The independent magazine for Xero users, by Xero users ISSUE 10 magazine

ON DEMAND BUSINESS FINANCE Satago (Latin): to satisfy/pay a creditor

COVER STORY

ISSN 2054-7226 Satago’s Steven Renwick explains how 10 the Financial Web is transforming the

9 772054 722009 traditional lending landscape

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2 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 3 46 / CASE STUDY - How simple Xero feature that’ll get you paid on 98 / Top tips for Xero users: Budget process automation helped time Manager Welcome to issue 10... increase efficiency & growth 76 / TUTORIAL - AutoEntry: 100 / Mitigating risk and making 6 / 2017 Up and Coming Tech traditional lending landscape advanced, feature-rich automation data security a top priority of data entry to Xero 8 / Explained: Xero Partner Program 22 / From rock music photographer Points to helping businesses develop 82 / Introducing mTrio

9 / TUTORIAL - Provide 24 / Why philanthropy matters: 84 / Mindset over money: why magazine Management Reports to Clients your small business guide to giving spending more on marketing is not The independent magazine Without Breaking a Sweat the answer for Xero users, by Xero users Issue 10 10 / FEATURE - On the back of a 86 / INTERVIEW - Q&A with Will beer mat: XU Magazine from start Lovegrove from pensionsync

CEO: David Hassall (Co-Founder) to Issue 10 Managing Editor: Wesley Cornell 102 / NEW RELEASES - Updates (Co-Founder) and new releases: from the Xero Strategic Partnerships: Alex Newson 50 / A new year, a new global App Marketplace Staff Writer: Bethany Cox economy, and what that means to the Xero community 106 / Taking the ‘auto-magical’ to Editorial/News Submissions: If you have any editorial content (news, the next level comment, tutorials etc.) that you would 55 / TIMELINE - Innovations to help like us to consider for inclusion in the next you thrive in 2017 108 / Get ready, set, go! The edition of XU Magazine, please email us importance of a good set-up at [email protected] 14 / Top tips for setting up your own 62 / The ideal client: choosing the cloud business software advisory right clients and delivering valuable Advertising: [email protected] service 28 / COMPARED - Time & customer service attendance App comparison T: +44 (0)116 298 60 80 16 / INTERVIEW - Q&A with Michael E: [email protected] Wood from Receipt Bank 30 / TUTORIAL - Streamline your W: www.xumagazine.com invoicing with WorkflowMax… and 90 / Reconciling various customer get paid faster payment methods: get organised by ‘Xero’ is a trademark of Xero Limited (New Zealand). XU Magazine is collaboratively separating your deposits produced by an independent group of 32 / 5 silly excuses we give for not Xero users and is not affiliated in any way going paperless 92 / Alleviating reconciliation with Xero. All other trademarks are the ailments property of their respective owners. 34 / TUTORIAL - How to: using reports in ApprovalMax 94 / Does your accountancy firm © XU Magazine Ltd 2014-2017. All rights serve others or does it serve you? reserved. No part of this magazine may be used or reproduced without the 36 / New business in the UK The 7 systems that are changing the written permission of the publisher. XU reaches record high game Magazine is published by XU Magazine Ltd (08811842), registered in England and 38 / Move to high-tech, high touch 66 / TUTORIAL - Dryrun: help your Wales. Registered office: 12 Jordan Street, and watch your billable hours grow clients build a powerful recurring Liverpool, L1 0BP, United Kingdom. All budget… information contained in this magazine is for information only and is, as far 40 / A systems-based approach to as we are aware, correct at the time of delivering client work 70 / The all-new Xero HQ going to press. XU Magazine cannot 110 / APP DIRECTORY - App/ accept any responsibility for errors or 42 / ANNOUNCEMENT - Accountex 72 / Small business expansion: how Service Directory inaccuracies in such information. If returns to ensure compliance in Africa you submit unsolicited material to us, 20 / COVER STORY - How the 118 / Apple Pay is here! you automatically grant XU Magazine a licence to publish your submission in Financial Web is transforming the 74 / Forget me not: the automated 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 MAackce sysoinugr csahsohr tfl toewrm w fiitnh aSnacteag too, yboriudrg ael lc-ians-hoflnoew gaps risk and, although every care is taken, ccaasnh flboew d siffioluculot na.s S ap esnmda llel sbsu simnes csh. aI sninege dceudst ao mwearys t o neither XU Magazine nor its employees, with our automated invoice reminder system. agents or subcontractors shall be liable access the money locked up in my unpaid invoices. for loss or damage. The views expressed “ Complete Cashflow Confidence in XU Magazine are not necessarily the 44 / TUTORIAL - How to use Try invoice reminders at satago.com views of XU Magazine Ltd, its editors or its MinuteDock for time billing with Then I found invoice finance from contributors. Xero

4 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow“ us on Twitter: @xumagazine Issue 10 / 5 partnership with connection services to boost accessibility of their products to customers.

Subscription-based business

Subscriptions are another win-win 2017 that are taking over in all kinds of industries. Customers have an easy way to renew services or products orders and know consistency. Having recurring monthly income Up and coming tech helps businesses budget, project and report more easily. So what are the up-and-coming technologies of 2017? This model is at its best when Accountants and small businesses, listen up for tech trends partnered with e-commerce and automated payments. You can according to Xero! almost certainly combine these in your business. S mall businesses have the may also increase vulnerable data downfall of remote working, the flexibility and creativity (like sensitive and private customer increased flexibility is the perfect Influencer marketing to take advantage of the power information) for those who have a starting point for some to thrive. technology holds to make our lives bring-your-own-device (or BYOD) Some people just work better when With the swell in social media, easier. They can quickly adapt to policy. they have the freedom to manage instead of looking to companies, use new technology by staying their own schedule, and are consumers look to their peers lean and agile. If they are savvy Having one device that is stolen working at a pace set by them. to apprise decisions of product enough, they can make the best may put huge amounts of company and cake means no more there on your site. purchase. Famous personalities on of technology whilst averting the data and security under threat. We can’t ignore the cost impact interruptions so you can get your media platforms now command the associated risks by adopting early Data silos are the solution to this remote offices have on both work done on time. Connection-as-a-Service opinions of their followers, making but being cautiously observant. increasing problem. They are a staff and companies. Despite them the big target for advertising data segregation fix; a separate there usually being some initial E-commerce The past few decades have seen products and services. Your Here’s are the trends to look out database to the business-wide setup costs, your company saves servitisation become the business- customers want to feel talked to for... system. Data for each department money on real estate in the long With projections for E-commerce model of envy. More and more rather than at, being fully informed or employee is isolated from the term; money that can be spent sales in 2020 of $4 trillion, small companies are transforming and and educated about your product. Chatbots, AI and Machine Learning rest of the company. on expanding your borders businesses need to jump on this developing their systems to include Companies the world over have geographically. Your employees bandwagon if they see a future for services that complement and even increased budgets specifically for Artificial Intelligence in not, by all Mobile devices are commonly save time and monetary costs of their company. supplement the products they offer, social media for this year...perhaps means, new this year but it is being used alongside mobile device commuting, and buying lunch and moving from a product-centred to it’s time for you to as well! used in new and exciting ways. management (MDM) in businesses. coffee and that expensive business- Quicker searching, one-click customer-focussed approach. AI is the simulation of intelligent These systems work alongside casual wardrobe. transactions, next-day delivery, not behaviour in computers, and its company policy to enforce security even having to leave your home This values the customer and their ability to think for itself. Machine and activity management of It has been shown that fewer sick once. It all comes down to time, needs, giving businesses who Learning is a type of AI, involving employees. MDM is starting to days are taken by those who work for both business and consumer. have adopted this approach the computers learning without being appear as an intrinsic part of some from home. How often are you sent Increasingly, buyers are looking to competitive edge against rivals. explicitly programmed. Chatbots apps, for example Safari allows you home by a sore throat or something only purchase products that can be Small businesses should take are designed to use this to make to bookmark URLs that require you that doesn’t necessarily limit your delivered, so put your products out advantage of this by embracing intelligent conversation. to access them through a VPN. ability to work but means you can’t be in the office? This is already being implemented Despite thinking that this is a large in apps such as Slack, where users company-only problem, small So why is this something to Forecast Cash Flow, can interact with Slackbot. You businesses are those who cannot consider now? Well, technology should look to use apps that use afford the dangers of security risks. is better than ever and allows Budget & AI to organise content, data and effective communication products. Remote offices between off and on-site workers. Sales Scenarios Collaborating live on shared BYOD and MDM We’ve all heard of the stereotype of documents, high-speed internet, remote workers of participating in and even doing more with your The International Data Corporation video calls in a shirt, tie and pyjama good old email. Technological has forecasted that in 2020, almost bottoms, but other than comfort, advances make so much more XU Readers: We’ll add an extra 30 days to your free trial! 75% of the workforce will be why are remote offices catching on possible. mobile. The knock-on effects can be for workers and employers? Whilst Sign up today at dryrun.com/xu hugely beneficial for companies but some may say lack of routine is the Plus, no distractions of colleagues

6 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 7 Tutorial Provide Management Explained: Xero Partner Reports to Clients Without Breaking a Sweat

Program points ProfitSee provides the tools that give accountants and bookkeepers the ability to easily automate and grow their advisory services. The new and improved Partner Program, launched in November 2016, is Xero’s points-based system for IT ALL STARTS WITH REPORTING awarding recognition to Xero Partners. Reporting is an important function of accounting. The value of the reports comes from the advice you provide from the financials. Do you ever find yourself scrambling ost of you by now will be to prepare your clients reports and thinking, “there has to be an easier way to get these M familiar with some aspects done,”? Let ProfitSee save you time so you can provide the strategic advice that truly of the program, but if you’re impacts your clients’ businesses. searching for the basics, look no further.

If you are using Xero, you will have The number of points required to be awarded each status already been notified of your Xero Partner status. For some, your • Bronze Partner status level • Earned 20 more points in the past 01 ADD YOUR LOGO status will have already improved, • Earned 10 more points in the past 12 months and for others you will be looking at 12 months • At least three Xero-certified staff Upload your firm’s logo to instantly provide client dashboards and reports that what you can do to reach the next • At least two Xero-certified staff match your practice’s brand! Keep the focus on the advice you’re providing, level. The program is created with • Those for Silver, Gold and rather than the software you’re using! the view to make your business a Platinum Champion statuses are: success, based on what success • Silver, Gold or Platinum status means to your business. level

Each month, you will be notified with your status, number of points, certifications, distinctions and benefits calculated from the 02 CREATE CUSTOM TEMPLATES & SCHEDULES previous month. Some clients benefit from shorter, more frequent reports, but also still require

UK and NZ - points awarded for each activity in-depth quarterly information. Others might want monthly management Benefits reports. With ProfitSee we simplify the reporting process by giving you an easy The Partner Program offers many way to create custom report templates, and set automated reporting benefits to it’s users. Alongside the schedules, so you don’t have to think twice about it! enriched education resources, Xero shop, available practice tools and profile in the Advisory Directory on AU - points awarded for each activity offer, Xero Partners benefit from the following: • Access to Xero HQ - for managing 03 RELAX, REVIEW, & SEND! clients You can set the reports to send directly to your client, but we recommend • 1 subscription to Xero - for internal use by your business having them sent directly to your inbox. This gives you the ability to review • Access to Partner-only info and them, add any needed commentary, and send them off. Giving you more time support from a Xero Account to do the advising, while ProfitSee does the tedious work for you. Manager

Xero Champions SERIOUSLY, IT’S THAT EASY Start Xero Champions add an extra your free distinction to Partners with the title. In three simple steps you can create white-labeled trial! The criteria for Bronze Champion and automated management reports for your status are as follows: clients, no matter their reporting needs! WWW.MYPROFITSEE.COM/TRIAL

8 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 9 Feature Feature

We’re delighted to be exhibiting at issue and keeping up to date with all Xerocons over the coming year. the Xero community. On the back of a beer mat: Keep a look out for us there, we look forward to seeing you. Deputy is a big name in the business and they have been right Certain Apps that connect to Xero alongside us since Issue 01. We XU Magazine from start to issue 10 have been an integral part of our asked them to tell you about our journey and we want to recognise Team ProfitSee with XU Magazine enjoying relationship. Accountex 2014 Like all good ideas, it started between the two brothers in and celebrate the friendships we have formed with them. From the Brooke Roberts at Profitsee: a pub back in December 2013. David and Wesley had been outset, TidyWork have connected ProfitSee has worked with XU chatting about Xero and how all the guides and information with us. We asked them to share Magazine since it’s first edition. more about how we started out We were so excited to learn about were scattered across the web, meaning users had to go and together. it through their funding campaign, dig around to find everything. It made perfect sense to us to that we couldn’t wait to get involved. Over the past few years, pull as much of this information as possible into one platform. I have worked closely with the XU Magazine team, and they are X ero has many different Xero Users, by Xero Users. Our independence from Xero and its great partners to work with. From features, and there is a Add-ons (now Apps) ordained that article submissions to artwork wealth of information out there XU Magazine CEO, David Hassall: we would become the unbiased suggestions, they have been available to its users including Both myself and Wesley are avid information source for all with a responsive and helpful. At Accountex 2014 with Deputy blogs, forums, and articles, as readers of user magazines for login to Xero. But although we’re well as the ever-increasing pool various other platforms, so the independant, Xero have been an Each issue seems to top the last, Kristen Harris at Deputy: The Xero of Xero’s own resources. As Xero idea was born. Why don’t we do a amazing support and sounding and we’ve really enjoyed their partner eco-system is one we value Users ourselves, we didn’t always user magazine for Xero users? With board for us, so a big shout out Kevin Mann and some of the Tidy team platform as a resource to help highly at Deputy so when we first have time to go and search through neither of us having publishing goes to all of their staff who have appeared in XU Magazine Issue 06 educate Xero users about changes saw XU Magazine emerge with their this supply. experience we dived straight into helped us on our journey...we of Kevin Mann at Tidywork: “What in the global accounting industry. cheeky crowd-sourcing venture Google. As soon as we had built an course wouldn’t be here without amazing vision!” we at Tidy thought we were happy to jump in and And so we knew exactly what original concept of what we wanted Xero in the first place! when Wesley told us about starting One of our highlights has been support them. That experience has we wanted to create. Our goal from the magazine, we decided the XU Magazine. We instinctively knew getting to know the team at Minute resulted in a consistent, reliable was to be informative, topical best platform to launch this would XU Magazine Editor, Wesley Tidy had to support it. Xero and Dock over the past couple of years. and professional relationship, one and impartial, bringing all of the be via crowdfunding as we needed Cornell: Some of the biggest the Add-on community had grown We’ve done some really cool stuff we know we can trust for great valuable information out there both cash and visibility of the releases from us have been in the so much, it was great to see a together, from watching the rugby content and good reach amongst into one place, to save Xero users product. past few months. Our digital reader publication representing the stories to visiting a Koala Sanctuary! the members. I look forward to our treasured time and effort. and subscription system have gone of this exciting cloud ecosystem. relationship continuing for many A few days into the campaign we hand-in-hand in bringing the mag We felt he must really believe in the years. The initial campaign began on knew the idea was a winner and to a larger audience. Together they future of Xero and others like Tidy Indiegogo, a crowdfunding site for that really encouraged us. It was a mean that anyone can sign in and building connected cloud products. A really valuable link for us is with entrepreneurial ideas...perfect for long slog as we worked full time on be welcomed into our community, the Receipt Bank crew. They’ve us! This was the start of our journey the campaign, keeping up with 4 with full access to all content from It meant a lot to us at Tidy that given us some great experiences to equip the Xero community and time zones as well as our day jobs! print, and more. And all for free! someone in the UK, miles away when we’ve met up including draw it together. Our aim was from the birthplace of Xero would celebrations in London, a hog roast simple: to create a magazine for Once we had funding and a great There are lots of ways we’re looking start a global publication like XU. on a barge, and a rooftop party in following we then took to Google into growing this in the near future. A printed publication in a cloud Brisbane. Michael talks about their again: how do you actually make We have some other really exciting world? We thought most global journey with us so far... and design a magazine? After developments coming up over the users were not (yet) cloud converts, numerous YouTube tutorials, and next year for XU Magazine...so so needed an offline medium. David and Jared at the Koala Sanctuary after Michael Wood at Receipt Bank: friendly people helping us out, watch this space! Xerocon South 2016 The success of XU Magazine Issue 01 was born. It was much In less than 5 minutes Tidy Jared Armstrong at Minute Dock: demonstrates the unique passion harder than either of us ever XU Magazine Head of Advertising confirmed we’d take out a full-page I saw their original crowdfunding of the global Xero community. As realised it would be but we were so and New Business, Alex Newson: advert and help XU with well- campaign and thought it was an huge Xero fans ourselves, it’s been glad when we got there. The icing We’ve been learning a lot of new deserved financial support. We’re interesting idea. I reached out to a pleasure to take the journey with on the cake was Chris Ridd inviting stuff, so it’s almost like working on privileged that Tidy has continued them to write an article for their the team, whether it was racing to us to launch at Xerocon over in Issue 01 again. The fact that we’re to travel with XU in all ten brilliant very first issue and they’ve been grab the latest copy at a Xerocon, or Australia. now on Issue 10 is staggering. We issues. awesome at including MinuteDock my taking part in my first ever cover want to say a big thank you to all since then. We had a blast travelling story. Standing beside Colin Hewitt Since that initial pub talk, we’ve our contributors and advertisers for Profitsee have supported us right to the various Xerocons last year from Float and Steve Renwick come far. Along the way, we’ve getting us here. As always, we value from the word go. We’ve spent time and catching up with their team at from Satago, all in our kilts, it was made mistakes but have learnt a the honest and reliable feedback with them at various conferences, each one. Seeing how passionate clear that the XU team were onto mountain of lessons to take forward from the awesome Xero community. and even visited a zoo together! they are about providing a really something special and we’ve loved with us. Brooke tells us more... great publication for Xero users is being a part of it. Founders David Hassall and Wesley Cornell Let’s keep building it together! really inspiring. I love reading every

10 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 11 Feature

approved to get listed on the Xero add-on App Marketplace we decided to sign up to exhibit at WOULD YOU KNOW Xerocon San Francisco and Xerocon South. Alex saw that AppsForOps was attending Xerocon South A GOOD IDEA IF IT and reached out with a simple Tweet introducing himself and XU Magazine. The rest they say is SMACKED YOU history: from a double page advert in Issue 08, to the front cover on Issue 09 and many exciting things IN THE FACE? planned for Issue 10 and beyond. We love working with the team at XU Magazine. We as a team have wholly loved HERE’S A GREAT IDEA. reflecting on where we started and Find everything you need for your business and are so proud of how far we’ve come Cover stars of Issue 02: professional development at Australia’s biggest, Michael Wood (Receipt Bank), Colin Hewitt (Float), Steven Renwick (Satago) since. XU Magazine are so thankful free-to-attend, independently run, business exhibition to all those who have supported for accountants, bookkeepers and finance leaders. Do you remember fruit and veg More recently, we have worked us so far and continue to do so. featuring on our front cover? The XU closely with AppsForOpps and are There is so much more coming up: team had a fun time shooting for thoroughly enjoying the partnership brand-new segments, ingenious the cover of Issue 07 with Advance that is forming between the teams. tech and fresh ideas. We can’t wait Track, and having lunch together. to see where the next 10 issues take

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INNOVATION FOR EVERY CHALLENGE. What cutting-edge products or services will help you work smarter, evolve your business, win new customers and make Vipul Sheth, cover star of Issue 07 more money? Vipul Sheth at Advance Track: We

are delighted to have been involved David and Alex at breakfast in Brisbane with Shaun and Hennie from AppsForOps Find your answers at Accounting Business Expo, a two-day with the XU team almost from blizzard of new ideas, problem solving solutions, cost-saving the start of their journey. Xero is Shaun Leisegang at AppsForOps: us. Our pink team will keep flying resources, quality learning and networking. 21-22 MARCH 2017 changing the way accountants work It all started with a simple Tweet. around the world to bring XU to the ICC SYDNEY EXHIBITION CENTRE and XU are part of that community. Very soon after AppsForOps got Xero community! Join thousands of your peers and future business partners at the We have enjoyed working with essential business event for forward-thinking professionals. XU, including a fun photoshoot in Leicester Market holding bowls EVERYTHING TO GAIN. • Free access to 100+ exhibiting companies of veg a few days after Leicester NOTHING TO LOSE. won the Premiership. This took me • Access to 100+ complimentary learning sessions back to my days of working on a • Learn from 120+ authoritative speakers Get your FREE TICKET (save $60), leather stall on markets as a boy. At • Choose your favourite topics across 6 theatres by registering online before 20 March. least the sun was shining that day • Opportunity to earn valuable CPD points compared to my distant memories • Experience non-stop technology demonstrations To register, or for more info, visit of markets! Many congratulations • Discover the latest technology for your business AccountingBusiness.com.au to the XU team and keep up the • Learn how to survive disruption in your profession Use code: good work. XU17 • Make new connections with industry peers

12 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 13

XU Magazine A4.indd 1 25/1/17 4:02 pm Matt Flanagan, Co-Founder, BlueHub most part, businesses know what set-up phase and change projects clients, gaining knowledge about Matt is an industry-renowned cloud services are on offer, they just stall. the ecosystem and having the business systems specialist, working need to know you’re there. When confidence to offer advice without in close partnership with forward TOP TIP thinking companies, Xero and launching a new revenue stream in needing to pass the client to an Receipt Bank. Matt has over 15 years’ business systems advice, it is vital Like any new business, the investment at external company. This allows experience in business systems, to understand how you will market the start makes a difference. Being able firms to fulfill a fee earning role focusing on change management for @Blue_Hub and work with your Xero clients. z to give it your undivided attention, or at while moving their practice into the organisations such as HMRC and the least a significant chunk of your week, is NHS. future. TOP TIP essential to put in place the processes and research the market. You will need to carry out a ‘fact find’ The CSR has three tiers to If you are unable to persuade practice to gather information on your client’s accommodate for firms of all sizes. business activities and processes. This is partners to release time to establishing a whole business review, looking closely the revenue stream, it may be better Each includes consultancy time with Top tips for setting up at the way the business operates, the to partner with an advisory service like our experienced cloud team, access ourselves who can be your port of call current systems they have (whether to a bank of educational resources electronic or manual) and who does what. when you need expert knowledge to solve This is where you gain the insight to a client’s question. to support your cloud journey, offer Apps that will enhance productivity along with regular meetings and You can gain the knowledge of the Xero but that can be integrated with existing exclusive member-only events. your own cloud business systems and that will tick all the ecosystem while earning from business requirements for the client now and in the process reviews for your clients. foreseeable future. Because so many firms are Marketing is also benefitted from niching down (tip 1), as these pre-selected Apps experiencing these challenges when software advisory service can be marketed to both new and existing launching this new revenue stream, clients, allowing practices to get the most we created the BlueHub CSR (or use out of the time they have invested in The world of accounting is a changing landscape, shifting learning these new systems. the less catchy- Cloud Services Retainer). This service is ideal for from bags of receipts and unfilled invoices to automation and 4) Balancing App research with fee firms who are providing (or looking artificial intelligence. For those firms that are tackling the earning responsibilities to provide) an in-house software advisory service for Xero Apps. change head-on, the Xero ecosystem has an overwhelming Launching in the business software range of add-on Apps. advisory market takes commitment. It allows accountants to move The requirement to complete fee along a learning pathway to build earning work often overrides the strong relationships with their Xero T raditional Accountancy challenges, netting new Xero clients implementations have on their training continues to fall and expanding your offer as other clients’ businesses – and for good short of addressing the diverse practices fail to embrace the cloud? reason. With tech moving so role accountants will be required fast, it is difficult to maintain the to fulfill as clients become more 1) Getting started knowledge to confidently provide aware of the efficiencies cloud advice. systems offer. With companies Many practices are overwhelmed like WorkflowMax and Cin7 by the Xero ecosystem. There are TOP TIP advertising directly to the end simply so many apps that the The nature of cloud accounting is so user, Xero accountants are finding task of finding the right one to different to traditional methods that themselves struggling to meet recommend seems enormous. people and internal processes will need client expectations as they come to change in line with the new systems TOP TIP and ways of working. This is true of the looking for advice on operational function they perform and their mindset apps. Reduce the number of apps by identifying towards it. Practices are having trouble your niche. Being a specialist in a managing change within their teams, as the industry has seen little change for Although some Xero practices are particular area, like hospitality or retailing is the best way to create your business such a long time. seeing the opportunity to offer a systems advisory service. You cannot business systems advisory service, understand all the apps for all the clients If you are unable to find suitable advocates within your team, it may be many are struggling to get to grips and keep your knowledge current as updates are released so regularly. necessary to recruit new members who with the world of apps. This is You may identify a sector by reviewing are already aware and keen to embrace no surprise as it takes time and your existing client base. If not, spend cloud technology. Their mindset needs to be suited to a higher degree of risk, research to understand the nuances some time identifying your practice’s strengths and experience so you can operational priorities of clients and be of competing apps and have the choose one that reflects your existing comfortable giving advice in a fast moving confidence to recommend one over skill set. environment. another. 2) Managing change 3) Building a different client Having spoken to many practices relationship around the country, from top 50 Plenty of accountants are reluctant firms to the local specialist, the to make recommendations due Accountants haven’t really needed problems are often the same. to the potential impact (both to explain themselves in their So how do you overcome these positive and negative) new system marketing activities before, for the

