Accounting Apps Podcast

Accounting Tech Updates May’24 : 🛠️Exploring Inventory, Practice Management, and Must-Try Apps

Heather Smith and Tyler Caskey discuss feature and functionality releases, new integrations, pricing adjustments, and acquisitions in the Accounting Apps space during March, April, May ‘24. Today I’m speaking with Tyler Caskey Partner at The Bean Counters. In this episode, we talk about . . . News and updates from Xero, QuickBooks & MYOB were discussed, including new features, integrations, pricing changes, and acquisitions Stories from the Inventory management space, including pain points and promising solutions explored Practice management tools for accounting firms featuring FYI Elite: Combined document, employee, and practice management solution. Apps recommended for both work and personal use, such as donate blood and seven rooms Lightyear acquisition by The Access Group analysed for hospitality industry benefits Synder & Cin7: Integration for seamless inventory and financial management. Fathom Reporting: Compare Actuals YTD + Budget against the Full Year Budget reporting. Calxa Features: Bulk Connections for multiple Xero organisations, and Sub-Accounts for detailed financial tracking. Finlert’s SubSync: Integration between Stripe and Xero. A2X Accounting: New Settlements and Payouts page for e-commerce transaction reconciliation. BOMA Marketing AI: Content Assist for customising marketing content. Sharesight: Enhanced trade file upload functionality. Netgain: Automates repetitive back-office tasks, specialises in ERP software solutions. NetSuite Updates: Enhanced inventory transfer settings, batch payment approval workflows, and options to mask company bank account numbers in electronic payment files. New apps we’ve tried recently and a few personal favourites Follow up on stories from the last episode. WorkflowMax by Xero Retirement: Last day to access is 26 June 2024. Users need a migration plan now! Xero New Invoicing: Heather has switched to New Invoicing! But Tyler switched back to Classic invoicing.   Many thanks to the sponsors of todays episode: Employment Hero  Fathom Reporting XBert   Contact details: Tyler Caskey https://www.linkedin.com/in/tylercaskey/  Accounting Apps newsletter: http://HeatherSmithAU.COM Accounting Apps Mastermind: https://www.facebook.com/groups/XeroMasterMind  LinkedIn: https://www.linkedin.com/in/HeatherSmithAU/  YouTube Channel: https://www.youtube.com/ANISEConsulting  X: https://twitter.com/HeatherSmithAU   

🔄 Automating and simplifying the complexities of Lease Accounting | Adam Riches

Today I’m speaking with Adam Riches, CEO & Co-Founder of Netgain In this episode, we talk about . . . - Adam Riches discusses the new lease accounting standards IFRS 16 and ASC 842, and how Netgain helps clients navigate the complexities - Riches shares how Netgain automates lease data extraction from contracts using AI to save accountants time - The challenges of managing cash flow visibility and bank reconciliations for businesses are highlighted - How Netgain's tools like its close module help speed up the month-end close process and improve data quality - The history of accounting software development is examined, from mainframes to Excel, and how Netgain aims to continue innovating - Potential applications of AI in accounting are explored, such as automating bookkeeping tasks and catching previously overlooked errors Contact details:   Adam Riches linkedin.com/in/adam-riches-cpa Netgain: https://www.netgain.tech/  Accounting Apps newsletter: http://HeatherSmithAU.COM Accounting Apps Mastermind: https://www.facebook.com/groups/XeroMasterMind  LinkedIn: https://www.linkedin.com/in/HeatherSmithAU/  YouTube Channel: https://www.youtube.com/ANISEConsulting  X: https://twitter.com/HeatherSmithAU   

