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Using Single Sign On (SSO) technology, Xero users will have direct access to NatWest’s Rapid Cash service, which provides businesses with a flexible line of credit to cover unpaid invoices for up to £500,000, offering greater flexibility and a fast solution to temporary cash flow difficulties. Rapid Cash will be the first working capital product to have this level of integration with Xero in the UK.

 

The move is part of the bank’s intention to introduce broader connectivity between its suite of digital banking services, and other major providers in the business banking sector.

 

New Zealand based tech company Xero provide cloud-based accountancy software targeted at small and medium sized businesses. Born-in-the-cloud, Xero is an easy-to-use platform for small businesses and their advisors around the world. In the UK, Xero provides 536,000 businesses with connections to a thriving ecosystem of 800+ third-party apps and 200+ connections to banks and financial service providers.

 

NatWest launches the new feature today having also introduced a similar level of functionality with its accountancy software business FreeAgent several months ago, which over 100,000 UK sole trader and small SME customers now use. The bank acquired the Edinburgh based fintech in 2018, which continues to operate as an operationally independent entity.

 

Andy Ellis, Head of NatWest Ventures, said: “We’re pleased to be able to begin offering our innovative new services, such as Rapid Cash, to users of Xero from today. Businesses increasingly tell us that they want simple, easy access to our products and services. By offering our solutions directly through the platforms that customers use to manage their business day to day, we’re making it easier for them to get the support they need - whether that’s funding, products or our expert advice.’

 

Edward Berks, Director of Platform Business, UK & EMEA, Xero, said: "Small businesses have historically fallen behind larger firms in accessing the best financial services. This means they often struggle to access capital which can threaten their very existence. So it's great to see the playing field level out through innovations such as NatWest Rapid Cash."

 

NatWest is a sponsor at this year’s Xerocon event, taking place at the London ExCel between 12-14 November, where the bank will be exhibiting its key digital ventures with attendees.

The infamous year 2016 is now behind us and we all have a fresh start moving into the new year - one which could perhaps be one of the most unpredictable since the market crash in 2008. Low confidence and an anxious approach to ambition could stunt the growth of startups, so here are my key resolutions that small enterprises should adopt if they want to thrive in 2017.

  1. Smarter marketing, not larger

It’s good business sense to always look after the pennies, but with unknown economic territories ahead of us, it’s important for start-ups to tighten up the side of the business where thousands could be wasted when hundreds could take you further = marketing. Social media and SEO will be the most cost-effective ways to drive brand awareness, so invest in consultants and training sessions to help you cover the basics that will ensure your business is heard in a world full of competitors. What’s most important for you to take note of in these workshops is the efficiency of micro-targeting – put spend purely into targeting where your audience digests content and news. Don’t look to reach large numbers, look to reach relevant numbers.

  1. Inspiration comes from the workplace

It might sound simple, it might sound unimportant - but neither is true. Your working environment plays a huge role on your energy, motivation and inspiration – three characteristics you’ll need in bundles to take a start-up off the ground. Walk into offices up and down the country and they can be flooded with unnecessary paper, overcrowded desks, folders upon folders and general mess. Take action and declutter your office by taking more of your work online – with the rise of cloud-based services such as Google Docs, sharing working documents has never been easier. What’s more, the cloud has been utilised across industries, and some services even allow you to take your accounting spreadsheets and numbers purely within the cloud. This takes me nicely onto…

  1. Re-evaluate your business tools

The beginning of the year is an opportune time to calculate all tools your business subscribes to, and analyse what’s working and what’s not. It could be that you’re paying for three different tools that can all be done by one, this will drive costs way down. For instance, Xero is a tool that allows you to take control of payroll, pay bills, send invoices, creating POs and more – it’s time to research what tools out there will optimise your business.

  1. 2017 will be the year of networking

Business owners will need to keep their finger on the pulse of trends that result from Article 50 being triggered. You can make predictions based on what you’ve read online and how your business has been performing, but to get a deeper understand and grasp on where trends will head, you will need to discuss the industry with your peers. Like Open Data, everyone will benefit from each other’s learnings and can adapt accordingly. SMBs are the backbone of the UK economy, and a united effort to thrive this year will help us prosper as we leave Europe.

  1. Prioritise your employees’ happiness

Hard workers are hard to come by. You’ll remember sitting in your office interviewing countless candidates who simply weren’t right for your company, so use that experience to treasure what you have now. Research what the larger organisations are doing and you’ll see a host of perk packages, health schemes and away days. While this is great and a real morale booster, employees really respond to one-on-one time with their boss. Simply showing your appreciation of their work and reassurance of their career path will give them the confidence to work for you, and the ambition to achieve for you.

  1. Protect yourself against security threats

Hackers and cyberattacks are becoming more sophisticated by the day, and the threat of a data breach is more likely than ever before. It’s vital that businesses of all sizes who use online and financial services ensure they have strong security practices. Using the most up to date virus protection and firewalls is a given, but extra layers of security such as multi-factor authentication (requiring a username and password as well as a piece of information that only the user knows) can help your accounts from being compromised by phishing and malware.

