Xero, the global leader in online accounting software, and City National Bank, a provider of complete financial services for business owners, announced September 4 that they have joined forces to improve financial management for small businesses (SMBs). Xero and City National Bank customers will soon have the most comprehensive view of their critical financial information with a direct connection between their online accounting and bank data. This marks Xero's inaugural bank partnership in the United States and comes as the company is experiencing record growth with US revenues and customers doubling year over year.
Connecting Xero and City National Bank accounts provides reliable overnight delivery of the prior day's bank transactions directly into Xero's intuitive accounting and bookkeeping workflow. This integration provides the most accurate and comprehensive view of a business' finances and eliminates potential delay or miscalculation due to lag time, enabling SMBs to make the best decisions about the direction of their business.
"Strong finances are the lifeblood of any business. The direct connection between our accounting applications and bank data will help our clients make better sense of their finances, putting the most up-to-date financial data into a business-ready context that empowers them, and us, to make the best possible decisions that will drive their business forward," said Ken Coelho, partner-in-charge, RBZ, LLP. "This integration will help inform every aspect of our clients business, from day-to-day operations to long-term business forecasting."
"Managing bank reconciliations and tracking finances can be a daunting task for small business owners," said Jamie Sutherland, president of Xero. "Xero is dedicated to bringing online banking and Cloud accounting closer together to give small businesses the most accurate picture of their financial health. City National Bank is a great partner for us as we share a commitment to helping SMBs, and we are thrilled to offer the best integration of accurate bank data and accounting solutions."
"City National has a long-standing commitment to serve the most innovative, cutting-edge businesses and make their finances easy to manage so they can focus on growing in creative ways," said James Daley, executive vice president and manager of Treasury Services for City National Bank. "This partnership with Xero puts us in great position to offer our clients an industry-leading online accounting software, fully integrated with our comprehensive data."
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