XU Biweekly - Issue 74 - 24th February 2024

The independent user news source for accounting apps and their ecosystems

Xero and Sumday enter global partnership to enhance carbon accounting for advisors

XXero, the global small business platform, today announced a global partnership with Sumday, the advisor-first carbon accounting platform, to help accountants and bookkeepers globally to manage their own and their clients’ carbon accounting. As part of the partnership, Xero and Sumday will work together to empower small businesses, with the use of Sumday, to understand their emissions to an audit-ready standard with the help of their trust-

ed advisor – a crucial step towards achieving net-zero carbon emissions for small businesses globally.

Dr Tamara Somers, Director of Sustainability and ESG, Xero, said: “Regulators are increasingly signalling mandated carbon accounting globally, making it a non-negotiable for businesses large and small. We’re excited to be partnering with Sumday, to enable accountants and bookkeepers on Xero across the world to account for their carbon emissions and support their clients with their efforts.

Sumday’s commitment to

enabling the accounting and bookkeeping community through education on how and why measuring carbon emissions is important is a big part of what drew us to partner with them.”

Jessica Richmond, CEO and Co-founder of Sumday, highlighted the importance of making carbon accounting business as usual for all organisations: “Carbon accounting to an audit-ready standard must be accessible and affordable to all businesses partnering with Xero."

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Product update: A whole new look for SuiteFiles Connect

WE ARE EXCITED TO ANNOUNCE ENHANCEMENTS TO SUITEFILES CONNECT, AN ESSENTIAL FEATURE AVAILABLE FOR OUR SUPER SUITE PLAN SUBSCRIBERS.

SuiteFiles Connect serves as an online client portal, designed to streamline and secure the process of sharing folders and files with your clients. Whether you need to collaborate on documents, seek approvals, or simply share files for review, Connect is your go-to solution for seamless client interactions.

Building on our commit-

ment to user-friendly experiences, we have revamped the sharing process in Connect, making it even more intuitive and efficient. If you have enjoyed the simplicity of our document signing wizard in SuiteFiles, you’ll find the new Share to Connect Wizard just as effortless to use. These improvements are part of our ongoing efforts to enhance collaboration and simplify workflows for you and your clients.

Our revamped SuiteFiles Connect is now more dynamic and user-friendly than ever! When you share a file or folder with a client through Connect, you’ll embark on a seamless three-

step journey with our new sharing wizard. This intuitive process effortlessly guides you to add contacts, craft the perfect email, and preview it, all in a few simple clicks.

What’s more exciting? The upgraded wizard is a real time-saver, bringing a suite of enhanced features:

Multi-Contact Inclusion: Effortlessly add multiple contacts simultaneously, streamlining your sharing process like never before.

Customizable Email Templates

Read more

AutoEntry and Roveel Integration

ACCESS YOUR INVOICES DIRECTLY FROM ROVEEL: AUTOENTRY USERS CAN EFFORTLESSLY RETRIEVE THEIR INVOICES ENTERED BY AUTOENTRY FROM ROVEEL BY CLICKING ON THE PAPERCLIP SYMBOL NEXT TO THE RELEVANT TRANSACTION. THIS SIMPLE PROCESS ALLOWS FOR THE SEAMLESS INTEGRATION OF AUTOENTRY INVOICES INTO ROVEEL'S DASHBOARDS.

This integration allows AutoEntry users to enrich their reports by enabling them to delve into granular data, all the way to the individual invoice level.

What is AutoEntry?

AutoEntry is a cloudbased software add-on that eliminates the need to man-

Saturday 24th February 2024

ually enter invoices and receipts into your accounting software.

This software smoothly captures and categorises data in invoices, receipts, and bank statements and then publishes that information into your accounting software, such as Sage 50 Accounts, Sage Accounting, QuickBooks or Xero. This streamlined process removes the hassle of traditional manual data entry.

How does AutoEntry work?

AutoEntry uses Optical Character Recognition (OCR) technology to extract the relevant information from your invoices, receipts, and bank statements. Whether you prefer direct categorisation or automated rules, AutoEntry accom-

modates both approaches, providing a flexible management solution for your documents. This can be broken down into three steps:

• Capture: Photograph, scan or email the documents.

• Categorise: Let AutoEntry do the data categorisation work for you.

• Publish: Publish the results to your favourite accounting software.

1. Capture: Select your invoice, receipt, or bank statement, and capture it with a photograph or scan to upload it. Submit the document to AutoEntry for verification before it is returned to you. AutoEntry excels in data accuracy, proficiently interpreting and sourcing information from your finan-

cial documents.

2. Categorise: Your next step is to assign the document to the correct categories. AutoEntry is equipped with a range of powerful features designed to streamline and automate this process, linking to your chosen accounting software. AutoEntry's robust categorisation tools contribute to a smoother, error-free process, allowing you to focus on more strategic aspects of your financial processes.

