Xero and Santander reveal new accounting integrations for SMEs

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There’s no doubt that one of the major headaches facing marketplace sellers and online retailers is accounting. In particular, integration with the marketplaces, dragging out data on sales and profits, and then also sharing such info with your bank, reconciling it all with your accounting software and then getting information from your bank too can be time consuming and boring. It looks like accounting firm Xero and bank Santander are greasing the wheel.

Their new joint API will solve many of those problems. And it’s interesting because more and more of the sellers I speak to now are using the accounting system Xero and raving about it. What do you use? We’d be especially interested to hear from Xero users.

Sigga Sigurdardottir is the head of customer and innovation at Santander and she says of the Xero hook-up: “We are always looking at new ways we can provide customers with a seamless service so this is a natural collaboration for us. We’re excited to be the first UK bank to launch an API link with Xero. It opens up new possibilities for us and for the banking industry as a whole. We want to help businesses prosper and providing this API solution complements the other options we have to help our customers manage their cash flow.”

Gary Turner is is the UK MD and co-founder of Xero and he says: “We want to make the lives of our customers simpler. We want to empower small businesses to create up-to-date financial reports for the board or quickly get an update on cash flow before making a key purchasing decision. Now with Xero’s free integration with the Santander banking platform, those small businesses that bank with Santander can access up-to-date financial information faster than ever before and free of charge.”

Let us know if this is a corporate deal that will be useful to you.

5 Responses

  1. Hi. What does the integration with Santander offer over Xero being integrated with say HSBC?

  2. Yep Tom, good question. We already have a feed from Barclays straight into zero for all our account including the currency ones. Not sure what else we would need on that front.
    The big winner will be when Xero get a direct integration with Amazon for us

  3. Hi Jonny. We are also waiting for that. We currently use A2X but pay too much per month for such a simple feature.

  4. I use a Pandle, as I wanted something very simple and solid. So far so good. They offer bank imports and bank feeds too, but I have no need for those features as of yet. They’re also a British company which is a pleasure to support. I heard good things about Xero but it looks more like its target are accountants not small businesses.

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