Xero, the small business platform, has partnered with a provider of construction management software, Procore Technologies, to provide a new integration between Procore’s construction financial management solution and Xero’s cloud-based accounting platform.
The new app integration is now available on the Xero App Store in the United States, Canada, the United Kingdom, Australia and New Zealand.
It helps solve some of the biggest challenges small and medium construction firms face by enabling them and their advisors to connect field and back office teams with real-time, accurate financial data in the cloud. This, in turn, supports the delivery of multiple complex projects on time and on budget.
Notably, Xero is a global small business platform with 3.3 million subscribers, including a core accounting solution, payroll, workforce management, expenses, and projects.
Xero also provides access to financial services and an ecosystem of more than 1,000 connected apps and more than 300 connections to banks and other financial institutions.
Through Xero’s open platform, small businesses can connect to various solutions that help them run their business and manage their finances. For three consecutive years (2020-2022) Xero was included in the Bloomberg Gender-Equality Index.
Meanwhile, Procore is a leading global provider of construction management software.
Over one million projects and more than US$1 trillion in construction volume have run on Procore’s platform.
Procore’s platform connects key project stakeholders to specifically built solutions for the construction industry, the owner, the general contractor, and the speciality contractor.
Procore’s App Marketplace has many partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them.
“Procore is excited to partner with Xero, one of the world’s leading small business accounting platforms. Together we are bringing an integration to market that helps accountants, bookkeepers and business operators working in construction improve communication and workflows with their cohorts in the field,” says Kris Lengieza, Global Vice President of Partnerships and Alliances, Procore.
“With our integration, Xero and Procore customers can rally around a single source of truth when it comes to financial data, which ultimately empowers teams to make more informed decisions.”
According to McKinsey, the construction industry accounts for 13% of the global GDP. Still, productivity has grown by just one percent annually over the past 20 years, and digitalization is lower than in nearly any other industry.
Chris O’Neill, Chief Growth Officer at Xero, adds, “Digitalization and the adoption of cloud tools has the potential to transform the construction industry and make a real impact to the efficiency of individual firms. By partnering with Procore on this app integration, we’re enabling construction project leads to make better informed, data-driven decisions, so they can help tune their operational efficiency, mitigate project risks, and better scale their business.”
