Manchester Buckles Up for Planned Invasion by Accountancy Professionals
Software and service suppliers will gather en masse at the iconic Manchester Central on Tuesday, September 19th, and for a very good reason. The building is going to be absolutely buzzing with over two thousand accountancy and finance professionals checking out the latest industry trends, tools and technologies at the Accountex Summit Manchester. Now at its fifth edition, the event is becoming a bit of a staple in its category, with visitors pouring in not only from the rainy city, but also Newcastle, Leeds, Sheffield, Birmingham, and Liverpool.
Alongside plenty of networking, attendees will of course be looking to learn about technological innovation in their field and how it might help the profession. The educational side of the summit is varied and needs to be factored in. Accredited by the Continuing Professional Development (CPD) Certification Service, it features no less than 32 sessions across four different theatres. There will be much to pick and choose from, as well as an incentive to do so in the form of 8 CPD points for those who participate.
Luckily, a lot of the seminars are highly interesting and on point. The UK's tax, payments and customs authority, for example, will update visitors on the current transformation and digitalisation of the tax system - with the end purpose of “easier and simpler services for accountants and customers”. Mental Health UK is set to present what impact stress and burnout can have on individuals in the workplace and how organizations can provide psychological stability to employees during turbulent times. And, of course, top present-day topics such as AI, ChatGPT, and automation, will be looked into closely from multiple perspectives.
Many of the companies exhibiting at the Accountex Summit in Manchester are poised to present cutting-edge technological solutions that address a multitude of problems. Some are traveling from the continent for a chance to make an impact on the UK market. “Technology continues to revolutionize the finance and accounting industry, and we are part of the revolution. Businesses in the UK are some of the most advanced, and used to having useful but tedious tasks automated. That’s why it was an easy decision to set up a booth at the event. We’ll be presenting our award-winning Optical Character Recognition technology, with the best recognition rate in Europe”, said Martijn Beens, a representative of Dutch software company Klippa.
With more than a hundred businesses ‘fighting’ for attention at the summit, organizers felt confident to put forth that their event is a one-stop shop for those interested to sample all the accountancy software available out there.
Klippa will be exhibiting at Accountex Summit Manchester on the 19th September 2023 on stand B10.
You can register for a free ticket here.
How to automate the accounts receivable process | Capium
Managing accounts receivable (AR) is a key part of the bookkeeping process – without keeping a close eye on the money that’s due to come into a business, it’s hard to maintain a healthy cashflow.
As an accountant, this is an area where you can provide a lot of support to your clients, making sure their AR process runs smoothly and keeping the right records to feed into their accounts.
There are also many opportunities to automate this process, freeing up time and improving efficiency for both you and your client.
A streamlined AR process should also help your clients to get paid faster, boosting their cashflow and bolstering your relationship with them as a trusted professional.
We’ll cover a few practical tips to effectively implement AR automation in your accountancy practice.
Consider your current processes
Before you get started, take the time to look at the way you manage AR in your firm at the moment.
Ask yourself:
- How do you and your team receive information from clients?
- How do clients receive information from you?
- Which parts of the process are already done automatically?
- What software are you already using to manage it?
- How are clients interacting with your current software?
- Which parts of the process are the same every time?
- Which parts take the most time or cause delays?
By looking at your current AR process from end to end, you should be able to highlight any problem areas and consider how you could manage those things differently.
At this stage, it’s a good idea to draw up a workflow, giving you and your team a framework for the way the process should work each time, while building in flexibility for any differences between clients.
From there, you can consider the best ways to automate parts of your workflow, rather than jumping straight to software solutions and trying to fit those into the way you work now.
If you have a practice management system, you should be able to build your workflow there so anyone in your practice can follow it.
Onboard with the right information
As part of your AR workflow, it’s also important to think about how you can begin the process with the right bookkeeping data, including for new clients.
Onboarding is another process where you can establish a workflow and use software to automate it. After this has been done – or as part of the onboarding workflow – you should reconcile your new client’s accounts so you can start with the correct information on hand.
