Accounting Apps Podcast

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   

The Devastating British Post Office’s 📮 Point of Sale Scandal| Tom Herbert

In this episode, Tom Herbert, technology editor at Accounting Web, shares his insights on the British Post Office scandal, which has been ongoing for decades, ruining the lives of many subpostmasters. Heather and Tom discussed the problems with the Post Office's Fujitsu Horizon point of sale system implementation, leading to unbalanced reconciliations and accusations of theft against subpostmasters. The Post Office used its prosecution powers and prosecuted 700 subpostmasters between 1989 and 2015, resulting in jail time, financial ruin, relationship breakdown, lost homes, living in cars, and sadly much much worse. The scandal is discussed from the perspective of an accountant, the POS implementation, the forensic accountant who aided in uncovering the issues, the suspense account, the high tax hitting the subpostmasters when they received any compensation. The story behind this scandal, Mr Bates vs the Post Office, was broadcast on ITV in January 2024. We talk about the importance of storytelling in bringing this story into the narrative of the general public. Contact details: Tom Herbert  Contact details: Tom Herbert https://www.linkedin.com/in/tomherbert/  AccountingWeb https://www.accountingweb.co.uk/  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

Accounting Industry Trends 📈 to Watch in 2024 | Tyler Caskey

Today I’m speaking with Tyler Caskey, Partner at The Bean Counters In this episode, we talk about . . . Accounting industry trends in 2024  Crafting accounting stories for clients, marketing and career coaching. AI, Automation & ChatGPT in accounting.  Remote work trends and virtual teams in the accounting industry.  Pay raises, career progression, and work-from-home impact.  The role of accountants in strategic business planning and advisory Trends in practice management software for accounting firms.  This episode is kindly sponsored by Employment Hero: The All in One HR, Payroll & Benefits Platform  https://employmenthero.com/ Translucent The Multi-Entity Accounting solution  https://www.translucent.io/  Technology Mentioned Account-Kit https://www.account-kit.com/  AirWallex https://www.airwallex.com/au  Dashboard Insights https://dashboardinsights.com/  Employment Hero https://employmenthero.com/  FYI Docs : https://fyi.app/  Handisoft : https://www.theaccessgroup.com/en-au/products/handisoft/  KarbonHQ https://karbonhq.com/  XBert https://www.xbert.io/  Xero Practice Manager https://www.xero.com/au/xero-practice-manager/  Weel https://letsweel.com/   Contact details: Tyler Caskey: https://www.linkedin.com/in/tylercaskey/ The Bean Counters: https://www.thebeancounters.com.au/  "The Accounting Podcast," Blake Oliver's interview with Ben Richmond, the Country Manager of Xero USA https://www.youtube.com/watch?v=NqSYir84htg   Weel Natalie Lennon https://www.linkedin.com/in/natalielennon/  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

An Accountant’s Manifesto 📖: David Boyar’s Journey to Transform the Profession

The biggest kept secret in the Australian accounting industry: The acquisition of Change GPS by Access Group. This episode is kindly sponsored by Employment Hero: The All in One HR, Payroll & Benefits Platform  https://employmenthero.com/ Translucent The Multi-Entity Accounting solution  https://www.translucent.io/  In this episode - David Boyar reflects on his upbringing in his father's accounting practice and early ambitions ( he was going to be CEO of Coca Cola!) - He discusses founding an association of CFOs and lessons learned from scaling advisory work   - Boyar shares how he joined Change GPS and their aligned values (with Timothy Munro) in transforming accounting firms - Insights are provided on data analytics in accounting tech companies and marketing approaches, including wearing a suit ! - Accountants take umbrage at people who've never had an accounting practice telling them what to do. - The acquisition of Change GPS by Access Group is explained as a strategic partnership - Client experience and standardised services are highlighted as priorities for the future Contact details: L: https://www.linkedin.com/in/davidboyar/  L: https://www.linkedin.com/in/timothymunro/ W: https://changegps.com.au/ Roadshow: https://www.eventbrite.com.au/o/changegps-2988249339    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

🚀 Kicking Off 2024: Adventures, Insights, and Changes from Heather Smith

The big news is I'm rebranding the Cloud Stories podcast to the Accounting Apps podcast (fingers crossed) In this episode, I talk about . . . Summer adventures with family and Chester the Border Collie in Elanora and Crows Nest Catching up on admin backlog and office makeover Website update with recent photos and videos Rebranding Cloud Stories podcast to Accounting Apps podcast Introducing advertising to the newsletter and podcast Clarification on ACCA Global Council election results Embracing "StoryTeller" as the theme for the year Upcoming speaking engagements in Birmingham and Cairns Preview of the next episode with David Boyar, CEO of ChangeGPS 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   

