To us payments geeks, when Square launched, it just made sense. A simple, elegant solution to small merchants’ credit and debit card acceptance problem? How come I didn’t think of that?!
Square actually solves more pain points for small merchants than meets the eye. Complicated fee structures, expensive hardware and merchant account underwriting requirements were the norm for many years. These archaic demands made it impossible for many small businesses to even qualify, let alone afford a merchant account. Not only did Square remove all of these issues, they did it via a tiny piece of plastic and customer cell phones. In short, Square effectively democratized payments for the small guys, giving every person in the US with a mobile phone access to a point of sale system!
I’ve been a Square fan since the early days and am thrilled to finally offer its merchants an integrated accounting solution that does the heavy lifting for them. Other combined payments and accounting solutions just dump raw data on users. But Square and Xero work together in lock step – intelligently sorting transactional data and building an accurate view of accrual balances. A once tedious process is now made simple with Square and Xero.
To get a taste of how the integration works, check out our video:
With this integration, Xero will automatically sync all of the previous day’s transaction data from Square, summarize it and create an aggregated transaction in Xero – allocating any payments, refunds, fees and sales taxes to the appropriate account. Sellers and small businesses can now save time, which was previously spent manually inputting sales.
Using this approach, Xero will keep track of the money Square owes you while breaking out all Square fees, tips and refunds. In addition to credit card receivables, Xero can also help keep track of cash receipts. Using auto-generated bank rules, each bank deposit from Square will be matched with outstanding receivables using a settlement account methodology. This will also allow for importing of historical transaction data from Square, and quick and easy bulk coding of multiple daily summaries.
We are thrilled to announce this partnership, and hope you enjoy the time that Square and Xero together give back to you.
Xero customer, Andy Ciordia of The Secret Chocolatier is especially excited about the integration. “I used to spend my Sunday afternoons manually dragging, dropping and categorizing my weekly Square transactions into Xero,” says Andy. “This integration gives me my weekends back – I have more time for my family and my business.”
Want to learn more about Square point of sale software for retailers?
- Hear more of Andy’s story over at Xero TV.
- Learn all about Square and Xero on our website.
- Check out the Help Center for information on how to get set up.