3. Publish: Publishing is your final step, which is transferring the newly categorised data into your accounting software. Once you've captured and categorised your invoices, receipts and bank statements, a simple click of a button initiates an import. With reliable integrations with most ac-

counting software packages including Sage Accounting, Sage 50 Accounts, Xero and QuickBooks; AutoEntry seamlessly enhancing your data entry workflows by making them more efficient and accurate.

AutoEntry for Accountants

For accountants, AutoEntry proves to be an invaluable tool in ensuring that client accounts are meticulously processed. The tedious task of entering client invoices, receipts, and bank statements into the chosen accounting software demands a significant portion of their time.

AutoEntry steps in as a game-changer, allowing accountants to delegate data entry to automation. This shift allows them to spend

less time manually entering data, affording more time to nurture meaningful relationships with clients. The reduction in time spent on the accumulation of receipts and documents translates to an increased focus on indepth analysis and strengthened client connections.

Key Benefits of AutoEntry for Accountants:

Data Entry Automation: AutoEntry takes the reigns of data entry, providing freedom to accountants from the burden of manual input of client documentation.

More Time for Client Relationships: Less time spent on administrative tasks means more opportunities to build strong and meaningful connections with clients.

Find out more

Saturday 24th February 2024

RESPONDING TO CUSTOMERS’ FINANCIAL DATA MANAGEMENT NEEDS, G-ACCON’S NEWEST RELEASE, CUSTOM ACCOUNTING REPORTS FOR XERO, STREAMLINES FINANCIAL REPORTING. THIS ENHANCEMENT OFFERS ACCOUNTANTS SUPERIOR CUSTOMIZATION. COUPLED WITH G-ACCON’S RECOGNITION AMONG G2’S BEST ACCOUNTING & FINANCE SOFTWARE PRODUCTS IN 2024, LET’S FIND OUT HOW TO REFINE THE DEVELOPMENT OF ACCOUNTING WORKFLOWS.

Simplify Financial Data With a 2024 G2 Leader

Joining powerhouses like Xero and Sage Intacct, G-Accon has made it into G2’s 2024 Best Accounting & Finance Software Products.

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CEO:

Heartfelt

update: Syft's

Favorites get a new look!

IF YOU HAVE BEEN USING SYFT FOR SOME TIME, YOU MAY BE FAMILIAR WITH FAVORITES. THE FAVORITES FEATURE ALLOWS YOU TO SAVE YOUR FREQUENTLY USED TABS AS SIDEBAR SHORTCUTS SO THAT IT'S QUICKER TO NAVIGATE TO THEM. THIS WEEK, FAVORITES HAS GOTTEN A NEW LOOK TO DIFFERENTIATE IT FROM DEFAULT SETTINGS – THE HEART ICON.

The new look

Say goodbye to the star and hello to a heart! We've replaced the old Favorites icon with a heart, reflecting your love for these frequently used tabs.

This simple change helps demarcate Favorites from default settings and adds a touch of warmth to your Syft experience.

Why a heart? - We believe the new icon better represents the essence of Favorites.

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Syft Assist: An accountant in your pocket

STUDENTS, ACCOUNTANTS, AND BUSINESS PROFESSIONALS CAN ACCESS TONS OF ACCOUNTING, FINANCIAL, AND TAX INFORMATION VIA A POWERFUL AI CHATBOT.

Syft Analytics is proud to introduce a brand-new AI offering integrated with the popular chat interface, WhatsApp. This means that students, accountants, and business professionals can unlock a ton of vital information for their studies or businesses via a chat, in the palm of their hand.

By now, you’re likely familiar with ChatGPT, OpenAI’s large language model chatbot that answers questions about just about anything. But what if you want something a little bit more focused?

Something to answer specific questions regarding GAAP or IFRS, for instance.

Find out more

Aider: New Client Management feature

MORE CONTROL OVER WHICH CLIENTS TO MONITOR IN YOUR AIDER ADVISORY PLATFORM

You asked and we delivered. What’s new?

We’ve made it easier for you to pick and choose which clients you want to add to your Aider Advisory Platform. The new Client Management section allows you to import your entire Xero client list, then find and activate only those clients that you want to monitor in Aider. Don’t worry, you will NOT be charged for clients that are not activated.

What benefits does it have for advisors?

Quickly set up Aider exactly how you want it - No more guessing which clients are worth monitoring

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Release notes: Streamline bill payments and gain instant insight into card spend

WHATS NEW IN AIRWALLEX FEBRUARY 2024

Save time by streamlining global bill payments

We’ve updated Airwallex Bill Pay to make paying vendor invoices even more efficient. You can now pay multiple domestic and international bills in one go with our new Bulk Payments feature.

You can also save time by automatically generating draft bills within your account. Rather than downloading bills from vendor emails and uploading them individually into Airwallex, simply forward vendor emails to your designated email address and a draft bill will be created automatically.

Gain real-time insights into card spend

Find out more

HEY TEAM, YOU’VE BEEN GIVING US FEEDBACK, AND WE’VE HEARD YOU LOUD AND CLEAR!

