Xero + Recurring Payments: Let’s make subscription accounting great again
4 MIN READ
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Updated on September 14, 2022
The end of any fiscal year is usually the start of an accounting nightmare. And if you’re paying sales taxes quarterly or half yearly, the situation is worse. Every business goes through it. It’s all too common to find business owners and accountants losing their sleep over tracking how much revenue has been made, the cash flow, taxes to be paid, reconciling balances, and so on.
The complexity and the tedious work involved in manual synchronization of accounting data can be too much to deal with. And we are sure your finance team is juggling these offline steps to make peace with accounting:
- Exporting and importing csv files manually
- Writing scripts to sync the billing and accounting systems
- Making tool based batch upload (for limited invoices only) and dealing with its consequences (such as API timeouts while uploading invoices)
- Creating a single entry to manage huge number of invoices
- Managing Deferred Revenue for your plans
- Preparing Bank Reconciliation Statements (to ensure that the statement balances match)
- Reporting money spent on discounts/coupons
And if you are a business that is scaling up, tracking the accounts becomes all the more time-consuming and painful.
The questions from Chargebee users were redundant; and the integration, inevitable.
We wanted to make accounting easy for your subscription business.
Chargebee and Xero come together to kick the pain out of manual accounting.
Chargebee’s Recurring Payments Solution is all geared up to partner with Xero to address your accounting troubles.
We believe we have fixed the 20% that consumes 80% of your time.
All your Invoices, payments, credit notes, refunds and taxes will be notified to Xero so you need not sync the data between the two systems, on your own. It’s as simple as that.
Now, you can focus on serving your customers better, without getting bogged down by the nitty-gritties of csv files and scripts.
As a SaaS business, with a powerful accounting software teamed with a great recurring payments software, you can easily manage your customers, invoices, payments, and taxes in Chargebee and Xero.
The data is accurately updated to Xero so you can utilize Xero’s reporting feature to generate profit & loss statements, balance sheets, accounts receivables reports, tax liability reports, and more.
But wait, I can manage this with just a payment gateway like Stripe/Braintree and Xero, right?
You’d think with a combination like that, your business will be up and ready to accept payments from your customers and to manage your accounting, right?
Not really.
You still need to manage your customers’ invoices/credit notes, discounts and coupons, track billing trial management, price grandfathering, proration, usage-based billing, geo-specific tax management, payments & refunds, subscription analytics, revenue reports, etc. Phew!
Sounds like a lot of work, right?
Stay on top of your financial information – those dollars aren’t easy to come by
With Chargebee and Xero integration, you can manage your complete subscription lifecycle minus the accounting worries (we work with top payment gateways such as Stripe and Braintree).
And save the money you spend on hiring experts to do all that.
The accounting system in France requires an expertise that not many possess, and to keep expenses low, we need to automate most of the accounting work to avoid most work hours spent on an expert accountant. It would be really awesome to integrate items from Chargebee to Xero.
Don’t let the end of another fiscal year scare the hell out of you
- Sync invoices and credit notes automatically
- Sync payments and refund transactions linked to the invoices
- Sync customer, items, taxes linked to the invoices
- Update plans, discounts to specific chart of accounts
- Utilise the tax reporting feature in Xero for filing tax returns from within Xero
So you don’t have to pull at your hair when the fiscal year is coming to a close and you have to file your taxes!
The ability to track the digital EU VAT subscriptions is the critical thing for me in terms of invoicing, and figuring out my digital VAT every 3 months for manual entry into Xero is my largest hassle. With the integration, we will be able to keep on top of accounts throughout the financial year rather than doing all at the end.
It’s accrual world. (Yes, we are not ‘accountable’ for the bad jokes)
You won’t have to do all this manually. You will know that it is covered. It just works!
Hit here, to know more!
When you get to scale and you get more and more customers, you need to be able to integrate tools together, that are willing to speak well with each other, and reduce manpower. And there would be no way to do that if you hadn’t come with the Xero integration.
* Drop us a note at support@chargebee.com and we’ll take you through the implementation.