14 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 15 Interview Interview

It’s great to be joined So I wrote straight back to say, “can the cloud accounting industry XU: by Michael Wood, the I buy the service?” and that’s how because it makes this incredibly Director of Receipt Bank. The last Receipt Bank started! important data set more available. time we spoke to Michael was in Now whether that’s more available Issue 02, so we’re delighted to That’s interesting that to the bank, whether that’s more be catching up with him again. XU: it was the day that available to the lender or insurer Michael, could you start by telling you rang up that they were closing or whoever it may be, there’s some us a bit about Receipt Bank’s down... fantastic data that’s been made journey to where you are now? available by cloud accounting. Well exactly, and Of course for that data set to be I have the advantage MW: the background to valuable, it’s got to be up to date. MW: of being one of the that was that I’d helped to build first people in the world to use a significant accounting package And that’s where Receipt Bank is cloud accounting. So in around in the past and I’d run other absolutely key because Receipt 2007, I had a limited company and I businesses so I knew the small Bank is the key software out there was using cloud accounting. I didn’t business accounting process and that is used by accountants and know I was one of the first, I wasn’t business really well, and I saw how bookkeepers and small businesses doing it to be enthusiastic, I was big and important cloud accounting to make sure their data is up to actually doing it because I’d made was going to become, and actually date. And the more up to date it is, such a mess of my accounts that my realised that automation was going the more valuable it is. So that’s the accountants had taken my existing to become a huge part of that and way that we will contribute to that. package away and said, “try this, so we started Receipt Bank to help you’re less likely to muck it up”. accountants and bookkeepers to Definitely, and Receipt help automate bits of the process. XU: Bank and Xero come And so I started using cloud hand-in-hand from my experience. accounting very early. And having A lot of Receipt Bank’s So over the next few years what used it for sort of 1 year, 2 years, XU: journey links in with shifts do you think we will see in 3 years, I really loved the whole the advancement in the Fin Tech the current trends of technology in thing. But I just realised that there industry. How has this advancement the Fin Tech industry? Do you see were a few problems. One of the helped Receipt Bank grow? any patterns emerging? big problems was that suddenly, it had become very ambiguous Absolutely hugely, What I expect to see as to who was doing my daily MW: the first key MW: is the emergence of bookkeeping. So I decided to use technology advance that has what I call “accounting centaurs”. my influences and look around for changed the power of our service And I do mean centaurs as in Harry a software solution that could help is actually smart phones in Receipt Potter, mythical creature, half- me deal with the accounts payable Farm as it started out as a postal horse, half-man! There’s a really expenses. service. So suddenly the popularity interesting story I think is useful for of the iPhone and Android allowing all accountants and bookkeepers I came across a service called people to take photos of receipts to be aware of. I think everyone has Receipt Farm. It was a postal there and then made a huge heard about IBM software, Deep service at the time in 2010 and what difference. Receipt Bank also was Blue beating Garry Kasparov at they said was “post us your receipts a very early investor in AI, and chess in 1997. It was really famous and your invoices and we will scan our data extraction technology is and made headlines all around the them and extract the data for you”. heavily AI-based. world: a computer’s AI beating a So I thought, ‘well that sounds man in a really key way, and that really good and will really help’ and There still are some humans was the headline everyone took so I started the free trial. I really supervising the most difficult of from it: AI beats very clever man. enjoyed the service but it had two invoices, but primarily it’s an AI key problems. The first was that my service, so that’s been a huge Now what everyone missed is accountant couldn’t access my data benefit. And there’s various others. actually what happened afterwards. and therefore be an administrator As I say, our job is to provide Garry Kasparov recognised that of the account. And equally it didn’t automation and so there’s various although he lost to the Deep Blue send the data straight into my cloud trends we have served. computer, the Deep Blue computer A accounting package. wasn’t just artificial intelligence; Q& In contrast, has Receipt it had a database of chess moves. I wrote into the customer service XU: Bank helped the Fin It had all sorts of other computer Michael Wood guys to say “I love what you’re Tech industry grow? advantages attached to it. And doing but these are the two issues afterwards he created a new type I’ve got”. They came back to me to I don’t think we of chess called “centaur chess”, from Receipt Bank say ,“Mr Wood, thank you for your MW: have yet, what’s and the whole point of centaur feedback but unfortunately we’re happening is a lot of people in chess is that you and I might be closing down today”. financial services are excited about playing each other and as we play

16 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 17 Interview Interview

each other, we have computer Last year we reported started out in the UK and I started choice of colour. The big question I assistance. XU: that Receipt Bank getting all these enquiries from need to ask is: why orange?! managed to secure a cash Australia, New Zealand, America, So I may be thinking of moving my investment, how has this helped Canada, Singapore, everywhere I can tell you the pawn to there and the computer Receipt Bank grow? that Xero is. We were getting MW: exact answer to says, “actually if you do that, you phone calls from accountants and this because it was my choice! could do this”. It gives all sorts It was really bookkeepers saying, “we’d love to I am a scientist by background, of suggestions and tests your MW: important for us use your service”. And to be honest and we attended several Xerocons thinking, and so you as the human to take investment on. Growing a there were only so many calls I and roadshows and it was really player are still in control but you company that grows as fast as ours could do at midnight and 5am and obvious that Xero was blue, Vend have the ability of the computer is an expensive business, the way 6am before we realised we needed was green, Unleashed was red, and to help you to make the best that Xero shareholders invested a to have a local presence. So it was no one had taken orange. And so decisions. lot of money in Xero to grow: it’s an very exciting to be taking these Receipt Bank became orange, and expensive business. phone calls and very interesting, that is the honest reason! So the Kasparov vs. IBM game was but at the end of the day if you want portrayed as a triumph of machine hey key thing for us is we are one to have a world-class product, you That’s pretty similar to over man, when actually what came of the largest AI teams working need to have people locally. XU: why we’re pink! out the back of this was that the in accountancy software anyway best result was a combination of around the world. And to have that And from meeting your We literally just machine and man. working day-to-day on all sorts of XU: teams from around the MW: wanted to make bookkeeping workflows to help our world, they are definitely a credit to sure we were distinct at Xerocons Where I think it’s really exciting partners and our clients has been you! One thing I’m sure a lot of our and that’s why we chose orange. now is we’re beginning to enter fantastic. subscribers are wanting to know is the era of “centaur accounting”: Receipt Bank? Bank, the data from the POS system what new and exciting plans Receipt And I know that, as the accountant or bookkeeper is etc., it’s all digital today. So even Receipt Bank has a Bank have planned for 2017? XU: the App eco-system taking advantage of all these new AI It benefits Receipt though they say they’re making tax XU: worldwide presence expands, some new apps have technologies. There will basically be MW: Bank in that we are digital, they’re not making it digital and we’ve had the pleasure We do have lots chosen orange and others have three options: unquestionably the leading vendor they’re just recognising that all the of meeting your teams from MW: coming up. We are rebranded to it… do you foresee of AI technology. I get up in the transactions nowadays are digital various places. What are the really excited about our road map. changing from this colour at Receipt Ignoring the new technologies morning because I think we’re doing and therefore it makes sense for main challenges of having a team We’ve tried to work really hard at Bank? which would give a bad result for something that’s really powerful them to deal with them in a digital working across the globe? Receipt Bank on ‘what does an the firm or individual involved and really useful to an awful lot of way. accounting firm look like in 2025, I don’t know, it’s not because it will not be as cost people. It’s beneficial to us because The odd thing is we or around 5 years time from now?’ MW: something I think effective, it won’t be as efficient, this is our moment to shine. We’ve What it means in the UK, because MW: are symptomatic of and ‘what makes an accounting firm about hugely. they won’t actually be as good at been doing it for a long time and HMRC have been one of the first tax a new type of international global successful and a winner in 5 years their job. In the way that Kasparov getting better and better at it, and authorities to recognise this and business. If we think back to our time?’. And it’s good for you, was a better chess player by having we’re able to help more and more respond, by no means are they the childhood, a global business means XU: because a lot of people the computer next to him, the people every day; Receipt Bank has only one. Some of the debate in the something like Coca Cola or Ford; a We’re working really hard on the associate the colour orange with accountant or bookkeeper who more than 100,000 users in the Xero UK is that even though HMRC are global business means something software solutions that enable our Receipt Bank and so if someone takes advantage of these new AI community. This is our moment to doing something outlandish and like tens of thousands of employees partners to be one of those winners. is seen walking around with an technologies, will be better at their keep getting better and better. different, there are actually many and every office is huge. What accounting firms can be really orange t shirt at Xerocon, it’s job, so to ignore this would be a tax authorities around the world encouraged by is that we are doing presumed that they’re with you! bad thing. I think there’s a challenge in our looking at this and trying to move in Whereas now tech has meant, to this, and Xero is doing the same… opportunity, because we have the same direction. become global, each business spending a lot of time on ‘what does Exactly! Equally, for the small businesses to to be as good as we can be, but in some way is not that large. a successful firm look like in 2025 MW: conclude right now, “oh there’s all hopefully we can help all these But because HMRC have set out It might be 20 people in one and what do they need to have?’ these new technologies, I no longer small businesses, accountants and such a clear timeline, is means that country, ten people in another… and we’re starting to build that need a human looking at my books bookkeepers to make the most of the UK is going to be quite in the so the challenges we had were today. And then we work out what or accounts” would be premature. the data they have. vanguard of this and there’s also 2 combining relatively quite small, to release this year and next year So the best result for everyone is… or 3 other regulations in the UK that local teams with a global footprint and in 2020. And how do you feel will be a vanguard for Fin Tech - one and that comes up with all sorts of The accountant or bookkeepers XU: the Making Tax Digital of which is the insistence of all UK challenges of internal processing, So rather than focussing on one powered by the new technology, (MTD) movement by HMRC will banks having API which means HR, finance, marketing. It’s the thing, that’s what excites me. We’re just as it has been in chess and affect the UK Fin Tech industry? much better quality bank feeds, as newer type of footprint that we and thinking about the problems that other areas. well as many other ramifications. others are having to learn. firms are going to hit and make The trouble with sure we have the solution ready for So what will be really interesting MW: MTD is it’s got a bad So the UK government has done And on the flip side, them. is the rise of these “centaur title, because it suggests that HMRC 2 or 3 things to make sure UK XU: what are the benefits of accountants”. are making tax digital. The reality businesses are at the forefront of having a team working worldwide? That’s really exciting is they are recognising that tax is getting access to their data and XU: and a great way to look So then how do you digital. So all these transactions, being able to use their financial It has been at it. Now, Receipt Bank manage XU: think the rise of the bank fees, the data in Xero, data. MW: absolutely key to stand out at every event, not “centaur accountants” will benefit the digitised items from Receipt for us. I remember when we first just with there great staff but their

18 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 19 Cover Story Cover Story

Steven Renwick, Founder and CEO, Satago Satago. Harnessing cloud technology to oversight and management. improve financial health Steven founded Satago after By leveraging cloud technology, When you consider that the deaths experiencing late-payment in his family business in the construction real-time data and analytics tools, Funding on demand is not the only of 50,000 businesses in the UK sector in Scotland. In a previous life these new FinTechs are able to digitally-driven transformation on through late payment could be he was a research scientist with a PhD provide businesses with fast, offer. Alternative financiers are avoided every year – this is a vital in Genetics. @SatagoHQ flexible and frictionless funding on also harnessing cloud technology innovation. a scale hitherto unimagined. to give smaller businesses tools that will help them get paid on In the face of falling access to Here, selectivity has a positive part time. Satago’s enhanced credit traditional lending, SMEs can be to play. For many years, the only management tools are already assured that there are now better invoice finance options available succeeding in improving the alternatives; agile FinTech-based How the Financial Web is to businesses have been based financial health of small businesses, options designed to offer business on a ‘whole sales ledger facility’, reducing the time they spend on owners flexibility and control in which they are locked into a credit control by up to 80%. without the overbearing constraints contract and the attendant fees of their predecessors. transforming the traditional – which can prove a very costly This provides the same level of form of working capital indeed. sophisticated credit management Now on-demand business finance is Today, through leveraging cloud and dashboards to SMEs as their a reality, business owners can focus technology, business owners are far larger competitors, effectively their energies on what is most lending landscape able to obtain access to cash levelling the playing field. It allows important in their lives – fulfilling (previously tied up in approved for real-time cash flow monitoring their business ambitions. Steven Renwick, CEO of business finance firm Satago, one of invoices) instantly on demand – on at a glance, as well as greater risk a selective basis. Unlike before, Xero’s first financial services partners in the UK, explains how they are now completely free to a new breed of FinTechs has emerged to transform the SME decide when and how much they borrow, and for how long; giving funding landscape... them greater oversight of costs and far more control over their D isruptive innovation delivery, the products haven’t Selectivity is the key borrowing. designed to break altered fundamentally for decades. the stranglehold of dominant Traditionally, banks have been The Financial Web business models shows no signs SAP’s Digitalist Magazine recently the primary source of working of abating. Netflix, Amazon, Uber said: “There is a lot of talk about capital funding for SMEs. However, The game-changing technological and Airbnb are the doyens of digital transformation by banks, regulation has meant that advancement that has driven this the on-demand economy as we but the reality is that – despite increasingly these large financial level of finance innovation has know it today, inspiring entire what they say – they are not institutions have to be very been termed the “Financial Web”. generations of technology- doing it. What the vast majority of selective in terms of the companies In summary it is the ability for driven businesses to challenge banks are actually doing is digital to which they will provide funding, finance providers to seamlessly established models and strategies. enablement. They are simply using regrettably leading to the exclusion integrate their applications with Indeed Xero itself allows business digital technologies to do what they of many small businesses. Basel III leading business accounting owners on-demand access to are doing today, only slightly better. regulation is putting banks under packages, such as Xero. Small financial information that would There is nothing transformational growing pressure to maintain higher business owners can now authorise previously have been siloed within about what they are doing.” capital ratios as they look to rebuild and securely share their financial inaccessible desktop accounting their capital bases and de-risk their reports with business lenders, such software. The key imperative to market balance sheets, making lending to as Satago. Connect, click, cash: It disruption is to re-imagine a new small businesses far less attractive really is that easy for businesses However, the financial services ecosystem that meets the needs to them. to access the working capital SMEs industry, long overdue radical of the customer, not the lender. need instantly, 24/7. Thanks to transformation, has been slow Critical to the development of this This enforced reticence to lend to the Financial Web they can simply to embrace (or arguably quick new ecosystem is the access to SMEs is causing huge cash flow choose the invoices they want to resist) this form of disruptive data afforded by cloud-accounting headaches for small businesses, to finance and they are paid on thinking. software, such as Xero. especially those that have relied demand. upon bank financing in the past to When I started to look at the For far too long the focus has plug short-term funding gaps. SME finance market, I was drifted the other way, fostering MI raekcee ynotluyr lcoassth m floonwe yw withh eSna ta gcou, sytooumr earll -wine-notn iento pretty shocked at how little the an environment in which big bank Ironically, this selectivity in terms caadsmhflinoiwst sraoaluouno.n I.t Sdpaewnnde ldes os n me cthats iIn'dg ncuesvteorm reearsll y commercial finance industry had rules have prevailed unchallenged of underwriting from the large with our automated invoice reminder system. changed. Traditional lenders may and facility limits and ceilings have market incumbents has created an known who I was doing business with. now offer multi-channel delivery, continued to restrict the growth of even greater choice for SMEs than “ Complete Cashflow Confidence including mobile, tablet, instant SME businesses. ever before – in the form of a new Try invoice reminders at satago.com messaging and webchat, but when wave of nimble, digitally driven Then I found credit reports from you peel away the veneer of digital alternative financiers, such as

20 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow“ us on Twitter: @xumagazine Issue 10 / 21 Michelle Nicol, Freelance Writer, Wordstruck Writing and Training be doing because they won’t make money.” Michelle is a freelance writer, trainer and tone of voice consultant who helps businesses tell their story Working in the cloud using words that connect with their customers. A former BBC journalist, Because David’s consultancy takes she also provides business and @I_am_wordstruck creative writing workshops. him to customer sites all over the UK, he understands the flexible advantage that cloud-based working offers to businesses, From rock music including his own. company in Holyhead, North Wales. processes within the business and “Cloud has changed everything,” The company was set up following assessing its needs, he says. “Principality don’t have redundancies at the aluminium David recommended that PFS an office anymore. We just have smelter in the town, where David Ltd use cloud-based project cloud-based systems. We share photographer to helping himself used to work. management software TidyWork. information using the cloud. It’s This solution gives the company meant that we’ve reduced our fixed “I went off and started my greater visibility of the profitability costs because we don’t have offices own business, and one of my of their different projects and and we’re able to get out a lot more businesses develop colleagues, Martin Davies, integrates with Xero to provide the and meet more customers.” started his own business, in metal lowdown on their financial figures. fabrication. We came together again Life on the road at a meeting, and it seemed I could Although still in the early days of Life on the road with David Lloyd help him improve his systems. I implementation, the software is Visiting customer sites and offering mapped his work process, looked already having a positive impact, advice and consultancy takes Williams of Principality Consulting... at what he did, what he needed as David explains: “They’re already David from Fort William in Scotland and then came up with a number of seeing a number of improvements. to South Wales and many places “ Years ago, when I was an once photographed travelling locking in the improvements we find recommendations.” Martin can see now what projects in between. As well as helping apprentice, I used to take rock guitarists towards helping with some software which can make are making a profit, what projects businesses work more efficiently, my camera and take photographs businesses run more efficiently. As sure that the gains we find can be With help from former owners of are not making a profit. Previously travelling by rail and road does of the big bands that came to the Managing Director of Principality sustained throughout the life of the Rio Tinto, three former employees although he had a gut feel, he occasionally allow him to indulge North Wales theatres. It was all Consulting, he helps companies business,” David explains. of the smelting plant, including couldn’t put a figure to it.” his love of photography: “As I’m in black and white and I used to find IT solutions that will improve Martin Davies, set up metal travelling, I might see a nice picture develop it myself and send the their businesses. His consultancy services cover fabrication company PFS Ltd. They “All the time expended on any and stop to take it. Phones these bands some pictures. Eventually I everything from accounting now work out of the old engineering project, all the materials being days are fantastic. You have your took a photograph of Queen, sent it Finding efficiencies to support and financial systems, to fully workshop that used to serve the expended on a project, everything phone with you wherever you go to Brian May and he stuck it on his business success integrated ERP systems for larger plant and employ 16 people. goes into the project on TidyWork, and they take fantastic pictures. So, website. I was pretty pleased with companies. so there’s a figure for everything,” not so much band photography any that.” “I enjoy finding a business, applying Recommended software he continues. “He’s now starting to more, but I do still take pictures.” These days, David Lloyd Williams some lean principles… improving The lean principles that David make business decisions on some has turned the keen eye that the way that business works, and talks about apply to a method of After looking at all the different projects, that maybe they shouldn’t business improvement originally invented by Toyota in Japan. The method has spread from the automotive to the manufacturing industry and is now used by many kinds of business to drive efficiency.

In his role as a consultant, David has found lean methodology very effective: “We tend to find that for every pound of consultancy that we give a business, we can save them £10 a year in efficiency savings.”

Bringing a redundant site back to life

One of the companies that David works with is Professional Fabrication Services (PFS Ltd), an engineering and fabrication

22 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 23 Caitlin Sisley, Marketing Content Writer, WorkflowMax responsibility plan. It’s by no means donations. You could organise a meal to a local school so an an exhaustive list, but more of a a regular donation drive for underprivileged child doesn’t Caitlin has over six years of experience starting point to get your creative employees to bring in clothing, go hungry. It’s an inspiring in the digital content world and has worked on social media campaigns, juices flowing. books or unwanted gifts. Some business model. Consider using SEO blogs, press releases and creative companies choose to lend their service the next time you copy for a large number of New • Offer Free Marketing. Aside from their office space after-hours facilitate a staff lunch, or adopt Zealand businesses. With a Master’s @WorkflowMax Degree in Human Rights, she is not direct donations, free marketing for refugee language classes your own ‘buy 1, give 1’ approach only passionate about business but is one of the simplest ways and employment training. It’s a to catering. also corporate responsibility, ethics to support a local charitable powerful way to help those less • Enter a Sports Event. There are and humanitarian issues. organisation. However, poorly fortunate than us to build better many opportunities to make a selected campaigns can appear lives, and in turn give back to the difference by entering your staff in sporting events like Oxfam Trailwalker, the London Marathon Why philanthropy matters: or Auckland’s Round the Bays. You can maximise their impact by matching fundraising efforts or making product donations in your your small business guide company name. Last year several Xero employees entered the BDO Wellington to Auckland Cycle Challenge, riding their bikes for seven straight days and travelling to giving almost 800km! • Give Back to the Environment. Social responsibility initiatives offer profound benefits for small Businesses of all sizes leave a bigger carbon footprint than businesses and the communities they care about. Better yet, individuals, but at least you they don’t have to cost a fortune. Caitlin Sisley explores some can minimise the damage. There are thousands of ways budget friendly possibilities, and the positive flow-on effects of your company can show its commitment to ‘going green’. inspiring a ‘culture of giving’ within your business... You could implement a company- superficial and opportunistic - so community themselves. wide recycling policy, source 016 was a strange and has an important role to play. The Small Business Advantage it’s important to choose a charity • Host a ‘Buy 1, Give 1’ Lunch. your materials from local and 2 unsettling year. that genuinely aligns with your Here in New Zealand there’s sustainable producers, or Corporate Social Responsibility Funnily enough, there are company values. Offer them a wonderful social enterprise participate in power-saving As a global community we were actually several advantages small marketing space on your website, called Eat My Lunch, which regimes. Staff volunteer days like brought to our knees by shocking We’ve all heard of Corporate businesses have when it comes email newsletter promotions, operates on the ‘buy one, give native tree planting double as political events, civil unrest, Social Responsibility (CSR), or a to corporate social responsibility. or even your pro bono services. one’ philosophy. For each packed excellent team building activities. extreme earthquakes and the regime of corporate contributions Firstly, as a small business you’re Over time you should be able to lunch you buy, they’ll donate • Support Local Youth. Young devastating crisis in Syria. We intended to improve the wellbeing flexible. You can respond to urgent cultivate a mutually beneficial wept as many of our beloved of communities. The term is usually community needs or perform partnership. musical icons passed away - reserved for big entities with spontaneous charitable actions • Give Blood as a Team. Encourage including Bowie, Prince and loads of cash and entire marketing without getting embroiled in miles your staff to participate in the Leonard Cohen. divisions, performing grand of red tape. You don’t answer to essential, life-saving activity of charitable gestures to boost their a rigid panel of stakeholders or donating blood. Most services The year as a whole left many of profile and impress stakeholders. figureheads. You get things done. (including NZ Blood and us feeling shaken, in need of a hug Australian Red Cross) will visit and a stiff drink. But as a small business, CSR Secondly, as a small business your workplace if enough staff doesn’t apply to you, right? You owner I bet you’re already members sign up. You may even In the wake of this turmoil and simply don’t have the same passionate about making a positive be notified when your blood sadness, how we treat our fellow resources as a corporate entity. impact on your community. What’s is used to save a life. A single humans in 2017 seems more You’re strapped for time every day more, you have local connections donation can save the lives of up important than ever. I hope we see as you juggle family commitments and are well-informed about to 3 people, and you can donate a renewed focus on community and and entrepreneurship. Every relevant issues. It won’t take as every 3 months (or 2-3 weeks for caring. I hope more people start expense - financial or otherwise - much research for you to pinpoint plasma donations). Imagine the embracing humanitarian ideals on needs to be justified. the areas where you can make a potential impact your company both a personal and professional difference - and the local issues you could have just by implementing level. How can you commit to charitable choose will be close to your heart. a quarterly donation scheme. giving and social responsibility • Support Your Local Refugee It’s time to bring compassion, when you barely have time to pay With that in mind, here are some Centre. There are many ways empathy and generosity back into taxes? budget-friendly suggestions small businesses can help our daily lives; and small business to get you started on a social refugee centres, aside from direct

24 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 25 people are the future, and In this era of social media, Today’s workforce are no longer Generation Z will face unique reputation spreads fast, and driven simply by paychecks. challenges in their lifetimes. It’s companies that are perceived as Increasingly, employees want to important that we support their humanitarian or environmentally do work they perceive as having a development and encourage sustainable will quickly earn the positive impact upon the world, or them to become changemakers loyalty of discerning consumers at least their local community and and innovators. You could while differentiating themselves environment. And philanthropy arrange mentorship for young from competitors. tends to be highly contagious. leaders in your business field or create a rewarding internship In fact, making social responsibility Implementing social responsibility Job + project + program for students. Often part of your mission statement can initiatives from above usually has these partnerships will offer boost your brand trustworthiness, a trickle down effect, and over time mutually beneficial marketing increase sales and improve can foster a ‘culture of giving’ at stock management opportunities. customer retention rates. You may every level of your business. • Have Paid Volunteer Days. A even attract the attention of like- powerful way of motivating minded investors. This culture of giving means staff POWERFUL SOFTWARE employees is offering them optional paid days off to volunteer at charitable DELIGHTFULLY SIMPLE organisations of their choice. This is usually done on a quarterly or annual basis. Not only does it show your commitment to supporting your community, it also helps to empower staff by allowing them to engage with causes they are passionate about. Often they will learn valuable soft skills in the process.

The secret to making these Tidy helps streamline manufacturing: initiatives a success is perseverance and consistency. Be selective with causes, choose a niche that TidyEnterprise is making the running of my business something fuels your passion (and that of that’s visible and measurable, which before wasn’t always the your employees). Then stick to a “ schedule. A once-off good deed will case. TidyEnterprise gives me data and transparency on two key quickly vanish from memory, but if you work regular commitments into And of course, charitable donations are more likely to offer their time areas - money that’s being spent and what people are doing. your business model you’ll soon are often tax deductible at the end willingly, take pride in their work, It shows me graphically and with clear data, where we’re being see rewards. of the financial year. Speak with share skills, and be generous your Xero certified accountant and helpful towards colleagues. productive, and where we’re not. The Flow-On Effects to learn more about claiming tax The nature of striving towards a Martin Davies, Manging Director, Professional Fabrication Services, UK rebates or credits. shared social cause encourages ” You might be cynical enough to ask, collaborative work, leadership and “what’s in it for me?” A Culture of Giving innovation. Users of Not only does philanthropy feel Perhaps the most compelling In short, everyone wins. And a little good, your business can benefit secondary impact of social humanity is something we could all from a number of flow-on effects responsibility is the culture it use more of in 2017. when you adopt a robust social creates within your company ranks. responsibility plan.

JOB STOCK CONSTRUCTION MANAGEMENT MANAGEMENT MANAGEMENT MANUFACTURING

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26 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com HaveTry you subscribed? free Go to subscriptions.xumagazine.com tidyinternational.comFollow us on Twitter: @xumagazine Issue 10 / 27 Apps Compared Apps Compared

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Time Tracking ü ü ü ü iOS ü ü ü ü Scheduling & Rostering ü ü ü - Android ü ü ü ü Accounting Integrations Award Interpretation - ü ü - Xero ü ü ü ü Invoicing within the App ü - - ü MYOB - ü ü ü Time Tracking QuickBooks Online ü ü - ü Start and stop timesheet on App ü ü ü ü Xero Integration Track time for multiple locations/stores ü ü ü ü Integration to Xero Payroll ü ü ü - Track budgets, targets & hourly retainers - - ü ü Post to Tracking Category/Group Level (Payroll) ü ü ü - GPS Location Tracking ü ü ü - Manual Import Timesheets to Xero - - ü - Start and Stop Shifts via Text Message ü ü - - Automatically Import Timesheets to Xero ü ü ü - Scheduling & Rostering Employee Information Synced with Xero ü ü ü Drag & Drop Scheduling ü ü ü - - Integration to Xero Invoicing ü ü ü Copy previous schedule ü ü ü - - Send time billed to invoice in Xero ü ü ü Schedule by Job or Task ü ü ü - - Post to Tracking Category/Group Level (Invoicing) ü Allocate employees to teams for team scheduling ü ü ü - - - - Payroll Integrations Calculate expected & actual cost per employee - ü ü - Gusto (US) ü ü - - Schedule based on skill/role - ü ü - iPayroll (NZ) / CloudPayroll (AU) - ü - - Employees can swap shifts with App - ü ü - MyPaye (UK) - ü - - Employees can self manage their leave & ü ü ü - unavailability WageEasy (AU) - ü ü - Reporting Other Integrations Customisable Reports ü ü ü - Vend - ü - - Save Report Templates ü ü - - Kounta - ü - - Graph wages against expected sales ü ü - - Square ü ü - - Client view ü ü - - Revel Systems - ü ü - Google Calendar ü ü - - Microsoft Outlook ü ü - -

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. Compiled by Jeri Murphy, Co-Founder of WhichAddOn.com

28 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 29 Tutorial Tutorial

Caitlin Sisley, Marketing Content Writer, WorkflowMax you can save yourself hours of month, or see an instant snapshot complex timesheet calculations. of billable jobs. Export a list of Caitlin has over six years of experience Custom rates can be applied to unpaid invoices so you can follow in the digital content world and has worked on social media campaigns, team members, tasks within a job, up with late clients. SEO blogs, press releases and creative or even clients. copy for a large number of New Our powerful invoicing reports are Zealand businesses. With a Master’s @WorkflowMax Degree in Human Rights, she is not Step 3: Adjust Your Invoices designed to give you full visibility only passionate about business but of your business, help you improve also corporate responsibility, ethics Sometimes you’ll want to adjust cashflow and get paid faster. and humanitarian issues. time or costs before sending an invoice. Maybe your staff took too long on a job and you need to write off time. Or perhaps you under- Streamline your invoicing quoted and need to add costs. No problem!

