The cloud-accounting company has announced an integration with Microsoft Power BI, the software giant’s data analytics tool.
In a statement, Xero said the new integration will enable businesses and their advisers to analyse data with greater speed, efficiency, and understanding.
“Available in March, the powerful analytics create compelling data visualisations of the most commonly tracked 25 small business metrics including cash position, revenue versus expenses, profit loss trend, debtor days and return on investment,” Xero said.
Speaking to AccountantsDaily about the integration, new Xero Australia managing director Trent Innes said it’s a big step forward for the company and provides a great opportunity for accountants to deliver more value to clients.
“We have been talking about data and big data for a long time now, and this allows you to start unlocking some of that data. We are using an industry-leading tool in Microsoft Power BI by partnering with them to start making sure that power of big data is available to small business,” he said.
“The great thing is that now [accountants and SMEs] can start using that to start making some really informed decisions. That’s really one of the big benefits of the cloud, how to unlock that data,” Mr Innes added.
Integrating Xero financial data with Microsoft Power BI, Xero can delivering big data for small business, customers can quickly connect with and gain insight from their business data through visualisation tools and rich reports available on every device, Mr Innes said.
"What this allows them to do is start to surface those insights and they can then have a discussion with their clients around 'here's the insights we have gleaned off, the data we've gathered, and here are some of the decisions that we think we can help you with in terms of making the right decisions about your business'."
Xero’s Chief Product Officer Angus Norton said the cloud-based software provider is deeply invested in the potential of big data for small business.
"We understand that the true value of data lies in the ability to extract insights and the story it paints around the health of their business. Xero is continually embracing new innovations and opportunities for our small business users and partnering deeply with one of the world's most loved productivity tools for business makes total sense to us," Mr Norton said.
"Microsoft Power BI can now be accessed with a click of the financial system of record in Xero and paired with data from other advanced inventory systems – to surface new insights, and give precious time back to our customers to focus on their customers."