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Tech Lowdown: Xero, Modulr, My Digital Accounts and MarketFinance

This week, our tech round-up features Xero updates, My Digital Accounts’ partnership with Modulr, and £10m in grant funding awarded to MarketFinance.

30th Sep 2020
Staff Writer AccountingWEB
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Xero updates

Xero has extended its starter plan for new businesses and sole traders, increasing its invoice limit to 20 invoices a month and removing the limit on bank reconciliations.  

Xero Projects' profitability dashboard has launched to improve project visibility and management – showing total profit margin, all work invoiced, and costs associated with the project. 

It highlights outstanding invoices and compares how the project is tracking against estimates, to help identify which are profitable projects and which need tweaking.

Xero plans to extend the availability of its existing insights tools for business edition customers to help manage cashflow. The short-term cashflow and business snapshot tools, initially extended during lockdown, will now be an ongoing Xero feature. 

Xero’s short-term cashflow tool forecasts businesses’ bank balances for 30 days based on existing bills and invoices. Business snapshot offers accountants and bookkeepers insights into critical business metrics at a glance. Xero plans to introduce premium functionality for business snapshot and short-term cash flow in the future.

Xero’s credit limits, introduced this year, allows businesses to quickly visualise the impact of extending credit to customers and define the level of risk they are prepared to take. 

Modulr partners with My Digital Accounts

Payments service Modulr has integrated with contractor payroll and accounting software My Digital Accounts (MDA) to offer flexible and scalable payment options to the UK’s temporary workforce.

Powered by Modulr’s access to critical payments infrastructure, like Faster Payments and Confirmation of Payee, MDA will offer contractor accountants, umbrella companies, and recruitment agencies more flexible methods of making and reconciling payments.

The integration replaces manual processes surrounding payments processing with automation like downloading files from the cloud. 

My Digital Accounts will also pass on cost savings gained by its partnership with Modulr.

BCR awards £10m to MarketFinance

Banking Competition Remedies CIF (Capability and Innovation Fund) has awarded fintech lender a £10m grant “to bring more choice and competition to the business lending industry”.

MarketFinance will use the grant funding to extend its services to sole traders, provide more finance options, and form new partnerships with fintechs, banks and tech companies to improve small and medium-sized business experience.

“We will match this £10m grant with money from our own funds to deliver this future vision,” said MarketFinance CEO Anil Stocker. “But, we can’t do it alone. We will be reaching out to a broad spectrum of partners who share our vision and ambition to deliver these goals. Our partnerships with Ebury, Barclays and Xero are testament to this. They are driven by agile people who deeply care and want to make a difference. We look forward to meeting more like-minded partners that will join us in this mission”.

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