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October 2026
Weelhouse
Wire
Your monthly roundup from Weel HQ
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Hi there,
Plenty has changed since our last edition, and not much of it was in the plan. Rates, inflation and fuel are all still climbing, and the latest AI research points to 2027 being another transformative year.
This edition follows the numbers behind the pressure, how businesses are placing their AI bets and what it takes to put AI to work, plus our latest features designed to take work off your plate.
Here’s what’s in this edition:
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Media Watch: Cash rate up to 4.60%, one in ten invoices more than 60 days overdue and 88% of businesses using AI |
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The AI Spending Index: OpenAI or Anthropic? The lead changed hands twice this quarter, and the most common choice will surprise you |
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In the room: How Microsoft MVP David Fortin gets a CFO dashboard out of Copilot in four minutes |
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Product updates: Credit notes land in Weel AP, plus override approvals and AI receipt extraction |
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Weel Media Watch: what we’re reading right now
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Here’s what’s been making the rounds at Weel HQ, and we wanted to share it with you.
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Rates and inflation keep the pressure on
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The RBA lifted the cash rate by 25 basis points to 4.60% on 29 September, in a unanimous Board decision. (ABC News, RBA) |
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CPI inflation rose to 4.0% in the year to August, up from 3.5% in July, with fuel up 14.8% in the month. (The Conversation, ABS) |
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Jobs and cash flow tighten
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Australia’s unemployment rate was 4.7% in September, with 39,000 fewer people employed and underemployment at 6.3%. (The Conversation, ABS) |
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One in ten invoices is now more than 60 days overdue, double the rate of a year ago and the highest since 2018, CreditorWatch’s September index shows. (Accounting Times) |
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New Zealand company insolvencies are on track for their highest annual total since the global financial crisis, with 2,411 appointments to the end of September, RNZ reports, citing insolvency firm McDonald Vague. (RNZ) |
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Cards and payments
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Surcharges on eftpos, Mastercard and Visa cards ended on 1 October. Interchange fees, the wholesale cost of card payments, were cut as well, but only 7 of 20 providers analysed by Compayr passed the saving on. (SmartCompany) |
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The government will fund the ATO to keep accepting credit card payments until 30 June 2027, with costs to be finalised in the mid-year economic and fiscal outlook. (SBS News, Treasury) |
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AI: widely used, rarely embedded
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88% of Australian businesses use AI, but only 10% have deeply embedded it, CPA Australia’s 2026 Business Technology Report found. (The Accountant, CPA Australia) |
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68% of Asia Pacific CFOs report tangible value from their AI investments, Deloitte’s survey of 363 CFOs across 14 markets found. (CFOtech, Deloitte) |
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Something to feel good about
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A record 11.5 million Australians now invest outside super and their home, up 2.5 million since 2020, an ASX study found. (ABC News, ASX) |
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Weel research
AI Spending Index: OpenAI or Anthropic, which side are you on?
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We’ve updated our quarterly AI Spending Index so you can benchmark your AI investment. The latest data shows:
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In September, 19.8% of businesses on Weel were paying for OpenAI and 19.3% for Anthropic. The lead has changed hands twice this quarter, and neither has pulled away. |
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The most common choice is both: 34.8% of the businesses paying for OpenAI or Anthropic pay for each. |
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32.0% of businesses on Weel now pay for AI through Weel, up 1.2 percentage points this quarter, after a 3.3-point rise in Q2. Adoption is still growing, but more slowly. Surveys by NAB and the National AI Centre put SME use of AI at 40 to 44%. |
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Our view: it’s too early to back a single tool, so build your AI capability in a way that isn’t tied to one. Businesses are still experimenting, and the data shows it. The full breakdown is in the Q3 2026 AI Spending Index, and the Weelhouse has more of our data.
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About the AI Spending Index: our quarterly research on how Australian and New Zealand businesses spend on AI, tracked for three quarters using anonymised data from more than 4,000 businesses on Weel, so every trend comes from a real transaction.
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In the room
A CFO dashboard in four minutes: Microsoft MVP David Fortin on Copilot in Excel
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Imagine building your CFO dashboard in four minutes. That’s what CPA David Fortin did at our latest masterclass, with one Copilot skill and a budget versus actuals data set, and more than 800 people registered to watch. |
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“My biggest regret is I spent 40 hours a week in Excel for 10 years,” says David, now a Microsoft MVP who trains finance teams on Copilot. Here’s what else he showed:
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A 2,000-row Excel file becomes an interactive dashboard on the free version of Copilot, first shot, with one detailed prompt. |
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Two messy revenue reports merge into one view, with a pivot table and charts, all done in under 10 minutes. |
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A CFO pack runs three skills back to back, budget versus actuals, a dashboard and written commentary, from a single prompt (skills need a paid Microsoft 365 Copilot licence). |
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For many finance teams, Copilot is already in Excel, and this session shows you how to unlock it. Watch it on demand now.
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Product updates
Get more done in every hour
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Credit notes in AP, override approvals and receipt extraction: three updates that take work off your plate.
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Feature inclusion may be specific to your plan.
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Complete AP, now with credit notes
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Weel AP just got more complete. Credit notes, now in beta, join the full suite:
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Credit notes (beta): supplier credits applied to the next invoice automatically |
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Batch payments: up to 100 invoices in one payment run |
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Bulk approvals: clear approvals in bulk |
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BPAY: pay BPAY bills from Weel |
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Accounting integrations: Xero, MYOB AccountRight and Business Central |
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Finance teams are making the switch: run payables end to end, from invoice to paid, without reaching for separate tools. Weel AP is included in every plan, and it keeps getting better.
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Override Approvals
Approvals shouldn’t stall because someone’s on leave. Admins approve, decline or request changes on any pending approval, whoever it was assigned to. Every override is recorded in the item’s history.
Override approvals →
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AI reimbursement receipt extraction
Skip the typing. Upload a photo or PDF invoice on web or mobile, and Weel’s AI pre-fills the merchant, date, amount and tax rate on your reimbursement.
Receipt extraction →
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AI reimbursement receipt extraction
Skip the typing. Upload a photo or PDF invoice on web or mobile, and Weel’s AI pre-fills the merchant, date, amount and tax rate on your reimbursement.
Receipt extraction →
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Still chasing receipts? Chase these ones instead.
Need a quick break from a hectic month? Ever wished you could catch every receipt before month-end? Now you can, in our new game, Receipt Chase. The Weel office high score is 75,819. Think you can beat it?
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One more thing
We’re building Weelhouse Wire for finance teams who want an edge. What should we keep? What should we drop? What do you want to see in next month’s newsletter?
Reply directly to this email and let us know your feedback. We read every email.
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letsweel.com
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Any financial product advice that is provided in this material is general advice only and does not consider your objectives, financial situation or needs. You should consider the appropriateness of the advice, having regard to your objectives, financial situation and needs before acting on it.
Australia: Financial services are provided by Nium Pty Limited ACN 601 384 025 (AFS licence 464627). Weel Holdings Pty Ltd ACN 617 434 607 is an authorised representative of Nium Pty Limited (AFS Authorised Representative 1269625). Before you make any decision, you should consider the Product Disclosure Statement, Financial Services Guide and Target Market Determination.
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Further information is available at: letsweel.com/terms.
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