UOB is the first financial institution in Singapore to partner with Xero, a cloud accounting software, to provide automatic bank feeds.
More information on the announcement here: http://bit.ly/XeroUOBfeeds
More information on Xero bank feeds here: https://www.futurebooks.com/xero
More information about Futurebooks and our services: https://www.futurebooks.com
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LATEST ANNOUNCEMENT
FROM XERO AND UOB!
United Overseas Bank (UOB) yesterday announced its
partnership with Xero for automated bank feeds in
Singapore. This move is unprecedented as Xero and
UOB are the first accounting software and financial
institution to provide bank integration in the country.
As part of the event, UOB has also launched BizSmart,
an integrated cloud solution for retail SMEs.
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HOW CAN AUTOMATED BANK FEEDS
BENEFIT SMALL BUSINESSES?
Ability to manage cash flow better
With bank feeds directly processed in Xero,
information is readily available. This will enable
business owners to have a greater insight into
their cash flow with a real time entry of revenue
and costs.
Accuracy of information
The automated bank feeds will significantly reduce
human error.
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HOW CAN AUTOMATED BANK FEEDS
BENEFIT SMALL BUSINESSES?
Reduce time and money spent on financial
administration
Small enterprises, especially in F&B and retail
space, regularly receive a large number of micro-
transactions. Having a direct bank feed from your
UOB operating account to Xero will help quick and
easy reconciliation of your business transactions,
without the need to spend hours and manpower
on manual data entry and administration.
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HOW CAN AUTOMATED BANK FEEDS
BENEFIT XERO USERS?
Auto-mapping within Xero
Once transactions from the bank come in and you
have already mapped it in its correct category, Xero
will remember such transaction and will
automatically chart it under the specified category,
whether it’s a revenue or an expense item.
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HOW CAN AUTOMATED BANK FEEDS
BENEFIT XERO USERS?
More time spend on business reporting
Having automatic bank feeds to your Xero account
means business owners and accountants can do
what is important for the business: understanding
the company’s financial performance. By skipping
the manual reconciliation of transactions, you can
focus on management reporting because they now
have a complete and real-time view of the
business.
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FAQS ON
XERO BANK FEEDS
Are there any extra cost on Xero users for bank
feeds?
No. There are no additional set-up fees or ongoing
costs on Xero users.
How do you set up bank feeds in your Xero
account?
Xero has provided a step by step instructions on
connecting your bank account with Xero for
automated bank feeds. Xero has a detailed video
tutorial to guide you with the bank integration.
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FAQS ON
XERO BANK FEEDS
How long does it take to register your UOB
account in Xero?
It takes at least ten (10) days for UOB to process
your application for the integration. Check out
more information on UOB BizSmart’s website.
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DROP US A NOTE FOR ANY QUESTIONS
ON XERO BANK FEEDS & ACCOUNTING
@futureb00ks
Futurebooks
inquiry@futurebooks.com
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