Posted by Doug Morris on September 18, 2014
We’re thrilled to announce that Xero Cashbook is now available as a bundled add-on with your Sharesight subscription.
Take a free (seriously no strings attached) 30 day trial by clicking the Xero button in the Plans & Billing page inside your Sharesight Investor or Expert plan. If you like what you see, you can continue using Cashbook for $15 per month.
This is an industry first. Individuals have never been able to access Xero directly without being invited by a professional intermediary. Until now. We’re the first Add-On Partner with the ability to offer Xero. We’re proud they chose us to partner with on the back of Sharesight being named Add-On Partner of the Year last month.
What is Xero Cashbook?
Cashbook is a cut-down version of Xero Partner Edition (the product sold to accountants), but with the same core features. With Cashbook you can track all of your bank accounts, credit cards, term deposits, even your broker-linked cash accounts and margin loans. It’s probably the best cash-tracking product in the world. You can run reports, share access with your accountant or financial adviser, and connect to the Add-Ons in their app store.
Why do I need it?
Cashbook is the ultimate personal finance tool (in fact, it’s so good, small businesses use it too). Once you’ve added your bank accounts, Xero will track all of your incoming cash and outgoing expenses. This makes bank reconciliation a one-click process. Once you’ve built up some history, Xero will even begin to suggest auto-reconciliations. All of this can be done on their mobile app too (you’ve probably seen their ads at the bus stop).
And Sharesight will send your trades and dividends through to Xero in real-time, including number of units traded, execution price, brokerage fees, and details such as franking credits and tax withheld. This means that your investment portfolios are now part of your overall budget and total wealth picture, automatically.
Once you have Xero and Sharesight connected you can also pull your cash data back into Sharesight. This is a great way to track cash investments inside your Sharesight portfolios.
Now your household P&L, balance sheet, and cash flow can be run on the fly, across any date range. Seeing salary alongside dividends received and interest earned is awesome. So is tracking brokerage fees, and capital gains and losses.
When you share access with your accountant or financial adviser all of the admin work is done. We have a number of clients doing just this for their Self Managed Super Funds too.
Why are we selling it?
Because it’s awesome and we’re never going to build an accounting application. And because we’re building an app store of our own for investors. To date we’ve added brokers, a online financial adviser, and an accounting application. More to be announced soon…
We’ll continue focusing on investing while Xero focuses on accounting. You’ve heard us bang on before about the power of connected applications. You can do so much more across a few tabs in your browser than with one thinly-spread software solution. Xero helped define this concept, which runs counter to vertically integrated, walled-garden financial service providers.
Now you have a free opportunity to see what we’re talking about.