Digital Solutions June Round-Up
Please find our monthly round up of all things Digital Solutions!
What’s new in Xero:
Xero has introduced several updates this month:
- Hubdoc Mobile App: Upload multiple receipts (up to 10) simultaneously.
- Bulk Voiding: Void multiple bills, credit notes, and payslips in one action.
- AI-Powered Help: AI-generated responses for queries within Xero.
- Batch Bank Feeds: Simplified disconnection of batch bank feeds.
For more details, visit: What’s new in Xero – June 2024 | Xero Blog
Fathom:
We are excited to announce that Fathom reporting is now live and ready for use in our client reporting and forecasting needs. This powerful software will enhance our client base financial analysis capabilities, providing in-depth insights and visualisations. To ensure everyone is comfortable with the new tool, I have organised training sessions for the accounts team at each office.
If you were unable to attend the session or have any questions, please message Emma on Teams or email directly.
Accounting Excellence Awards & Government AI Grant
We are thrilled to announce that we have applied for the Digital Transformation Award as part of this year’s Accounting Excellence Awards. This nomination recognises our commitment to leveraging technology to streamline and enhance our clients financial and operational systems and processes.
Additionally, we have applied for the Flexible AI upskilling grant, funded by the government, aimed at enhancing our capabilities with advanced artificial intelligence solutions. This grant will support our efforts in integrating AI to further streamline our processes and deliver superior value to our clients.
Stay tuned for updates, and feel free to reach out with any questions.
Projects
The Digital Solutions team has been hard at work this past month, spearheading several exciting projects. From implementing cloud accounting solutions, conducting system reviews, and making strategic software recommendations. These initiatives have resulted in significant time savings and more efficient data handling for our clients. Our efforts are streamlining workflows, enhancing accuracy, and ultimately delivering greater value to our clients.
We’re looking forward to continuing this momentum and exploring more innovative solutions.
Xerocon 2024 Highlights
On June 12th and 13th, Emma and Josh attended Xerocon 2024, one of the UK’s premier events for accountants and bookkeepers. Attracting thousands of attendees annually, Xerocon features industry-leading speakers and cutting-edge innovations.
During the event, Xero unveiled several upcoming exciting new features designed to enhance the experience for both clients and practices using Xero:
- Xero Tap to pay
- JAX – Just Ask Xero (Artificial Intelligence)
- Dashboard Client Analytics
- Partnership Tax
- More ways to pay in Xero
Xero Tap to Pay
Xero will be the first major accounting platform to offer Tap to Pay in the UK. Tap to Pay enables businesses to accept payments on the spot, right from the Xero Accounting app. The new contactless payment method for Xero invoicing, enabled through Stripe.
Tap to Pay will first be offered to UK Android users in a beta program in August, and available on more platforms in the following months. LB Group are fortunate enough to have been invited to test as part of the “Beta” group.
JAX – Just Ask Xero
It is available in beta in August and will help us and our clients run their business and accounting more efficiently. You’ll be able to ‘Just Ask Xero’ to complete tasks like generating an invoice or editing a quote, either in Xero or via other apps and devices that you regularly use day-to-day, such as mobile, WhatsApp and email.
Dashboard Analytics – Client Insights
The first look at the client insights’ snapshot which shows key client financial health metrics such as business health, profit and expenses across the practice. The feature is now live in beta within Xero HQ.
Client insights will provide us with the data we need to best support our clients. These new financial insights help us confidently grow our advisory offering by highlighting clients who would benefit from timely conversations about emerging issues.
Partnership Tax
Partnership tax is available from July in beta. It will help you automatically prepare partnership annual accounts and tax using Xero data, and seamlessly file partnership tax returns with HMRC. You can now manage your compliance tasks, all in one place, eliminating the need to have multiple practice tools.
More Ways to Pay in Xero
In addition to our clients choosing to receive payments via credit cards, debit cards, and digital wallets, additional options will soon be available including bank transfer, and buy now, pay later options within Xero.
Spotted Softwares at Xerocon:
In addition to the exciting recent announcements, several new software solutions were showcased, each offering unique capabilities to enhance business finances and operations. Notably, these included:
Mayday – Intercompany Reconciliation Software:
Mayday specialises in streamlining intercompany reconciliation processes. This software simplifies and automates the reconciliation of financial transactions between subsidiaries and parent companies, reducing errors and saving time. With Mayday, businesses can ensure accuracy and compliance in their financial reporting, making the reconciliation process more efficient and less prone to manual errors.
Xbert stands out as a practice management system. It utilises AI-powered alerts to monitor various aspects a business, including data integrity, team performance, and capacity. This innovative system helps identify and address issues proactively, ensuring that operations run smoothly and efficiently.
If anyone has any questions, do not hesitate to reach out to Emma at Emma.Cohen@lbgroupltd.com