Take a look at the newest addition to Rave’s Financial Management System: Our shiny new Timesheets feature! Now, you can easily convert some or all of your site manager/staff and office team member timesheet entries directly into a project’s bill, to make invoicing your client a breeze.

Once converted to a bill, all timesheet entries that have been partially/fully converted to a bill will have a ‘Part of Bill’ icon displayed. We’ve also added the ability to enter your staff hourly rates to their user profile, to save you having to manually load that each time.

A full step-by-step guide is available via RAVE Helps ‘How to Convert a Project’s Time Sheet Entries to a Bill’ FAQ guide. Keep reading

Employment Hero: Product Update February 2024

FAS WE SHARE ALL OF THE LATEST AND GREATEST FEATURES WE’VE RELEASED OVER THE LAST MONTH.

We’re back with another edition of the Employment Hero product update, where we share all of the latest and greatest updates from the previous month.

With the first month of 2024 done and dusted, we’re sharing all the product updates we’ve been hard at work on this year.

Over the last month we’ve introduced integrations with Microsoft 365 and Goog-

le Workspace, created expense and leave workflows, given a makeover to our HR reports, created a centralised view for feedback, enhanced our Custom Surveys and lots more.

It’s all here and ready for you to use in-platform – let’s get to it!

Set up workflows to automate Google Workspace & Microsoft 365 accounts when an employee starts or leaves your organisation.

We’re excited to share that onboarding and offboarding employees just got a whole lot easier!

Keep reading

Introducing Go1 AI: Make All Learning Relevant and Personalized

IN TODAY'S DIVERSE WORK ENVIRONMENT, LEARNING AND DEVELOPMENT TEAMS FACE THE CHALLENGING TASK OF CURATING CONTENT THAT ADDRESSES SKILL GAPS AND ALIGNS WITH ORGANIZATIONAL BUSINESS GOALS.

With fluctuating skill requirements across different teams and departments, as well as ever-changing business goals and objectives, the task of building a versatile, adaptable workforce through skill development has become increasingly complex and multifaceted.

Existing tools used by L&D teams often fall short of meeting employee needs for scalable and personalized learning programs.

Navigating through these tools and features feels like searching for a needle in a haystack, compelling admins to resort to manual workflows.

Find out more

Product NewsFebruary 2024 S

Check Out the Newest Spotlight App. We recently launched Spotlight Sustain, a new app to help organisations and their advisors deliver environmental, social, and governance (ESG) reporting.

Spotlight Forecasting Main Screen Improvements

The Main Screen of Spotlight Forecasting has a fresh new look with improved functionality. You can now search for organisations in real-time, pin your favourites to the top of the screen, filter results, and conveniently sort columns.

P&L - Additional Column Options

We’ve added even more column options to Spotlight Reporting and Spotlight Multi

Find out more

Introducing Our New Customer Success Manager

MEET OUR CUSTOMER SUCCESS MANAGER MANDY, THE NEWEST MEMBER OF THE TIMEKEEPER TEAM

This week we welcomed our newest member of the TimeKeeper team! Mandy is joining us as Customer Success Manager, and will be your first port of call to assist with any issues, queries or feedback about the TimeKeeper system.

We're all about real human support here and not robots, so we asked Mandy some quickfire questions to get to know her:

What are you most passionate about?

Helping people - whether that’s sticking the kettle on or solving a support problem, I’m most happy when I’m making people smile

If you had to rewatch a movie every day, which movie would you pick?

Stand by Me

Which country is on the top of your travel bucket list?

Iceland

Tea or coffee?

Coffee 90% of the time, but do love a cuppa tea.

Would you rather fight 100 duck-sized horses, or one horse-sized duck?

100 "dorses" is a lot of hooves…I’d fight the horse sized duck, lose, but live to tell the tale.

What 3 things would you take to a desert island?

Music, eye mask and a slush puppy

What are you most excited about in your new role?

Getting stuck in and learning the ropes!

Find out more

Journey Partners With Gojee, Strengthening Its Position in the Accounting Tech Sector O

JOURNEY, A LEADING SAAS AGENCY

RENOWNED FOR ITS GUERILLA MARKETING STYLE IN THE ACCOUNTING TECHNOLOGY MARKET, IS PLEASED TO ANNOUNCE ITS LATEST BRAND COLLABORATION WITH GOJEE.

Gojee has chosen Journey to spearhead its go-to-market (GTM) strategy and execution, leveraging Journey's extensive experience and comprehensive capabilities in the accounting sector. Gojee is a cloud-based job management app for SMEs who track inventory and time as part of their daily workflow, who struggle to track job profitability.

With a strong focus on the job management industry, Gojee stands out in the market with its unique offering, seamlessly integrating with Xero to provide end-to-end workflow and process management.

Why Gojee is Best Placed to excel with the Job Management Industry

Industry-Specific Solutions: Gojee's platform is designed with the unique needs of SME’s who need to track inventory and time in their job management system.

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2023 Karbon Excellence Awards: Shortlist Announcement

NOW IN ITS SECOND YEAR, THE KARBON EXCELLENCE AWARDS SHORTLIST FOR 2023 HAS BEEN SELECTED.