WorkflowMax gives you complete with WorkflowMax... and control of your invoices, allowing you to edit details before sending. Use override rates to change the amount charged for tasks, clients or get paid faster jobs as needed. Step 4: Make it Beautiful Invoicing is one of the best parts of doing business - the part Professionalism, branding and where you get paid. But a clunky system can cause massive consistency are important - that’s headaches and hours of time lost on administration. With why we offer fully customisable templates to create invoices that WorkflowMax you can create beautiful, customised invoices look exactly the way you want.

and push them through to Xero seamlessly. Follow these steps Use our custom template builder to streamline your entire invoicing process and get paid faster... to add your own logo, branding, payment terms and optional extras. orkflowMax - a Xero owned Save custom templates for future W product - is a powerful all- use, then send beautiful invoices in in-one system for job management, a matter of minutes. time tracking, quoting, reporting and invoicing. Our cloud based Step 5: Integrate With Xero software integrates seamlessly with Xero, creating a complete end-to- If you haven’t already, make sure end business solution. Invoicing you connect WorkflowMax to your with WorkflowMax has a number of Xero account. By integrating the benefits for users. You can manage two systems you’ll avoid double your invoices from one central handling of invoices - saving place, get a detailed snapshot of yourself even more time. how your cashflow is looking and instantly see which clients owe you Sales invoices can be automatically money. You have the freedom to pushed from WorkflowMax to invoice based on actual time and • Actual time and costs for the work completed to date. Xero after approval. Payments costs or quoted amounts. Combine Pull through data from Track payments. in Xero will be synced with this power and flexibility with our WorkflowMax timesheets for the corresponding invoice in Key Benefits of Invoicing with WorkflowMax & Xero: beautiful branding options and accurate time and cost billing. Step 2: Create Custom Rates WorkflowMax, giving you an you’ll soon find out that invoicing • Quoted/estimated time and accurate picture of profitability doesn’t have to be a chore. costs It’s likely that you have projects or per job. It’s a powerful, end-to-end • Seamless Integration. Push invoices • The Brand Factor. Get your invoice Use your quotes to generate clients where you need different solution. from WorkflowMax through to Xero at the looking exactly the way you want in Step 1: Choose Your Invoice Type invoices based on estimated time rates for each staff member at a click of a button. Payments in Xero are WorkflowMax - add your logo, payment and costs. task or job level - for example, you Step 6: Generate Detailed Reports signed off in WorkflowMax automatically. terms or any optional extras. WorkflowMax presents you with • Percentage of quoted value might have a standard rate and an • Flexibility. Choose from a wide range of • Powerful Insights. Get an accurate view several options for calculating Invoice based on a percentage of overtime rate that you want to use WorkflowMax lets you generate a options in WorkflowMax to determine of your business profitability as purchase invoices. This lets you tailor each your quoted job value. on the same job. range of comprehensive invoice how invoices are calculated. Edit staff, orders, invoices, and payments move invoice to suit your business needs. • Progress amount / deposit reports. Get a monthly overview of job and task rates as needed. between Xero and WorkflowMax. Split jobs into progress payments By setting up custom billing rates the money you’ve generated this

30 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 31 Jac Gallagher, Xero Certified Advisor & Accountant, Notch Above a file could easily happen. But Bookkeeping the possibility of losing all your digital documents stored in a cloud Jac uses her Xero expertise to build systems that simplify workflows and system? Is unheard of. Remember, the lives of small business owners. As you always have backups even if it a wife, a mum to three kids, and also did occur. a business owner, she knows how @notchabovebas busy life can get and understands the pressures of small business. In her Think of storing your documents spare time you will find Jac outdoors in the cloud as a form of business enjoying the beach or a bush walk. insurance, in case the worst happens. You wouldn’t travel anywhere or do anything without insurance. So why risk your source 5 silly excuses we give of income? Excuse #3: “I don’t know where to start. There are too many options for not going paperless out there.” Any bookkeeper worth their salt After years of handling clients’ data, I’ve found that a lot of will be able to help you organize your documents digitally. All it businesses are still clinging on to a paper-based system. It’s such takes is careful planning and some a shame because there are massive benefits when you store your time set aside weekly. Most cloud accounting systems now give documents digitally, especially your invoices and receipts... allowance for file storage. T his is why Xero’s latest In fact, you can work anywhere We’ve all heard the saying: If it isn’t Xero allows you to attach files without it. There are plenty of options when survey failed to surprise when everything is stored online. broke, don’t fix it. The problem with with your transactions. I can’t tell it comes to electronic signatures. me. Here are the facts: Sit on a park bench and enjoy the having everything on paper is that you how practical and useful this Excuse #4: “My accounts guy likes Electronic signatures also reduce fresh air. Type away in a café and your business is not disaster proof. feature is because you can organise to work with paper.” processing time as everything • 65% of small businesses in smell the morning coffee. Work all your documents on the spot, can be emailed through quickly, Australia store some of their from home while minding the All it takes is a momentary lapse rather than leaving them to pile up What if you need to collaborate without having to fax and wait for receipts and invoices in boxes or kids. You’re no longer tied to a of judgement and all hell could on your desk so you can sort it out with people? What about the rest a response. As a business, your files. physical space. You can pull up your break loose. It could be as simple one fine day. of your team? It may be okay for a customers will love the reduced • Over 50% of respondents admit documents instantly from the cloud as a coffee spill or as tragic as a fire few, but others might find it difficult processing time. their filing system isn’t very and get cracking. in the office. Think of what would There is also software that can scan and tedious to work with paper. In organised. your documents and extract all the a cloud system, all the documents Xero has plenty of add-ons for • Less than 4% do not have any important information into your can be easily accessed and edited electronic signatures such as system for storing receipts and accounting system so you don’t by team members. RightSignature and DocuSign. In invoices. have to flip through them one by fact, you can sign digitally when you one. Take a look at Receipt Bank, Your team can now collaborate do your tax returns with Xero Tax. I know it’s not easy to commit to which integrates beautifully with easier and get the job done quickly So there you have it. I would even going paperless. It’s a lot of work. Xero. without physically sitting next go as far as saying that going While I understand their concerns to each other while poring over paperless is life-changing for your and fears, I want to show that the Digital storage also means using documents. This is a simple way to business. Try it and I promise you benefits far outweigh the initial less physical space in your office, increase productivity in the office. won’t regret it. investment and work. These are 5 helping you reduce clutter. Who Then again, who says you need to common excuses I’ve heard over wouldn’t love to start work every be in the office to work? the years. day on a clean desk? Before you’d know it, you will be fully loving your Excuse #5: “The current system Excuse #1: “I know where digital filing system and wondering in place needs a signature so everything is and I can easily find how on earth did you manage to do someone has to sign on paper.” the document I want quickly”

How about when you are on a Make your cash flow with Satago, your all-in-one holiday or off-site? If an emergency Accessing short term finance to bridge cashflow gaps “Wouldn’t you want to work from here?” cashflow soluuon. Spend less me chasing customers pops up, there is no way you can can be difficult as a small business. I needed a way to get back to your office to grab your Excuse #2: “It’s always been done happen to your business if all your waictche osus rt hauet ommoanteeyd lioncvkoeicde u rpe mini nmdey ru snypstaeidm i.nvoices. documents in time. Using a cloud this way. It would take too much receipts and invoices are gone? “ Complete Cashflow Confidence system means you can access your time and energy to learn and train Scary, isn’t it? Try invoice reminders at satago.com documents anytime and anywhere. my staff” Then I found invoice finance from An employee misplacing or losing

32 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow“ us on Twitter: @xumagazine Issue 10 / 33 Tutorial Tutorial

Konstantin Bredyuk, CEO and Co- Founder, ApprovalMax Setting up a Filter

As an experienced BPM expert, A filter defines what documents Konstantin has a strong focus on design and development of Business you will see in the report. To set or Applications which support Human change the filter, click the green Workflows. He is Co-Founder and CEO “Edit filter” button while in the at ApprovalMax, known for simple and @ApprovalMax easy to configure approval workflows report. in finance. Examples of filters include: “Status is Approved”, “Date is later than December 10th”, or “Supplier is ABC”. Filters can also be combined How to: using reports in in order to get a more granular report.

The filter capability also allows ApprovalMax the selection of fields that will be shown in the report by clicking the Finance operations require different views on approval-related data; “Eye” button. for example, all documents pending approval, a historic view on all performed approvals, or an overview on the current approval status to determine approval process efficiency. The extensive ApprovalMax reporting capability delivers fully on this. Selected Reporting Scenarios

A few selected reporting scenarios supported by ApprovalMax for illustration: R eporting in ApprovalMax Default reports are available New and custom reports are allows Finance Managers, for a quick start and a custom created by clicking the “Create Scenario 1: “Waiting for approval”. This report provides a Scenario 3: “POs approved automatically”. This report provides Operations Managers, and report configuration is enabled to report” button and setting up filters summary of all Bills pending approval and shows the names of all Purchase Orders approved automatically as defined in Auditors to get finance data ensure the application fully meets with criteria specifically required Managers whose approval decision we are waiting for. To get the approval matrix. To get this report, please set the filters snapshots and approval process the individual business process for your finance process, such as such a report, please set the filters “Workflow is Bill” and “Status “Status is Approved”, “Decision origin is “Auto-approved””, and status views tailored to their specifics. Default reports include: “Supplier is ABC” or “Bill status is is Open”, and make the “Waiting for approval” column visible. “Workflow is Purchase Order”. specific purposes. This way, “Bills pending approval”, “Purchase approved”. Creating a new report is ApprovalMax compliments both Orders pending approval”, easy and intuitive - no technical or Scenario 2: “Bills approved in Xero”. This report provides a Scenario 4: “Forced by Administrator”. This report delivers Xero’s and specialised plug-ins’ “Bills approved this month” and programming skills are required. selection of all documents that were approved in Xero – outside a view on all documents with the approval performed by an reporting capabilities with the “Purchase Orders approved this of the ApprovalMax approval matrix and, therefore, without the Administrator outside of the defined workflow. To get this report, reporting and filtering of data month”, as well as many more. predefined approval workflow. To get this report, please set please set the filters “Status is Approved” and “Decision origin related to the approval process the filters “Status is Approved”, “Decision origin is “Directly in is “Forced by Administrator””. Make sure you switch on the and documents. Xero””, and “Workflow is Bill”. “Approved by” column to see who forced the decision. How it works

Creating a New Report

To access the reporting feature, Export and Printing navigate to the menu in the top left- hand corner and select ‘Reports’ ApprovalMax allows saving and under the Company name. Please downloading reports as a print- note that reports are available for ready document. Such a document Administrators and Auditors only. can then be printed or shared as a PDF file. You will then be greeted with the option to select one of the default ApprovalMax also supports the reports that ApprovalMax provides export of reports to the CSV format. for you or to create a new report A CSV file can then be imported in from scratch. Microsoft Excel for further analytics.

When creating a new report, the first step is naming it by filling in the ‘Report name’ field. In the next step you can select and apply relevant filters to your report.

34 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 35 Henry Catchpole, Founder and CEO, Inform Direct

A solicitor by training, Henry has a wealth of legal knowledge, coupled with a passion to cut through unnecessary complexity, helping business owners to make sense of legislation. Previously, Henry was CEO @informdirect of pensions specialist Suffolk Life, where he built the team from 8 to 200, and assets under management from £3m to £3.5bn. New business in the UK reaches record high 5.4% more companies in the UK in 2016 compared to 2015. Brexit has not significantly affected the rate of company Fig. 2

formations in the UK. entrepreneurial culture that fosters Inform Direct is a company new company formations and drives formation specialist, offering a N ew figures show that the economic growth. So far, at least, comprehensive range of online number of companies we’re not seeing evidence that the packages to help those starting a formed in the UK reached a record Brexit vote has dented confidence new business. Its award-winning high in 2016. among those considering starting company secretarial software, up in business. which helps users throughout the Across the UK as a whole, there life of their business, currently were a record-breaking 664,720 “The UK again delivered an supports 50,000 companies. companies formed – up from impressive number of new 612,565 in 2015. companies in 2016, demonstrating that it offers a fertile environment Of the 601,418 formations in for new businesses to spring up and England, 209,869 were in London. prosper.” 35,502 companies were formed in Scotland, 15,795 in Wales and The statistics come from the Inform 7,389 in Northern Ireland. Direct Review of UK Company Formations, using data from Overall 664,720 companies Companies House and the Office of were formed and 468,435 were National Statistics. Fig. 1 dissolved. seismic political events in the UK Overall, the rate of rise of “net” The survey can be accessed for free Over 95.1% of the companies last year. company formations in the UK has by visiting formed in 2016 (or 632,233 remained steady over the past five companies) were Private Limited Perhaps inevitably, London heads years (see fig. 2) as new companies informdirect.co.uk/company- Companies. Of the 4.9% (or 32,487 the UK league table and there are have been formed and existing formations-2016 companies) that were not Limited now over a million registered and companies have been dissolved. by Shares, Companies Limited active companies in the capital. On this metric, it is Northern Ireland and there are codes available to by Guarantee comprised 35.5%, Greater Manchester is second with who heads the 5 year growth figure enable business owners to embed Limited Liability Partnerships 167,797 with West Midlands, Essex (2016 compared with 2011) with a useful infographics on their website 34.5%, Limited Partnerships 18.1%, and West Yorkshire third, fourth and 43.1% increase, Scotland is second and provide relevant content for Community Interest Company’s fifth. with 43%, followed by England their users. 7.3% and Public Limited Companies (37.9%) and Wales (32.2%). 1.3%. The UK average for companies per This dynamic web-based survey 1000 people stands at 62.6% with The number of UK companies now enables users to drill down to The number of companies formed England above the average (66.4%) stands at 3,962,909. specific local areas of the UK. So, throughout 2016 month by month followed by Scotland (42.5%), for example, fig. 3. shows how (see fig. 1), remained remarkably Wales (34.3%) and N. Ireland Henry Catchpole, CEO at many companies were formed in steady and obeyed the usual (30.4%). Inform Direct said: “These each London borough. seasonal variations despite the figures underline the positive Fig. 3

36 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 37 Barb Easter, Manager of Customer Engagement, Dryrun The ‘number one trick’ for building Accountants class, but how exactly ongoing cost. Keep it simple: tell value with clients do these types of relationships your clients in clear terms how Involved in business development form and grow? And how can we extra billable hours to you – a and growth for the past decade, Barb’s experience includes successes There is one key action you need to turn a pleasant relationship into loss for them each month – will across various industries in customer take to create dynamic and valuable profit without seeming salesy, or result in a net gain for their engagement, marketing, and relationships - something that greedy? business. entrepreneurship. Today, Barb helps @mydryrun Dryrun users reduce their financial promotional materials will never hurdles and grow their business. be able to do. It’s timeless, it’s It all comes down to helpfulness. Build Billable Communication: cheap, and it’s incredibly effective With Xero’s powerful reporting in Sample Case Study for boosting your clientele’s your arsenal, you have a broad satisfaction and billable hours while range of information available to A client has difficulty staying ahead reducing turnover. discuss with clients. The goal is of big expenses and is strapped to shift from a reactive, once-a- for time to boot - just like all of Move to high-tech, high Communicate how you can help year billing model to a system of us. With that in mind, scan Xero’s them valuable professional contact that App Library to find an app that will clients are happy to pay for. This is connect with Xero and connect YOU Use face-to-face meetings, phone, what your process will look like: with your client. Pick a cloud tool touch and watch your and email regularly to stay in touch that allows client data to be easily and offer value to your customers. • Clear some time each week to and visually displayed so that you Build solid, lasting relationships by become knowledgeable about can build and share information showing them the following: each client’s’ pinch points - what with your clients. Then instead of risks do they see in their business a pen that says, “Stolen from the billable hours grow • Your interest by asking about and what barriers to growth and office of B.D. Moneybags, CPA” to them and knowing their business. communication are present? You promote yourself, call them up and Accountants are sitting on a powerful engine of evidence- • Your value to them through your can ask them directly, review their tell them how they could overcome expertise and insights. file, or ask others in the industry their pinch points using your based financial strategies. Leveraging Xero and its library of • Your strategic perspective and to lend their perspective while expertise, Xero, and the connected guidance by finding additional preserving confidentiality. app. More than likely they’d be connected apps can help you move easily into a strategy-based services that your client will love. interested in knowing your opinion business approach and effortlessly increase your billable hours... on how they can: Communication represents I was recently at an The speaker blindly follows her • Enhancing your personal excellent value to your client, rather • Reduce their business expenses. accounting conference mentor’s formulaic and outdated relationship with your client than an empty reminder that you • Manage their cash flow. where the most-attended seminar approach to client touch, and just • Honing your strategic abilities by haven’t retired yet. Every time you • Accelerate their growth, mitigate dealt with building and tending like throwing away the ends of guiding clients to action items speak with them, you’re reinforcing their risks, or fill their sales client relationships. The speaker the roast, these touches cost her that rely on your client knowledge the relationship you already have, pipeline. was an accountant who told a money. coupled with your subject matter shoring up gaps in your personal • Increase their financial returns. breathless audience that her expertise network and each other’s mutual • Visit Xero’s App Marketplace and key tactics for managing client You likely have your own figures • Almost effortlessly giving you knowledge, and building bridges to figure out how Xero, coupled When the connected app has an relationships were handed down generated for the total cost of insight into client business future experiences. with the perfect connected easy enough Xero integration from her boss and revolved around promotional materials. Did they hurdles App, can help them. Become and learning curve, you’re ideally the distribution of promotional actually generate new business? • Increasing your billable hours Better yet, the means of knowledgeable so that you’re positioned to help your client. items - cards, calendars, pens, and When was the last time you earned and perceived value communication are billable and comfortable with the software similar consumable ‘stuff’. The a new client from a calendar • ...for the lowest cost to you. so is the time that you spend and can clearly articulate the If you want more information to presentation was full to capacity contact or a promotional pen? Has communicating with clients. benefit to your client. increase the value of your client and advocating yesterday’s advice: a promotional item ever halted or Shift your perspective on how, • Call them up, send an email or touches by using Xero and its that we market ourselves in the turned the tide of client churn? when, and why you’re reaching out Since you’re reading this, I assume set a meeting to communicate connected apps, check our tutorial most static, low-yield way possible. to your clients and you’ll see what I you’re already part way to a great the system you’ve chosen and that’ll get you off the ground. Using Reaching out to your existing and mean almost instantly. communication solution. Xero is now recommend, and the benefits Xero and Dryrun, you’ll be able to It was like witnessing a replay of potential clients in a cost-effective designed to meet your needs as that they can expect by adopting help your clients quickly build a that old story about the young way that brings or builds your value Reasons NOT to follow the pack a professional and provide you new technology that addresses a recurring budget, then import data woman who makes her roast beef through innovation, charisma, and with reams of information that can problem they’re experiencing. from Xero to make a highly flexible by cutting off the ends - just as your area of expertise is a high- While promotional distribution is help you understand your clients, • Set up the system or help them forecast that is as functional and her parents and grandparents yield, highly effective strategy. not offensive, neither is it effective. diagnose their pinch points, and get it running in good order; collaborative as it is beautiful. always did. It’s only later that she While most accountants stop their Upon receiving your calendar, did then work on communicating clearly remind them that the point is discovers that the family ‘tradition’ marketing train at promos, how your clients call you up begging with them. that you’re moving to a proactive came into practice because the much is it worth to you to turn that for more billable hours, stay with model of assistance. Using Xero’s connected Apps to roasts that Grandma bought were equation around? your firm when they had wanted to Build Billable Communication: • Set a regular time for contact and create consultative opportunities always too big for her pan. leave, or start a thought-provoking Action Plan checking in. to help strategize around clients’ The ideal client touch conversation with you? For that • Explain the benefit of the unique financial situation is a What does this analogy have to do matter, if you entered your clients’ You’re probably thinking that this communication; be prepared to great way to accelerate your own with outbound marketing for your The ideal client touch benefits both office, would you even find your is all well and good and matches explain value of your ongoing business and billables in 2017. accounting business? you and your clients by: calendar on the wall? what you learned in Marketing for knowledge as compared to

38 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 39 Vipul Sheth ACA CTA, Founder and Managing Director, AdvanceTrack a standardised approach to service accountancy firms will be to Xero and the Apps will place Outsourcing delivery across a wide range of embrace the technology and to the accountant into that trusted clients and industries. offer a more inclusive service. Using advisor space, but also more Vipul Sheth is a UK based ICAEW Chartered Accountant and Chartered Xero and the ecosystem that this able to fulfil local obligations Tax Advisor. Vipul trained with a Technology enables will allow the accountant for digital submissions of tax regional UK firm before moving to bring not only financial input information that are increasingly to Ernst & Young and KPMG. @AdvanceTrack AdvanceTrack is a UK Headquartered All of the businesses above have to the business, but warrants the common around the world. Accountancy Outsourcing Company used technology to drive efficiency business to operate more efficiently with offshore operational centres, and consistency through their and more like the global businesses Can AdvanceTrack help delivering services around the globe. businesses across the world. mentioned above have done for Accountancy firms deliver the Technology is a great enabler many years. service to clients? and cloud technology is making A systems-based approach to it easier for businesses in many What does that mean in practice? • AdvanceTrack are a sectors to operate in the same way technologically advanced as global businesses, such as Big • Firms need to offer a cloud-based outsourcing business, so they delivering client work Four accountancy firms or fast food accounting and business solution can help firms use their systems chains. like Xero to clients. to deliver an efficient cost- I have had the good fortune especially in my career with two be difficult to replace them. The • Firms should offer a full effective bookkeeping service. to work for some great of the Big Four firms that I worked team however, continued the The Xero ecosystem is about bookkeeping service to their AdvanceTrack refer to this as professional firms and people in with, was the need to systemise the good work, so it was very rare that enabling businesses to run their client base using technology like their #seamlessbookkeeping my professional career. In building business. I used to recall how often, clients moved firms following a key business, not just their finances. Xero and an OCR type solution service. the AdvanceTrack business, I have the partners in such firms were departure. This was solely down to Cloud Technology is also seen as a such as Receipt Bank. • This same technology enables taken the good things that I have rarely at the “coalface”, yet the a very robust process throughout challenge to the traditional role of • Offering the full bookkeeping firms to keep their clients learnt from these firms (and learnt delivery to clients happened apace the organisation. the accountant. It shouldn’t be. service allows firms to sell the compliant with the Digital Tax from some that are not so good!). with the many good people in these additional consulting services regime when it is brought in. My early professional career, firms. So how do firms achieve this? It is a great enabler for firms to that regular insight from the • As a result of using AdvanceTrack especially my training firm showed Whilst there are many things we build a stronger relationship. bookkeeping provides. This then services, firms will be more me the need to document the The key thing however was that, in could discuss, I will discuss 3 key Accountancy firms have traditionally allows you to use tools such as streamlined in the way that they work performed, so that, whatever many ways, it didn’t matter which elements finished the bookkeeping when Futrli, Spotlight Reporting and capture and process financial happened afterwards, there was individual it was. It mattered more preparing the year end accounts. By Fathom to share information with information. a good audit trail showing any that the people in the organisation Induction and Training clients using technology better, the clients. • All of these are delivered at person how we arrived at the knew what they were required to value clients will place on putting • Give consideration to whether lower cost using technology and numbers. do. There were many times when It cannot be stressed how important together that final set of accounts is such a service is delivered offshore delivery centres. colleagues left the firm and the this is in your own office or a 3rd likely to be that much lower. in-house or outsourced to a The biggest lesson that I learnt, team left behind thought it would party outsourcing provider like professional outsourcing provider If your firm wants to lead the way AdvanceTrack in ensuring that the As a result, you can see how more like AdvanceTrack. in which it delivers a cost-effective final outputs are more consistent. technologically agile firms (such • Firms need to consider bringing proactive service to clients, then We have all experienced in various as the Big Four) have moved up in a specialist or to train one it needs to review what services it arenas, how improved training the advisory chain for many years. of the team to have a broader offers and how it delivers them. If delivers better results. Our That capability moved onto the high understanding of the Xero you see growth opportunities going profession is no different, so it is street, brings greater challenges to Ecosystem so that they can forwards and are questioning how extremely important. Consider your the ”local” accountancy firm. recommend an appropriate to meet them, the AdvanceTrack own teams and ensure for example, business App. team would love to talk to you. that if you offer Xero to ensure all The key going forwards for • Having access to the data from staff working with Xero clients are Xero certified. MI askteru ygoguler dc awshit hfl olawte w-pitahy Sinagta cguos, tyoomure rasll.- Ainl-l omnye Strong Management Protocol cbaushsiflnoewss s noelueudoend. Swpaesn adn l easdsd -mone tcoh ahseinlpg mcues tgoemt ers with our automated invoice reminder system. If you consider the most successful “paid faster. business models around the Complete Cashflow Confidence world, whether in professional TTrhy einnv Io ficoeu nredm dinedbetorsr acth saastianggo f.rcoomm services, such as the Big Four in Accountancy, the Magic Circle in Law, or even McDonalds, the key to them all is their consistency of “ Make your cash flow with Satago, your all-in-one process, wherever they are in the I recently lost money when a customer went into cashflow soluuon. Spend less me chasing customers world. administraaon. It dawned on me that I'd never really wkintho wounr w auhtoo mI wataesd d ionvinogic beu rseimneinsds ewr istyhs.tem. Using a single platform such as “ Complete Cashflow Confidence Xero that allows firms to use the Try invoice reminders at satago.com same accounting software, but Then I found credit reports from with the numerous Apps, enables

40 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow“ us on Twitter: @xumagazine Issue 10 / 41 Announcement Announcement

steering committee formed by strong influencers in the accounting profession. New theatres for 2017 include the Digital Innovation & Technology Theatre, Future & Growth Theatre, Accountants in Practice Theatre and The Finance Director’s Forum, all boasting increased capacity for 2017.

