RfM’s Cloud Solutions Manager, Graham Pearson, has been getting very excited about the new Stripe Bank Feed feature which has now been integrated into Xero. Here he explains why it’s such good news for Xero users.
In the summer, Xero announced a partnership with payment facility Stripe to provide seamless payments to millions of small businesses. Since coming together, Xero and Stripe have been busy “building new tools to invoice customers more efficiently, bring additional insights on their business performance and get paid, no matter how or where they do business”.
The tool we have been most excited to see integrated into Xero is the Stripe Bank Feed and we are delighted to announce that it is now live.
More efficient, more accurate, more visible
There are three key functions of the feature, which is definitely going to save Xero/Stripe users a lot of time and hassle.
With the Xero Stripe Bank Feed you can now:
- See the most up-to-date Stripe statement balance within your Xero dashboard. Previously, this had to be created manually, line by line.
- Create bank rules so that transactions can be automatically reconciled, improving speed and accuracy.
- Match Stripe payments and fees with the corresponding bank statement line.
As you can imagine, automating this process will not only save users time and effort, it will provide far more visibility. Before this feature was made available, Xero users had to log in to Stripe separately and manually go through the Stripe account to reconcile payments and fees. Now all the data we need is visible from within Xero.
I have found the Xero Stripe Bank Feed very intuitive and really easy to navigate, and I’m sure other users will find it a huge improvement on how it worked before.
If you use Stripe for payments, please get in touch and we can guide you through setting up this new feature. Call Graham or Diane on 01772 431233 or email email@example.com.
Read about Graham’s professional journey and his enthusiasm for all things cloud accounting here.