changing power of mobile devices and cloud based software.

of the client then refer them to the appropriate expert. This is a perfect metaphor to explain the synergy between accountants/bookkeepers and app integrators” Jeff Atizado That old saying “The whole is greater than the sum of its parts” really rings true. Utilizing a specialist app integrator allows you to advise with confidence knowing that you have a team of experts behind you, and your client gets the focussed attention they deserve with an overall outcome greater than what we could achieve alone.

Teamwork is the key!

Culture of learning The most important lesson technology teaches us is to stay relevant. We must be willing to constantly evolve, and never stop learning.

It is a fast moving environment we find ourselves in. What we learn today could be obsolete tomorrow.

Being fluid and adaptable will keep us relevant. Try to promote a culture of learning in your practice that continuously strives to educate and re-educate your team by attending industry events and webinars.

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

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Technology for Tomorrow Follow us on Twitter: @xumagazine Issue 20 / 119

Save time!

Meet UpSheets Processing payroll in Xero may be easy, but getting your data in can be a different story.

The process of entering timesheets, leave and payslips quickly becomes time-consuming and prone to potentially costly errors. Upsheets uploads your payroll data from spreadsheets in a few clicks while you do better things...

P

ayroll is one of the most important functions of any business and Xero provides some great functionality to manage the process. However, the biggest problem is often getting your data into Xero in the first place.

Even a small business with a few employees may require a significant amount of time to manually enter and validate payroll data before processing it in Xero. Add in a few different earnings rates and tracking categories and you can quickly have a major job on your

120 / Issue 20

hands. Aside from the time it takes to manually complete this task, there is also the cost of any errors to be considered. Underpay an employee and you will know about it immediately, overpay one and you may never know. You probably have no idea how much your manual payroll processing is really costing your business.

Whether put together manually or extracted from another system, businesses typically end up with some kind of spreadsheet they need to get into Xero. UpSheets

@UpSheets

Ben Macdonald, Founder, UpSheets After a global consulting career in enterprise software, Ben returned downunder to find himself running his own business with Xero. While impressed with the functionality Xero provided, payroll was time-consuming and prone to user errors.

Ben led the development of UpSheets, allowing users to upload timesheets, payslips and leave from spreadsheets directly into Xero. What used to take hours, now takes seconds and errors are a thing of the past.

solves this problem by allowing you to import, validate and then upload this data directly to Xero - saving you time and making costly payroll errors a thing of the past.

How does it work?

The wizard-based interface walks you through the process one step at a time. After validating the file, you can edit the data and make any corrections in UpSheets before uploading it to Xero. You can also approve timesheets and create pay

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

runs with a couple of clicks. The final step is to post the pay run in Xero when you are ready to pay your employees.

UpSheets supports the following transactions: • Timesheets (including Tracking Categories) • Leave Requests • Payslips (Earnings, Allowances, Reimbursements, Deductions, Leave Accruals) Multiple Organisations UpSheets lets you add multiple Xero organisations to your account and easily switch between them in the same session. Xero demo organisations are always free, so you can experiment with them as much as you like without any cost.

with the ability to upload data to Xero, but they can’t actually pay an employee. A common scenario is managers being responsible for uploading data for their employees.

A user with payroll access then checks them before posting the pay run in Xero and paying the employees.

Availability and Cost UpSheets is free to try for 30 days (no credit card required) and there are several pricing plans available tailored to businesses of all sizes.

UpSheets is currently available in Australia with New Zealand and UK integrations currently in development and scheduled for release later in 2019.

Access and Security

FIND OUT MORE...

In order to link UpSheets to Xero, you must have payroll access.

However once linked, you may then delegate organisation access to other users. This provides them

Try UpSheets FREE for 30 days.

Reduce errors. Save time. No more copy & paste. > UpSheets.com/XU20 and receive 25% off your first 3 months!

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Issue 20 / 121

Creating a mentally healthy business As a Beyond Blue speaker and a successful small business owner, I’m often asked how to maintain the mental health of people working in small business. It’s an issue about which I’m passionate - mental health is critically important but over the years I’ve realised it’s the wrong question. The real question is how do you maintain and protect the mental health of your small business?

Y

ou need to use every tool, technique and technology available to look after yourself, your team, your suppliers and your customers.

You have to be “on”, all the time. As a business owner you have no choice but to take total responsibility for every aspect of your business - from sales and marketing through cashflow, financial management, people and operations, to ATO compliance.

That massive burden often breeds a deep loss of control - the very opposite of what you hungered for when you established your own business! Bearing down on you every day, that sense of helplessness makes it so much harder to value yourself and your business.

122 / Issue 20

Experienced founder with a demonstrated history growing small business.

Strong entrepreneurship and professionally skilled in Business Planning, Cloud Technology, Sales, Marketing, and Operations Management. A passion for helping small businesses use technology as a key enabler to increase productivity and decrease costs.

A volunteer speaker for beyondblue, an Australian organisation that works to raise awareness of anxiety and depression, reduce the associated stigma and encourage people to get help.

taking a break from business.

As a business owner you must value and look after yourself first. It’s the only way you can lead from the front.

You should also set boundaries for you and your team. Simple things like only reading and replying to emails at certain times. Try this: no emails to clients before 8.30am and after 5.30pm. Make this clear up front to clients so you set expectations. Include it in your letter of engagement. It’s often difficult at first to discipline oneself, but it’s wonderful when it starts to become business-as-usual. Your customers soon appreciate it as much as you!

Value Yourself

First it’s important to understand the common mental health characteristics particular to small business as opposed to larger corporate organisations.

Tim Hoopmann, Speaker and Trainer

And there’s the rub.

Easy to say. But how do you do it?

Understand why small business mental health is different

@timhoopmann

There are things you can do to regain control.

Take the pressure off by creating clear responsibilities for everyone in your team. This simple measure frees your organisation to be its best. It empowers your people, who will return the favour in spades.

To mix things up a little, take walking meetings with team members, customers and suppliers.

Or maybe meet outdoors, or in a cafe. Mix it up as different locations provide different and calming stimuli. My favourite is to meet in a hotel foyer and relax in the comfort of the lounge.

Regular out-of-office breaks are very important to a mentally healthy business culture. Take off a Friday and escape for a long weekend. I always plan my next holiday before I finish my current one. It gives me a focus for the next time I will be

Finding your happy place is likewise critical. The beach is my happy place. There’s nothing there in the morning. Just me and the ocean. It really sets up my day for success. It gives me energy and starts the day positively.

I also recommend connecting to your community both socially and to benefit others. For me, it’s volunteering and speaking for Beyondblue. Giving back is very good for the soul.

It’s often the very practical things that make a lot of difference too.

Going paperless removes the daily

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Issue 20 / 123

grind of processing hard copy documents, and creates much better customer experiences. You save time and money and it’s great for your mental health. And of course, team collaboration tools create much more enjoyable and transparent internal communication and help eliminate email - removing stress from both individuals and teams.

FIND OUT MORE...

For better mental health in the workplace, please visit: > headsup.org.au

124 / Issue 20

Reach Out! Finally – this is really important – be ready to reach out for help whenever you need it. Recently I gave a presentation at the ABE 2019 Conference about business mental health and I cannot tell you the number of people who approached me afterwards seeking guidance.

I learned that sometimes the problem is an unwillingness to ask for help.

But often, too, the problem is not knowing where to get help. Here are some sources of help I find useful: • Beyondblue Heads Up www. headsup.org.au resources for

small business include actions you can prepare for and plan as a small business owner, including how to look after your staff and prepare your business; • The Everymind Ahead for Business https://everymind.org. au/programs/mental-health-andsmall- business online program is targeted at actions small business owners can do to look after themselves; • Other free services including Beyondblue New Access beyondblue.org.au/get- support/ newaccess (low intensity Cognitive Behavioural Therapy coaching for when people are experiencing early symptoms of stress).

For a long time I did not include business mental health as a key priority in my business. It was to my detriment. Once I recognised the importance and embraced it in my business, I saw many benefits.

It is now part of my everyday.

Take time to do the same in your business and see you’ll see immediate results.

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

BU

ST E

D

WS E N

Because you thought compliance wasn’t sexy.

People don’t just buy your product or service, they buy your brand.

We’re a tech company founded by lawyers and HR experts who’ve had to clean up after brands that got the legal stuff wrong.

We wanted to help business owners and managers get it right and stay compliant.

What did we do? We built a solution that allows any business, of any size, to easily manage all the time intensive HR tasks they don’t like to do.

Because thinking compliance is sexy is why we do what we do.

enablehr.com.au/xero/ It’s HR, Simplified.

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Issue 20 / 125

Case Study

Case Study: Becoming Completely Cloud Based Moving your practice to the cloud can be a time-consuming and stressful process. Thankfully, cloud technology is no longer a complete unknown. We sat down with our customer, Craig Bruce from Resource Accounting Queensland, to talk about his move to the cloud, why he chose SuiteFiles, and what it’s like working in a practice that is cloud-first.

L

ife Before the Cloud

Prior to making the move to SuiteFiles and Xero, we found that we had an increasing number of manual and clunky processes, things didn’t work like they should, and our systems didn’t speak to each other. Our user data and files weren’t sharing and updating correctly. Making the decisions to cloud in late-2012 was a big call and although we had built our trust in Xero and Xero Practice Manager, we still had to look at several apps to integrate and improve our practice.

Moving to Xero solved many of our problems, but we still found that we had a number of manual processes and nothing integrated with Xero Practice Manager the way we wanted it to. We used another document management system for a while, but the XPM integration wasn’t functioning effectively, and our ability to search for documents across our system was virtually impossible.

126 / Issue 20

didn’t finalise our other apps until 2017. All of the ecosystem apps are constantly making improvements, and so when we reassessed many of them in 2017 they had improved significantly and we were ready to make the switch. We sat down and went through our wish list with SuiteFiles and other apps during Xerocon 2017, and there were so many definite benefits for our practice we started to implement.

Why SuiteFiles?

Starting the change

By 2017 our document management issues had really come to a head.

The biggest selling point for SuiteFiles was that it integrates seamlessly with Xero Practice Manager. We now have a single source of truth for client information and documents. We can access all our documents from within Xero Practice Manager and it’s meant that information is far more accessible (as cloud based means it is accessible from anywhere) and easier to maintain versioning and consistency.

As mentioned, our first big step was to move to a cloud-based accounting system. For us, this meant switching to Xero, as it was built to be cloud-based from the start. Once we were comfortable with Xero, we started looking at several apps in the Xero Ecosystem.

We started looking in 2013, but

Templates are also a significant benefit of SuiteFiles. You can template your key documents and then auto populate them using data from Xero Practice Manager.

Being able to template our annual work papers and then create these documents on the fly into client folders has been a huge time saver

@SuiteFiles

Craig Bruce, Director, Resource Accounting - Queensland Craig is a director and co-owner, together with his wife Wendy-J, of RAQ, a Xero accounting practice in Brisbane. They are Xero Certified Advisors who are passionate about the cloud and making business better through collaboration, analysis and sharing.

for us. We also have templates of our folder structures, so that we can keep folder conventions consistent across all of our clients, saving us significant time.

We also use the Drive app to map SuiteFiles into our File Explorer, which made the transition to the cloud even simpler. By being able to save straight to the cloud by dragging and dropping into the file explorer like we’re used to, it makes it easy to slowly get used to the cloud, and helps to ensure no documents are left sitting on a local drive. Everyone in office uses SuiteFiles differently, and it adapts to this so we all benefit from it!

Not once have we regretted the move across to SuiteFiles. We love the support provided by the team and the benefits to our practice have been undeniable. The time saved using SuiteFiles in our practice is 20-25hrs each week.

We’ve utilized our time savings wisely and our bottom line reflects this.

How to choose your ‘app stack’ The app stack will be different for every practice depending on your requirements. For RAQ, it was important to have technology that spoke to each other, so that we were able to maintain consistency and we weren’t adding manual

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

Case Study processes to the business. If your tech doesn’t work together, you end up having to manually link your apps, and that can be timeconsuming.

Do your research; Xerocon is a great place to get to know the apps and to set yourself with the information you need and any demonstrations you’re after. Go in with a plan (we now pick one main app to assess, with the rest being a bonus). Do some research beforehand about the problems you want to solve, and any apps that have been recommended to you or that your Xero Account Manager has suggested. Make a list and check off apps as you go. Make sure you sign up for a demonstration or a trial of the ones you’re keen to implement after having an initial chat.

Also ensure you trial any apps prior to implementing them into your practice, so you’re comfortable with how they work and that they’ll solve the problems you’re experiencing in your practice. We also suggest

revisiting your apps from timeto-time, as mentioned, they’re constantly adding new features, so it’s always a good idea to see what’s new, or if an app you’ve previously ruled out now has a better solution for you!

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FIND OUT MORE...

