Latest news with #Xero
Cision Canada
2 days ago
- Business
- Cision Canada
Leading Canadian Payroll Provider Wagepoint Names Ben Richmond as Chief Executive Officer
Richmond to lead growth strategy powered by Wagepoint 2.0, the company's next-gen payroll platform for small businesses CALGARY, AB, July 21, 2025 /CNW/ - Wagepoint, a leading provider of payroll and HR software for small businesses across Canada, today announced the appointment of Ben Richmond as President and Chief Executive Officer, effective August 18, 2025. Richmond will also join the company's Board of Directors and will report to the Board. Ben Richmond brings over 15 years of leadership experience in global fintech and SaaS, with a strong focus on serving small and medium-sized businesses. Most recently, he was the Managing Director for North America at Xero, where he was responsible for driving growth and operations across the U.S. and Canadian markets, and served as a member of the company's global executive leadership team. Originally from New Zealand, Richmond joined Xero in 2013 and held roles spanning sales, growth and market expansion across New Zealand and the Americas. He began his career in public accounting and served as Senior Group Accountant at Spark New Zealand. Richmond also served as a trustee for the Spark Foundation, a charitable organization supporting digital equity in New Zealand. He is a Chartered Accountant and holds a Bachelor of Commerce degree in Accounting, Finance, and Information Systems from the University of Canterbury. He has a passion for the Accounting profession and is an advocate for the role Accountants and bookkeepers play with technology to support small business. His efforts to support the profession in Accounting technology and transformation over the years saw him recognized as one of Accounting Today's Top 100 Most Influential People (2019, 2020), a CPA Practice Advisor 20 Under 40 honoree (2020), and he received the Chartered Accountants Australia and New Zealand Institute of Chartered Accountants Westpac Outstanding New Member of the Year award in 2013. Richmond's appointment comes at a pivotal moment as Wagepoint rolls out Wagepoint 2.0 – a modernized payroll platform built to help offer faster processing, improved automation, enhanced compliance tools, and a refreshed user experience. Designed with small businesses and their advisors in mind, Wagepoint 2.0 sets the foundation for the company's next chapter of innovation and scale. "Ben's experience serving small businesses and accounting firms makes him an ideal leader for Wagepoint's next stage of growth," said Rick Essex, Managing Director at PSG Equity. "We believe his track record of expanding markets by delivering exceptional client value is well established, and his deep familiarity with the Canadian landscape makes him a natural fit. We're thrilled to welcome him to the team." Richmond succeeds Bill Hewitt, who has served as interim CEO since early 2025. Hewitt will continue in his role as Executive Chair and remain on the Board of Directors. "I'm honored to join Wagepoint at such an exciting time," said Ben Richmond, President and CEO of Wagepoint. "Small businesses are the backbone of the economy, and Wagepoint has built a strong foundation with its simple, human-focused payroll solutions. With my experience across SMBs, payments, and go-to-market strategy, I'm excited to help lead the next stage of growth as we scale the digitization of Canadian small business. I look forward to working with our teams, accountants, and bookkeepers to deliver even greater value and delight to our customers." About Wagepoint Wagepoint is a Canadian fintech company on a mission to simplify – and maybe even dare to delight – the payroll experience. Built specifically for small businesses, our software automates the most time-consuming parts of payroll – like wage calculations and tax filings – so that our customers can focus on doing what they love. Founded in 2012, Wagepoint serves over 25,000 small businesses, accountants, and bookkeepers across Canada. Backed by a friendly team, we make payroll magic happen every day. To learn more, visit or follow us @Wagepoint. About PSG Equity PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities, and build strong teams. Having backed more than 150 companies and facilitated over 520 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid, and Tel Aviv. To learn more about PSG, visit MEDIA INQUIRIES Wagepoint Taryn Shulman VP, Marketing PSG Jackie Ryan [email protected]
Finextra
7 days ago
- Business
- Finextra
Xero to triple high-quality bank feed connections in the US through Plaid partnership
Xero, the global small business platform, today announced a strategic partnership with Plaid, a leading financial data network, to eventually triple the number of high-quality bank feeds available to customers in the United States. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. For the many small businesses that form the backbone of local economies, access to community-focused finance providers is crucial, given the vast number of banks and credit unions nationwide. This partnership will significantly improve these business owners' access to reliable bank connections, giving them a clearer, real-time view of their finances which, in turn, will empower them to make more informed decisions, supporting their growth, their employees, and the communities they serve. "This partnership with Plaid is expected to supercharge bank connections. It will provide more robust integrations and higher-quality information from a wide range of financial institutions including smaller banks and credit unions," said Vikram Grover, SVP Global Partnerships for Xero. This partnership gives Xero's customers access to more than a thousand secure, direct connections through Plaid's expansive network of US financial institutions, delivering better reliability, data quality, and peace of mind for small businesses. Starting this year, Plaid will power an increasing portion of Xero's US bank feed sources, offering customers more