Cloud Stories | Cloud Accounting | Business Tools | Xero, Qbo, Myob | Ecosystem | Apps

Heather Smith and Tyler Caskey, Partner at The Bean Counters discuss features, functionalities and updates in the Accounting Apps from June July 2024. Highlights from this episode include: A discussion around the importance of Apps offering training, ongoing training and training to meet different learning styles. Zohos expansion plans into Australia, and its vast platform offerings. Employment Hero's Smart Match system which checks candidate interest levels for your new jobs and auto-shortlist those interested. A potential competitor to Seek & LinkedIn. The payroll solution Gusto’s launch into the Australian market with an all-in-one platform for all-over-the-world teams. The data quality tool XBert has released the ability to develop customisable XBerts, giving you the ability to monitor areas of interest to you. Contact details: Tyler Caskey https://www.linkedin.com/in/tylercaskey/  The Bean Counters https://www.thebeancounters.com.au/  Accounting Apps newsletter: http://HeatherSmithAU.COM

Today I’m sharing with you a recording of a keynote entitled "Developing and Keeping a Competitive Advantage," given by Philip Fierlinger, co-founder of Upstock and co-founder of Xero.   Philip Fierlinger discusses his experiences and insights on developing and maintaining a competitive advantage in the technology and accounting sectors. He shares his journey from working on the first smartphone at General Magic to co-founding Xero and Upstock. The talk focuses on the importance of creating extraordinary user experiences, transforming pain points into pleasurable experiences, and adhering to a strong vision and values.   Highlights from the session include:   Philip Fierlinger shares insights on developing and maintaining a competitive advantage, drawing from his extensive experience in the tech and accounting industries.   Discusses his journey from working on General Magic's first smartphone to co-founding Xero and Upstock, highlighting key milestones and lessons learned.   Emphasises the importance of tran

Marc Orchard and Heather Smith discussed the importance of accountants and bookkeepers in high growth tech companies, highlighting the challenges of serving early stage companies with complex needs. They emphasised the need for upskilling and capability building, as well as the importance of building relationships in the startup ecosystem. Marc Orchard added to the conversation by discussing the integration of accounting and finance with technology, and the potential for Chartered Accountants Australia and New Zealand to sponsor innovation events. Heather Smith and Marc Orchard later discussed the challenges professional service providers face in managing risk tolerance, emphasising the importance of differentiating between personal and business risk tolerance and valuing experience and wisdom in building up risk tolerance.   Marc Orchard Website: https://planetstartup.com.au/  Linkedin  https://www.linkedin.com/in/marcorchard/    Contact details: Accounting Apps newsletter: http://HeatherSmithAU.COM Accounti

Join us for insightful discussion on how startups can effectively build their profiles through media.  I’m sharing with you a recording of a panel session entitled “Building Your Startup's Profile with Media” This was recorded at the 2024 Tropical Innovation Festival that is held in Cairns in June. Here are the top five takeaways from our expert speakers: Understand the Media Landscape: Modern media is diverse and accessible, ranging from traditional outlets like TV and radio to digital platforms like podcasts and social media. Recognising the right platform for your message is crucial. Craft a Compelling Story: Your story should be relevant, relatable, and engaging. Focus on the human element to make your narrative resonate with the audience. Build a Strong Founder Brand: Before seeking media attention, establish your own platform with clear, consistent messaging. This controlled content can attract media interest and help shape your public image. Focus on Trust and Integrity: Authenticity is key. Media inte

Today I’m speaking with Michael King: Michael is the CEO of KFE Solutions, which is the top rated Fractional CFO firm in Dallas, Texas. He’s also the creator of The CFO Accelerator, where he helps Accountants and fractional CFOs start, scale, and optimise their advisory services. He is also the host of, The CFO Report, where he shares tips, tricks, and hacks he discovered over the past 7 + years building his fractional CFO firm. https://www.linkedin.com/in/iammichaelking/ In this episode, we talk about . . . - Fractional CFOs should focus on providing insights, not just generating reports. - Accurate, timely financial data is critical for fractional CFOs to provide valuable insights to clients. - Automating financial reporting with tools like G-Accon can save time and reduce errors. - Building a simple, effective tech stack is crucial for fractional CFO success. - Partnering with the right technology, like G-Accon, is key for streamlining operations. - Fractional CFOs should start with simple, core financial

