New integration between the payments service and cloud accounting system makes reconciliation a one-click task.
A single bank deposit from the Stripe payment service can represent multiple customer payments, but thanks to new integration between the two companies, Xero can now automatically match those individual transactions.
The process also takes care of Stripe fees and situations where the amount paid by a customer doesn’t match the invoice amount.
“We’re constantly focused on designing beautiful experiences and automating as many manual processes as we can," said Xero CTO Craig Walker.
“Last year, Xero began automating Stripe fees, and now we’ve completely automated the matching work for you, eradicating what was a largely manual process to reconcile payments. We’re thrilled to partner with Stripe to deliver seamless online payments for our mutual small business customers.”
Businesses can either set up a Stripe account within Xero, or connect an existing Stripe account to Xero.
Stripe head of business development Cristina Cordova said: “Sinking resources into needlessly laborious tasks isn’t a good use of time for any small business.
“We continue to develop tools and features that make starting and scaling an internet business easier, and we’re excited to work with Xero to simplify payment reconciliation for our users.”
