This article will provide a quick overview of how to get started with BankFeeds to automate bookkeeping for your small business with Stripe and Xero. It is aimed at the person who has Stripe set up on their website, and would like to understand how to pull information from Stripe into their Xero account quickly and accurately.
Bookkeeping can be a headache, especially if you’re self-employed or run a small business. It’s also easy to overlook when you’re starting up a business, but all businesses need bookkeeping. This means that you’ll want to make sure that you’re keeping track of how much money you make and how much money goes out the door. You may think that this is unnecessary information for a small business – just keep track of the big things like processing charges and fees and taxes. However, this can lead to major problems down the road, so it’s important to process all of these transactions fully.
If your eCommerce business uses Stripe invoices, the built-in connection to Xero will simply not work
Because Stripe doesn’t have a native ‘bookkeeping’ feature, you’ll need some accounting software (Xero) to help manage the books. The good news is that it’s easy to connect Stripe and Xero so that charges automatically post to Xero, the bad news is that the built-in connection lacks some very important functionality leaving you with plenty of manual work to do each month. This is where BankFeeds comes in.
If your eCommerce business uses Stripe invoices, the built-in connection to Xero will simply not work. Your options are to manually import these invoices into Xero and account for all the charges, fees, taxes and line items yourself, or configure BankFeeds one time and let us do it for you. BankFeeds will sync your Stripe invoices as Xero invoices and automatically import them as they are charged to your customers. BankFeeds can also automatically reconcile payments for these invoices in Xero. Significantly cutting down on the bookkeeping work each month, letting you focus your time where it matters: building your business.
You can get started with a 14-day free trial here. There is no commitment, and you can cancel any time.