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GM Update – March 2023

March 30, 2023

This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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As we look toward the end of Q3 we can reflect on an exciting start to 2023. We are still carrying incredible momentum from the Xero roadshow and our broader activation activities across our partner base in both the R&D tax consulting and tax accounting industries.

Growth in Partnerships and Subscriber Numbers

On behalf of the whole Synnch team, I’d like to extend a warm welcome to the new partners and subscribers who’ve joined us in March. March has been a record period of growth in both partnerships and subscriber numbers and we are super excited to welcome our new friends to the Synnch community.

Among our newest subscribers we welcome some of the most technically challenging and sophisticated R&D tax claimants yet to use our platform. Thank you for choosing Synnch and putting your faith in our team and technology, our learnings in supporting your adoption have been immensely valuable. We have developed and implemented industry specific record keeping strategies in high intensity software and advanced manufacturing environments. What makes these recent deployments so exciting and ground-breaking is that we have done so with the support and technical leadership of some of our newest R&D consulting and tax accounting partners.

Exciting Updates and Features on Synnch Platform

The long-awaited export module is now live in beta. Accessed from the project profile, the export module allows for the export of all or some projects and produces an excel format spreadsheet containing the consolidated project, activity, recordkeeping, and effort allocation for the selected date range for any given project. This feature allows unprecedented access to R&D tax records and evidence which can be sorted and transformed in excel to support more sophisticated data analysis and evidence synthesis. I’d like to extend our thanks to our partners who helped scope and specify this exciting new feature.

To better support our new accounting partners we will be releasing some updates to the consultant account and user type, which will support the creation of an accounting firm and accountant users within Synnch. This will allow our accounting partners to invite their clients directly to the system or connect to existing clients so they can view and manage their Synnch account. This new accounting user type will sit alongside the existing consultant module and allow subscribers to connect their R&D consultant and accountant to facilitate communication throughout the year and streamline evidence gathering at lodgement.

Importance of Record-Keeping and Compliance Tasks Before the End of Financial Year

With the end of financial year quickly approaching, now is the time to review records and evidence in the system and address any gaps or omissions and ensure you have completed the critical self-assessment tasks within each core activity. A small investment of time and improving your record keeping and evidence capture now, will save time, effort, and headache during preparation and lodgement. If you need help reviewing your records and prioritising compliance tasks before the end of financial year please review our checklist, or just reach out, our team would be happy to help you.  

For our partners both new and old, now is the time to support your clients to improve their record keeping and in turn the efficiency of your lodgement process. Please reach out if we can assist you with some tools and strategies to engage your clients in the system.

In summary, March and Q3 have been transformational and rewarding times for Synnch, our staff and stakeholders. Thank you for your continued support, as always please reach out if I can assist in any way and good luck finalising your record-keeping consulting and advisory for the financial year FY22 slash 23 in Q4.

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