New Zealand accounting solutions provider MYOB is now accepting data feeds from Bank of Baroda (NZ) Limited, a wholly owned subsidiary of the Mumbai-based Bank of Barod.
Operating as an international Indian bank which has a presence in 25 countries, in New Zealand, the bank has branches in Auckland, Manukau and Wellington.
“We are pleased to be able to facilitate data feeds for Bank of Baroda’s growing client-base of Small Business operators,” says Adam Ferguson, General Manager Engineering and Experience, MYOB.
“The data feed is an electronic version of a paper statement that is delivered to the account holder, making it easier for SMEs, and their accountants, to manage monthly cashflow.”
Ferguson says the Indian SME community appears to be reaping the benefits of a buoyant New Zealand economy, according to the sample of Indian SME operators in the latest MYOB Business Monitor.
In the survey, over a third (37%) of Indian SMEs reported an increase in revenue in the past 12 months.
In the next 12 months, 32% of Indian SME operators surveyed expect revenue to increase, while 40% expect revenue to stay the same.
Investment in people and infrastructure features highly in the coming year with 38% of Indian SME operators intending to hire more full time staff, 36% to increase wages, and 44% planning an investment in IT.
Bank of Baroda (NZ) Limited Managing Director Prahlad Gupta says the ability to offer secure data feeds enables the bank’s customers to better manage their accounts.
“We’re very proud to help the Indian business community in New Zealand grow stronger and more prosperous and we enjoy working with local providers such as MYOB,” Gupta says.
“We recognise that direct, accurate and timely data feeds is an important tool that SMEs and their accountants can use to keep track of their monthly finances.
“They can also use information from the data feeds to make better strategic business decisions.”
In addition to Bank of Baroda data feeds, MYOB also provides a data feed service from all of the major New Zealand trading banks and 11 major suppliers in the rural sector.