Issue 10 / 1
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magazine
The independent magazine for Xero users, by Xero users
ISSUE
10
9 772054 722009
1 0
ISSN 2054-7226
the Financial Web is transforming the
traditional lending landscape
ON DEMAND
BUSINESS
FINANCE
Satago (Latin): to satisfy/pay a creditor
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Satago’s Steven Renwick explains how
COVER STORY
2 / Issue 10
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workflowmax.com/xero
ALL-IN-ONE
PROJECT
MANAGEMENT
SOFTWARE
Powerful Job
Mobile
app
30+
Integrations
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Follow us on Twitter: @xumagazine
magazine
Issue 10
CEO: David Hassall (Co-Founder)
Managing Editor: Wesley Cornell
(Co-Founder)
Strategic Partnerships: Alex Newson
Staff Writer: Bethany Cox
Editorial/News Submissions:
If you have any editorial content (news,
comment, tutorials etc.) that you would
like us to consider for inclusion in the next
edition of XU Magazine, please email us
at editorial@xumagazine.com
Advertising:
advertising@xumagazine.com
T: +44 (0)116 298 60 80
E: hello@xumagazine.com
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‘Xero’ is a trademark of Xero Limited (New
Zealand). XU Magazine is collaboratively
produced by an independent group of
Xero users and is not affiliated in any way
with Xero. All other trademarks are the
property of their respective owners.
© XU Magazine Ltd 2014-2017. All rights
reserved. No part of this magazine may
be used or reproduced without the
written permission of the publisher. XU
Magazine is published by XU Magazine
Ltd (08811842), registered in England and
Wales. Registered office: 12 Jordan Street,
Liverpool, L1 0BP, United Kingdom. All
information contained in this magazine
is for information only and is, as far
as we are aware, correct at the time of
going to press. XU Magazine cannot
accept any responsibility for errors or
inaccuracies in such information. If
you submit unsolicited material to us,
you automatically grant XU Magazine
a licence to publish your submission in
whole or in part in all/any editions of
the magazine, including in any physical
or digital format, throughout the world.
Any material you submit is sent at your
risk and, although every care is taken,
neither XU Magazine nor its employees,
agents or subcontractors shall be liable
for loss or damage. The views expressed
in XU Magazine are not necessarily the
views of XU Magazine Ltd, its editors or its
contributors.
The independent magazine
for Xero users, by Xero users
6 / 2017 Up and Coming Tech
8 / Explained: Xero Partner Program
Points
9 / TUTORIAL - Provide
Management Reports to Clients
Without Breaking a Sweat
10 / FEATURE - On the back of a
beer mat: XU Magazine from start
to Issue 10
14 / Top tips for setting up your own
cloud business software advisory
service
16 / INTERVIEW - Q&A with Michael
Wood from Receipt Bank
20 / COVER STORY - How the
Financial Web is transforming the
Welcome to issue 10...
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“traditional lending landscape
22 / From rock music photographer
to helping businesses develop
24 / Why philanthropy matters:
your small business guide to giving
28 / COMPARED - Time &
attendance App comparison
30 / TUTORIAL - Streamline your
invoicing with WorkflowMax… and
get paid faster
32 / 5 silly excuses we give for not
going paperless
34 / TUTORIAL - How to: using
reports in ApprovalMax
36 / New business in the UK
reaches record high
38 / Move to high-tech, high touch
and watch your billable hours grow
40 / A systems-based approach to
delivering client work
42 / ANNOUNCEMENT - Accountex
returns
44 / TUTORIAL - How to use
MinuteDock for time billing with
Xero
46 / CASE STUDY - How simple
process automation helped
increase efficiency & growth
50 / A new year, a new global
economy, and what that means to
the Xero community
55 / TIMELINE - Innovations to help
you thrive in 2017
62 / The ideal client: choosing the
right clients and delivering valuable
customer service
66 / TUTORIAL - Dryrun: help your
clients build a powerful recurring
budget…
70 / The all-new Xero HQ
72 / Small business expansion: how
to ensure compliance in Africa
74 / Forget me not: the automated
Xero feature that’ll get you paid on
time
76 / TUTORIAL - AutoEntry:
advanced, feature-rich automation
of data entry to Xero
82 / Introducing mTrio
84 / Mindset over money: why
spending more on marketing is not
the answer
86 / INTERVIEW - Q&A with Will
Lovegrove from pensionsync
90 / Reconciling various customer
payment methods: get organised by
separating your deposits
92 / Alleviating reconciliation
ailments
94 / Does your accountancy firm
serve others or does it serve you?
The 7 systems that are changing the
game
98 / Top tips for Xero users: Budget
Manager
100 / Mitigating risk and making
data security a top priority
102 / NEW RELEASES - Updates
and new releases: from the Xero
App Marketplace
106 / Taking the ‘auto-magical’ to
the next level
108 / Get ready, set, go! The
importance of a good set-up
110 / APP DIRECTORY - App/
Service Directory
118 / Apple Pay is here!
6 / Issue 10
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Up and coming tech
So what are the up-and-coming technologies of 2017?
Accountants and small businesses, listen up for tech trends
according to Xero!
mall businesses have the
flexibility and creativity
to take advantage of the power
technology holds to make our lives
easier. They can quickly adapt to
use new technology by staying
lean and agile. If they are savvy
enough, they can make the best
of technology whilst averting the
associated risks by adopting early
but being cautiously observant.
Here’s are the trends to look out
for...
Chatbots, AI and Machine Learning
Artificial Intelligence in not, by all
means, new this year but it is being
used in new and exciting ways.
AI is the simulation of intelligent
behaviour in computers, and its
ability to think for itself. Machine
Learning is a type of AI, involving
computers learning without being
explicitly programmed. Chatbots
are designed to use this to make
intelligent conversation.
This is already being implemented
in apps such as Slack, where users
can interact with Slackbot. You
should look to use apps that use
AI to organise content, data and
products.
