Accountancy software venture Xero has integrated accounts payable functions on its platform with Australia’s largest business bank in move the company is calling a game-changer.
Australian businesses using Xero that have NAB internet banking will be able to instruct multiple bill payments at a time through Xero and approve their bill payments anytime, anywhere, directly in the NAB mobile app.
Xero Australia’s Financial Industry Director, Ian Boyd, said the integration of systems between NAB and Xero eliminates the time consuming and disjointed process of downloading ABA files and uploading them separately to the bank, or manually checking the status of payments.
“We’ve designed this solution so that small businesses can pay bills securely and seamlessly, spending less time on admin and more time on what’s important to them, growing their business or spending time with family,” he said, adding that it was one of the most requested features sought by Xero customers
A select group of Xero and NAB business customers have been part of a pilot of Xero NAB Payments over the past few months, including Andrew Haynes, of Kindred Accounting.
“I love having my accounting software connected to my bank. The more systems that talk to each other, the better. It’s intuitive, reduces the risk of human error and speeds up the process of paying bills” Haynes said.
Businesses can send payment instructions of up to $40,000, depending on their daily NAB limit.
Haynes said the integration offers better visibility, with businesses notified of the status of payments as they update in NAB and know suppliers have been paid, with digital records of all payments in Xero, all in real time, so accountants and bookkeepers can see both sides of their client’s transactions.
Businesses will be able to add Xero NAB Payments to their Xero subscription the next time they pay their bills from within Xero.