Xero teams up with Vonto and Commonwealth Bank to provide daily data feed
Xero has added the new Vonto app into the Xero app marketplace, the company announced this week.
The Vonto app, which is backed by Commonwealth Bank (CBA) via its new X15 Ventures, carefully and securely processes a small business’ Xero data to uncover financial insights and delivers them in a daily news feed.
The addition provides insights such as daily, monthly and yearly financial trends and patterns; any anomalies or unexpected behaviour; and relationships between business drivers and outcomes.
Small businesses will be able to curate their daily news feed according to their preferences, with the ability to monitor certain aspects of their financials more closely. They’ll also be able to click through from Vonto into Xero to action or respond to an insight.
“We’re always looking for ways for small businesses to feel more confident when making decisions. Working alongside CBA on the Vonto app has proven that both organisations are committed to developing tools for small business owners that are easy to use," says Ian Boyd, financial industry director, Xero Australia and New Zealand.
The free app is available to all small businesses using Xero, regardless of who they bank with.
Xero is the only online accounting software to integrate with the Vonto app and it is available to small businesses in both Australia and New Zealand.
Vonto’s inclusion on the Xero app marketplace follows the launch of CBA’s X15 Ventures, an Australian technology venture building entity, designed to deliver new digital solutions to benefit consumers and businesses.
“We’re excited to be building on the growing partnership we have with CBA, and its new X15 Ventures, and are looking forward to revealing more innovations that will benefit small business,” Boyd adds.
Elliot Cousins, Vonto Managing Director, says: “Vonto has been designed to enable small businesses to better understand their business data and empower them to make more informed day-to-day business decisions.
"It removes the noise and complexity from your business data by providing easy to understand and actionable insights, all from the one app," he says.
Vonto joins Xero’s app marketplace which features more than 800 third party apps that help small businesses and their advisors run their business.
Xero has more than two million subscribers, and provides them with connections to an ecosystem of 800+ third-party apps and 200+ connections to banks and financial service providers.
On the inaugural 2018 Financial Times FT1000 High-Growth Companies Asia Pacific list, Xero was the fastest growing tech company in the $200+ million segment.
The company also won Accountancy Software Provider of the Year at the British Business Awards in 2019, and was rated by Canstar Blue as the best accounting software in Australia from 2015-2018 and in New Zealand in 2019.