BYOD and MDM
The International Data Corporation
has forecasted that in 2020, almost
75% of the workforce will be
mobile. The knock-on effects can be
hugely beneficial for companies but
may also increase vulnerable data
(like sensitive and private customer
information) for those who have a
bring-your-own-device (or BYOD)
policy.
Having one device that is stolen
may put huge amounts of company
data and security under threat.
Data silos are the solution to this
increasing problem. They are a
data segregation fix; a separate
database to the business-wide
system. Data for each department
or employee is isolated from the
rest of the company.
Mobile devices are commonly
used alongside mobile device
management (MDM) in businesses.
These systems work alongside
company policy to enforce security
and activity management of
employees. MDM is starting to
appear as an intrinsic part of some
apps, for example Safari allows you
to bookmark URLs that require you
to access them through a VPN.
Despite thinking that this is a large
company-only problem, small
businesses are those who cannot
afford the dangers of security risks.
Remote offices
We’ve all heard of the stereotype of
remote workers of participating in
video calls in a shirt, tie and pyjama
bottoms, but other than comfort,
why are remote offices catching on
for workers and employers? Whilst
some may say lack of routine is the
downfall of remote working, the
increased flexibility is the perfect
starting point for some to thrive.
Some people just work better when
they have the freedom to manage
their own schedule, and are
working at a pace set by them.
We can’t ignore the cost impact
remote offices have on both
staff and companies. Despite
there usually being some initial
setup costs, your company saves
money on real estate in the long
term; money that can be spent
on expanding your borders
geographically. Your employees
save time and monetary costs of
commuting, and buying lunch and
coffee and that expensive business-
casual wardrobe.
It has been shown that fewer sick
days are taken by those who work
from home. How often are you sent
home by a sore throat or something
that doesn’t necessarily limit your
ability to work but means you can’t
be in the office?
So why is this something to
consider now? Well, technology
is better than ever and allows
effective communication
between off and on-site workers.
Collaborating live on shared
documents, high-speed internet,
and even doing more with your
good old email. Technological
advances make so much more
possible.
Plus, no distractions of colleagues
and cake means no more
interruptions so you can get your
work done on time.
E-commerce
With projections for E-commerce
sales in 2020 of $4 trillion, small
businesses need to jump on this
bandwagon if they see a future for
their company.
Quicker searching, one-click
transactions, next-day delivery, not
even having to leave your home
once. It all comes down to time,
for both business and consumer.
Increasingly, buyers are looking to
only purchase products that can be
delivered, so put your products out
2017
there on your site.
Connection-as-a-Service
The past few decades have seen
servitisation become the business-
model of envy. More and more
companies are transforming and
developing their systems to include
services that complement and even
supplement the products they offer,
moving from a product-centred to
customer-focussed approach.
This values the customer and their
needs, giving businesses who
have adopted this approach the
competitive edge against rivals.
Small businesses should take
advantage of this by embracing
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partnership with connection
services to boost accessibility of
their products to customers.
Subscription-based business
Subscriptions are another win-win
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
helps businesses budget, project
and report more easily.
This model is at its best when
partnered with e-commerce and
automated payments. You can
almost certainly combine these in
your business.
Influencer marketing
With the swell in social media,
instead of looking to companies,
consumers look to their peers
to apprise decisions of product
purchase. Famous personalities on
media platforms now command the
opinions of their followers, making
them the big target for advertising
products and services. Your
customers want to feel talked to
rather than at, being fully informed
and educated about your product.
Companies the world over have
increased budgets specifically for
social media for this year...perhaps
it’s time for you to as well!
8 / Issue 10
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Explained: Xero Partner
Program points
ost of you by now will be
familiar with some aspects
of the program, but if you’re
searching for the basics, look no
further.
If you are using Xero, you will have
already been notified of your Xero
Partner status. For some, your
status will have already improved,
and for others you will be looking at
what you can do to reach the next
level. The program is created with
the view to make your business a
success, based on what success
means to your business.
Each month, you will be notified
with your status, number of
points, certifications, distinctions
and benefits calculated from the
previous month.
Benefits
The Partner Program offers many
benefits to it’s users. Alongside the
enriched education resources, Xero
shop, available practice tools and
profile in the Advisory Directory on
offer, Xero Partners benefit from the
following:
• Access to Xero HQ - for managing
clients
• 1 subscription to Xero - for
internal use by your business
• Access to Partner-only info and
support from a Xero Account
Manager
Xero Champions
Xero Champions add an extra
distinction to Partners with the title.
The criteria for Bronze Champion
status are as follows:
• Bronze Partner status level
• Earned 10 more points in the past
12 months
• At least two Xero-certified staff
• Those for Silver, Gold and
Platinum Champion statuses are:
• Silver, Gold or Platinum status
level
• Earned 20 more points in the past
12 months
• At least three Xero-certified staff
The new and improved Partner Program, launched in
November 2016, is Xero’s points-based system for
awarding recognition to Xero Partners.
The number of points required to be awarded each status
UK and NZ - points awarded for each activity
AU - points awarded for each activity
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10 / Issue 10
Issue 10 / 11
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Follow us on Twitter: @xumagazine
On the back of a beer mat:
XU Magazine from start to issue 10
Like all good ideas, it started between the two brothers in
a pub back in December 2013. David and Wesley had been
chatting about Xero and how all the guides and information
were scattered across the web, meaning users had to go and
dig around to find everything. It made perfect sense to us to
pull as much of this information as possible into one platform.
ero has many different
features, and there is a
wealth of information out there
available to its users including
blogs, forums, and articles, as
well as the ever-increasing pool
of Xero’s own resources. As Xero
Users ourselves, we didn’t always
have time to go and search through
this supply.
And so we knew exactly what
we wanted to create. Our goal
was to be informative, topical
and impartial, bringing all of the
valuable information out there
into one place, to save Xero users
treasured time and effort.
