New Zealand cloud accounting startup Xero, is collaborating with British payments startup Transferwise to offer a wider suite of financial tools to help small-and-medium-sized businesses (SMBs) navigate cash flow post-pandemic.
“We know small businesses around the world are facing an uncertain future right now. So our mission of making life easier for small businesses and advisers is now more important than ever. One way we can help is by making financial information real-time and insightful, making it easier for businesses to be paid faster and control their cash,” Anna Curzon, Xero’s chief product officer said in a statement.
The new tools are intended to help small- to medium-sized businesses (SMBs) manage revenue, profit and cash flow as the coronavirus pandemic upended everyday business and daily life. Xero stepped up the launch of three pilot tools so businesses could get a clear picture of their financial situation.
Business Snapshot helps SMBs compare numbers during different time periods in one streamlined report. Short-Term Cash Flow gives businesses the ability to forecast balances a month in advance. The two tools are still in the testing stages but will be distributed to Xero customers that have Business Edition plans.
In addition, SMBs can pay and reconcile multiple bills on the Xero platform with Pay through Transferwise.
With cash flow more important than ever, eInvoicing can help SMBs in Australia and New Zealand get paid faster and streamline accounting processes. The most recent Xero Small Business Insights data shows that SMBs in Australia often get paid late by 4.6 days. In New Zealand, many SMBs get paid late 7.6 days.
It is anticipated that restarting and reinventing the U.S. economy will involve accounts payable (AP) automation.
“Buyers need upgraded AP tools that provide detailed views of their finances and outstanding invoices to keep their operations running smoothly,” according to the latest Next-Gen AP Automation Tracker® done in collaboration with Bottomline Technologies.
The latest Tracker explores innovation in AP automation tools — like three-way invoice matching — while emphasizing the need to “rapidly pay and easily access data when making business decisions” in a business world radically changed by the COVID-19 pandemic.