Xero says its new conversion service will provide a free tool to convert existing BankLink files across to Xero, and guide accountants through the process of converting their clients. It comes in addition to the MYOB-to-Xero conversion tool, which Xero indefinitely extended last year for thousands of accountants and bookkeepers.
Chris Ridd, Xero Australia Managing Director said the company offers bank feeds to dozens of Australian banks and financial institutions, with daily updates allowing small businesses to see their cashflow and bank account information directly from within their accounting dashboard.
“The vast majority of our customers have linked their bank accounts to their accounting dashboard, so we know it’s an indispensable tool for them.
According to Ridd, Xero now has more than 203,000 paying customers in Australia and, of the new customers who join Xero, more than two-thirds come from other accounting software, including MYOB and BankLink.
Ridd said Xero has been working to make bank feeds smarter and more efficient,. Last month, it announced a partnership with National Australia Bank to enable the industry’s “first automatic bank feeds”, using the new Application Programming Interfaces (APIs) between Xero and NAB.
Ridd said the automatic bank feeds with NAB, which will be made available later this month, instantly connect bank accounts to the Xero accounting dashboard, and opens new possibilities for Xero and NAB customers to automate banking processes.