Don’t miss XU Magazine CEO/Co- Founder, David Hassall, speaking on Thursday 11th May. Xero will also be back in 2017 with a breakfast briefing on Thursday. The full programme will be unveiled over the next few months, with a host of high-profile brands and industry experts from across the accounting sector set to be announced.

FREE TICKETS

For more information and to register for free tickets to Accountex 2017 visit Accountex returns for the 8th year www.accountex.co.uk The UK’s No.1 event dedicated to Accountancy Professionals... A s the flagship event in the 89% of visitors rated their accounting calendar, over experience of Accountex as 6,500 visitors will return to London excellent/good, here’s what a few ExCeL on 10th-11th May 2017. With of them said: 200+ exhibiting companies and 150+ CPD accredited Keynotes, “First time attending. Excellent seminars, panel sessions and exhibition and will definitely interactive workshops, Accountex attend next year to keep up to date is an essential event for anyone in with the fast moving advances the Accounting profession. in technology for our industry” - Managing Director, Cornish All the latest innovations, Accounting services and solutions will be on show – covering everything “If you want to keep your practice from accounting software, tax, at the leading edge you need to be technology, training, cloud, there” - CEO, Strategic Action pensions, and payroll, to money laundering, auto enrolment, “Accountex 2016 was excellent. It government updates, and every enabled me to meet my existing other subject relevant to the suppliers and software providers modern accountant. plus see potential new ones - all under one roof and on the same New exhibitors in 2017 include XU day!” - Director, Tyle-Waddington Magazine, Prosper, KPMG, Onkho, Ltd HiBob, Mydocsafe, PG Mutual and many more. They join returning Running alongside the exhibition, big names like Xero, Intuit, Sage, is Accountex’s comprehensive, free, Thomson Reuters, Iris, Taxcalc, and multi-theatre seminar programme. Exact. A fresh new programme is currently being developed by a dedicated

42 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 43 Tutorial Tutorial

Connect MinuteDock and Xero

We walk you through it on signup, or you can do it later by visiting minutedock.com/integrations/xero and How to use MinuteDock for clicking ‘Connect with Xero’. Import your contacts

time billing with Xero MinuteDock will automatically sync contacts from your “Customers” group in Xero. To M inuteDock is smarter time tracking software for professional services. If you’re like most people, you probably sync a specific group, go to ‘Sync Settings’ in hate tracking your time. Luckily MinuteDock has a unique diary-like approach that makes it feel natural. We also your MinuteDock Xero settings. automate away most of the busy work of the Xero invoice creation, so you can have your bills out to clients instead of spending time setting invoice options.

Rather than a traditional timesheet, MinuteDock is a log of your work. Simply enter your notes and press log!

Tracking time in MinuteDock

Running timers can be started by clicking the clock. You can also just type your time, eg. “2 hours” instead of using a timer.

Automate assignment of your Ledger Accounts, Taxes, Tracking Categories, and more when billing

Assigning a client for your work is easy. Type @ and Same with Project or Task - press # and type the name. Speed up your invoicing process by letting the client’s name (just like Facebook and Twitter). Just like a hashtag. MinuteDock work out these fields for you. You can set this up under the Xero Invoicing Get your invoices into Xero to send Options for each User, Contact, Project and off to the client. Task. MinuteDock will generate your line items and create a Draft invoice in your Xero account. There you can approve and send it directly from Xero. Easy!

Need to add time for previous days? Type a date in brackets to backdate a time entry, eg. (yesterday) or (oct 3). MinuteDock is smart at understanding what you mean.

44 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 45 Case Study Case Study

Tom Barrett, Chief Financial Officer, Just Develop It possible use case and handle all the requirements of companies of Tom looks after the pennies while various sizes and verticals. everyone else is focused on the pounds. He works diligently to oversee the accounts for all To that end, the App ecosystem companies within Just Develop It. was incredibly beneficial in @JustDevelopIt complementing the processes we’ve built around Xero.

So, how exactly did this combination of just two integrated Apps help us increase efficiency How simple process automation and process more without increasing personnel? Well, here’s helped increase efficiency & growth our workflow in all its glory: Firstly, different sources of bills - Reviewing the effective productivity solution for the shared PDF, paper, and even photographed receipts collected via the mobile accounting services of a growing investment company... app - are all fed into Datamolino. approver, no matter the location or financial policies. Either single documents are time zone in which they operate. T he brainchild of Chris In essence our accounting team choice (Xero), and could be set submitted as they arrive or invoices In the end, we’re left with happy Phillips and Brooke Bryan, exists as an in-house practice for up and operated by non-technical are batch-scanned at scheduled Notifications are sent via email, suppliers who get paid on time; a Just Develop It was launched in each company. users. periods of time. or via push notifications on the process that is fully compliant to early 2008. approver’s smartphone, meaning our internal control standards; and So, as Just Develop It continues A simple formula for a fully digital Datamolino then finds and extracts the approvers do not need to access to easy-to-understand audit Today, we specialise in building, to grow and invest in more and & automated process for bills and the useful accounting data from constantly check for new approval trails. developing, and investing in more businesses, we were tasked expenses the images. We love that it not only requests. companies across a wide range with helping our accounting team recognises the totals, but goes And once ApprovalMax has done of industries, including property, deal with the increased workload In the end, it was a rather simple down to line item level. Using ApprovalMax means we can its thing, the authorised document technology, and online solutions. without adding new personnel each formula that came to our rescue. make sure only those bills, invoices, is automatically ready to be However, when we first started we and every time a new investment Finally, the batch of bills and expense requests, and purchase processed for payment in Xero or a had just one company to our name: was made. Datamolino + Xero + ApprovalMax = receipts create new records in orders are sent to the appropriate connected payment app. Intellichat. Fully Digital and End-to-End Process Xero, before being sent on to approver which matters to them. We therefore needed a solution that Automation. ApprovalMax, ready for the next We can also automate the chasing In a nutshell: Datamolino allowed Admittedly, this was quickly would help boost the productivity step in the process. up of approvers, set achievable us to considerably reduce the paper followed by a second, Just Host, of our existing team, while also Just as we seek to add value to deadlines for approvals, avoid trail by digitising and delivering and from that point on we’ve grown improving the efficiency of our the businesses we invest in and Once this information reaches the costly miscommunication, and data from our invoices directly to to encompass a number of market- overall accounting process. operate - hopefully plugging a few ApprovalMax platform, the bills ensure all approvals are performed Xero. And ApprovalMax allowed us leading companies under the Just gaps and improving performance in can be approved by the relevant in full accordance with company to automate the approval process Develop It banner. This was inline with a wider the process - we knew we needed company push to standardise something that would help us But this growth hasn’t been without processes across a broad range of get more out of Xero. These two its challenges. services with the end goal of cutting Xero-connected apps - Datamolino an incrementally growing paper for its invoice data capture, and Scaling without bursting at the trail, and ensuring everything was ApprovalMax for its multi-step and seams streamlined and accountable. role-based approval workflows - helped us do just that. In addition to investing in and As if that wasn’t challenging establishing companies, we also enough, we also had to deal with The integrated Apps meant we operate a shared service centre, the geographical distribution of could implement an automated and providing corporate functions such our businesses. With multiple fully digital end-to-end process, as Accounting, HR Management, geographically distributed offices, from invoice data capture to Marketing, and other business- we wanted to introduce the ability approval workflows for invoices, related services to over 30 group for our Accounting team to remotely purchase orders, and employee member companies. process purchase orders, invoices, expenses. and employee expenses so as to Our centralised accounting service avoid costly bottlenecks. Xero is great, but... in particular has become crucial to the success of these companies. Finally, it was crucial that the We know that Xero is brilliant It helps manage and control software solution we selected was at handling its core function of spending, with the aim of keeping cloud-based, could easily integrate accounting. However, it was not an eye on business performance. with our accounting platform of designed to cover every single

46 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 47 Case Study

REFER A CLIENT AND EARN $500* by establishing approval workflows thanks to the option to run audit in the way of training or consulting. based upon specific criteria for reports which clearly outlined when It really was that simple to setup each member company. This way an invoice or purchase order was and use. the accounting process is fully approved, and by whom. digitalised and automated end-to- Just Develop It, and our centralised end. The results of this integration accounting team, are now better placed to manage the growth Easy to set up, easy to use Once the ApprovalMax and and development of the company Datamolino Apps were up and thanks to the automated end- Both ApprovalMax and Datamolino running, the benefits were clear. to-end approval process made are pre-integrated with Xero, so possible by ApprovalMax and setting up the end-to-end process As a team we have been able to Datamolino. was exceptionally quick and easy. significantly improve speed, scale, Our non-technical accounting and transparency of our accounting team were able to create a unified processes. The processing of ALL-IN-ONE approval process for all of our invoices and purchase orders businesses, which in turn provided became faster and more efficient. the required remote approval This was thanks in large part due to ECOMMERCE, process and workflow automation the minimised paperwork and the we desired. availability of approval requests for POINT OF SALE & our business managers, regardless What’s more, the approvals of of whether they were in their office invoices and purchase orders were or travelling. INVENTORY made available outside of Xero and did not require our business Also, we could now operate our managers to log into the Xero accounting team at scale, without platform whenever an approval the need to add more bodies. Neto is a leading cloud-based commerce platform designed for growing retailers. request came through. The onus was on productivity and Our scalable solution offers inbuilt integrations with leading accounting, shipping, efficiency as a means of supporting inventory, CRM, and analytics systems as well as enabling customers to sell online, in Each request came with the the growth of Just Develop It. necessary background information store, and on eBay. required to make an approval Finally, with the option to audit decision, and they could be this fully digital process - and reviewed and actioned via the by centralising the data - the ApprovalMax platform, email, entire financial workflow of the or on the handy and easy to use managed businesses became smartphone app. more transparent, accurate, and controlled. Automated daily syncing Batch processing Pre-configured workflows And by eliminating the unwieldy paper trails and email chains, the The best bit was we achieved this Sync payments, customers, Automatically batch over Get set up quickly and approvals became accountable level of automation with very little invoices, and products 1,000 invoices, payments, and easily and ensure accurate directly with Xero. credit notes at a time. processing.

Your Complete Payroll Solution

Premier Cloud Services Since 2001 Status updates Detailed logs Import from Xero • All sizes of businesses • 50+ reports, helpdesk support, feature rich Access updates on Invoices, customers, Xero pushes accounts, • Partner programme for Accountants & Bookkeepers transactions and items that payments, and credit notes tax rates, customers, and have not yet been exported. are all recorded in the logs. products directly to Neto.

Free trial and no obligation demo *Commissions are payable via PayPal, after referral has accepted a subscription and gone live on the Neto platform. Referrals must be submitted via the form on neto.com.au/xero. Referrals by telephone or email will not be accepted.

New Zealand Australia www.ipayroll.co.nz | [email protected] www.cloudpayroll.com.au | [email protected] WELLINGTON | AUCKLAND | HAMILTON | CHRISTCHURCH | SYDNEY | MELBOURNE CALL +61 7 3077 9679 www.neto.com.au/xero 48 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 49 Peter Vessenes, Founder and CEO, ProfitSee

With over 30 years experience in the financial industry, Peter is the CEO of ProfitSee, an all-in-one financial analysis and budgeting software that helps business owners and financial advisors alike gain powerful @MyProfitSee insights to manage cash flow, grow profitability and increase valuation.

A new year, a new global economy, and what that means to the Xero community “The times they are a-changing.”

T he past year has shown the next steps in the coming years. instantaneous world-wide news. most profound shift in the What are these presumptions? free marketplace globally since the This article is NOT about politics or early 1980’s. Among the largest what you (or I) might believe about 1. Open Borders changes? governance. It is about economics, its driving forces, and how it truly The Internet has changed many • The United Kingdom leaving works. It may be contrary to what factors in traditional standards the European Economic Union some of us may have been taught of immigration and international (BREXIT) in MBA programs, but historical travel. In the past, face-to-face • The continuing bad news coming evidence, real-time activities, and communication with a colleague from many members of the EEC, most importantly, the impact of in a different country required including Greece and Italy cloud technology upon it, remain taking a long sea journey or a • The rise of populism against undeniable. flight across the ocean. Video globalism conferencing has replaced a • The continuing success of There are three major factors that significant percentage of this populism in national elections help get a clearer picture of what international travel. Technology • The election of Donald J. Trump lays ahead. These are Globalism, has increased our ability to work to President of the United States Nationalism, and The “Powers That beyond borders. along with conservative control Be”. of the U.S. Senate, U.S. House Besides the technological of Representatives, and the Globalism has been around for standpoint of globalism, there is legislatures and governorships in over 100 years under many different a commonly held belief that every forty-five of the fifty States labels. It has been known as One individual across the world is • The continuing rise of terrorism World Government, The Illuminati, “part of the global community”. from radicals in Europe, the The League of Nations, and later, Educational systems at nearly United States, and in other The United Nations. But in fact, it every level perpetuate this nations around the world has never come close to the level teaching. In many cases, those of control that survivalists and who speak out against it are The combination of these factors strong believers in “Armageddon” punished. has a more profound impact than and “World War III” have shaped most realize. In many ways, it is their personal lives around. In These teachings are accompanied great news for SMEs, and from today’s version, Globalism has by a prevailing thought that that, great news for the financial taken on slightly different sets of those who have lived in less potential for the Xero community. presumptions than before cloud fortunate circumstances, either Understanding it is the key to the based technology, social media, and as a minority or from under

50 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 51 developed nations, should be Not all nations practice trade The bottom line? Globalism’s seen as “victims”. The cultural in a way that is best for all control of major economic policies impact of this is an underlying parties. OPEC in collusions over the past 20 years have flaws sense of guilt in the “privileged,” with Progressives in the U.S. that resulted in today’s emergence particularly among those that had manipulated oil prices for of Nationalism. have been born since 1975. decades. China has used currency manipulation and a “forced top- Nationalism is not a new idea. The These circumstances have down control” of their economy entire history of nations is based created a curious phenomenon. to gain financial power in the on national heritage. Whether one In the US, illegal immigration by world, to the detriment of many is from Korea, Japan, China, Iran, passing borders without a visa or trading partners. There are many Egypt, Germany, England, France, or passport has become common. other global examples. Italy, national customs and cultures In the UK, much of the BREXIT sustain themselves over many vote stemmed from the Open Globalists believe that the generations, even after relocating Borders issues in the EU. In many “disadvantaged peoples” into a cultural melting pot like the European countries, terrorism should be preferred in trade EU or the United States. has spread, and the Open negotiations, and that the demise Borders policies are pointed to as of “oppressive nations” (such as In the United States, nationalism a cause. the USA) is only fair. The result has taken on a different flavor of this perpetuated ideology outside of ethnic and racial origins. Globalism tends to think that is predictable: governance The country has evolved into Open Borders are the future of should include policies that regional “zones” that are defined the world… are “politically correct” and both culturally and economically. punishes those who do not agree There are five zones with great 2. Open Trade & Expanding 3rd with this belief. In the US these economic strength and commitment World Economies are programs that have been to globalism. These are New perpetuated by both Democrats England, New York/New Jersey, An unbiased look at international and Republicans since the late Washington DC and surrounding trade over the past few centuries 1980s. states, California, and the Pacific shows the stark reality that Northwest. They have two things in many of the “empires of the As so often happens, the best common: they are located on the world” engaged in trade that of intentions tends to build coasts and until now, made up the was not a win-win for all the a highway to h*ll. A simple “ruling elite” of the country. trading partners. This came example? In the United States, from leaders of the empires not the increase in environmental What about the rest of the country? understanding how to create and regulatory laws over the The area that is referred to as prosperous trades for all. Bad past 12 years has driven up the “fly over country” has taken on a trade was perpetuated through cost of fulfilling these edicts to distinct role in the new economy. a variety of strategies, but approximately 17% of breakeven primarily through mercantilism. of a company’s revenue. The South, the Midwest, the Great Mercantilism (defined in simple Considering that these levels had Plains, and most of the states terms) means that preferred averaged below 6% since 1950, on the Gulf of Mexico have been import/export companies, this is a huge impact. crushed economically by globalism. banks, and manufacturers are The trade treaties with China and given preference by people These costs are not eaten by the NAFTA brought about the death in high levels of government. company that is required to pay of over 70,000 manufacturing In exchange, these preferred them. They, in turn, pass these companies over the past 16 years. organizations make sure those added costs onto customers. Over 94 million Americans are people in political power are kept The net result? Large companies unemployed in a country with just in power. rarely suffer the financial under 400 million legal citizens. consequences. The middle class was being ignored The American Revolution against by the Democratic Party, while King George was a revolt against The impact is most greatly only being given lip service by +more mercantilism. Better trading, felt by SMEs. They lack the Republicans. despite many flawed cultural financial resources to bridge practices and beliefs in the USA through money challenges. The What a difference the information of still generated the wealthiest bad effects are passed down the world-wide web let loose! nation in the world while to the middle class. There is assisting other nations to prosper a measureable reduction in The traditional campaign strategies as well. This was evidenced after disposable income, earnings, and of the Democratic Party were World War II through the Marshall in many cases, a complete loss destroyed in the 2016 presidential Plan, and many other economic of jobs. campaign. As people discovered policies of the United States. the real levels of corruption through

52 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 53 Timeline

Wiki Leaks, the middle class was policies that are about to occur Consider the other side of this no longer able to be appeased. It globally. These spell great things economic model. The EEC was Innovations to help you thrive in was apparent that the traditional for Xero, the SME marketplace, and formed to align many nations candidates in both parties were not the opportunities for accountants, around a common currency to resonating with those in fly over bookkeepers, and app developers. strengthen each of the nations in country. trade. The basic premise had the Why do I think the events of the best of intentions. Why are the The election of Donald Trump was past six months will bring about results proving a disaster? a loud outcry of the middle class these drastic results? Let’s read the against the traditional “powers that news... You cannot dictate monetary policy be”. Fundamentally, surviving in the while letting each member country world happens through trade. No • The stock market is reaching determine economic policy. Some, one is an island unto themselves. historical highs like Greece, will grow so far into 2017 Everyone must trade their own • Great Britain is in its strongest debt that it exceeds the nation’s efforts, talents, and abilities to find economic position in decades entire annual GDP. Others, such quality of life in the world. • Donald Trump has brought about as Germany, will do a great job a revival of manufacturing in the in trade, strengthen themselves So, who are the “Powers That USA even before he had taken financially, but end up having to Be”? My assessment is that global office. support others to avoid a total leadership believe they fall into • Growth in the SME sector in the economic collapse. three distinct entities: USA has begun after eight years of shrinkage Global economics are being • Political Powers • GDP growth in the USA is already defined. The nationalist explosion • Multinational Corporations being predicted at 4% compared seen in the UK and USA is quickly • Global Banks to 1.8% or less under the Obama spreading to France and Italy. Administration. Great news is ahead for the SME The ability to manipulate global marketplace in Australia, the economics is so vast that these How could Donald Trump even UK, New Zealand, Canada, and START three can sustain their powers for know how to bring about these the USA. Europe will have some many decades. Unfortunately, the changes in economy? Why would he great challenges. All of this is “powers that be” neglected the two want to leave his globalist past to complicated by global threats of entities that ultimately DO control become a nationalist? terrorism. global economics: The answer is simpler than one The answer? SMEs and the Middle Class would expect. To make a lot of money, one must play by the rules Protect the borders. Protect Why do these two groups have the of those that control the money. the trade. ability to be more powerful? The This means that if globalists are in reasons are simple... political power, they make the rules. Fiscal management is the key. The The collusion of the mainstream greatest growth is coming to SMEs. • SMEs account for well over 60% media then works its messaging to Will you be part of the professional of Global Domestic Product. shape personal beliefs. Everyone is organizations that help them build, Most of the world’s money flows forced into “political correctness” grow, and protect their wealth? through SMEs. or there is a price to be paid. • The middle class pays the We are on the brink of the largest majority of taxes. As we said Donald Trump has made enough economic boom since the 1980s. before, companies will pass money to not have to play by the New jobs will help more than just Take a look at all of the tools you could be using with Xero to grow your business in 2017. their tax obligations onto their political globalist rules for his own the middle class. They will create customers. The only customer survival. His experience as a real opportunities for the young, poor, who cannot continue to pass on estate developer showed him what and those that had lost hope. With a whopping 62 new key Reports - whether it’s a new type of is sure to streamline the way the cost is the consumer. The a critical role the small businesses features released by Xero over the report you’re looking for, even more you work. 2016 saw Apple Pay size of the middle class is so and middle class make in growing Those who had been neglected past year, you’re sure to find your beautiful templates, or creating integration with Xero, new mobile large that governments can only wealth for everyone. His direct, have spoken. Much of the world has business benefitting. Here are some your own...Xero has it all! invoicing on iOS, viewing quotes survive through the taxes that are New York style of communication listened. of our favourites: and searching for contacts in My collected from them. allowed him to say what many felt Xero HQ - even more ways to Xero on Android, and fingerprint but were afraid to express. Let’s commit ourselves to Payroll expansion - as Payroll connect with potential clients and security for both Android and Apple In both the United States and Rebuilding the Global Economy, expands to cover even more of get insights on your current clients. users. the UK, the middle class had had In the private sector, inefficiency One Small Business at a Time™. the globe, increasing numbers of enough. The results are in, and the and incompetence lead to businesses can pay their employees Apple and Android - advances to We can’t wait to see what the next shock to globalists is still not over. bankruptcy and poverty. In the with Xero. using Xero in both of these apps year brings! public sector, those qualities have Again, this article is not about been a normal day’s work. This is politics. It IS about economic what Trump stood against.

54 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 55 Timeline Timeline

Bank statement Business Activity Statement enhancements Search across the key fields and Assurance Allows advisors to monitor the view and search results appear quickly. Dashboard integrity of financial data in Xero. ANZ Feed for credit card accounts BAS enhanced in Xero Tax, plus businesses can now sign off their BAS electronically Auto Employment Employment allowances now Allowance Payroll automatically update to the Direct bank feeds added ANZ credit Journals general ledger. card accounts. Xero TaxTouch launched IRAS registration for Singapore

Mobile app for contractors and freelancers Report filters Set up direct feeds with CBA online Xero is registered with the Inland to track business expenses. Revenue Authority of Singapore CBA customers with a NetBank Report filters are great for small business owners who need to login can now set up their direct monitor and focus on specific areas in their growing business. feeds online. Xero Me mobile app for employees Microsoft Office 365 email integration Android mobile app with fingerprint security Mobile app for payroll for leave/time See live email from Office off requests and viewing pay history. 365 in Xero, giving a full 8th June 24th June view of your relationship. 6th May 9th February 22nd Fingerprint login for Xero for Android February to keep your information more 1st 15th April secure February 11th May 17th February 4th 12th June March 8th April 4th February 31st May 26th 10th May April 4th July 3rd March 4th June 8th 12th April March Payroll for Ohio

Payment Services updates 24th May

Small businesses in Ohio can now Payment for Pennsylvania Payroll reports One click set up and more payment options pay their employees using Xero. allow businesses to get paid faster. New reports: Employee remuneration, Small businesses in Ohio can now employee contact details, annual earnings pay their employees with Xero. certificates, leave balances and requests. Auto Enrolment in Payroll

Automatically assess your employees, enrol Online payments Get paid faster with online into the scheme and calculate contributions. with Braintree invoicing and Braintree.

Payroll updates W1 and W2 fields Cloud Software Registered agents can Authorisation and quickly, easily and Payroll for Arizona Uncoded Statement line report Authentication more securely lodge (CAA) tax return forms. Payroll automatically updates W1 and W2 fields in Activity Statements. Export a list of uncoded Small businesses in Arizona can now pay statement lines across bank their employees using Xero. accounts for clients to work Xero Me Timesheets with offline.

Timesheets on your mobile, with our latest update within Xero Me (payroll App).

56 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 57 Timeline Timeline

Manage PayPal and Stripe Manage PayPal and Stripe transaction fees automatically transaction fees automatically Contact Transaction Contact Transactions File GST and provisional income tax return online Cash Report Summary Report New mobile New mobile invoicing and invoicing on support for contact and Report for a specific Payroll for iOS devices invoice defaults. Report for a specific contact summarising File GST and provisional income tax return online directly Wisconsin contact detailing all receivables, payables with the IRD. spend and receive and cash money transactions. Small businesses ransactions. Small businesses in in Wisconsin can Payroll for Oklahoma can now pay their now pay their em- Oklahoma ployees with Xero. employees with Xero.

Contact Transactions Contact Transaction Small businesses in Receivables Report Payables Report United Overseas Bank (UOB) direct feed Payroll for Louisiana can now pay their Louisiana employees with Xero. Report for a specific Report for a specific Payroll for South Payroll for contact deialing all contact detailing all New direct bank feeds for United Overseas Carolina Michigan receivable trans- payable transactions. Bank customers in Singapore actions. Option to Option to display Report Templates include prepayments. prepayments. Small businesses Small businesses in South Carolina in Michigan can 2nd can now pay their now pay their Generate beautiful reports in less 26th October August 22nd July employees with employees with time from bespoke templates that Xero. Xero. you can use across your whole practice. 11th 27th September 26th July 14th September October 18th October 31st October 24th October 30th August 17th October 22nd September 4th October

Leave improvements in Payroll E-sign for New Zealand Tax

Ability to show annual leave available to take in advance and auto calculation of annual leave entitlements. CBA business and corporate Accept electronic signatures for tax credit card feed returns from Xero Practice Manager.

New Commonwealth Bank busi- ness and corporate credit card Wells Fargo New direct bank accounts bank feed. direct bank feeds for Wells feed Fargo customers

Search for organ- Tracking columns in financial reports Contact isations from the New layout editor Search in Xero Report Templates New report centre My Xero screen in for financial reports for Android Xero for Android Ability to add your own tracking columns to new Reverse Pay Reverse pay run simplifies the Generate beauti- Ability to search, fa- financial reports using the layout editor process of backing out US pay runs Improved report Run ful reports in less vourite new reports and eliminates manual data entry. editor with the ability time from bespoke and save multiple to add custom date, templates that you versions of a report budget and formula can use across your to the new Custom Small businesses in Kentucky can columns. Payroll for whole practice. tab. now pay their employess using Kentucky Xero.

