XU Magazine - Issue 07

Xero as your FinTech foundation

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How Xero Add-ons help to expand your accounting services…

If you’re a Xero Partner, you already know all the efficiency benefits of moving your practice over to cloud accounting. Have you ever stopped to think how much more Xero could do to expand your practice? With ‘FinTech’ cloud solutions becoming more and more popular, Nicola Anderson from GoCardless explains how Xero’s open API, and the ever-growing community of Xero Add-ons, open up a whole new world of services to you and your clients.

Tech-savvy start-ups and ambitious small businesses already know the benefits of running their companies in the cloud. There’s a huge choice of cost-effective, easy-to-use finance and business tools out there. They provide business owners with the control and overview of their company’s finances that, ten years ago, would have been the preserve of corporate organisations with large finance teams.

There’s a growing community of Xero Add-ons providing FinTech (financial technology) solutions – over 400, at the last count. And they’re delivering ever-more sophisticated ways of using technology to solve a wide variety of business problems.

FinTech is here. Your clients are using it. And they will expect their advisers to do the same.

So is your practice ready to join the FinTech revolution?

Xero as your solid financial foundation

If you’re a Xero practice, you will already be fully aware of the benefits of running your clients’ accounts via an online browser-based solution, with you and the client no longer being tied to a desktop machine.

But if you’re only using Xero to run accounts in the cloud then you’re barely scratching the surface of what the cloud and FinTech can bring to your business clients and the more in-depth services your practice could be offering to clients.

Xero has the potential to become the core foundation for your FinTech solutions. It gives you a flexible, secure way to manage your clients’ accounting needs, while also giving you a solid financial hub for your other business solutions to integrate with.

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About the author

Nicola Anderson, GoCardless

Nicola is the VP of Marketing at GoCardless, the UK’s leading Direct Debit solution. GoCardless integrates with Xero to bring small businesses and their accountants a fast, hassle-free way to automate customer’s payments and improve cash flow.