When it comes to handling your business finances, it’s pretty common to input the same data into various systems, such as your accounting software and payments solution. But that doesn’t make it any less excruciating. If you take into account how error-prone this manual process can be, you’ll soon realize that on top of it being inefficient and lagging, it can also be costly in terms of late fines and other penalties.
The good news
Wouldn’t it be nice if you could simply input your data just once, and it would automatically sync your accounting software and payments tools? Well, dream no further! Melio already offers sync with four top accounting software. Now, it also syncs both accounts payable and receivable (AP and AR) with leading small business accounting software Xero.
3 ways this helps your business
A perfect sync between your accounting software and payments software translates into saved money and time, better efficiency, and less busy work. Here are three ways it’ll make your day-to-day go more smoothly, whether you’re a small business or an accounting firm.
#1 Save time
You no longer need to input your bills, payments, and invoice information into separate platforms. Now, you only need to do it once, and it automatically appears in both Xero and Melio, so there’s no need to worry about errors creating inconsistencies, which could take even longer to correct.
#2 Eliminate confusion
In AR, reconciliation is always a major pain. When you sync your invoices with Xero, they automatically appear on Melio where you can send payment requests directly to your customers. All payments coming in through Melio requests will automatically be associated with the correct invoice on both platforms. This saves you the hassle and guesswork associated with matching payments with open invoices and ensures your accounts are balanced and there are no payments missing or listed incorrectly.
#3 Plan ahead
With all incoming and outgoing payments right in front of you on every platform, you gain much greater visibility. This helps you improve tracking and better manage your cash flow, so you’re never caught off guard when a payment is due.
How it works
As soon as you connect your two accounts, any open bill or invoice you add to Xero over the past few weeks will be automatically added to Melio. When you send or receive a payment through Melio, it will also appear on Xero, without requiring any additional action on your part. The sync occurs automatically every two hours and can also be triggered manually through Melio’s website.
Ready, set, sync!
Keeping your books in order just became a lot easier with a two-way sync between Melio and Xero. All you have to do to get started is:
- Log in to Melio.
- Go to Settings.
- Choose Accounting Software Sync.
- Click Connect under Xero and put in your login information when prompted.
Learn more about Melio’s sync with Xero by visiting our help center or just go ahead and set up the sync.
*This blog post is intended for informational purposes only and is not intended as financial advice.
**Melio does not provide legal, tax or accounting advice, and you should consult with a professional advisor before making any financial decisions.