Capium’s auto bank reconciliation feature can help you to do this swiftly, for new and existing clients.
Create invoice templates
The first step of AR is sending an invoice. For some clients, creating these and filling in the relevant information can take up valuable time – so one of the easiest ways to speed this up is by creating a reusable template that pulls through data automatically.
This way, it should only take a few clicks for you or your client to send a clear, professional invoice, making it easy for the customer to pay promptly.
Send automatic payment reminders
Once an invoice is out, the next stage of the process is monitoring that payment and reminding the customer to pay it after set periods of time.
Losing track of this can lead to cashflow problems with serious knock-on effects, so it’s really important to stay on top of things at this stage.
Setting up automatic reminders takes away the stress for both you and your client – it’s one less thing for you to remember, and should help to keep the cash coming into their business.
There are several software tools available that allow you to send invoices and reminders, but ideally you should look for something that connects to the software you use to manage the rest of the accounting process.
Automate AR with Capium’s integrated accounting software
Capium is a cloud-based accounting and practice management platform for accountants, designed to streamline your workflow with an integrated set of modules.
Our bookkeeping module allows you to easily automate your AR process, and the data you collect will sync automatically with our other accounting modules. It’s a comprehensive platform, giving you access to all of the most important information about your clients in one place.
Five signs your client has outgrown their finance system: how to spot the warning signals
There are plenty of finance systems out there which are great for small businesses. They are simple, easy to use, and are often available at a low cost. However, as organisations grow, their requirements change. As a trusted advisor you want to ensure your clients are receiving the highest level of support. So, in this article we take a closer look at five signs your client has outgrown their current finance system, so that you can identify the warning signals early on and advise accordingly.
1. Increased reporting demands
As an organisation grows, so do the reporting demands. The need to analyse costs, revenues, and complex data in further detail increases. If the finance system doesn’t provide the reporting flexibility and analysis they need, then your client is suffering from a lack of insight, directly impacting the quality of decision-making.
This relates to multi-entity organisations. Handling inter-company transactions and getting to grips with reporting for each entity and your consolidated position is essential. When reporting across multiple locations and entities is next to impossible and manual month-end processes mean your client is operating with out-of-date management information, these are definitive signs your client has outgrown their finance system.
2. Rising spreadsheets and workarounds
Often, when your clients’ demands become more complex, a myriad of spreadsheets and workarounds appear. With more intricate reporting and analysis, there is more room for human error, and efficiency can deteriorate. Fundamentally, the finance system is doing more harm than good at this point, and your client should be migrated to a system that supports multi-dimensional reporting to facilitate in-system self-service reporting.
3. Excessive manual AP processing
If you find your clients AP numbers are getting excessive, this may be a sign they are outgrowing their finance system. Larger software providers can offer higher automated capabilities, meaning it frees up your time to provide more value-added activities and advice to your clients.
4. Multiple currencies are not available
If your clients’ organisation is expanding into new geographies and therefore multiple currencies, but their finance system is unable to transact, report, and consolidate in different currencies, then they have outgrown it.
Look for a finance system with a multi-currency functionality built-in, and an out-of-the-box integration to ensure exchange rates are always up to date.
5. Too many third-party apps
Usually smaller finance systems require bolt-on apps for features such as OCR, workflow, or expenses. Once your client is using too many of these apps, it can begin to disjoint and slow their systems, resulting in a lack of efficiency. When your client reaches this point, it may be time to advise them to move to a mid-market system that has these functions already built in. This then ensures the clients data and apps are all in one place and working to the highest standard.
By Sian Hewitt
Xledger's experts will be exhibiting at Accountex Summit Manchester the 12 October 2022 at Manchester Central, at stand C8 to discuss any queries you may have around this subject, so come on over and we will gladly talk you through it!
You can register for a free ticket here.
