Xero, UOB to allow SMEs access to digital accounting platform

SMEs that qualify for the UOB Start digital pack will be offered six months of free access.

Global small business platform Xero and United Overseas Bank (UOB) expanded their collaboration, offering small- and medium-sized enterprises (SMEs) that qualify for the UOB Start Digital pack free access to its cloud accounting platform for six months.

The accounting solution is integrated with UOB’s business banking account, allowing SMEs to “import bank transaction data seamlessly” and to reconcile transactions more easily, Xero said. It will also allow SMEs to have an up-to-date view of their financials.

Xero said its cloud accounting solution is part of UOB BizSmart which is the bank’s “suite of digital solutions to help businesses improve their efficiency and lower their operating costs.”

“The COVID pandemic has created unprecedented challenges for SMEs as they continue to navigate ongoing business disruptions and economic uncertainty,”  Kevin Fitzgerald, Xero’s managing director for Asia, said. “Digital transformation has played a crucial role in the success and survival of many SMEs, and will continue to do so.”

Lawrence Loh, Head of Group Business Banking at UOB said accounting is “a vital process for business viability.”

“With accurate, real-time data on the company’s financial position, SMEs are able to make more informed decisions which in turn leads to better business outcomes,” he said.

Accounting is the top priority of SMEs aiming to digitise, according to the UOB SME Outlook 2021 Study. A Xero study also found that 65% of SMEs in Singapore indicated cash flow and cost management as their “most significant business challenge.”