Small to medium-sized businesses (SMEs) can now operate from anywhere with Xero's cloud-based accounting software and Yoco's mobile point of sale. Together they offer complete mobility and a seamless accounting experience with an up-to-date financial view of the business and automatic daily sales updates.
All transactions from Yoco's card payment and point-of-sale solution are fed and matched into Xero automatically. The integration allows the Xero system to automatically reconcile Yoco payments so that entrepreneurs have immediate access to their accounting records like sales, tips, fees and a tax break down - all without adding up slips or manual input. This puts real-time business insights at one's fingertips.
Yoco co-founder & CTO Lungisa Matshoba addressed more than 100 guests at an event held at Truth Coffee, an existing Yoco merchant and Xero user in Cape Town. Apple distributor Digicape was also present and demonstrated how integrated mobile solutions will help transform business.
Matshoba says the true benefit of cloud-based solutions like Yoco’s mobile credit card solution is that they are both open and integrated. “Mobile credit card solutions that do not integrate with other business systems in the cloud are inefficient. This is exactly where the Yoco product wins and integrations with partners like Xero, has resulted in a seamless accounting process.”
"When we developed Yoco, we did thorough research and found Xero to be the leading cloud accounting system for small businesses, and a perfect fit for our merchants. Initially, we integrated Yoco with Xero for our own internal use, but then soon realised that the magic lies in offering our merchants that integration, whereby their credit card transactions can be synced with their accounting system in real-time. The rest is history, the days of counting slips and manual data entries and recons are gone forever," he adds.
Craig Hudson, director of EMEA for Xero, discussed what makes Xero a leader in the SME accounting market. “Unlike most global accounting vendors that are trying to redesign a cloud solution from their existing desktop accounting system, Xero was born in the cloud. With more than 700 000 businesses on Xero, we are empowering SMEs to be successful and for them to have insight into their businesses.”
Hudson says an integrated solution like Yoco enables businesses to accept payments immediately and anywhere and welcomes Yoco to Xero’s powerful add-on marketplace.
"We are in the world where everyone wants everything instantly. When economies are unstable, entrepreneurs tend to stand up and this is exactly what Xero and Yoco are doing to the accounting industry, we are turning it on its head. Nobody in the traditional business environment anticipated something like this happening and now they’re trying to catch up," he concludes.