About SuiteFiles and sign up for a demo at: > suitefiles.com

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Issue 20 / 127

The Age of Restaurant Technology

@SapaadPOS

Stephanie Te is a Product Specialist at Sapaad, a leading cloud-based POS and restaurant management system that empowers restaurateurs worldwide to drive business growth and enhance customer experience with the power of the Cloud.

Consumers are eating out more than ever before but despite the growth in demand, running a restaurant has gotten simpler thanks to the one sector that can keep up with the fast-paced and ever-evolving industry: the world of restaurant technology. Technology has reinvented the restaurant industry and from taking a look at the past, it doesn’t seem like it’ll be stopping anytime soon.

W

e’re more than halfway through the year and we’re about to enter the 2020s.

Decades are usually condensed into a few notable events such as ‘The Roaring Twenties’ of the 1920s or ‘The Disco Era’ of the 1970s. And while the consensus on what the current decade will be known for isn’t out yet, it could very well be ‘The Age of Restaurant Technology’.

While 2010 may not seem like a distant memory, the restaurant and food service industry—and the systems built to facilitate their operations—has greatly evolved since then. Before we look forward to what the new decade will bring us, let’s look back on a few notable developments that redefined the world of restaurant technology.

POS System As one of the biggest investments of any restaurant, the point-of-sale (POS) system has been processing order and sale transactions for decades. In the past, if a restaurant wanted to upgrade from a cash registry to a digital solution, they had to shell out a huge capital for an on-premise model.

The emergence of cloud-based POS 128 / Issue 20

systems soon followed and greatly advanced the restaurant sector.

While cloud-based POS systems have been around since the 2000s, it has only gained popularity recently, with the majority of the top cloud POS companies today starting out within the past decade.

In that short of a timeframe, millions of restaurants worldwide improved their operations by making the shift to cloud technology.

Cloud POS systems, with their affordable subscription-based plans and device-agnostic capabilities, lowered the operational costs for restaurants and made it much more accessible for every outlet to know the profitability of their operations. This not only helped existing restaurants but also gave newcomers a head start in the industry.

Kitchen Display System Restaurant kitchens have been using kitchen display systems (KDS) for years to improve efficiency and speed of service. The pioneer model consisted of a standard screen displaying digital kitchen order tickets that could be bumped off with a numeric keypad. But in recent years, the KDS evolved from

a delightful add-on to an integral part of any modern restaurant.

Modern KDS can now be accessed from a web browser using various devices such as tablets, monitors, and tv screens. Order tickets are split into categories so that each kitchen station only sees the items that it needs to prepare. Additional features, such as themes and adjustable font and ticket sizes, provide users with customizable options that elevate its usability and experience.

A significant inclusion is the introduction of kitchen performance analytics. From a system that streamlined kitchen operations, the KDS transformed into a powerful tool that helps restaurant kitchens identify and address operational bottlenecks by giving them visibility and LIVE insights—including item summary, hourly orders, and station efficiency—on their entire kitchen workflow.

Online Ordering The first online food delivery was fulfilled by a popular pizza chain in the 1990s. But it wasn’t until the 2010s that online ordering exploded in no small part to the arrival of third-party ordering platforms and

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

online ordering channels.

Major key players of the online ordering platforms were founded within the past ten years and have led to a fourfold increase in online searches for ‘online food delivery’ while also resulting in restaurants witnessing a massive increased revenue from online sales since 2010.

Thanks to the numerous food delivery platforms and online revenue channels, a wider range of restaurants are now more accessible to consumers and vice versa. As such, phone orders have taken a backseat to make way for websites and mobile applications.

Cloud Integrations Throughout the decade, restaurant technology evolved to streamline the different areas of operations. Arguably the greatest feat was finding a way to fully integrate the operation.

The modern POS not only offers everything mentioned above but can also integrate with third-party applications offering services outside of its system. One prime example is accounting.

software. The vital—yet manual— process was tedious and could easily be ridden with errors.

Thanks to the rise of cloud-based programs, it became easier to integrate and sync data between two applications. By linking their accounting software to their POS system, the restaurant’s daily sales were automatically synced at the end of the business day, removing the s need for manual intervention while also ruling out human error.

It wasn’t until the 2010 that online ordering exploded.

A decade ago, restaurant owners ended the day by manually inputting their daily sales from their POS systems to their accounting

Presently, Xero cloud accounting software seamlessly integrates with numerous top POS systems, providing restaurant owners with end-to-end solutions that effortlessly keeps up with the needs of their operations. Xero integrations with other cloudbased solutions make restaurant

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management easier and more accessible to a wider audience.

The restaurant industry has reached an unprecedented growth. People are eating or ordering out more than ever before and in spite of— or, perhaps due to the growth in demand, the evolution of restaurant technology allowed businesses to operate and expand with ease.

The restaurant world is a fast-paced industry but if our look into the past has taught us anything, we can be assured that the technology built to keep up with it will more than do its part.

FIND OUT MORE...

To find out more about Sapaad cloud POS & restaurant management system, visit us at: > sapaad.com

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Issue 20 / 129

5 simple steps to administer donations Donations are the life blood of all charitable organisations yet receiving and processing these can be a huge administrative challenge. See how appropriate use of thought-out software can save time, reduce errors and so enable more donations go to the cause they were donated for...

@infoodle

Richard Smith, Founder and CEO, Infoodle Richard is the founder and technical lead for infoodle, a Xero Add-On for the Charity sector.

With experience in NGOs in Europe, Africa and New Zealand, he brings his technical expertise and software skills to this important sector to organisations around the world. He is one of those geeks who can translate tech into English!

F

or any Church or Charity you need to attract income.

This is done in a number of ways, from private philanthropy through to individual small public donations. For any income, the need is to reduce administration, improve visibility and accuracy.

Systems like Xero and infoodle keep the manual handling low and efficiency high. Let’s take a look at how this can best be done.

Step 1: Online forms and payment gateways Good CRMs like infoodle have online forms to make everything a lot easier when it comes to collecting names, address, gift aid approval (if applicable), privacy data (giving permission to contact again) etc. Payment gateway integrations can be built into these forms so you can collect one off or recurring donations. Being able to adding cash or ask the donor to setup their own regular bank transfer should be included in this mix too.

Step 2: Acknowledgement A customised automated acknowledgement by email at donation time is best and is created as part of the form.

Step 3: Accounting You have to account for the funds and of course xero is the way to 130 / Issue 20

go here. Xero will import your transactions from the payment provider to process. But this is one payment - which often has gateway fees deducted already for one or (hopefully) many donors. Just reconcile this for now, even if its a suspense account code waiting for the rest of the picture to form.

Step 5 (UK): Gift Aid processing

Step 4: Add to you Donor management system

Step 5 (Rest of the World): Receipts

Donor management systems like infoodle which integrate with Xero will import the one transaction into its own database. The system already knows about the donor (step 1), the actual amounts donated (step 2) and the fees associated with that transaction, and the transaction (step 3). The complete transaction and split to each donors can now be created then returned as a journal to xero if required.

Receipts need to be sent out based on real, received monies (not assumed income!). Using the donor and transaction data, receipts can be designed and issued by post or email in bulk.

If required, your donor system has the donor, approval, transaction value, date and whether it can be gift aided or not. By the click of a button it can be sent to HMRC. Systems like infoodle make this a breeze.

How’s that for saving massive amounts of time so you can focus on the task of working in the charity (rather than for the charity) to give a bigger contribution to your organisation’s mission and purpose.

FIND OUT MORE...

For best practice in managing your donations with Xero use infoodle integrated app: > infoodle.com

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Issue 20 / 131

Payroll

Practical is Good, but Insightful is Better: How Payroll and HR are Earning Their Spot at the Boardroom Table To those viewing Payroll and HR departments from the outside, one might be forgiven for assuming them to be fairly constant. Traditionally, they are seen as fundamental and mostly administrative functions that work to keep the wheels of a business turning, rather than agile centres of innovation, insight, and business strategy...

B

ut modern Payroll and HR teams; those who are set to outmanoeuvre the competition as the digital age shifts the business landscape for good, know better. They are becoming proactive rather than reactive, using new technologies and software to provide insights that allow their employers to do better business, enhance workplace culture, cut costs, and reduce employee turnover. What if this most fundamental function were to be recognised as the competitive advantage it is, rising to take its rightful place at the C-Suite’s boardroom table?

According to the recent Gartner 2019-2021 Strategic Roadmap for HCM Technology Investments, by 2025, a full 50% of medium and large enterprises worldwide will have invested in a cloud-deployed Human Capital Management suite for administrative HR and talent management. Payroll and HR as departments are becoming more effectively integrated than ever before, transforming from reactive 132 / Issue 20

@PaySpace

Sandra Crous (Swanepoel), Managing Director, PaySpace Prior to joining PaySpace as Managing Director, Sandra Crous’s commercial acumen and industry expertise were critical in leading Sage’s business development across Africa. And with three decades under her belt at the large corporate, Sandra was able to apply her skills and knowledge in many different roles including Vice-President Midmarket, Africa & Middle East.

Sandra’s passion for HR and payroll is clear and her leadership skill set will be immeasurable in growing PaySpace while ensuring that the digital business remains a people-focused business.

to future-forward, and providing valuable business insights to organisations that can radically enhance their competitiveness in the long run.

the beginning.

Insightful Payroll Looks for Opportunities to save money, not just spend it

As in practically all careers, Payroll Employees, it goes without saying, are at the heart of every department and HR functions are increasingly being automated, resulting in in a business, so managing them plenty of better, holding onto them anxiety on for longer, and the part of ensuring they practitioners; are happier, Today, companies are but the can result in hiring young, digitally move toward advantages automation that go far savvy workers who isn’t beyond are comfortable doing necessarily the Payroll things themselves and a threat for and HR professionals departments sharing information in a in the field. themselves. transparent way.

With monotonous Lower payroll tasks automated, running costs mean their time is freeda leaner operation up to focus on employee with better cash-flow. engagement, career-planning, and Elimination of manual data entry other more human-centric functions errors means efficiency through that have proven to reduce costs accuracy. Accurate record-keeping and deliver measurable ROI. and data availability mean more Less time doing admin means effective employee engagement practitioners can spend more and management. And that’s just

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

Payroll time on fostering a great company culture (translating to less spend on hiring), redesigning processes to run more smoothly and efficiently, and spotting patterns that can spark innovative change to the way work is done.

Insightful Payroll keeps up with Modern Employees Today, companies are hiring young, digitally savvy workers who are comfortable doing things themselves and sharing information in a transparent way. They want an integrated, digital experience at work—one designed around teams, productivity, and empowerment— and HR is expected to deliver it.

The old saying that a business’s employees are its most vital asset has been universally accepted through the ages – and it’s even more relevant now. In today’s competitive environment, it’s a jobseeker’s market. With staff turnover, recruitment and training absorbing valuable resources, it’s in every business’s best interest to actively engage and retain good employees in the long run. Modern, digitised Payroll and HR software offers employers every tool they need to ensure long-term satisfaction for their hires, including: • The flexibility to access their own employee information securely from remote locations and on the devices they prefer • Speed and accuracy when

processing requests, reimbursements, leave, bonuses, increases, and more, rather than the days-long delays most have become used to over the years • The feeling that the organisation is invested in each employee’s career path and actively involved in training and upskilling workers, as well as recognising and rewarding outstanding performance

and how they will affect the bottom line.

For example, let’s say your business is planning an expansion. Your Payroll and HR personnel, armed with the right digital tools that provide reliable and verifiable data, will be able to tell you the predicted need for more employees going forward, all from an automated dashboard that brings the relevant information to their fingertips.

Insightful Payroll Uses the Past and Present to Predict Your Company’s Future

Payroll and HR are not simply grudge-necessities for businesses anymore. A business area once perhaps overlooked by digitisation is being thrust into the spotlight every bit as much as Communications, Marketing and Operations Management, as the pure potential of digitisation begins to come into focus. Technology isn’t about to take our jobs away, but those who neglect to take account of just how much it is changing the scale and scope of our work will find themselves left behind anyway.

Businesses have been gathering data of current and potential employees for decades, capturing every detail from performance measurements to academic history – but are they using this massive amount of data to its fullest advantage? There’s no crystal ball to predict the future of an organisation in uncertain markets, but with technology on their side, Payroll and HR professionals are turning to internal data analytics to view patterns and trends, gain insights, and make predictions for the future of the organisation.

These insights can help future-proof an organisation in terms of: • Succession planning and career road-mapping for promising hires • Implementing a culture of learning and skills-improvement • Predicting the changing resourcing needs of the business

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Issue 20 / 133

Xero’s Cloud Connectivity is the Starting Point for Advisory

@mydryrun

Blaine Bertsch, Co-Founder & CEO, Dryrun Blaine Bertsch is Co-Founder and CEO at Dryrun which offers fast, flexible, beautiful and cloudenabled cash flow forecasts for bookkeepers, accountants and CFOs. He’s also the author of Pandemic Cash Flow – the mustread book of 2019 to help your clients’ business avoid a painful death by cash flow and instead, grow their enterprises.

