Sept. 9 - Xero, a global leader in online accounting software, and City National Bank, a provider of complete financial services for business owners, have joined forces to improve financial management for small businesses (SMBs). Xero and City National Bank customers will soon have the most comprehensive view of their critical financial information with a direct connection between their online accounting and bank data. This marks Xero's inaugural bank partnership in the United States and comes as the company is experiencing record growth with U.S. revenues and customers doubling year-over-year.
Connecting Xero and City National Bank accounts provides reliable overnight delivery of the prior day's bank transactions directly into Xero's intuitive accounting and bookkeeping workflow. This integration provides the most accurate and comprehensive view of a business' finances, and eliminates potential delay or miscalculation due to lag-time, enabling SMBs to make the best decisions about the direction of their business.
"Strong finances are the lifeblood of any business. The direct connection between our accounting applications and bank data will help our clients make better sense of their finances, putting the most up to date financial data into a business-ready context that empowers them, and us, to make the best possible decisions that will drive their business forward," said Ken Coelho, partner-in-charge, RBZ, LLP. "This integration will help inform every aspect of our clients business, from day to day operations to long term business forecasting."
"Managing bank reconciliations and tracking finances can be a daunting task for small business owners," said Jamie Sutherland, President Xero U.S. "Xero is dedicated to bringing online banking and cloud accounting closer together to give small businesses the most accurate picture of their financial health. City National Bank is a great partner for us as we share a commitment to helping SMBs, and we are thrilled to offer the best integration of accurate bank data and accounting solutions."
"City National has a long-standing commitment to serve the most innovative, cutting edge businesses, and make their finances easy to manage so they can focus on growing in creative ways," said James Daley, executive vice president and manager of Treasury Services for City National Bank. "This partnership with Xero puts us in great position to offer our clients an industry leading online accounting software, fully integrated with our comprehensive data."
About City National City
National Bank is the wholly owned subsidiary of City National Corporation CYN -0.12% . It is backed by $27.4 billion in total assets, and provides banking, investment and trust services through 78 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. The company and its investment affiliates manage or administer $59.0 billion in client investment assets, including $39.7 billion under direct management. For more information about City National, visit www.cnb.com.
Xero is an online accounting software for small businesses and their advisors. The company has over 193,000 paying customers in more than 100 countries around the world. Recently Xero garnered a five-star review for Software As Service from CPA Practice Advisor. Xero's U.S. team is based in San Francisco. Xero is hosted with Rackspace in Chicago. See http://www.xero.com.