The Karbon Excellence Awards recognize some of the most progressive, inspiring and trailblazing accounting firms from around the world.

Those that are doing unique things, inspiring their peers, and making a positive impact on the wider accounting profession.

First awarded in 2022, the Karbon Excellence Awards are awarded annually across seven categories that align with the values that matter most to the team at Karbon.

With more than 500 nominations across all categories from hundreds of well-deserving Karbon customers, selecting a shortlist was no easy task. Congratulations to all those nominated. The winners will be announced shortly.

Karbon Excellence Award for Sustainability

Recognizes an accounting firm that is making an outstanding contribution to sustainability practices and is a leader to their peers and clients by being purposeful, community-minded, and kind to the planet.

Keep reading

UR FEBRUARY RELEASE WAS PACKED WITH EXCITING NEW FEATURES. ALMOST ALL OF THEM HAVE AI AT THEIR HEART. WHEN THINKING ABOUT CREATING THESE FEATURES, WE WANTED TO MAKE SURE THAT WE WEREN'T JUST USING AI FOR THE SAKE OF IT, AND INSTEAD THAT WE WERE CONNECTING WITH OUR CUSTOMERS’ PAINS TO CREATE TOOLS TO REALLY SOLVE THEM.

We classify our AI features in one of two ways:

1. Enhancers - making your existing processes more reliable and faster; and

2. Game-changers - delivering automation, scale and precision in ways that you haven’t seen before.

In this blog, we’ll dive into each of the new features, outlining their purpose, why they are an Enhancer or Game-changer, their capabilities and their impact.

Enhanced Invoice Processing

Purpose: To provide you with the best invoice processing experience and data extraction in the market.

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BGL adds generative AI-powered financial analysis for SMSFs

BGL CORPORATE SOLUTIONS (BGL), AUSTRALIA'S LEADING PROVIDER OF COMPANY COMPLIANCE, SELF-MANAGED SUPERANNUATION FUND (SMSF), INVESTMENT MANAGEMENT, IDENTITY VERIFICATION AND AI-POWERED PAPER-TO-DATA SOFTWARE SOLUTIONS, IS PROUD TO ANNOUNCE THE INTEGRATION OF GENERATIVE AI TECHNOLOGY INTO ITS MARKET-LEADING SMSF ADMINISTRATION SOFTWARE, SIMPLE FUND 360 AND ACCOUNTING, INVESTMENT AND TAX SOFTWARE, SIMPLE INVEST 360.

BGL is using generative AI algorithms to provide clients with a simple financial analysis of their financial statements in Simple Fund 360 and Simple Invest 360.

BGL has leveraged the power of generative AI to provide this financial analysis for SMSFs, trusts and companies.

"The implementation of generative AI in Simple Fund 360 and Simple Invest 360 marks a significant milestone in our mission to provide our clients with the most comprehensive and user-friendly financial management tools," said BGL’s Chief Executive Officer, Daniel Tramontana. "This technology will transform how clients interact with financial data, enabling them to unlock unprecedented levels of analysis and insights regardless of their expertise."

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Xero and Mazars announce three-year global deal, bringing clients enriched data and insights

MAZARS AWARDED XERO GLOBAL PARTNER STATUS, XERO BECOMES CLOUD ACCOUNTING SOLUTION FOR MAZARS MEMBER FIRMS GLOBALLY

Xero, the global small business platform, today announced a three-year global agreement with Mazars, with the firm being awarded Xero Global Partner status. The firm’s clients will have greater collaboration with their advisors and insights across the Mazars network, combined with the benefit of real-time financial data through Xero’s cloud accounting solutions.

Mazars is an international audit, tax and advisory firm operating in more than 100 countries and territories. Having already benefited from using Xero in several regions around the world, the new Xero Global Partner status means Xero will be made available to Mazars member firms around the world as the firm’s preferred accounting solution. The combined power of Xero and advisors across the Mazars global network enables business owners and emerging enterprises to make better decisions every day as a result of up-to-date, accurate financial data and expert insights through innovative technology.

Ashley Grech, Chief Revenue Officer at Xero said: “We’re excited to take our relationship with Mazars to the next level, and this new global relationship allows us to bring greater value from Xero to Mazars member firms and their clients."

Find out more

Kolleno partners with PayEm, a leading spend management and procurement platform

KOLLENO, THE LEADING AR MANAGEMENT SOFTWARE IN EMEA, PARTNERED WITH PAYEM, A GLOBAL SPEND MANAGEMENT SOFTWARE AND NETSUITE PARTNER.

Kolleno is pleased to announce a new partnership with PayEm, a leading spend management and procurement platform. PayEm is a comprehensive software solution that transforms how organisations manage expenses, empower employees, and take charge of financial decisions. They offer customised requests, budget control, AI-powered invoice processing, and corporate cards in one simple solution.

These features enable organisations to eliminate unauthorised spending, enforce policies, and monitor transactions in real-time. PayEm goes beyond mere compliance, actively promoting fiscal responsibility.

