I don’t need to tell you that trading online is often a volume business with low margins.
The more you sell, the more you make.
Also time is against you; when orders come in, the pressure is on to fulfill them.
So whilst you know Bookkeeping is essential, it can be a drag and if it involves duplicating effort, typing up information that already exists, it can be frustrating and time consuming and so, naturally, you can be tempted to put it off.
What you really need are the tools you use every day, your online shop, eBay or amazon to talk to your bookkeeping package and streamline the process. For example, the invoices raised by your sales channel to be fed directly into your bookkeeping software so you don’t have to post this information again.
The good news – Xero can do this – and a lot more.
There are two ways Xero can link to your e-shop:
- If you use a well known base for your e-shop such as Magento or Shopify, then this link has been created for you already. Google Search – Magento and Xero for more info.
- If you have a bespoke e-shop then you can ask your developer to use the Xero Api to link the two. If this is cost prohibitive, then you can at least ask them to produce a report showing daily sales and import this into Xero.
Xero also links directly to your bank so no more manually keying in this data. Let Xero do the work.
Just by applying these two things; linking your shop and your bank to Xero, will save you a huge amount of time.
The data exists so why not use it?
What about Volume?
If you are issuing 100’s of invoices/receipts a day and receive instant payments, then there is no need to post these at all. You can simply post the payments as they come into the bank using Xero’s powerful bank rules and cash coding features to automate this.
Further Connections
Xero can also connect to 100’s of other online software providers such as CRM’s – customer relationship management databases, like capsule and several others, so you can automate your marketing responses.
An online business with an offline bookkeeping package
Your business is online, you should take your finances there too. Make your customers and your systems do your bookkeeping data entry by using Xero and linking it to your existing tools.
If you would like to talk about how we can help you take your bookkeeping online give us a call.
If you would like to talk about how we can help you with your Xero Journey call on 01622 671 835 or to find out more visit The Kent Xero Experts