Jennifer Fruean, nbs Chief Financial Officer believes providing its customers with on line access to their bank accounts will be a game changer for many of its business customers. “It’ll allow much quicker processing of accounts in areas such as bank reconciliation and hence more timely and accurate information. This in turn will assist customers’ decision making” she said.
“By connecting to their bank accounts via Xero, customers or their accountants can import bank statements and categorised them automatically. Bank statement line items from their bank accounts can be matched with transactions created in Xero and reconciled. It’s effortless for customers to keep their accounts accurate and up to date” Fruean explained.
"As explained via the Xero website, once the customer’s bank is connected to the cloud ledger then every morning their data flows to Xero, where it can be seen by both the customer and their accountant (if they wish). Seamless connectivity means customers can keep their data current without data entry – all they need to do is code their transactions” Fruean said. “It’s overseeing the data and approval rather than data entry, which means less time and fewer errors”.
In addition, the data is auto backed up into the cloud which means customers can access their bank information/statement instantly, anytime and anywhere and thus keeps them abreast of their cashflow position on real time.
Yona Tielu, the Financial Controller for the Samoa Rugby Union, commented "we have been working closely with our accountants and nbs so we can access our bank accounts via Xero. Not only have nbs staff been great to work with, but now we are getting more timely banking data and reconciliations." Yona added "this not only saves a lot of data entry, but it reduces the opportunity of imputing errors and the information is more accessible and accurate - its great!".