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What sets Xama’s AML Software Apart?

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Marcus Batson from Xama Technologies shares what makes them the go-to solution for AML compliance.

Xama is a comprehensive anti-money laundering (AML) software used by over 1,000 accountants and bookkeepers of all sizes across the UK to stay compliant.

For accountants and bookkeepers, AML compliance is vital in preventing crimes that could harm their business and protect them from legal, financial, and reputational damage, allowing them to maintain the integrity of their systems and the trust of their clients.

As the go-to solution for AML compliance, Xama’s cloud-based solution offers multiple services and systems that set it apart and make it the provider trusted by Rosemary Bookkeeping business owners across the UK.

In this blog post, we sat down with Marcus Batson from Xama Technologies to see what makes Xama work so well and explore some of its key features and benefits for UK-based accountancy or bookkeeping practices that need to manage AML at scale.

What sets Xama apart?

While most AML tools require you to juggle spreadsheets, separate check-processing systems and disconnected document stores, Xama replaces this patchwork with a single, intuitive dashboard that unifies training, client screening, document management and reporting.

With out-of-the-box integrations into Practice Management, Proposal tools and leading accounting platforms (e.g. Xero), firms can gain real-time visibility into every compliance task and status — all in one place.

Not only does Xama show you exactly what’s outstanding, but it also proactively delivers all the quarter-on-quarter regulatory changes — from high-risk country lists to updated FATF guidance — straight into your inbox and Academy dashboard.

It’s built-in AML Academy then issues role-specific e-learning modules, tracks completions, and automatically issues certificates, so you never have to search for the latest rules.

Integration

Particularly if you’re an accountant, you’re likely already using existing bookkeeping or CRM systems in your role. So, how does Xama integrate with those?

“Every firm has different clients, software and processes, so it’s important to balance compliance with practicality. Our Risk Assessments can be created from scratch or can be customised to adapt to any firm. Our AML Academy training is tailored to services, client types and team roles, and client-facing elements of the platform can be branded in the firm’s logo to ensure consistency for the client,” says Marcus.

Via the Hub Apps page in the platform, you can view simple instructions for each integration for various existing software.

Most of them consist of an ‘API Key’ that allows the two tools to connect, and Xama has a short video for each integration within their Training Hub. Speaking of…

Training and onboarding for new users

If you want to sign up for Xama, you can… very easily. Signing up takes minutes and then directs you to a guided Compliance Checklist, which walks you through importing client records, migrating historic data, customising risk-assessment templates and updating policies. Beyond that, you also get:

  • On-demand video tutorials for every feature
  • Quarterly refresher courses via the AML Academy
  • A dedicated support portal (tickets and live calls) for anything more complex

Xama provide the flexibility to start at whichever point works best for you. Whether this is the process moving forward first (the migration of historic records can be done later) or the other way around, this ensures firms can see the value straight away, without needing to undertake a large migration project before reaping the benefits.

Success Stories

Marcus says that the biggest successes he has witnessed are when Xama has supported and or enabled a successful audit from a supervisory body. Multiple clients have passed FCA and HMRC audits with zero fines, thanks to Xama’s audit-ready documentation and real-time alerts.

“We’re lucky to have had many firms pass with very minor, if any, actions to be taken after.”

“We had one particular firm that was struggling with AML for a long time due to the size of their practice,” he adds.

“They had massive gaps in their compliance documentation and were very worried about getting fined. Over two weeks, using the structure and reporting provided in Xama – but the flexibility to do it their way – they were able to resolve this and (whilst they weren’t in a perfect position) left the audit without a fine, and just minor tasks to take forward afterwards.”

Ongoing Support and Adaptation

In the world of bookkeeping and accountancy, we know nothing stays the same for long, and there are constant changes and new implementations that need to be made for firms to remain compliant with legislation such as AML.

Xama have accounted for this. Their founding team have been working in the industry for a long time, with their Founder being a Technical Partner of an Accountancy firm, their Commercial Director – another partner at the same firm, and their Engineering team having supported their founder as one of the first development teams to build on Xero’s API.

At Xama, the team understands the complexity of AML as well as practical applications within Accounting and Bookkeeping practices. Marcus himself has worked with Accounting and Bookkeeping firms for over six years, supporting and delivering new services and tackling common process challenges.

Their compliance team monitors FCA, HMRC and international AML updates 24/7. Every quarter, the AML Academy automatically publishes new modules covering regulatory changes, and they release platform updates within days of any major rule change. That way, you’re always ahead of the curve without lifting a finger.

Xama aim to bring enterprise-level software to firms of all sizes, which means they need to ensure that they work with the best-in-class providers to accomplish this.

“AI is lowering the bar to entry for fraud, and we’re confident that with our providers who have tampering detection, monitoring services and more, we can proactively identify areas of concern before it becomes an issue,” Marcus says.

Changes and Upcoming Evolution

With these changes, Marcus expects the standards will continue to increase on how identity is verified, causing a greater focus on Identity Verification Tools (IDVT) and stringent processes to reduce fraud and money laundering activities.

“This is very difficult to keep on top of, at scale, as well as ensuring you’re delivering client work, without leveraging tools like Xama,” says Marcus.

“Accountants are feeling this first with the new Companies House ID requirements, but I feel this will continue to evolve the way the AML standards are set.”

Moreover, as the financial and technological landscape changes, Xama is itself balancing new automations with the need for human oversight.

Whilst the platform does a lot of the heavy lifting, Xama also provide reports to see each check that was done and a clear understanding of the results. When the system doesn’t have a high confidence, it will ‘refer’ the client to you for a manual review, alongside the supporting report to give you direction.

To enhance the ways Xama helps ensure compliance, they are working on several evolutions to combat the ongoing challenges of AML.

