Why Integrate Xero in Your Subscription Management Software?

SaaS businesses have to spend several hours and dedicate resources just to get done with regular accounting tasks such as reconciling payments, sending and confirming invoices, etc. This is something that can be avoided with the use of state-of-the-art accounting software tools like Xero.

Companies that have adopted the use of Xero claim to have saved thousands of hours and resources. As per these organizations, Xero has singlehandedly proved itself to be one of the most essential tools for automation that a company needs to have.

Not only have these businesses experienced growth and development but they have also streamlined their revenue operations as well.

Read More: This is Why Integrating Xero Is An Ultimate Accounting Solution for Smart Subscription

What is Xero?

Xero is one of the most refined and critically acclaimed accounting tools that are required in the tech stack of almost all SaaS businesses. This is a tool that doesn’t just help with payment reconciliation, invoicing and billing operations, but when integrated with a subscription management platform like SubscriptionFlow, it can become an all-inclusive interface to streamline accounting operations.

This is especially useful for businesses who want to opt for custom billing models that aren’t as easily supported by these tools without integrations. Xero helps accountants perform several tasks simultaneously with synchronized data that is presented before them, analyzed and organized.

Functionality of Xero:

Xero allows you to perform several tasks that require repeated efforts in a seamless manner. Recurring processes such as paying your bills and receiving multiple payments from different sources and reconciling them with your accounts can be automated using Xero’s incredible synchronization functionality.

With a smart system analyzing and segregating various expenses and costs, you’ll receive accurate insights showing you exactly what’s going where. You can manage your contacts and diversify your lists by adding suppliers and vendors while tracking their shipment and payment records.

Xero allows merchants and businesses to keep track of invoices and financial data pertaining to sales and expenses from one comfortable dashboard. As for incoming payments, you can use Xero’s analytics to identify how and when payments are made. This provides businesses with insights that can be crucial in identifying and recognizing customer behavior such as expected payment periods, delays, churns, etc.

Moreover, you can also file, view, submit and approve expense claims using the cloud-based accounting tool. This helps streamline organizational operations and ensures that a formal and hierarchical flow of operations is followed seamlessly.

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Payroll with Gusto is another feature offered by Xero for organizations to easily pay out salaries and reconcile your ledgers accordingly.

Read More: Leverage SubscriptionFlow To Make Recurring Invoicing Process More Efficient

Why Go for Subscription Management Software Integration with Xero?

There are several reasons you should integrate Xero in your current tech stack. Your finances need to be managed and with complicated billing structures like those employed by SaaS businesses, you need the help.

Features offered by these tools such as those listed below can be leveraged by several departments of your organization simultaneously. Integrations are key to achieving the full potential of any SaaS platform’s capabilities.

You can automate almost all business processes by bringing all your tools in one easy to use interface. Clever use of integrations helps save several hours’ worth of time of your finance departments while significantly reducing chances of manual errors. Which is a specialty of Xero.

Whether you’re an eLearning institute or a SaaS organization operating in multiple regions, Xero is a necessary addition for your accounting stack.

Payment Reconciliation

Integrating Xero with your subscription management software allows you to synchronize your bank account statements with the transactions conducted and received by your business. This helps you streamline your records and reconcile payments seamlessly.

Xero has a smart system that scans both records provided by your bank and tallies similar entries against your own. This significantly reduces the accountant’s work as all similar records will be highlighted and segregated for them to work through.

Online Quotations

All businesses have to send out several quotations and with subscription businesses, these quotations have to be sporadic and custom made for different customers and subscribers. With Xero, you can automate the process of creating quotations and designing them in an easy-to-use interface.

Your cloud-based platform will help you curate subscription billing models and charge your customers with personalized quotations that reflect brand loyalty and professionalism.

Read More: Here’s How the Right SaaS Financial Models Affect Your Business

Payment Reminders

With features like Smart Dunning already incorporated in your platform, you can integrate Xero with your subscription management software to send automated payment reminders. Though a simple tactic, this has proved to be a necessary part of reducing revenue leakage. Most involuntary churns can be avoided with an efficient payment reminder. Subscribers who aren’t sure of whether they need your services can also be approached with a marketing strategy designed to appeal to them.

Unlimited Users

The best part about Xero is that it allows you to have unlimited users regardless of whether you buy a plan for the premium version. This means you can have thousands of customers and still shift your systems to incorporate Xero. Or better yet, integrate Xero with subscription management software and make sure that all your customer data is synchronized with Xero’s accounting books.

Integrated Payment Gateways

If you’re a SaaS business that works with several payment gateways or is looking to expand to them in the future, you need Xero integration with your subscription management system.

Although the accounting software doesn’t support all pay routing options, with a subscription management platform like SubscriptionFlow, you can accept multiple payments from many different payment gateways. This is one of the major reasons why people use accounting tools like QuickBooks and Xero integrated in their subscription management platform.

Read More: Why Go for Subscription Management Software Integration with QuickBooks?

Takeaway

Xero and similar accounting tools can be integrated to make life easier for your accountants and your business higher-ups. Subscription management software integration with Xero allows you to automate your billing and payment operations by providing you an all-inclusive dashboard to conduct all business operations from your favorite, SubscriptionFlow!