Cash flow problems are the number one reason why SMEs fail. Having true visibility over cash flow data is hugely advantageous for businesses trying to determine their financial health. This is particularly so, for SMEs, which generally operate on much slimmer margins. However, obtaining this visibility without comprehensive information from multiple data sources, including banks, customer invoices, outgoing payments, payroll and more, in real time is next to impossible. So, how can SMEs track their cash flows efficiently?

Xero’s global small business platform has such a solution. In Singapore, the cloud accounting platform has integrated with most major financial institutions from banks to payments and remittance providers, allowing transactions and account information for SMEs to be reflected in their Xero account in real time. This process automatically updates financial statements, giving SMEs a snapshot of their current financial performance and position, synced daily, if not hourly.

The banks and institutions Xero has partnered with in Singapore include DBS Bank, OCBC Bank, United Overseas Bank, HSBC, TransferWise, WorldFirst, Volopay and Aspire to name a few.

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