The initial campaign began on
Indiegogo, a crowdfunding site for
entrepreneurial ideas...perfect for
us! This was the start of our journey
to equip the Xero community and
draw it together. Our aim was
simple: to create a magazine for
Xero Users, by Xero Users.
XU Magazine CEO, David Hassall:
Both myself and Wesley are avid
readers of user magazines for
various other platforms, so the
idea was born. Why don’t we do a
user magazine for Xero users? With
neither of us having publishing
experience we dived straight into
Google. As soon as we had built an
original concept of what we wanted
from the magazine, we decided the
best platform to launch this would
be via crowdfunding as we needed
both cash and visibility of the
product.
A few days into the campaign we
knew the idea was a winner and
that really encouraged us. It was a
long slog as we worked full time on
the campaign, keeping up with 4
time zones as well as our day jobs!
Once we had funding and a great
following we then took to Google
again: how do you actually make
and design a magazine? After
numerous YouTube tutorials, and
friendly people helping us out,
Issue 01 was born. It was much
harder than either of us ever
realised it would be but we were so
glad when we got there. The icing
on the cake was Chris Ridd inviting
us to launch at Xerocon over in
Australia.
Since that initial pub talk, we’ve
come far. Along the way, we’ve
made mistakes but have learnt a
mountain of lessons to take forward
with us.
Our independence from Xero and its
Add-ons (now Apps) ordained that
we would become the unbiased
information source for all with a
login to Xero. But although we’re
independant, Xero have been an
amazing support and sounding
board for us, so a big shout out
goes to all of their staff who have
helped us on our journey...we of
course wouldn’t be here without
Xero in the first place!
XU Magazine Editor, Wesley
Cornell: Some of the biggest
releases from us have been in the
past few months. Our digital reader
and subscription system have gone
hand-in-hand in bringing the mag
to a larger audience. Together they
mean that anyone can sign in and
be welcomed into our community,
with full access to all content from
print, and more. And all for free!
There are lots of ways we’re looking
into growing this in the near future.
We have some other really exciting
developments coming up over the
next year for XU Magazine...so
watch this space!
XU Magazine Head of Advertising
and New Business, Alex Newson:
We’ve been learning a lot of new
stuff, so it’s almost like working on
Issue 01 again. The fact that we’re
now on Issue 10 is staggering. We
want to say a big thank you to all
our contributors and advertisers for
getting us here. As always, we value
the honest and reliable feedback
from the awesome Xero community.
Let’s keep building it together!
We’re delighted to be exhibiting at
all Xerocons over the coming year.
Keep a look out for us there, we
look forward to seeing you.
Certain Apps that connect to Xero
have been an integral part of our
journey and we want to recognise
and celebrate the friendships we
have formed with them. From the
outset, TidyWork have connected
with us. We asked them to share
more about how we started out
together.
Kevin Mann at Tidywork: “What
amazing vision!” we at Tidy thought
when Wesley told us about starting
XU Magazine. We instinctively knew
Tidy had to support it. Xero and
the Add-on community had grown
so much, it was great to see a
publication representing the stories
of this exciting cloud ecosystem.
We felt he must really believe in the
future of Xero and others like Tidy
building connected cloud products.
It meant a lot to us at Tidy that
someone in the UK, miles away
from the birthplace of Xero would
start a global publication like XU.
A printed publication in a cloud
world? We thought most global
users were not (yet) cloud converts,
so needed an offline medium.
In less than 5 minutes Tidy
confirmed we’d take out a full-page
advert and help XU with well-
deserved financial support. We’re
privileged that Tidy has continued
to travel with XU in all ten brilliant
issues.
Profitsee have supported us right
from the word go. We’ve spent time
with them at various conferences,
and even visited a zoo together!
Brooke tells us more...
Brooke Roberts at Profitsee:
ProfitSee has worked with XU
Magazine since it’s first edition.
We were so excited to learn about
it through their funding campaign,
that we couldn’t wait to get
involved. Over the past few years,
I have worked closely with the
XU Magazine team, and they are
great partners to work with. From
article submissions to artwork
suggestions, they have been
responsive and helpful.
Each issue seems to top the last,
and we’ve really enjoyed their
platform as a resource to help
educate Xero users about changes
in the global accounting industry.
One of our highlights has been
getting to know the team at Minute
Dock over the past couple of years.
We’ve done some really cool stuff
together, from watching the rugby
to visiting a Koala Sanctuary!
Jared Armstrong at Minute Dock:
I saw their original crowdfunding
campaign and thought it was an
interesting idea. I reached out to
them to write an article for their
very first issue and they’ve been
awesome at including MinuteDock
since then. We had a blast travelling
to the various Xerocons last year
and catching up with their team at
each one. Seeing how passionate
they are about providing a really
great publication for Xero users is
really inspiring. I love reading every
issue and keeping up to date with
the Xero community.
Deputy is a big name in the
business and they have been right
alongside us since Issue 01. We
asked them to tell you about our
relationship.
Kristen Harris at Deputy: The Xero
partner eco-system is one we value
highly at Deputy so when we first
saw XU Magazine emerge with their
cheeky crowd-sourcing venture
we were happy to jump in and
support them. That experience has
resulted in a consistent, reliable
and professional relationship, one
we know we can trust for great
content and good reach amongst
the members. I look forward to our
relationship continuing for many
years.
A really valuable link for us is with
the Receipt Bank crew. They’ve
given us some great experiences
when we’ve met up including
celebrations in London, a hog roast
on a barge, and a rooftop party in
Brisbane. Michael talks about their
journey with us so far...
Michael Wood at Receipt Bank:
The success of XU Magazine
demonstrates the unique passion
of the global Xero community. As
huge Xero fans ourselves, it’s been
a pleasure to take the journey with
the team, whether it was racing to
grab the latest copy at a Xerocon, or
my taking part in my first ever cover
story. Standing beside Colin Hewitt
from Float and Steve Renwick
from Satago, all in our kilts, it was
clear that the XU team were onto
something special and we’ve loved
being a part of it.
