Small businesses will gain better insight into their organisations, with the ‘financial web’ digitally connecting the services businesses use into their accounting system.
Speaking at today’s Xerocon South 2016 conference in Brisbane, Xero Australia managing director Trent Innes put the spotlight on the rapid growth of the financial web.
Innes says there are three key components to the financial web: greater bank feed connectivity, getting paid faster and access to capital.
Built on top of Xero’s open APIs and twoway authentication with global banks and financial services, the financial web transforms the software from a reconciliation and data entry point, to a fully functioning small business platform.
According to Xero, the continued expansion of the financial web will help small businesses make smarter decisions, improve cash flow, get paid faster and access capital quickly.
Accountants and bookkeepers can use the financial web to expose new services and insights for their clients, and ensure the integrity of the data they’re using.
“Better decisions, better access to capital, better and more secure data these are the promises of the financial web that together we are making real,” explains Rod Drury, CEO of Xero.
In New Zealand, the financial web has taken hold of with Xero and cloud-based production tracking tool Figured.
In the last 12 months, more than 10 million budget transactions were entered through Xero and Figured.
“The financial web is taking hold in banked industries like farming, which are supported by substantial lending secured on farm assets,” Xero says.
Also announced at Xerocon South is Xero’s first lending partner in New Zealand.
Fuelled helps small businesses access the capital they need to grow. From Xero’s platform. Fuelled enables New Zealand small businesses to get on with business without worrying about the timing of income and expenditure, by offering funding to small businesses that is secured against unpaid invoices.
Trent Fulcher, director at Fuelled New Zealand, says, “Like fuel is to a car, every small business needs enough money to flow through it to run smoothly.
"Fuelled, with Xero integrated, enables small business owners in need of an injection of cash, to access an immediate source of finance making the task of managing cash flow easier, and the means to fund future growth,” he says.