Xero launch

By Rebecca Towns on 12 February 2018

We’re pleased to confirm that we've launched a new integration with Xero, the UK’s leading provider of online accounting software for small businesses and their advisors.

Xero’s cloud-based accounting packages allow businesses to manage their finances from anywhere, at any time, and now all our business banking users can sign up to have their account transactions automatically imported into the software.

A simple sign up process with Xero provides the authority for us to send business banking and savings account transaction information direct, every working day.

Businesses can also provide their accountant or bookkeeper with access to financial information via the online interface, allowing them to work together with their accountants to closely manage financial performance.

Simon Whitwham, General Manager of our Commercial Business subsidiary, said: “We’re proud to be the only building society in the UK to offer a business bank account, and now we can offer our business customers direct feed integration into Xero, which significantly enhances our already innovative business banking platform.”

Any of our business banking customer using Xero now has the ability to automatically import as well as categorise any bank statements. This saves businesses time by removing the need to make manual uploads and downloads, allowing better visibility of their cash flow.

Edwards Berks, Director of Financial Web & Ecosystem at Xero said: “We’re delighted that The Cumberland is integrating with Xero to make lives easier for its small business customers. Simplifying finance processes and giving businesses back their valuable time is Xero’s aim, and this new collaboration will provide a secure and simple solution for joint customers.”

Using the Xero app, businesses have all their financial data at their fingertips with the ability to reconcile any accounts as well as create smart reports and invoices.