58 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 59 Timeline

Payroll for Payroll for Payroll for Alabama Arkansas Mississippi

Businesses in Businesses in Businesses in Alabama can now Arkansas can now Mississippi can now pay their employees pay their employees pay their employees using Xero. using Xero. using Xero. ‘Hey Xero’ New advisor Messenger bot directory

Find a Xero- Helping connect certified Xero-certified advisor near partners with SMSF import for Australian Tax Payroll for Nebraska you with the small ‘Hey Xero’ businesses Facebook searching for an Messenger bot. advisor. Available for 2015 and 2016 from Businesses in Nebraska can now BGL, Class and superMate pay their employees using Xero.

14th November 2nd November

7th December

7th November 1st December 28th November 23rd December Xero HQ: Activity Xero HQ: Explorer Feed 6th December Designed to im- Get insights across prove your visibility your clients for the of information and apps they use and tasks across all of the industries they your Xero clients. operate in.

Xero HQ: Client List The account Running transactions running Balance balance will let them on Account know their cash See and maintain Transactions position on the Account your entire list of Transations page. clients in the Xero HQ client tab. Updated Xero Dashboard

New look and feel for the main Pay invoices with View Quotes on Xero Dashboard making it faster Apple Pay Android to load and easier to read.

Pay invoices directly View detailed quotes on your phone with on Android for Xero. Apple Pay.

60 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 61 Nicola Anderson, VP of Marketing, GoCardless submission dates without being business needs – one key way of your services. chased, there’s more time to get to help clients is to truly listen • Be flexible with your support Nicola is VP of Marketing at on with the important value- to them. Never assume; always – don’t forget to embrace the GoCardless, the cloud-based Direct Debit payment solution. GoCardless adding work. Disorganised or take the time to understand their flexibility that tech offers. works with its accounting partners lazy clients eat into your working specific business goals and look With instant cloud access to to help improve payment, cash-flow week, distracting you from for proactive ways to help them client accounts in Xero and processes and wider practice systems. @GoCardless higher-level advisory work. get there. communication tools, such as • Pay you on time, every time – • Be open to client feedback Skype, you can offer support and when clients fail to meet invoice – Ask clients for frequent advice through virtual meetings, terms and need chasing for feedback, send out surveys or out-of-hours phone calls – payment, it’s bad for productivity after each project and have adding to the client’s perceptions and cash flow. On the other hand, regular review sessions. Using a of value. The ideal client: choosing the clients that are comfortable with customer service Xero app, like • Add genuine value for their modern Xero-integrated payment CustomerSure, gets you honest business – The simplicity of Xero gateways will pay on time, and constructive feedback, so has allowed business owners to keeping the cash flowing in. you can service your clients carry out much of the accounting right clients and delivering • Open to new ideas – a business better and tailor your advice basics themselves. What they owner who listens to your ideas to their needs. Using the net want from you is the higher- for deeper Xero integration and promoter score (NPS) approach value advice, data analysis and revised processes will get far valuable customer service more value from your services. When clients are stuck in their Every Xero adviser aims to deliver the best possible customer service ways, you’ll enter into a battle of to its clients – but have you ever stopped to consider what your ‘ideal wills and won’t move forward. • Share your mindset – it may client’ actually looks like? Nicola Anderson, from GoCardless, takes us seem obvious, but you’ll work through the importance of adding genuine value for clients, and making more productively with people you get along with and who share sure this is a two-way relationship that also adds value for your firm. your mindset. Clients whose personalities clash with your own 4 8% of the UK’s small and their bookkeeping to the agreed Knowing what your ideal client are unlikely to become valued medium-sized businesses deadlines and listen to the advice looks like long-term customers. name their accountant as their you give based on their Xero • Value what you do for them – most trusted business adviser. As a numbers. But how do you know what a good When a business owner truly cloud-based accountant, your Xero • And there will also be clients client looks like? And how do you values the service and advice you practice undoubtedly takes pride who fail to embrace the Xero way replace those bad clients with your give, your working relationship in delivering the best possible of working, are late with their ideal ones? will be more fruitful. If clients see service to every client. submissions, disorganised with you as a mere ‘beancounter’, it’s their data and documents and As a Xero Adviser, locating the time to sack them and move on. But have you ever thought about who fail to act when you point out perfect client isn’t easy – clients whether the businesses you work potential issues. change over time, after all. But one Retain your clients with valuable with are the most valuable clients way is to crystallise a concept of customer service for the long-term success and As a general rule, 80% of your what your ‘ideal client’ looks like profitability of your firm? positive results will come from the – and use this benchmark model Business clients want value from ‘good’ 20% of your client base. as a blueprint when taking on new their accountant – and not just in It can be counter-productive to business. the monetary sense. They want – and asking clients how likely strategic thinking that will help work with clients who aren’t a good If you have two clients on the same to feel you’re helping them move they’d be to recommend you and them to make the right business fit, such as demanding business fixed-fee package (one good and When talking to a prospect, ask forward, that they’re getting real, your services – is also a great decisions and secure their owners who eat into your fee- one bad) it’s clear why spending yourself if they have the following personalised service and that way to monitor scoring over time financial stability. For example, earning time. Sometimes there’s hours sorting out the demanding attributes: there’s a productive and valued and to ensure quality, service and evaluation of a client’s historic more value in focusing on the right client’s issues is a bad use of your working relationship between you – engagement are kept high. numbers may shows a trend for client type and pouring your energy time and resources in the long- • Familiar with Xero and the and there are plenty of ways to add • Make it simple to work with significant dips in cash flow at into a more productive working term. ecosystem – as a cloud-based this perceived value. you – Xero helps you to the same point each year. Your relationship. practice, it’s important that streamline much of the more role is to identify why – could The key to success for your firm is your clients are tech-savvy When you deliver on these time-consuming data-entry work. it be seasonal drops in sales, Working with the right clients to lose those bad clients – and to and comfortable with working expectations, embrace the full Onboarding clients using the free overspending on raw materials, put some real focus into attracting with Xero and the wider Xero potential of Xero as a platform, Xero U training helps both parties or increased payroll spend? – and Every firm will have good and bad the good clients and building ecosystem of cloud Apps and give the right clients the best gain more from the potential to take action that boosts the clients – what’s important is getting productive working relationships and tools. You won’t feel the possible customer service, you’ll efficiencies of working online. cash pipeline, lowers costs and the balance right. with them. efficiencies if they’re luddites. see the impact on your client Hands-on training, practical reduces any negative impact. • Organised and timely – when retention stats. guides and helpful educational • Make it easier to pay you – a • There will be clients who log clients use Xero and Apps such materials get clients up to speed fixed-fee package model means in to Xero regularly, complete as Receipt Bank to meet their • Listen to their goals and and helps them feel the benefits clients always know exactly

62 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 63 what they’re paying each month, owner should choose your firm. business clients is the aim of any removing the worry of additional • Ask for client testimonials – modern Xero accountant. And that bills. Using an online Direct Debit business owners place great level of trust and perceived value solution that plugs straight into value on testimonials. Case will increase significantly when Xero, such as GoCardless, makes studies, quotes from client you take direct steps to work with it even easier for clients to pay feedback and endorsements your ideal clients – and improve by automating your whole fee- from satisfied clients all serve to your client service levels as a direct collection process. highlight the quality of your work consequence. and the value you could deliver to Attract the right clients to your a new client. Helping clients as they face the services • Start a client referral programme opportunities and pitfalls of the – a referral is the best kind of new business journey is no short-term To move your client base forwards, business to aim for, coming from fix. What’s needed is a long-term and bring the right business owners a satisfied advocate for your firm. focus on adopting the advantages onboard, you’ll need a direct focus Putting a referral programme of Xero as a platform, providing on attracting new clients and in place, with rewards for the very best service and adding expanding the reach of your sales referrers, adds a real incentive the level of value that tech-savvy, and marketing. for clients and brings like-minded cloud-advocate business owners businesses to your door. now demand. • Improve and update your • Make your pricing attractive – website – a great website is a price isn’t the sole deciding factor Keeping clients happy and fulfilled vital asset for the firm. It’s a shop for potential clients. But choosing is good news for your customer window that lays out the services a price point that’s appealing, retention figures, your job you offer, the value you add offers the right value and creates satisfaction, your revenue pipeline and aims to position you as the the best margin for the firm is and the ultimate profits of your Xero number one Xero adviser in your central to how attractive the firm practice as a whole. chosen specialism or industry looks in the marketplace. niche. Your website is also the Find out more about how using hub for your content marketing, The perfect client relationship for Direct Debit via GoCardless speeds so it’s vital that it’s mobile- your firm up the payment process. optimised, regularly updated and clearly explains why a business Being a trusted adviser for your

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www.bluehub.co.uk/connect/webinars.cfm64 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 65 Tutorial Tutorial

Blaine Bertsch, CEO & Co-Founder, Dryrun Individual items (see fig. 3) can Once the Xero account has been also be edited (or deleted) with the connected to Dryrun, you can After 15 years as a business owner ability to change a single instance, choose the specific Scenario in and designer, Blaine Bertsch started Dryrun to help small businesses bring which you would like to import bills clarity to their numbers. A leader in and invoices, month start bank the industry, Dryrun helps businesses across the globe forecast their cash @mydryrun flow, budget and sales pipeline to create strategic business growth. Dryrun: help your clients build

a powerful recurring budget... Fig. 4

Fig. 3 balance, or any combination of the ...and import data from Xero to make a highly flexible forecast three. all instances past and future, or just B udgeting and forecasting instances going forward - all within 5. Import Invoices and Bills from are two of the most the same menu. your client’s Xero account. important aspects of maintaining healthy cash flow in your client’s Once you have created the recurring In the Forecast, hover over the business. This tutorial will show budget, it’s important to add the Scenario title you wish to import you how to use some of Dryrun’s variable Bills and Invoices from core features to maximise your client’s Xero account. This will communication with your client in allow you to see what is coming a highly effective and collaborative down the pipeline and will assist way. you with forecasting and short-term decision-making. Build a Recurring Budget Fig. 1 It’s important to choose a starting A recurring budget isolates your allow you to access the Recurring, considered an Expense (in red) or date for both the recurring budget client’s regular, repeating expenses Payables and Receivables area of Income (in green) for easy visibility. and the Xero import date. We from variable expenses and income Dryrun. An example of a recurring income suggest using the beginning of your so that you can quickly scan might be subletting a portion of current fiscal year, or the beginning through and identify important 2. Select the grey arrow to the left your office space or expecting a of the previous fiscal year if you

aspects. of Recurring to add new Items and have just begun anew. Fig. 5 Categories (see fig. 1). Work with your client to separate It’s useful to have a moderate Xero data into and select the gear their monthly bills such as office 3. Under the Recurring area, tap amount of historical data to ensure icon to the right of the Scenario rent, utilities, loans, payroll, Add Item. you are seeing a clear cash flow title. At the bottom of this menu, equipment, and any fees or services picture but it isn’t necessary to select the Xero icon (see fig. 5) to so you can easily visualise their From here you can create a new import years of data. Dryrun’s reveal a menu in which you can regular monthly spending. Category or choose an existing one. strength is to help clients focus on adjust your import settings. You can also customise individual forecasting and future business This is a step that takes time and items to reflect the pay frequency growth. Import your client’s Xero Invoices to organisation, but is a powerful (weekly, bi-weekly, monthly, Receivables and Bills to Payables. reminder of the bottom line of the quarterly, annually and others), 4. Connect Dryrun to your client’s business and the basic inflows start and end dates, or auto-repeat Xero account. Remember to choose a date range

and outflows of cash that involved forever, and any other necessary Fig. 2 (see fig. 6) that provides you with parties should be aware of to make information. First, ensure the correct Xero adequate historical data without important decisions. Plus it only fixed client retainer. account is connected to your overdoing it. The beginning of your needs to be done once! Recurring budget items repeat client’s Dryrun account via the most recent fiscal year would be an forever unless you choose specific When finished, hit Save (see fig. 2). Integrations screen. ideal place to start. Adding a new Item & Category: end dates for each item, so your Use Dryrun’s flexibility to build in recurring budget serves as a as much detail as you or your client Simply click on Xero Connect After the data has been imported, 1. Hover over the month that you’d powerful forecasting tool that needs. You can always update your icon (see fig. 4) and enter your the Xero logo will appear next to like to enter details into. A grey requires little effort to maintain. budget with more information later credentials. There are also video the Scenario title indicating that arrow will appear to the left of the as necessary. instructions to walk you through you’ve successfully connected and month and, when selected, will Each category will either be the process to connect. imported data into the Scenario. Fig. 6

66 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 67 Tutorial

You can now click on the Xero Note that updates made in Dryrun tools are easily shareable between logo to access the settings for will never make changes to your you and your client (see fig. 7). the Scenario if you’d like to make Xero account. changes or remove data. Forecasts can be shared between Any changes made in Xero will be Dryrun users so that everyone can 5. Change settings or disconnect reflected the next time you select collaborate on the decision-making Selecting Disconnect can remove Refresh in green at the top right of process. Dryrun can link easily all of the data you’ve previously the Forecast screen. We recommend to Xero to create stunning visual imported, or it can simply stop refreshing often to ensure you are graphs, simple to view Excel files bringing in new data (be sure to seeing the most up-to-date cash and as many scenarios as needed toggle “Remove all imported bills/ flow picture. to create forecasts that will help invoices” to ‘on’ if you choose to you both make plans for growth! remove some data but want to Dryrun also has a feature to “Bump leave other data intact). overdue items to today” so you never miss critical payments or 6. Never miss a due date invoices. You can turn this function on in your Dryrun settings. Bills and Invoices are imported 7. Collaborate with Dryrun and Xero from Xero by due date, but we recommend both using and Dryrun’s highly visual forecasting Sales tax filing honouring Xero invoice’s Expected Dates and bill’s Planned Dates which can give you a more realistic made incredibly easy. look at your cash flow. They are categorised by company and named by invoice.

Dryrun flags due and overdue TrustFile is the fastest, most hassle-free way items as well as splitting up

partial payments right so you can Fig. 7 to file sales tax returns in every state. quickly see what issues need to be addressed.

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68 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 69 of clients and sales targets. engaged accountants and differentiation within the Advisor bookkeepers are more committed Directory. Like the advanced education Partners, who have happier clients, The all-new Xero HQ program, this reward scheme has whose clients stick, making them The Monthly Xero Partner Update is an emphasis on personalisation. better Partners. sent to all Partners, notifying them Beautiful accounting that gives you beautiful rewards... T he recent unveiling at are different and is tailored to each Xero. Filter to see particular types Xerocon South of the one. of clients, or search for a particular enhanced Xero partner program one. is stirring up renewed excitement It’s a fact: the more staff you in the accounting industry. The have certified with Xero, the more Advisor Directory: Add information expansion serves to improve success your practice has. After about your practice and customise interaction of partners with Xero listening to what Partners want, what potential new clients see and to reward individual companies the curriculum is more flexible, about you. Showcase your talents successes. The four key aspects are comprehensive and personalised and achievements here. People the brand new advisor directory, so it’s easier for your staff to be can search for you by using the enriched education, enhanced certified with Xero. filters and searches, including by practice tools, and even more name, size of practice, location and rewards and recognition than The new curriculum means learning industry. before. has never been easier, with a real- life modular approach where users Reporting: a key tool for your Advisor Directory take 4 core modules, and select 4 business, and this is the fastest of elective modules which the most it’s kind. Xero currently connects 89% of relevant content. Xero You achieves all small businesses using Xero tailored and interactive education To get started, login to My Xero and to an advisor, and are pushing for sessions, giving you the resources, click Try Xero HQ. Xero HQ will then 100%. The new Advisor Directory tools and support you need to become your default login page. is fundamental to this. All Xero grow your practice, provide more Partners are listed in the directory services, be better connected and Rewards and recognition and are visible to potential new to serve and equip your clients clients. best, whether you have 2 or 200. In the past, the system for partners lacked incentives for Silver and The directory has been taken to a Enhanced practice tools Gold Partners to develop tehir new level with the ability to base relationship with Xero. There searches around multiple criteria. Xero HQ is the updated My Xero. it are now even more ways to ear Clients can search based on is an open platform that allows you recognition within Xero. location, to find advisors nearby or to choose the apps and practice in a particular area. They can search tools suited to you. In Xero HQ, you Back in 2014, when there was Goals and rewards will vary for And then there is the Xero on their progress. It allows Partners for practices that deal in a particular can edit your own profile which is first talk of this new Partnership different practices, with the aim of Champion... to track points and development industry, so they find one that best seen by potential new clients. Here program, Chris Ridd who was Xero making practices more successful, and see how close they are to suits not only their expertise, but are the new features: Managing Director at the time said, not matter how success is defined The Xero Champion is a Partner who acheivin Champion status. business and accounting needs too. “Every now and then a partner gets for that individual practice. goes above and beyond. They are This is a symbiotic relationship: Activity Feed: see and search to a certain level and they might really growing, they are committed One more thing... clients have visibility of suitable all of your client activity in one, have staff leave and they don’t Staff earn badges that can be to their relationship with Xero, they accountants and ease of finding personalised, customisable place recertify or they stop coming to viewed on their Xero HQ profile continually invest in developing Xero store offers brand new them, and accountants have better and find the information you need, events and that’s a problem for us. and seen by potential new their staff. Xero wants to give extra merchandise, and makes it even access to clients based on a variety when you need it. This draws your You could be gold [status] and own clients scouring for an advisor. recognition to these Partners, so easier to claim benefits, order of factors, for example apps and attention to activity which is most 120 organisations and be on the top These badges are based on their they will try to introduce customers products, and get exclusive banking relationships. pressing. of the directory and do nothing else. certification, the specialised who don’t have an advisor to a marketing resources that are soon That’s not fair for a bookkeeper who services they contribute and their Xero Champion, and these elite to be launched! ChatBot is a feature that integrates Explorer: this original tool helps is doing a whole lot more”. continued relationship with Xero. Champions will have that further directly with Facebook messenger you to better understand your It’s an ongoing cycle: passionate, distinction and add increased that allows partners to interact with clients and client demographics. The new program is based around potential clients using social media You can see which clients are the earning points to earn a higher - another platform allowing them to most popular, their industry, which status, from engaging with Xero Make your cash flow with Satago, your all-in-one apps they are using, the banks they rather than just meeting arbitrary I struggled with late-paying customers. All my be better connected. cashflow soluuon. Spend less me chasing customers are with...the list goes on! Know targets. For example, practices business needed was an add-on to help me get Enriched education which Apps to learn in order to help can now earn points on years of wpiathid o fuars taeurt.omated invoice reminder system. your clients, and showcase which Partnership, by attending XeroCon, “ Complete Cashflow Confidence Xero has created a more advanced industries you are experts in. and having continual training and Try invoice reminders at satago.com education program that is created Client Management: view all of certification, where before it may Then I found debtor chasing from in a way that recognises all partners your clients, even those not using have revolved only around number

70 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow“ us on Twitter: @xumagazine Issue 10 / 71 Bruce van Wyk, Sales and Marketing Director, PaySpace

As one of the founding members of PaySpace, Bruce has over 16 years of experience in designing, conceptualising and implementing functional payroll and HR solutions for various local, multinational and @PaySpace blue-chip organisations. Bruce heads up the Finance and Sales departments at PaySpace with a love for entrepreneurship.

Small business expansion: how 4) Set-up a cross-border payroll correct currencies, and ensure accounting software. For example, solution that their take-home remains PaySpace integrates with Xero, unaffected. For a small business providing users with increased A new office in a new country will with limited resources, this efficiency as they no longer have to to ensure compliance in Africa need staff. You’ll probably send can become an administrative enter account numbers manually. someone out from your current nightmare. office to help establish the new The advancement of technology A frica presents an increasing and approximately 2000 local At this point, some businesses hub. This makes them expat Cloud-based software can take in Africa is not just opening up number of opportunities for languages. There are some cultural may panic and try to bribe their employees with specific home and the pressure off and manage new markets for small businesses, businesses of all sizes. Between similarities between regional way back up the food chain. Don’t. host country tax implications. You your cross-border payroll across it’s also providing new ways for now and 2020, the continent neighbours but no two countries Cultural misunderstandings can may need to gross their salaries up Africa seamlessly. It can access you to take advantage of these will become the second fastest are the same. Geographical borders quickly become insults and before to make sure that they don’t earn important in-country information, opportunities. With the right developing region after Asia. This aside, each country is a mix of you know it, you’re faced with a fine less – which in turn, could then put update legislative requirements software and support on your side, economic potential is underpinned various tribal groups, religions and or worse. Rather, join forces with them in a different tax bracket. automatically and calculate the your payroll administration will be by a surge in mobile technology, ethnicities that create a complex a local partner who can guide you various regulatory factors that taken care of – helping you avoid connecting communities, cities and combination of customs and through this minefield and watch An expat employee has to be affect expat employee earnings. the risks and reap the rewards. countries with each other and the colloquialisms. where you step. legislatively compliant in both wider world. their home and host countries. To manage your staff payments with When it comes to the nuts and 3) Follow the letter of the law You’ll need to provide them with even greater ease, opt for payroll The advent of online marketplaces, bolts of business, don’t assume the relevant tax certificates in the software that integrates with your e-commerce, mobile money, remote that what works in one country It can be tricky navigating a very working and cloud accounting, as will work in another. Do your different set of rules and standards provided by Xero, means that any research thoroughly, work with that don’t necessarily match your company can establish a presence a local partner who can help you business needs or expectations. in places that were previously navigate languages, traditions and This can be further complicated by inaccessible. Technology has legislation, and show absolute sudden legislative changes that essentially connected Africa to the respect at all times. Too many could impact your payroll limits and ‘global village’, opening up new foreign businesses behave statutory calculations overnight. terrain for small business owners arrogantly which can anger local who want to expand into lucrative authorities and lead to bureaucratic It’s important to always look a foreign markets. delays that will frustrate your little closer as some legislative expansion plans. committees don’t actually exist yet Of course, no rewards are achieved and others are continually in the without some risk. Your expansion 2) Avoid ill-gotten gains process of promulgating new laws. plans need to consider your payroll The timing is not always clearly needs as you move into unfamiliar You don’t have to pay a bribe defined and in some cases, there territories - and pay attention to to do business in Africa. In fact, are retrospective implications that local legislation in each country corruption is not nearly as all- you ideally want to avoid. The best you operate in. Or, your fledgling pervasive as you might think and approach you can take to ensure business could unknowingly more often than not, is initiated by your company’s compliance is to transgress laws and face crippling international companies rather than subscribe to the globally permissive penalties. locals. The problem is primarily a phrase: “taking all reasonable lack of patience and preparation. methods”. Here are four tips to help you avoid Remember, you’re no longer in your any payroll issues as you embark home country. There are different It’s also very likely that you’ll come on new business opportunities in laws, registration processes and across a situation in which you Africa. timelines to follow. If you don’t witness an alternative approach to plan properly, then you’ll start off a law in practice. Before you follow 1) Know the lay of the land on the back foot and watch your suit, try and get approval in writing competitors racing ahead of you. from the relevant authorities. Africa is a continent of 54 countries

72 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 73 Joe Stevenson, Marketing Manager, My Accountancy Place Sales when their invoices are due – and a simple yet effective start, there’ll 2. Click the Awaiting Payment panel when they’re late. The invoice be no limit to where you can go this Joe is a copywriter and marketing 3. By the clock icon, click Invoice reminders can even be set before year! collaborator, frequently working across a number of industries - Reminders Off to show the the due date to ensure they’re including accounting and cloud Invoice Reminders screen up to speed on when to pay a bill So what are you waiting for? Make technology. As a lover of writing, Joe is 4. (Optional) Select the Email often found in his spare time working @MyAccountancyPl on a collection of articles and fiction - customers when an invoice is preferably with a large cup of chai tea checkbox and a few biscuits to help the process 5. (Optional) Edit or delete the along. default reminders from here, or create your own 6. (Optional) Select the Don’t send reminders for amounts owing Forget me not: on an invoice under checkbox, then enter an amount to filter out smaller invoices, if you wish the automated Xero feature that’ll get 7. Click Save you paid on time The Habit Maker Of course, if your client has paid H ow many times have you Automate Your Struggles their money is due in two days’ and they receive a reminder telling found your cash flow time, or checking your inbox for them their invoice is overdue, stalling because a client has missed As many of you will be aware, a response to the pleading email there’s going to be a little bit of a payment deadline? How many automation became increasingly you sent, you can let Xero do the awkwardness between you both. hours have you spent emailing, popular with small businesses legwork for you, whilst you spend That’s why it’s important to both texting, calling and Skyping late in 2016. Owners from a range more time on valuable work. customise your reminders to your payers, chasing up their rogue of industries started opting to clients, and to reconcile your invoices? It’s perhaps one of the automate smaller, recurring tasks What’s more, if you’re concerned transactions as you go. If the latter most familiar – and frustrating – to relieve the pressure on client about reacting emotionally to a is something you struggle with, aspects of being a business owner, relationships and to give their situation which can understandably turning on automated invoice and at some point we all go through teams back the time they need to become testing over time, then reminders is the perfect way to it. be a more successful business. this is particularly advantageous. build the habit. After all, there’s no requirement to directly intervene with the matter Regularly checking what’s coming until more forceful action needs to into the business and reconciling be taken, because the system is those payments is going to not talking to them instead. Consider only save you a headache when it’s ahead of time, so there really are no sure you get paid on time and don’t your client relationship preserved! time to get your Xero ready for your excuses! spend valuable time chasing late accountant, but also ensures your payers with one of Xero’s most Simple Brilliance client relationships are maintained With proper, dedicated use of this useful built in features. and you know exactly where the feature, client habits are likely At its heart, the invoice reminder business is at any time. to change as a result, all without tool is a simple concept, but one you having to getting emotionally which could make huge differences For regular late payers, these involved – and without you losing to how your business is run, and invoice reminders help them to get out on what’s due. Once you’ve got how your clients interact with you. into the rhythm of understanding your 2017 automation journey off to Keeping with the theme of simplicity, it’s also an incredibly straightforward feature to activate. Xero have put together a handy Dreaming of guide to setting up and managing your invoice reminders, including working from home covering how to ensure either all or only select clients are getting the & around your kids? messages. For business owners who are If you’ve started venturing into We’ve just released Number Nurses® using Xero to keep on top of their automation, or it’s something you’re We recommend reading the guide in Franchises. Ready for purchase now! accounts, however, there’s a not- considering for 2017, then start full, but if you want to dive straight so-secret weapon ready for you to simply with Xero invoice reminders. in with an example, follow these use to combat these late payers steps: numbernurses.com and deadline-dodgers: automated Rather than concerning yourself Training + Cloud + Support + Recruitment [email protected] invoice reminders. Rejoice! with whether or not a client knows 1. In the Accounts menu, select

74 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 75 Tutorial Tutorial

Brendan Woods, founder and CEO of OCREX - the company that developed 2) Uploading Purchases Invoices AutoEntry There are several methods for Originally a software developer in adding documents to a company in the hedge fund space, he quit his AutoEntry. While the most extensive job and started AutoEntry. AutoEntry upload options are available via supplies to over 2000 accounting @OCRexSoftware firms and automates data entry of the AutoEntry website, your clients purchase and sales invoices, receipts, may find Email or Mobile uploading bank statements and more, providing more convenient. significant time and cost savings.

