[IMGCAP(1)] Comprised of a network of financial organizations sharing data, the financial web is rewiring the small business economy so that new forms of capital can flow to small businesses. With more small businesses using cloud accounting platforms, financial institutions are moving to meet them where they’re working — in the middle of their system of record. We’re seeing banks connect directly to accounting platforms, offering cost-effective financial services. At Xero, Bank Feeds open the gateway to two-way data flow — financial data comes in and accounting data goes back to the bank when necessary.
So just what does this mean for accountants and their small business clients? How does the increasing momentum of the financial web support accountants, and what do they need to know in order to be a successful participant of this network?
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