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Xero and Sasfin Bank join forces to help South Africa’s small businesses

Posted 3 years ago in Small business by Emma Izatt
Posted by Emma Izatt

Sasfin Bank and Xero have partnered to offer next generation financial management to small businesses. We’ll do this through a seamless integration of cloud accounting and South Africa’s first direct bank feed.

Sasfin Bank customers using Xero will be able to automatically import and categorise their bank statements. This will save valuable time by removing the need to manually upload and download transactional information.

Sasfin Bank and Xero

In a country where SMEs account for around 42% of GDP, helping these businesses succeed should be a top priority. The collaboration between Xero and Sasfin will provide some much needed support. The integration will streamline and simplify small business’ accounting and banking processes. It will also bring together business and financial data in one place — the Xero app.

Xero subscribers can also reconcile accounts with one click, create smart reports and online invoices, and access and manage data in real-time, and on the go. Small business owners get better visibility of their cash flow position — anytime, anywhere.

“A vibrant and successful small business community will be key to South Africa’s economic recovery. However, many struggle to manage their cash flow effectively. This partnership with Sasfin Bank will help thousands of small businesses take control of their finances. It will also provide them with the means to not just survive, but also prosper,” says Gary Turner, managing director for Xero’s operations across EMEA.

In addition to helping small businesses, the Xero-Sasfin collaboration is also helping to build the financial web and promote high-integrity accounting. Financial data from Sasfin will flow seamlessly into Xero — untouched by a human hand — which greatly reduces potential errors.

This partnership gives South African SMEs greater insight into their accounts, plus it eliminates concerns about the accuracy of their reports and statements. Small businesses, welcome into the digital financial age.

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