Xero

Built and maintained by Spacebring

Category

Accounting

The integration between Spacebring, a cutting-edge coworking space software, and Xero, a cloud-based accounting software designed for SMBs, is crafted to simplify and automate your accounting processes. This integration offers a way to manage finances by syncing invoices automatically between the two platforms.

Features & Configuration

Once enabled, the integration performs the following actions automatically and in real-time:

• Draft Invoices: The system generates draft invoices on Xero for one-off and auto-invoices from Spacebring, allowing you to review before finalizing them.
• Comprehensive Data: All relevant invoice details from Spacebring, including 'To' field, issue date, due date, invoice number, currency, tax type, item description, item quantity, and item price, are accurately filled in.
• Tax and Account Codes: The integration matches the tax rate and the account if the same rate is found on Xero.
• Invoice Attachments: A PDF of the generated invoice by Spacebring is attached for your convenience.
• Quick Navigation: Each invoice on Xero features a 'Go to Spacebring' link, directing you to the corresponding invoice on the Spacebring platform for any cross-reference or further actions.

Benefits for space owners

• Automated Accounting: The labor-intensive task of transferring invoices manually is eliminated, saving time and reducing errors.
• Financial Oversight: With invoices saved as drafts initially, you maintain control over the final document, allowing for manual review and adjustments.
• Data Consistency: Ensure data uniformity across platforms with accurate, real-time synchronization of invoicing information.
• Ease of Use: Generating and matching invoices takes just one click.
• Revenue Tracking: With real-time invoice generation, tracking revenue becomes more straightforward, enabling easier financial analysis and forecasting.
• Audit-Readiness: The automated system ensures that all financial transactions are well-documented and easily accessible, making it simpler to prepare for financial audits.
• Scalability: As your coworking space grows, the automated invoicing system can scale with you. No need to overhaul your accounting processes or adopt new software.
• Compliance Ease: Keeping up-to-date financial records through Xero integration makes it easier to comply with accounting standards and regulations in your country.

Benefits for members

• Timely Invoicing: The automated system ensures that invoices are generated and issued in real-time, eliminating delays. Members can better manage their finances and keep track of expenditures connected to the coworking space.
• Transparency with Detailed Invoices: The comprehensive data fields in the invoices, ranging from item descriptions to tax rates, provide complete transparency. This helps members understand the breakdown of costs, contributing to a more transparent billing process.
• Enhanced Trust: The efficient, automated, and transparent invoicing process builds a sense of trust and reliability between members and coworking space owners. Knowing that financial management is handled proficiently can make members feel more secure and valued.

The integration of Spacebring with Xero elevates the user experience by automating complex financial tasks. By saving time, you’ll be able to focus on productivity and growth.