Brexit has obviously had a significant impact on business in Ireland. Among the disruptions – one that impacts even companies with no direct trade to the UK – is that Xero bank feeds for Irish banks have stopped working. The Xero business that manages Irish customers is based in the UK. And as part of Brexit has lost its ability to ‘passport’ their UK-regulated status to Ireland. Although a Brexit deal was reached before the new year, it didn’t cover financial services.
This effectively means that Irish Xero customers are back to downloading statements from their bank, making manual changes in Excel, and importing the file back into Xero. A time-consuming and error-prone process, particularly for businesses managing multiple bank accounts.
From speaking to the team in Xero they are looking at various options to fix the issue, but it may take time to resolve.
How we are helping
To help Xero customers in Ireland aperio have partnered with Perpetual Digital to create a secure, free converter. The converter is designed to simplify the process of converting bank files to the correct Xero format for uploading. Currently, the tool works with Bank of Ireland (Business), Allied Irish Banks (new iBusiness Banking), and Ulster Bank (Bankline) files.
We’d love to hear from you in terms of your experience of using the FreerPath tool.
Follow this link to access the FreerPath converter – https://freerpath.com
Also, we’ve written a short guide as to why we believe Xero is still the best fit for SME’s in Ireland – https://aperio.ie/3-reasons-choose-xero-accounting-system/