Soldo, the multi-user business expense account, today launches a next-generation integration with Xero.
In addition to the core integration, where enriched expense transaction data from Soldo appears seamlessly inside Xero, Soldo is also launching an open beta bank feed integration leveraging the new Xero Bank Feeds API, enabling transactions to sync automatically with Xero daily.
Announced at Xerocon, the cloud accounting conference, the integration between Soldo and Xero will allow small businesses to simplify the way they manage company spending, while enabling accountants to easily reconcile client bank statements against transactions, enabling more efficient practices, better decision-making, and smarter working.
Soldo – which automates the business expense management process through Mastercard® cards, an intuitive app, and a web admin console that enables simple user and spend management – will make it easy for customers to view enriched card transaction data directly in Xero: painting a complete picture of financial health.
“It’s a natural collaboration”, said Darren Upson, VP Small Business Europe at Soldo, and former Director of Small Business at Xero. “Xero can offer transparency into company finances – and we can match it with visibility into spend. This integration puts all the data needed for real-time accounting in one convenient place: letting accountants spend more time advising their clients – and less on frustrating admin tasks.”
With HMRC’s Making Tax Digital (MTD) initiative coming into force in April 2019, businesses and accountants need convenient, accessible, and comprehensive software to stay compliant. Soldo consulted leading Xero accountants and bookkeepers before developing this integration – and will continue to develop it based on their feedback.
Soldo will also launch a dedicated accounting partner programme at Xerocon – which includes a free practice edition of the solution – and exclusive editions designed to help accountants manage their clients more effectively.
“The new integration will give small businesses control over every element of their finances”, added Upson. “Accountants can leverage Xero and Soldo’s technology to streamline processes, reduce administration and support their transition to a digital practice in preparation for Making Tax Digital.”
“Soldo provides an alternative to waiting for credit card statements and staff expense reports” commented Upson. “Together, Soldo and Xero are delivering better quality data to accountants and small businesses, enabling them to make better-informed decisions; helping them flourish.”