Unlocking Accounting Innovations: Live Banking, Global Solutions, Reporting Updates, and Xero's Invoicing Evolution Unveiled

Accounting Apps Podcast| formerly Cloud Stories | Accounting Technology

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