Easier, More Natural Ways of Importing Stripe Data into Xero

Since its introduction nearly a decade ago, the Xero accounting system has become a mainstay of small and medium businesses around the world. With a cloud-based delivery system that frees users from having to maintain their own local installations, the software presents an appealing value proposition right from the start. It is Xero’s vaunted flexibility and accommodation of all kinds of financial data sources, though, that inspire the bulk of its users’ loyalty.

Even so, Xero does have weaknesses. Surprisingly, one of the most enduring and significant of these lies right in the heart of what is usually thought of as the system’s greatest strength. While Xero is typically excellent about seamlessly importing data from other financial tools, it falls flat in several particular ways.

The most obvious of these is the way that Xero, by default, imports financial data from Stripe. Like Xero itself, Stripe is a favorite of smaller companies, offering an easy, affordable way to accept credit card payments without needing to sign expensive, complicated merchant agreements. Stripe is also simple to use, meshing well with just about any existing processes, in most cases.

While Xero does import transaction data from Strip straight out of the box, it does so in a way that many business operators find wanting. Instead of importing individual transaction details at a granular level, what Xero does is bundle up a whole day’s worth of credits and debits, leaving a single lump entry in the accounting system.

The fact is that the bundled data can be manually inspected as needed thereafter. In practice, though, that almost always involves doing a lot of tedious work that detracts from the basic simplicity and efficiency that the combination of Xero and Stripe would seem to promise.

Fortunately, there are good ways of overcoming this deficit. One third-party tool named Silver Siphon, for example, enables the importing of Stripe data into Xero in a much more informative and useful form. Equipped with this adapter, a Xero user can then reverse individual transactions and issue credits to customers as needed, without having to manually delve into the composite records that are imported by default.