Founders David Hassall and Wesley Cornell
Kevin Mann and some of the Tidy team
appeared in XU Magazine Issue 06
Team ProfitSee with XU Magazine enjoying
Accountex 2014
David and Jared at the Koala Sanctuary after
Xerocon South 2016
At Accountex 2014 with Deputy
Feature
Feature
X
12 / Issue 10
Issue 10 / 13
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Follow us on Twitter: @xumagazine
Do you remember fruit and veg
featuring on our front cover? The XU
team had a fun time shooting for
the cover of Issue 07 with Advance
Track, and having lunch together.
Vipul Sheth at Advance Track: We
are delighted to have been involved
with the XU team almost from
the start of their journey. Xero is
changing the way accountants work
and XU are part of that community.
We have enjoyed working with
XU, including a fun photoshoot in
Leicester Market holding bowls
of veg a few days after Leicester
won the Premiership. This took me
back to my days of working on a
leather stall on markets as a boy. At
least the sun was shining that day
compared to my distant memories
of markets! Many congratulations
to the XU team and keep up the
good work.
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XU Magazine A4.indd 1
25/1/17 4:02 pm
More recently, we have worked
closely with AppsForOpps and are
thoroughly enjoying the partnership
that is forming between the teams.
Shaun Leisegang at AppsForOps:
It all started with a simple Tweet.
Very soon after AppsForOps got
Cover stars of Issue 02:
Michael Wood (Receipt Bank), Colin Hewitt (Float), Steven Renwick (Satago)
Vipul Sheth, cover star of Issue 07
approved to get listed on the
Xero add-on App Marketplace we
decided to sign up to exhibit at
Xerocon San Francisco and Xerocon
South. Alex saw that AppsForOps
was attending Xerocon South
and reached out with a simple
Tweet introducing himself and
XU Magazine. The rest they say is
history: from a double page advert
in Issue 08, to the front cover on
Issue 09 and many exciting things
planned for Issue 10 and beyond.
We love working with the team at
XU Magazine.
We as a team have wholly loved
reflecting on where we started and
are so proud of how far we’ve come
since. XU Magazine are so thankful
to all those who have supported
us so far and continue to do so.
There is so much more coming up:
brand-new segments, ingenious
tech and fresh ideas. We can’t wait
to see where the next 10 issues take
us. Our pink team will keep flying
around the world to bring XU to the
Xero community!
David and Alex at breakfast in Brisbane with Shaun and Hennie from AppsForOps
Feature
14 / Issue 10
Issue 10 / 15
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Follow us on Twitter: @xumagazine
Top tips for setting up
your own cloud business
software advisory service
raditional Accountancy
training continues to fall
short of addressing the diverse
role accountants will be required
to fulfill as clients become more
aware of the efficiencies cloud
systems offer. With companies
like WorkflowMax and Cin7
advertising directly to the end
user, Xero accountants are finding
themselves struggling to meet
client expectations as they come
looking for advice on operational
apps.
Although some Xero practices are
seeing the opportunity to offer a
business systems advisory service,
many are struggling to get to grips
with the world of apps. This is
no surprise as it takes time and
research to understand the nuances
of competing apps and have the
confidence to recommend one over
another.
Having spoken to many practices
around the country, from top 50
firms to the local specialist, the
problems are often the same.
So how do you overcome these
challenges, netting new Xero clients
and expanding your offer as other
practices fail to embrace the cloud?
1) Getting started
Many practices are overwhelmed
by the Xero ecosystem. There are
simply so many apps that the
task of finding the right one to
recommend seems enormous.
2) Managing change
Plenty of accountants are reluctant
to make recommendations due
to the potential impact (both
positive and negative) new system
implementations have on their
clients’ businesses – and for good
reason. With tech moving so
fast, it is difficult to maintain the
knowledge to confidently provide
advice.
3) Building a different client
relationship
Accountants haven’t really needed
to explain themselves in their
marketing activities before, for the
most part, businesses know what
services are on offer, they just
need to know you’re there. When
launching a new revenue stream in
business systems advice, it is vital
to understand how you will market
and work with your Xero clients. z
4) Balancing App research with fee
earning responsibilities
Launching in the business software
advisory market takes commitment.
The requirement to complete fee
earning work often overrides the
set-up phase and change projects
stall.
Because so many firms are
experiencing these challenges when
launching this new revenue stream,
we created the BlueHub CSR (or
the less catchy- Cloud Services
Retainer). This service is ideal for
firms who are providing (or looking
to provide) an in-house software
advisory service for Xero Apps.
It allows accountants to move
along a learning pathway to build
strong relationships with their Xero
@Blue_Hub
Matt Flanagan, Co-Founder, BlueHub
Matt is an industry-renowned cloud
business systems specialist, working
in close partnership with forward
thinking companies, Xero and
Receipt Bank. Matt has over 15 years’
experience in business systems,
focusing on change management for
organisations such as HMRC and the
NHS.
Reduce the number of apps by identifying
your niche. Being a specialist in a
particular area, like hospitality or retailing
is the best way to create your business
systems advisory service. You cannot
understand all the apps for all the clients
and keep your knowledge current as
updates are released so regularly.
You may identify a sector by reviewing
your existing client base. If not, spend
some time identifying your practice’s
strengths and experience so you can
choose one that reflects your existing
skill set.
TOP TIP
The nature of cloud accounting is so
different to traditional methods that
people and internal processes will need
to change in line with the new systems
and ways of working. This is true of the
function they perform and their mindset
towards it. Practices are having trouble
managing change within their teams, as
the industry has seen little change for
such a long time.
