Streamline business accounting with Tyro and Xero

Reconciliation is an important part of running a business, but it’s not always the most riveting task on the to-do list. To make balancing books an effortless activity you actually want to do, Tyro integrates the Tyro Bank Account with Xero accounting software – enabling seamless reconciliation, every time. 

Let’s go through how Xero integration works and how it can benefit accounting for businesses.

Connecting for ultimate convenience

Tyro and Xero combined is a powerful tool that frees up time for you to focus more on the business matters rather than more admin.   

At the centre of Xero integration is a bank feed that sends all the transactional information from your Tyro Bank Account to your Xero account. Both incoming and outgoing transactions processed through your Tyro Bank Account are automatically uploaded to Xero, giving you a real-time view of your cash flow at any given time.  

This seamless flow into Xero is all about simplifying the business accounting process and making running your business easier. Essentially, Xero integration does the hard work for you so you can spend less time on money admin and more time on other important tasks. Plus you can make, send, and pay batch payments free of charge, through the Xero integration.

Benefits of Xero integration with Tyro

A streamlined reconciliation system helps you, as a business owner, to stay on top of your finances in a much more manageable way.  

Xero integration helps you to:

• Simplify your payroll payments 
• Schedule or Batch pay your bills through Xero via the Tyro Bank Account 
• Save time and boost business efficiency by eliminating the need to manually import your transactions every day 
• Reduce the risk of data entry errors (and time spent fixing them) 
• Securely share accounting information to third parties, without the security risk of sharing your credentials 
• Understand your cash flow with real-time transaction data, arming you with insight to make smarter business decisions 
• Simplify your tax return

With Xero integration, you can also grant secure access to third parties, like your accountant or bookkeeper, to forecast and make plans from the exact same data – helping you take your business further. 

Automating payments makes life a whole lot easier saving you time that can be better spent elsewhere. The best bit? Payments from Xero can all be approved with the click of a button in the Tyro App.

Enabling Xero integration

Ready for an effortless reconciliation experience? Here’s how to bring your Xero accounting software and Tyro Bank Account together: 

First things first, you’ll need to add the Tyro Bank Account in Xero. To do this:

1. Open up Xero on your computer and login 
2. Once you’re in, open the Accounts tab 
3. Click on Bank accounts 
4. Click on Add bank account 
5. Type ‘Tyro Payments’ into the text field and select it from the drop-down menu 
6. Enter the account name, then choose Day to day account 
7. Input your Tyro BSB and account number (which is visible on the Tyro App home page), and hit Save to add your Tyro Bank Account

To complete the connection and enable bank feeds, you’ll need to connect your Tyro Bank Account to Xero via the Tyro App. Follow these steps and you’ll be good to go:

1. Open up the Tyro App and login
2. After you’ve activated your Tyro Bank Account, you’ll see a notification that tells you to Connect to Xero to get started
3. Tap Connect to log into Xero
4. Enter your Xero account login details
5. You’ll see the page to set up bank feeds from Tyro to Xero
6. Select your business from the Organisation drop-down menu
7. Select your Tyro Bank Account from the Match to account in Xero dropdown
8. Tap Connect to complete the integration
9. Return to the Tyro App. It might take 10 minutes for everything to sync up, so just wait a moment for the registration to be finalised
10. Once your direct feed is connected (this typically begins the following business day), statement lines will automatically appear in Xero – ready for you to reconcile

Now that your Xero integration is all set up, you can enjoy never having to manually upload or update your transactions again. A big win for small business!

Wrap-up

Available to Tyro customers with an active Tyro Bank Account, Xero integration is a powerful accounting tool that gives you the satisfaction of seamless reconciliation. If you want to elevate this crucial business task, saving you time, energy and errors, Xero integration is the way to go. 

Want to set up Xero integration for your small business? Get in touch!

Xero is a trademark of Xero Limited.