Accounting software and online bookeeping software company Xero announced today that it's partnering up with Microsoft and Barclays, as it aims to further automate small business financial management, the company announced on Tuesday.
The partnership was announced during the Xerocon fintech conference.
Under the new partnership, Barclays will be adding its live bank feed to Xero, joining Metro Bank, RBS, NatWest and Silicon Valley Bank. Microsoft is bringing its Power BI into the fold, delivering big data for small business so customers can directly connect with, and gain insight from, their business data.
The two companies said the Microsoft – Xero integration will enable businesses to analyse data faster, more efficient and with greater understanding through 25 metrics such as cash position, revenue vs expenses, profit loss trend, etc. The new analytics tool is expected to be available in March.
“Business tools today are smarter and more connected than ever and finally available to the small business sector,” said Xero’s chief executive, Rod Drury. “The Accounting Industry runs on Microsoft Office and we’re delighted to further integrate with Microsoft Power BI to give our users easier ways to access and analyse information from Xero and other sources to make smart, informed decisions.”
Microsoft also praised the partnership, saying its users will be able to share valuable insights and other data from anywhere, within Office 365.
Xero says it has more than 600,000 customers, with a quarter (150,000) using at least one of its partners in addition to accounting software.