UOB Offers SMEs Access to Xero’s Cloud-Based Accounting Platform in Digital Push

UOB Offers SMEs Access to Xero’s Cloud-Based Accounting Platform in Digital Push

by July 26, 2021
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Xero, a cloud-based accounting software for small businesses, announced that it has expanded its collaboration with UOB to offer small- and medium-sized enterprises (SMEs) that qualify for the UOB Start Digital pack free access to its platform for six months.

The initiative aims to help SMEs become more competitive and resilient through digitalisation.

As SMEs cope with the disruptions and uncertainty arising from the pandemic, many are looking for ways to improve their accounting processes for real-time visibility into their finances.

According to the UOB SME Outlook 2021 study, accounting is the top process that SMEs are looking to digitise, with one in three respondents stating their intention to do so.



Xero’s cloud accounting solution is offered as part of UOB BizSmart, the bank’s suite of digital solutions to help businesses improve their efficiency and lower their operating costs.

The accounting solution is integrated with UOB’s business banking account, enabling SMEs to import bank transaction data seamlessly.

This makes it easy for businesses to reconcile their transactions and to have an up-to-date view of their financials.

The Xero platform also seamlessly integrates with an ecosystem of more than 1,000 connected apps that support business activities such as cash flow forecasting and management, payroll, inventory management, point-of-sale and more.

This offers businesses a range of customised solutions to help them manage their finances, operations and administration seamlessly with improved accuracy and efficiency.

Kevin Fitzgerald, Managing Director for Asia, Xero

Kevin Fitzgerald

Kevin Fitzgerald, Managing Director for Asia, Xero, said,

“We are inspired by the tens of thousands of Xero customers and businesses across Asia, who have thrived by implementing digital tools and solutions to develop greater resilience, efficiency, agility and productivity.

 

Xero is proud to partner with UOB to support SMEs embarking on their digital journey as they recover and become stronger, more competitive and resilient for the future,”

Lawrence Loh, Head of Group Business Banking at UOB

Lawrence Loh

Lawrence Loh, Head of Group Business Banking at UOB, said,

“The addition of Xero to the UOB BizSmart ecosystem demonstrates our continued focus in expanding our suite of digital solutions, thereby deepening the support we can offer SMEs seeking to overcome business challenges or seize growth opportunities.

 

With SMEs making up 99 percent of Singapore’s enterprises and employing 70 percent of the workforce, it is imperative that we help them make it through these challenging times. UOB has, to date, helped more than 10,000 SMEs digitalise various functions of their businesses,”

 

Featured image: Photo by Christoph Theisinger on Unsplash 

 

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