Articles
News and updates
Botkeeper partners with Xero
Botkeeper, which uses artificial intelligence and outsourcing to provide automated bookkeeping solutions to accounting firms, has partnered with Xero to use its cloud accounting platform in delivering its services. Through the partnership, Xero client data is fed into the Botkeeper automated bookkeeping platform and reconciliation is performed as Botkeeper’s bots learn the data. The collaboration is aimed at improving Botkeeper’s product integrations in general, a spokesperson for the company said.
Botkeeper partners with Xero
Botkeeper, which uses artificial intelligence and outsourcing to provide automated bookkeeping solutions to accounting firms, has partnered with Xero to use its cloud accounting platform in delivering its services. Through the partnership, Xero client data is fed into the Botkeeper automated bookkeeping platform and reconciliation is performed as Botkeeper’s bots learn the data. The collaboration is aimed at improving Botkeeper’s product integrations in general, a spokesperson for the company said.
Xero recognised for helping small businesses thrive in the cloud
It’s more important than ever for our customers and partners to have confidence in our product and services as they navigate these uncertain times. We’re focused on building out our platform to provide small business owners and their advisors with the tools and insights they need to help them survive, revive and thrive. Which is why we’re excited to share the news that Xero has been named a worldwide leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Small Business Finance and Accounting Applications 2020 Vendor Assessment. The in-depth and independent report by IDC, one of the world’s leading market intelligence firms, evaluates the strategies, product and service offerings, capabilities, and current and future market success factors from 10 companies. The IDC MarketScape includes an overview of the overall market for cloud financial management and accounting software, as well as advice for navigating the options among software packages specifically targeting small businesses and their advisors. We’re incredibly proud to be recognised by the IDC MarketScape as a leader in the industry, with the report highlighting one of our key strengths is our open API and a thriving ecosystem of over 800 third-party apps providing valuable access for small businesses to add point solutions. Balancing the needs of our community It’s essential for small businesses to be able to adapt quickly, and that’s more important than ever when faced with a global pandemic. Being able to access their financial data whenever and wherever gives them the agility to cope and thrive in a world of uncertainty. The report evaluated Xero’s strategy, product offerings and customer service as part of their assessment of the overall market for cloud financial management and accounting software. It noted one of Xero’s key strengths is its open API strategy and machine learning for code-free accounting. It also observed that the most successful software packages within this section met the needs of professional accountants and small business owners by balancing structure, compliance, simplicity and accessibility. It’s important to us that we always consider the balance between the needs of small businesses and the needs of their advisors while developing new features and functionality. We’re committed to connecting people with the right numbers anytime, anywhere, on any device so they have access to the high quality data they need to make informed decisions for their business. We recognise the value these online connections offer to help build trusted relationships between accountants and bookkeepers and their small business clients. Staying true to our purpose During these uncertain times, we remain 100% focused on our purpose – to make life better for people in small business, their advisors and communities around the world. We continue to listen to our community, review our products and services, and build features and functionality that balance the needs of our customers and partners. More than ever we need to stay connected and maintain confidence in small businesses and their advisors by continuing to provide a full spectrum of connected tools and services they can rely on and trust. This article was originally written by Damien Tampling on Xero.com
Reboot & Reenergised
Leader is asked to adapt quickly to survive the Covid-19 crisis, but is it necessary? Ask yourself, what are the company competitive advantages (old skills and tools)? Are they still applicable now? If they are, how do you leverage those old skills in a new way? Some of those old skills and tools are difficult to be replaced, i.e market familiarity, customer data, customer relationship, workforce cohesiveness and assets infrastructure. What are the issues that are holding us back and hindering us to adapt? To navigate through Covid-19 crisis, leaders need to have an overcomer mindset, start to operate with the new rules, maintain brand royalty and reinvent the new business model. The Overcomer Mindset Confront the fear, counter defensiveness Grounded by the new reality, overcame the denial Learn from failure Apply old skills and reinvent for new customer behaviour Commit a new mandates and reassess performance regularly Be mentored and accountable The Brand New Rules Believe in your long-term vision Clarify the core value of the company Identify your competitive advantage not easily imitate by competitor Create an action plan to achieve your vision Brand Royalty in Inelastic World We are living in the world of inelastic demand. Personalised customer service is one area where businesses could maintain customer royalty without price-slashing. We might be selling a bit less at economic downturns, but making higher return< New Model As Stimulus to Drive GrowthWhen it is almost impossible to drive demand quickly, what are the ways to grow your business? Apply old skills in the new way to deliver services more effectively at much lower cost Focus on 20% of your loyal customers to increase sales Selling price based on variable cost by zeroising fixed costs and downsizing your company Hiring the best-talents, eliminate the under-performers Intensify assets performance measurement on inventories and receivables Invest in customer experiences Venture into adjacent business using its excess capacity to build a diverse set of income streams
Watch-out for 5 business failure signals
1. Business with poor profit This is partly due to inability to attract new customer and unawareness of break-even sales. Set a sales goal and a profit margin to help set priority. 2. Poor trade receivable management When business is growing, receivable management is neglected. In bad times, long overdue debtors could threaten your cash flow position. Solid collection procedure strengthen your debt recovery. 3. Did not prepare cash flow forecast 80% of the business failure is because of cash flow problem. It is vital to forecast the future cash flow in and cash flow out for the next 9 to 12 months. Cash flow template tells you if you have enough cash to pay your debts. 4. Unable to measure business performance Fixed cost is not fixed when business is growing. Fixed costs is not reduced when sales is declined. Fixed cost could spread over a range of products and services. Identifying and eliminating the unprofitable products could turn around a loss in business. 5. Business without long term plan Planning for eventuality is important because business valuation is based on cash flow projection. If equity fund raising is your endgame, stable cash flow forecast will increase the value of business, and the cost of fund will be cheaper.
Have more questions?
Email Us!
Let's Connect!
-
SCALEUP CORPORATE SERVICES SDN. BHD.
Reg No.:200101018100 (553857-A)
-
SCALEUP BUSINESS CONSULTANT SDN. BHD.
Reg No.:200701039771 (797803-P)