Upload via Web: AutoEntry: advanced, feature- • Tap the Upload button for the Purchases folder (2.1) to bring up its upload window • If you wish to upload a batch of rich automation of data entry invoices, choose “Auto” (2.2) and AutoEntry will cleverly split the batch into individual invoices whether they be multi page, to Xero single page, or a mix. • Select the check box on the T his tutorial will quickly demonstrate why you might just fall in love with AutoEntry given its ability to not Capture Line Items option to only capture invoices and receipts to a basic level, but also capture invoice line items, match invoices to instruct AutoEntry to capture all purchase orders, capture sales invoices and even bank and card statements. line items from a given batch of invoices (2.3). Whether you’re an accountant, bookkeeper or business user of Xero, being able to simply snap a pic of all of • To apply a given Xero tracking those documents on your phone and to have them automatically publishing to Xero has got to be a no-brainer. category to a given invoice or to all invoices within a batch upload, choose the tracking category here For this example we’ll assume the help deliver your services more Setting up these rules as you go will (2.4). role of a bookkeeper processing quickly while also creating a steady, bring real time savings to you and purchase invoices or receipts, but manageable flow of work for you or your team as subsequent uploads Submitting via Email: the steps and benefits are similar your team. While reviewing to this Company that meet the same for all Xero users and document the processed results on AutoEntry, criteria can be set to automatically • Each company is also set up types. you can choose to accept and publish to Xero as soon as we’ve with a unique email address so remember any matches we detect completed data extraction and that invoices can be submitted As an accountant or bookkeeper, by between the Vendor/Supplier and verification. or forwarded to AutoEntry from empowering your clients to submit your existing Xero contacts, or you, the client, or their suppliers. documents directly as and when create a new contact, along with Simply email the invoice as an they receive them, AutoEntry can associated nominal and tax codes. attachment to the designated email address (2.5) and 1) Inviting your client(s) to AutoEntry will do the rest. AutoEntry Snap and upload on Mobile: Once you have set up a company on AutoEntry, you will need to invite • The AutoEntry iOS or Android your client or colleagues to the mobile app couldn’t be easier. company to allow them upload and Simply snap an invoice or receipt process documents. (2.6) and quickly append pages. • Apply Tracking Categories and From the People tab (1.1) use the Payment Account before upload. Add People button (1.2). • While your clients will only see Then enter their email address (1.3) their own company to upload to, and confirm the company you wish you and your team can access to invite them to. your full list of Companies from within the app should you find it Your client will soon receive an more convenient than using an email invitation containing a link office scanner. for them to follow to complete their registration on AutoEntry.com (1.4).

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3) Monitor Progress in Inbox

Your Purchase Inbox will show you a list of all of the invoices that AutoEntry has processed and which are ready to to publish into Xero. This will show you key fields from each invoice and let you choose/change the selected expense categories and tax codes (where relevant) (3.1).

Job + project + stock management

POWERFUL SOFTWARE

DELIGHTFULLY SIMPLE

Tidy helps streamline inventory:

I can’t imagine life without TidyStock. Every day we use TidyStock - it’s the hub of everything that we do. We could do By this point AutoEntry has already performed: “ without some of the other packages and still be able to run the 1. Arithmetic validation to safeguard against incorrect figures being published to Xero. business quite e ciently. Without TidyStock we wouldn’t go 2. Intelligent matching the supplier name captured from anywhere. We wouldn’t be able to run the business. the invoice to your existing Xero contacts. It looks for acronyms of the full name and other common Steve Bennett, Managing Director and Founder, Woof & Brew, UK” variants so as not to prevent duplicate supplier accounts being created. 3. Having learned from previous occasions and/or any Users of defaults already set up in Xero itself, AutoEntry will apply the appropriate expense categories and tax codes automatically. Of course, you can overwrite and update the rule as you go if you need to. 4. Duplicates have been identified and marked as Rejected to prevent publication to Xero.

Mobile List View:

Within the app, all of your items will be listed in order along with their current status.

JOB STOCK CONSTRUCTION MANAGEMENT MANAGEMENT MANAGEMENT MANUFACTURING

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4) Detailed Review

Selecting an item in the Inbox list will bring you to its Invoice View where you can review and edit all its fields in either the header (4.1) or line items (4.2) next to the invoice image.

You can even match the invoice to a Purchase Order, though AutoEntry will likely have this done for you automatically if the value or the PO is the same as the total on the invoice.

You can share a link to this invoice At the heart of with colleagues or others perhaps to check if it is approved for payment (4.3). automatic enrolment,

Once you are satisfied with the connecting payroll invoice and line items details, simply hit Publish (4.4) to send it to Xero and move on to the next to pensions invoice in your Inbox. This also moves the invoice to the Archived tab so your Inbox stays focused on items that require your attention (4.5).

One really nice gismo we add to these published items is the ability to be able to click on the “View in Xero” badge (4.6). When viewing these invoices in Xero you will also see a useful link back (4.7) to the item here in Automate pension data transfer AutoEntry. directly from Xero payroll FREE Save time Save money Free to use

pensionsync

pensionsync delivers data to NEST, Aviva, Do your clients need help selecting an Legal & General, The People’s Pension, autoenrolment pension provider? NOW: Pensions and Smart Pension

Visit www.pensions.market for up to www.pensions.market date information on which pension providers are available within Xero A free autoenrolment comparison website

80 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com www.pensionsync.com Have you subscribed? Go to subscriptions.xumagazine.com @pensionsync [email protected] us on Twitter: @xumagazine 0845 053Issue 2975 10 / 81 Jessica Pillow, Managing Director, Pillow May Chartered Accountants accountant gets the software it is me to step further away from the tools also link with the creation of built to their own specification as day-to-day running of the business. client folders within their document Jessica is well known in the industry part of the package. I’m going to use the new freedom to management software. with a great network within the accounting space, as well as train for an Ironman Triathlon.” technology providers such as The software does more than your Whilst creating the client, mTrio Thomson Reuters Digita and Xero. average Practice Management Currently the mTrio software is also setting them up within the Jessica has a wealth of technical @pillowmay knowledge gained whilst bringing her solution and incorporates some connects to Xero to save Jessica practice’s Xero environment and is practice to the cloud and pushing the very useful tools that has allowed and her team from having to able to build an invoice based upon boundaries of the technology that is Jessica to ditch some of the older set up the client initially within a subscription model within the currently available. packages that she had been using. Xero. The process involves the software, thus saving more time. client being created within her The mTrio software will appeal to compliance software and then, mTrio software sits at the heart of Introducing mTrio practices of all sizes as it is easy with a few clicks, the client is then your practice to link your favourite to use but built on such a robust automatically set up within Xero packages together and help with It seems that most months a new competitor joins the cloud backbone it can be adapted to work and her document management sharing data across platforms to in all conditions. It is well priced system. It will automatically send save time and mitigate risk. In practice race for accountants. On 1st November 2016 it was to become a strong proposition an SMS text message from differing the future it will not matter what the turn of “Most Inspiring Accountant” Jessica Pillow of for the smaller practices to move defined triggers and can also do software you wish to use, you can from spreadsheets to a fully grown the same thing with emails. You can pick the best of breed that works Pillow May to join the party with the excellently designed CRM solution. With the automation use a bank of email templates to for you and spend the time saved and integrations, the return on help save time and have them sent on giving great customer service mTrio automated CRM Practice Management solution... investment means that mTrio can out automatically, much like using and increasing fees with a more easily pay for itself many times over an online shopping experience, for consultative advisory approach. T heir exciting new cloud Jessica devised the system with Layton (a Salesforce consultant because of the time that it saves. great customer service. software is mTrio. the help of a couple of Salesforce with over 10 year’s experience in developer clients – Simon Goodyear financial services). Now, after nearly One of mTrio’s early adopters, Della Within the software, mTrio have BOOK A DEMO The program is built on the (a Salesforce developer voted one two years of development work, she Hudson, of Nailsea-based Hudson also delivered tools for the For more information or to book a demo, has set up a brand new separate Associates has this to say: “After easy creation and sending of please visit: entity with Simon and Ross to bring a year of searching, and not quite engagement letters. This was a www.mtrio.io the software to market to help finding what I wanted, it was a relief process that took Jessica and her other forward-thinking accountancy to discover mTrio which will replace team a large proportion of their practices. 3 existing systems and should allow client on-boarding time. These

Jessica ended up developing software as a by-product of her failed search for quality software. She needed a solution for Practice Management that would also integrate with Dropbox, Xero, Digita and all the other products they used. They also needed a central database and something that would enable better marketing and automated workflow.

By building the software on the tried and tested Salesforce platform, Jessica is standing on the shoulders of giants and can enter the software market by being able to tick the boxes for scalability, security and reliability. As Salesforce develops there are other exciting areas coming to the fore with additions such as Artificial Intelligence coming on line.

The mTrio database allows Jessica to build a ready-made solution for fellow accountants, and the customisation and implementation Salesforce CRM platform that of Salesforce’s exceptional MVPs is carried out by the Mint Trio Pillow May already uses internally. for the past four years) and Ross team to ensure that when a new

82 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 83 WWW.PAYSPACE.COM Karen Rayburn, The Profitable Firm • It doesn’t cost a dime. This is a Second, connect yourself with other team). Karen is a creative-minded individual mental shift, not a financial one. business owners. There’s a lot of • When you have ideas, they get who specialises in online marketing good in connecting to other high actioned straight away. You don’t for accountancy firms. A former • You can start today. Instantly. accountant, Karen set up The Now, whilst reading this. There’s performing accountants. But you have to watch other accountants Profitable Firm to work exclusively no delay. need to start thinking like the young doing what you thought of three with modern, digitally minded hungry business owner – perhaps years ago. accountants all over the globe who • You have literally thousands @ProfitableFirm want to use online marketing to their of examples around the world even the freelancer – if you’re going • You’re taking ideas from what best advantage. of people who approach their to see the powerful kind of results your clients and prospects are marketing in this way. You’re far you want. struggling with (or excited by) from alone. • You’re already a business owner, Mindset over money: why so you’re halfway there. And here’s why it’s incredibly hard:

• It requires accepting that there’s spending more on marketing more to change, and more to do. Many accountants I talk to are weary of this already. • You’ve got to lead your entire is not the answer team, and keep their spirits up even when yours fail. A fascinating development for me as I work with accountants all over • There will be some hard times the world is discovering those who are more than ready to spend money ahead. Days when you don’t think this will work, and others seem – serious money, big money even – on their marketing….and yet these to be succeeding with little to no accountants could still be setting themselves up for a big fall... effort. • It works best when you are H ow could that be? Isn’t encourage that if you have the homepage of their site…I better get incredibly responsive to change the biggest hurdle for right mindset: if you are setting one too.” “I like what they’re doing (and even love it). Daily change accountants to overcome that of your mind to being personally on social media – can we do the will be your constant companion Third, keep going. Press on, do and integrating them into your being ready to big-scale invest in involved and invested in your own same thing?” “That firm is running from this point onwards. not give up, and ask for help when marketing: so you’re appealing to their marketing? marketing. webinars: I’d like to run those too.” • You need to blur the line between you need it. Once you set foot on more prospects who are the right business and personal – perhaps this road, it will absolutely deliver kind of people. Nope. It’s time to think like your But what you love about those even wipe it out entirely. This is results. • You are enthusiastic and entrepreneurial clients. The ones accountancy firms’ websites and an aspect of the true marketing passionate, and people respond I would argue that the biggest who wake up in the early hours of marketing and brand and videos mindset that will get results like And only when you have all three of very well to that. hurdle accountants are facing today the morning with a brilliant idea is not those things in and of you’ve never seen: and it’s very those do you spend the money. is that of changing your mindset about their product or for their themselves: it’s the mindset behind hard for accountants to do. It’s not about getting results like entirely. customers. The ones who figure them. The enthusiasm and passion That’s when the results come. other firms. It’s about getting out Instagram and Snapchat and that cares first and foremost about So how do you do it? Because... results like yours. And that ROI will When you approach marketing with live Facebook video on their own. being world class when it comes be better than anything you’ve ever a personal, interested, involved Who write their own blog posts, and to delivering good accountancy First, learn about what works. • You’re not only on social media, seen. attitude, it will revolutionise your publish them even though they’re services in their area. Get educated about what works you’re engaging personally with results. not perfect. – not just for accountants, but for prospects (for larger firms, your There are accountants I’ve spoken professional service businesses. team are doing this too). Accountants are often given quite Naturally, investment of some kind to who are ready with finger poised We’ve created unique Content • Your website reflects who your a hard time about marketing. will absolutely be involved. This over the payment link, willing Marketer and Social Marketer firm actually is, not merely a fresh They’re told that they are not good is not your excuse to get out of to spend thousands or tens of programmes exclusively for modern wash on the old you. at marketing (or design, or writing spending anything on marketing. thousands or even hundreds of accountants, but there are many • The content your firm is content, or social media). If you’re And if you can outsource the thousands so they can get the others out there as well! generating comes directly from an accountant, it’s likely you tell repetitive, or the aspects of results others have gotten. your own head (and that of your yourself that on a regular basis. marketing that are not your area of expertise, definitely do that. But without the mindset, you can And it seems that the solution is But if you’re missing the personal spend millions and not see even to hire someone else to do it. An connection, I guarantee your future a small portion of the potential agency, an intern, a marketing clients are missing it too – so you’re results available. Receipt Bank and Xero. manager for your firm. missing out on new business. The marketing mindset is both Outsourcing is often a wise choice. It’s tempting to look at other incredibly easy, and incredibly hard, All the firms we work with are accountancy firms and want to to cultivate. Go further. Grow faster. outsourcing at least some of their copy their marketing and branding. marketing to us. But I would only “They have a video on the Here’s why it’s easy:

84 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 85 Interview Interview

I am really happy to pensionsync for. providers is such a drain on time, XU: be able to speak to and yet it has to be done every Will Lovegrove from pensionsync Tell us why you decided time an Employer pays their staff. today. Will, can you tell us XU: to team up with Xero I suppose it’s obvious, but I think what pensionsync is and how it and how it has helped to grow pensionsync will just grow and integrates with Xero? pensionsync? grow in popularity over time as everyone drops CSV data exports pensionsync is a Well, we use Xero and switches to electronic uploads. WL: software-as-a-service WL: inside pensionsync to I think pension CSVs will be extinct which Xero uses to securely send run our accounts and our payroll! within the next 5 years. Xero’s their customers payroll data to any And we will use Xero to make sure helping us make that vision a one of six UK pension providers. our company complies with auto- reality. We’re part of Xero’s solution for enrolment. So we just had to make automatic enrolment, which is sure Xero was using pensionsync In recent years there sort of like the US’s 401k. Every UK (otherwise we’d be in the XU: hasn’t always been Employer has to open a pension embarrassing position of owning the best press for pensions. Why scheme for their employees, and pensionsync but not using our own should our readers invest in a then make payments into that technology to help run our own pension and what benefits does it scheme. pensionsync helps lower pension!). In fact, it’s been amazing have for them? the admin burden of running a to work with the Xero team both in pension scheme. the UK and the US. Xero engineers I would always are committed to making Xero an WL: recommend to Will, can you give us amazing software experience for anyone they take up the offer XU: an update on what’s their users. And I think that focus is of a workplace pension. Its free changed at pensionsync in the shared by my team in our work. We money, after all. It’s the only last year since we met at Xerocon want to make pensions as smooth savings account which boosts your London? as possible for Xero customers. money immediately (because your contributions are topped by further It’s been a massive Tell me more about contributions from your Employer). WL: year for our company. XU: your plans to launch I understand the comment about This time last year, pensionsync into the online employee benefits pensions getting a bad press. But was connected with just 2 market. I think in the future we will see providers: Legal & General and pensions becoming more “open”, The People’s Pension. In the last This is our new more “transparent”, and using 12 months we have powered WL: initiative: we’re technology in different ways to forward and connected to NEST, going to help smaller employers our benefit. Our pensions are just Smart Pension, Aviva and NOW: get access to the best possible too important for our future. UK Pensions. This means pensionsync employee benefit deals, available Government is lighting the right can offer its customers real choice from the new website we’re kind of fires in the right places in the market. To help Employers building called www.benefits. to make things happen. Auto- make their choice we then built a market. We think there’s a lot of enrolment is a good thing, pensions free ‘pension provider comparison room for technical and commercial dashboard is a good thing. website’: http://www.pensions. innovation in the employee benefits market. Amazingly this was the market. So many benefit processes It’s great to see you have first time in the UK that anyone are done manually, slowly and XU: created a Pension and had built a workplace pension inefficiently. We think we have the Payroll comparison site. Why did comparison site. Watching my team technology to join up the market, you decide to do this and how will it put pensions.market together, and automate data flow, deploy “robo- help our readers? seeing it grow to over 1,000 visits advisers” and cut out costs. a day in a short period of time was My team and I very special. How does Auto- WL: just thought it XU: enrolment help or was incredible that there was What, in 2017, is exciting change pensionsync? no pension comparison site in XU: about pensionsync? place already, despite automatic A pensionsync was enrolment effectively being a Q& Will: 2017 is a really special year purpose built for compulsory purchase of a complex WL: for payroll, pensions and small auto-enrolment. We knew the and important financial product. Will Lovegrove businesses in the UK. This is the payroll market wanted a simpler, Its really difficult for Employers year when over 750,000 businesses automated, solution to the problem to get access to trustworthy free will set-up a scheme for the first their clients faced when it came advice on the differences between from pensionsync time. 2017 is what automatic to administering their pension pension providers. Accountants, enrolment is all about, in my schemes. Exporting data from Bookkeepers and Payroll Bureaus opinion. And it’s what we built payroll and loading it into pension are quite rightly worried about

86 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 87 Interview

commenting on a subject they are and provocative. We built that video marketing work. It’s something I’d not qualified in. So we built www. to use humour and satire to turn like to continue. We’re not trying pensions.market specifically so heads in the payroll and pension to trivialise an important job. 5 ways GoCardless for Xero can that the Accounting and Payroll industry as we were just starting We’re just trying to bring a smile to community would have something out. It worked! people’s faces. they could direct their clients to support your business growth and say “take a look at this - it’s We’ve also used videos to help a free pension comparison site explain what our platform does in which will help you with automatic technical detail. I signed off a trip to Sign up to the GoCardless for Xero app to reduce enrolment”. the Alps last year specifically to film We also compare leading payroll a bunch of “explainer videos” while costs and admin so you can focus on your business: software tools in the site because Snowboarding in the mountains we wanted to highlight who was (because automatic enrolment making the best job of simplifying is often compared to “climbing a automatic enrolment. Picking mountain”). They worked really well the right payroll tool makes all and we use them to this day in our 1. Improve your cashflow: 4. Simple to set up: the difference when it comes to platforms “developer portal”. Make sure you get paid on time, It’s quick to set up an account automatic enrolment. I’m pleased to every time. Automate your online and customers can say Xero’s scoring highly. We’ve also used “grumpy animal” payment collections by authorise payments securely internet memes on Social Media Direct Debit. in minutes. I know you have made to help speak to payroll workers XU: some very creative who may be frustrated at having to out-of-the-box videos. Do you think handle manual CSV files, each time 2. Reduce your admin: 5. Low transparent pricing: being able to think outside the box they process a payroll, forever... No more chasing late payments Just 1% per transaction has helped you grow pensionsync? or having awkward conversations capped at £2. No set up I guess thinking out of the box has about money. fees or hidden costs. I guess you are talking helped us get a higher profile. But WL: about our “downfall in fact the common theme is using of automatic enrolment Hitler” humour. We’re known for bringing 3. Automatic reconciliation: video! Yes, that was fun to make, an element of humour into our The GoCardless for Xero app automatically reconciles your invoices increasing business efficiency.

Join over 4000 Xero customers who have already connected with GoCardless

“The GoCardless for Xero app is an “We highly recommend using awesome combination. It saves us The GoCardless for Xero app to take loads of time each month – no more control of your payments. It takes just tedious reconciliation! This is simpler minutes to set up, improves cashflow for our customers, reduces admin and reduces admin with the automatic to a minimum and helps us get reconciliation allowing our clients to paid faster!” focus on growing their business” Jonathan Hutchings, Mobo Innovations Peter Czapp, Co-Founder, The Wow Company

Sign up now: gocardless.com/xero 88 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 89 Carmen Morris, Founder and Director, On The Money Bookkeeping Credit Card, Direct Debit, Stripe, 8. Repeat this process for each go to: eWay, Cash & Cheques receipt type. 1. Reports > All Reports > Carmen Morris is the founder I’ve grouped these payment types Account Transactions and Director of On The Money Bookkeeping, based in Melbourne, together because they have the When a sales invoice is paid by a 2. I recommend clicking the star Australia specialising in Xero. She following in common: customer, navigate to it in Xero and next to this report so that it is passionate about technology and Their settlement (or deposit) date then, at the bottom in the Receive a shows as a favourite, creating a accounting, and her organisation @otmbookkeeping offers business keeping, not just typically differs from the date that payment section, enter the relevant shortcut on your Reports menu bookkeeping. the customer actually made the payment details. From payment. the Paid To drop-down The bank deposit often refers to list, make sure that receipts from multiple customers you select the relevant, and multiple invoices all at the newly created clearing Reconciling various customer same time. It can mean that one account. bank deposit potentially refers to hundreds of different sales invoices! Next up you need payment methods: to account for the A best practice bookkeeping transaction fees. principle is to separate these into Merchant fees are get organised by separating your deposits different accounts for each type. It typically charged to makes it easier to figure out why your bank account something won’t reconcile. It also on a separate bank Business owners who are also their company’s bookkeepers means that your bank accounts will feed line, so you don’t often struggle to reconcile their bank account when they more accurately reflect their correct need to treat these balance. Undeposited funds will any differently. For receive money from their customers in a variety of ways, show in separate accounts with direct debit, where their respective balances. the service provider such as electronic funds transfer (EFT), credit card, direct withholds a fee from debit, cash, cheque, PayPal, Stripe or eWay. Carmen Morris To set this up, go to: the deposit, fees need 1. Settings > General Settings > to be entered so that explains how best to set up a Xero data file and enter Chart of Accounts your deposit balances 2. Click Add Account to your clearing account. When 3. Choose the clearing account and transactions to manage these... 3. From the Account Type drop- entering your receipts for a given the relevant date range and check down list select Current Asset day, look up the fees on the direct that your closing balance at the D eposits arrive in company case of clicking on the Match tab in really simple. 4. Give your account a number and debit provider’s website and enter bottom is zero. If not, narrow the bank accounts via many the Xero bank reconciliation screen 1. Settings > General Settings > a name such as Clearing Account a Bill transaction for these. Apply a date range until you find the day different payment methods. In and navigating to the relevant Invoice Settings – Direct Debit payment at the bottom, choosing that it went out of balance. This this article I will explain different sales invoice based on a customer 2. Click on Payment Services 5. From the Tax drop-down list the relevant clearing account from will help you pinpoint exactly types of payments, grouped by name, amount or invoice reference 3. Click Add Payment Service select BAS Excluded the Paid To drop-down list. where things went wrong, and the recommended approach for number (if Xero hasn’t already 4. Make sure that you select the 6. Also, tick Enable payments to this you won’t be looking for a needle processing their receipts (or made a suggestion for you). relevant PayPal bank account in account On the day that you that you in a haystack. ‘payments’, as you might be used Xero from the Payment Account 7. I would also recommend ticking reconcile the bank deposit, check to calling them). PayPal drop-down menu. If you want Show on Dashboard Watchlist your clearing account. To do this, With the introduction of Xero’s to offer this for your invoices in Electronic Funds Transfer integration with PayPal, this different currencies, you’ll need In Australia, EFT is the most payment method has become easier to set up a payment service for common customer payment method to reconcile1. This integration forms each PayPal currency. for the majority of businesses. two functions. First, it allows your 5. Link the relevant Fees Account Hopefully your customer is sending customers to click on a link in your from the last drop-down list. This you a remittance advice explaining online invoice when they receive it could be a bank fees account or which invoices they are paying, via email, which allows them to pay a special account you’ve set up or including a bank statement via PayPal with a minimal number of to specifically track your PayPal reference clearly identifying the clicks. Second, your sales invoices fees. invoice number(s) they’re paying. in Xero will show a receipt applied The absence of this information to them as soon as your customer When it’s time to reconcile your can make reconciling this type has paid via PayPal. In addition, the PayPal bank feed, you’ll see lots of of transaction a little bit trickier, Xero/PayPal integration will enter green auto suggestions down the especially if there are multiple open a Spend Money transaction for the right side of your screen. If you’ve sales invoices that the receipt could fees associated with this receipt at received multiple deposits on the potentially belong to. This issue the same time. same day for the same amount, aside, this is typically the easiest double-check that they’re matched type of deposit to reconcile. It’s a So, how do you set this up? It’s correctly before clicking OK.

1 However, this method is not to be confused with PayPal bank feeds. These already need to be in place, one for each currency that you deal with. This can mean that you have quite a few bank accounts on your dashboard, as these PayPal accounts will be in addition to your regular bank accounts.