When combined with Kolleno’s features of customisable workflows and automated reconciliation, finance teams can gain full visibility of their financial position and automate and optimise every part of their operations, saving time, minimising errors, and reducing costs. This partnership aligns perfectly with Kolleno’s ultimate mission of empowering organisations to run efficient everyday financial operations through automation and smart tools. This collaboration is particularly significant for users of ERPs such as Netsuite, as both Kolleno and PayEm integrate with them.

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WorkflowMax by BlueRock is live!

IT’S WITH GREAT EXCITEMENT THAT WE ANNOUNCE THAT WORKFLOWMAX BY BLUEROCK IS NOW LIVE!

Exciting news for all our valued users and potential customers. WorkflowMax by BlueRock is now live! As part of our commitment to providing you with the most efficient and user-friendly job management experience, we're thrilled to offer you a glimpse into the future of WorkflowMax. We're rolling out the core functionality of the platform so you can dive in, explore, and familiarise yourself with its new look and capabilities. While every single feature isn't available just yet, this initial phase is your chance to see how WorkflowMax by BlueRock will transform your workflow and business operations.

Migration tool launches on Wednesday 28 February

The migration tool is in its final stages and will be available in a week – ready to seamlessly transition your data from WorkflowMax by Xero to the WorkflowMax by BlueRock platform.

Stay up to date with our launch schedule

We've launched with most of the core functionality, giving you a solid foundation to start exploring. For those awaiting specific features like the mobile optimised views, job/staff schedule Gantt view, or custom notifications, we recommend holding off on your trial and migration until these features go live in March.

Find out more

Speak Up to Scale Up

FROM ROCHELLE HUMES TO THEO PAPHITIS, SME XPO 2024 UNVEILS AN UNRIVALLED ROSTER OF SPEAKERS THAT WILL EDUCATE AND INSPIRE ITS AUDIENCE OF ENTREPRENEURS AND STARTUPS

Evening Standard’s SME XPO is back in 2024, designed as a dynamic platform dedicated to empowering scaling businesses. Focused on SME leaders and founders, this year’s show promises a transformative experience for entrepreneurs and innovators. Set for April 23-24, 2024, at ExCeL in London, SME XPO brings together a varied array of businesses, experts, and resources to foster growth, innovation, and collaboration.

Agenda Highlights: SME XPO 2024's agenda is packed with insightful sessions, catering to diverse SME interests. With four key themes - Starting up, Scaling up, Money Talks, and Future Tech

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Scope is an official Xero Ambassador

XERO RECENTLY NAMED SCOPE AS A XERO AMBASSADOR PARTNER FOR EMEA MARKETS

As Xero Ambassador, Scope is positioned to better serve Xero customers in Malta, in the Middle East and other EMEA countries by unlocking the benefits of Xero.

Xero has appointed Scope as an official Xero Ambassador, recognizing Scope’s rapid growth and leadership in providing expert cloud accounting advice and services..

What is a Xero Ambassador?

As Xero Ambassador, Scope Solutions is positioned to better serve Xero customers in various EMEA markets including Malta, Cyprus and the United Arab Emirates (UAE) by unlocking the benefits of Xero.

Scope helps clients adopt apps, guides implementation, delivers training, and provides ongoing support for maximising Xero’s platform.

This distinct partnership allows Scope to nurture regional Xero customers with value-added consultancy, optimization of usage, and enhanced platform capabilities.

What does this mean for Scope?

Xero has appointed Scope as an official Xero Ambassador, recognizing Scope’s rapid growth and leadership in providing expert cloud accounting advice and services.

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CFO Techstack Launches Finance Leader Advisory Council (FLAC) to Empower In-House Finance Teams

MAYDAY, THE INTERCOMPANY APP FOR XERO, LAUNCHED THE CONTENT AND COMMUNITY HUB CFO TECHSTACK LAST YEAR. ON WEDNESDAY 14 FEBRUARY, CFO TECHSTACK ANNOUNCED THE LAUNCH OF THEIR FINANCE LEADER ADVISORY COUNCIL (FLAC), THE REPRESENTATIVE BODY FOR XERO USING IN-HOUSE FINANCE TEAMS.

CFO Techstack emerged from the 14part webinar series titled 'Building an Enterprise-Level System with Xero', hosted in September by Mayday last year. This series aimed to aid in-house finance teams in navigating their growth phase with Xero. The response was overwhelming, propelling CFO Techstack into becoming a beacon for finance leaders seeking to construct bestin-class tech stacks. Building upon this momentum, Mayday expanded CFO Techstack into a comprehensive content and community hub, offering a weekly newsletter and engaging events.

Yesterday marked a significant milestone as CFO Techstack unveiled the Finance Leader Advisory Council (FLAC). Inspired by the Xero Partner Advisory Council (XPAC), a forum for engaging with and getting insights from their accounting and bookkeeping partner community, CFO Techstack created the Finance Leader Advisory Council (FLAC), the in-house finance leader equivalent. The mission of the FLAC is to empower through knowledge sharing, focusing on unlocking the scaling potential of Xero and its

ecosystem, while enabling Xero and its ecosystem to gain a deeper understanding and better cater to the evolving needs of larger businesses.

