How DBS and Xero help SMEs get a better view of their money
Small Business Guides
3 min read
Do you know how much money is owed to your business, and how much your business owes to suppliers or vendors? And have you wondered how much money you have to spend today on new equipment, tools or even more staff?
Knowing your money day-to-day is crucial to how you run your business, and impacts the decisions you make. Typically, having access to your up-to-date finances involves lots of manual work, or comparing multiple documents or spreadsheets.
However, online technology that connects your online accounting software to your bank is actually available today - and for free. Here’s how this technology works, and how it can transform the way you run your business.
The old way
Do you currently make business decisions on month-old data, or data that's even older? If so, the scenario shown in the chart below may be familiar to your current process.
The better way: Connecting your bank with Xero
What if your bank could connect to your accounting software, so your bank transactions are automatically sent to your accounting software each morning, waiting to be reconciled? This connection is currently available if you have a DBS IDEAL account, and a Xero trial or paid account.
What if your bank could connect to your accounting software, so your bank transactions are automatically sent to your accounting software each morning, waiting to be reconciled?
But how does this connection from DBS to Xero help SMEs?
Find out more
Learn more about the DBS-Xero connection, and how you can get this set up within 24 hours.Find out now