dependable connections to their financial data. "This partnership with Plaid is expected to supercharge bank connections. It will provide more robust integrations and higher-quality information from a wide range of financial institutions including smaller banks and credit unions. This will in turn make managing the finances a lot smoother, more precise and successful, as well as save valuable time for small business owners, accountants and bookkeepers," said Vikram Grover, SVP Global Partnerships for Xero. Xero is continuing to invest in more reliable direct (OAuth) bank feeds, offering a significant improvement by using secure tokens for connections built directly with bank systems. Xero will proactively migrate customers to direct bank feeds available through Plaid, ensuring a more stable flow of financial data. "We're excited to partner with Xero to deliver best-in-class financial data connectivity for U.S. small businesses," said Adam Yoxtheimer, Head of Partnerships at Plaid. "By combining Plaid's secure, direct bank feeds with Xero's powerful accounting platform, we're giving customers faster, more reliable access to their financial information and freeing up time for them to focus on what really matters: growing their business." Xero will ensure a smooth transition to Plaid-powered feeds with clear, proactive instructions to guide customers through the easy setup process. The new Plaid bank feed options for US customers will start to become available from late 2025, with a phased rollout designed to ensure a smooth and well-managed experience. This will include both the introduction of new feeds and the transition of some existing connections to the enhanced service.
IOL News
10-07-2025
- Business
- IOL News
Working capital mismanagement remains a top cause of SME failure in South Africa
One of the real indicators of a business's sustainability comes down to working capital discipline, not just top-line performance, says the author. While many South African businesses report increasing sales, growing revenue may be masking a deeper and more dangerous financial issue: poor cash flow management. One of the real indicators of a business's sustainability comes down to working capital discipline, not just top-line performance. Recent data from a global Xero survey supports this trend: 24% of SMEs in South Africa reported major cash flow issues in the past year. of in South Africa reported major cash flow issues in the past year. 72% were forced to use personal savings to keep their business afloat. were forced to use personal savings to keep their business afloat. Most SMEs faced liquidity challenges despite strong sales. The assumption that higher turnover equals financial health is flawed. In fact, we're seeing many businesses under severe pressure precisely because their operational cash flow can't keep up with their growth. The Revenue Trap This common misconception that sales growth automatically leads to stronger financial performance, is what the industry terms the Revenue Trap. The "Revenue Trap" lures business owners away from critical working capital management. The revenue trap is defined as the mistaken belief that rising sales will automatically translate into healthy cash flows, especially high growth SMEs. This singular focus on revenue growth, often flashy, fails to ensure that operations are generating cash and more importantly, profit. Common mistakes made by SMEs include: Incorrect and the absence of sales and cash flow forecasting, an increase of staff, infrastructure and inventory tying up cash before revenue is realised. Taking on sizable orders with overly competitive pricing resulting in margin eradication and futile growth. Misunderstanding the cash flow / working capital cycle, with regards to the increase in customer payment terms and the shortening of supplier payment terms. Too often we see businesses extending credit terms to customers while paying suppliers on shorter cycles. That gap, even if it's just 15 or 30 days, can stretch working capital beyond its limit. Why Working Capital Matters to Funders In today's fast paced, digital-first world where everyone expects quick answers, instant decisions and automated results, funding decisions have been replaced by algorithms and credit models, not people. Ask yourself, when was the last time my funder visited my operations, walked the floor and 'kicked the tyres'? Strong revenue is not enough to secure funding. At Paragon Finance, we look at how a business manages its inflows and outflows, how well they forecast, and how resilient their financial structures are under stress. Avoiding the 'Easy Money' Trap Be cautious of quick-access, high-cost funding (often referred to as 'easy money') which, while tempting during high-growth phases, can quietly erode profitability through unclear fees, aggressive repayment terms, and compound interest. Easy funding can feel like a solution in the short term, but it often leads to long-term financial strain. The key is to grow responsibly by building financial systems that support growth without undermining operational stability. A Practical Framework for Financial Health To support businesses in becoming funder-ready,adopt a more strategic approach to financial planning — commonly known as FP&A (Financial Planning & Analysis). This includes: Planning : Defining clear financial goals : Defining clear financial goals Forecasting : Anticipating future cash needs : Anticipating future cash needs Budgeting : Allocating capital effectively : Allocating capital effectively Analysis : Interpreting performance and trends : Interpreting performance and trends Reporting: Presenting financial health to stakeholders FP&A is no longer a luxury for corporates. It's a survival tool for any growth-focused business. True business success is built on the less glamorous, but far more critical, discipline of working capital management. Those who master their cash conversion cycles, and operational efficiency are the ones who not only secure funding but also navigate the challenges of rapid expansion.