The FLAC’s founding members are:

• Rupal Saghrajka, Financial Controller at XP Factory

• Felix Matthews, CFO at Sine Digital

• Beth Staff, Head of Finance at Sylvera (Stackees: Breakout CFO Techstacker of the Year 2023)

• Paresh Makwana, Head of Finance at Outernet London

• Kat Wellum-Kent, Fractional CFO at Fractional Finance

• Steve Jarvis, CFO at Manufacture 2030 (Stackees: Breakout CFO Techstacker of the Year 2023)

Last week the FLAC got together for the first time for an insightful discussion around scaling with Xero. They were joined by Alex von Schirmeister, Xero UK and EMEA MD, and Michael Green, Xero UK and EMEA GM of Partnerships.

"Huge thanks to CFO Techstack for putting this lunch together and having us here. You have contributed thought leadership above and beyond, and I'm learning so much from being here and meeting these finance leaders who are growing with Xero." - Alex von Schirmeister, Xero

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UPCOMING UK

UPCOMING AU WEBINARS

UPCOMING NZ WEBINARS

ApprovalMax and Airwallex extend integration availability to Australia and New Zealand

GLOBAL BATCH PAYMENTS WITH APPROVALMAX FOR AIRWALLEX. PREPARE, APPROVE, AND PAY.

Following the ApprovalMax and Airwallex partnership announcement in the UK, both companies are excited to share this integration to Australian and New Zealand businesses.

he expansion into the Australian and New Zealand markets will allow accounting partners to provide clients with a comprehensive solution that streamlines financial controls and approvals for international payments and processing through the combination of ApprovalMax and Airwallex’s advanced financial technology.

Airwallex batch payments in ApprovalMax allows users to create a batch of pay-

ments, submit them for automated approval processing, and use Airwallex as the payment method, all from within ApprovalMax.

This offers a seamless solution for businesses seeking greater control over their finances and the end-to-end accounts payable cycle by streamlining the entire process from preparation, approval, and payment.

The integration also gives accounting firms the ability to manage client payments without requiring access to their bank account, and having to handle manual file uploads, thereby saving time, reducing errors, all while tightening financial control points.

“When batch payment approvals are managed by ApprovalMax, it transforms the way finance teams collect duly authorised invoices

for batch payments while ensuring a controlled and seamless integrated data flow,” said Helmut Heptner, Co-Founder and Director of Operations, ApprovalMax.

“The vision behind our collaboration is for ApprovalMax and Airwallex to work together in order to take away the burden of manual approvals and payments. Businesses are required to implement robust financial controls in a world of connected digital processes where cyber security threats are increasing."

"Now we are helping Australian and New Zealand businesses get to a stage where they can approve and make faster payment runs. This leads to better business efficiency and happier suppliers in the long run.”

“It also allows us to take our partners’ service of-

fering to the next level, by significantly improving their clients’ experience while not taking on any additional risks where payments are concerned.”

“As businesses expand globally they need an endto-end financial solution to facilitate fast, affordable payments while creating a frictionless customer experience,” said Luke Latham, General Manager for Australia and New Zealand at Airwallex.

“Together ApprovalMax and Airwallex are making this a reality. This integration will not only simplify batch payments but also help businesses save on FX when paying employees and suppliers in their preferred currency. We’re excited to be partnering with ApprovalMax to further support businesses as they look to scale globally.”

About the integration:

If your organisation manages significant payment volumes, especially those involving international transactions in foreign currencies, then using Airwallex for payments embedded within ApprovalMax is an excellent option.

This integration is particularly beneficial for businesses that are already using Airwallex, as well as for partners who provide or intend to offer treasury services.

To take advantage of this integration, you must have active accounts with both ApprovalMax and Airwallex.

Together ApprovalMax and Airwallex:

• Eliminates any breaks in the chain between payments preparation and completion

• Enables an improved cash flow management process by ensuring payments are authorised by the correct stakeholders

• Provides an easy and affordable way to make international payments to over 150 countries in over 40 currencies

• Organises payment reconciliation with transparency

• Automates audit trail creation

• Provides a way for accountants to make payments without needing access to client bank accounts

• Enables seamless synchronisation of data to Xero, including payment information and bank feeds

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Getting Paid on Time Starts with Sales

EWe all know that cash is

the cash and liquidity that business is utterly dependent on, is often left up to an accounts clerk to chase overdue invoices.

There is a cost to getting paid late that is often missed when you’re reading a standard P&L - simply because there isn’t a line in most that accounts for it adequately.

to optimise their cashflow, sell only to customers who have a full intention of paying the bill on time, AND save the money that they’d otherwise spend on accounts receivable.

Parlez-vous français?

a serious hit, even if you’re profitable.