Planning for your future financial security
Now more than ever, it is really important to keep in mind our life goals and financial objectives. Many advisers focus on advice linked to financial products without considering the required steps to achieving objectives, milestones and financial goals. We all need long-term aims in order to start a financial plan to achieve them. So what does the end result look like?
The foundations to any good financial plan are identifying the long-term financial goals and taking an in-depth look into current cash flow. An adviser works with a client to understand exactly where they are now, where they want to get to and what steps need to be taken to achieve this. A cash flow model is a detailed picture of a client’s assets, investments, liabilities, income and expenditure that is projected forward, year by year, using assumed rates of growth, income, inflation, wage rises and interest rates, with the ability to vary these assumptions as required and review them annually.
At Mattioli Woods, our core client base is often either current or retired business owners, senior professionals, and entrepreneurs. Naturally, with the territory comes a detailed understanding of a business’s overall plan, including assets, current and forecasted turnover, profit, tax liabilities and a whole host of other details. However, when the same individual comes to put a very similar plan in place for their personal finances, the different elements are often compartmentalised, with the various pots rarely viewed under one cohesive financial strategy. As with any strategic planning exercise, the output is only as good as the information provided, so a two-pronged approach between an adviser and a client’s accountant is essential in delivering this, especially for business owners.
There is no denying that for some this can be an uncomfortable exercise at first and is a planning exercise in itself! It perhaps does not get as much focus in the industry as tax planning or portfolio management. However, to have true peace of mind that your finances are on track and you are doing the right thing, it is something that needs to be tackled. If there is a deficit between the current trajectory and the end goal, it is always better to confront this as soon as possible.
On the other side of the coin, most people receive a real boost in terms of confidence in their financial security. Understanding how much capital is needed to be able to maintain their lifestyle and enjoy retirement can often mean they have the confidence to perhaps tick off some of those ‘bucket list items’ or provide financial assistance to their loved ones sooner than they otherwise would feel comfortable in doing so.
Achieving this key exercise, as well as reviewing and updating this on a regular basis, is at the core of all planning and an exercise all individuals who are serious about achieving their long-term financial goals should be completing.
By Richard Watson
Mattioli Woods will be exhibiting at Accountex Summit Manchester the 12 October 2022 at Manchester Central at stand B13. You can register for a free ticket here.
A decade of revolutionary cloud payroll
KeyPay was publicly released on 1st July 2012, marking a whole decade of changing the way our partners work and pay! Born out of the need to create a more accessible version of payroll by leveraging the power of the “cloud”, what began as software for Australian users has grown on a global scale, now operating in Australia, the United Kingdom, New Zealand, Singapore, and Malaysia.
What started as 4 blokes looking to revolutionise the payroll space has grown into a team of almost 100 dedicated, hard-working individuals who are passionate about creating an incredible product for our users.
As one of the original “core 4” founders, Paul Duran has been working on KeyPay since July of 2011. “Phil, Kristian, Rich and myself started building it in our spare time. I had grown frustrated with the politics, meetings and bureaucracy involved in a typical organisation. I was enticed by the opportunity to build a product/company the way we wanted it to be and the freedom/control to do so.”
In January 2013, there were 1,911 employees paid by KeyPay users. Today, more than 2.5 million employees have been paid - which is an incredible testament to the level of trust that KeyPay users have in the software in streamlining pay processing.
Despite nearly 250,000 businesses now using the platform, KeyPay’s hard work is far from over. We’re excited to be placing even more focus on supporting accountants, bookkeepers, bureaus and their clients in achieving success, and growing the KeyPay business and brand worldwide.
Now that KeyPay has joined the Employment Hero family, our team has access to additional resources to better support partners and help them grow their business. We’re excited to be able to invest back into our partners more than ever before, opening up doors for:
- Enhanced, dedicated partner support
- Additional tools and resources to facilitate partner growth
- Increased access to knowledge, resources, and software to further enhance our product offerings in-platform
Ben Thompson, KeyPay’s CEO and the CEO/Co-Founder of Employment Hero, shares a few words: “Now that KeyPay and Employment Hero have combined forces, it’s a no-brainer that this passion for the success of our partners has become even stronger.”
