Announced at Xero’s 2020 Australian Roadshow, Xero users will now have access to the Vonto app, which promises to process a small business’s Xero data to deliver insights into their financial position.
The app, which is backed by the Commonwealth Bank of Australia via its new X15 Ventures, will be available to all small businesses using Xero, regardless of who they bank with.
Some of the insights the app promises to deliver include daily, monthly and yearly financial trends and patterns; anomalies or unexpected behaviour; and relationships between business drivers and outcomes.
“We’re always looking for ways for small businesses to feel more confident when making decisions. Working alongside CBA on the Vonto app has proven that both organisations are committed to developing tools for small business owners that are easy to use,” said Ian Boyd, financial industry director, Xero Australia and New Zealand.
“We’re excited to be building on the growing partnership we have with CBA, and its new X15 Ventures, and are looking forward to revealing more innovations that will benefit small business.”
The accounting software provider has also officially announced its partnership with Uber for Business, following a trial last year.
According to Xero, the launch of the new feature will see it become the first online accounting platform to partner with Uber for Business in Australia and New Zealand.
The new integration will enable monthly Uber for Business statements to flow into a user’s account, removing the need for manual data entry and the hassle of handling multiple trips and receipts from employees.
“No one starts a small business so that they can spend time on admin. That’s why we have set up Xero Connect — to reduce the administrative burden of processing and paying supplier invoices,” said Jared Baker, platform growth director, Xero Australia.
“Knowing how popular Uber for Business is among our customers, we are thrilled to be introducing the new integration in Australia and New Zealand today. A business’s monthly Uber for Business statement will now flow seamlessly into Xero.”
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.