The new Xero Connect feature allows suppliers' bills to flow into your books with no manual data entry.
Suppliers who sign up for the cloud accounting system's Xero Connect service can send their invoices directly to their customers' Xero accounts, ready for approval.
Subsequent payments are automatically matched to the invoices.
When users connect Xero to a supplier's system, they are able to set the default account code for those transactions.
Plumbing supplies company Reece (trade accounts) and fuel provider Caltex (StarCard accounts) are the first Australian businesses to join the scheme.
“We’re excited to be partnering with Xero on this new initiative for our customers,” said Reece chief marketing officer Adrian Palumbo.
“This integration will provide them with a simplified approach to bookkeeping, and in turn improve their business efficiency. Our goal has always been to provide solutions for our customers that will streamline their businesses, and we believe this consolidated approach to invoicing will save them both time and money.”
Xero Australia managing director Trent Innes said “Ensuring bills can be reconciled and paid faster, with fewer errors, greatly helps keep cash flow consistent. Xero Connect lets thousands of small businesses free up time and increase efficiency.”
Xero has for some time allowed its users to invoice each other within the system.