Industry Disrupting CFO Advisor Kicking Goals ⚽ | Sarah Lawrance

Today I’m speaking with Sarah Lawrance, Founder & CEO of Hot Toast. In this episode, we talk about . . . - Sarah Lawrance shares her journey from childhood fascination with business to becoming a Certified Practicing Accountant (CPA) and founding her firm Hot Toast - Lawrance discusses her formative career experiences in Australia, London and fast-growth startups, and the inspiration for starting her own business - Sarah describes her role as a CFO for rapidly growing businesses, helping clients scale through advisory services, reporting, and finance team development - Sarah integrates technologies like G-Accon and SYFT to deliver data insights, and sees opportunities in AI and machine learning "I'm a big fan of G-Accon. I really love that tool. It's such a beautiful little connector that we pull lots of data out. We use it with Google Sheets. The creatives love Google Sheets, and they love zeros. So to be able to just link those two up and then kind of manipulate those into our own kind of models is a massive win for us." - When she could not find an age appropriate soccer club, she started her own women's soccer team. The team has since expanded to over 100 members in the eastern suburbs of Sydney.- Frustrated by a lack of female board opportunities she co-founded the Global Women's Accounting Influencers community - The conversation covers mentoring the next generation, leveraging networks, and the power of community in the accounting industry   Contact details: Sarah Lawrance https://www.linkedin.com/in/sarah-lawrance-fcpa-83894516/ Hot Toast : https://hottoast.com.au/  Accounting Apps newsletter: http://HeatherSmithAU.COM Accounting Apps Mastermind: https://www.facebook.com/groups/XeroMasterMind  LinkedIn: https://www.linkedin.com/in/HeatherSmithAU/  YouTube Channel: https://www.youtube.com/ANISEConsulting  X: https://twitter.com/HeatherSmithAU 

🥊 Excel vs Software Battle: Fighting it Out Over the Future of Accounting Tech

- Heather Smith moderates a debate between accounting software pioneer Michael Wood and tech strategist John Toon on the pros and cons of Excel vs Software - Michael argues that while Excel excels for individual tasks, software is better suited for collaboration and building efficient workflows for businesses - John counters that users, not the tools, are often to blame for Excel's downfalls, and that Excel can effectively replace basic accounting tasks for some clients  - The debate weighs the impact of tools on practice efficiency, profitability, and eventual sale value, with both sides acknowledging Excel's enduring relevance alongside advancing software - Listeners are polled on the winning side to much debate, highlighting the complexities of choosing the right tools for each accounting need Michael Wood https://www.linkedin.com/in/michaelwood/  https://www.translucent.io/    John Toon https://www.linkedin.com/in/johntoon/  Podcast https://digitoolsinaccrual.world/  Community https://www.digital-disruptors.com/  Beever and Struthers https://www.beeverstruthers.co.uk/  Contact details: Accounting Apps newsletter: http://HeatherSmithAU.COM Accounting Apps Mastermind: https://www.facebook.com/groups/XeroMasterMind  LinkedIn: https://www.linkedin.com/in/HeatherSmithAU/  YouTube Channel: https://www.youtube.com/ANISEConsulting  X: https://twitter.com/HeatherSmithAU   

🤖💼 The FAB Debate: AI vs The Human Touch in Accounting | Samuel Green

Today I’m debating Samuel Green, UK Partnership Account Executive of Employment Hero on AI vs the human touch in accounting at the Festival of Accountants and Bookkeepers - Smith argues the human touch is crucial for customer service and empathy while Green emphasises AI's potential for efficiency and insights   - Both agree AI can streamline repetitive tasks but human oversight is still needed - Attendees question how AI will evolve and what to consider when choosing software - Smith encourages evaluating long-term roadmaps and support while Green discusses AI use cases at Employment Hero - They find consensus that selective AI use can enhance but not replace the human experience in client relationships Write up from the debate AI and the case for the human touch https://www.accountingweb.co.uk/tech/accounting-software/ai-and-the-case-for-the-human-touch    Samuel Green https://www.linkedin.com/in/samuelgreen14/ https://employmenthero.com/ Contact details: Accounting Apps newsletter: http://HeatherSmithAU.COM Accounting Apps Mastermind: https://www.facebook.com/groups/XeroMasterMind  LinkedIn: https://www.linkedin.com/in/HeatherSmithAU/  YouTube Channel: https://www.youtube.com/ANISEConsulting  X: https://twitter.com/HeatherSmithAU 

📣 Live from the Festival of Accountants and Bookkeepers!

Heather Smith shares interviews from the Festival of Accountants and Bookkeepers in Birmingham, including conversations about launching a UK version of XBert, the funding journey of a founder, updates on Sage products, and Richard Sergeant's advice for vendors. Insights cover compliance, automation, growth and more. - Interview with Will Rush  - GM(UK) for XBert discussing launching their platform in the UK - Conversation with Lucy Cohen - Co-founder and CEO of Mazuma, about starting her business and her recent funding journey (Featuring Alex Falcon Huerta) - Updates on BrightPay payroll from Donal Carr - Senior Account Executive Bright Software - Overview of Sage's offerings for accountants from Chris Downing - Director of Product Marketing | Accountants and Bookkeepers Sage - Richard Sergeant - Managing Director Principle Point shares tips for vendors working with accountants - Mark Lee Facilitator BookMarkLee.co.uk  Contact details: Accounting Apps newsletter: http://HeatherSmithAU.COM Accounting Apps Mastermind: https://www.facebook.com/groups/XeroMasterMind  LinkedIn: https://www.linkedin.com/in/HeatherSmithAU/  YouTube Channel: https://www.youtube.com/ANISEConsulting  X: https://twitter.com/HeatherSmithAU   

