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Have you seen the link to Syft Analytics in your Xero accounting file? Xero have completed the integration and now has an upsell to more features within their core accounting software. Here’s a bit of a background about Syft.
From Practice to Product: Syft’s Journey & What It Means for Accountants Today
When Syft began in 2016, founder Vangelis Kyriazis—then a chartered accountant—saw first-hand how small businesses struggled with data and reporting. Drawing on his Excel and VBA expertise, he built automated time-saving tools that turned a week’s worth of reporting work into a moment’s click.
Those early hacks planted the seeds for what would become Syft Analytics.
Excel: The Unsung Hero and Gate to Advisory Services
Before Syft, Excel was Kyriazis’s go-to for automating and streamlining accounting tasks. Its flexibility allowed him to extract raw data, run complex calculations, and produce clean, visual reports—efficiently and repeatably.
That same efficiency remains essential today. Accountants leveraging Excel to
- construct dynamic dashboards,
- automate reconciliations, or
- build forecasting models
This not only boost their firm’s productivity—they create new, valuable offerings like KPI tracking, cash flow forecasting, and benchmarking insights.
Syft Does Excel—but Better (and on a Global Scale)
Syft took those Excel-inspired workflows and elevated them into a full-blown, cloud-based platform. It integrates with Xero, QuickBooks Online, and Sage, offering accountants and small businesses advanced, per-click reporting, visualizations, consolidation, forecasting, and benchmarking—all without the complex formulas and manual updates of spreadsheets.
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New Revenue Streams for Accountants with Syft
By embracing Syft, accountants can transform from number-crunchers to strategic advisors. Here’s how:
- Advisory Services: Offer deeper insights with beautifully visualized reports, AI-driven analysis, and multi-entity dashboards.
- Forecasting & Scenario Planning: Build value-add services like cashflow modeling and budgeting—especially compelling in uncertain markets.
- Automation & Efficiency: Reduce manual Excel tasks by automating repetitive processes and data consolidation, freeing up time for higher-value client work.
- Benchmarking Tools: Provide industry comparisons and analysis, helping clients position themselves smarter against peers.
As one Syft advocate says, using Syft with Xero “opens up the market of services that we can provide to people… very much part of our growth strategy”
Xero Now Owns Syft—What That Means
In a strategic move, Xero has acquired Syft Analytics in a deal worth up to US$70 million, combining a $40 million upfront payment with deferred earnouts.
- Syft remains available standalone, so accountants using other platforms like QuickBooks or Sage can continue benefiting from it
- Xero plans to embed Syft’s analytics within its platform, ultimately bringing powerful visuals, forecasting, multi-entity reporting, benchmarking, and integrations (e.g., with Shopify, Stripe, Gusto, Excel, and more) directly into its product ecosystem
- Rolling out new “Analytics powered by Syft” within Xero, starting with early access for eligible US-based users and expanding to richer dashboards and tools across more plans and regions in 2025
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