Xero Personal

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rvangelder

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#57023 31-Jan-2010 18:27

Hi There.

I'm an MS Money user. I reconcile 2 times a month, categorise all spending, and have been doing it for around 10 years. Cashflow forecasting is a most powerful tool.
MS Money support has ended, and recently, an index in my database died. Categorising now takes about a minute per transaction.

I've read a post / seen a video saying Xero Personal is due early 2010.
I hate to rush you, but I'm just itching to get signed up.

Would someone please advise if that target is still on track?

Regards
Rob

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#295029 31-Jan-2010 23:15

I have heard Xero are doing things with the BNZ users in this area, Kiwi bank is another bank that is doing these kind of services too.

RodDrury

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#295112 1-Feb-2010 10:12

Not far away now. In testing with BNZ and looking good.

rvangelder

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#295142 1-Feb-2010 11:26

Thanks for the news.
Is there an advantage to being a BNZ customer, or is that your test audience? (I am a BNZ customer).

RodDrury

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#295144 1-Feb-2010 11:29

Yes, the BNZ will have direct daily bank feeds. You'll hear more from the BNZ directly.

CJPhoto

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#295775 3-Feb-2010 17:17

Is there an advantage to being a BNZ customer, or is that your test audience? (I am a BNZ customer).

BNZ gets automatic fees, everyone else will need to upload statements from what I understand.

Does anyone know how Xero handles share investments?

Ragnor

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#295777 3-Feb-2010 17:21

RodDrury: Yes, the BNZ will have direct daily bank feeds. You'll hear more from the BNZ directly.

Reading between the lines a bit... does this mean the other banks that have already developed their own in house "personal money management" site/feature aren't willing to provide automatic bank feeds for Xero Personal (even when they do for normal/accounting/full Xero)? Or just not yet?

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hellonearthisman

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#295796 3-Feb-2010 18:27

Kiwibank have almost got there IT team building accounting tools too.

I'm waiting for the how much, I head some about daily fees so something but is that 2c, 20c or $1.20 like.

Here are some links from Lance Wiggs blong about BNZ and Kiwibank services.

http://lancewiggs.com/2010/02/.../
http://lancewiggs.com/2010/01/.../
http://lancewiggs.com/2009/12/.../

and Euan Andrews also blogged about Kiwibank Heaps http://www.geekzone.co.nz/euan...

Ragnor

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#295817 3-Feb-2010 19:47

ASB released their track my spending site/feature in July last year hence my question above.

They would have spent a lot of time and effort developing it (it's not too bad) so I can imagine they might be reluctant to authorise automatic bank feeds for Xero Personal like they do for "regular" Xero? Hopefully not..

Anyway sorted.org.nz has has a free cashflow calculator for ages but requires manual import of statements.

There are of course other alternatives even a few developed by kiwi's eg:
Who Stole My Money
Cach Control
Pocket Smith

However elimination manual import of statements and multiple bank support is where it's at, which hopefully Xero is uniquely positioned to offer...

freitasm

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#295842 3-Feb-2010 21:44

hellonearthisman: Kiwibank have almost got there [sic] IT team building accounting tools too.

The Kiwibank Heaps was not developed internally. It was subcontracted to Social Capital, the same people behind Made From New Zealand and PlanHQ (Tim Norton).

Funny enough IIRC, Xero's Rod Drury was one of the investors in the PlanHQ venture - with Tim Norton and Natalie Fergusson. Not sure if he is still there, though Natalie Fergusson left the partnership last month.

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Noodles

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#296200 4-Feb-2010 21:18

Any news on ANZ/National accounts being accessed by Xero Personal (although nothing has been released yet)?

CJPhoto

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#296215 4-Feb-2010 21:41

Noodles - BNZ gets automatic fees, everyone else will need to upload statements from what I understand.

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Stu

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#296219 4-Feb-2010 21:52

Is BNZ testing with their staff only at the moment?

People often mistake me for an adult because of my age.

Keep calm, and carry on posting.

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#885694 28-Aug-2013 09:22

Sorry to resurrect an old thread but... Xero has just announced they're phasing out Xero Personal from November 2014:

We wanted to let you know we are discontinuing Xero Personal at the end of November next year. We know that is 14 months away but we wanted to give everyone plenty of warning. We are sending an email and messaging in-app to all Xero Personal customers. BNZ Money Map customers will receive an email as well.

We’ve seen huge growth in the number of customers using Xero’s core small business accounting and accountant’s tools. Unfortunately, by comparison only a small number of people are prepared to pay for an independent personal financial management tool.

Considering this, we reviewed the resources involved in developing and supporting Xero Personal compared with putting this resource into our business offerings. We then made the difficult decision to wind down the ongoing development of Xero Personal and shut it down on 30th November 2014.

This leaves Heaps and PocketSmith as local alternatives.

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CJPhoto

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#885709 28-Aug-2013 09:32

Thats disappointing. I was planning on signing up but they didn't have bank feeds for all my accounts yet.

ajobbins

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#885777 28-Aug-2013 11:06

I had a big discussion with Xero recently about why it was an inferior product.

With the exception of BNZ Moneymap, none of the 'bank feeds' to Xero personal are direct bank feeds like they are for Xero Business, but rather are screen scraped from your internet banking via a third party service called Yodlee.

This obviously has security implications, as you are handing over your internet banking password over to a third party (An American company by the way - so who knows how what government agencies then have access to your banking), but also the user experience was terrible.

The feeds don't automatically refresh, and you have to manually do this upon login. If you have more than one account in Xero personal, you have to refresh each one individually - but not only that, you have to do them one at a time (Otherwise it tries to log onto your internet banking twice at once and your bank doesn't like this and starts killing sessions).

It was also taking sometimes 3-4 minutes to refresh - per account. So for me, I had 3 accounts set up and it would sometimes take upwards of 15 minutes after login to get all 3 accounts refreshed. And it was often missing transactions and about 2 days behind what I could see myself in Internet Banking.

I cancelled mine during the trial period, and gave all this feedback to Xero. If they had true bank feeds like the business ones I would see this as a valuable product and happily paid for it - but truth is, it was a terribly unusable and unsafe product.

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