Cloud accounting solution Xero has announced greater integration with payment platform Square to allow small businesses invoices to now be paid instantly and recorded automatically in Xero.
The enhanced integration allows small businesses using Square to email invoices from Xero giving their customers the option to pay the bill instantly, using a credit or debit card. When a payment hits the business’s bank account, the transaction will appear in their bank feed and be recorded in Xero.
The integration also creates a daily sales-summary invoice in Xero that captures the previous day’s transactions in Square.
Business owners can choose to break down the imported data to transaction level. The enhanced features also capture all point-of-sale transactions including tips, surcharges and the relevant taxes. Business owners can more easily report GST, saving precious time on admin. This is a step-change in functionality from the current Square-Xero integration.
Ian Boyd, Xero Financial Director for Xero Australia and New Zealand, said better organised data gives owners the ability to drill down into their sales and simplify reconciliation.
“This enhanced integration with Square ticks both of those boxes. And as with all payment services attached to Xero invoices, it can improve cash flow, which is the lifeblood of small business. We know from Xero Small Business Insights data that February can be one of the toughest months for cash flow in Australia.”
Chris Rich, Square’s Customer Success Lead for Australia, said “Many of our customers love using Xero and have shared suggestions on how we could improve the integration. We 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.”
Small businesses on Xero using Square can take advantage of the enhanced integration from today. New users can download Square from the Xero app marketplace here.