Developing a Migration Strategy 📑 from WorkflowMax by Xero

Today I’m sharing with you a webinar I hosted on behalf of Projectworks and WorkGuru that provides an overview of alternatives to WorkflowMax by Xero as it reaches end of life 26 June 2024. The panellists who joined me were: Heidi Seal Ops Consultant at Business Sense (NZ) Matthew Peng Founder at Business Continuum Matt Hayter Co-Founder at Projectworks Tony Harcourt Co-Founder at WorkGuru The panellists discussed the triggers for change, comparing features of the two solutions. They explored how each platform caters to different industries. The expert implementers shared case studies of successful migrations, highlighting challenges and opportunities clients faced. The presentation covered developing a migration strategy, including exporting data, mapping business processes, and change management. Attendees learned about assessing potential solutions by considering key questions, desired outcomes, and post go-live improvements. The session emphasised preparing early by testing new platforms and leveraging experienced partners for a smooth transition. Overall, the webinar helped attendees understand options for transitioning away from WorkflowMax by Xero to Projectworks or WorkGuru.   The Flow of the webinar Understanding the Transition Trigger for Change Market Reaction Comparative Overview of Solutions Common Features Target Industries Points of Difference Deep Dive into Migration Migration Strategy Case Studies Assessing Solutions Preparation for Transition  Relevant links  Heidi Seal Ops Consultant at Business Sense (NZ) L: https://www.linkedin.com/in/heidiseal/   E: Heidi@BusinessSense.co.nz B: https://businesssenseconsulting.co.nz/   Heidi Seal Resources The WorkflowMax Changeover Workshop : https://drive.google.com/file/d/1P7arD82_9YSyW26ekE6ryY6bSR4Z1EQf/view  The 7-step process for implementation success : https://drive.google.com/file/d/1Q_nif1fqgCcXfu8o90JhtXscvBhG5CQl/view Matthew Peng Founder at Business Continuum L: https://www.linkedin.com/in/matthew-peng/  E : Matthew@BusinessContinuum.com.au  B: https://businesscontinuum.com.au/    Matt Hayter Co-Founder at Projectworks L: https://www.linkedin.com/in/matthew-hayter-9180037/  B: https://projectworks.io/    Tony Harcourt Co-Founder at WorkGuru L: https://www.linkedin.com/in/tony-harcourt/  B: https://workguru.io/    Tony Harcourt Resources Migrating from WoFM to WorkGuru Overview : https://support.workguru.io/support/solutions/articles/43000698451-migrating-from-workflowmax-to-workguru-overview   WFM to WorkGuru One-Click Migration Tool : https://support.workguru.io/support/solutions/articles/43000699631-wfm-to-workguru-one-click-migration-tool  Support Solutions Hub : https://support.workguru.io/support/home Contact details: Accounting Apps newsletter: http://HeatherSmithAU.COM Accounting Apps Mastermind: https://www.facebook.com/groups/XeroMasterMind  LinkedIn: https://www.linkedin.com/in/HeatherSmithAU/  YouTube Channel: https://www.youtube.com/ANISEConsulting  X: https://twitter.com/HeatherSmithAU   

Unlocking 🔓 Accounting Innovations: Live Banking, Global Solutions, Reporting Updates, and Xero’s Invoicing Evolution Unveiled

