Square, Xero enhance integration and point-of-sale features
Want to connect your Square and Xero accounts in minutes? Introducing… The enhanced Square and Xero integration in Australia, which means you can now reconcile your Square payments easily within Xero.
If you’re a Xero subscriber using Square, you know how great these two solutions are. Xero recently announced that they have enhanced the Xero-Square integration for Australian users, and are working to bring these improvements 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.
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.
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.
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.
Have questions? Get in touch with us today.