Wrap up of 2023

2023 has been a brilliant technicolour year for me, and I’m delighted to end it on yet another high, hitting 20 000 podcast episode downloads during the year. As an accountant I do like a nice round number.  Thank you to the many listeners, especially those who hit the subscribe button. Thank you to the many guests who graciously share their time with me on the Cloud Stories podcast over the last year.  Thank you to the conference organisers for providing me with the opportunity to meet fascinating individuals and enabling me to share knowledge with our accounting & bookkeeping community. The Cloud Stories Wrap of 2023 is as an opportunity to answer the following questions:   Which accounting technologies saw the most significant advancements this year? What were the top 5 most popular episodes of 20 How did the podcast evolve over the past year? What were the biggest challenges faced in podcasting about accounting technology in 2023? What feedback from listeners surprised you the most? What was the most unexpected topic or guest you had in 2023? What was the most controversial topic discussed on the podcast?  How do you plan to evolve the podcast in the coming year? What advice would you give to someone starting a podcast in the accounting technology niche? How did you celebrate reaching 20,000 downloads? What are your goals for the podcast in 2024?   Wishing you all health and happiness as we head into 2024. Subscribe to the Accounting Apps newsletter here http://HeatherSmithAU.COM Connect with Heather Smith here https://www.linkedin.com/in/heathersmithau/ 

Exploring Chat GPT in Accounting

Heather Smith delves into the transformative role of ChatGPT in the accounting sector. The discussion begins with an early adopter's perspective, highlighting the initial challenges and the evolving capabilities of ChatGPT. She explores its practical applications in tasks like email drafting and webinar planning, emphasising its ability to add creativity and efficiency to mundane tasks. The podcast then shifts focus to customise ChatGPT for more personalised and precise outputs. This includes tailoring the AI to align with specific language preferences, such as UK English, and ensuring the responses are concise and fit the intended audience's needs. Emphasis is placed on the tool's ability to mirror an individual's style and branding, making it a versatile asset in professional communications.   In the final segment, she discusses the importance of critically assessing AI outputs, acknowledging ChatGPT's limitations such as its tendency to "hallucinate" or provide incorrect information, and the inherent biases in AI based on its training data. This part of the conversation underscores the need for a responsible approach to using AI, balancing its remarkable benefits with an awareness of its pitfalls. Overall, the podcast offers a comprehensive look at ChatGPT’s role in accounting, providing listeners with insights into how this AI tool can be a game-changer in the industry while also cautioning them to use it judiciously. Then there is a surprise twist!! Connect with Heather Smith here: https://www.linkedin.com/in/heathersmithau/  Subscribe to the Accounting Apps newsletter here http://HeatherSmithAU.COM   

Solving the Multi-Entity Problem: The Story Behind Translucent | Michael Wood

Michael Wood truly lives and breathes the title entrepreneur. Currently he’s Founder & CEO of Translucent. His LinkedIn profile reveals he’s also the founder of 4 other companies. The company that you’re likely to know him from is Receipt Bank. Michael was the original co-founder and was there till April 2021, when it was acquired by private equity group HgCapital. Please be aware I strategically partner with Translucent. I was an early adopter of Receipt Bank, and also am an early adopter of Translucent. I’m sure you will find this interview enlightening! In this episode, we talk about . . . Michael’s journey from pursuing a Bachelor of Science in zoology to founding a marketing and growth consultancy firm, Tweed London. The origins and evolution of Receipt Bank, a digital receipt management platform.  The impact of Xero's API on the accounting industry.  Michael discusses how his experience at Receipt Bank led to the launch of Translucent, a solution for multi-entity businesses to manage their accounting setup. How Translucent is using a compound startup approach to build multiple apps within one platform, aiming to launch four apps per year. Michael explains that Translucent is like a data warehouse, providing a single source of truth for users to easily search and find data across all their entities. Michael discusses upcoming features for their financial management platform, including bank consolidation and intercompany loans. The future of accounting, globalisation, and the need for a more unified toolset. Michael shares his views on the future of accounting and technology industry through 2030, emphasising the value of data and its journey towards maximisation. Michael highlights the increasing importance of data in the industry, and how firms and finance departments will need to surf the technology wave to keep up. Michael Wood : https://www.linkedin.com/in/michaelwood/ Translucent : https://translucent.app/  Heather Smith : https://www.linkedin.com/in/heathersmithau/  If you enjoyed this podcast please share it with someone else who you think would benefit from it. For in-depth discussions about the ecosystem, do join the Xero Mastermind group on Facebook. I recommend subscribing to the Accounting Apps newsletter for a comprehensive insight into the ecosystem space, accessible at HeatherSmithAU.COM. Feel free to connect with me on LinkedIn and subscribe to the Cloud Stories podcast. I'm Heather Smith, and this has been the Cloud Stories podcast.