NAB Executive General Manager Digital & Direct Banking, Adam Bennett, said small businesses and their advisers — including accountants, bookkeepers, and financial advisers — could now spend less time entering data and filing paperwork, and more time on helping to grow their businesses.
“NAB customers will now be able to connect their banking information to Xero instantly and seamlessly, providing greater visibility of their cash flow in real-time and across all accounts.
“Small businesses will no longer have to wait up to ten days to have their bank accounts connected to their accounting software, with all of the work being done for them instantly.”
Xero Australia Managing Director, Chris Ridd, said the “market–leading capability” would provide small businesses with the vital information they need to easily reconcile their invoices, understand their tax obligations, and track their cashflow in Xero in real-time.
“Ever since we introduced bank feeds in Xero eight years ago, our customers have loved the ability to link their bank accounts with their online accounting software to get a better view of their cashflow.
“Now Xero customers who bank with National Australia Bank will get best-in-market, direct bank feeds, making it much easier to track finances and help their business’s succeed.”
NAB customers who use Xero will be able to set up their bank feeds online, receiving secure, real-time confirmation in both NAB Internet Banking and Xero. Once established, these feeds will appear the next morning and refresh daily.
Ridd said the partnership will also provide opportunities for customers to benefit from “market-leading services” including NAB product and lending enquiries accessible within Xero.
NAB small business customers will be able to access this functionality via NAB Internet Banking from May onwards.