If you are unable to find suitable
advocates within your team, it may be
necessary to recruit new members who
are already aware and keen to embrace
cloud technology. Their mindset needs
to be suited to a higher degree of risk,
operational priorities of clients and be
comfortable giving advice in a fast moving
environment.
TOP TIP
You will need to carry out a ‘fact find’
to gather information on your client’s
business activities and processes. This is
a whole business review, looking closely
at the way the business operates, the
current systems they have (whether
electronic or manual) and who does what.
This is where you gain the insight to
offer Apps that will enhance productivity
but that can be integrated with existing
systems and that will tick all the
requirements for the client now and in the
foreseeable future.
Marketing is also benefitted from niching
down (tip 1), as these pre-selected Apps
can be marketed to both new and existing
clients, allowing practices to get the most
use out of the time they have invested in
learning these new systems.
TOP TIP
Like any new business, the investment at
the start makes a difference. Being able
to give it your undivided attention, or at
least a significant chunk of your week, is
essential to put in place the processes
and research the market.
If you are unable to persuade practice
partners to release time to establishing
the revenue stream, it may be better
to partner with an advisory service like
ourselves who can be your port of call
when you need expert knowledge to solve
a client’s question.
You can gain the knowledge of the Xero
ecosystem while earning from business
process reviews for your clients.
TOP TIP
clients, gaining knowledge about
the ecosystem and having the
confidence to offer advice without
needing to pass the client to an
external company. This allows
firms to fulfill a fee earning role
while moving their practice into the
future.
The CSR has three tiers to
accommodate for firms of all sizes.
Each includes consultancy time with
our experienced cloud team, access
to a bank of educational resources
to support your cloud journey,
along with regular meetings and
exclusive member-only events.
The world of accounting is a changing landscape, shifting
from bags of receipts and unfilled invoices to automation and
artificial intelligence. For those firms that are tackling the
change head-on, the Xero ecosystem has an overwhelming
range of add-on Apps.
T
16 / Issue 10
Issue 10 / 17
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Follow us on Twitter: @xumagazine
Q A
&
Michael Wood
from Receipt Bank
XU: It’s great to be joined
by Michael Wood, the
Director of Receipt Bank. The last
time we spoke to Michael was in
Issue 02, so we’re delighted to
be catching up with him again.
Michael, could you start by telling
us a bit about Receipt Bank’s
journey to where you are now?
MW: I have the advantage
of being one of the
first people in the world to use
cloud accounting. So in around
2007, I had a limited company and I
was using cloud accounting. I didn’t
know I was one of the first, I wasn’t
doing it to be enthusiastic, I was
actually doing it because I’d made
such a mess of my accounts that my
accountants had taken my existing
package away and said, “try this,
you’re less likely to muck it up”.
And so I started using cloud
accounting very early. And having
used it for sort of 1 year, 2 years,
3 years, I really loved the whole
thing. But I just realised that there
were a few problems. One of the
big problems was that suddenly,
it had become very ambiguous
as to who was doing my daily
bookkeeping. So I decided to use
my influences and look around for
a software solution that could help
me deal with the accounts payable
expenses.
I came across a service called
Receipt Farm. It was a postal
service at the time in 2010 and what
they said was “post us your receipts
and your invoices and we will scan
them and extract the data for you”.
So I thought, ‘well that sounds
really good and will really help’ and
so I started the free trial. I really
enjoyed the service but it had two
key problems. The first was that my
accountant couldn’t access my data
and therefore be an administrator
of the account. And equally it didn’t
send the data straight into my cloud
accounting package.
I wrote into the customer service
guys to say “I love what you’re
doing but these are the two issues
I’ve got”. They came back to me to
say ,“Mr Wood, thank you for your
feedback but unfortunately we’re
closing down today”.
So I wrote straight back to say, “can
I buy the service?” and that’s how
Receipt Bank started!
XU: That’s interesting that
it was the day that
you rang up that they were closing
down...
MW: Well exactly, and
the background to
that was that I’d helped to build
a significant accounting package
in the past and I’d run other
businesses so I knew the small
business accounting process and
business really well, and I saw how
big and important cloud accounting
was going to become, and actually
realised that automation was going
to become a huge part of that and
so we started Receipt Bank to help
accountants and bookkeepers to
help automate bits of the process.
XU: A lot of Receipt Bank’s
journey links in with
the advancement in the Fin Tech
industry. How has this advancement
helped Receipt Bank grow?
MW: Absolutely hugely,
the first key
technology advance that has
changed the power of our service
is actually smart phones in Receipt
Farm as it started out as a postal
service. So suddenly the popularity
of the iPhone and Android allowing
people to take photos of receipts
there and then made a huge
difference. Receipt Bank also was
a very early investor in AI, and
our data extraction technology is
heavily AI-based.
There still are some humans
supervising the most difficult of
invoices, but primarily it’s an AI
service, so that’s been a huge
benefit. And there’s various others.
As I say, our job is to provide
automation and so there’s various
trends we have served.
XU: In contrast, has Receipt
Bank helped the Fin
Tech industry grow?
MW: I don’t think we
have yet, what’s
happening is a lot of people in
financial services are excited about
the cloud accounting industry
because it makes this incredibly
important data set more available.
Now whether that’s more available
to the bank, whether that’s more
available to the lender or insurer
or whoever it may be, there’s some
fantastic data that’s been made
available by cloud accounting.
Of course for that data set to be
valuable, it’s got to be up to date.
And that’s where Receipt Bank is
absolutely key because Receipt
Bank is the key software out there
that is used by accountants and
bookkeepers and small businesses
to make sure their data is up to
date. And the more up to date it is,
the more valuable it is. So that’s the
way that we will contribute to that.
XU: Definitely, and Receipt
Bank and Xero come
hand-in-hand from my experience.
So over the next few years what
shifts do you think we will see in
the current trends of technology in
the Fin Tech industry? Do you see
any patterns emerging?
MW: What I expect to see
is the emergence of
what I call “accounting centaurs”.
