There has been a lot of buzz surrounding the recent Syft for Xero integration, but is it worth the hype? We’ll show you how to use it for e-commerce reporting and why it is proving so popular.
One of the many reasons we love Xero is its extensive and ever-increasing array of integrations. Using the right integrations can simplify your accounting and administrative processes, make your forecasts more accurate and help share relevant data with your accountant.
What is Syft?
Syft is a reporting tool that turns your data into beautifully laid out reports laden with insights. It can compare your business to the industry standard, create graphs, forecasts, valuations and more with the click of a few buttons.
Syft for Xero was introduced in 2018, but they have been improving and adding to the integration over the years and, in 2021, they won the Xero staff pick award. By adding Syft for Xero to your arsenal, you can easily transform your Xero data into professional-looking reports that match your specific needs.
How to use Syft for Xero for e-commerce purposes
You may not have a board of directors to report to, but that doesn’t mean you won’t need outside help. Use Syft to create reports showing the current position of your e-commerce business and show its position vs the industry standard to aid in securing funding from prospective partners, negotiating credit lines from the bank and, most importantly, giving you and your accountant clear information on how you can scale your business.
Benefits of Syft for e-commerce
- Easy to use
- Real-time cash tracking
- Combine multiple businesses into one report
- Multi-currency consolidation
- Professional looking reports whenever you need them
- Tailored reports above that available in Xero’s standard package
- Industry benchmarks to see how your e-commerce business measures up
Do you need Syft for e-commerce businesses?
You don’t need Syft as Xero has a comprehensive collection of reporting features, but if you are regularly reporting to outside parties or are managing several businesses with multi-currency, it is a nice tool to have. Syft can be used on a free plan so there’s no reason not to experiment with it. Or if you are looking to take advantage of the industry benchmarks, packages start at £15 per month.
How to setup Syft for Xero as an integration
It is quick and simple to connect your Syft and Xero accounts.
- Make sure you sign up to both Syft and Xero
- Log into your Syft account and click “Add entity” on the dashboard
- Select Xero as your data source
- You will be redirected to Xero. Log into Xero and select the Xero entity you wish to connect.
- If you only have one business, you are finished. Alternatively, you can repeat the process to add multiple entities to Syft, allowing you to combine reporting across your entire portfolio.
If you want help finding the best Xero integrations for your e-commerce business or need a helping hand moving over to Xero, you’ve come to the right place. Our team of e-commerce specialist accountants are here to help your business reach its full potential. Get in touch today.
The best time to act is now.