Sasfin Bank customers using Xero will be able to automatically import and categorise their bank statements, saving businesses valuable time by eliminating the need to make manual uploads and downloads and giving them greater visibility of their cash flow position.
The collaboration will streamline and simplify small business’ accounting and banking processes, bringing together all their business and financial data into one place within the Xero app. Xero users can reconcile their accounts with one click, create smart reports and professional invoices, and access and manage their data in real-time, as well as on the go.
Michael Sassoon, Executive Director at Sasfin says: “Sasfin Bank is proud to be the first South African bank to offer direct feed integration into Xero. Our innovative banking platform is significantly enhanced by the Xero functionality. It offers businesses the ability to transact in real time, manage their cash flows effectively and earn interest on account balances. Ultimately, this integration will allow SMEs access to technology that will enhance their business growth.”
Gary Turner, managing director for Xero’s operations across EMEA comments “A vibrant and successful small businesses community will be key to South Africa’s economic recovery but many struggle to manage their cash flow effectively. This partnership with Sasfin Bank will help thousands small businesses take control of their finances and provide them with the means to not just survive, but also prosper.”