And I do mean centaurs as in Harry
Potter, mythical creature, half-
horse, half-man! There’s a really
interesting story I think is useful for
all accountants and bookkeepers
to be aware of. I think everyone has
heard about IBM software, Deep
Blue beating Garry Kasparov at
chess in 1997. It was really famous
and made headlines all around the
world: a computer’s AI beating a
man in a really key way, and that
was the headline everyone took
from it: AI beats very clever man.
Now what everyone missed is
actually what happened afterwards.
Garry Kasparov recognised that
although he lost to the Deep Blue
computer, the Deep Blue computer
wasn’t just artificial intelligence;
it had a database of chess moves.
It had all sorts of other computer
advantages attached to it. And
afterwards he created a new type
of chess called “centaur chess”,
and the whole point of centaur
chess is that you and I might be
playing each other and as we play
Interview
Interview
20 / Issue 10
Issue 10 / 21
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Follow us on Twitter: @xumagazine
How the Financial Web is
transforming the traditional
lending landscape
Steven Renwick, CEO of business finance firm Satago, one of
Xero’s first financial services partners in the UK, explains how
a new breed of FinTechs has emerged to transform the SME
funding landscape...
isruptive innovation
designed to break
the stranglehold of dominant
business models shows no signs
of abating. Netflix, Amazon, Uber
and Airbnb are the doyens of
the on-demand economy as we
know it today, inspiring entire
generations of technology-
driven businesses to challenge
established models and strategies.
Indeed Xero itself allows business
owners on-demand access to
financial information that would
previously have been siloed within
inaccessible desktop accounting
software.
However, the financial services
industry, long overdue radical
transformation, has been slow
to embrace (or arguably quick
to resist) this form of disruptive
thinking.
When I started to look at the
SME finance market, I was
pretty shocked at how little the
commercial finance industry had
changed. Traditional lenders may
now offer multi-channel delivery,
including mobile, tablet, instant
messaging and webchat, but when
you peel away the veneer of digital
delivery, the products haven’t
altered fundamentally for decades.
SAP’s Digitalist Magazine recently
said: “There is a lot of talk about
digital transformation by banks,
but the reality is that – despite
what they say – they are not
doing it. What the vast majority of
banks are actually doing is digital
enablement. They are simply using
digital technologies to do what they
are doing today, only slightly better.
There is nothing transformational
about what they are doing.”
The key imperative to market
disruption is to re-imagine a new
ecosystem that meets the needs
of the customer, not the lender.
Critical to the development of this
new ecosystem is the access to
data afforded by cloud-accounting
software, such as Xero.
For far too long the focus has
drifted the other way, fostering
an environment in which big bank
rules have prevailed unchallenged
and facility limits and ceilings have
continued to restrict the growth of
SME businesses.
Selectivity is the key
Traditionally, banks have been
the primary source of working
capital funding for SMEs. However,
regulation has meant that
increasingly these large financial
institutions have to be very
selective in terms of the companies
to which they will provide funding,
regrettably leading to the exclusion
of many small businesses. Basel III
regulation is putting banks under
growing pressure to maintain higher
capital ratios as they look to rebuild
their capital bases and de-risk their
balance sheets, making lending to
small businesses far less attractive
to them.
This enforced reticence to lend to
SMEs is causing huge cash flow
headaches for small businesses,
especially those that have relied
upon bank financing in the past to
plug short-term funding gaps.
Ironically, this selectivity in terms
of underwriting from the large
market incumbents has created an
even greater choice for SMEs than
ever before – in the form of a new
wave of nimble, digitally driven
alternative financiers, such as
Satago.
By leveraging cloud technology,
real-time data and analytics tools,
these new FinTechs are able to
provide businesses with fast,
flexible and frictionless funding on
a scale hitherto unimagined.
Here, selectivity has a positive part
to play. For many years, the only
invoice finance options available
to businesses have been based
on a ‘whole sales ledger facility’,
in which they are locked into a
contract and the attendant fees
– which can prove a very costly
form of working capital indeed.
Today, through leveraging cloud
technology, business owners are
able to obtain access to cash
(previously tied up in approved
invoices) instantly on demand – on
a selective basis. Unlike before,
they are now completely free to
decide when and how much they
borrow, and for how long; giving
them greater oversight of costs
and far more control over their
borrowing.
The Financial Web
The game-changing technological
advancement that has driven this
level of finance innovation has
been termed the “Financial Web”.
In summary it is the ability for
finance providers to seamlessly
integrate their applications with
leading business accounting
packages, such as Xero. Small
business owners can now authorise
and securely share their financial
reports with business lenders, such
as Satago. Connect, click, cash: It
really is that easy for businesses
to access the working capital SMEs
need instantly, 24/7. Thanks to
the Financial Web they can simply
choose the invoices they want
to finance and they are paid on
demand.
Harnessing cloud technology to
improve financial health
Funding on demand is not the only
digitally-driven transformation on
offer. Alternative financiers are
also harnessing cloud technology
to give smaller businesses tools
that will help them get paid on
time. Satago’s enhanced credit
management tools are already
succeeding in improving the
financial health of small businesses,
reducing the time they spend on
credit control by up to 80%.
This provides the same level of
sophisticated credit management
and dashboards to SMEs as their
far larger competitors, effectively
levelling the playing field. It allows
for real-time cash flow monitoring
at a glance, as well as greater risk
@SatagoHQ
Steven Renwick, Founder and CEO,
Satago
Steven founded Satago after
experiencing late-payment in his
family business in the construction
sector in Scotland. In a previous life
he was a research scientist with a PhD
in Genetics.
D
oversight and management.
When you consider that the deaths
of 50,000 businesses in the UK
through late payment could be
avoided every year – this is a vital
innovation.
In the face of falling access to
traditional lending, SMEs can be
assured that there are now better
alternatives; agile FinTech-based
options designed to offer business
owners flexibility and control
without the overbearing constraints
of their predecessors.