Entrepreneur
08-07-2025
- Business
- Entrepreneur
5 Ways to Turn a Side Hustle Into a Full-Time Business
To become a thriving business, your side hustle should be grounded in more than just passion. Opinions expressed by Entrepreneur contributors are their own. Whether it's earning extra money for life expenses, building an emergency fund, testing out a new business idea or pursuing a hobby, the number of people with a side gig is growing – and fast. In fact, LinkedIn data reveals nearly one-third of U.S. employees have a side hustle. Whatever the reason for starting one, there often comes a time when that weekend or late-night side hustle is ready for the next level – to evolve into a thriving and lucrative business. According to data from Xero, where I serve as CEO, 60% of small businesses start as side gigs. That trend continues to grow with the next generation of entrepreneurs: more than two-thirds (67%) of Gen Z started their businesses as side gigs, compared to less than half of the Boomer generation (48%). So, how can you lay a strong foundation for a smooth transition and prepare yourself for financial and business success, while managing your business efficiently? 1. Treat it Like a Real Business from Day One We have found that nearly half of U.S. small businesses encounter fiscal challenges due to a lack of financial literacy. This can include cash flow problems, a lack of capital, poor budgeting, debt mismanagement and tax issues. It's crucial to lay a solid financial framework from day one, so when the transition does occur, there is already a system in place. Related: 'Revenue Within Days': A Teenager's Side Hustle Grew Out of a Video Game Virus — and Into a Multi-Hundred-Million-Dollar Business As we know, many side gigs start out as a passion and therefore, financial management may not be a strong skill for every founder. As such, it's important to keep personal and business finances separate, and streamlined (in different buckets) for tax purposes. One option is to set up a corporate entity to keep your side gig separate from your personal affairs. If finance isn't your forte, utilizing online accounting software is one way to keep finances in check by creating routines and structure. It can automate invoicing, while providing expense tracking, bank reconciliation and payroll. It can also simplify tax time by improving accuracy and reducing risk, analyzing real-time financial insights and ultimately helping support business growth. 2. Know When to Go Full-time Every journey, from side hustle to growing your business full-time, is different. Having checklists in place can help assess the risks to determine whether it's time to make the leap, and also help you explore your intrinsic motivation once this becomes all you do. Consider practical things like: What about the business is succeeding and why? Is there more demand out there for the service you provide than you can fulfill part-time? How do you envision marketing your service and will it require any investment dollars? Is your business income consistently replacing or nearing your current full-time job salary? Do you have 3-6 months' savings in place as a buffer? And deeper questions like: If you took this side hustle full-time, would it still be fun? Would it give more or less satisfaction than your current gig? What parts of your side hustle give you energy and what drain your energy? How much of each will you have to do if it's a full-time job? Answering practical and deeper questions for yourself helps you make a more informed decision about taking a leap like this. Don't have the answer to the deeper questions? Think about someone who knows you well — a family member or long-time friend — to help you reflect on "you," and talk things through with, without judgment. Related: She and Her Sister Started a Side Hustle to Help People Elevate Their Homes — Now Their Brand Pulls In Hundreds of Millions: 'Get to Work' 3. Develop a Tailored Business Plan No matter the size of your business, developing an "outside in /market view" of your business category, and then a roadmap can enable entrepreneurs to grow with a sense of purpose. Our research shows that nearly half (49%) of small business owners cite self-doubt or fear of failure as a top challenge when starting out. Building a framework helps to define what success looks like while ensuring systems can support future growth and expansion. Make sure you start with the market you're serving and where it's growing, and how your business fits in. Consider the value a business idea brings to customers, the market demand, and how to differentiate your business from competitors. Then identify goals and key milestones for the next 6 to 12 months. This could include hitting revenue benchmarks, launching a website or gaining your first 10 clients. An accountant and/or financial advisor can help you build a business plan, including a financial forecast. This is money well spent if you are planning to bet your full-time career on it. Also, seek out friends or acquaintances who are small business owners, too. Their expertise and support can go a long way to ensuring you've thought about all angles. Within that overall plan, entrepreneurs should determine the funding needed to launch a side hustle, where the money will come from and a budget that outlines projected revenue, expenses and profitability over a specific duration of time. Related: 50 Side Hustle Ideas to Make Extra Money in 2025 4. Prioritize Cash Flow Management Early Another area to focus on early is cash flow management. Issues can sneak up fast if you're not prepared or actively monitoring what's coming in and what's going out. There is often a gap between spending and making money, especially when there's a need to invest in new business growth or marketing before seeing