XERO BANK FEEDSWITH UOBNOW LIVE!

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LATEST ANNOUNCEMENT FROM XERO AND UOB!

United Overseas Bank (UOB) yesterday announced its partnership with Xero for automated bank feeds in Singapore. This move is unprecedented as Xero and UOB are the first accounting software and financial institution to provide bank integration in the country.

As part of the event, UOB has also launched BizSmart, an integrated cloud solution for retail SMEs.

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HOW CAN AUTOMATED BANK FEEDS BENEFIT SMALL BUSINESSES?

Ability to manage cash flow better

With bank feeds directly processed in Xero, information is readily available. This will enable business owners to have a greater insight into their cash flow with a real time entry of revenue and costs.

Accuracy of information

The automated bank feeds will significantly reduce human error.

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HOW CAN AUTOMATED BANK FEEDS BENEFIT SMALL BUSINESSES?

Reduce time and money spent on financial administration

Small enterprises, especially in F&B and retail space, regularly receive a large number of micro-transactions. Having a direct bank feed from your UOB operating account to Xero will help quick and easy reconciliation of your business transactions, without the need to spend hours and manpower on manual data entry and administration.

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Mervyn Koh, Country Head UOB Business Banking

“My day job is helping SMEs.”

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HOW CAN AUTOMATED BANK FEEDSBENEFIT XERO USERS?

Auto-mapping within Xero

Once transactions from the bank come in and you have already mapped it in its correct category, Xero will remember such transaction and will automatically chart it under the specified category, whether it’s a revenue or an expense item.

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HOW CAN AUTOMATED BANK FEEDSBENEFIT XERO USERS?

More time spend on business reporting

Having automatic bank feeds to your Xero account means business owners and accountants can do what is important for the business: understanding the company’s financial performance. By skipping the manual reconciliation of transactions, you can focus on management reporting because they now have a complete and real-time view of the business.

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Representatives from MobileIron, Vend, Hreasily, Xero, Deputy, ApexHub and Newstead where at the event.

The panel discussion during the United Overseas Bank (UOB) launch of BizSmart.

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FAQS ON XERO BANK FEEDS

Are there any extra cost on Xero users for bank feeds?

No. There are no additional set-up fees or ongoing costs on Xero users.

How do you set up bank feeds in your Xero account?

Xero has provided a step by step instructions on connecting your bank account with Xero for automated bank feeds. Xero has a detailed video tutorial to guide you with the bank integration.

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FAQS ON XERO BANK FEEDS

How long does it take to register your UOB account in Xero?

It takes at least ten (10) days for UOB to process your application for the integration. Check out more information on UOB BizSmart’s website.

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DROP US A NOTE FOR ANY QUESTIONS ON XERO BANK FEEDS & ACCOUNTING

@futureb00ks

Futurebooks

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