Clients of BGL Corporate Solutions and Xero will see their compliance workloads reduced following the integration of Simple Fund 360 and CAS 360 with Xero Practice Manager.
The two-way integration upgrade will ensure that changes made to a client's details in Xero Practice Manager will automatically update the CAS 360 and Simple Fund 360 databases, and vice versa.
Additionally, in CAS 360, users will be promoted to prepare all the relevant ASIC compliance documents.
"From what we can see, this integration is unique," BGL managing director Ron Lesh said.
"Other software seems to be able to download client data from Xero Practice Manager, but no one seems to update Xero for changes in their software.
"Mutual Xero Practice Manager and BGL Simple Fund 360 / CAS 360 clients are now able to have just a single database - the ultimate goal of any professional firm."
BGL is working to add further integration with Xero Tasks and Xero HQ to be released to clients in coming months.
Simple Fund 360 is now supports over 200 integration partners including banks, brokers, wraps, platforms and practice management solutions.
The announcement coincides with the release of the Xero Small Business Insights report - tracking the conditions and health of its 500,000 Australian small business subscribers.
Developed with KPMG Enterprise, the report gives an unprecedented look at small business across five major pillars - cash flow, getting paid, hiring people, trading overseas and cloud adoption - based on anonymised and aggregated data analysed monthly.
"Traditionally, it's been difficult to get aggregated data on small business because of the lack of centralisation," KPMG special adviser and demographer Bernard Salt explained at the report's launch yesterday.
"Now enterprise and government will have greater access to information when shaping their investment, policy and decisions."
Comparatively, the Australian Bureau of Statistics examines the entire businesses community in a yearly count of entries and exits, but doesn't provide regular or specific analysis of small business.
Xero's data revealed that just 50.7% of businesses had positive cash flow as of June 2017, with many operating in the red as late payments crimped working capital ahead of the financial year-end; up from 48.9 per cent cash-flow positive a year earlier.
Small businesses are gradually being paid sooner with invoices with 30-day payment terms settled in an average of 36 days in June 2017, down from almost 40 days a year earlier.