Accounting and inventory management are two critical tasks for a business that create financial oversight of their company’s operations. In the past, businesses had to manually integrate their inventory records with their accounting books, which wasted much time and reduced productivity. But now, this integration is easier than ever.
Businesses can now integrate two productive cloud-based software programmes to simplify their accounting and inventory management. Cin7 Core is a renowned and professional cloud-based software company that offers inventory management solutions for small and medium-sized businesses. Its primary inventory management programme allows businesses to improve operational efficiency, achieve more accurate inventory control, and receive detailed insights and reporting of their costs and stock levels.
Xero is cloud-based accounting software offering bookkeeping solutions to businesses. Integrating them can help you improve your company’s strategic investments and financial operations for increased productivity and profitability.
The top benefits of integrating Cin7 Core and Xero for financial oversight
Business leaders with financial oversight over their operations can make better business decisions to benefit the profitability and performance of their company. To understand this better, below are the top six benefits of integrating Cin7 Core and Xero for comprehensive financial oversight of your company’s operations.
1) Inventory and financial information synchronisation
How much time do you usually spend synchronising your inventory information with the financial data on your books? Integrating Cin7 Core and Xero will synchronise inventory and financial information to ensure all data stays updated and current. That way, you can immediately notice any inventory issues or budget problems and make quick decisions to correct them.
2) Make informative decisions
Receiving updated inventory and financial information allows your business to make critical and informative business decisions about product supply and demand. You will have real-time data on your current inventory levels and whether you have too much or too little product available. This information is critical for satisfying consumer demand and ensuring you don’t waste money purchasing or producing a less popular product rather than a more popular one for your inventory.
3) Prevent data errors
Manual data synchronisation frequently leads to inaccurate information recorded in books. Inaccurately recorded data can lead to bad financial decisions regarding inventory and accounting management. Cin7 Core and Xero integration significantly reduces the risk of inaccurately recorded data by ensuring data remains accurate on all real-time generated reporting. Because of this, company leaders and managers can have more confidence in the accuracy and legitimacy of the decisions they make in the company.
4) Increase productivity and cost savings
Another reason to avoid manual data entry for synchronising accounting and inventory information is to increase productivity and cost savings. Since manually entering information wastes time and money in an organisation, you can eliminate this waste by allowing the integrated Cin7 Core and Xero software programmes to synchronise the information automatically. In fact, you can automate several routine tasks to save time and money, including invoice and report generation.
5) Improve customer service
Customer service is the backbone of making any business successful. To ensure excellent customer service, you must have enough inventory readily available to satisfy customer demand. Cin7 Core and Xero integration allows you to keep up with the demand without running short. You will always have clear insight into your organisation’s inventory status and financial stability to create effective strategies for growth and profitability.
6) Cin7 Core integrates with Xero
Cin7 Core inventory management software will integrate with Xero as well. Cin7 Core brings a unique set of inventory management features to assist businesses of all sizes, such as tracking costs, simplifying in-store pickups, and providing over 550 integrations with third-party logistics providers.
Cin7 Core is particularly helpful as an e-commerce solution for online businesses needing point-of-sale integrations, fast & accurate analytical reporting, multi-location inventory management, and the complete synchronisation of e-commerce stores on popular channels like Amazon, eBay, and Etsy.
The steps of the Cin7 Core and Xero integration process
Do you need assistance in integrating your Cin7 Core accounts with Xero? Any small or medium-sized business owner can easily integrate the two without requiring much technical knowledge. It just takes a little time and effort to complete the integration process.
Below are the seven primary steps involved in this process:
1) Create or verify active Cin7 Core and Xero subscriptions
The first thing you should do is log into your Cin7 Core and Xero accounts to ensure you have active subscriptions for them. You must also have administrative privileges set for your Cin7 Core and Xero accounts. These privileges are required to provide a smooth integration and data synchronisation process.
2) Visit the settings section to start integration
Go to the Settings section of your Cin7 Core account on the left-side vertical navigation menu. You should see an option under settings called “Integration” or “Connect.” Select this option and then choose “My Integrations” at the top. It will reveal all existing integrations you have between your Cin7 Core account and other accounts.
3) Link Cin7 Core to Xero
The “My Integrations” will not show active integrations if you have not initiated any in your Cin7 Core account yet. However, it will show you a list of compatible software apps you can link to your Cin7 Core account. Xero should be one of the apps listed in the list. Select the Xero app from the list and log into your Xero account through the app.
4) Complete the Xero connection wizard
The Xero connection wizard will appear after you log into your Xero account through the app in your Cin7 Core account. The connection wizard will ask you for specific information and parameters about both accounts to synchronise the information successfully. Feel free to adjust the settings and configurations most efficiently for your operation, such as real-time data monitoring.
5) Mapping accounts
Data synchronisation requires you to map your accounts, including the categories of data you would like to synchronise between Cin7 Core and Xero. Map the categories and accounts carefully to ensure a steady flow of accurate financial and inventory data synchronisation
6) Synchronise the Data
After mapping the accounts, select the “Sync” option to begin synchronising the data between your Cin7 Core and Xero accounts. The “Zero Sync” option under the settings menu can tell which data categories have not yet been synchronised. Of course, in the beginning, all the categories will require synchronisation because it is your first time setting up the integration. In the future, select the Zero Sync option to ensure every category has been synchronised.
7) Integrating Cin7 Core with Xero
Visit your Cin7 Core dashboard. It should look similar to the Cin7 Core dashboard. Go to Integrations on the left-side vertical menu of the screen. Find Xero among the list of available integrations and click on it. Click the Connect button to begin synchronising all of your Cin7 Core account’s data with Xero, such as information pertaining to suppliers, customers, payment terms, and tax rules.
Conclusion
Integrating Cin7 Core and Xero accounts is highly recommended for small- to medium-sized businesses. It will improve the accuracy and efficiency of your account and inventory management practices to boost customer service, organisational productivity, and cost savings in your company. You will notice these benefits as you make better decisions by synchronising the updated data between the two accounts.
Do you want to learn more about Cin7 Core and Xero integration for better inventory management and financial oversight for your company’s operations? Contact Bluehub today to speak with a professional who can provide strategic insights into maximising the financial efficiency of Cin7 Core and Xero integration for your company.
