Hailed as the first of its kind in SA, Nedbank’s fully digital direct bank feed between a business owner’s bank account and their Xero accounting software account is aimed at making things easier for small businesses.
The digital bank feed between Nedbank and Xero makes it possible for business owners to import their banking transactions directly from their Nedbank business account into Xero, removing the time and effort involved in manually capturing and updating every transaction.
“The new relationship between Nedbank and Xero makes the accounting process more efficient by making financial data more reliable, available and secure,” says Alan Shannon, executive for professional and small-business banking client engagement at Nedbank.
“It makes life easier for business owners and provides them with up-to-date data to run their businesses more efficiently.”
Nedbank launched the fully automated banking feed in SA only a few weeks ago, adding it to the services its clients can access through the Nedbank Online Banking offering.
“Clients can enable – or disable – the secure data feed to their Xero account within minutes,” says Shannon, noting that the service gives business owners a range of tools to improve not only their accounting, but also their business.
While Xero is seen as cloud-based accounting software, Colin Timmis, Xero’s county manager for SA, says Xero is also a business management tool.
He says a small business can perform better if it tracks its finances properly and uses connected tech to automate time-consuming processes.
“Businesses that have been traditional at their core are discovering that digital processes offer far greater scalability and resilience for the future,” he adds.
“The new Nedbank feed has been built to Xero’s secure API [application programming interface],” says Shannon. “It is just as secure as any of the data protocols that people use every day when doing online or mobile banking transactions.”
Shannon says Nedbank partnered with Xero on the strength of Xero’s global leadership in direct bank feeds over the past decade. Xero has bank feeds with major financial providers across the world, including NatWest, Wells Fargo, Barclays and Westpac. The new feed between Nedbank business accounts and Xero differs from feeds that have been available in SA in that it is a fully digital direct secure feed.
In the past, business owners or accountants who wanted to import transactions into accounting packages would often have to download account statements into a separate application to transpose the data into a compatible format.
This rather cumbersome step – which can lead to errors – has been removed.
In addition, Nedbank reminds its clients that the direct feed is available at no additional cost to their clients with business accounts, while Xero is offering Nedbank clients who want to try out Xero a four-month discounted subscription.
Nedbank clients will be able to feed all business accounts that are linked to their profile and are visible on the Money app or in Online Banking into Xero, including the following:
- Current accounts;
- Credit cards;
- Saving and investment deposit accounts;
- Loan accounts; and
Xero enables businesses and their accountants to track specific parts of their business, ranging from transactions and sales to contacts, cash flow and outstanding debtors and creditors.
The direct Nedbank feed means that the finances of a business are kept up to date so the business can more easily do things through the Xero platform, such as:
- Staying on top of cash flow;
- Viewing all bank account and credit card information in one place;
- Chasing up late payments;
- Proactively following up on outstanding invoices;
- Monitoring sales and spending; and
- Projecting cash flow and financial performance into the future.
The Xero dashboard offers businesses the tools to follow up on outstanding invoices with a summary of what is outstanding.
Businesses can filter invoices by due date, the amount owed and how long accounts have been outstanding. Xero also has a marketplace of over 800 connected apps to help small businesses operate more efficiently.
Both Timmis and Shannon say that one of the most important benefits of the direct feed between Nedbank and Xero is that it will save business owners a lot of time and effort, freeing them up to focus on the most important areas of their business.
“The feed takes only a few minutes to set up. It can all be done digitally from the Nedbank Money app or the Online Banking platform,” says Shannon.
To find out more and get 50% off your new Xero subscription for the first four months, click here.
Brought to you by Nedbank and Xero.