90 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 91 account transactions report, click Wrong bank account on the offending transaction, Alleviating reconciliation ailments then remove and redo and code it When you operate more than one Compiled by correctly. bank account it is as common as Kirsten Hawke, The joy of using Xero is that it makes bookkeeping tasks pain-free and having a cold to incorrectly enter a Head Nurse of Using a sticking plaster payment to the wrong account. Number Nurses ensures your business accounts stay fit and healthy all year round.... @NumberNurses I nvariably, a late night or the balance from the bank account You’ll need to hit the miracle cure, When we are in a hurry or feeling The assigned bank account is stuck exposure to some bug or zero, if the business was just remove and redo and check it off flummoxed it can be tempting to like a pea up a toddler’s nose but when defences are weakened can starting out. (code it) correctly. take the easy the transaction can be removed and cause an unexplained ailment that option rather re-done to correctly reconcile the you may not know is lurking in the Xero gives step by step instructions Every now and then some lines in a than fully account. depths of your Xero account. for entering your conversion bank statement seem to vanish. investigating a balances or you can call on a problem. Technical difficulties We’re talking about an unhealthy Number Nurse to quickly fix the The mystery of cyberspace statement reconciliation report. problem. can’t be held accountable for all You may have Even the healthiest of individuals disappearing acts and sometimes been tempted to can be struck down by In the same way your blood If the conversion balance is sorted you may have accidentally thought put a quick-fix unidentifiable bugs and every now pressure should be regularly and the numbers still don’t match, the easiest way to remove some sticking plaster and then something odd can occur checked – you should regularly it is time to roll up your sleeves irritating transaction was to simply over a receipt with Xero. check the reconciliation report. and start diagnosing where a delete it. or payment transaction has gone wrong. by line coding Occasionally, there can be double It’s a good habit to review it each Good try but treating the symptom it rather than up of transactions or some never time a compliance return is made, taking a long- show up at all and this is where the for example a GST, VAT or BAS term approach real fun starts. report, depending on where you and fully operate your business. investigating the troublesome You will need to check Xero entries transaction. against your bank statements to You’ll find a tab to the right of find the errors and manually remove the page where you reconcile Don’t worry, Number Nurses have and redo. bank statement lines to the Xero seen it all before and plenty of transactions. people have overridden allocations Seek support or done some weird and wonderful If you still have transactions to things with Xero. Trying to treat your own Xero tick off, they will show up on the ailments and going it alone can be reconciliation statement so shoot We know it seemed like a good idea slow and unproductive, and you will back to the previous page and to enter a completely new line but invariably be better off with expert check off those transactions. that reconciliation report will catch assistance. you out. When you revisit the reconciliation Number Nurses know a problem report, the balance in Xero should Once again the remedy lies that has been niggling you for ages match the bank statement balance. Missing in action has simply resulted in the problem in tracking down the woeful can usually be easily cured with a popping up somewhere else – that transaction in the bank statement in quick consultation. Some credit cards and Yodlee Xero can work wonders but it pesky reconciliation report. Xero, clicking on it to identify how feeds don’t provide a balance and needs a good dose of healthy input it was coded and submit it to the Xero should be painless, fun and you’ll need to go to the individual from you to ensure it is operating In your Xero bank reconciliation, mercy of remove and redo. effective so don’t be shy if you think accounts to check that they are the correctly. track down the statement you have an embarrassing condition same. exceptions tab and this may identify The correct bank statement that you are afraid to expose. If you have overlooked entering an where there is a problem. transaction will also need to be If they don’t balance, relax and be invoice that was paid, Xero can get located and re-coded. Your back-up bookkeeping expert is assured that there is a remedy for a bit flustered. Once diagnosed, you can restore a there to make it all better again. all bookkeeping dis-ease. bank statement line and then code This is as easily fixed as mopping the transaction correctly. Start out correctly up a little spill. Enter the invoice, give it the all clear and hey presto A common complaint is a missing First of all, check the conversion – you can match it with a bank transfer leg. Far from being an balance that was entered when statement line. amputation, this is when money you opened your Xero account is was moved from one account to correct. If you have entered the invoice another and it has probably not but it is nowhere to be seen, it been coded in both accounts. This could be the closing balance has possibly been allocated to an turn to page 106 of your company’s accounts the incorrect payment transaction. If it was incorrectly coded to the day before you started using Xero, wrong account, then go to the

92 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 93 James Ashford, Founder, GoProposal And then if you’re able to figure that therefore what value we aim to Xero Changed The Game James Ashford works exclusively one out, few people are ever told deliver to our clients. with leading firms of accountants why we really create systems in our 4. The Onboarding System So up until 2006, Accountants from around the world, helping them to systemize their firms so they can business. Sure it creates scalability, This is where you wow your could get away with average or deliver maximum value and incredible and consistency and frees up your new clients by making it super even poor systems. experiences to their clients. He is time and increases the value of the smooth to onboard them with author of “Selling to Serve” and @THEJamesAshford writes a successful business blog at firm, but there’s another, far more minimal pain for them and you. Why? Because so long as you were www.JamesAshford.com, where he important reason. This is their first interaction with getting Year End Accounts, VAT continually shares his best content. your practice and so it’s vitally Returns and Payroll out before the And then let’s say you are in fact important that you nail it. If you deadline, your client was happy. part of the 1% of the 1% who figure have cracks in this system, the all of this out, only 1% of those ever next system will fall down. And they were happy because you Does your accountancy firm serve find the time, the technology or 5. The Delivery System were able to do something that the tenacity to actually implement This is where you maximise they no idea how to do themselves. these crack-free systems…properly. the lifetime value you provide You were therefore the valued others or does it serve you? to your clients. It’s where you expert. And this is the reason why I end up put all of the low level activities speaking to firms of accountants, on autopilot and free up your Then Xero came along and who have been around for literally, accountants to work on their changed the rules of the game for over 100 years, with thousands highest and best use activities, accountants forever, because they of clients and they are STILL with mind-blowing turnaround placed the power into your clients serving people, rather than having times and levels of value that hands. They showed business transitioned into having a business, are off the scale. Get this right owners how easy it was to perform which serves them. and you will form deep and the compliance tasks. meaningful partnerships with The 7 Key Systems your client, where you’re an They were kind of like the masked intrinsic part of their success…. magician who revealed how the systems that are So these are the 7 Systems that a for life. trick was being done. And what did thriving accountancy firm needs. 6. The Finance System magicians do when the masked These are taken from my book This is where you continually magician revealed the secrets of changing the game “Selling to Serve”. maximise your profits with their tricks? They either retired THE most robust system that or…… they raised their game. They 1. The Attraction System automates the flow of cash from learnt new tricks; better tricks. This is where you identify your your clients to you. DREAM prospects and ATTRACT Now most forward thinking And the tricks had to be better D eciding to be an Accountant Why? I remember when I set up my first them in their highest quantity accountants have this nailed. because the audience was better is one thing. Deciding business, frantically devouring and quality into your firm. If you You will be using Xero and have it informed. to run an accountancy firm is Because being an accountant is E-Myth Revisited by Richard Gerber, don’t know WHO you want, you synced up with Receipt Bank and completely different. And making about the people YOU SERVE. and learning about systems and can’t really complain when you a payment collection system like This is why the likes of David Blain this transition is tough. In this building the franchisable model of don’t get them. GoCardless. or Dynamo’s tricks are so amazing. article, James Ashford outlines Running an accountancy firm, is my business. 2. The Nurture System As an accountant, this is the ONE It’s because the masked magician the 7 key systems that a thriving all about creating something that This is where you connect with system you need to have in place. showed everyone how Paul Daniels accountancy firm needs, the SERVES YOU; your family, your It sounded so exciting and I felt those prospects and nurture 7. The Staffing System did his tricks. mistakes to avoid and real reason lifestyle and your financial goals. that I’d discovered the answers I them over time to the point where This is where you attract, recruit for doing it... needed. they make it clear that they want and grow the best people that Xero isn’t the next level. Xero is the The Tough Transition your services. This is rarely in perfectly fit your culture and your gateway into the next level and has When you first decided to become The reality of going from that to place and a huge sinkhole of lost aspirations. You can’t grow your allowed accountants to provide an accountant, was it because you And so as you transition from actually implementing robust opportunities for most firms. business, all you can do is grow greater value than ever before. were motivated by the purpose of accountant to business owner, systems however, is a different 3. The Sales System your people and THEY will grow “wanting to help people”? you are thrust into a new world matter. And the journey that took This is where you define the your business. This only works if You see, your clients never wanted that poses a whole new set of me on, has taken the last ten years relationship you intend to have you have the robust systems in you to do their accounts. They If so, you’re not alone, that’s what challenges; challenges you haven’t as I’ve been seeking the answers. with this prospect, wean out the first place with NO CRACKS wanted you to help them to grow a most accountants say. They’re all been fully told about and so haven’t the time wasters, agree fees, and a clearly defined set of more profitable business. about providing outstanding value been able to prepare for. You see, you’re told that you need produce a stunning proposal, USEFUL core values. and serving their clients. systems, but you’re not told which auto-generate your letter of And Xero has now made this So as any intelligent person would, ones. engagement and convert the Until you have these 7 systems possible if….. IF……. you have the But here’s the thing… you look for answers. prospect into your dream client… in place, your accountancy firm is systems in place, that allow you And when you finally discovered the on the spot. But that doesn’t probably not serving you as well to operate at that level; robust Deciding to be an accountant You seek advice from experts, read ones that are essential in running a even scratch the surface of this as it could. Very often, accountants systems with no cracks in them. is one thing. Deciding to run an books, attend conferences, invest in profitable firm, you’re not told how complex system. believe they have these systems in Accountancy Firm - to become a software, basically anything to get to create them in such a way, that This is always the place to place, until I point out the cracks. Sealing The Cracks business owner - is completely the answers. there are no cracks in them. start because this is where we And it’s in identifying and sealing different. determine what we’re selling and these cracks, where you win. So many accountants install what

94 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 95 Inform Direct ad 2017.qxp_Layout 1 02/02/2017 13:52 Page 1

they believe are robust systems. technology and nearly always a within an hour…. ON A SUNDAY….. But the cracks quickly appear with flawed process. then that’s your competition this one question: “What if…?” because that’s who I’m comparing The challenge is that sometimes you to. Award-winning, cloud based What if that prospect doesn’t you can be too close to the answer the phone? business to see what needs to While you’re struggling to fully be done. Sometimes you need systemise your firm and are losing What if they don’t sign off their someone from outside your prospects, clients, jobs and staff Company Secretarial Software proposal? business to see the way through. down cracks, you’re unable to play at this higher-level and will always What if the client doesn’t reconcile The Real Reason For Systems be SERVING OTHERS. for Accountants their accounts on time? So most people know that you need But if you’re able to transition to What if their payment fails? systems to control the chaos, scale this higher-level of systemisation, your firm, remove the overwhelm, where you deliver wow, on What if we lose that member of reduce your vulnerabilities, autopilot, with no cracks… then you staff…. today? maximise the value you provide and maximise the value you provide, ultimately make your practice more are more profitable, provide world What if we lost our most profitable saleable. class experiences, have more fun SAVE TIME client? and more importantly… you have But there’s a bigger reason that is created something, which SERVES GUARANTEE ACCURACY Sealing the cracks is all about always overlooked. YOU. considering all outcomes and MEET DEADLINES having the processes and the And that is, to free up your own and technology in place that accounts your staff’s mental capacity to be for them. able to provide incredible, world- class EXPERIENCES for your clients. Very often, accountants have failed British Accountancy Awards to nail the process and are sold on You see, the game’s changed. Practice Software the idea that technology will help to seal the cracks, but it doesn’t, it The bar has been raised. Product of the Year makes them worse. Your competition is no longer other The technology they are sold, has accountants. Your competition is all the fancy bells and whistles, anyone I choose to compare you which sound great, but because too, whether that’s Amazon or the cracks were never sealed in the Virgin. first place, they just become costly trinkets that produce no meaningful If you can’t send me a proposal results. within 24 hours of meeting you, but They have shown technology can deliver solutions to clients The problem is rarely the Amazon can get me a crate of beer “ alongside growth. A fantastic entry and a package that practitioners need – but might not know that they need yet” Judge’s comments, British Accountancy Awards, 29th November 2016

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96 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 97 Compiled by: Spofforths Chartered Top tips for Xero users: Accountants (spofforths.co.uk) Budget Manager Creating a budget in Xero allows you to compare actual income and expenditure throughout the year. If you use tracking, you can also set up budgets for tracking categories...

You use the Budget Manager month then start using this to compare worksheet, found under Reports • Adjust by percentage each month your actual data with the budget. > Budget Manager, to set up your to increase by a certain percent When you run the Profit & Loss overall budget. You can also edit an each report TOP TIP overall budget; however it cannot month. choose the format ‘Actual vs Overall be renamed, copied or deleted. You Then click Apply to update the budget’. You can then choose the You cannot copy can create numerous budgets but worksheet. date range you want to look at. a budget however they can be you cannot have two budgets If you have set up a tracking exported and with the same name. Apply a formula to all accounts category budget you can choose reimported with To apply a formula to all accounts, which budget to compare with another name. • You can set the name or choose Overall Budget. • Select your start date. • To compare with actuals, set how far back you want to view (3, 6, 12 months) or select ‘None’ if you do not want to view actuals. • Select the period you want to cover. You can choose 3, 6, 12 or 24 months. • Then click Update to filter the budget by your selections.

Fill out rows using simple formulas You can fill out rows automatically using a simple formula. Click into the box you want to base a formula click on the green arrow next to a under the Compare Periods tab. on, and then click the green arrow month name in the header. From Then to start. here, you can have the same choose More Options to set the actuals to show the same tracking TOP TIP category. Save your budget regularly to The report will then show you the avoid losing your updates. actual and budgeted figures for the date range chosen, the variance in GBP and in %. The year-to-date figures are also shown so you can easily see the overall position.

The options to choose from are: formula options as before, which you can now apply to the entire • Apply fixed amount to each month worksheet. In addition you can also to fill other boxes with the same clear all months from that amount point on. • Adjust by amount each month to increase by that amount each Once the budget is set up you can

98 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 99 Brendan Woods, Founder and CEO of OCREX - the company that developed AutoEntry

Originally a software developer in the hedge fund space, he quit his job and started AutoEntry. AutoEntry supplies to over 2000 accounting firms and automates data entry of @OCRexSoftware purchase and sales invoices, receipts, bank statements and more, providing significant time and cost savings. Mitigating risk and making data security a top priority data policy and whose reputation raised should there be multiple will increasingly be the approach As technology evolves and becomes more sophisticated, so too do depend on it most, leverage their failed authentication attempts forward-thinking accountancy technical expertise to implement are being made from a given practices adopt. viruses, malware and hackers, and their means to violate protective multiple layers of advanced source or to a given resource. barriers in order to infiltrate sensitive data and information... security protection which smaller • Network intrusion detection: It will be critical however for these organisations simply can’t emulate Strategically placed sensors same firms to keep their business on premise. which monitor traffic between secure from threat, deploying A ccording to PwC’s 2016 citing human error, and 33% have the convenient side-effect network devices - alerting IT solutions which offer robust data Global Economic Crime claiming lack of ‘staff awareness’ as of also improving your practice’s For those that decide to simplify professionals if a malicious protection, user authorisation report, cyber crime affect almost major contributing factors of cyber security risk. processes and boost productivity presence is identified. and authentication. As well as one in three organisations (32%), attacks within both large and small with third party technologies, • Host intrusion detection: A driving considerable operational with the financial services industry organisations. AutoEntry captures and analyses there are some security standards method of monitoring intrusion efficiencies for accountants, the ‘most threatened’ by economic scanned and photographed to check for before you press on an operating system. AutoEntry is programmed to crime. As accountancy practices In order to address these purchase and sales invoices, ‘download’. The cloud isn’t more • Real-time backups: The backup efficiently disable security threats handle sensitive personal and challenges and implement a receipts, bank and card statements, vulnerable than any other physical and memory of critical datasets and enable businesses to operate financial data for their customers, culture of change, it will be critical automating your data entry to Xero. or internet-connected systems; in real-time, allowing users to with confidence. the ramifications of a hack can for businesses to set appropriate Clearly popular with over 10,000 however, the required security restore information on demand. be devastating, resulting in guidelines as well as up-skilling companies using it just a year after policies are sometimes overlooked identity theft, loss of intellectual their employees. For instance, its release, many accountants and which can make it highly vulnerable Using Xero Apps like AutoEntry will property, and irrevocable damage running training programmes on bookkeepers find its flexible pricing to hackers. As you might expect enable firms to cast off outdated to brand reputation. In fact, a common phishing attacks and structure, ease of use and quality of as a Xero App, AutoEntry protects and unprofitable practices, such as single incident can cost a small email scams can go a long way to features outshine other solutions in users with essential protocols those associated with traditional business upwards of £75,000 in reducing clicks on infected links. this space. For instance, AutoEntry including: bookkeeping and manual data terms of lost revenue, recovery of Elsewhere, setting standards for captures tax summaries by default entry. There is clear business sense assets and fines. With that in mind, complex password combinations, and if requested, full line item • SSL encryption: An encrypted in reducing labour spent manually accountancy practices must adopt and monitoring the use of personal details including description, communication link which logging data from paper documents a risk-averse mindset, making mobile devices to access corporate quantity and unit price. AutoEntry allows private information to be and redirecting this resource into data security a top priority for their files is advisable. By taking these also remembers how you categorise transmitted securely between more lucrative revenue streams, business and their clients. But types of preventative measures, your expenses such as the relevant two parties. such as advisory services. As we where to start? And how to sustain businesses will ensure their supplier account, nominal account • Brute force detection: Alarm move ahead in this digital age it change for the long term? employees are better informed and and tax code without ever creating able to work as a team to tackle duplicate supplier accounts or A cultural shift external threats. posting duplicate invoices in Xero. In addition, AutoEntry even matches When considering a long term Using technology to get ahead invoices to purchase orders. security strategy, start by evaluating your people and Increasingly, accountancy practices While the adoption of cloud-based processes. Despite the perception are using data document capture computing, and use of tools like that the majority of threats stem and workflow management AutoEntry, has risen in recent years, CRM & Donor from outside an organisation, solutions such as AutoEntry, a concerns over privacy and security Management for Charities risk can be found much closer to Xero add-on App, to improve remain a concern for some. Many home. According to recent business accuracy, reduce costs and perceive that housing data on a Manage Donations, receipts, rosters research commissioned by the UK speed up processes associated physical desktop is safer, yet the Store Names, address, notes government, employees are one with traditional bookkeeping opposite is true. Cloud solution Connect People, groups, communicate www.infoodle.com of the main sources of security and manual data entry. It just so providers like Xero and AutoEntry Track Assets, donor profile, attendance Telephone NZ +64 7 579 3085 USA +1 415 231 0023 breaches, with 48% of respondents happens that Apps like AutoEntry which adhere to strict legislation on

100 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 101 New Releases New Releases

can save different schedules to integrates Forecasting, Dashboards, your beck and call. Updates and new releases: use at a later date. KPIs, Alerts, Business Monitoring • Two Factor Authentication: and Consolidation. In January, These packages are ideal for Deputy is the first and only cloud- along with a name change from Accountants and Bookkeepers that based workforce management CrunchBoards, it launched white have a number of clients to move from the Xero App Marketplace solution to offer Two Step labelling. Amy Harris, Founder, said: to Xero. We will oversee every Verification, along with Single “We don’t want our partners to be conversion in detail, saving you Sign On, and Mobile Device resellers of our product, we want to the usual demands and minutiae New feature Account Kit which includes entering tracking accurate insights that businesses Management. help them deliver a better service. If associated with the basic service. shout-out account-kit.com categories and splitting line items. can rely on. • New Enterprise Platform with you want to differentiate, this is the You choose. We deliver. consumer-grade interface, apps, game changer.” Are you a Xero- connected App? AutoEntry CIN7 and social features. Accurate MinuteDock Got a new feature autoentry.com cin7.com costed scheduling with flexible GoCardless minutedock.com or update you’d options for salaried employees. gocardless.com like to share with the Xero User Cin7 continues adding integrations • Custom Pay Rates: We provide community? to make it easier for customers you with real-time cost Email alex@ to manage inventory in a single calculations as you schedule your xumagazine.com Key updates for AccountKit have comprehensive cloud based staff. Announcing the launch of • Expenses – in beta: Track been focussed around tightening solution, no matter where or how a • Completely new iPhone App GoCardless Plus... expenses for a contact or project, up the integration with XPM, company sells. Cin7 now integrates • Completely new Android App with and seamlessly add them to your automating the equipment with more than 100 (and counting) Management functionality GoCardless, the UK’s leading invoices. You can create items to finance posting into Xero, and retailers, eCommerce platforms, Direct Debit provider, is excited to make entering common expenses optimisations and refinements third-party logistics providers, ExpenseCheck announce the launch of their new faster, or enter a one-off expense to the usability of the business customer relationship management www.expensecheck.com.au Plus plan. GoCardless Plus enables to bill to the client. structure diagram editor. software and accounting solutions you to have your own Service • New reporting shortcuts: We’ve AutoEntry, the simple way to like Xero. Advisors now receive weekly User Number (SUN) which means added a new feature to Contacts ApprovalMax capture and upload purchase updates on all their businesses your customers will always see & Projects to help you run reports approvalmax.com invoices and receipts, is now Cin7 is now the only cloud based statuses with single click to send your business name on their bank quicker, just click the button available for download on both inventory management solution information to clients. statements every time a payment is to run a report directly from a Apple and Android devices. to integrate with all four Amazon collected from their account on your specific contact or project. AutoEntry allows users to capture sales channels. Cin7 customers can Fooman behalf. GoCardless Plus is available • Summary invoice grouping: We’ve key invoice information, including instantly manage their inventory fooman.co.nz on the Xero integration so you can added a new grouping option for We brought several significant tax summaries and full line item when they become an Amazon also automatically take payments your invoices. To combine all your product enhancements to detail on demand. Seller or an Amazon Vendor. And and reconcile invoices within your time entries into one line and just ApprovalMax, including the they can manage inventory and get Xero account. show an invoice total, use the newly available Reporting, Fraud AutoEntry can now match invoices automatic cost updates when they new ‘Summary’ grouping option. Prevention, and Bill Editing & to purchase orders for companies use Fulfillment by Amazon. Finally, Jet Convert • Zapier Integration – in beta: We Coding capabilities. integrated with Xero. they don’t have to go through jetconvert.com.au now integrate with Zapier giving third-party EDI testing, integration you the opportunity to integrate The Reporting feature addresses Chargify or management if they use Amazon MinuteDock with the other apps the basic need for providing chargify.com Dropship. you use. aggregated views on the approval progress by Approver, supplier, due On top of all that, Cin7 has made Moula date, and other selected criteria. it much easier to activate new moula.com.au/flex Reporting enhancements include integrations. With Cin7’s new Fooman Connect: Xero (Magento- the ability to set the Planned App Store, customers can add Xero integration) is now available Payment date as well as track the integrations with a click of a button. on the the Magento 2 platform. duration of the approval process. Developed by Fooman (official Monthly Recurring Revenue (MRR) Deputy Xero App Partner and Magento The Fraud Prevention feature allows is one of the most important bottom deputy.com/xero Technology Partner), the integration notifying the Administrator about line metrics for any subscription- automatically exports Magento finance documents being approved based businesses. Chargify’s • Monthly and Employee: Centric data to Xero. outside of the predefined approval recently released MRR analytics Schedule Views - Now you can Making the move to Xero for you workflow set in ApprovalMax; for give businesses a crystal clear schedule by individual employee, FUTRLI and your clients is getting easier example, in case of an automatic view into net MRR growth and the or by using a monthly view of futrli.com and irresistible with Jet Convert. approval in Xero. It enables you to composition of MRR movements. your workplace. We now provide Partner support filter out such documents and have And since Chargify is the direct link • Improved Multi-tasking: Switch packages in addition to the them routed to ApprovalMax for between subscribers and revenue between multiple reports with basic Xero sponsored free data approval, if this is required. related events, they’re uniquely ease. Deputy saves and neatly FUTRLI is cloud software that conversion service. Designed to advantaged to understand when, stores your session so you can gives businesses, accountants make the conversion process hassle The Bill Editing & Coding what, and why revenue changes are jump between actions quickly. and advisors tomorrow’s insights, free for you they include conversion feature facilitates coding of the happening, even for complex MRR • Schedule Templates: Perfect for today. The only all-in-one advisory file fixes, additional history and a captured Bills in ApprovalMax, use cases. The result is beautiful, busy or holiday periods. Now you platform in Xero’s ecosystem, it personal conversion concierge at Introducing MOULA Flex. A brand

102 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 103 New Releases New Releases

new flexible line of credit for their relevant chart of accounts for Quotient the box. No more fiddling around period or quarter against budget or dashboard to give accountants a strong SMEs operating for over the same streamlined accounting quotientapp.com trying to figure out how to create last year. In addition, we’ve added clear look at sales tax risks on a 24 months, that from time to time experience! formulas. Alternatively, if you want rolling twelve month and current state-by-state basis, and to help need access to funding. Minimum to customise the charts for your financial year options as well. We’ve them decide where to collect and $20,000 - Maximum $100,000. No Primaseller unique setup, use the formula also released a highly requested remit sales tax. They have also fees to set up or on prepayments. primaseller.com builder option in the chart to view feature from users. A new cash flow made it easier for accountants to Interest 1.0% per fortnight AND only and edit the formulas. Industries statement page has been released understand how sales tax impacts charged on utilised amount. Draw Our latest arrival: Imports for Items include SaaS, Professional to report on the movements in a monthly cash flows. You can down and repay, at any time. and Contacts. If you’re just starting Services, Retail, Agriculture - more tabular format. It will enable start a free trial of Taxify on their out with Quotient, or you’ve been Dairy, Agriculture - Livestock and advisors and businesses to track site:http://www.taxify.co PaySpace • Shipper integrations with USPS, using it for a while, Imports now Hospitality. cash movements throughout the payspace.com UPS, UPS Mail Innovations, DHL make it easy to get your data into https://vimeo.com/175310562 year and ensure they maintain good Express, DHL Global Mail, DHL Quotient. control of spending. International, FedEx, Royal Mail, https://www.quotientapp.com/ New formula gallery: This new https://vimeo.com/189696121 Canada Post, Australia Post. blog/import-items-and-contacts feature will allow administrators • New, improved, and more to create formulas which all users Taxify detailed order details screen. It’s time to give back, introducing can access and use. This means taxify.co • Configurable rounding logic for Quotient referrals. Give 1 month many accounting firms will save invoices. free. Get $50/£30 credit. You can time as users will be able to reuse • Integration with eBay Europe now share Quotient with your formulas rather than re-creating (Italy, France, UK, Germany), friends to earn credit on your them. It will also reduce errors or Australia, Singapore, Malaysia. account. inconsistencies that previously PaySpace are excited to announce • Integration with Amazon Europe https://www.quotientapp.com/ occurred because not everyone was that we are launching a new (Italy, France, UK, Germany, blog/introducing-quotient-referrals using the same formula or didn’t Employee Self Service (ESS) portal Spain). re-enter formula correctly. on 1st February 2017. The two • Integration with Magento 2.x Spotlight https://vimeo.com/200273126 major enhancements included in • Integration with WooCommerce. spotlightreporting.com New ‘Automated Sales Tax the new release are the any device, • Introducing Variation Products: New P&L reporting options and Dashboard’: Taxify offers small multi-language features. The portal Enter variants of products based Major consolidations update cash flow statement: We added six and midsize businesses an easy dynamically adapts to any device on size, weight, color, etc. including automated intercompany new reporting options for the profit way to automate sales tax filings including a smartphone, tablet, eliminations and new FX options: and loss report. Users will now everywhere in the United States. laptop or desktop. Secondly, users ProfitSee You can now tag accounts as be able to compare a two-month They recently released a new will have the ability to select a myprofitsee.com intercompany accounts and language preference other than Spotlight will automatically English. We are launching with eliminate these every month. Just Portuguese as an additional click the Eliminate Accounts button language option and plan to add We pride ourselves on our ability on the Group Customise Data tab more prevalent languages on the to quickly update our tools and and specify the intercompany African continent soon! features to help you automate and account(s) in each entity. If there simplify your advisory services. are any FX differences that arise Preno We’re very excited to announce that from the elimination, these will prenohq.com we are revamping our Scenarios be journaled into a FX adjustment tool. Thanks to feedback from our row in the reports. We’ve added users we are updating the design a number of new FX options. to make it even more user-friendly, You can now view the FX rates and adding new Scenario variations used in Spotlight by clicking the to make it even easier to create Edit Exchange Rates button on great strategic business plans for the Group Settings page. When Preno integrates with Kounta: Preno your clients. Learn more about our converting profit & loss values, you hotel management system releases Scenarios at: can choose between using the ‘Xe. their integration with Kounta’s cloud www.myprofitsee.com/features and com’ month-end rate, the monthly based POS system. The integration if you have any requests, send your average rate, or you can enter your enables hoteliers to provide a ideas to: own rate. seamless experience for their [email protected]! https://vimeo.com/176252271 guests. Kounta and Preno will allow guests to ‘bill to room’ when dining Six industry templates: Our new at the restaurant. The restaurant six industry templates take the charges will automatically be sent effort out of creating tailored to the guest’s booking, and they can reports. Each template is built pay for everything upon checkout. with your business in mind and When both Preno and Kounta displays the key metrics you are connected to Xero, all of the should consider. The pre-built accounting entries will be pushed to charts will work straight out of

104 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 105 Jeri Murphy, Co-Founder, WhichAddOn.com finance team where one member enters in all the fuel mileage Jeri is one of the world’s top cloud records and fuel bills for the integrators helping businesses and their advisors move into and previous month, breaking them maximise the cloud. As an ecosystem down by vehicle, cost centre and expert trainer and cloud integration entering in all the different charges specialist, Jeri spends her time @jeri_murph discovering hidden Add-ons and Apps to different accounts. There are that make a difference in the world 120 employees worth of fuel cards and bringing them to light. to enter. This process takes her around 10 hours per month - the best part of two days.

