Money Forward Cloud Integrates with Xero via API

Money Forward, Inc. will begin API integration with global cloud accounting software “Xero” for “Money Forward Cloud Consolidated Accounting.”

Xero is a world-leading cloud accounting software for small and medium-sized businesses, originating from New Zealand. This collaboration will enable Money Forward Cloud Consolidated Accounting to automatically retrieve accounting data such as trial balances from overseas subsidiaries that use Xero and convert it into a unified format. In addition to being able to switch between consolidated currencies, decimal places, and display languages, and being IFRS-compatible, it will also reduce the amount of data collection and manual work required for consolidated financial statements from overseas subsidiaries, accelerating operational efficiency.

In recent years, as Japanese companies accelerate their expansion overseas, the number of companies with overseas subsidiaries is increasing. In consolidated accounting work with overseas subsidiaries, in addition to communication barriers arising from differences in language, business practices, and time zones, collecting and processing accounting data has been an issue that requires a lot of time and effort.

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This API integration allows users to connect to Xero with one click from Money Forward Cloud Consolidated Accounting and directly obtain the necessary data. This eliminates the time and effort required for data collection and manual errors, improving the speed and accuracy of consolidated financial statements. Furthermore, it allows users to grasp accounting data for the entire group in real time, contributing to faster management decisions and stronger governance.

Up until now, Money Forward Cloud has leveraged its flexible connectivity with a variety of domestic systems to support business efficiency improvements. This collaboration with Xero marks a step in expanding this strength globally. We will continue to collaborate with major global accounting systems around the world, supporting the business efficiency improvements and global expansion of a wider range of companies.

SOURCE: PRTimes