Now on-demand business finance is
a reality, business owners can focus
their energies on what is most
important in their lives – fulfilling
their business ambitions.
Cover Story
Cover Story
Try invoice reminders at satago.com
Make your cash flow with Satago, your all-in-one
cashflow soluuon. Spend less me chasing customers
with our automated invoice reminder system.
Complete Cashflow Confidence
I recently lost money when a customer went into
administrauon. It dawned on me that I'd never really
known who I was doing business with.
Then I found credit reports from
“
“
22 / Issue 10
Issue 10 / 23
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Follow us on Twitter: @xumagazine
From rock music
photographer to helping
businesses develop
Life on the road with David Lloyd
Williams of Principality Consulting...
Years ago, when I was an
apprentice, I used to take
my camera and take photographs
of the big bands that came to the
North Wales theatres. It was all
in black and white and I used to
develop it myself and send the
bands some pictures. Eventually I
took a photograph of Queen, sent it
to Brian May and he stuck it on his
website. I was pretty pleased with
that.”
These days, David Lloyd Williams
has turned the keen eye that
once photographed travelling
rock guitarists towards helping
businesses run more efficiently. As
Managing Director of Principality
Consulting, he helps companies
find IT solutions that will improve
their businesses.
Finding efficiencies to support
business success
“I enjoy finding a business, applying
some lean principles… improving
the way that business works, and
locking in the improvements we find
with some software which can make
sure that the gains we find can be
sustained throughout the life of the
business,” David explains.
His consultancy services cover
everything from accounting
and financial systems, to fully
integrated ERP systems for larger
companies.
The lean principles that David
talks about apply to a method of
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
company in Holyhead, North Wales.
The company was set up following
redundancies at the aluminium
smelter in the town, where David
himself used to work.
“I went off and started my
own business, and one of my
colleagues, Martin Davies,
started his own business, in metal
fabrication. We came together again
at a meeting, and it seemed I could
help him improve his systems. I
mapped his work process, looked
at what he did, what he needed
and then came up with a number of
recommendations.”
With help from former owners of
Rio Tinto, three former employees
of the smelting plant, including
Martin Davies, set up metal
fabrication company PFS Ltd. They
now work out of the old engineering
workshop that used to serve the
plant and employ 16 people.
Recommended software
After looking at all the different
@I_am_wordstruck
Michelle Nicol, Freelance Writer,
Wordstruck Writing and Training
Michelle is a freelance writer, trainer
and tone of voice consultant who
helps businesses tell their story
using words that connect with their
customers. A former BBC journalist,
she also provides business and
creative writing workshops.
processes within the business and
assessing its needs,
David recommended that PFS
Ltd use cloud-based project
management software TidyWork.
This solution gives the company
greater visibility of the profitability
of their different projects and
integrates with Xero to provide the
lowdown on their financial figures.
Although still in the early days of
implementation, the software is
already having a positive impact,
as David explains: “They’re already
seeing a number of improvements.
Martin can see now what projects
are making a profit, what projects
are not making a profit. Previously
although he had a gut feel, he
couldn’t put a figure to it.”
“All the time expended on any
project, all the materials being
expended on a project, everything
goes into the project on TidyWork,
so there’s a figure for everything,”
he continues. “He’s now starting to
make business decisions on some
projects, that maybe they shouldn’t
be doing because they won’t make
money.”
Working in the cloud
Because David’s consultancy takes
him to customer sites all over the
UK, he understands the flexible
advantage that cloud-based
working offers to businesses,
including his own.
“Cloud has changed everything,”
he says. “Principality don’t have
an office anymore. We just have
cloud-based systems. We share
information using the cloud. It’s
meant that we’ve reduced our fixed
costs because we don’t have offices
and we’re able to get out a lot more
and meet more customers.”
Life on the road
Visiting customer sites and offering
advice and consultancy takes
David from Fort William in Scotland
to South Wales and many places
in between. As well as helping
businesses work more efficiently,
travelling by rail and road does
occasionally allow him to indulge
his love of photography: “As I’m
travelling, I might see a nice picture
and stop to take it. Phones these
days are fantastic. You have your
phone with you wherever you go
and they take fantastic pictures. So,
not so much band photography any
more, but I do still take pictures.”
“
24 / Issue 10
Issue 10 / 25
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Follow us on Twitter: @xumagazine
Why philanthropy matters:
your small business guide
to giving
Social responsibility initiatives offer profound benefits for small
businesses and the communities they care about. Better yet,
they don’t have to cost a fortune. Caitlin Sisley explores some
budget friendly possibilities, and the positive flow-on effects of
inspiring a ‘culture of giving’ within your business...
016 was a strange and
unsettling year.
As a global community we were
brought to our knees by shocking
political events, civil unrest,
extreme earthquakes and the
devastating crisis in Syria. We
wept as many of our beloved
musical icons passed away -
including Bowie, Prince and
Leonard Cohen.
The year as a whole left many of
us feeling shaken, in need of a hug
and a stiff drink.
In the wake of this turmoil and
sadness, how we treat our fellow
humans in 2017 seems more
important than ever. I hope we see
a renewed focus on community and
caring. I hope more people start
embracing humanitarian ideals on
both a personal and professional
level.
It’s time to bring compassion,
empathy and generosity back into
our daily lives; and small business
has an important role to play.
Corporate Social Responsibility
We’ve all heard of Corporate
Social Responsibility (CSR), or a
regime of corporate contributions
intended to improve the wellbeing
of communities. The term is usually
reserved for big entities with
loads of cash and entire marketing
divisions, performing grand
charitable gestures to boost their
profile and impress stakeholders.
But as a small business, CSR
doesn’t apply to you, right? You
simply don’t have the same
resources as a corporate entity.
You’re strapped for time every day
as you juggle family commitments
and entrepreneurship. Every
expense - financial or otherwise -
needs to be justified.
