Xero bolsters Xero Business Connect network

Xero bolsters Xero Business Connect network announcing live integration with NZI and PlaceMakers

Small business owners save up to a day per month with expanded partner integration

AUCKLAND, 1 MAY 2015 – Xero today announced it has signed up a clutch of new big business partners to its Xero Business Connect ecosystem, greatly reducing time spent by small business on administration and enabling them to focus on what matters.

Integration with Z Energy and BizRewards went live last year and today Xero announced it is adding to these with PlaceMakers and NZI going live, and Meridian Energy, Watercare Services Limited and Office Max to be fully integrated with Xero Business Connect by the end of the year.

Detail around this announcement as well as a strategic update with a focus on the rapid expansion and continued success of Xero’s New Zealand business were key highlights of day two of its annual partner conference Xerocon in Auckland.

Xero Business Connect

Through Xero Business Connect, Xero is aiming to connect thousands of enterprises to the Xero platform –making it easier for small businesses to manage their finances and save them more time in manual processing.

Xero integration enables invoices to be fed straight into Xero, or documentation and information to be automagically sent between Xero and big businesses that Xero small business customers transact with.

Key features include: reduced data entry through automation; automatic reconciling; greater visibility of invoices; payments to the right account; documentation automagically arrives in Xero; and less paperwork.

Victoria Crone, Managing Director of Xero New Zealand, says “We know time is a precious commodity for business owners and this enables customers to save time so they can focus on what really matters.”

“We’re always looking for ways to improve online functionality and make financial management easier for small business and Xero Business Connect makes invoice payments simple, with our studies showing some small businesses spending up to one less day on paperwork per month as a result. This is further bolstered by automatic reconciliation software that pays invoices directly to the right accounts reducing the risk of manual errors.”

“Xero Business Connect really is a seamless solution allowing critical business processes to be done with ease,” Crone says.

Integration with NZI goes live today and with it the launch of the beta version of NZI’s insurance add-on CoverKit. CoverKit will allow Xero customers to access their own information in Xero to compile a comprehensive financial profile of their business.

NZI General Manager Commercial Underwriting, Stephen Everett says, “Our partnership means Xero customers will have access to rich information that will enable them, with expert advice from their broker, to create tailor-made solutions to manage their risk.”

“Forty per cent of SMEs fail immediately after a loss occurs and 25 per cent within a year, so a quick resolution to any problem is critical to business survival. CoverKit will make it easier for brokers to help their customers understand where their business is most vulnerable and do something about it,” Mr Everett says.

Xero customers can also now register to receive invoices from PlaceMakers directly into their Xero online accounting platform. This reduces the time spent by small businesses manually entering transactions each month and greatly improves accuracy.

“PlaceMakers relentlessly looks for ways to make it easy for our customers to do business. Xero Business Connect is aimed at making life simpler and spending less time with administration. That’s a real benefit for our customers and we’re pleased to be on-board,” says PlaceMakers Brand Engagement Manager, Maria Reinbergen.

PlaceMakers and NZI will be joined by Meridian Energy, Watercare Services Limited and OfficeMax later in 2015 alongside current Xero Business Connect partners Z Energy, BizRewards and PGG Wrightsons.

“Xero is working with many more big businesses to join Xero Business Connect this year as we strive to achieve our vision of connecting thousands of enterprises to the Xero platform,” Crone adds.

“And there are plenty of benefits for big business too.”

Xero Signals

Xero also announced Xero Signals – as the next step in understanding the value of small businesses to the economy. In her keynote address, Victoria Crone said, “Small business owners usually do not recognise the importance of their place in the world economy and usually fail to appreciate their own contribution to the world’s gross domestic product.”

In New Zealand, small business makes up around a third of the workforce, just under 40% of GDP and nearly 97% of all business.

“Xero Signals will provide insights into how this important part of the economy is performing, based on information in Xero complemented with survey data.” Crone added, “It’s real time and it surfaces information around the small business economy that we haven’t been able to see before,” Crone says.

“Small businesses contribute to variety and consumer choice for customers by quite often serving niche markets. They provide an important source of innovation and invention, an important factor in all economies".

“We now have a good understanding of what needs attention, so we can work with right people to ensure the best environment and support exists for small business to be successful,” Crone adds.

Xero Signals will be rolled out in the coming months.

Xero customers more likely to trust their accountants

Xero recently undertook a survey of its small business customers to gauge perceptions of the level of services and satisfaction with their financial advisors.

Crone said that it was clear from the research that Xero enhances the client-accountant relationship.

“Xero customers are more likely to have a financial and business plan, and a clear purpose or mission, than non-Xero customers. We also know that they are more confident managing the business and reward innovative thinking in the business,” Crone says.

“But mostly importantly, Xero customers (51%) are more likely to trust their accountants than non Xero customers (27%),” Crone says.

ENDS

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