Xero, provider of online accounting software, and Expensify, expense reporting application, announced their partnership that will integrate expense report data from Expensify directly into Xero’s accounting platform.

TAIJA JENKINS for CPA Practice Advisor writes:  Xero, provider of online accounting software, andExpensify, expense reporting application, announced their partnership that will integrate expense report data from Expensify directly into Xero’s accounting platform. The integration will provide small businesses, bookkeepers, accountants and finance departments with a complete view of their finances.

“Typical expense reporting and tracking is not only a hassle but leads to delays and financial guesswork that can really hurt a small business,” said Scott Scharf, owner of Catching Clouds, an accounting firm specializing in cloud-based accounting and a Xero Silver Partner. “Expensify makes expense management fast, accurate and simple, and now with the Xero integration, our clients get this data presented in the context of their complete finances. Our clients’ books are balanced instantly and finances are up-to-date at all times - there’s never any question of where they stand. For our firm’s small business owners, this is critical.”

The integration allows Expensify’s data to flow directly into Xero’s solution, providing a 360-degree view of business finances for users. Small business owners now have the ability to organize and manage expenses and receipts using line-item transaction data from their credit cards and bank account statements. Combining Xero and Expensify creates a comprehensive picture of a business’s finances to help facilitate decision making.

“Xero’s cloud-based approach to accounting has disrupted the traditional accounting industry, making them an ideal partner to improve our customers’ financial workflows and giving businesses around the world a definitive view into their finances,” said David Barrett, CEO of Expensify. “With this integration, business owners and financial managers no longer need to worry about the hassles of managing complex expense reporting through their accounting system. Our technologies now sync effortlessly, giving customers the ability to assess their full financial health anytime, anywhere - period.”

A beta version of the Xero and Expensify integration has already been rolled out and the official version will be released at Xerocon on September 4 in San Francisco.

“Expensify has resolved the inconvenience of traditional expense reports with a simple, effective cloud service,” said Jamie Sutherland, president, Xero U.S. “In a financial landscape filled with old school legacy players, Xero and Expensify are taking financial management, expense reporting and accounting to the next level: the cloud. For small businesses and their financial advisors, this means advanced, on-the-go and up-to-date financial analytics to help them move their business forward.”