any income. Other challenges can include forgetting to account for hidden costs like subscription or website fees, packaging and taxes. In order to maintain healthy cash flow and build resilience against any future economic uncertainties, small businesses should also prioritize strategies that encourage their customers to pay promptly. Late or missed payments can add up quickly and can significantly impact operations. Offering diverse payment options, adding 'pay now' buttons on invoices, and sending timely reminders, are simple yet effective ways to reduce these wait times. Cash flow management is one of the most critical pillars of a successful small business. It should go beyond just tracking money in and out and focus on setting up the right systems, such as those that streamline invoicing, encourage prompt payments, from the start. There are also tools today to schedule and manage your bills and spend out, giving you flexibility on when and how to pay. Digitizing your business can also enhance operations, boost efficiency, and add value for customers. With the right tools in place, maintaining control over cash flow can provide the stability needed to weather any unpredictable storms and grow with confidence, while enabling you to stay focused on your business and your customer. 5. Grow Smarter, Not Harder Making the transition from a side gig to a full-time business can sometimes feel like a lonely journey – especially if you're running your business solo. Leaning on other small business owners, a friend you can confide in, accountants and bookkeepers, technology – and engaging in a community of others facing similar challenges – can allow business owners to grow smarter. Shifting from a side hustle to a successful business requires careful planning and a strategic vision. By treating it like a real business from the beginning, developing a tailored business plan, prioritizing cash flow, leveraging expert advice, and digitizing your business with the right tools like accounting and payments software, entrepreneurs can set themselves up for a thriving full-time business.
Scoop
08-07-2025
- Business
- Scoop
How Tech Can Help Turn The Mental Health Tide (Affordably) For SMBs
Press Release – Employment Hero Solving mental health at work isnt about throwing money at the problem – its about designing systems that meet people where they are at and that scale as they grow. When it comes to workplace mental health, the question isn't 'Should we care?' but rather 'How can we afford not to?' Unfortunately, burnout has become business as usual. A 2024 Employment Hero survey f ound 61% of Kiwi workers had experienced burnout in the past three months. That number jumps to 70% for Gen Z, driven largely by financial pressure and unrelenting workload. On the Clearhead platform, 77% of users cite work demands as their top source of mental health strain. This isn't a 'nice to solve' problem; it's a national issue that affects productivity and for small and medium-sized businesses (SMBs), it's a particularly tough one. The old EAP model isn't working Traditionally, the go-to solution for workplace mental health has been Employee Assistance Programmes (EAPs). But the cracks are starting to show. These programmes were built around a one-employer, one-contract model often with in-person counselling as the default. That means long lead times, location limits and high fixed costs for services that might be barely used. The recent spate of large, well-resourced companies canning their traditional EAPs is testament to the need for a better solution. If multinationals like Xero, who recently ceased its EAP for 400,000+ small businesses, cannot sustain such a program, what hope do smaller businesses have? SMBs today often find themselves forced to choose between compliance tools, payroll platforms and wellbeing support – which is a trade-off no business should have to make. In a world where burnout is rising and budgets are tight, we need a new, fit-for-purpose model. Pooled, digital, and scalable That's exactly why Employment Hero partnered with Clearhead – to help build a modern mental health model that actually works for SMBs. Here's how it's different: It's digital: Employees can access therapy, resources and coaching from anywhere, anytime without waiting for a phone call back. It's pooled: Costs are spread across thousands of Employment Hero customers, lowering the barrier to entry for smaller businesses. It's integrated: Because the service is bundled into their core HR platform, support is available without a separate contract or platform and associated costs to manage. It's always on: Employees don't have to go through a manager or HR rep to get help as they can book directly and confidentially through the Clearhead platform. This isn't a token wellness add-on; it's a new way of thinking when it comes to how workplace mental health support is delivered – affordable, accessible and scalable. Real-world impact Solving mental health at work isn't about throwing money at the problem – it's about designing systems that meet people where they are at and that scale as they grow. Since launching, the two companies have seen early signs of success. Businesses that previously couldn't justify a standalone EAP now have support built into the system. Employees are engaging directly and HR leaders are reporting better visibility into wellbeing trends and less admin. Where to from here? As burnout continues to rise – pooled, tech-enabled mental health support is part of the long-term solution. It doesn't replace empathy, culture or good leadership but it does make help more accessible, particularly for the tens of thousands of Kiwi businesses that need more support but have been priced out until now. Because when mental health becomes a shared priority, everyone wins.