Xero allows financial professionals to leverage tech to increase value to clients in a number of ways - while saving or maximizing time and compliance work are perks of cloud-connectivity, the king of value is advisory work...

C

loud-connectivity in itself is wonderful, but at best the limited time savings are a means to an end. No one is moving to the cloud because they see a markedly better ROI on annual compliance work - it simply isn’t there. We strive for cloud connectivity because we’re trying - individually and collectively - to move toward the ‘ideal’ in client-professional relationships and that’s advisory.

A tight app-stack revolving around Xero frees your time for the work that can really move the needle for your clients - leveraging existing data and human relationships to grow an advisory practice but please note that advisory is hard work. It’s uncomfortable for many practitioners. It’s also advertised a lot but seldom followed through on, and it doesn’t happen overnight, nor mindlessly. Here’s how to grow the advisory side of your practice: While your first inclination to attract ‘easy’ business by offering a service to your existing clients who are really struggling with cash flow, the

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134 / Issue 20

challenge is to narrow the criteria for your first advisory cohort by looking objectively at criteria that defines the ‘ideal’ cash flow client.

Take a fresh look at your client list and select clients based on the following success criteria. These are the clients with whom you’ll have a mutually satisfying and valuable engagement: • Are solidly onboarded to Xero • Gross 1M+ in annual revenue • Would benefit from a weekly touchpoint around cash flow advisory

• Disordered or aging AP/AR • Bank overdrafts and bank fees • Credit card usage • Line of credit usage • Shareholder loans or investments List in hand, call clients to your office for a discussion around these red flags and discuss how cash flow advisory can help. Set a new engagement that covers cash flow advisory for an additional service fee; touchpoints should be brief and weekly.

From there, perform an internal audit to check for the following flags of cash flow challenges and list who’s facing these challenges:

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Issue 20 / 135

Event - Singapore

The technology event of the year for SMEs and accounting firms in Asia The doors to the second Accounting & Finance Show Asia will open at 9am on Tuesday 8th October and registrations have been flooding in, with 4,000+ attendees expected to join the two day technology showcase and expert-led conference...

W

136 / Issue 20

ith digital technology revolutionising accounting and financial management across Singapore and Southeast Asia, cloud adoption and the uptake of software, services and solutions to streamline finance and accounting processes are certainly on the up around the region. The Accounting & Finance Show Asia is the flagship event for accounting firms and small and medium sized businesses across Asia looking for access to world class financial solutions that are low cost, scalable and mobile.

technology solutions. With 150 “how to” presentations delivered by local finance experts and live demos where buyers can fully assess solutions, the show is a must-attend for thousands of accountants, finance directors, CFOs, finance managers, tax professionals, heads of IT, bookkeepers and business owners.

The Accounting and Finance Show brings together the latest technology and solutions, the experts, the SMEs and the accountancy practices, advisors and consultants. Running at Suntec Convention Centre on the 8-9 October 2019, the show will bring together the world’s best accounting and finance

The bustling show floor will feature over 100 companies showcasing products and services designed to help SMEs and accounting firms alike to transform their accounting, financial management and business processes.

Attendees will gather from across the region for two days of discovery and learning: THE EXHIBITION

Xero returns as the Show’s Title Sponsor and will be joined by a

@accandfinshow

Laura Binns, Project Manager, Accounting & Finance Show Asia, Terrapinn Asia Having spent several years working with accountants and finance professionals, Laura joined Terrapinn in February 2018 to launch the Accounting & Finance Show Asia. She has been integral to the production of the Conference Programme, the recruitment of Sponsors & Exhibitors and engagement with Government Agencies across the show, now in its second year.

range of its app partners, who will present fully integrated solutions in the Xero Connected App Partners Pavilion. Deskera, Zoho, Flywire, Kaplan, BPP and Grab for Business are also Sponsors of the Show.

The exhibition will provide attendees with a unique opportunity to discover and review a wide range of accounting software platforms, ERP solutions, document management systems, payments solutions, payroll software, practice management tools, analytics and reporting technologies and much more.

THE CONFERENCE Show visitors will not only have access to the Exhibition, they will also have the chance to build their own conference agenda from seven theatres of educational, practical and expert-led content running throughout the two days:

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Issue 20 / 137

Event - Singapore Keynote Presentations For innovation to happen, people are key: businesses need to foster a culture of innovation and embrace change. Our stellar keynote line-up includes Xero’s Kevin Fitzgerald and Jonathan Winter, blockchain and cloud trendsetter Aynsley Damery, the Radical CPA Jody Padar and award winning accounting technology evangelist Lielette Calleja. Hear their thoughts on the drivers behind real innovation in businesses and accounting practices, and for key practical takeaways on implementing cutting edge technology in your company.

Digital Innovation This theatre will leave attendees inspired by the latest technological solutions in accountancy and finance. Hear how AI, blockchain, cryptocurrency and cyber security are changing the finance function forever.

Theatre Highlights: Opening the conference will be Nam Soon Liew, EY Managing Partner for ASEAN, with his insights into how SMEs can leverage transformative technologies. Later in the agenda, join us to hear Accounting Awards’ “CFO of the Year” winner Sarah Lawrence’s high energy session where she will be speaking on the secrets behind her success.

in apps, but not sure which ones?

XU Magazine’s very own David Hassall will be on hand with expert insights on building the right app stack for your accounting firm.

Joining him will be CFOs and FDs from across Asia with truly practical sessions on how they have – and you can – employ digital technology in a wide range of accounting and finance processes in their own business.

Money In, Money Out

Accounting & Bookkeeping Designed specifically for accountants in business and bookkeepers, the audience will learn how to create efficiencies, eliminate paperwork and reduce double entry.

Theatre Highlights: Want to invest

It’s all about cash. Attendees will hear about the latest techniques for streamlining process around cash flow, cash management and working capital.

Theatre Highlights: If you’re running a business, it’s vital you stay on top of your cash flow:

come to our Money In, Money Out theatre to hear accounting firm owner Mohamed Fazluddin tell you how. Spending all your time on repetitive, manual processes to stay on top of things? Bryan Zhao of Harvest Accounting will teach you how to automate your accounts payable.

Practice Management Designed specifically for the accounting firms, this theatre will provide ideas and inspiration on how you can run your practice more efficiently and win more customers.

Theatre Highlights: Everyone tells CPAs they’re not innovative, but that’s just not true: giving your clients best value requires innovation every day. Thankfully, Jody Padar will be on board to teach you to tap this innovative side of your firm, while AICPA-CIMA’s Venkkat Ramanan will be speaking on why offering business advisory services is the move forward accounting firms need.

Business in the Cloud This theatre will look at taking your entire finance function into the cloud in 2019. Evaluating the latest

138 / Issue 20

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

Leading the modern restaurant revolution Sapaad is a cloud-based point-of-sale (POS) and

restaurant management system, trusted by thousands of restaurants worldwide.

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Issue 20 / 139

Event - Singapore technologies, you will be given a clear road map on how you can create efficiencies, save money and modernise your business.

Tax & Compliance Hear a round-up of all the latest technical updates in taxation and financial reporting and understand how it can all be streamlined through digital technology.

Theatre Highlights: Want to expand overseas but not sure how to navigate tax regulations? Join Regional Tax Manager John Lim to hear his story at DNV GL and find out what you need to know about cross-border taxation.

From traditional bank loans to P2P lending, technology is creating a wealth of new ways and means for SMEs to raise finance. Discover the best options for your business.

reveal the secrets of successfully applying for business loans from your bank while Joey Lee, the Founder of Singapore’s modern poke bowl chain Poke Theory, will share his Beginner’s Guide to starting a bootstrapped business.

Theatre Highlights: Maybank’s Head of SME Banking, Marc Leong, will

GET INVOLVED & SIGN UP...

The Accounting & Finance Show Asia will take place on 8-9th October at Suntec Convention Centre Singapore. The event and its conferences are free and a must-attend for SMEs and accounting firms with operations in Southeast Asia. For technology solution providers and Xero App Partners looking to explore the Asia market, this event offers a fantastic platform to meet with 3,500 finance decision makers from across Southeast Asia.

8-9th October 2019

Theatre Highlights: What does digitalisation really mean in the context of Southeast Asian SMEs? Join Deskera’s Tanvir Walia to find out. Later in the day, Xero’s Kelvin Wee will be speaking on how empowering a mobile workforce can truly give your business a competitive advantage.

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If you haven’t already signed up for your free visitor pass, scan the QR code above or visit: > terrapinn.com/afshowxumag to register your place and start to plan your show.

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140 / Issue 20

Free 14 day trial: www.exsalerate.com

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Issue 20 / 141

Using cloud apps to boost client productivity For accountants and bookkeepers struggling to sell the benefits of their advisory service, productivity can prove a powerful angle. After all, what business owner doesn’t want to improve it.

Here’s John Horton, UK & EMEA Partner Development Lead for Unleashed Software, on how to help your clients increase output while reducing man hours.

T

he golden age when accountants could service their clients sufficiently solely through compliance work has been over for a while now.

Instead, you need to add value.

This truism has been repeated many times: in these pages, at Xero’s events and in a seemingly infinite number of industry reports.

But ‘adding value’ is a hazy term.

Delivering real, measurable improvements to a business — the kind that convinces clients to increase billable hours and dissuades them from going DIY — remains a real challenge.

The ongoing productivity crisis in the UK hasn’t yielded much positivity. Recent figures show that productivity rose just 0.5% in the last 12 months, and there isn’t much sign of anything improving in the near (or even distant) future.

But amid the doom and gloom, accountants and businesses have found innovative solutions to tired old problems. And while the UK’s productivity problems are unique, the answers identified there will benefit any company.

‘Less sweat, not more’ Before we take a look at specific tech solutions, it’s worth recapping 142 / Issue 20

the two ways in which a modern business can improve productivity: 1. Grow revenue without an equivalent rise in resource cost 2. Maintain revenue while reducing resource cost Before the rise of cloud technology, small and medium businesses were mostly limited to choosing one of these approaches. But that’s no longer the case. With online tools, accountants can help businesses improve productivity by simultaneously increasing output and reducing input.

It’s a compelling sales pitch for your app advisory service. You can enable businesses to scale their operations without increasing their workforce, or even while reducing staff costs.

Accountants in the UK need to help clients find these improvements so they can beat the productivity trap.

Anywhere else, it’s the best way to demonstrate how you can add real, measurable value.

Example: Multichannel So how can cloud apps supercharge productivity? There are countless different ways. For instance, an app might eliminate inefficiencies in the manufacturing process, increasing output overnight. Another

@unleashedteam

John Horton, UK & EMEA Partner Development Lead, Unleashed Software He works with accounting practices and implementation partners to migrate more businesses away from their old desktop software and into the cloud.

could remove the need to hire a logistics expert to set up complex operations.

I’m going to detail one example here: using a B2B store as part of a multichannel wholesale strategy.

The merits of online multichannel as a method of growing sales are well known. But all too often, that increase in revenue comes with a corresponding increase in labour as staff have to work overtime to process all the extra orders.

Because using traditional B2B sales methods, processing a single order can be a slog.

Reducing labour with multichannel I talked to one of our customers recently — a distributor of medical garments — who dealt with over 20,000 different product variations, across dozens of different options.

Processing such complex orders over email was a nightmare. 90% would come in wrong, which meant their admin team would have to get in touch with the customer to try and get everything corrected. Often, this process would take several days, lots of calls and even more emails.

Using a B2B store resolved the issue overnight. Instead of filling in order details over email,

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

wholesale customers get a link to a personalised online storefront.

From there, they can pick their attributes by following a simple process, eliminating the errors.

A sale that used to take the team hours to process now takes seconds, maintaining output but with less resource required.

Growing output It was an amazing result, but only provides half of our B2B equation. To truly supercharge productivity, multichannel needs to simultaneously reduce labour and grow sales. Happily, it can do that in lots of different ways.

Without the need for direct human interaction, for example, selling A sale that used to into new markets take the team hours becomes a much to process now takes less daunting proposition. seconds, maintaining

language — unless you bring in new personnel to cover every output but with less country. Using Let’s look at resources required. a B2B store, the another one of company was able our customers — to go global without a UK-based coffee hiring any new staff. roaster — as an example.

New technology enabled them to They implemented a B2B platform process more sales orders than ever because rapid sales order growth before while spending less time on exposed inefficiencies in their sales overall. processes, making it clear that they needed a new system to deal with Choosing apps orders quickly.

But once they resolved that issue, the company realised that they could also now sell overseas in Europe and beyond without language barriers getting in the way.