Tyler Caskey, Partner at The Bean Counters joins me in this episode. Here are five interesting insights we talk about in the show: 1. Live Banking and Direct Digital Receipting: Tools like Weel and Airwallex enable real-time banking transactions, while solutions like Slyp and Tyro streamline payment processes by sending receipt details directly to accounting systems, reducing manual data entry. 2. Global Banking Solutions: Digital technology solutions like Airwallex, OFX, Paytron, and Wise facilitate international transactions with ease, offering competitive rates and near real-time transfers and bill payments in multiple currencies. 3. Google's Updates: Google is removing underutilised features across Android, including some related to voice controls, and shutting down its podcast app in favour of integrating podcasts into YouTube Music. This shift intrigued the author, who recently upgraded their device. 4. Updates in the Reporting Space: Various accounting software solutions have introduced updates, such as Calxa's unlinked accounts feature for cash flow forecasting, Fathom's improved KPI library experience, and G-Accon's introduction of automatic workflows within Google Sheets. 5. Xero's Invoices Changes: Xero is retiring classic invoicing in September 2024, prompting concerns from the community about missing features, like the ability to process an overpayment, inability to edit exchange rates, and inability to invoice bulk contact groups.  However, you can quickly switch back if you need features only currently available within classic invoicing. These insights highlight the ongoing technological advancements and changes within the accounting industry, offering both opportunities and challenges for practitioners and stakeholders alike.  Contact details: Tyler Caskey: https://www.linkedin.com/in/tylercaskey/  Accounting Apps newsletter: http://HeatherSmithAU.COM Accounting Apps Mastermind: https://www.facebook.com/groups/XeroMasterMind  LinkedIn: https://www.linkedin.com/in/HeatherSmithAU/  YouTube Channel: https://www.youtube.com/ANISEConsulting  X: https://twitter.com/HeatherSmithAU 

Full Stack Mastery 🥇 – Elevate your Practice with XBert | Cassandra Scott

Today I’m speaking with Cassandra Scott, Director of Laurus Bookkeeping In this episode, we talk about . . . - Delve into how Xbert leverages AI to scrutinise client accounting data, spotlighting over 80 potential anomalies and risks. - Discover the power of automating routine tasks such as payroll, BAS, and bookkeeping with standardised workflows. - Learn how Cassandra efficiently mapped her first 10 workflows in just half an hour, enhancing consistency. - Explore Xbert's scheduling capabilities, enabling the assignment of recurring tasks to various cycles, from daily to fortnightly. - Understand the significance of using client notes to capture unique requirements for bespoke workflows. - Gain insights into data-driven reporting and analytics, offering a glimpse into staff performance and client engagements. - Uncover how customisable reporting allows practices to dissect data from diverse angles. - Get a peek at roadmap features like capacity management, utilising timesheet data for optimal scheduling. - Hear about the transformative impact Xbert has had on Cassandra's practice, facilitating work with global clients.   Contact details: XBert: https://www.xbert.io/  Cassandra Scott: https://www.linkedin.com/in/cassandrascott/  Bookkeepers in Practice FaceBook Group : https://www.facebook.com/groups/1652992464953692  Accounting Apps newsletter: http://HeatherSmithAU.COM Accounting Apps Mastermind: https://www.facebook.com/groups/XeroMasterMind  LinkedIn: https://www.linkedin.com/in/HeatherSmithAU/  YouTube Channel: https://www.youtube.com/ANISEConsulting  X: https://twitter.com/HeatherSmithAU

Improving Data Quality and Practice Management through Innovation 🤝 | Jonathan Gaunt

Today I’m speaking with Jonathan Gaunt, co-founder of of Socket Digital, Xavier Analytics & FD Works In this episode, we talk about . . . Jonathan's transition from corporate accounting to entrepreneurship, embracing new opportunities and control over his career. Insights from working with Dragon's Den investor Richard Farleigh, focusing on solutions over limitations. Practical tips for enhancing your LinkedIn profile to attract more followers and connections with engaging content. The importance of storytelling with numbers and identifying the pivotal "clunk moment" in business. The role of co-founding Xavier Analytics in improving data quality and introducing new workflow automation tools. Reflections on selling a business and fostering innovation within larger organisations. Development of innovative proposal software for accountants, driven by needs identification and process innovation. Advice for entrepreneurs: be courageous, focus on controllables, and enjoy the entrepreneurial journey. This episode is kindly sponsored by Fathom all in one reporting, analysis and forecasting. Contact details: Jonathan Gaunt: https://www.linkedin.com/in/jonathan-gaunt/ FD Works: https://www.fd-works.co.uk/  Xavier Analytics: https://xavier-analytics.com/   UseSocket: https://www.usesocket.com/  Accounting Apps newsletter: http://HeatherSmithAU.COM Accounting Apps Mastermind: https://www.facebook.com/groups/XeroMasterMind  LinkedIn: https://www.linkedin.com/in/HeatherSmithAU/  YouTube Channel: https://www.youtube.com/ANISEConsulting  X: https://twitter.com/HeatherSmithAU