Xero, Inc. and Shopify Inc. have released an integrated solution that will give Shopify merchants the ability to track their business financials using Xero. The combined Xero and Shopify solution will automate and help streamline commerce and accounting processes for retailers ahead of the busy holiday season.
Ecommerce has gone through a dramatic transformation with leaders like Shopify, making it simpler to launch an online retail presence. This democratization of ecommerce has resulted in explosive growth in the number of online retailers. ith the increasing globalization of commerce, these new small business owners are faced with the challenge of managing operations around the clock, leaving little time for tracking money going in and out of the business, and as a result, limited visibility of overall business performance.
Until now, Shopify’s merchants had to rely on manually transferring data between front-end and back-end systems. With the new integration between Shopify, the ecommerce platform and Xero’s cloud accounting software, manual processes can now be automated. This solution allows for the transfer of a Shopify merchant’s ecommerce storefront, point of sale, and mobile transactions (including sales, tax, shipping costs and refunds) directly from Shopify to Xero, enabling easy reconciliation with bank statements. This integration will enable retailers to:
- Increase efficiency. Quickly import orders from Shopify into Xero as invoices, and have tax rates synced, and sales automatically categorized. Eliminate manual data entry and greatly reduce the risk of error.
- Work smarter with an end-to-end solution. With this seamless connection between e-commerce and accounting, a retailer can have real-time visibility into overall business performance, and be empowered to grow.
This integration is now available in the U.S. and Canada with the United Kingdom, Australia, and New Zealand, expected to be rolled out later this year. For more information, visit www.xero.com/shopify
According to the National Retail Federation, in 2014, small business retailers saw their total sales increase 4 percent to $616.1 billion in sales over that year (an indicator of online and ecommerce sales) growing 6.8 percent to almost $102 billion from the previous year.
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Tags: Accounting, Cloud Technology
