Keeping a watchful eye on profit and loss and cashflow data is key to running any successful retail business, but that information won’t do your operation much good unless it’s current, accurate and reliable.
For years, many retailers have relied on Xero accounting software to give them the up-to-date view of their business they need, while some have also used the power of Infinity to manage inventory and point of sale transactions.
Now, you can get the best of both worlds through an integration between these two leading platforms.
The Infinity Xero Integration sends POS sales and other transactional data from Infinity to Xero, which then handles business accounting activities, seamlessly updating the financial information that’s the cornerstone of your business.
The result? An accurate daily picture of profit and loss plus tax in Xero based on selling activity within Infinity that lets you spend less time buried in spreadsheets and more time building relationships with your customers.
Key Benefits
- Real-time financial insights with up-to-date reporting and tax position.
- Improved cashflow and cost management through reconciliation and payment tracking.
- Greater operational efficiency by syncing stock adjustments, transfers and receipts directly into Xero.
- Enhanced accuracy and compliance with consistent data across POS and accounting.
- Time savings that allow teams to focus on customer relationships and strategic growth.
How it works
A wide range of everyday transactions are handled, including cash sales, debtor sales and refunds, stock adjustments, stock transfers, stock receipts, supplier invoices, stock takes, till adjustments and bank reconciliations.
When it comes to debtor transactions, you can choose between two options, depending on which suits your business best. You can manage all debtor activity in Infinity and use Xero as a sub-ledger, so that transactions are sent as journals. Alternatively, you can opt to maintain debtor activity in Xero, so debtor sales and credits are sent from Infinity to Xero for processing. In this mode, Xero debtor payments that have been matched to an invoice are sent to Infinity. That way, debtors’ credit position in Infinity is kept accurate and reflects payments that have been received directly via Xero.
Updated transaction data is sent from Infinity to Xero, and vice versa, either automatically at a specified interval or manually whenever is convenient, giving you total control over the update process.
Granular view of complex transactions
The integration offers a granular level of posting for complex transactions, so you get fine-grained cost management that enables accurate profit and loss reporting.
So, for example, if you import inventory from offshore suppliers, you can pay them in their local currency. Any freight costs that have been added to supplier invoices and disbursed across the items can be posted as GRNI, to give you a more accurate view of the cost of goods sold.
You also get granular control over how bank fees are posted, including card fees, making bank reconciliations faster and more accurate.
And when it comes to tracking revenue, you can make use of multiple revenue categories, including cash sales and trade sales. You can even track revenue based on payment type.
Suited to all environments
Its easy-to-use interface means the integration suits every type of retail business, from multi-branch chains to standalone stores.
It’s also straightforward to deploy and support, with enhanced logging and troubleshooting that lets you track errors and quickly address any issues.
What’s more, by integrating Infinity with Xero you get to leverage Xero’s ecosystem of business tools, allowing you to manage everything from payroll to sales and marketing contacts.
There’s never been a better time to integrate Infinity and Xero so you get the timely, granular, automatically updated accounting information you need.
Interested in using the Infinity Xero Integration to streamline and simplify your accounting processes? Get in touch.