 “We have a long list of tools and enhancements,” says Marcus.

“With the suite of tools available to firms ever-growing, the challenge of visibility and bringing all of the elements of AML together becomes more and more challenging. Integrations will always be a key driver of our evolution. But we also want to make sure we continue to improve the way the platform looks and feels, as well as make sure we use best-in-class technology.”

Stay compliant with expert bookkeeping and software solutions

Rosemary Bookkeepers nationwide use Xama for expert AML solutions, alongside our specialist services and cloud-based tools like Xero, QuickBooks, Sage, and FreeAgent to help you stay compliant and support your business’s unique needs and specifications.

Whether you’re just starting or looking to hire a bookkeeper to support your growth, we’d love to help you on your journey to becoming the best business you can be. To take your first step towards stress-free bookkeeping, find your nearest Rosemary Bookkeeping branch to schedule a free, no-obligation consultation today.

The best bookkeeping tools for small businesses

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Tools of the trade that will save you time and effort in bookkeeping.

As a small business owner, your time is gold dust.

And with so much to do, your bookkeeping is a chore that takes up that valuable time.

But, bookkeeping is not something you can skip out on, particularly with the growing need to keep a digital record.

Luckily, there are many tools on hand that small business owners can use to make bookkeeping easier.

At Rosemary Bookkeeping, we know there’s a lot to consider. What works for one business may be the wrong fit for another.

That’s why we’re breaking down the tools of the trade so you can figure out what bookkeeping aids work for you.

Quickbooks

If you’re researching, you might’ve noticed that many small businesses use QuickBooks Online.

But what makes it so good?

Pros: 
  • Scalable
  • Commonly used by professionals (including us!)
  • Integrates with 3rd party systems and Quickbooks Payroll
  • Cloud-based and available on mobile
  • Easy to use: All features are accessible through a central dashboard
  • Has a plethora of online resources to give you the support you need
  • 30-day trial
  • 4 Subscription plans that vary in price for business size, but can be upgraded as your business grows
  • More advanced plans offer more advanced features, though most small businesses will find the Simple Start Programme (£14/m.o) will suffice
  • Customisable options with mobile app
Cons: 
  • Requires an upgrade for additional users
  • Can suffer from syncing problems with banks and credit cards

Xero

Another popular accounting tool, Xero is rapidly growing into a bookkeeping giant. And like QuickBooks, Xero is designed to grow with your business across its different subscription options.

It also integrates with hundreds of third-party business solutions, many of which you may already use, like Gusto, for payroll.

Here’s the full lowdown:

Pros:
  • Cloud-based and available on mobile
  • 3rd party payroll integration through Gusto and app marketplace
  • Integration with 3rd party services allows online payment collection
  • Simple inventory management
Cons:
  • Limited customer service and reporting
  • Fees charged for ACH payments

FreeAgent

Another cloud-based software, as a FreeAgent partner, we recommend it for freelancers, consultants, and project-based businesses.

Pros:
  • Cloud-based and available on mobile
  • Doesn’t limit transactions behind a paywall
  • Supports unlimited users, clients, invoices and transactions for one monthly price
  • Ideal for keeping track of billable hours and expenses
  • Runs fully RTI-compliant payroll
  • Allows you to create and send estimates and invoices
  • Uses personalised Tax Timeline of upcoming deadlines and amounts due, cash flow, and profitability
  • Files VAT, RTI payroll and Self Assessment tax returns directly to HMRC (ideal for sole traders and limited companies)
Cons:
  • App development and compatibility for Android is lacking, but underway
  • Tax Timeline doesn’t offer a comparison of year-on-year comparison

Sage

Sage is one of the bigger brands, and it’s been around a lot longer than most.

Sage Business Cloud Accounting is specifically geared towards the needs of small to medium-sized corporations and offers two plans for small business owners.

However, it has been described as overly complex and difficult to use.

Here are the pros and cons:

Pros:
  • Cloud-based and available on mobile
  • Offers a free trial or demo before buying
  • Offers invoicing, expense management and reporting, as well as the creation of quotes, estimates, tracking, and inventory management
  • Provides monthly, quarterly, and annual financial reports and reports. These include balance sheets and income/cash flow statements
  • Produces comparison of financial statements, e.g. year-to-year.
  • Many features are preset  and ready for the user to make management streamlined, but also offer multiple customisation opportunities
  • Offers capabilities for budgeting or cash flow forecasting, job costing, auditing, and automated workflows, as well as industry-specific features.
  • Uses a central dashboard to access information and data in one place
  • Link your credit cards and bank accounts
  • Integrates with third-party apps
Cons:
  • Difficult to use and set up. May need a Sage expert to support you. (Luckily, we are!)
  • Features can be complicated to use and need expert support
  • Homepage can become cluttered if not customised
  • Geared towards larger businesses.
  • Lack of documentation and support, often necessitating further support

How Rosemary Bookkeeping helps your business

Each online bookkeeping aid offers something different, with both strengths and weaknesses.

And many can be difficult to use without the right support.

At Rosemary Bookkeeping, we work with accounting tools and offer bespoke support to get the most out of each software.

By regularly consulting your local Rosemary bookkeeper, you’ll be able to receive support specially tailored to you and your business, and we can take care of your bookkeeping for you.

From helping you choose the right software to use, software supply, training and data migration to a complete outsourced bookkeeping service – we can help.

Whether you’re just starting or looking to hire a bookkeeper to support your growth, the best bookkeeping tool for any small business is still a Rosemary Bookkeeper.

To take your first step towards stress-free bookkeeping, find your nearest Rosemary Bookkeeping branch to schedule a free, no-obligation consultation with your local expert today.