PaySpace has announced its integration with Xero, a global cloud-based accounting software company that enables users to log in anytime, anywhere on a Mac, PC, tablet or phone and see up-to-date financials.
Founded in New Zealand, Xero – which recently opened its South African operation, is one of the fastest growing ‘software as a service’ companies worldwide. It has over 700 000 subscribers, work with over 16 000 accounting and bookkeeping firms and employs over 1 400 people across 20 of its international offices.
PaySpace, which specialises in HCM and payroll cloud-based solutions, currently provides services to more than 4 100 companies in over 37 countries in Africa and 10 countries in Europe. PaySpace has fostered the partnership with Xero, which will afford users the option to map the chart of accounts data from Xero into the PaySpace when configuring their GL setup.
This kind of mapping streamlines the data flow into PaySpace with ease and increases efficiency as users are no longer required to input account numbers manually, thereby eradicating any potential for human error Users will also now be able to seamlessly publish general ledgers directly from PaySpace into the corresponding ledger in Xero.
This functionality removes the need for downloading any files eliminating any security concerns of files lying around on personal laptops and also speeds up the publishing of general ledgers with realtime results.
Clyde van Wyk, PaySpace director and lead on this project, says: “To be able to integrate with an International organisation like Xero who are not only likeminded thinkers, but are passionate about cloud-based solutions and products, brings significant growth opportunity for ourselves and Xero across the continent and beyond. With our level of African based client expansion and benchmark successes in HCM plus Xero’s intelligent cloud-based accounting solutions, managing and running a company from anywhere in the world, off any device and at any time, will be how we will help shift the way people do business.”
“Having PaySpace join Xero’s Add-On Marketplace will empower and support small business customers who want a seamless experience when it comes to managing payroll,” comments Gary Turner, Xero co-founder and MD of Xero in the Europe, Middle East and Africa region.
PaySpace will be going live with a module to ‘automagically’ integrate their general ledger with Xero’s accounting products which will benefit both PaySpace and Xero users worldwide.