Processing wholesale orders over the phone doesn’t work when English isn’t your customer’s first

Given the sheer number of apps out there that can help your clients improve productivity, perhaps the biggest challenge your advisory service needs to overcome is picking which ones to partner up with.

Much will depend on your clients: what business they’re in, and what

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specific productivity problems they are facing. It’s worth taking some time to research your customer base. Once that’s done, it’s time to identify which apps can help.

If that all seems daunting, then the app providers themselves will be able to provide support. At Unleashed, for example, we have a range of resources and tools to help you get started, including a stepby-step guide to setting up your practice for app advisory.

Find out more...

See how Unleashed can help with your app advisory at: > unleashedsoftware.com/xu

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Issue 20 / 143

What you do will change the future In this article, Michael is sharing his experiences in building EzzyBills from scratch to be a popular Xero app today. His experiences are relevant to many XU Magazine users as many of us are running businesses. Michael will challenge us to take a step back from our normal work, asking ourselves: am I feeling important, strong and in control?

I

was interviewed at a conference by a friend, Kane Munro, also a client of EzzyBills, director of Accountancy Online and a passionate photographer.

During the interview, I said ‘Whatever you change is going to affect the future!’. It is true in the literal sense. What I meant was, if you use Xero and EzzyBills, whatever you change in Xero is going to affect how EzzyBills process the future bills for you.

Thus bills are processed in the way

that you guide it to be.

Later, I realise that my this quote actually has a meaning far beyond those. It can be applied into the space and time beyond the app, beyond Xero, beyond our daily jobs and routine. Into the ever expanding universe: what you do will change the future!

When running businesses, we focus on providing values. We believe in ourselves and our customers.

@EzzyBills

Michael Fitzmaurice, founder and CEO, EzzyBills Dr Michael Fitzmaurice is the founder and CEO of EzzyBills, a new generation of ‘Smart’ Xero connected apps for invoice data processing. He is passionate about technology and how it can empower businesses. After awarded a doctoral degree in Physics, Michael has worked many years as a software engineer. While doing consulting for businesses, he realised that the best way to help businesses is to provide them with the best technology.

In 2014, my partner and I started EzzyBills, an invoice processing software that is now processing a large number of bills for numerous Xero customers and customers of QuickBooks, MYOB and NetSuite as well.

We are proud of what we do for our customers.

Starting a business has never been easy. The competition was everywhere and will always be so.

There were so many tasks and so many things that have to be done, well and very well done, every day, by a small team.

I talked to my first client, Waver Tree Farm, over ten times before they made the purchase. It was such a thrill to get that. I was grateful.

IT’S ALL ABOUT THE DETAIL...

Our niche is invoice processing with line details (see left).

Our app stands out on this in the crowded Xero addon marketplace. This has been our focus and we will continue to excel in this. If the business of you or your client has a large number of bills, EzzyBills is the perfect Xero App for you.

144 / Issue 20

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

their businesses are and how we Every XeroCon is special to us. can help them. For us, customer The most special one is the first support is not purely business cost; XeroCon that EzzyBills exhibited it is an important channel through in 2015 at Brisbane. We talked to which we develop so many accountants and new ideas on bookkeepers. We were how to make our overwhelmed. In the “Our core value software even days and weeks is to provide the better. after XeroCon, the best service to our trials flooded in. customers through In a world full of From that point, ” competitors and our company went technology. existing super from a concept Dr Michael Fitzmaurice power, we have and some computer believed in ourselves codes to a true and our core value business. system. We believe in our clients - they have been important to us at Throughout the years, we have multiple levels. always tried our hardest to deliver the best service and value to our We feel confident that our service clients. Our clients are important has changed the way our clients to us. They believe in EzzyBills, believing in my team. One customer do bookkeeping. One of our clients told me she was interviewed for a in UK does bookkeeping for her new job. At the interview, she was son - she jumped with joy when told about the job. She then said to discovering our app. I was glad the interview panel: “if I get hired, that we have made her job so much the job will be done differently and easier. better. I will use EzzyBills.” She was offered the job. In some unique I have interacted with many clients way, we has changed her future. directly. They love to talk to me on the phone, telling me what

The toolkit made for accountants and bookkeepers

For hundreds of thousands of Xero users and accounting practices, no matter what you do in your job, believe in yourself! There are many business opportunities every day and every where. All you need to do is to have the pleasure to help others succeed – this is the best value you can offer to your employer or your customers. What you do will change their businesses and their future!

Very relevant to the accounting industry we are all in, when you work on numbers, you are turning them into meaningful jobs/incomes for people and families. This is important. You are changing the future of businesses and people far beyond you would normally comprehend.

Find out more...

For a 30-day free trial, visit: > www.ezzybills.com

• Create beautiful business structure diagrams for your clients • Track client correspondence in one accessible place • Simplify inter-entity loan reconciliations across your Xero clients • Automate fuel tax credit calculations straight out of Xero • Automate reconciliations of equipment finance across your practice + much more

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Issue 20 / 145

Marketing for Accountants - Part 2

Branding, design, and website: The golden trio of marketing

@karenlreyburn

Karen Reyburn, Owner, The Profitable Firm Karen is a creative individual who qualified in accounting and uses these two skills in The Profitable Firm (PF), a creative agency working exclusively for and with accountants. Karen is a writer, a photographer, a sketchnoter, and a voracious reader. She is fueled by copious amounts of black coffee.

PF helps accountants understand and love marketing. To help them begin (or progress on) this journey, they’ve developed a 12 week Accelerator marketing course to help understand why and how great content will attract the type of clients they want. These sketchnotes highlight the next three sections in our series on content marketing...

Y

Sketchnotes created by PF’s Graphic Designer Chryzia Itay.

ou’ve started (or are making great progress on) your content marketing. You’re writing blog posts, working on the messages of your website, maybe even (gasp) recording video now and then.

What can you do to make sure it’s actually seen by the kind of clients you want?

The world is awash with content.

This very article you’re reading may be a haze of words you’re not fully taking in. You (and your buyer’s) full

brain can only take in so much.

Enter the golden trio of Brand, Design, and Website.

These three elements are what you consider classic creative agency stuff. Something you need to hire a marketing agency for, because you’re an accountant, after all.

You’re not a designer, or a brand expert, or a website builder. But even if you do hire an agency to help you with these three (and I strongly recommend you do!), it’s still critical you understand how and why they work.

Brand Your brand is made up of the intangibles, the emotions, how people feel about you.

It’s not your logo, your name, or your values - although those are included. It’s the sum of everything you are, what you stand for, how you work. How you speak to clients.

Who you work with, and who you

146 / Issue 20

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Issue 20 / 147

Marketing for Accountants - Part 2 don’t. How you communicate.

How you build relationship.

Whether you’re tactful or direct.

The emotions people experience in relation to your firm.

Know your brand, because every other element of marketing flows from it.

If you don’t understand and define your brand clearly, your marketing is going to be rather clunky. You’ll feel it’s not quite right. You’ll get stuck, delayed, confused: and so will your audience.

Accountants are always telling me, “Oh, I’m not a designer”. Oddly enough they usually have an opinion if we share a design - they either like it, or don’t like it, or have a few suggestions.

That’s because it’s built into us to know whether something is appealing and tells a visual story; or whether it’s confusing and tells nothing at all.

When you define it, and build every other marketing element on it, everything becomes so much easier. Because your invisible brand and your visible logo combine together into something people can feel, touch, see, interact with.

The biggest changes I’ve seen in accountancy firms are by those who - either for the first time in their business life, or in a new way - finally defined, in visible and invisible form, who they are. Their confidence increases. The quality of their marketing becomes first class (regardless of size). And the opportunities for their firm increase exponentially.

148 / Issue 20

Design

It’s okay if you’re an accountant, not a designer. (It’s also totally okay if you are both!) No matter what you consider your creative skill levels to be, when you’re working from the well-crafted brand we discussed above, all your design will look good to you, and to your buyer.

Good design will help them make their buying decision faster.

My suggestions for accountancy firms who want to ensure they have

good design are: 1. Invest in a good branding process, and have clear brand guidelines developed. Logo, colours, fonts of course - but also target market, niche, style and tone of voice, words you use and don’t use, image styles, graphic styles. A “brand book” is a great investment.

2. Find a marketing agency you trust who can deliver great design based on your brand guidelines, and stick with them. This may cost you more the first time (a good agency is going to invest time to get to know your brand), but the longer the relationship, the more consistent your work will be. Don’t jump from designer to designer in order to save money. Your design will look cobbled together, because it is.

3. Get ‘standards’ designed that you and the team can use - templates based on your brand that you can upload to Canva or some other app to quickly add content from what’s happening in the company

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Marketing for Accountants - Part 2 right now. That way you’re on brand, but it’s still personalised.

Use them for social, emails, web pages, blogs, and other content.

Website Ah, the glorious accountancy firm website. The item on which so many marketing hopes are pinned.

The great rise of enthusiasm and joy when it’s launched...and the subsequent drop to reality when,

months or years later, you realise it needs to be kept updated all the time. That if you simply build it and leave it, they will not come.

Your website needs to share these five things: 1. Who you are: This is your brand, your “what we stand for and why”. It’s the team, your values, everything we talked about in brand. Get this across powerfully and visually throughout the whole site.

2. Who you serve: Whatever your niche is, be specific to it. If it’s an industry, 150 / Issue 20

use their language and terminology. If you are reaching a broader audience, create messaging and content appealing to who you serve. Be way more specific than “businesses who want to grow” or “companies who use Xero”. You want them to think, oh my, that is completely me! How did they know?

3. What their issues and problems are: This is the “They Ask You

Answer” concept by Marcus Sheridan (I highly recommend his book), and it will serve you and your buyer in good stead. Don’t give them a list of services: tell them about the problems and issues they have and then tell them...

4. How you solve those: This is your process, your

Way. How do YOU do things different to the way any other accounting firm does them?

What’s your onboarding process like, your methodology, your pricing? Explain that so they are comfortable with getting in touch, which leads us to….

5. What you want them to do: This is going to vary depending on what page of the site they’re on. Every page needs to have

a very clear, specific step: and ideally you’ll focus on just one.

What do you want them to do next? Then it’s their choice to do it.

Now you’re ready to move on to email marketing, follow up, and blogging: the next three elements of the twelve!

FIND OUT MORE...

To learn more, visit: > theprofitablefirm.com

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

Improve the quality of your accoun�ng func�on in 30 minutes per month using the

CFO Role App Playbook

Watchful Eye Monthly Report • Your monthly report will arrive in your in-box, it will include:

Watchful Eye Processing Quality Score • An overall score ra�ng the quality of your admin team's processing

Watchful Eye Processing Quality Charts • How your admin team’s quality rates for the 7 processing measures against a rolling 12-month trend & across all of our users.

• Highlights processing issues with a click through to the Xero records for review.

Review Transac�onal Anomalies iden�fied in the Watchful Eye menus during the month • Inves�gate anything that looks suspicious & send your admin staff the list of records to correct.

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Download the CFO Role App Playbook here:

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Issue 20 / 151

New Xero Connected Apps

New to the Xero App Marketplace New App shout-out Are you a new Xero-connected App? Let other Xero users know... email alex@ xumagazine.com

Beany beany.com Beany retrieves & visualises financial data so businesses can track performance over time, identify actions to boost sales & cut costs and make a plan to work towards a wealthier future.

Beyond headbeyond.com Beyond is a real-time, collaborative budget management and tracking platform. It lets fast-moving businesses keep close track of their finances, eliminate bureaucratic overheads and retain the agility of a start-up as they scale.

CardUp cardup.co

Please note: this is not an exhaustive list of new Apps in the Xero App Marketplace. You can see all Xeroconnected Apps at www.xero.com/ marketplace

152 / Issue 20

the process of collecting and analysing your employee data and centralising it in one place. It tracks performance metrics that are important to you, on a cycle, allowing leaders to have meaningful conversations with their people that maximise performance.

HelloClub helloclub.com

FoodRazor foodrazor.com

ICRTouch icrtouch.com

FoodRazor helps restaurants to streamline backend operations, by optimising invoice information and gain details insights into their food spending by taking photos of their invoices. Saving owners time, cost and make smarter decisions.

Offers more than Point of Sale.

Manage all areas of your business with our family of software. Easy to use, reliable and fast EPoS solutions individually tailored to the way you work.

Fresh Projects freshprojects.cloud

CardUp is a credit card enablement platform, which enables the payment or collection of big expenses using credit card, in places where cards are not accepted today. This provides an unparalleled opportunity to earn credit card rewards, access interestfree credit and digitise payments making big payments rewarding.

Fresh Projects makes small and medium Architectural and Engineering firms more profitable, but with minimal administrative burden. Fresh projects allows you to easily calculate fees, generate proposals, track timesheets, leave and expenses, bill your clients and monitor payments. All done in seconds from the clean and simple web app.