How can you commit to charitable
giving and social responsibility
when you barely have time to pay
taxes?
The Small Business Advantage
Funnily enough, there are
actually several advantages small
businesses have when it comes
to corporate social responsibility.
Firstly, as a small business you’re
flexible. You can respond to urgent
community needs or perform
spontaneous charitable actions
without getting embroiled in miles
of red tape. You don’t answer to
a rigid panel of stakeholders or
figureheads. You get things done.
Secondly, as a small business
owner I bet you’re already
passionate about making a positive
impact on your community. What’s
more, you have local connections
and are well-informed about
relevant issues. It won’t take as
much research for you to pinpoint
the areas where you can make a
difference - and the local issues you
choose will be close to your heart.
With that in mind, here are some
budget-friendly suggestions
to get you started on a social
responsibility plan. It’s by no means
an exhaustive list, but more of a
starting point to get your creative
juices flowing.
• Offer Free Marketing. Aside from
direct donations, free marketing
is one of the simplest ways
to support a local charitable
organisation. However, poorly
selected campaigns can appear
superficial and opportunistic - so
it’s important to choose a charity
that genuinely aligns with your
company values. Offer them
marketing space on your website,
email newsletter promotions,
or even your pro bono services.
Over time you should be able to
cultivate a mutually beneficial
partnership.
• Give Blood as a Team. Encourage
your staff to participate in the
essential, life-saving activity of
donating blood. Most services
(including NZ Blood and
Australian Red Cross) will visit
your workplace if enough staff
members sign up. You may even
be notified when your blood
is used to save a life. A single
donation can save the lives of up
to 3 people, and you can donate
every 3 months (or 2-3 weeks for
plasma donations). Imagine the
potential impact your company
could have just by implementing
a quarterly donation scheme.
• Support Your Local Refugee
Centre. There are many ways
small businesses can help
refugee centres, aside from direct
donations. You could organise
a regular donation drive for
employees to bring in clothing,
books or unwanted gifts. Some
companies choose to lend
their office space after-hours
for refugee language classes
and employment training. It’s a
powerful way to help those less
fortunate than us to build better
lives, and in turn give back to the
community themselves.
• Host a ‘Buy 1, Give 1’ Lunch.
Here in New Zealand there’s
a wonderful social enterprise
called Eat My Lunch, which
operates on the ‘buy one, give
one’ philosophy. For each packed
lunch you buy, they’ll donate
a meal to a local school so an
underprivileged child doesn’t
go hungry. It’s an inspiring
business model. Consider using
their service the next time you
facilitate a staff lunch, or adopt
your own ‘buy 1, give 1’ approach
to catering.
• Enter a Sports Event. There are
many opportunities to make a
difference by entering your staff
in sporting events like Oxfam
Trailwalker, the London Marathon
or Auckland’s Round the Bays.
You can maximise their impact by
matching fundraising efforts or
making product donations in your
company name. Last year several
Xero employees entered the BDO
Wellington to Auckland Cycle
Challenge, riding their bikes for
seven straight days and travelling
almost 800km!
• Give Back to the Environment.
Businesses of all sizes leave a
bigger carbon footprint than
individuals, but at least you
can minimise the damage.
There are thousands of ways
your company can show its
commitment to ‘going green’.
You could implement a company-
wide recycling policy, source
your materials from local and
sustainable producers, or
participate in power-saving
regimes. Staff volunteer days like
native tree planting double as
excellent team building activities.
• Support Local Youth. Young
@WorkflowMax
Caitlin Sisley, Marketing Content
Writer, WorkflowMax
Caitlin has over six years of experience
in the digital content world and has
worked on social media campaigns,
SEO blogs, press releases and creative
copy for a large number of New
Zealand businesses. With a Master’s
Degree in Human Rights, she is not
only passionate about business but
also corporate responsibility, ethics
and humanitarian issues.
2
26 / Issue 10
Issue 10 / 27
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people are the future, and
Generation Z will face unique
challenges in their lifetimes. It’s
important that we support their
development and encourage
them to become changemakers
and innovators. You could
arrange mentorship for young
leaders in your business field or
create a rewarding internship
program for students. Often
these partnerships will offer
mutually beneficial marketing
opportunities.
• Have Paid Volunteer Days. A
powerful way of motivating
employees is offering them
optional paid days off to
volunteer at charitable
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
initiatives a success is perseverance
and consistency. Be selective
with causes, choose a niche that
fuels your passion (and that of
your employees). Then stick to a
schedule. A once-off good deed will
quickly vanish from memory, but if
you work regular commitments into
your business model you’ll soon
see rewards.
The Flow-On Effects
You might be cynical enough to ask,
“what’s in it for me?”
Not only does philanthropy feel
good, your business can benefit
from a number of flow-on effects
when you adopt a robust social
responsibility plan.
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companies that are perceived as
humanitarian or environmentally
sustainable will quickly earn the
loyalty of discerning consumers
while differentiating themselves
from competitors.
In fact, making social responsibility
part of your mission statement can
boost your brand trustworthiness,
increase sales and improve
customer retention rates. You may
even attract the attention of like-
minded investors.
And of course, charitable donations
are often tax deductible at the end
of the financial year. Speak with
your Xero certified accountant
to learn more about claiming tax
rebates or credits.
A Culture of Giving
Perhaps the most compelling
secondary impact of social
responsibility is the culture it
creates within your company ranks.
Today’s workforce are no longer
driven simply by paychecks.
Increasingly, employees want to
do work they perceive as having a
positive impact upon the world, or
at least their local community and
environment. And philanthropy
tends to be highly contagious.
Implementing social responsibility
initiatives from above usually has
a trickle down effect, and over time
can foster a ‘culture of giving’ at
every level of your business.
This culture of giving means staff
are more likely to offer their time
willingly, take pride in their work,
share skills, and be generous
and helpful towards colleag