The integration between Spacebring, a cutting-edge coworking space software, and Xero, a cloud-based accounting software designed for SMBs, is crafted to simplify and automate your accounting processes. This integration offers a way to manage finances by syncing invoices automatically between the two platforms.
Features & Configuration
Once enabled, the integration performs the following actions automatically and in real-time:
- Syncing Invoices: The system generates invoices on Xero for one-off and auto-invoices from Spacebring.
- Comprehensive Data: All relevant invoice details from Spacebring, including 'To' field, issue date, due date, invoice number, currency, tax type, item description, item quantity, and item price, are accurately filled in.
- Tax and Account Codes: The integration matches the tax rate and the account if the same rate is found on Xero.
- Invoice Attachments: A PDF of the generated invoice by Spacebring is attached for your convenience.
- Invoice Status Syncing: When an invoice is paid or voided in your app, the status is now updated in real-time for the corresponding invoice in Xero, ensuring your accounting data is constantly up-to-date.
- Invoice Payment Synchronization: All new invoice payments are synchronized to the clearing account in Xero.
- Quick Navigation: Each invoice on Xero features a 'Go to Spacebring' link, directing you to the corresponding invoice on the Spacebring platform for any cross-reference or further actions.
Benefits of the Integration
- Automated Accounting: The labor-intensive task of transferring invoices manually is eliminated, saving time and reducing errors.
- Financial Oversight: With invoices saved as drafts initially, you maintain control over the final document, allowing for manual review and adjustments.
- Data Consistency: Ensure data uniformity across platforms with accurate, real-time synchronization of invoicing information.
- Ease of Use: Generating and matching invoices takes just one click.
- Revenue Tracking: With real-time invoice generation, tracking revenue becomes more straightforward, enabling easier financial analysis and forecasting.
- Audit-Readiness: The automated system ensures that all financial transactions are well-documented and easily accessible, making it simpler to prepare for financial audits.
- Scalability: As your coworking space grows, the automated invoicing system can scale with you. No need to overhaul your accounting processes or adopt new software.
- Compliance Ease: Keeping up-to-date financial records through Xero integration makes it easier to comply with accounting standards and regulations in your country.
The integration of Spacebring with Xero elevates the user experience by automating complex financial tasks. By saving time, you’ll be able to focus on productivity and growth.
