Xero has unveiled its Live Contacts solution with it says will give SMEs a new way to better manage customer and supplier information, including registered business names, addresses, ABN/NZBN numbers and industry classification, “helping ensure their customer information is clear, accurate and completely up to date”.
Initially, Australian and New Zealand small businesses, accountants and bookkeepers will be able to create Live Contacts within Xero, helping them keep information up to date, and improving the speed, quality and accessibility of their business contacts.
Xero chief technology officer Craig Walker says, in the future, Live Contacts will make it easier for Xero customers to:
• Identify and work with other Xero-enabled businesses for easier sharing of trading documents like invoices and purchase orders;
• Receive proactive alerts when the contact information of their customers’ changes; and
• Have confidence that the information of millions of trading businesses is always accurate, thanks to Xero’s work with the ABN and NZBN systems.
The Veda integration means that small businesses using Live Contacts in Xero will be able to better understand who they’re doing business with and reduce avoidable business risk.
“Xero was developed to help its global accounting partners and small businesses do beautiful business. That means empowering our community with rich data that can inform better business relationships, decisions and risk management,” Walker says.
“We’ve re-imagined Customer Relationship Management (CRM) in the cloud as up-to-date public information of all companies is available. Rather than each small business maintaining their own information about customers and suppliers, they can now link to company information maintained by Xero and partners like Veda. This is just the start of what we can do.”
Damien Stevens, senior product manager at Veda, said: “Cash flow is the single biggest pain point for small and medium sized businesses, according to our research. These businesses that work with larger companies are often left particularly vulnerable to slow payments.
"By coming together with Xero, we aim to help small businesses access the data they need to make better decisions and proactively manage their cash flow.
"Veda’s information helps banks, lenders and big businesses make thousands of lending decisions every day, and now Xero customers will be able to easily access a detailed credit report that sheds light on how fast their suppliers and customers pay their invoices.”