Xero, a Cloud-powered accounting software application for SMBs, reveals that it has expanded its existing collaboration with UOB (SGX: U11) in order to provide companies with free access to the UOB Start Digital (for those that qualify). This offer will be available via the platform for 6 months.
The initiative has been introduced to assist SMEs with becoming more competitive as well as resilient by undergoing digitalization. As small businesses struggle to deal with the disruptions and uncertainty created by the COVID-19 outbreak, many consumers are looking for ways to streamline their accounting processes so they can have real-time visibility into their financials.
The UOB SME Outlook 2021 study reveals that accounting is the main process that small and medium businesses want to digitize, with one in three or 33% of respondents saying that they plan to achieve this in the foreseeable future.
Xero’s Cloud accounting product is provided as part of UOB BizSmart, which is the banking platform’s suite of all-digital services designed to assist companies with enhancing their overall efficiency while reducing their operating costs.
The accounting solution has reportedly been integrated with UOB’s business banking account, allowing businesses to import banking transaction data in a seamless manner. This should make it a lot simpler for SMEs to reconcile their transactions and to maintain an up-to-date view of their financial records.
The Xero platform has been designed to easily integrates with around 1,000 connected apps that are supporting SME activities like cash flow forecasting and management, payroll, inventory management, and point-of-sale (POS).
This offers companies a comprehensive range of customized solutions in order to assist them with managing their financial records, business operations and administration in a seamless way with high accuracy and efficiency.
Kevin Fitzgerald, MD for Asia at Xero, stated:
“We are inspired by the tens of thousands of Xero customers and businesses across Asia, who have thrived by implementing digital tools and solutions to develop greater resilience, efficiency, agility and productivity. Xero is proud to partner with UOB to support SMEs embarking on their digital journey as they recover and become stronger, more competitive and resilient for the future.”
Lawrence Loh, Head of Group Business Banking at UOB, remarked:
“The addition of Xero to the UOB BizSmart ecosystem demonstrates our continued focus in expanding our suite of digital solutions, thereby deepening the support we can offer SMEs seeking to overcome business challenges or seize growth opportunities. With SMEs making up 99 percent of Singapore’s enterprises and employing 70 percent of the workforce, it is imperative that we help them make it through these challenging times. UOB has, to date, helped more than 10,000 SMEs digitalise various functions of their businesses.”