Tanya Swaby, Product Specialist adds that “we’ll be making even more improvements to our timesheets, rostering and expenses. These parts of the system have the potential to really stand out in the market!” There’s also strong sentiments amongst the team that in the future, “KeyPay will experience significant growth in the UK”.
We’re proud of how far we’ve come in the last 10 years, and can’t wait to see where the next 10 will take us and our clients. We’re so excited to have you on this journey with us, and are excited to meet you at Accountex North 2022, stand F16 to celebrate with us!
If you’ve been looking for trustworthy payroll and workforce management software that simplifies processes, learn more about what we can offer your clients in the UK at ww.keypay.co.uk .
KeyPay will be exhibiting at Accountex Summit Manchester the 12 October 2022 at Manchester Central at stand F16. You can register for a free ticket here.
Financial Warehouse Management
With the link between Finance and Operations being increasingly more blurred, how can you best leverage technology to support this and what does this mean for your finance system, as well as your warehouse management solution?
Firstly, if you are asking yourself, what are warehouse management solutions? Quite simply, a warehouse management solution is the implementation of technology into your warehouse to automate management and processes.
This can be realised in a number of ways, from robotics right the way through to ensuring technology supports, helps control and optimise the warehouse operation that is so closely linked to finance, for example sales orders, purchasing and more.
With heightened business competition, to ensure that your operation is fully optimised - technology allows you to stay ahead of the game and future-proof your processes. Automated and closely integrated warehouse management solutions are certainly the way to go.
As with any new technology implementation, there can be a number of challenges that we see our customers face. From replacing legacy solutions, to enabling organisation-wide adoption, we understand the vital importance of getting the right solution in place for your business, something that complements your finance operation too!
Innov8 will be exhibiting at Accountex Summit Manchester the 12 October 2022 at Manchester Central at stand A15.
You can register for a free ticket here.
FreeAgent launches new software to help landlords get set for Making Tax Digital
Bespoke solution - ‘FreeAgent for Landlords’ - is specifically-designed to help landlords keep digital records and file tax submissions to HMRC
New product will initially be available for accountancy firms so they can migrate landlord clients in time for MTD for ITSA being introduced in 2024
FreeAgent, the innovative cloud accounting provider, has today unveiled a brand new software solution specifically-designed to help landlords and their accountants comply with the next phase of the UK’s new digital tax legislation.
FreeAgent for Landlords is a bespoke new version of FreeAgent’s award-winning cloud accounting system that has been created for individuals who earn income from property. Through the software, landlords will be able to keep digital records of their property income and costs, as well as making tax submissions required under the government’s upcoming MTD for Income Tax Self Assessment (MTD for ITSA) legislation.
The software, believed to be the first of its kind to be launched specifically for landlords by a UK accounting software provider, will initially only be available to FreeAgent Practice Partners to use with their existing landlord clients. However, a fully iterated version will be available later in the year, enabling end users to sign up for FreeAgent for Landlords and use it independently.
As well as core FreeAgent features that landlords and their accountants will require - including Invoicing, Expenses, Contacts and Projects - FreeAgent for Landlords includes a new area called ‘Property’, which enables users to attribute income and costs to specific properties.
FreeAgent’s automation features including recurring invoices, invoice payment links and ‘guessed’ bank transaction explanations will also be available in the software, enabling accountants and clients to automate many aspects of the process of recording rental income. However, some features that are not relevant for landlords - such as Stock, CIS and Payroll - have not been included in the new software.
Roan Lavery, CEO and co-founder of FreeAgent, said: “From 2024, many landlords will be facing the prospect of having to use some form of accounting software - possibly for the first time ever - in order to comply with MTD for ITSA. That might seem like a long way off, but in order to introduce and train these clients to use digital software, accountants will really need to be thinking very soon about how they will do this.
