The Cumberland pioneers new accounting tech

Published on 30 June 2018

The Cumberland has become the UK’s first building society to offer a direct bank feed into Xero. The Cumberland’s business banking customers can access the revolutionary Xero accounting software that is making life easier for businesses, for free.

Cloud-based Xero is becoming well embedded in Cumbria, with businesses, and local accountancy firms joining The Cumberland in pioneering the new tech.

Armstrong Watson was one of the first in the UK to be awarded Xero Platinum Partnership status after taking the lead as the largest cloud accountant in the UK, with Saint & Co joining shortly after.

Saint & Co has also organised a Xero-themed event in October, for north Cumbria businesses. You can register your attendance for that event here: https://www.eventbrite.co.uk/e/bite-2018-tickets-45891224889

Founded in 2006 in New Zealand, Xero is one of the fastest growing software service companies globally.

It has a wealth of features but essentially allows you to manage all of your paperwork, cashflow, and invoices online, and on the go on your devices.

Grant Seaton, Cumberland Business senior lending manager, said: “Incorporating Xero paves the way for future growth and development for local businesses.

“Changes such as Making Tax Digital are set to transform the way businesses run their accounts, and cloud accounting is going to become vital.

“It enables businesses to comply with these new tax regimes, as well as adopt quick thinking and make sharp business development calls.”

Grant Smith, accounting partner at Armstrong Watson, paid tribute to The Cumberland for helping to put Cumbria on the map as an innovative and forward thinking place to do business.

He said: “It is great to see Cumbria as a centre of technology excellence, with Armstrong being Xero Accountancy partner of the year and the Cumberland Building Society being the first UK building society offering a direct bank feed into Xero.”

You can visit our Cumberland.co.uk/business to find out more about The Cumberland's business services.

What is Xero?

Xero is a cloud accounting platform, meaning you can access it from any device. This makes bookkeeping really simple because you can just record receipts, expenses and more, as and when you need.

What are the benefits of using Xero?

  • File storage and sharing – no more big boxes of old receipts and difficult to find folders.
  • Get paid faster – quotes can be turned into invoices quickly, and systems can be automated so that your invoices are sent out prompt.
  • Scalability - Working in the cloud also means it’s easier to scale a small business at a lower cost.
  • Make quick decisions – be agile and make quick and effective business strategy decisions based on real time data.
  • Meet new tax requirements – ‘Making Tax Digital’ will change how businesses file tax returns, making having access to cloud accounting hugely important.

Why has The Cumberland integrated Xero?

Although many of our Business Banking customers value our branch network, we want to offer the full suite of digital services as well.

It became clear to us that Xero, and cloud accounting, was becoming essential for local businesses, so we introduced it to our business banking offer.

Our business customers will need to comply with these new tax regimes, as well as adopt quick thinking and make sharp business development calls, and Xero helps make this happen.