With EntryRocket, this entire Taking the ‘auto-magical’ process could be complete in under 5 minutes. Let’s say that employee costs you $25 per hour - that’s $250 FROM A per month spent minimum. Once HAPPY to the next level everything is set up, for a scenario confirm that they understand the email address, then he wouldn’t CUSTOMER like this, which would include say information within the exported have to do a thing! That information 5 bills total - one per cost center, CSV file and what needs to be would auto-magically appear in “Hours of manual work on a weekly EntryRocket saves time and money in ways EntryRocket would cost $25 per imported into Xero. EntryRocket Xero. No printing for Bill. No stress basis is done in month. That’s a saving of $225 on then builds a parser - think little for his wife. No extra bills from the seconds!! Thank just one process. piece of customised software - that accountant for Bill. you so much to you could never imagine... the EntryRocket will read that CSV file each time it is Team.” A uto-magical. Bringing Let’s take another example. Bill is sent and in this case, automatically Can you see now why Entry Rocket auto-imagination to life. a retail shop owner. He has three convert it into an invoice in Xero. is taking the auto-magical to the Irma Bantjes, Stratus Financial Whatever you want to call it. stores in the US - one in New York That’s it! If Bill’s system could next level? Group, Australia EntryRocket (formerly known as City, one in Los Angeles and another automatically generate the end-of- CSV2Cloud) is the automation in Denver. Bill has been using his day report as a CSV file and email engine that is changing lives favorite point of sale (POS) system it to his designated EntryRocket around the world. in his business for the last 10 years as his business has grown from just DID YOU Your questions answered by the Founders... KNOW... You may not know them by name, one New York city store, to the three but rest assured, there are two stores he has now. His accountant If you create your purchase humble, hard working European has tried to convince him to move Recently, I met with Vlad and Nemanja from you the result you want and you can see orders in another gentlemen programming away, to a more modern cloud based POS EntryRocket to get some answers to the the money and time savings, we will start system, you can’t working long nights and early system so Bill can see what’s going questions I know you are going to have. building the parser for you. The cost of the import them into Xero… unless you mornings, creating automation on in real time in all his stores, but setup starts at $99 and usually takes 2-3 use EntryRocket. magic for Xero users just like you. Bill is stubborn and is not changing JM: What types of files can EntryRocket days depending on how quickly we can get Invoices, his mind. accept to import into Xero? answers to a few short questions from you. bills, bank transactions, Whether you want to get Monthly subscription starts at just $25 and payments, information into Xero fast or get Each night, when Bill gets home, he V: Most common file types we process are depends on how many invoices, bills, bank purchase orders, it out fast, EntryRocket has you prints out his end-of-day cash-up CSV, Excel, XML, JSON, TXT and IIF files. We transactions, etc. we create for you in Xero. contacts, manual journals are some covered. It is the piece of the sheets and leaves them for his wife process PDF files as well, unless they’re You can see all our prices at entryrocket. of the things that puzzle that fits in perfect place for to enter into Xero the next day. If scanned copies of paper documents. com EntryRocket can you when nothing else does. It’s she doesn’t get a chance to do it, import into Xero for you. the gap-filler you won’t ever want which is often, she emails them JM: How do you get started with JM: What else can you tell me about to let go of. onto the accountant who has to EntryRocket? EntryRocket that you want XU Magazine have his junior accountant enter readers to know? EntryRocket does two very complex them into Xero once every week. N: All you need to do is email your things very well: 1) gets any data EntryRocket could save this family sample file to [email protected] V: We believe anything is possible. into Xero fast, data that you would time, money and relieve their stress with a brief explanation of what you need We don’t think about EntryRocket as usually have to enter or import of all these incomplete tasks. and we’ll be in touch to arrange a short just another cloud app. It’s more like a manually, and 2) exports data out of Another side benefit is 0 errors, meeting, if needed. Or you can just start combination of an IT agency and a cloud Xero - in any way that you need it. which are to be expected from time chatting directly with us on our website at app, just at a fraction of the cost of hiring to time with manual data entry. entryrocket.com. an IT agency. We can do very complex and In order to explain how EntryRocket customised things, but also save time on makes the complex simple, let me As a first step, instead of printing JM: How much is EntryRocket? simple things that you might not even think give you some real life scenarios to off his end-of-day cash-up sheet, we can help you with. Get in touch with paint a picture. Bill would simply download it N: The process of reviewing your sample us and we’ll give you a straight answer, as a CSV file and forward it to file and understanding your process is usually right away, on our online chat. Imagine this scenario, your the EntryRocket team. They will free. Once you are happy that we can give business or your client have a review the file and work with Bill to

106 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 107 Aleisha Fletcher, Manager, Williams Giles Chartered Accountants foundations of your accounting 3. Bank balance changing and causing errors system. within the VAT reconciliation in Aleisha is a manager at Williams Giles The bank balance in the Xero. Chartered Accountants specialising in Xero. Aleisha not only deals with Get Set! conversion TB should be the accounts and bookkeeping, but bank statement balance as The VAT reconciliation report is also runs workshops, training and Invoice templates - Businesses are at the conversion date, with an extremely useful report which, Spotlight Events with Xero Partners in order to spread the word about cloud driven by sales, so getting the sales any outstanding lodgements when set up correctly will fully accounting. invoice template setup is always a and payments etc. posted to reconcile your VAT, showing the priority. a suspense code to be netted breakdown of VAT on payables/ off as they actually clear the receivables, VAT owed to HMRC As with the Chart of Accounts, Xero bank (as these will have already and VAT un-submitted. This does have a default template that been included in the previous report will only be accurate will pull in your company details accounts). This will not only however, if the conversion VAT Get ready, set, go! and logo, however you can also ensure that no transactions are balances are entered correctly import or create a more customised replicated in the changeover but and so it is important to ensure design using the template also that going forward your bank these are dealt with properly on the importance of a good set-up download. This is really useful if reconciliation will work. set up. you would like the invoice designed a set way, to be more customised, 4. Export the contact list for both Any differences not yet included So you’ve seen the demo, watched the videos, been won or if you are trying to recreate to customers and suppliers or accounted for on a VAT return match an existing invoice template. should then be corrected on the over by the impressive design and are ready to take the This can be a bit fiddly, however Using the import templates within first day of the financial year in leap and move your business across to Xero….but what within Xero Help is a summary of all Xero can save time and enable Xero to ensure they are dealt with place holders that can be used. you to import a lot of data in one on the next VAT return. next? Where do you begin? Aleisha explains why it is so hit. These can be done together If using the customise option, I as one import - see template 7. Finally important to get your Xero setup and conversion right, would always recommend posting within Xero. a dummy sales invoice and using It is important that lock dates are along with some hints and tips along the way... this to check how your template is 5. Run and import detailed Debtors used, not only on your old system looking, re-running, and using trial and Creditors reports to ensure nothing is changed hy is the Xero set up so company information, so ensure of accounts accordingly, giving and error if necessary until you are but also in Xero, to ensure that W important? that you have all information to you a great platform from the very happy with how your invoice looks. Make sure the current VAT your conversion balances aren’t hand, including the Company No. beginning. scheme is taken into account accidentally amended. One of the best pieces of advice and VAT details (where relevant) Converting from other software? - (if on cash scheme, these will we give to our clients is that you before you begin. Entering this • Are there additional nominal Tips and tricks need to have the VAT included Bank feed set up will get out of Xero what you information now will save you codes that you would like to have so that it can be pulled onto the invest into it. Be it a new company having to go back at a later date within your chart of accounts? Where the company is already Xero VAT returns as payments Once all of your historic data starting from the beginning, or and fill in any gaps. • Would you like to be able to established, entering the are received). These should tie is correct in Xero, you will be conversion of an existing company split your sales income into conversion balances correctly goes up exactly to the conversion ready and able to get your bank from different accounting software, User details - A great feature of Xero categories? hand-in-hand with the setup itself, balances on aged receivables transactions for the current the first big step, and perhaps the is the ability to have an unlimited • Would you like to breakdown and is key to ensure a smooth and payables. As with the bank, year uploaded to Xero, in order most important, is the setup of Xero number of users, and customise the your direct expenses into details transition of record keeping and ensuring this initial setup is to start bookkeeping from the itself. permissions and access that each to be able to see exactly where reliability of the company ledgers. done correctly will save a big solid foundations of your setup. user has depending on their job your main costs lie? A few points to consider when reconciliation headache down the It is always best practice to get It is from this point that your role within your company. Users can • Will you be moving across from entering your conversion balances line! your direct bank feed installed, records will be built, and like be added and customised once the different accounting software and from previous software: which can be backdated to your building a house, your foundations initial setup is complete, however want to keep your current chart 6. VAT conversion date. are key. Xero will also give you the option of accounts and codes the same? 1. Lock down old software’s at this point to invite another user, posting dates To ensure a smooth conversion Go! With a good setup and such as your Xero Advisor, to allow If any of these are the case, it is with no differences or errors understanding of the software, you to get some help with the at the setup stage that you can Ensuring all reconciliations work pulled into the VAT reconciliation With the setup and conversion you will reap all the rewards of following, more technical steps. import a customised chart of and records are complete - this report, the VAT balance can be balances firmly under your belt, automation and self-reconciliation accounts, specifically tailoring then makes sure that the opening dealt with in much the same you are ready to start inputting that Xero has to offer. We would Chart of Accounts - Xero does have this to your company, and taking balances in Xero will be correct way as the bank account. data and explore all Xero has to therefore always advise investing a default chart of accounts, and this your preferences into account. and final. The outstanding VAT return offer with regard to its processing the time at the beginning and may provide ample information for Xero does at this stage provide a figure should be posted as the and reporting capabilities, in the enlisting the help of a Xero certified a new start-up company. However, template for you to use should you 2. Export a full TB for balances (not conversion balance and any knowledge that your records and advisor. if you want to report in some wish to import your own chart, or just balance sheet codes) adjustments not yet accounted ledgers are accurate and complete. detail, or are converting from other edit the Xero default chart. for, posted to a VAT suspense Get Ready! accounting software, now is a great This will ensure that your Xero account, allowing these to be time to think about exactly what These points really need some has full comparative figures for correctly cleared and dealt with Company Details - The first step of information you would like Xero thought and discussion with both income and expenditure, as through a clearing account any Xero set up is the input of the to show, and customise your chart your accountant as they are the well as your profit and loss codes without your conversion balances

108 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 109 App Directory App Directory

OVER Xploite | @xploiteapp Web Industries Vision6 | @vision6 Magento by Unleashed | @unleashedteam xploite.com webindustries.co.nz vision6.com.au unleashedsoftware.com App/Service Directory Zendesk by Cloud Elements | XO Cashflow | @xocashflow Magento by Zapier | @zapier 500 @CloudElements DDebtorEBTOR Tracking TRACKING xocashflow.com zapier.com To advertise, please email the team at: [email protected] APPS cloud-elements.com Chaser | @chaser_io Magento Integration (Fooman) | @foomanNZ Documents Zendesk by Zapier chaser.io DOCUMENTS xero.fooman.co.nz zapier.com/zapbook/xero/zendesk Boxkite | @getboxkite MP Travel | @MPTravelPtyLtd MMC Convert | @mmcconvert CustomerSure | @CustomerSure getboxkite.com Bills & Expenses mptravel.com.au mmcconvert.com customersure.com BBespokeESPOKE IntegrationINTEGRATION DiGA - Xero Excel Reporting | AutoEntry | @OCRexSoftware Nexonia | @nexonia Exsalerate | @exsalerate 3Bit Solutions @BiznizBackbone autoentry.com nexonia.com exsalerate.com 3bit.com businessbackbone.co.uk PocketSmith | @PocketSmith Fuseboard Axis Direct | @NZAxisDirect Evernote by Zapier | @zapier pocketsmith.com fuseboardapp.com axisdirect.nz Your invoices paid zapier.com Receipt Bank | @ReceiptBank Highrise Connector By Xero Custom D | @customdhq on time, automatically Formitize | @Formitize receipt-bank.com Global Leader in help.xero.com/Network_Highrise customd.com www.chaser.io formitize.com/en Data Conversion Infoodle | @infoodle Databuzz | @databuzz Google Docs by Zapier | @zapier Intelligently Capture Invoices and Receipts infoodle.com databuzz.com.au Check Business zapier.com straight into Infusionsoft By Zapier | @zapier Digital Fusion check-business.co.uk Hubdoc | @Hubdoc Magento by Carry The One Xero zapier.com teamdf.com CreditorWatch | @creditorwatch hubdoc.com carrytheone.co.uk Insightly For Xero | @insightlyapp Dynamic Solutions Ltd creditorwatch.com.au Qwilr | @Qwilr MINDBODY | @mindbodyonline

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110 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 111 App Directory App Directory

Squarespace | @squarespace Current RMS | @currentrms aXcelerate | @aXcelerate iTrade Qwilr | @Qwilr TimeCamp | @timecamp EntryRocket | @csv2cloud pensionsync | @pensionsync squarespace.com current-rms.com axcelerate.com itrade.net qwilr.com timecamp.com entryrocket.com pensionsync.com Stitch Labs | @StitchLabs DEAR Inventory | @DearInventory BookingBug | @bookingbug JobAdder | @jobadder RepairShopr | @RepairShopr Tomahawk / Resbook | @TomahawkNZ stitchlabs.com dearsystems.com bookingbug.com jobadder.com repairshopr.com tomahawk.co.nz Storbie | @storbiecommerce Expandly | @expandly briefcase JobPro Central Senddr | @senddirect Total Synergy | @totalsynergy storbie.com expandly.com getbriefcase.net jobprocentral.com senddr.com totalsynergy.com at the heart of Synergy 8 | @SynergyEight Farmflo | @farmflo BuilderTREND | @BuilderTREND JobReady | @JobReadyNSW ServiceM8 | @ServiceM8 Tradify | @tradifyhq autoenrolment connecting payroll synergy8.com farmflo.com buildertrend.com jobready.com.au servicem8.com tradifyhq.com to pensions TaxJar | @TaxJar Fishbowl Manufacturing and Warehouse buildXACT Jobsheet | @jobsheet Simple Salon | @SimpleSalon TriggerApp | @triggerapp taxjar.com @fishbowl | fishbowlinventory.com buildxact.com.au jobsheetapp.com simplesalon.com triggerapp.com

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@spannerplanner WHMCS for Xero | @edgehosting ezyvet.com progressclaim.com zeald.com starshipit.com wise-sync.com spannerplanner.com edgehosting.co.uk Farmflo | @farmflo PropertyTree | @PropertyTree Zen Cart by Carry The One Stitch Labs | @StitchLabs Copper | @copperproject Streamtime | @streamtime Work[etc] CRM | @WORKetc_support farmflo.com propertytree.com carrytheone.co.uk stitchlabs.com copperproject.com streamtime.net worketc.com Flowrev | @flowrev Re-leased | @re_leased TidyBuild | @TidyBuild Corecon | @Corecon Synchroteam | @synchroteam WorkflowMax | @WorkflowMax flowrev.com re-leased.com FINANCIALFinancial Services SERVICES tidybuild.com corecon.com synchroteam.com workflowmax.com Google Calender By Zapier | @zapier Re-View | @Re_viewsoftware BizFi | @Bizfinyc TidyStock | @TidyStock coreplus | @Intracore Synergist | @Synerg1st zapier.com re-view.com bizfi.com tidystock.com coreplus.com.au synergist.co.uk Imporex Real Estate Investar | @reiaustraila BlueVine | @BluevineCapital 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ledgerbackup.com satfxonline.co.uk fundbox.com tidystock com etztec.com Nucleus Logic | @NucleusLogic Workshop Software | @workshoponline MailSync | @MailSync Sendle | @sendle Fundera | @fundera Fergus | @FergusApp nucleuslogic.com CONSTRUCTION workshopsoftware.com.au mailsyncapp.com sendle.com fundera.com TradeGecko | @tradegecko fergusapp.com pay RIGHT AWAY | @PayRIGHTAWAY MANAGEMENT ZeroTime MRPEasy | @mrpeasy Sharesight | @Sharesight Funding Options | @FundingOptions tradegecko.com Fleetmatics WORK | @fleetmatics payrightaway.com.au zerotime.io mrpeasy.com sharesight.com fundingoptions.com Unleashed Software | @unleashedteam fleetmatics.com.au Progressclaim.com | @progressclaim tidybuild com MyDesktop | @MyDesktopAPI Sharesight Pro | @Sharesight GetCapital | @Get_Capital unleashedsoftware.com Formitize | @Formitize progressclaim.com OtherOther mydesktop.com.au pro.sharesight.com.au getcapital.com.au Veeqo | @Veeqo formitize.com Proposify | @proposify TidyEnterprise | @TidyInt A2X 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112 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 113 App Directory App Directory

Workshop Software | @workshoponline Payment Express | @PaymentExpress Deputy | @deputyapp Web Payroll | @WEB_Payroll Asset Guru | @Asset_Guru Infoodle | @infoodle ProWorkflow | @ProWorkflow workshopsoftware.com.au paymentexpress.com deputy.com webpayroll.com.au asset.guru infoodle.com TTimeIME TRACKINGTracking proworkflow.com Wufoo by Zapier | @zapier PayPal | @PayPal Employment Hero | @EmploymentHero Workforce Guardian | @workforceguard Benchmarking.com.au ActionStep | @Actionstep Roll | @rollhq zapier.com paypal.com employmenthero.com workforceguardian.com.au benchmarking.com.au actionstep.com rollhq.com Zapier | @zapier PayPal by Zapier | @zapier enableHR | @enableHR ZUUS Workforce | @zuusworkforce Bizeo | @bizeo briefcase SmartBiller | @smartbiller zapier.com zapier.com enablehr.com.au zuusworkforce.com bizeo.com.au getbriefcase.net smartbiller.co.nz Zendesk by Zapier | @zapier PennyPipe | @PennyPipe Ento | @entohq Blink Reports CaseFox | @CaseFoxOnline Sohnar Limited / TrafficLive | @TrafficLIVE zapier.com pennypipe.com ento.com POINTPoint ofOF Sale SALE blinkreports.com casefox.com trafficlive.com Zenoti | @ZenotiSoftware Pin Payments | @PinPayments ePayroll | @ePayrollAus CIN7 | @Cin7online Bode Tree | @BodeTree CRM & Donor Chrometa | @Chrometa Streamtime | @streamtime Management Software zenoti.com pin.net.au epayroll.com.au cin7.com bodetree.com chrometa.com streamtime.net Plooto | @PlootoInc Flexitime | @FlexiTimeTeam ClickPOS | @ClickPOS_Online BPM Clarizen by Sixtree | @sixtreeau Synergist | @Synerg1st Payments CHARITIES CHURCHES COMMUNITY GROUPS PAYMENTS app.plooto.co flexitime.co.nz clickpos.com bpmglobal.com sixtree.com.au synergist.co.uk www.infoodle.com Acuity Scheduling | @AcuitySchedulin POLi Payments | @POLiPayments Gusto | @GustoHQ Clover by Commerce Sync | Bstar | @BstarAustralia Copper | @copperproject Tanda | @TandaHQ acuityscheduling.com polipayments.com zenpayroll.com @commercesync bstar.com.au Klipfolio Dashboard | @klipfolio copperproject.com tanda.co Authorize.Net | @AuthorizeNet Promptly | @Paid_Promptly HR Partner | @HRPartnerApp commercesync.com Calxa | @calxa klipfolio.com Deputy | @deputyapp Temponia | @temponia reseller.authorize.net paidpromptly.com hrpartner.io Epos Now | @EposNow calxa.com LivePlan | @liveplan deputy.com temponia.com Bill and Pay | @BillandPay Rerun | @Rerunapp IMS Payroll eposnow.com Carbon Analytics | @co2analytics scoreboard.liveplan.com Ento | @entohq TidyWork | @TidyWork billandpay.com rerunapp.com imspayroll.co.nz Evopos | @evoposdms co2analytics.com Mentio: Business Mentor | @mentiohq ento.com tidywork.com Bill.com | @billcom SAT FXOnline | @satworldwide Intertec TimePro evopos.com Cash Flow Story mentio.ca Everhour | @everhour bill.com satfxonline.co.uk timesheets.com.au Infinity RMS | @InfinityRMS cashflowstory.com Momentum everhour.com Chargify | @Chargify Stripe | @stripe iPayroll infinityrms.com Checkmybooks | @checkmybooks atsora.com etz Technologies | @etzTechnologies chargify.com stripe.com ipayroll.co.nz iZettle | @iZettle checkmybooks.co.uk Moxy Cloud Reporting etztec.com Checkeeper | @Checkeeper Stripe by Commerce Sync | KeyPay | @KeyPayApp izettle.com Cyfe | @Cyfe moxyreports.com Flexitime | @FlexiTimeTeam checkeeper.com/xero @commercesync keypay.com.au Kounta | @kounta cyfe.com My Own CFO | @myown_cfo flexitime.co.nz CheckVault | @CheckVault commercesync.com MyPAYE | @MyPAYE kounta.com DataDear | @DataDearApp myown-cfo.com Freshdesk | @freshdesk JOB checkvault.com.au Stripe (Canada) | @stripe mypaye.co.uk MINDBODY | @mindbodyonline datadear.com Neatly | @go_neatly freshdesk.com MANAGEMENT Directli | @Directli stripe.com Payescape partner.mindbodyonline.com DiGA | @BiznizBackbone neatly.io GeoOp | @GeoOp directli.co.uk Stripe (IE) | @stripe payescape.com Possboss | @posbosshq businessbackbone.co.uk Panalitix | @panalitix geoop.com tidywork com DPS Payment Express | @PaymentExpress stripe.com Payment Evolution | @payevo posbosshq.com Dryrun | @Mydryrun panalitix.com Google Calender by Zapier | @zapier paymentexpress.co.uk Square | @Square paymentevolution.com Retail Express | @RetailExpress01 dryrun.com ProfitSee | @MyProfitSee zapier.com Time Tracker by eBillity | @eBillity Eazycollect | @eazycollect squareup.com PaysOnline | @paysonline retailexpress.com.au myprofitsee.com Harvest | @harvest ebillity.com eazycollect.co.uk Sush.io | @sushio paysonline.com.au rPOS by RPG | @RobotPubGroup getharvest.com TimeCamp | @timecamp eWay | @eWAY_ sush.io PaySpace | @PaySpace robotpubgroup.com iCOS LIVE - 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114 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 115 Accountex 2017 Ad A4.qxp_A4 03/02/2017 09:33 Page 1

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Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.com Follow us on Twitter: @xumagazine Issue 10 / 117 ...and Finally Apple Pay is here! Xero users can now use Apple Pay through Stripe...

A s of December 2016, The service is already automatically Apple Pay is just one of these businesses using Xero can available to all of you subscribed to payment methods that can better offer their customers the option Xero who offer Stripe as a payment your business. of paying for goods and services service. Apple Pay is enabled on using Apple Pay. How has this your invoices so you simply have to According to Xero data, over been made possible, you might do...nothing! Your customers will be 60% of the invoices businesses to atoate or ne ask. Through partnership with prompted to confirm their details send end up overdue. Xero’s CTO, Stripe. with Touch ID, so they don’t even Craig Walker, explained, “Mobile have to fill in card details. payments are the way of the oeraton Run a better business Cristina Cordova, Head of Business future. Attaching a payment option Development at Stripe, says, “We’re Xero highlighted 3 main reasons to online invoices helps Xero excited to work closely with Xero why Xero users should embrace customers get paid almost 80% today to help hundreds of thousands of contactless payments (taken from faster than invoices that don’t use businesses use Apple Pay to get Xero blog): a payment service - so they spend their invoices paid with little more 1. Speed and convenience: faster less time chasing unpaid invoices than a fingerprint”. Stripe, which transactions means better for a more productive and cash operates in 25 countries, is an customer satisfaction healthy business.” eCommerce platform that has been 2. Sell goods quicker: quicker integrated with Xero for years, but payments and shorter queues “By enabling these connections this most recent advance means increase sales with payment services, small Powerful workflow enabled apps that are smart alone, or brilliant businesses using Apple Pay can see 3. Better branding: offering a wider businesses are able to offer together. payments automatically matched variety of payment methods multiple payment options on an with invoices in Xero, eliminating boosts the image of businesses invoice, giving them and their manual reconciliation. as progressive and high-tech customers choice of payment and also the ability to pay the invoice as soon as it arrives, ensuring they get paid faster.”

A high priority for Xero is online security. Apple Pay launched in the US in 2014, and expanded to web-based purchases back in September. Alongside Stripe, an extra level of surveillance is added, with all transactions being verified using Touch ID, Apple’s fingerprint recognition tech. The result is peace of mind knowing that payments are authenticated with decreased risk of fraud, and chargebacks from banks!

From Xero: “Stripe and Apple Pay are available in the United States, United Kingdom, Australia, Canada, Singapore and Ireland. From January 2017 Stripe will be available in NZ so Xero customers can take advantage of Apple Pay.”

118 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com Have you subscribed? Go to subscriptions.xumagazine.comFollow us on Twitter: @xumagazine Issue 10 / 119 We live in an on demand world...

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120 / Issue 10 XU Magazine - the independent magazine for Xero users, by Xero users. Find us online at: xumagazine.com