For many businesses, getting paid is the just last step in the process of delivering a job, and it’s never really thought about until the accounts receivables list grows in size, lateness, and its impact on the business. With a function that is so utterly crucial to business success, it’s often amazing how little effort is devoted to it, and the impact that has on SMBs cannot be overstated.

In the UK, the FSB estimates that over 50 000 businesses are pushed into insolvency each year, as a direct result of late payments.

In Australia, Xero’s Small Business insights report 48% of business invoices are paid late, with more than 10% of those over a month overdue. Illion’s August report said that of overdue invoices in Australia, 57% were more than 60 days overdue! That’s huge and represents an enormous risk to any business!

What’s even more crazy is that, business owners and managers spend an awful lot of time improving and optimising their sales process, and operational delivery to ensure that work gets done, but comparatively little effort goes into getting paid on time. It’s amazing that the function that provides

Outside of debt collection fees, and bad debts, late payments hurt SMBs in three ways:

Overdue invoices remove liquidity from the business and hinders its ability to grow! The opportunity cost of not having that extra 50K, 100K or 200K cash at bank can be enormous.

People have to spend time and money chasing cash that they’re owed, rather than chasing more sales or improving the business. You’re spending money on a valuable resource, to chase money - which increases your Cost of Sales and impacts your margins! Worse, this is a staff member that can’t be dedicated to growing the business.

They damage relationships with customers. When you do work for someone and don’t get paid in a timely manner, it can have flow on impacts with follow up work, and even cost you a customer altogether. Whether it’s bad systems, or bad cashflow on your customer’s end, poor payment behaviour creates resentment, and puts entire business relationships at risk

At WorkGuru, we’ve been working towards solving this problem for our customers for a while now, and embedding the payments conversation into the sales process. Our goal was to allow SMBs

When we spoke to our customers, one of the key requests our customers have made was to not only accept payments after a job is done, but to take a deposit at the point of Quote acceptance, or even require a pre-approved payment method for future invoices.

This means that when a Quote is accepted, the business owners can be confident that they’re going to get paid, on time, and in full for the work they do, and the client knows upfront the terms of the engagement, including how and when the bill will be paid.

To bring this vision to fruition, WorkGuru has partnered with the team at Pinch Payments for our latest product release, GuruPay. GuruPay brings the payment terms and automation into the sales process and ensures that service providers and their customers are all on the same page about how and when payments will be made.

Looking for a payments partner that had the flexibility of platform and technology was important, and they had to be a company that shared our values and drive to improve the lives of small business owners. That’s why working with Pinch Payments was a simple decision. Their customer-centric ethos and the strength of their underlying technology made it an easy choice, and one we’re truly excited about

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Chaser has helped businesses to collect $5 Billion in 2023

CHASER, THE LEADING GLOBAL ACCOUNTS RECEIVABLES PLATFORM AND CREDIT CONTROL SERVICE PROVIDER, HAS SUCCESSFULLY HELPED BUSINESSES COLLECT OVER USD 5 BILLION SO FAR IN 2023.

This accomplishment highlights Chaser's commitment to helping SMEs worldwide get paid in an efficient and friendly way so that they improve cash flow. Chaser's software allows businesses to conduct credit checks, monitor debtors, chase outstanding invoices via SMS and email and collect payments, all to ensure timely payments.

Late payments are a growing concern, as highlighted by Xero's data from 2019,

which reported that 48% of invoices faced payment delays each month on average. By 2022, Chaser's late payment report revealed that this number had jumped to 87%, affecting nearly 9 in 10 businesses.

Late payments pose a significant threat to businesses, especially small and medium-sized enterprises. These payment delays can trigger cash flow issues, causing unexpected costs and even the risk of insolvency.

Reaching this target is a significant milestone and an essential step toward achieving greater financial security and stability for businesses worldwide.

“While helping SMEs collect USD 5 billion so far in

2023 is a fantastic achievement, Chaser’s mission remains the same; to support SMEs worldwide to get paid in an efficient and friendly way so that they improve cash flow”, said Sonia Dorais, CEO of Chaser. “As we move forward, Chaser remains dedicated to continuing to help SMEs reduce late payments, and we are continuously enhancing our software and solutions by introducing new, AI-driven features that make timely payments even more effortless.”

Chaser is committed to helping businesses succeed through the introduction of new and innovative features, that make it easier to get paid on time.

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PayPal Ventures Co-Leads Rasa’s $30 Million Series C Funding Round

RSERIES C FUNDING ROUND, CO-LED BY STEPSTONE GROUP AND PAYPAL VENTURES, WITH PARTICIPATION FROM ANDREESSEN HOROWITZ (A16Z), ACCEL, AND BASIS SET VENTURES.

“This investment accelerates our lead in the market, and fuels our drive to redefine what is possible for businesses using generative AI-powered chat and voice platforms at scale,” said Melissa Gordon, Rasa CEO. “With our technology, we’re well-positioned to transform how businesses interact with their customers, making every conversation impactful and personal. We will use the funding to advance our technological leadership and strengthen our market presence.”

