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If your business uses both Square and Xero, you already know how powerful these business solutions are when combined. You can accept credit and debit card payments on a smartphone or tablet, and record the transactions in Xero. Today, we’re delighted to announce that we’ve enhanced the integration for Australian users and we’re working to bring it to other regions soon.
You’ll see several new features:
Pay Xero invoices online with Square
When you create an online invoice in Xero and email it out, you can now give customers the option to pay it instantly via Square. This makes it easy for your clients to settle their bills on the spot with a credit or debit card. Faster payment means better cash flow.
There’s no longer any need to create duplicate invoices in Xero and Square. And when the payment hits your bank account, it appears in your bank feed and is recorded in Xero. Easy.
“Many of our customers love using Xero and have shared suggestions on how we could improve the integration,” said Chris Rich, Square’s Australian lead for customers success. “We pride ourselves on listening to feedback, and have worked with Xero to ensure the new integration has the deep functionality our customers need for their payments and accounting platforms to interact seamlessly.”
The new integration creates a daily sales-summary invoice in Xero that captures the previous day’s transactions in Square. You can choose to break down the imported data to transaction level. Simply set up your own rules, depending on how you’re accepting payments and how those payment records come in from the bank feed to Xero.
For example, you can customise and split the sync of data into specific Xero general ledger accounts (such as food sales to your Food Revenue account, beverage sales to your Beverage Revenue account).
The new integration also captures all point-of-sale transactions correctly including tips, surcharges and the relevant taxes. You’ll be able to easily report GST. And if your business has multiple locations, Xero and Square can now separate transactions accordingly.
Better organised data gives you the ability to drill down into your sales and gain a better view of the business.
Payment processing integration
In addition to the daily sales invoice, Xero automatically creates bank rules when you connect your Square account. When Square deposits money into your bank account, you’re able to reconcile it quickly. Fees related to Square’s processing fee are assigned to a fees account.
It’s a feature that small businesses have been requesting, so we think it will be well received by users of Xero and Square. With the new improved feed, it’s easier than ever to reconcile your transactions. You’ll get transaction-level detail exported from Square into Xero
All of these improvements reduce the need for manual data entry and time consuming reconciliation of data.
Learn more about the integration here.