Say hello to Xero Connect + Payreq
As a part of a continuous effort to help our Australian small business subscribers automate data entry, we’re thrilled to welcome Payreq to Xero Connect. Payreq enables secure digital document delivery, and small businesses can now receive invoices from a number of suppliers directly into Xero via the Payreq platform. This new partnership will help small businesses reduce the chore of manual bill entry, allowing them to focus on more important things, like improving and growing their business.
Payreq supports digital document delivery for a number of suppliers including city councils and utility service providers. Payreq is also the only “digital-only“ certified BPAY View bill service provider. Click here to see the full list of Payreq supplier partners available for Xero Connect so far.
“We’re excited Payreq has partnered with major suppliers in an effort to reduce administrative tasks for small business owners,” said Tyson Lloyd, Xero’s Head of Strategic Partnerships. “Payreq is helping to unlock the potential of small businesses, providing them with more timely, accurate financial data to drive informed decision making.”
If you’re a small business using Xero, you can join Payreq and reduce the time you spend on manual entry of invoices, as the process is automated. Invoices from connected suppliers appear in Xero accounts payable immediately when sent, and you’re notified when they arrive.
You’ll also be able to configure which of your Xero account codes the invoice is tagged to – for example, water or rates. Another benefit is the ability to immediately reconcile payments from your bank against the received invoice and stop receiving invoices in the mail.
How does it work?
First, a Xero subscriber needs to visit their Payreq MyBills portal, where they’ll be prompted to create an account, log in and authorise the supplier to send invoices directly into Xero using Payreq. While setting up in MyBills, the Xero subscriber also selects the invoice status and account code, ensuring expenses are recorded correctly in Xero. Once approved and paid, the bill will automatically be matched in Xero to the corresponding payment.
Get started, suppliers!
Are you a large business wanting to improve the billing experience for your small business customers? Get in touch and we’ll work together to help you do just that with Xero Connect, just say you want this option switched on at firstname.lastname@example.org.