Cloud accounting software provider Xero has released a new e-invoicing solution which it claims lightens administrative burdens on small businesses and has the potential to slash overdue payments.
Xero says its new solution, Xero Connect, is aimed at allowing large suppliers to send invoices directly into small businesses' Xero accounting software via a secure integration with the supplier's billing system.
Trent Innes, managing director, Xero Australia says the first corporations to join Xero Connect in Australia are Reece and Caltex.
According to Innes thousands of Reece business customers and Caltex StarCard holders stand to benefit from the new integrations, with the solution reducing business owners’ paperwork, improve data accuracy, and lessening the need for manual data entry leading to costly human errors.
{loadposition peter}Innes cites Digital Business Council figures showing that the benefits of e-invoicing to business and government are significant, saving the Australian economy an estimated $7.8 billion annually.
“A consistent cash flow is vital to both business and a healthy economy,” Innes says.
“Ensuring bills can be reconciled and paid faster, with fewer errors, greatly helps keep cash flow consistent. Xero Connect lets thousands of small businesses free up time and increase efficiency.”
Innes says Xero Connect is the next piece in the company’s financial web, connecting small businesses to banks, payment providers and now corporate suppliers.
“Small businesses tell us their key pain points are the need for real-time financial transparency, better access to capital and cash flow issues.
“We’re committed to solving these problems through our Financial Web. Xero Connect is an addition that aims to ensure high-quality data enters Xero, which gives small businesses a better view of their financial position.”