Cloud-based accounting platform for small businesses Xero has signed a deal with IT management solutions provider, Kaseya, that will provide direct integration between BMS by Kaseya and Xero. Kaseya’s business management solution supports the back-end operations of managed service providers (MSPs) and mid-market enterprises (MME); the integration will ensure synchronized financial and operational data between both Xero and Kaseya’s platform.

General Manager for Cloud Computing at Kaseya Jim Lippie said, “As the industry’s only next generation PSA (professional services automation), BMS empowers our customers to be more profitable and operationally efficient through easy to access data capture and analysis.” He added that it was critical for PSAs to stay innovative in order to avoid what he called “the problems inherent in first-generation PSA solutions,” and pointed to Kaseya’s new relationship with Xero.

“Our latest partnership with Xero provides an added layer of financial intelligence that can be leveraged within BMS’ single pane of glass,” Lippie said. “This powerful integration saves our MSPs countless hours of admin and back office time.” Specifically, MSPs will be able to see client information such as invoice history, payment status, credit status, and products and services purchased in one location. Accounting departments benefit from seamless synchronization of operational data such as tickets and time tracking.

This week’s partnership news is accompanied by an announcement that Xero has opened its “newest and largest global office” in Wellington, New Zealand. The new HQ now supports more than 650 Xero staffers who were previously working in three separate locations around the city.

Founded in 2006, Xero demonstrated the Business Identification feature of its cloud-based accounting platform at FinovateSpring 2011. The company also participated in our developers conference, FinDEVr Silicon Valley 2014, presenting “Building an API-Driven Ecosystem for Small Business.”

The partnership with Kaseya is Xero’s second of 2018. The company announced an agreement with DBS (the Development Bank of Singapore) in January, which will give the bank’s small business customers the ability to have their transactions automatically imported to their Xero accounts. Last fall, Xero was named to KPMG/H2 Ventures’ Fintech 100, and teamed up with Worldpay to simplify invoicing for small businesses.

With more than 1 million subscribers, Xero’s technology integrates with more than 600 business apps. The publicly-traded company has a market capitalization of $3.4 billion ($4.7 billion NZD) and is currently trading on both the New Zealand and Australian stock exchanges under the ticker symbol “XRO.”  Xero is planning to transition to a sole listing on the Australian exchange later this year.

Cloud accounting platform Xero has added the Development Bank of Singapore (DBS) as a bank partner this week. By teaming up, the two aim to help their mutual small business clients manage their finances.

The partnership will allow small business customers who use DBS IDEAL, DBS’s online business banking platform, to opt in to have their bank transactions imported automatically into their Xero account every day. This automatic transaction data feed enables businesses to gain a holistic view of their financial standing while avoiding manual data entry.

This bank partnership is one of many the New Zealand-based company has undertaken. Xero is currently integrated with more than 80 Australian banks, 20 New Zealand banks, eight banks in the U.K., four banks in the U.S., five banks in Asia, and one bank in South Africa. Rod Drury, Xero CEO and Founder said, “We are working with more than 140 financial and fintech organizations around the world to establish a global financial web which securely opens up data flows that can help de-risk lending and enable small businesses to access much-needed capital so that they can prosper.”

DBS has more than 280 branches across 18 markets. This expanded reach will help Xero access more small business clients in the region, which experiences particular difficulty arranging direct bank feeds. Singapore requires businesses to apply via paper forms that can take up to 10 days to set up. In fact, the region seems to have a particular difficulty in this area. A recent survey of 150 non-Xero SMEs in Singapore found that small business owners:

• Spend an average of 15+ hours a month manually importing and reconciling their bank statements
• Almost 30% spend between 20 and 40 hours a month manually reconciling
• More than 67% cited manual bank statement reconciliation as a challenge in managing operations

Joyce Tee, DBS Group Head of SME Banking said, “By enabling SMEs to manage their finances in a much more efficient manner, we hope that they can better manage their business and make more informed decisions.”

Xero most recently presented at FinDEVr San Francisco 2014 when the company’s Head of U.S. Partnerships David Pollock spoke about building an API-driven ecosystem for small businesses. At FinovateSpring 2011, CEO Rod Drury debuted the company’s Business Identification solution. The company recently ranked number 16 on the KPMG and H2 Ventures Fintech 100 list. In November of last year, Xero partnered with Worldpay to facilitate e-invoicing for small businesses.