Clarity clarity-hq.com

Flexcatering flexcatering.com.au/xero

Clarity is the global advisory platform: making business simple.

Using blockchain, AI and machine learning we are; helping small business owners build a better business through our step-by-step guides, understand their numbers and helping them access the cash, funding and investment they need to grow and scale profitably.

Flex Catering is a web-based catering management software. It is all-in-one solution for events and corporate catering.

Everperform everperform.com Everperform puts performance on autopilot for SMEs by simplifying

Growth Street growthstreet.co.uk Providing a revolving credit facility that lets you unlock up to £2m of cash tied up in unpaid invoices, stock and work in progress.

Hello Club is designed for clubs and other member based organisations.

It keeps track of your members and finances; transactions are automatically imported to Xero.

Taxfiler Ltd taxfiler.co.uk Did you know that more than 7,000 practices trust Taxfiler to prepare and file their statutory accounts and tax returns to Companies House and HMRC? Our award-winning cloud suite delivers complete compliance, for any size of practice, that is flexible and affordable: • Accounts preperation • Partnerships, Trusts & estates • Corporation Tax • VAT • Self-assessment • Practice Managment Tax Gnome taxgnome.com Tax Gnome allows businesses to better manage Provisional tax, AIM filings and tax obligations in an easy to set up and use tax management tool.

Tradelock tradelock.co.uk A simple, safe and secure platform to insure your invoices on the

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

Upcoming Events go and safeguard your business against late payment and nonpayment.

Looking for back issues?

Writeupp writeupp.com Time-saving practice management software for healthcare professionals. WriteUpp is a cloud-based, practice management system for health and wellbeing professionals.

VFDPro VFD-Pro.com Effortless reporting, analysis and forecasting, enabling accountants to improve the future financial performance of clients within their portfolio.

Issues

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4th - 5th September 2019 Xerocon Brisbane xero.com/events/xerocon/ brisbane-2019

25th - 26th September 2019 Accounting & Finance Show (HK) terrapinn.com/exhibition/ accounting-finance-show-hk

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Issue 20 / 153

New Releases

Updates and new releases from the Xero App Marketplace New feature shout-out Are you a Xeroconnected App? Got a new feature or update you’d like to share with the Xero User community?

Email alex@ xumagazine.com

Accountancy Manager accountancymanager.co.uk AccountancyManager, is expanding to include integration with Xero.

Picture this. One integration, two new features. With a two-way integration your client data will be simultaneously updated on both systems. Similarly, when you issue an invoice through AccountancyManager, it is also issued on Xero. And visa versa.

AdavanceTrack advancetrack.com AdvanceTrack are delighted to announce their fully managed SMSF solutions to enable Australian firms to scale their SMSF services for clients.

Appogee HR appogeehr.com Appogee HR has released lots of enhancements over the last month. Customers can now define leave types that do not require an approval and requests can be set to have mandatory attachments.

The API has also relaunched with more capabilities and new custom columns have been added to the directory to make it even more useful to employees. The Goals module has also been updated with customer requests and suggestions.

ApprovalMax approvalmax.com Recent product enhancements by ApprovalMax focus on improving the overall product stability and performance. Plus, the Xero synchronisation, including attachment management, has been fine-tuned.

Two refinements for purchase order management: requesters can now provide further information

154 / Issue 20

for approvers by adding notes to newly created requests. And, it is now possible to add default codes, tracking categories, tax and bank data to newly created contacts that will be pushed to Xero.

Arthur arthuronline.co.uk We are constantly improving Arthur’s functionality to make life easier for property managers. Some of our recent updates include: • Xero scheduled sync, which allows Arthur to seamlessly sync with Xero at set times.

• New contractor and owner apps, letting property managers get all their stakeholders on one platform, and giving them more transparency.

• Batch pay rent, permitting the reconciliation of multiple transactions at the same time.

Updated dashboards. chaita.ai chata.ai/forecasting chata.ai introduces AI-driven forecasting to their existing platform chata.ai’s rolling forecasting system automatically learns from new data as it is introduced, understands when a predicted forecast was wrong, learns from this variance, and applies these learnings into future forecasts on a go-forward basis.

Users can expect a zero-effort forecast that improves over time as the underlying fundamentals of the business change.

Compleat compleatsoftware.com The iCompleat app for Android and IoS is almost here. Discover a new way to approve POs and invoices and review two-way matching all while on the go!

Dryun dryrun.com Dryrun is pleased to announce our live currency conversion. The new feature gives users with multiple international ledgers the ability to adjust to a base currency and to forecast from live rates, making it easier than ever to manage business in today’s global economy.

Chat us up for more info. enableHR enableHR.com.au/xero Keep compliance simple, with integrated HR, WHS and Payroll.

Seamlessly onboard employees in enableHR, and have their information automatically shared with Xero making it easy to create payroll records. You’ll save time by only having to enter data once, and you can automate synchronisation, so that changes made in either system are reflected in the other.

EzzyBills ezzybills.com 1.EzzyBills Phone App to scan receipts and paper invoices. It allows login with QR code.

2.New employee expense claim feature.

3.We support Xero businesses that are not GST/VAT registered.

4.New payment gateway that support automatic subscription renewal.

5.New search function that is fast and accurate.

6.New HQ account for our partners to manage multiple groups of clients on EzzyBills.

Float floatapp.com Float recently released a new Insights area with a budget vs actuals report, and a new partner Dashboard, showing clients’ key financial metrics at a glance. Also

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

8 - 9 October 2019, Suntec Convention Centre, Singapore

ASIA'S LARGEST FREE TO ATTEND ACCOUNTING AND FINANCE CONFERENCE & EXHIBITION DIGITAL INNOVATION

ACCCOUNTING & BOOKKEEPING

Be inspired by the latest technological solutions in accountancy and finance.

Hear how AI, blockchain, cryptocurrency and cyber security are changing the finance function forever.

Designed specifically for accountants and bookkeepers in business, you'll learn how you can create efficiencies, eliminate paperwork and reduce double entry.

Sponsored by:

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MONEY IN MONEY OUT It's all about cash. Hear about the latest techniques for streamlining process around cash flow, cash management and working capital.

TAX & COMPLIANCE Hear a round-up of all the latest technical updates in taxation and financial reporting and understand how it can all be streamlined through digital technology.

BUSINESS IN THE CLOUD Take your entire finance function into the cloud in 2019. Evaluate the latest technologies and get a clear road map on how you can create efficiencies, save money and modernise your business.

BUSINESS FINANCING From traditional bank loans to P2P lending, technology is creating a wealth of new ways and means for SMEs to raise finance. Discover the best options for your business.

PRACTICE MANAGEMENT Get ideas and inspiration on how you can run your practice more efficiently and win more clients.

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Issue 20 / 155

New Releases new is their Overview page, giving users a snapshot of the current and short term future health of their business, improved customer onboarding with an automatic forecasting option, and an improved process to add staff members.

Infoodle infoodle.com Infoodle constantly strives to streamline, improve and enhance it’s offering. To this end new and improved email features has just been released.

• CC & BCC is now possible • You can change the From name and address • Attachments can be pulled from the Library • You can schedule an email • Sent emails can be searched Provide click tracking ProfitSee myprofitsee.com/new ProfitSee has many new releases and upcoming features, including a tool designed specifically to assist with Start-Up Companies. From dreaming up the idea in a garage, to pushing the business to market, start-ups are incredibly unique. This new release will help businesses, from day one, with projections, budgeting, capital formation needs, and presenting information to investors.

Sapaad sapaad.com This quarter, Sapaad cloud POS & restaurant management system improved the usability and performance of Sapaad KDS 2.0— our next-generation kitchen display system built to enhance restaurant kitchen operations—and Sapaad.

Online, an integrated solution that allows restaurateurs to create their own online ordering channel and take control of their online revenue.

Senta senta.co/xu We have launched our brand new client portal, helping practices and clients work closer than ever.

Plus we’ve added a new AML 156 / Issue 20

service, giving practices the facility to perform AML checks directly from Senta. We also launched a bunch of new email features, such as mail tracking, better IMAP support and split-pane view. New security features include twofactor authentication, which you can now enable across your Senta workspace.

Shieldpay shieldpay.com/xero With Shieldpay’s verified users, unlimited transaction size and funds held securely in Escrow, you’re in safe hands.

We’ve recently launched Shieldpay Direct – For fast, direct payments for when you’re dealing with a trusted partner.

TradeLock tradelock.co.uk A simple, safe and secure online platform to insure your invoices on demand and safeguard your business against late payment and non-payment. Powered by Allianz Group company Euler Hermes, world’s leading provider of trade credit insurance. Sign-up, request a quote and apply for our selective invoice cover within minutes thanks to our certified Xero connection.

Available in the UK. Unleashed unleashedsoftware.com Unleashed Software has released a number of recent improvements including: • B2B Guest Access Unleashed B2B eCommerce Store users can now grant guest access to their B2B Store without needing login details.

• Set lead time Users can now record lead times for suppliers and products to predict the delivery date of purchases.

• Android Sales app

Upsheets upsheets.com The latest release of Upsheets can save even more time by using business rules to automatically generate timesheet/payslip lines.

If your business has rules where employees get paid different rates based on specific conditions, UpSheets can now process these automatically.

Common examples include: • Different rates when working on weekends and holidays • Overtime when exceeding a certain number of hours in a day or period • Allowances based on days/hours worked.

Watchful Eye watchfuleyesoftware.com Watchful Eye offers an invaluable solution, efficiently providing insight into how well your accounting is functioning so you can maximize internal control and quality and minimize the risk of fraud and error while identifying ways to further improve your company.

Wolter Kluwer wolterskluwer.co.uk Open Integration, via CCH OneClick, enables the efficient transfer of financial data to and from our CCH Central Suite - giving the practice the ability to make a permanent connection between a client’s business in CCH Central. This means that live transactional data can be made available on a 24/7 basis. Open Integration allows for adjustments to be made within CCH Accounts Production and then automatically synchronised back to Xero.

The Android app allows sales teams on the ground to create, save and send sales orders through their Android device.

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

Speaking volumes at Accountex Summit North

By Ian Moss, editor of Accounting Insight News

A

WARD-WINNING BBC broadcaster Joe Lynam will headline an enticing Accountex Summit North conference programme at Manchester Central on September 10.

Joe will deliver his keynote address ‘Are We in a Crisis?’ in the 800seat main auditorium at the second one-day event for accounting and finance professionals.

Accountex Summit North made a successful debut in 2018. This year organisers are expecting 1,300 attendees, 86 exhibitors and packed seminar lineup in three theatres, with subjects ranging from AI and big data to MTD and mental health.

WEALTH OF KNOWLEDGE Joe is a highly experienced journalist who will be sharing his wealth of knowledge on business and the economy in the UK and Europe.

He’ll also focus on the fraught political environment as Britain stumbles towards Brexit.

And he’ll provide an insight to what he has learnt during his time with the BBC, which includes interviewing some of the world’s leading decisionmakers and exposing the wrongdoings of big firms and politicians.

MAKING TAX DIGITAL The long-awaited policy of making tax digital for VAT came into play for businesses with an £85k-plus turnover in April this year. So HMRC will be delivering two seminars updating the profession on MTD from the front line.

Also on the subject of MTD, Andrew Hubbard, editor in chief of Tolley’s ‘Taxation’ magazine, will be sharing his knowledge and insights as we head towards the next phase of digital taxation in 2021.

PANEL SESSIONS Panel sessions are always popular at accounting and finance events. There will be three on the Accountex Summit North programme. The first, on the future of finance for small business, will be hosted by Intuit QuickBooks.

Martin Bissett and Carl Reader will be joined by three guests to discuss how accountants can win more clients.

Accountex Summit North is free to attend for accounting and finance professionals only. Places are limited, and all registrations will be verified and confirmed.

Apply for a delegate ticket (using priority code ASN140) and view the full conference programme online at www.accountex.co.uk/summitnorth Subscribe for FREE: Go to subscriptions.xumagazine.com

Follow us on Twitter: @xumagazine

Issue 20 / 157

App/Service Directory To advertise, please email the team at: advertising@xumagazine.com Curve | @imaginecurve

Banks

imaginecurve.com Datamolino | @datamolino

APtimise | @aptimise

datamolino.com

aptimise.com/xero

Entryless | @Entryless

Revolut | @RevolutApp

entryless.com

revolut.com

EntryRocket | @entryrocket

Slide | @theslideapp

entryrocket.com

theslideapp.com

Expend | @expend

Starling Bank | @StarlingBank

expend.io/xero

starlingbank.com/business-account

ExpenseTron | @expensetronhq

Tide | @TideBanking

expensetron.com

tide.co

Expensify | @expensify

Bills & Expenses

use.expensify.com/xero EzzyBills | @EzzyBills

AutoEntry | @OCRexSoftware

ezzybills.com

autoentry.com

UPDATED WITH

NEW APPS

Receipt Stash | @ReceiptStash receipt-stash.com

Invoice Data Extraction with line items.