Authored by Gary Turner, UK Managing Director and co-founder of Xero.

(Source: Xero)

By Gary Turner

Over the last decade, cloud technology has enabled us to become more mobile than ever before, giving business owners and sole traders the freedom to work wherever and whenever, from any device. So in celebration of National Technology Day, here are five ways cloud technology can improve your business processes - and productivity.

  1. Access your numbers anywhere, anytime

Cloud technology lets you access your numbers anytime, anywhere. You’re no longer tied to the office. Mobile apps enable you to check your cashflow, raise an invoice and access your accounts wherever you are. Pretty handy for a business that’s always on the move.

  1. Get a more up-to-date view of the business

When your numbers are in the cloud, you always have an up-to-date view of your current financial situation. And that means you can make better informed financial decisions. You’re no longer looking at out-of-date management reports: you’re looking at your business as it looks right now. That’s a major advantage for a fast-growing company.

  1. Build a more productive relationship with your accountant

Working with your accountant can be time-consuming and costly. But in the cloud, you and your business advisers are always looking at the same online single ledger – and that saves you both a lot of time. Real-time conversations about your finances make for a deeper and far more valuable accountant/client experience. Your accountant’s no longer an expensive overhead, they’re an integral part of your business.

  1. Go paperless and lose that clutter

Keeping on top of your paperwork can be a challenge. There are receipts, expenses claims and invoices to deal with – and that takes time. Cloud accountancy apps enable you to import your paperwork into the accounting software, pulling the data into the digital realm and letting you see the numbers that matter. It’s a quicker and more efficient way of dealing with your finances and a brilliant way to share your data and paperwork with your accountant.

  1. Create a tailored suite of software solutions

Wouldn’t it be great to have tailored software system for every aspect of your business? Cloud accounting software add-ons let you build a system that specifically suits your business needs.

With these plug-in ‘add-ons’, your software can grow organically with your business. You build up a package which covers all the functionality you need, all hosted in the cloud and connected together.

So, if you’re an aspiring, 21st century business, cloud accounting gives you an unrivalled way to keep on top of your finances.

 

Gary Turner is the UK co-founder and managing director at Xero.

 

Xero  today announced the integration of Apple Pay through Stripe, making it even faster and easier for customers to get paid. Xero’s 862,000 subscribers can now offer their customers the ability to view and pay an invoice using Apple Pay through Stripe.  Invoices paid with a payment service get paid almost 80 per cent faster than invoices that don’t offer a payment service. This new feature is available automatically to everyone on Xero using Stripe where Apple Pay is available.

Small business owners consistently point to delays in getting paid as one of their biggest pain points, which puts a strain on cash flow. Xero customers sent 15 million invoices globally in the last 30 days alone. And based on our current data, over 60 percent of those invoices will be paid late. Xero’s connection to the payment services of Stripe and Apple Pay will help address this concern for small businesses owners and help businesses get paid faster.

“Mobile payments are the way of the future,” said Craig Walker, Xero Chief Technology Officer. “Attaching a payment option to online invoices helps Xero customers get paid almost 80% faster than invoices that don’t use a payment service - so they spend less time chasing unpaid invoices for a more productive and cash healthy business.”

“By enabling these connections with payment services, small businesses are able to offer multiple payment options on an invoice, giving them and their customers choice of payment and also the ability to pay the invoice as soon as it arrives, ensuring they get paid faster,” Walker said.

Currently businesses that want to pay an invoice via credit card need to enter their credit card details to complete the payment. Credit card payments via Stripe mean that customers can confirm payment with Apple Pay using their fingerprint ID on their Apple device to confirm the payment quickly. Businesses who take payments via Stripe and Apple Pay also have an extra level of security. All payments made require a fingerprint or passcode, decreasing fraud, and with it, chargebacks.

"Almost a fifth of online commerce in the United States now happens on mobile devices,” said Cristina Cordova, Head of Business Development at Stripe. “We’re excited to work closely with Xero to help hundreds of thousands of businesses use Apple Pay to get their invoices paid with little more than a fingerprint.”

By connecting Xero users with Apple Pay transactions will be automatically entered and matched against invoices in Xero. Automating the invoicing reconciliation process makes accounting easier for small businesses.

"I advise my clients on the amazing ability Xero has of linking to online payment providers like Paypal and Stripe,” said Brad Sewitz,  Logicca Chartered Accountants. “These services have changed the way my clients operate their business, reducing the unnecessary burden of data capturing and positively impacting their cash flow, allowing them to focus solely on what they do best - running their business."

“The small businesses we work with get paid quicker and have greater visibility into their receivables by using Xero invoices with an online payment provider like Stripe and Paypal, Mike Castle at Bond, Andiola & Company.

 “With Xero, my clients reduce their dependency on paper checks and, in some cases, save themselves fees associated with having check scanners.”

(Source: Xero)

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