Xerocon NZ: Kiwi SMBs on board as Xero bolsters Xero Business Connect network

Xero has signed up a clutch of new big business partners to its Xero Business Connect ecosystem, designed to greatly reduce time spent by small business on administration matters.

Integration with Z Energy and BizRewards went live last year with the blossoming Kiwi firm now announcing the addition of PlaceMakers and NZI going live, and Meridian Energy, Watercare Services Limited and Office Max to be fully integrated with Xero Business Connect by the end of the year.

Detail around this announcement as well as a strategic update with a focus on the rapid expansion and continued success of Xero’s New Zealand business were key highlights of day two of its annual partner conference Xerocon in Auckland.

Xero Business Connect

Through Xero Business Connect, Xero is aiming to connect thousands of enterprises to the Xero platform, enabling invoices to be fed straight into Xero, or documentation and information to be automagically sent between Xero and big businesses that Xero small business customers transact with.

Key features include: reduced data entry through automation; automatic reconciling; greater visibility of invoices; payments to the right account; documentation automagically arrives in Xero; and less paperwork.

“We know time is a precious commodity for business owners and this enables customers to save time so they can focus on what really matters,” says Victoria Crone, Managing Director, Xero New Zealand.

“We’re always looking for ways to improve online functionality and make financial management easier for small business and Xero Business Connect makes invoice payments simple, with our studies showing some small businesses spending up to one less day on paperwork per month as a result.

“This is further bolstered by automatic reconciliation software that pays invoices directly to the right accounts reducing the risk of manual errors.

“Xero Business Connect really is a seamless solution allowing critical business processes to be done with ease.”

Integration with NZI is now live and with it the launch of the beta version of NZI’s insurance add-on CoverKit.

According to Crone, CoverKit will allow Xero customers to access their own information in Xero to compile a comprehensive financial profile of their business.

“Our partnership means Xero customers will have access to rich information that will enable them, with expert advice from their broker, to create tailor-made solutions to manage their risk,” Stephen Everett, General Manager Commercial Underwriting, NZI.

“Forty percent of SMEs fail immediately after a loss occurs and 25 percent within a year, so a quick resolution to any problem is critical to business survival.

“CoverKit will make it easier for brokers to help their customers understand where their business is most vulnerable and do something about it.”

Xero customers can also now register to receive invoices from PlaceMakers directly into their Xero online accounting platform, a move designed to reduce the time spent by small businesses manually entering transactions each month and greatly improves accuracy.

“PlaceMakers relentlessly looks for ways to make it easy for our customers to do business,” adds Maria Reinbergen, Brand Engagement Manager, PlaceMakers.

“Xero Business Connect is aimed at making life simpler and spending less time with administration. That’s a real benefit for our customers and we’re pleased to be on-board.”

PlaceMakers and NZI will be joined by Meridian Energy, Watercare Services Limited and OfficeMax later in 2015 alongside current Xero Business Connect partners Z Energy, BizRewards and PGG Wrightsons.

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“Xero is working with many more big businesses to join Xero Business Connect this year as we strive to achieve our vision of connecting thousands of enterprises to the Xero platform,” Crone adds. “And there are plenty of benefits for big business too.”

Xero Signals

Xero also announced Xero Signals – as the next step in understanding the value of small businesses to the economy.

In her keynote address, Victoria Crone said; “Small business owners usually do not recognise the importance of their place in the world economy and usually fail to appreciate their own contribution to the world’s gross domestic product.”

In New Zealand, small business makes up around a third of the workforce, just under 40 percent of GDP and nearly 97 percent of all business.

“Xero Signals will provide insights into how this important part of the economy is performing, based on information in Xero complemented with survey data.” Crone adds.

“It’s real time and it surfaces information around the small business economy that we haven’t been able to see before.

“Small businesses contribute to variety and consumer choice for customers by quite often serving niche markets. They provide an important source of innovation and invention, an important factor in all economies.

“We now have a good understanding of what needs attention, so we can work with right people to ensure the best environment and support exists for small business to be successful.”

According to Crone, Xero Signals will be rolled out in the coming months.

Xero customers more likely to trust their accountants

Xero recently undertook a survey of its small business customers to gauge perceptions of the level of services and satisfaction with their financial advisors.

“Xero customers are more likely to have a financial and business plan, and a clear purpose or mission, than non-Xero customers,” Crone adds. “We also know that they are more confident managing the business and reward innovative thinking in the business.

“But mostly importantly, Xero customers (51 percent) are more likely to trust their accountants than non Xero customers (27 percent).”