Xero recently announced its latest partnership with TransferWise to create a bill payment feature (Pay with TransferWise) that lets you pay your suppliers through Xero using your preferred bank account. The result? It is now easier than ever for businesses to be in control of their cash, which is paramount as SMEs deal with the challenges of operating within the ‘new normal’.
Pay with TransferWise enables you to enter bills, make payments and reconcile transactions within Xero. It also allows us to help you to better understand your cash flow, by providing a real-time view of outgoing payments.
Speaking on the partnership, Ryan Alderson, Cloud and Digital Advisory Lead at Harold Sharp, said: “This feels like the missing piece of the puzzle. The one thing that let Xero down previously was the time-consuming nature of paying suppliers. Although you can pay bills using batch payment files, the process was clunky. This new partnership changes the game and I’m excited to work more closely with our clients to help them to reap the benefits.”
How does it work?
- Enter bills in Xero and select those you would like to pay.
- Choose which bills to pay using Pay with TransferWise and complete the bill payment details.
- Payment details are sent securely to TransferWise ready to be paid.
- Transfer funds from your existing bank account to TransferWise using the payment reference.
- Once received, TransferWise processes the payments to your suppliers. You can see the payment status in Xero.
- Bills are automatically marked paid.
- The bank can be reconciled in one click.
What are the benefits?
We are already seeing the following benefits:
- Significant time saving for you
- Faster processing of supplier payments
- Greater accuracy
- Improved process to reconcile and send supplier remittances
- Up-to-date (real-time) information on creditors
- Improved visibility on current cash flow information
Setting up Pay with TransferWise is also a great opportunity to clean up your contact data in Xero. Our team can help you to review your suppliers in Xero, check for duplicates and archive any old suppliers. If you have concerns around data hygiene more generally, speak to us about our digital health check offering – a one-off audit of your bookkeeping to ensure it is running as efficiently as possible.
What do you need to do to set up Pay with TransferWise?
As a platinum Xero partner, we are well placed to advise on all aspects of the software, including integration with TransferWise. For a limited time, Pay with TransferWise is being offered for free to Starter, Standard or Premium Xero subscriptions.
To see how you can benefit by using Pay with TransferWise with Xero, contact Ryan Alderson for a free demo.