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Featured Article 7 strategic steps to run a smart, profitable, and efficient Pg 12 accounting firm
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Saturday 7th September 2024 | No. 88
XU Biweekly
The independent user news source for accounting apps and their ecosystems
Penfold Reveals Innovative Xero Global SaaS company Joiin Payroll Pension Integration slashes its FX bill with Airwallex
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The modern workplace pension with fully automated pension contribution processing
ENFOLD, THE MODERN DIGITAL PENSION PROVIDER, IS THRILLED TO ANNOUNCE ITS NEW PULL INTEGRATION WITH XERO – AUTOMATING PENSION CONTRIBUTION PROCESSING ENTIRELY. It eliminates the need for manual uploads or button presses, enabling employers and accountants to set and forget their pension processing.
Penfold’s the first pension scheme to offer this kind of powerful integration to a mainstream payroll software. And soon to be the first pension in the Xero App Store! For businesses connected to Xero and Penfold, their contributions are processed automatically every time payroll is run or re-run in Xero. There’s no need for users to do anything – they can just use Xero as usual
and Penfold takes care of the rest. This integration significantly reduces the administrative burden on accountants, payroll professionals and employers – allowing businesses to save valuable time and resources. And it’s included with Penfold’s modern workplace pension that’s free for payroll professionals, accountants and employers.
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Journey Announces Multi-Year Partnership with ACCA UK to Drive Tech Advancement in Accounting
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Journey has entered a multi-year partnership with ACCA UK. This collaboration will focus on two key initiatives aimed at enhancing professional growth.
OURNEY, THE LEADING GTM AGENCY FOR ACCOUNTING-TECH, IS PROUD TO ANNOUNCE A STRATEGIC PARTNERSHIP WITH LEADING GLOBAL ACCOUNTANCY BODY ACCA (THE ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS. This multi-year partnership will see Journey be-
come an events partner for ACCA UK, organising national roadshows and providing exclusive member benefits through access to innovative software solutions.
ACCA UK. This collaboration will focus on two key initiatives aimed at enhancing the professional growth and technological advancement of ACCA UK members.
Journey, renowned for its expertise in go-to-market strategies for accounting technology, has entered a multi-year partnership with
The first initiative involves Journey taking on the role of an events partner for ACCA.
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Find out how Joiin swapped exorbitant international transfers for streamlined, cost-effective and faster global money movement processes. Introducing Joiin
The Challenge
Inter-company finances are complex, especially when entities are spread across multiple regions. As a result, group reporting can be a huge burden on finance teams’ time. Using Excel or other make-shift solutions for group reporting or complex consolidations is typically problematic, prone to errors, highly time-consuming and non-repeatable. As a result, group reporting can be a huge burden on finance teams’ time.
After launching in 2018, Joiin quickly gained widespread attention among the finance community. Before long, Joiin organically grew a global customer base, serving customers in the US, Australia, New Zealand, UK, Ireland and South Africa.
That’s where Joiin comes in. Joiin’s consolidated finance reporting software saves multi-entity companies 8 hours of work a month, reducing management reporting to a 30 minute task. This B2B, cloud-based solution simplifies complex consolidations for VCs, and makes group reporting a breeze for CFOs and wider finance teams. With Join’ s highly flexible features, users can quickly produce beautiful reports and presentations. Joiin is trusted by over 40,000 companies across 120 countries worldwide.
To meet this global demand, Joiin extended its pricing to include USD, AUD, NZD and EUR. As a result, Joiin’s currency handling needs suddenly surged and costs escalated rapidly. “We were receiving funds from multiple currencies into our GBP account,” explains Lucien, Co-Founder of Joiin. “We were charged fees to receive funds and charged again to convert them into GBP.” Handling US dollars was particularly costly. Joiin was paying 2.5% on transactions to receive USD into its UK bank account, plus a conversion fee on top of that which amounted to 5% overall. Payouts were costly too. Joiin remits tens of thousands in US dollars each month to suppliers. “When we needed to make payouts in USD, we had to pay FX
Saturday 7th September 2024
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fees again to convert funds from GBP into USD, and a transaction fee as well,” says Lucien. Joiin was losing money in multiple ways, as Lucien explains; “Firstly we lost money by using Stripe to convert all the different currencies - including USD - back into our home currency of GBP, and then again when we paid suppliers in USD! It was a double whammy.” Caught in the conversion trap, Joiin searched for a more cost-effective global treasury solution and discovered Airwallex.
Lucien Wynn: Co-founder of Joiin “Before Airwallex, we were paying £150 in handling fees to send a single transaction. It was ludicrous.”
The Solution Joiin chose Airwallex to reduce its FX bill, but realised a whole host of added benefits along the way. Optimising global treasury: “First and foremost we wanted to receive funds in USD,” explains Lucien.
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