How to Leverage Shopify to Xero Integration for Optimal Results
Managing your business’s finances can be daunting, especially if you’re just starting out. There are a lot of things that you need to stay on top of, and when you work alone, it’s difficult to know where to start. Even with all the different software programs, it can be hard to keep track of everything.
Fortunately, with Link My Books, you get quick and easy Shopify to Xero integration. This integration allows you to easily sync data directly from your Shopify account to Xero, allowing you to reap the benefits of time savings and more efficient financial management.
What Is A Xero Integration?
If you use Xero for your bookkeeping, you’ve only completed half the battle. You have accounting and bookkeeping tools, and you have your sales platform. However, how do you connect the two? Manually entering all of your data into Xero gets time-consuming, stressful and can, unfortunately, lead to significant errors.
With Link My Books, you get automated integration that improves your Shopify accounting and ensures that your financial records are:
- Up to date
- Easy to access
- Correctly reported on
This integration automatically provides Xero with the data you need on your sales, any fees incurred, and any taxes you are liable for each time you get a Shopify payout, giving you the peace of mind you need to focus on your business.
How to Leverage Shopify to Xero Integration
The main benefit of a Shopify to Xero integration is that it reduces the time you’ll need to spend on your Shopify accounting. Instead of manually entering data into both systems, Link My Books handles all of the automation and syncing between Shopify and Xero so that all sales, payments, and more are automatically updated. This removes the need for double entry and ensures that your financial information is always accurate and up-to-date. Here are some other ways you can leverage Shopify to Xero with Link My Books.
Track Sales, Refunds, and Balances
With proper integration, the stress and confusion of tracking your company’s finances simply goes away. You can easily track and report on your Shopify sales, refunds, and your overall Shopify balance.
Many small businesses only take the time to track and view their overall Shopify balance. However, this type of accounting doesn’t allow you to keep track of the different types of transactions your business has. With appropriate tracking, you can see your transactions broken down into different groupings for the most accurate reports.
Understand Taxes, Fees, and More
When you sell on Shopify, there are several types of fees and costs that you should keep in mind. Understanding these costs can be stressful and take a significant amount of time. However, to stay compliant with the Shopify platform itself as well as local and national laws, these fees are a crucial piece of your accounting.
Link My Books allows you to not only break down your transactions with the appropriate fees and taxes, but this Shopify accounting software also calculates what taxes you need to include. A surprising number of sellers on Shopify and other platforms regularly overestimate the required taxes and fees they are responsible for, while others under-calculate these costs. When you properly calculate the costs you have to pay for each sale, you have the opportunity to price your items appropriately. This can lead to better sales, more income, and an increase in business.
Integrating Shopify with Xero through Link My Books is a huge benefit for businesses, as it helps you streamline your financial processes and focus on driving growth instead of manual data entry. The automated system ensures accuracy in records so that discrepancies can be detected quickly and provide insights into customer trends or sales figures over time. All this leads to an overall improved efficiency in running the business, which is invaluable in today’s competitive marketplaces.
Whether you’re working with internal teams for accounting and reporting, have external teams you report to, or do all of your company’s Shopify accounting yourself, you’ll quickly find that good reporting saves you time and money.
Do you need to compare this month’s sales to last month? Have you ever wondered how much overhead you actually have? With the reporting options in Link My Books, you can quickly and easily pull the reports you need and the comparisons you’re looking for.
Reviewing these reports allows you to find pain points in your business. Analyse your accounting data to see where you can increase the company’s revenue or cut costs. Actively reviewing financial data for your business allows you to improve the business and grow more quickly than ever before.
Who Should Try Shopify’s Xero Integration
If you’re a small business owner looking for a way to streamline your operations and make your life easier, then you need to check out Link My Book’s Shopify Xero integration. You’ll never have to worry about missed data, forgotten refunds, or over-calculating your tax liability again. These are major stresses for many small businesses just starting out.
One of the best things about the integration we offer is that it grows with your business. Large companies with accounting teams rely on this integration to automate their financial data and ensure that reporting is accurate and appropriate. The integrated tax calculation is a huge benefit for companies of any size. If your company sells to customers outside of your country, this becomes even more complicated if handled manually.
The automation that this integration offers is especially helpful for businesses that sell physical goods, as it allows you to sync your inventory values between Shopify and Xero automatically. That means you’ll always know exactly how much stock you have on hand and can easily adjust your prices accordingly. Additionally, the integration makes tracking your sales and expenses easy, so you can see exactly where your money is going.
Set Up Shopify to Xero Integration
Setting up Shopify with Xero integration isn’t as hard as you may think. When you use our Shopify accounting system to integrate these accounts, you’re able to get the data and reporting you need. The best part is that the setup is quick and easy. We walk you through the step-by-step process, which only takes a few minutes and a couple of clicks. Try Shopify to Xero integration today.