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partner WITH OUR EXPERT APP INTEGRATORS

cloudintegration.partners

spendesk.com Synkle| @SynkSimple synkle.com Tallie | @UseTallie tallie.com/xero Tripcatcher | @Tripcatcher

Automated Data Entry for Accountants & Bookkeepers

NOW OVER

Invisible Business Solutions | @invizbiz authorisedcloudintegrator.com.au LimeCloud | @LimeCloudLtd limecloud.tech

tripcatcherapp.com Trippeo | @trippeo trippeo.com/xero webexpenses | @webexpenses webexpenses.com Webrecs | @Webrecs webrecs.com.au/xero Xpenditure | @Xpenditure xpenditure.com/en/xero Zahara | @ZaharaSoftware

Hubdoc | @Hubdoc hubdoc.com Hurdlr | @hurdlr hurdlr.com InvoiceSmash | @invoicesmash

zaharasoftware.com

Cloud Integration/Outsourcing

TOA Global | @TOAGlobal theoutsourcedaccountant.com

Advance Track | @AdvanceTrack advancetrack.com

invoicesmash.com/xero OUTSOURCING TOP GLOBAL TALENT HAS NEVER BEEN MORE ACCESSIBLE

Lightyear | @lightyearco lightyear.cloud MileIQ | @MileIQ mileiq.com Nexonia | @nexonia nexonia.com/xero Pleo| @pleo Basecone | @Basecone get.basecone.com/xero CitrusHR | @citrusHRconsult citrushr.com/xero Compleat | @CompleatP2P compleatsoftware.com

theoutsourcedaccountant.com/xu

www.pleo.io PocketSmith | @PocketSmith

Waypoint | @We_Are_Waypoint

pocketsmith.com Receipt Bank | @ReceiptBank receipt-bank.com

wearewaypoint.com BlueHub | @Blue_Hub bluehub.co.uk

Conversions Click 2 Convert | @C2Convert c2convert.com cloudconvert | @CloudconvertSa cloudconvert.co.za

Order, invoice, approve.

Anytime, anywhere.

Be smart, be Compleat.

ConvertworX | @ConvertworX convertworx.com.au/xero-conversion FITmyBooks fitmybooks.co.za Jet Convert | @JetConvert jetconvert.com.au

www.icompleat.com 158 / Issue 20

Movemybooks | @movemybooks movemybooks.co.uk

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

App Directory MMC Convert | @mmcconvert mmcconvert.com XpressConvert xpressconvert.com.au

CRM 24SevenOffice | @24SOSupport 24sevenoffice.com Accelo | @accelo www.accelo.com AccountancyManager | @accountancymgr accountancymanager.co.uk

Infusionsoft By Zapier | @zapier zapier.com Insightly For Xero | @insightlyapp insightly.com Legrand CRM | @LegrandCRM legrandcrm.com Magnetism | @MagnetismXRM magnetismsolutions.com Mailchimp by OneSaas | @onesaas onesaas.com/integrate Piesync | @PieSync piesync.com/xero ProspectSoft | @ProspectSoft prospectsoft.com PropertySuite | @PropertySuite propertysuite.co.nz QikBizCRM | @QikBizNZ qikbizcrm.com Quick Win Development | @quickwindev quickwindevelopment.com Really Simple Systems | @ReallySimpleSys reallysimplesystems.com SalesSeek | @SalesSeek

Agile CRM | @agilecrm agilecrm.com

salesseek.net Salpo | @salpotech salpo.com

Arlo arlo.co Base CRM | @getbase

Senta | @sentahq senta.co

britebiz.com/xero-crm-integration CallPro CRM | @callprocrm callprocrm.com CapsuleCRM | @CapsuleCRM capsulecrm.com/addons/xero Collabspot | @collabspot

crmonline.com.au CustomerSure | @CustomerSure customersure.com/xero Exsalerate | @exsalerate exsalerate.com/xerointegration Handshake | @handshake handshake.com/integration/xero Infoodle | @infoodle infoodle.com/xero

3bit.com/xero_solutions.aspx Axis Direct | @NZAxisDirect axisdirect.nz BlueHub | @Blue_Hub bluehub.co.uk Custom D | @customdhq customd.com Coherent | @CoherentSoft coherent.net Databuzz | @databuzz databuzz.com.au Defsys | @defsys defsys.com.au Digital Fusion teamdf.com Dynamic Solutions Ltd dynamic-solutions.co.nz/xero EndGame | @GoEndGame end-game.com/xero Infopower customintegration.co.nz Interlockit.com interlockit.com

Try Senta now, free for 30 days

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isos.com macbusiness.co.nz/xero-integration netengine.com.au/xero-integrations Numernet numernet.com nuSoftware | @nu_Software nusoftware.com Open Sauce Systems | @

connectably.com commonsku.com

3Bit Solutions

Macbusiness

Connectably | @connectably

CRM Online

Custom Integration

Practice management that integrates with you

collabspot.com

commonsku | @commonsku

zapier.com/zapbook/xero/zendesk

iSOS | @isos_uk

getbase.com BriteBiz | @britebiz

Zendesk by Zapier

Socket | @socketapp socketapp.com Solve CRM | @solve360 solve360.com SugarCRM | @crmonlineaus crmonline.com.au SyncApps by Cazoomi | @Cazoomi cazoomi.com Syngency | @syngency syngency.com Vision6 | @vision6 vision6.com.au Workato | @Workato workato.com/xero WORK[etc] CRM | @WORKetc_support worketc.com Xact | @Xactsoftware xactsoftware.co.nz Xploite | @xploiteapp xploite.com Zendesk by Cloud Elements | @CloudElements cloud-elements.com

OpenSauceSystem opensauce.systems Red Arc Systems | @SystemsArc redarc.systems/xero Red Jungle Limited | @redjungle redjungle.com Sixtree | @sixtreeau sixtree.com.au Smudge | @smudgeio smudge.io Southgate Labs | @SouthgateLabs southgatelabs.com Trineo | @trineoltd trineo.co.nz Trio Technology | @Trio_Tech triotech.co.nz/xero Web Industries webindustries.co.nz Zynk

Chaser | @chaser_hq chaserhq.com Check Business check-business.co.uk/xero CollBox | @CollBox collbox.co CreditorWatch | @creditorwatch creditorwatch.com.au Debtograph | @Debtograph debtograph.com Debtor Daddy | @debtordaddy debtordaddy.com/xero Debtze| @DebtzeCollect debtze.com/xero Ezi Debt Collection ezidebtcollection.com.au EzyCollect | @ezyCollect ezycollect.com.au Fluidly | @Fluidly fluidly.com/xero Funding Gates | @fundinggates fundinggates.com InvoiceSherpa | @invoicesherpa invoicesherpa.com IODM | @IODM_Software iodm.com.au Late Fee Manager | @LateFeeManager1 latefeemanager.com/xero LedgerLive ledgerlive.com/xero Mentio | @mentiohq mentio.ca/xero SMS My Debtors | @smsmydebtors smsmydebtors.com Vision6 | @vision6 vision6.com.au XO Cashflow | @xocashflow xocashflow.com/Xero-Integration

Documents Basecone | @Basecone get.basecone.com/xero Boxkite | @getboxkite getboxkite.com DiGA - Xero Excel Reporting businessbackbone.co.uk Evernote by Zapier | @zapier zapier.com Formitize | @Formitize formitize.com/en FYI | @fyidocuments fyidocs.com Google apps for work xero.com/uk/google Hubdoc | @Hubdoc hubdoc.com i2B | @i2B_Limited i2b-online.com

zynk.com/solutions/xero-integration/

Debtor Tracking Armatic | @armaticio

Office 365 | @Office365 xero.com/uk/office-365 PandaDoc | @pandadoc pandadoc.com/integrations/xero

partners.armatic.io/xero

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Issue 20 / 159

App Directory Intellibook | @intellibookapp

Proposify| @Proposify

intellibook.co/features/Xero

proposify.com

Loaded Commerce by Carry The One

Qwilr | @Qwilr

carrytheone.co.uk

qwilr.com

Magento by OneSaas | @onesaas

Synkle | @SynkSimple

onesaas.com

synkle.com

Magento by Unleashed | @unleashedteam

Webrecs | @Webrecs webrecs.com.au/xero

unleashedsoftware.com Magento by Zapier | @zapier

eCommerce

zapier.com Magento Integration (Fooman) | @foomanNZ

A2X Accounting | @a2xaccounting a2xaccounting.com/xero

xero.fooman.co.nz

Airsquare | @airsquare

MINDBODY | @mindbodyonline

airsquare.com

partner.mindbodyonline.com

Amazon.com by Stitch Labs | @StitchLabs stitchlabs.com

neto.com.au

Bigcommerce by Carry The One

OneSaas for Opencart | @onesaas

carrytheone.co.uk

onesaas.com

Bigcommerce by OneSaas | @onesaas

OneSaas for WooCommerce | @onesaas

onesaas.com

onesaas.com

Bigcommerce by Stitch Labs | @StitchLabs stitchlabs.com Carry The One carrytheone.co.uk Checkfront | @Checkfront checkfront.com Connex jmawebtechnologies.com CS Cart by 4Sprung | @cscart marketplace.cs-cart.com Dear Systems dearsystems.com Dremus | @dremus dremus.com eBay by OneSaas | @onesaas onesaas.com eBay by Stitch Labs | @StitchLabs stitchlabs.com eCC Cloud | @webgility webgility.com ecwid | @ecwid ecwid.com/xero ecwid by Stitch Labs | @StitchLabs stitchlabs.com Expandly | @expandly expandly.com

Neto | @netoecommerce

Opencart by Carry The One carrytheone.co.uk/xero Order Space | @orderspace orderspace.com/integrations/xero osCommerce by Carry The One carrytheone.co.uk/xero PayPal by Zapier | @zapier zapier.com Pepperi pepperi.com PrestaShop by Carry The One carrytheone.co.uk Rocketspark | @Rocketspark rocketspark.com/nz/xero/ Sendle | @sendle sendle.com Shopify | @Shopify shopify.com Shopify by Carry The One carrytheone.co.uk Shopify byonesaas | @onesaas onesaas.com Shopify by Pipemonk | @pipe_monk pipemonk.com Shopify By Stitch Labs | @StitchLabs stitchlabs.com Shopify By Tradevine | @TradevineTeam tradevine.com

Tradevine | @TradevineTeam tradevine.com Veeqo | @Veeqo veeqo.com/integrations/xero Vextras - Kiwi | @vextras vextras.com

OFX xero.com/uk/financial-services/ofx SmartBiz Loans | @SmartBizLoans smartbizloans.com TradeLock | @TradelockCover tradelock.co.uk

Volusion by Vextras | @vextras vextras.com Web Widgets websitebuilder.nz Website Builder websitebuilder.nz WooCommerce onesaas.com Zapier | @zapier zapier.com/apps/xero Zen Cart by Carry The One carrytheone.co.uk

Financial Services Beyond Merchant Capital | @beyond_cap beyondmerchantcapital.com.au Credi | @CrediPlatform credi.com Equifax | @equifax equifax.com Everline | @everline everline.com Financiery | @financiery financiery.com Fundbox | @fundbox fundbox.com Fundera | @fundera fundera.com Funding Options | @FundingOptions fundingoptions.com FundTap

Validus validus.sg Waddle | @getwaddle waddle.com.au

Inventory Apparelmagic | @ApparelMagic apparelmagic.com CIN7 | @Cin7online cin7.com Current RMS | @currentrms current-rms.com DataQlick | @DataQlick dashboardstream.com DEAR Inventory | @DearInventory dearsystems.com Evopos | @evoposdms evopos.com Expandly | @expandly expandly.com

fundtap.co.nz/xero GetCapital | @Get_Capital getcapital.com.au iwoca | @iwoca iwoca.co.uk/xero Kabbage | @KabbageInc kabbage.com liberis | @LiberisUK liberis.co.uk MarketInvoice | @MarketInvoice marketinvoice.com

Squarespace | @squarespace

Farmflo | @farmflo farmflo.com Fishbowl | @fishbowl fishbowlinventory.com Hike | @hikepos hikeup.com/xero-pos-integration Manu Online Ltd | @ManuOnlineLtd manuonline.com/xero MRPEasy | @mrpeasy mrpeasy.com OrderHarmony | @orderharmony orderharmony.com

squarespace.com

simPRO | @simprosoftware

Stitch Labs | @StitchLabs

simprogroup.com

stitchlabs.com Stock&Buy | @StockAndBuy Making eCommerce work for Xero www.expandly.com/accountants

ezimerchant | @ezimerchant ezimerchant.com EZ Rent out | @EZRentOut ezrentout.com/xero Handshake | @handshake handshake.com/integration/xero

