Small businesses can cut their administration burden by more than a full working day a month following the launch of new functionality launched by Commonwealth Bank.
In collaboration with leading accounting software providers, CommBank is launching the first of its secure data feed solutions for small businesses. Today, small business customers can easily setup a secure data feed between NetBank and Xero’s cloud accounting software, allowing them to automatically reconcile transactions daily – saving time and money.
Previously, small business customers were required to manually apply for the data feed, which could take more than a week to implement. Now small business customers can request a data feed through NetBank and have it implemented as soon as 24 hours later.
The functionality will initially help more than 150,000 CommBank small business customers, who use Xero.
Clive van Horen, Executive General Manager Small Business, Commonwealth Bank, said: “We know small businesses struggle with staying across their finances, which is why we are focused on delivering simple, intuitive functionality to make their lives easier.
“More than 100 small businesses requested a data feed with Xero in the first 24 hours of this functionality being available, which shows small businesses are yearning for these types of solutions.”
Research indicates small businesses spend nearly nine hours a month reconciling transactions between their bank account and their accounting software.
“That’s time they can now dedicate to spending with customers or developing new and innovative ways to meet their needs,” said Mr van Horen.
Xero Australia Managing Director Trent Innes said: “Small business customers need to be connected and operate on the go, whether it be in the office or on the job, riding the train to work or checking in on the weekend. We’ve worked closely with Commonwealth Bank to deliver faster bank feeds, an improved set up process and a tighter, secure connection.”
CommBank research found 35 per cent of small businesses (turnover of $1 million and under) use cloud-based applications to help manage their business and a further 22 per cent planned on adopting cloud-based technology in the near future.