Square and Xero enhance integration, POS features

If you’re a Xero subscriber using Square, you know how great these solutions are.

Better organised data gives the ability to drill down into sales and gain better business view.

Xero is working to make sure they’re even better when combined, starting with the announcement that the Xero-Square integration has been enhanced for Australian users. 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 customer 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.”

Point-of-sale integration

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. 

If you’re using Square and Xero already, let us know what you think of the updates. You can download Square in the Xero App Marketplace or call Xero Platinum Partners Notch Above Bookkeeping on 1300 015 130 for help to get started!

Source: Xero

Integrated quoting in Xero Projects

Introducing seamlessly integrated quotes in Xero Projects

A key challenge for small businesses in services industries is accurately quoting for their time and expected costs on jobs.

So Xero has made the process of quoting and tracking profitability on jobs simple with the launch of quotes in Xero Projects. 

Now, it’s easy to estimate jobs, send and track acceptance of quotes, and track costs back to budget, all within Xero Projects. This results in more accurate quotes, easier invoicing and better visibility of profit on every job.

How it works

Create a new draft project

We know that not all quotes end up being in-progress projects, so Xero added a new draft state for projects, so business owners and staff can separate their upcoming or quoted projects from those in-progress. This means it’s always clear what jobs are coming next, already underway or complete. Projects in draft status are only visible to Admin and Standard level users so new leads and upcoming quoted work is kept confidential.  

Estimate the work

Xero added the ability to create an ‘estimated expense’ to capture any expected costs related to the job. This means you can estimate how much a particular item (e.g. crystal chandelier) or group of items (e.g. light fittings) will cost, and how you will on-charge it on the project. When adding an estimated expense, you can choose to pass on the exact cost, add a mark-up, or set a custom price.

Transform your estimates into an online quote

Once you’ve estimated the work, creating a quote is a breeze. You can create a quote from a project based on the project amount or tasks and estimated expenses. The project amount option creates a single line item for the estimated total. The tasks and estimated expenses option lets you select the tasks and expenses you’d like to include.

Monitor quotes and track costs to budget

Users with Admin or Standard level permissions can see all quotes sent from Projects with the creation date, status and expiry date. When an actual expense is added to a project, it can be matched back so you always know how you’re tracking to budget. Multiple actual expenses (e.g. flights and meals) can be bundled into a single estimated expense (e.g. travel). And there’s never any duplication of information required from projects to quotes to timesheets and invoices.

What’s next?

Xero continually invest in and improve Xero Projects and have some exciting updates coming: 

  • Add margins to multiple expenses in one go
  • Invoicing multiple expenses on one line item
  • Marking items as invoiced

We love getting feedback, so please leave a comment and let us know what you think. Not using Xero or Xero Projects? Call Xero Platinum Partners, Notch Above Bookkeeping, in Brisbane on 1300 015 130 today.

Source: Xero