160 / Issue 20

stockandbuy.com Storbie | @storbiecommerce storbie.com Synergy 8 | @SynergyEight synergy8.com

BUSINESS FINANCE MADE EASY marketinvoice.com

TaxJar | @TaxJar taxjar.com TradeGecko | @tradegecko tradegecko.com

MoolahSense | @MoolahSense moolahsense.com Moula | @MoulaMoney moula.com.au

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

App Directory Stock and Buy | @StockAndBuy stockandbuy.com TidyBuild | @TidyInt tidyinternational.com TidyStock | @TidyInt tidyinternational.com

Autotask by My Accounting Toolbox myaccountingtoolbox.com aXcelerate | @aXcelerate axcelerate.com B2BGateway | @B2BGateway b2bgateway.net BookingBug | @bookingbug bookingbug.com/xero briefcase getbriefcase.net BriteBiz | @britebiz britebiz.com/xero-crm-integration

STOCK MANAGEMENT tidystock com

BuilderTREND | @BuilderTREND buildertrend.com/xero BuildXact buildxact.com.au CarVue | @CarVue

TradeGecko | @tradegecko tradegecko.com Unleashed Software | @unleashedteam unleashedsoftware.com

carvue.com/xero Chargebee | @chargebee chargebee.com/integrations/xero CheckVault | @CheckVault checkvault.com.au Cliniko | @Cliniko cliniko.com/xero Clio | @goclio landing.clio.com/xero

INVENTORY MANAGEMENT Become a Partner

unleashedsoftware.com/xu

veeqo.com Vend xero.com/uk/marketplace/app/vend Viberent | @viberenthq viberenthq.com

actionstep.com/xero Active Collab By Trio | @Trio_Tech triotech.co.nz

commonsku | @commonsku commonsku.com Commusoft | @Commusoft ConnectWise by Wise-Sync | @wisesync wise-sync.com Copper | @copperproject copperproject.com Corecon corecon.com

AffinityLive | @affinitylive affinitylive.com Apparelmagic | @ApparelMagic apparelmagic.com ApprovalMax | @ApprovalMax approvalmax.com/xero AppsForOps | @AppsForOps appsforops.com AroFlo | @aro_flo aroflo.com Ascora | @ascoraapp ascora.com.au

fieldaware.com Fleetmatics WORK | @fleetmatics fleetmatics.com.au

SOFTWARE www.corecon.com coreplus.com.au CurrentRMS | @currentrms current-rms.com Cushion | @cushionapp cushionapp.com Dentally | @DentallyApp dentally.co/integrations/xero DonkeyBean donkeybean.com EMAC | @EMACsoftware emac.com.au ePrint MIS | @eprintmis

prenohq.com/xero ProWorkflow | @ProWorkflow proworkflow.com Quotient | @QuotientApp quotientapp.com/integrations/xero

formitize.com FreshBooks | @freshbooks onesaas.com/integrate/xero Friendly manager friendlymanager.com GeoOp | @GeoOp geoop.com GoProposal | @GoProposal goproposal.com Harvest | @harvest getharvest.com Houston Medical houstonmedical.net

iCOS LIVE | @iCOSLIVE icoslive.com InvoiceTracker by eBillity | @eBillity invoicetracker.com iTrade

Qwilr | @Qwilr qwilr.com RepairShopr | @RepairShopr repairshopr.com/xero-integration Roll | @rollhq rollhq.com/xero Salesin | @SalesInApp salesin.com/integration/xero Senddr | @senddirect senddr.com ServiceM8 | @ServiceM8 servicem8.com

itrade.net JobAdder | @jobadder jobadder.com JobPro Central | @JobProCentral jobprocentral.com

jobsheetapp.com/xero Kickserv | @kickserv kickserv.com/xero LEAP | @LEAP4LawFirms leap.co.uk Loc8 | @Loc8com loc8.com MechanicDesk | @mechanicdesk

coreplus | @Intracore

payrightaway.com.au Preno | @prenohq

foodstorm.com

Jobsheet | @jobsheet

CONSTRUCTION

time.patchability.com pay RIGHT AWAY | @PayRIGHTAWAY

Formitize | @Formitize

jobready.com.au

CLOUD-BASED

Patchability

Foodstorm | @FoodStorm

JobReady | @JobReadyNSW

Acuity Scheduling | @AcuitySchedulin acuityscheduling.com

fergusapp.com Field Aware | @fieldaware

i2b-online.com

Invoicing & Jobs

ActionStep | @Actionstep

experieco.com Fergus | @FergusApp

i2B | @i2B_Limited

vinsight.net

www.accelo.com

Experieco

global.co-construct.com

Vinsight | @VinsightSW

Accelo | @accelo

etzpayments.com

Co-construct | @coconstruct

commusoft.co.uk Veeqo | @Veeqo

etz Technologies | @etzTechnologies

mechanicdesk.com.au/addon-xero MinuteDock | @minutedock

Simple Salon | @SimpleSalon simplesalon.com/xero simPRO | @simprosoftware simprogroup.com Smart Reports | @smartreports smartreports.com.au SmartTrade | @SmartTradeSW smarttrade.biz Synchroteam | @synchroteam synchroteam.com Synergist | @Synerg1st synergist.co.uk Syngency | @syngency syngency.com The Service Manager | @theservicemgr theservicemanager.com TidyBuild | @TidyInt tidyinternational.com

minutedock.com MyConstruct | @myconstructapp myconstruct.com MyTrucking | @MyTrucking mytrucking.com/integrations/xero NextMinute | @NextMinuteApp nextminute.com Okappy | @ok_appy okappy.com

CONSTRUCTION MANAGEMENT

Order Space | @orderspace orderspace.com/integrations/xero

tidybuild com

eprintmis.com

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Issue 20 / 161

App Directory TidyEnterprise | @TidyInt

Tidy Enterprise | @TidyInt

tidyenterprise.com

Chata.ai | @thechataHQ

PennyPipe | @PennyPipe pennypipe.com/info/xero

chata.ai

tidyenterprise.com

pensionsync | @pensionsync

TidyWork | @TidyInt

pensionsync.com

tidywork.com

Podio by Phases

Time Tracker by eBillity | @eBillity ebillity.com Total Synergy | @totalsynergy

AI-Driven analytics and reporting

PROJECT & INVENTORY MANAGEMENT

totalsynergy.com Tradify | @tradifyhq tradifyhq.com

podio.com Podio by Zapier | @zapier zapier.com Progressclaim.com | @progressclaim progressclaim.com

Get started free www.chata.ai

tidyenterprise com

PropertyTree | @PropertyTree propertytree.com RDvault | @rdvault

GIVING TRADESPEOPLE THEIR NIGHTS BACK.

Cloudbusiness | @CloudBusinessLt

Other

cloudbusinessllc.com

A2X Accounting | @a2xaccounting a2xaccounting.com/xero

Free trial @tradifyhq.com

Acuity Scheduling | @AcuitySchedulin acuityscheduling.com

See promo code in this issue

Ag Profit | @AgProfitAus

ClubHub | @ClubHubSSL clubhub.co.nz Controlc CoverKit by NZI

aider | @AskAider aider.ai/partners/xero

deltek.com

vesvault.com/partner/xero

control-c.com/landing-xero

agprofit.com.au Traffic Live

CloudDash

nzi.co.nz Cradle | @letscradlenz

TriggerApp | @triggerapp

cradle.io/integration/xero

triggerapp.com/xero Trio Technology | @Trio_Tech triotech.co.nz/xero Tsheets | @tsheets

Help your clients make smarter business decisions with real-time data.

tsheets.com/xero Union Square | @unionsquareltd deltek.com Vinsight | @VinsightSW

The digital assistant for small business

vinsight.net vinx2.com

Arlo

vWork | @vWorkApp

arlo.co

vworkapp.com

Arthur Online | @ArthurProperty

WHMCS for Xero | @edgehosting

arthuronline.co.uk

Customer Lobby | @CustomerLobby customerlobby.com EntryRocket | @entryrocket entryrocket.com Expense Check | @expensecheck expensecheck.com.au ezyvet.com/xero-accounting/ Farmflo | @farmflo farmflo.com Flowrev | @flowrev

Google Calender By Zapier | @zapier

WorkflowMax | @WorkflowMax

zapier.com

workflowmax.com

Imporex imporex.com.au

It’s a match made in heaven.

InView inviewapp.com JobReady | @JobReadyNSW jobready.com.au Avalara | @avalara trustfile.avalara.com

Start your FREE trial: workflowmax.com/xero

Backupmybooks | @backupmybooks backupmybooks.com BizEquity | @BizEquity

Workshop Software | @workshoponline workshopsoftware.com.au XEDI | @xediLtd xedi.com

Manufacturing AroFlo | @aro_flo aroflo.com

bizequity.com/xero Blendo | @blendoapp blendo.co Boxkite | @getboxkite getboxkite.com Business sorter | @BusinessSorter businesssorter.com/xero

rerunapp.com Sharesight | @Sharesight sharesight.com/xero Sharesight Pro | @Sharesight pro.sharesight.com.au

www.accon.services

worketc.com/new_landing/xero

realestateinvestar.com.au Rerun | @Rerunapp

Synergy 8 | @SynergyEight

G-Accon | @G_AcconServices

Work[etc] CRM | @WORKetc_support

re-view.com Real Estate Investar | @reiaustraila

imaginecurve.com

flowrev.com/xero

edgehosting.uk/whmcs-xero-addon

re-leased.com Re-View | @Re_viewsoftware

Curve | @imaginecurve

ezyVet | @ezyvet

Vintrace | @vinx2

rdvault.co.uk Re-leased | @re_leased

Kitomba | @Kitomba kitomba.com LEAP | @LEAP4LawFirms leap.co.uk LeaveCal finlert.com/leavecal-xero.html Office 365 | @Office365 xero.com/uk/office-365 OneSaas | @onesaas onesaas.com Onsight | @Onsight_App onsightapp.com OzBiz Solutions | @OzBizSolutions

synergy8.com Tax1099 | @efile1099 tax1099.com Track1099 | @Track_1099 track1099.com TransferMate | @TransferMate transfermateonline.com Vinosmith | @thevinosmith vinosmith.com Wise.NET | @WisenetLRM wisenet.co Workato | @Workato workato.com/xero Workshop Software | @workshoponline workshopsoftware.com.au Wufoo by Zapier | @zapier zapier.com Zapier | @zapier zapier.com Zendesk by Zapier | @zapier zapier.com Zenoti | @ZenotiSoftware zenoti.com/xero

Payments Acuity Scheduling | @AcuitySchedulin acuityscheduling.com Authorize.Net | @AuthorizeNet reseller.authorize.net Bill and Pay | @BillandPay billandpay.com Bill.com | @billcom bill.com Chargebee | @chargebee chargebee.com/integrations/xero

ozbizsolutions.com.au

162 / Issue 20

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

App Directory Chargify | @Chargify chargify.com/xero Checkeeper | @Checkeeper checkeeper.com/xero CheckVault | @CheckVault checkvault.com.au Debtor Daddy | @debtordaddy debtordaddy.com/xero

Receivabl | @receivabl_es receivabl.es

Parolla | @ParollaPayroll

CloudPayroll cloudpayroll.com.au

Rerun | @Rerunapp rerunapp.com

pages.paychex.com/xero

SAT FXOnline | @satworldwide

Payescape | @PayescapeUK

satfxonline.co.uk

New Zealand

Shieldpay | @shield_pay

ipayroll.co.nz

shieldpay.com

paymentexpress.co.uk eazycollect.co.uk EzyCollect | @ezyCollect ezycollect.com.au eWay | @eWAY_ eway.io

GoCardless | @GoCardless gocardless.com

PaySpace | @PaySpace

Protect your payments

Perfect for dealing with tradespeople, invoicing for manufacturing or contracts with long lead times. shieldpay.com/xero

