Our State of South African Small Business research shows there has been a 50% increase in cloud adoption amongst SMEs over the last three years, and 70% want tech to help remove repetitive, manual tasks. We know that small business owners increasingly see the benefit in digitising processes. Having these kinds of insights into their financial position is essential for small businesses to make informed decisions during this critical time. Once live, small businesses and their advisors will be able to seamlessly connect their Nedbank account to Xero and import banking transactions automatically and securely from their account each business day.īusinesses and advisors will be able to reconcile statements create smart, shareable reports and online invoices and review their cash flow from anywhere. It’s the first bank feed in South Africa to use a fully digital connection process. Giving the power of data insights to small businesses The new feed will go live soon and give small businesses and their advisors access to daily financial data – helping them to better manage cash flow.
That’s why we’re thrilled to announce a new partnership with one of South Africa’s leading banks, Nedbank, to launch South Africa’s first fully digital direct API enabled bank feed over the coming weeks.
2020 was a tough year but we believe that with the right support and digital tools small businesses can and will recover.īank feeds are one of the greatest innovations in accounting, and their impact for small businesses has been incredible in recent years – reducing data entry and giving stronger visibility and control over finances. Now more than ever we need to work together to support South Africa’s small business community, which forms the backbone of our economy.
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