Dr. Alan Nichol, Rasa Co-Founder and CTO, add-

ed, “At Rasa we’ve reinvented how conversational AI works. While many in the industry claim to incorporate generative AI, often it’s merely an addition of LLMs onto their existing platforms.”

Rasa continues to deliver on its mission to empower the world’s largest brands to address people’s needs with open and extensible conversational AI. Rasa powers sophisticated and robust AI assistants aligned with customers’ business logic that provide meaningful and practical user engagement. The recent launches of Rasa Pro and Rasa Studio with CALM (Conversational AI with Language Models) deliver a major innovation that combines the flexibility, nuanced understanding, and fast time-to-value of Large Language Models (LLMs) with the control and certainty of traditional (NLU-based) chatbots. With out-of-the-box conversation handling, CALM ensures user interactions remain

coherent and natural. Rasa Studio adds an intuitive UI that's built from the ground up for CALM, saving significant development time and reducing costs by reducing the reliance on specialist teams. “We believe Rasa delivers unparalleled value to its clients by automating or eliminating the most expensive and time-consuming aspects of delivering excellent customer service,” said Hunter Somerville, Partner at StepStone Group.

“Rasa has proven time and again that security-conscious enterprise customers can safely deploy the latest conversational AI, with an elegant low-code platform that offers robust functionality, data privacy, and scale.”

PayPal Ventures joins this round as the venture firm’s first AI investment, marking the launch of its new AI Fund to invest in early stage AI startups across all industries and verticals.

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CPayhawk Receives ICAEW Technology Accreditation — and what it means for you I

CAEW-ACCREDITED SOFTWARE HELPS FINANCE PROFESSIONALS CHOOSE THEIR FINANCIAL TECH STACK WITH CONFIDENCE.

At Payhawk, we’re excited to share that we’ve recently joined the ranks of accredited technology providers after rigorous assessment against the essential criteria. Get all the details on our exciting new accreditation and what it means for your business.

The ins and outs of ICAEW Technology Accreditation

Finance professionals: remember the feeling of passing accountancy exams after months of blood, sweat, and tears? It’s kind of how we feel at Payhawk. Following our extensive assessment, we’re delighted to announce that we’ve become ICAEW-accredited.

But what does the ICAEW

GoCardless renews headline sponsorship for JustGiving Awards

G2024, strengthening relationship with fundraising platform named the open banking payments provider for the fundraising platform, enabling the public to make instant, one-off donations through its Instant Bank Pay feature.

OCARDLESS, THE BANK PAYMENT COMPANY, HAS RENEWED ITS COMMITMENT TO BE THE OFFICIAL HEADLINE SPONSORSHIP FOR THE ANNUAL JUSTGIVING AWARDS THIS SEPTEMBER. THIS FOLLOWS A HUGELY SUCCESSFUL PARTNERSHIP FOR THE 2023 GOCARDLESS JUSTGIVING AWARDS WHICH BROUGHT IN NEARLY 20,000 VOTES FOR 12 INCREDIBLE FINALISTS.

The sponsorship builds on a two-year relationship which started when JustGiving selected GoCardless to collect recurring donations via Direct Debit. Earlier this year, GoCardless was also

Pat Phelan, MD of UK & Ireland and Chief Customer Officer at GoCardless said: “We’re continuously in awe of the amazing fundraisers in the UK, from their creativity to their dedication to the extremely moving reasons why they support their causes of choice."

"We couldn’t be more proud to shine a light on these unsung heroes"

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Technology Accreditation mean for us, and what difference can it make to your business?

PLet’s get into it.

What is the ICAEW Technology Accreditation?

The ICAEW has been around since 1880 and upholds excellence in accounting and finance across England and Wales. Over 20 years ago, they launched an accreditation for technology companies to support their mission and help accountants find software providers.

The certification covers various niches across finance, compliance, and business operations, such as:

• Expense Management

• Audit

• Financial Analysis

• Enterprise Tax

• Document Creation

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Revolut launches AI feature to protect customers from card scams and break the scammers "spell"

REVOLUT, THE UK’S LEADING FINTECH WITH MORE THAN

35 MILLION CUSTOMERS WORLDWIDE, HAS TODAY ANNOUNCED THE LAUNCH OF AN ADVANCED SCAM DETECTION FEATURE TO HELP PROTECT CUSTOMERS FROM CARD SCAMS.

Revolut customers can now experience an added layer of security protection, on top of the technology already in place, to detect APP (Authorised Push Payment) scams, where criminals trick the user to get them to transfer money to another account.Revolut’s new AIscam feature uses sophisticated machine learning to detect if a customer is being scammed, and therefore break the ‘spell’ of the scam-

mer before they send their money to the criminal.

Built internally by Revolut’s financial crime team, the new feature can determine if there is a high likelihood that the customer is making a card payment as part of a scam, and if so, decline the payment. The customer is then protected from performing other similar payments and sent through a scam intervention flow inapp. During this phase the customer needs to provide additional information about the transaction they were attempting, with the goal of checking whether the customer is being guided by someone and is under the scammers ‘spell’.

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