Xero online accounting software automates business tasks to remove the stress of admin and helps you focus on growing your business. Xero also allows for multiple payment add-ons to be integrated with Xero for a seamless payment and accounting experience.
In today’s rapidly changing digital business landscape, businesses have to manage a myriad of payments across a multitude of channels, payment methods, and organizational approvals. Managing and keeping track of these payments can be tedious or even overwhelming.
Being one of Xero’s integrated Payment Add-Ons, Spenmo helps minimize the manual management of all these moving parts, saving valuable time and resources.
The Spenmo platform works as an end-to-end payment management solution that ‘helps businesses manage their spending through the issuance of company cards, automating invoice payments, approval-based spending, accounting automation, and maintaining a digital ledger of all transactions.’
Integration with Xero
Xero’s direct integration with Spenmo helps ensure that your payment management system fits directly with your accounting system, making the entire process hassle-free.
Using the combined features of Xero and Spenmo add these key features to your payments and accounting workflow:
Automated Bill Uploads: Upload up to 1000 invoices. Their system automatically extracts the data, reducing errors from manual data entry.
Real-Time Updates on Your Payment: They provide you real-time updates on your payment’s status - from created to paid and reconciled.
Instant Reconciliation: They handle both the bill creation and its payment, allowing 100% automatic and accurate reconciliation.
All-in-one Solution: Replace expensive point solutions with a single platform that extracts and uploads bill data, processes employee claims, and automates payments.
Upon Xero’s integration with Spenmo, the payment processing and reconciliation workflow takes place in 3 simple steps:
Upload bills in Spemo: With this, a “Draft Bill” is created in the Xero account, including all category and tax details.
Bill is approved and ready for payment: The status of the bill in the Xero account is changed to “Awaiting Payment.”
Transaction complete: Payment is made and automatically reconciled with your bill in Xero.
After Xero is connected with Spenmo, you can see the real-time sync status of each transaction across both platforms.
Contact our team to get started today and sign up with Xero and Spenmo.