“We wanted to help make the process as easy as possible, which is why we’ve created a version of FreeAgent that’s specifically for people who earn income through property. We’ve also decided to initially release it to accountants, so that they have plenty of time to get their landlord clients fully prepared and proficient with the software before MTD for ITSA comes into effect.
“MTD is the biggest tax change in a generation and we are committed to making it as stress-free as we can. With FreeAgent for Landlords, we want accountants and landlords to enjoy all the bookkeeping and compliance benefits of our core FreeAgent system, but in a bespoke way that works best for their specific needs.”
After setting up a client on FreeAgent for Landlords, accountants will be able to train them to use the software to record all the income and costs associated with each of their properties. This will automatically update their accounts and will build the data which will eventually be used to populate their MTD for Income Tax submissions - and be directly fileable to HMRC from within the software - when the legislation comes into effect in April 2024.
3 Reasons why getting free CPD at Accountex Isn't Just a Tick The Box Activity
Attending Accountex Manchester on the 12th October? Not only will you get access to an exceptional programme of all the hot topics that you ned to know for your firm, but you also get 8 hours of free accredited CPD.
But CPD is far more than just a tick the box exercise. Your CPD should be an invaluable support helping you provide even greater value and support to your clients. And most importantly, CPD allows you to develop your key technical skills by learning from the top experts in the industry.
So how can you make your CPD work better for you?
1. It is a vital component of your career development
There has been a massive shift in attitudes when it comes to CPD. Once seen as something of a nuisance, we’ve noticed from chatting with members that they are now placing more value on the content they complete, viewing it as a vital and valuable part of their career development.
2. “Don’t loose the will to learn! - Identify the way you prefer to learn
The nature of CPD is that it is ‘continuing, meaning it is not advisable to leave completing your annual requirement until the last weeks in December. If you do, it will become a burden, you will put yourself under immense pressure and you won’t extract the value from the content you complete.
Access to quality CPD has never been easier with amazing free to attend in person events like Accountex, as well as Accountex virtual events. And also other live and video on demand content all readily available online to watch, listen and learn at your own convenience.
3. Up to date knowledge is key
Even those with the most advanced qualifications need to keep informed of new trends and products, as well as important regulatory updates that the industry needs to be aware of. These elements are constantly changing, so it’s important to remain in the loop and build on what has been learnt from the study days.
Also, accounting firms with competent and qualified staff is a far more attractive prospect for customers and is more likely to gain and retain business.
In Summary:
Change your mindset and don’t make CPD a burden. Most importantly don’t make CPD a tick boxing exercise. You have worked hard for your accounting qualification, so make sure that you are constantly building on your knowledge. Be on top of your game, know all the updates and changes that are coming up and make yourself the best accountant for your clients.
1) It’s simple – don’t leave it until the end of the year…Make a plan of the subjects and content that you want to complete throughout the year
2) Decide on the best way that you like to learn – In person events like Accountex are great for interaction and to network among your peers. Video on demand is great so you can watch in your own time to fit around your busy day to day life or even face to face events
3) Plan ahead - Check out what in person events have been planned for the year, Accountex plan their in person events a year in advance and their virtual programme is also promoted months in advance. Also check out your favourite CPD provider website and look at their schedule for the year ahead.
4) Be proud of the knowledge that you are building - it will make you a better accountant for your clients.
By Zoe Lacey-Cooper
Check out CPDStore and visit us on stand H7 at Accountex Summit Manchester the 12 October 2022, for a very special offer!
You can register for a free ticket here.
Creades invests SEK 102 million in Findity
Creades AB, a Swedish investment company, invests SEK 102 million in Findity and becomes the company's largest owner.
The SEK 102 million purchase of existing shares in Findity makes Creades AB (publ) the largest owner of Findity, at 35%. Creades was founded in 2011 and is listed on Stockholm Nasdaq OMX main market. Creades invests in listed and private companies, and other current holdings include Avanza, Instabox, Apotea and Mentimeter.
