A new partnership with BMO to streamline bank reconciliation
The ability to connect your bank account to Xero is one of our most loved features and a core part of our vision to automate routine tasks. It’s designed to help your bank transactions flow securely into Xero, so you can save time on bank reconciliation and have better visibility of your cash flow.
At Xerocon New Orleans, we announced a new partnership with BMO Financial Group in Canada, and we’re excited to share that this partnership has now been extended to customers in the US. Our BMO bank feed is now available for small businesses in the US and Canada*, and allows you to:
- see your daily BMO transactions automatically flow into Xero once a day (no need to sign into online banking or manually export or upload files)
- have a 1-year transaction history included during sign-up (for select accounts)
- deactivate this connection at any time from your BMO account
How to set up your BMO bank feed
If you are currently connected to BMO Online Banking for Business in Xero via Yodlee bank feeds, you’ll need to upgrade to enjoy a more reliable connection directly with BMO. You only need to do this once and it’s available at no additional cost.
Once you log in to Xero, you’ll just need to find your BMO account on the dashboard and click ‘update bank connection’. You’ll then be directed to BMO where you can enter your banking login details and select accounts to share with Xero.
If you haven’t set up a bank feed with BMO before, you’ll need to select ‘Accounting’ menu, ‘Bank accounts’ then ‘Add bank account’. You can then search for BMO Commercial Bank and select it from the list.
For step-by-step instructions, check out this Xero Central article. Before you upgrade or set up your new BMO bank feed, make sure you have your Xero login, your BMO login, and any multi-factor authentication devices handy.
A shared vision for small business
Our banking partnerships are an important part of our vision to become the most insightful and trusted small business platform.
We know there’s work to be done, but we’re committed to building high-quality bank feeds in the US and Canada that make it easy to get your data into Xero and save you time on bank reconciliation in your business or practice.
*Note: The new bank feed is not available to customers in Quebec or those who have selected French as their preferred language of communication.
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Source: Xero Blog
