Xero and Expensify Join Forces to Streamline Financial Management for Small Businesses
by Terri Eyden on
Xero, the global leader in online accounting software, and Expensify, the world's top small business (SMB) expense reporting application, announced on August 28, 2013, a partnership integrating Expensify's expense report data directly into Xero's accounting platform. The partnership solves traditional expense report hassles and gives small businesses, bookkeepers, accountants, and finance departments a complete view of their finances with just one click.
This integration is a powerful addition to Expensify's extensive list of partnerships and adds to Xero's strong add-on partner ecosystem. The announcement comes as Xero experiences record growth, with US revenues and customers doubling year-over-year.
"Typical expense reporting and tracking is not only a hassle but leads to delays and financial guesswork that can really hurt a small business," said Scott Scharf, owner of Catching Clouds, an accounting firm specializing in Cloud-based accounting and a Xero Silver Partner. "Expensify makes expense management fast, accurate, and simple, and now with the Xero integration, our clients get this data presented in the context of their complete finances. Our clients' books are balanced instantly and finances are up-to-date at all times - there's never any question of where they stand. For our firm's small business owners, this is critical."
Through the partnership, data from Expensify feeds into Xero's Cloud accounting software immediately, eliminating a time-consuming submission process and integrating critical financial information into a 360-degree view of business finances. With Expensify and Xero, small businesses can now organize and manage expenses and receipts using line-item transaction data from their credit cards and bank account statements. Combining Xero and Expensify creates a crystal clear picture of a business's finances, facilitating financially sound decision making.
"Xero's Cloud-based approach to accounting has disrupted the traditional accounting industry, making them an ideal partner to improve our customers' financial workflows and giving businesses around the world a definitive view into their finances," said David Barrett, CEO of Expensify. "With this integration, business owners and financial managers no longer need to worry about the hassles of managing complex expense reporting through their accounting system. Our technologies now sync effortlessly, giving customers the ability to assess their full financial health anytime, anywhere - period."
Beta customers are seeing immediate benefits from using Xero and Expensify in tandem and the companies are set to formally debut the new partnership at Xerocon, taking place on September 4 and repeating on September 5 in San Francisco. For complete details on the conference, visit here.
"Expensify has resolved the inconvenience of traditional expense reports with a simple, effective Cloud service," said Jamie Sutherland, president, Xero US. "In a financial landscape filled with old-school legacy players, Xero and Expensify are taking financial management, expense reporting and accounting to the next level: the Cloud. For small businesses and their financial advisors, this means advanced, on-the-go and up-to-date financial analytics to help them move their business forward."
For those who cannot attend Xerocon in San Francisco, Xero and Expensify will cohost a webinar outlining the new integration on Tuesday, September 24 at 1:00 p.m. ET. To register, visit here.