Xero has today unveiled a new wave of innovation enabling small business to grow faster and increase UK GDP with the country’s first integrated cloud business management solution.
Already market leaders in online accounting software, Xero has today announced it will offer small businesses the first seamless, all-in-one accounting and payroll solution, along with a business performance dashboard using big data to provide real-time business insights.
The company has also announced the addition of Metro Bank to its growing network of live bank feeds, alongside RBS, HSBC, Natwest and Silicon Valley Bank - further demonstrating Xero’s ongoing commitment to automating small business financial management.
Eliminating payroll pain with an integrated solution
Xero managing director Gary Turner says Xero is now able to do for payroll what it has already done for accounting by building on top of its existing online accounting solution.
“Small businesses have been waiting too long for companies to innovate in payroll and improve their experience, which up until now has been painful.
“We’re now able to offer each of our 60,000+ UK small business customers an innovative solution within Xero that enables more capability than any of our competitors and talks directly to our accounting solution.”
With Payroll in Xero, small business owners and their employees can schedule time off, view payment information and more - from any device, at any time.
And for the business owner, there’s no need to worry about submitting RTI to HMRC again, with submissions automatically handled after each payroll, along with PAYE, student loan and National Insurance calculations. The information is then automatically updated in their Xero accounts, with no duplication of data-entry, giving business owners more time to focus on running their business.
“Payroll is typically a costly, dry and time-consuming aspect of running a business, but we’ve built a platform that makes it quick and simple for people to undertake once mundane, manual tasks. And the cost is included within your Xero subscription.
“For the business owner, running a business is much easier when you combine two of the most critical back office tasks: accounting and payroll. Now small businesses can save time and money by getting exactly what they need in this all-in-one, easy-to-use, seamless accounting and payroll solution.”
Metro Bank joins Xero with next-generation banking
Xero is continually building strong relationships in the banking sector, today welcoming revolutionary high street bank Metro Bank to its growing network of automated bank feeds, enabling more small business owners to simplify their workflow processes between accounting and banking.
“We’re thrilled to welcome Metro Bank on board - a bank that shares in our commitment to innovate and make doing business simpler and more efficient for customers,” says Turner.
Paul Riseborough, Managing Director for Customer Propositions at Metro Bank, commented: “As a champion of small businesses, we are continually looking to work with partners that can benefit our customers as they expand and develop their businesses.
“Xero offers customers a quick and simple solution for their accounting needs - a proposition that fits perfectly with our commitment to providing a convenient and customer-focused banking experience.”
Small business insights from big data
Following its recent investment in business intelligence architecture, Xero will launch its business performance dashboard using small business big data to provide a full picture of key financial ratios and performance metrics, empowering small businesses and their advisors with accurate, real-time data to aid in business decision-making.
“In this age where changes to government legislation are constantly making it tougher for UK small business, it is important for us to support our 400,000 small business customers around the world with smart software that will arm them with greater insight, mobility, and control of their core business management,” says Turner.
“This is just the start of a new wave of innovation we have planned as we further leverage our powerful accounting platform.”