Kiwi accounting software firm Xero has teamed up with Statistics New Zealand for a data supply trial.
Statistics Minister Craig Foss announced the trial data supply agreement could improve the quality of statistics and produce new ones for the benefit of both government and business.
“Data is an invaluable resource. It has the potential to revolutionise the way we govern and the way we do business — the opportunities are endless,” Foss says.
“This is an excellent example of the government working better for business,” he claims.
Under the agreement, the financial data of some Xero customers, including information from profit/loss statements and balance sheets, will be sent to Statistics NZ for analysis.
“Better statistics lead to a better understanding of the economy and better decision making, which is good for everyone, including business,” says Foss.
“It could also save business owners time by reducing the number of surveys they need to fill in.”
Foss says privacy and confidentiality of customers’ data is top priority and only those businesses that opt in to the trial will be included.