AI will increase software productivity and enable users to create their own apps, multiplying software abundance I’m sharing with you the audio from a session I hosted as part of the Australian CFO Summit 2024 produced by Weel. It’s called:  “Scale your business on Xero without needing a dozen other Apps and Add-ons” The presenter is Michael Wood, the Founder and CEO of Translucent. - Michael Wood discusses the exponential growth of software in businesses from the desktop era to the cloud and AI eras - Wood argues AI will increase software productivity and enable users to create their own apps, multiplying software abundance - The challenges of fragmented data, security, cost and vendor management with abundant software apps are highlighted - Compound startups are presented as a solution, exemplified by Translucent, consolidating finance apps and data into a unified platform - Benefits of the compound startup model include reduced cost, streamlined management, improved productivity and AI readiness Contact de

Financial controls enable accountable growth by distributing responsibility across teams… Today I’m speaking with: Meena Berry, Senior Partnership Manager, Xero  Cassandra Scott, Head of Bookkeeping, ApprovalMax Brendan Lucas, Head of Accounting, ApprovalMax In this episode, we discuss: - ApprovalMax & Xero survey results revealing many businesses lack key financial controls - Stories of businesses defrauded due to inadequate internal verification processes - How financial controls enable accountable growth by distributing responsibility across teams - The importance of supplier verification and approval processes in mitigating fraud and non-compliance risks - The role of audit trails, budget checks, and real-time alerts in enhancing financial oversight - Case studies demonstrating how ApprovalMax and Xero streamline approval workflows - The significance of continuously improving controls as businesses scale Key takeaways: - Revisit and continuously improve your financial controls - Discuss the va

Today I’m speaking with Damien Greathead Head of Marketing - Accountant & Advisor Group, Intuit Australia Our guest is a dynamic sales and marketing leader who excels in helping venture-funded software companies build robust sales and marketing functions. With a specialised focus on the accounting and fintech verticals, he has a proven track record of establishing brands and expanding customer bases across North America, EMEA, and Asia Pacific regions. He has successfully collaborated with both small and large teams across various time zones, driving impressive growth in scale-up companies, achieving over 70% growth year-on-year. He is the co-host of the Podcast: Strategy and the Virtual Controller with Penny Breslin. He worked at Ignition when it was called Practice Ignition and Dext when it was called Receipt Bank and now he is Head of Marketing - Accountant & Advisor Group, Intuit Australia.   Damien discusses his career in accounting technology marketing across the globe. He shares updates to Quic

Today, I’ve something exciting to share with you. You know how you get excited when a lost Beatle or Nirvana track is found, well the extraordinary Alexi Boyd uncovered the audio of a panel discussion from Sydney Xerocon PreXerocon 2023. I honestly thought I’d never hear it again, and then mid March she sent me a copy - making me a very happy podcaster cause I get to share it with you. The panel discussion was held at the beautiful Hinchcliff House at Circular Quay. Unfortunately the room was a little noisy on the day of the event. However much to my surprise the audio quality is really quite good.     The topic for discussion was “Unravelling the future of AccounTech”.   If you are a regular listener you will know, I value bringing diversity to these tech conversations: The moderator Alexi Boyd ran a BAS and Bookkeeping business for 8 years. She is the Radio Show host of Small Biz Matters and now works in policy strategy and government relations. Her background led her to take the conversation in an interest

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 C

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

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 ma

- 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-disrupto

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 Greene 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 Greene 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

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 Mast

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

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 a

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. - H

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 jour

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