On one side you’ve got the accounting software of choice for the majority of anglo-saxon SMEs. On the other you have the SaaS-based expense management software startup that has set its sights on the top spot in the EU market. Through the magic of API, Xero and Spendesk first came together in September 2017.
The right tool for the job! When it comes to financial management, choosing the best software is a top priority for every CFO.
That’s why almost 700 companies in Europe rely on Spendesk to handle their expense management and why more than a million outfits worldwide, including many Spendesk clients, particularly in the UK, have adopted Xero to meet their accounting needs. So the startup decided to work on integrating the software.
The project was a success, streamlining their clients’ financial management further still. We met with Lucas, Lead Developer, and Jordane, Head of Product, to find out more.
A real added bonus in the UK
“Spendesk doesn’t plan on becoming an accounting software system. But it’s key for us to integrate into the infrastructure of tools our clients are using!” Lucas explained. Released in September 2017, the first integration with Xero was improved with the final version in January 2018.
This coincided with Spendesk raising €8 million, which was a great milestone for the startup and we intend to continue our expansion across Europe. This integration is sure to come as good news to no small number of UK companies!
How the integration works
For Xero, Spendesk is a bank of financial information that feeds into the accounting software. All information to do with payments made through Spendesk can be automatically and continuously synchronised and processed in Xero (amount, vendor, VAT, analytics code, etc.)
“It takes you from manual monthly accounting to real-time account processing!” Jordane added.
“This integration was a real challenge for our team! We have to guarantee that data is accurately synchronised, which is no small feat when we have to interface with many Xero components,” Lucas added.
A few examples of features:
- Invoices are attached directly in Xero
- VAT is calculated and synchronised automatically
- You can create analytics codes to differentiate financial information (for consulting firms for example)
- Bank feeds are updated automatically
Just a few clicks...and you’re all set!
How do companies using Spendesk and Xero actually configure the integration? “We’ve developed an integration that the client can easily configure with just a few clicks!” Lucas explained.
The user just needs to log in to the Spendesk platform and click on the “connect to Xero” button with their login information. Under the settings tab in their Spendesk account they can then choose which accounts they want to synchronise.
Xero + Spendesk = optimal management
This integration affords clients several benefits:
- Time saving in financial management since there’s no more manual processing
- Better budgeting for teams thanks to real time synchronisation
- Accuracy and an end to manual accounting errors
- Peace of mind and less “end of month stress” ;)
In addition, Spendesk complies with the General Data Protection Regulation (RGPD), guaranteeing all its users data protection that applies to this integration too. As a Xero partner, Spendesk had to provide a detailed description of its software.
“We discussed this point a lot with Xero. Their third party app integration policy is very tightly regulated to guarantee optimal quality. All of the apps in the Xero store get official certification, which assures there will be no user data loss or damage.”
Every CFO knows how much easier life can be with a helping hand from software? This integration between Xero and Spendesk will make day-to-day life even easier for financial teams.Pretty soon they’ll only need three things: their bank account, accounting software... and Spendesk!
So take note all Anglo-Saxon and French companies: when it comes to managing your finances, soon you won’t be able to do without the winning combination of Xero-Spendesk.