More than 30,000 customers use Findity's products to manage expense claims, entertainment, mileage and per diem. The company also offers its product as a white label, where partners such as American Express, BDO and Visma Spcs use Findity's technology for their own expense management solutions.
"We have followed Findity's development over some time and see great potential in the company. We are particularly impressed by their unique offering and go-to-market model, helping both organizations, finance departments and end customers. We're excited to now be a part of their exciting growth journey and support the company in its quest for further international expansion." - John Hedberg, CEO at Creades.
Findity has grown by more than 40% annually in the last few years. With a strong position in the Swedish market, Findity is currently expanding to new markets. The product is available in Sweden, Norway, Finland, Denmark, the United Kingdom, Germany, Spain and USA.
"We wish Creades a warm welcome to Findity. We are happy to have them onboard and looking forward to working with such a reputable company. Their extensive experience makes a great partner to continue to execute our international expansion and continued growth." - Patrick Olsson, CEO at Findity.
About Findity
Findity are experts in expense management. They help customers eliminate the frustration of managing expenses. By partnering with leading software and card providers, they offer a seamless expense experience integrated with businesses' current operations and people's everyday lives. Helping customers say goodbye to scraps of paper, smudged receipts, and missed reimbursements, and welcoming back time to do more with their day. For more information, visit findity.com.
About Creades
Creades AB (publ) was founded in 2011 and invests in small and medium-sized public and private companies, primarily within the Nordic region. Creades is listed on the Stockholm Nasdaq OMX main market. www.creades.se
An increase of 45% of business need their funding urgently
Whether it’s to raise funds for business growth, continue expansion plans or simply accommodate cashflow changes, we found there’s been a huge increase in the amount of businesses needing funding right now.
Small businesses usually leave themselves 7 days to find funding. However, in our brand new research, an increase of 45% of businesses need their funding urgently, since just March.
This dash for cash indicates a shift in borrowing behaviour and the need for businesses to get finance urgently to keep their businesses growing healthily.
From soaring inflation and supply chain delays to changes to government lending, there’s a lot impacting your small business clients. The need for funding is most likely a direct result of this changing landscape.
However, the massive spike we’re seeing also indicates that these businesses are struggling to look ahead to spot cashflow risks and the need for supporting finance.
On average, we’ve consistently found that businesses would apply for funding just seven days before they needed it. It seems that this month, businesses need funding on the day they are start applying. A concerning statistic.
Less time available means businesses may have less options, and may have to settle for more expensive loans - that could inevitably put more pressure on their bottom line.
At Capitalise, we question how we can help businesses get ahead of their funding needs and better prepare ahead of time. The answer is their accountants and the tools we have to support you!
Here are some Capitalise tips and tools you can use to help support your clients:
1. Start conversations about cashflow
Your clients are dealing with a lot of unpredictability. But the most urgent cashflow problems and funding needs could be spotted with simple habitual conversations.
Being in control of the numbers is a key part of your value as an advisor, but asking the right meaningful questions really sets you apart.
Dive deep into how your clients are feeling about their business health as well as their future plans. This can keep you in the loop with everything going on in their world. Help reveal funding needs and predict what is needed to bring their plans to life.
If they mention difficulties making payments on time, an inability to hire new key staff or buy new equipment or even an expensive project coming up - it may highlight some roadblocks they’re hitting in terms of cash.
Getting to grips with this early, can help you plan with them the resources they need to keep plans moving forward and business ticking along. Now and in the future.
Top tip: Make funding an agenda point in every meeting.
2. Get insights into your clients cashflow changes
The changing landscape puts pressure on your clients. We know this. But, we also know that it makes your role as their advisor that much more important… but, often difficult.
When spare time is limited, yet proactive and consistent cashflow management is required - it can be a challenge to get the insights you need, ahead of time, every time.
With our Monitor platform you can fast-track your conversations. Get real-time accountancy data, credit insights and companies house information to arm you with a 360 view of your clients’ cashflow, credit profile and funding.