Ezidebit | @Ezidebit ezidebit.com.au

paymentevolution.com paysonline.com.au

directli.co.uk

EazyCollect | @eazyCollect

payescape.com Payment Evolution | @payevo PaysOnline | @paysonline

Directli | @Directli DPS Payment Express | @PaymentExpress

parolla.ie Paychex | @Paychex

Australia

cloudpayroll.com.au

payspace.com

Crystal Payroll

CLOUD-BASE PAYROLL SOFTWARE AND SERVICE FOR AFRICA

crystalpayroll.com Deputy | @deputyapp deputy.com

WWW.PAYSPACE.COM

Employment Hero | @EmploymentHero employmenthero.com

Stripe | @stripe stripe.com

enableHR | @enableHR enablehr.com.au

Stripe by Commerce Sync | @commercesync commercesync.com

Simplepay.ca | @simplepaycanada

Square | @SquareUK

Make sure you get paid on time, every time with the GoCardless for Xero app

simplepay.ca

squareup.com

Square is

Smart Payroll | @smartpayroll

Get 20% off for 12 months Use code XUMAG

IntegraPay | @IntegraPay integrapay.com.au InvoiceSherpa | @invoicesherpa invoicesherpa.com iZettle | @iZettle izettle.com Kwanji | @KwanjiX kwanji.com Midpoint | @MidpointLtd midpoint.com OFX

and invoices, point of sale, eCommerce, team management, analytics, hardware, gift cards, integrations, Transfer Mate | @TransferMate transfermateonline.com TransferWise | @TransferWise transferwise.com uCollect | @ucollect_biz ucollect.biz/xero Worldpay

xero.com/uk/financial-services/ofx Pay RIGHT AWAY | @PayRIGHTAWAY payrightaway.com.au Payoneer | @Payoneer register.payoneer.com

business.worldpay.com

Payroll & HR appogeeHR | @AppogeeHR appogeehr.com

Ento | @entohq ento.com ePayroll | @ePayrollAus epayroll.com.au Flexitime | @FlexiTimeTeam flexitime.co.nz

tanda.co Thankyou Payroll | @ThankyouPayroll thankyoupayroll.co.nz The Payroll Site | @ThePayrollSite thepayrollsite.co.uk UpSheets | @UpSheets upsheets.com

Gpayroll gpayroll.com Gusto | @GustoHQ zenpayroll.com Happy HR | @happyhraus happyhr.com HR Assured | @HRAssured hrassured.com.au HR Partner | @HRPartnerApp hrpartner.io IMS Payroll Intertec TimePro

paymentexpress.com/xero

timesheets.com.au

PayPal | @PayPal

iPayroll

paypal.com

KeyPay | @KeyPayApp

zapier.com

keypay.co.uk

PennyPipe | @PennyPipe

Microkeeper | @Microkeeper

pennypipe.com/info/xero

microkeeper.com.au

Pin Payments | @PinPayments

MyPAYE | @MyPAYE

pin.net.au

mypaye.co.uk

Plooto | @PlootoInc citrusHR | @citrusHR citrushr.com/xero

Workforce Guardian | @workforceguard workforceguardian.com.au ZUUS Workforce | @zuusworkforce

ipayroll.co.nz

PayPal by Zapier | @zapier

POLi Payments | @POLiPayments

talenox.com Tanda | @TandaHQ

imspayroll.co.nz

Payment Express | @PaymentExpress

app.plooto.co

lps.surepayroll.com Talenox | @Talenox

enablehr.com.au/xero

gocardless.com/xero

smartpayroll.com.au SurePayroll | @SurePayroll

OnPay | @onpay_payroll onpay.com

zuusworkforce.com

Point of Sale Airsquare | @airsquare airsquare.com CIN7 | @Cin7online cin7.com ClickPOS | @ClickPOS_Online clickpos.com

polipayments.com

Subscribe for FREE: Go to subscriptions.xumagazine.com

Follow us on Twitter: @xumagazine

Issue 20 / 163

App Directory Deputy | @deputyapp

Inform Direct | @InformDirect

deputy.com/gb

informdirect.co.uk

iZettle | @iZettle

instafile | @InstafileApp

izettle.com

instafile.co.uk

Kounta | @kounta

Link Solutions | @LinkSolutions

kounta.com

linksolutions.co.nz

Nobly | @NoblyPOS

Reporting

noblypos.com/xero Possboss | @posbosshq

Ag Profit | @AgProfitAus

posbosshq.com

agprofit.com.au

Preno | @prenohq

Excel Int. Tools - QWD | @quickwindev quickwindevelopment.com Fathom | @fathomhq fathomhq.com Figured | @figuredapp figured.com Financial Driver | @FinancialDriver financialdriver.com Float | @FloatApp floatapp.com

Angeloop | @AgProfitAus

prenohq.com/xero redcat.com.au/xero

asset.guru/xero

retailexpress.com.au

savvyreports.com SeederBoard | @seederboard

bizeo.com.au

seederboard.com

BizEquity | @BizEquity

Simple Numbers | @gregcrabtreecpa

bizequity.com/xero

simplenumbers.me

Blink Reports blinkreports.com bpmglobal.com Brightgauge | @BrightGauge brightgauge.com/xero Bstar | @BstarAustralia bstar.com.au Btc | @BTCSoftwareUK btcsoftware.co.uk

Shopify | @Shopify

Businessbackbone | @BiznizBackbone

shopify.com

businessbackbone.co.uk

Square | @SquareUK

Calxa | @calxa

squareup.com/gb The Good Till Company | @TheGoodTillco thegoodtill.com Tower Systems | @TowerSystems towersystems.com.au Vend | @vendhq vendhq.com Zilch Consulting | @zilchconsulting

calxa.com Carbon Analytics | @co2analytics co2analytics.com/xero Castaway | @CAforecasting castawayforecasting.com Checkmybooks | @movemybooks checkmybooks.co.uk

zilchconsulting.com

Clear jelly

Professional Services

DataDear | @DataDearApp

AppsForOps | @AppsForOps appsforops.com BGL Corporate Solutions | @BGLdot bglcorp.com BGL Corporate Solutions | @BGLdot bglcorp.com Hunt & Hawk | @HuntandHawk huntandhawk.com

app.clearjelly.net datadear.com Debtze| @DebtzeCollect debtze.com/xero DiGA | @BiznizBackbone businessbackbone.co.uk DonkeyBean donkeybean.com/xero Dryrun | @Mydryrun

reportamigo.com/xero

sageworks.com

benchmarking.com.au

BPM

ranqx.com Report Amigo | @reportamigo

Savvy Reports

Bizeo | @bizeo

sapaad.com/lp/xero

recount.com/xero-homepage-uk Ranqx | @ranqxHQ

Sageworks | @SageworksInst

Benchmarking.com.au

Sapaad | @SapaadPOS

qvinci.com/xero Recount

saasabi.com/xero

Asset Guru | @Asset_Guru

Retail Express | @RetailExpress01

quickwindevelopment.com QVinci | @Qvinci

Saasabi | @Saasabi

agprofit.com.au

Redcat | @RedCatPOS

Quick win development | @quickwindev

Simply Cashflow | @simplycashflow Flowrev | @flowrev flowrev.com/xero Futrli | @Futrli futrli.com Infoodle | @infoodle infoodle.com/xero joiin | @joiinreporting

simplycashflow.com/xero StatX | @StatXapp statx.io Spotlight Reporting | @spotlightrep spotlightreporting.com Thomson Reuters | @TaxAccountingUK tax.thomsonreuters.co.uk Unleash

joiin.co Klipfolio Dashboard | @klipfolio klipfolio.com Maus | @MAUS_Software maus.com.au Momentum atsora.com/xero My Cash Flow app | @MyCashFlowAppSa mycashflowapp.co.za My work papers | @myworkpapers myworkpapers.com My Own CFO | @myown_cfo myown-cfo.com Neatly | @go_neatly neatly.io/integrations/xero Numerable | @NumerableSW numerable.io Onestop reporting | @OneStopReports onestopreporting.com/xero Panalitix | @panalitix panalitix.com

unleash.us Visible | @VisibleVC visible.vc/integrations/xero Vistr | @VistrTeam vistr.co Wink Reports ;) | @WinkReports winkreports.com/connectors/xero Watchful Eye | @watchful_eye_sw watchfuleyesoftware.com

WATCHFUL EYE measure & manage your accounting function in 30 mins per month www.watchfuleyesoftware.com

ProfitSee | @MyProfitSee

Xavier | @xavieranalytics

myprofitsee.com/xero

xavier-analytics.com

dryrun.com/xero

Cash ow forecasts your clients will LOVE

Advisory services made simple

Effective Accounting Starts With Accurate Data

www.MyProfitSee.com

164 / Issue 20

A N A LY T I C S

xavier-analytics.com

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

App Directory Zenflow zenflow.me Zoho | @Zoho zoho.eu

Time Tracking ActionStep | @Actionstep actionstep.com/xero Active.collab | @activecollab activecollab.com/add-ons/xero AppsForOps | @AppsForOps appsforops.com AroFlo | @aro_flo aroflo.com Chrometa | @Chrometa chrometa.com/xero Copper | @copperproject

Nexonia | @nexonia nexonia.com/xero NextMinute | @NextMinuteApp nextminute.com Outlook Int.Tools - QWD | @quickwindev quickwindevelopment.com Patchability time.patchability.com ProWorkflow | @ProWorkflow proworkflow.com Quick Win Development | @quickwindev quickwindevelopment.com Roll | @rollhq rollhq.com/xero SmartBiller | @smartbiller smartbiller.co.nz synergist.co.uk

Fergus | @FergusApp fergusapp.com

bomamarketing.com/xero Datamolino | @datamolino

use.expensify.com/xero

exsalerate.com/xerointegration

fathomhq.com

EzzyBills | @EzzyBills

Futrli | @Futrli

ezzybills.com

futrli.com

FORMbasic | @formbasic formbasic.com.au

hubdoc.com Practice Ignition | @ignitionapp

Mogul | @MogulDigitalNZ mogul.nz/xero My Own CFO | @myown_cfo

tanda.co

myown-cfo.com

Temponia | @temponia

My work papers | @myworkpapers

temponia.com/xero TidyWork | @TidyInt tidywork.com

myworkpapers.com

300+ five star reviews

practiceignition.com Receipt Bank | @ReceiptBank Spotlight Reporting | @spotlightrep

JOB MANAGEMENT

Google Calender by Zapier | @zapier zapier.com Harvest | @harvest

spotlightreporting.com

Stryke Tax | @stryketax

suitefiles.com

stryke.com.au Suitefiles | @SuiteFiles

iCOS LIVE - Online Transport

JobPro Central | @JobProCentral jobprocentral.com KeyPay | @KeyPayApp keypay.com.au Magnetic | @magnetichq magnetichq.com/xero Microkeeper | @Microkeeper microkeeper.com.au MinuteDock | @minutedock minutedock.com

receipt-bank.com Spotlight Reporting | @spotlightrep spotlightreporting.com

Suitefiles | @SuiteFiles

tidywork com

getharvest.com

quickwindevelopment.com Receipt Bank | @ReceiptBank

receipt-bank.com

geoop.com

timesheets.com.au

nowinfinity.com.au

Quick Win Development | @quickwindev

freshdesk.com/xero

Intertec TimePro

NowInfinity | @Now_Infinity Practice Ignition | @ignitionapp

GeoOp | @GeoOp

i-man.com.au

GoProposal | @GoProposal goproposal.com

practiceignition.com

flexitime.co.nz

IMS Service Track

quickwindevelopment.com Exsalerate | @exsalerate

Fathom | @fathomhq

Freshdesk | @freshdesk

icoslive.com

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Issue 20 / 165

...and finally

Human at the heart of Customer Experience It’s an exciting time in the business world, a time of perpetual change and rapid transformation. New and different ideas are literally popping everyday...

L

ess common, but far more precious in this crazy and competitive environment, are things that stand as undeniably true and real.

And I’ve got one.

At Xero, there’s an enduring approach to the way our customers experience their relationship with us that’s unique and more than just different. It’s differentiating – because its matters to our customers, they value it and it creates a source of inspiration and pride for all of us at Xero.

@Xero

Rachael Powell Chief Customer, People and Marketing Officer at Xero

166 / Issue 20

We call it an “inside-out” approach to the way customers and partners experience their relationships with our brand -- equal parts philosophy and management system -- that operates on the simple belief that the quality of the experience of our customers flows directly from the quality of the human experience inside Xero.

With a deeply meaningful purpose to make the lives of small businesses and their advisors more

successful, our people are able to do the best work of their lives and from that, all else flows.

It ripples out across every aspect of our operations, our ecosystem, our accounting and bookkeeping partners and our mutual small business customers.

And, of course it’s a philosophy that has stood the test of time and fueled our growth, and it’s a model that’s evolving.

As we scale, we continue to build on this human foundation with advanced technologies, from machine learning to elegant design to ensure that with growth we not only preserve, we improve, the quality of the customer experience.

The guiding principle here is the fundamental shift from traditional thinking about customer support, to the forward-looking delivery of customer success – with deep

learning machines anticipating the next development from previous experience and standing ready with answers to questions the customer hasn’t yet had reason to ask.

This is how we blend the essential capabilities of customer success, and it’s how we see AI and great people co-existing to deliver a magical customer experience, at scale.

Learning systems can anticipate and optimize, but they can’t provide the spark of human creativity or passion. So the customer experience from Xero will allow the machines to do what they do best, and our people to do what they do best.

And that is a true and real as our commitment to improve the quality of life for every customer that’s placed their trust and confidence in Xero.

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

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Issue 20 / 167

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168 / Issue 20

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