Introducing Xero + Lightspeed: Point of sale and accounting for retail and hospitality

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Today’s retailers and restaurateurs have a lot on their plates. From staffing, to vendor and inventory management, to CRM, to sales and payment processing. They have to manage all of these elements efficiently in order to remain successful in two of the most competitive industries out there.

While they’re busy handling the hiring, vendors and customer experience, owners and managers should be able to rely on a flexible solution that can help them manage their many other responsibilities.

Through the powerful combination of Lightspeed’s point of sale technology and its Lightspeed Accounting integration with Xero, SMBs benefit from a best-in-class business management platform that helps them optimize their entire operation.

Bookkeeping made easy through a seamless integration

Having an in-depth understanding of a business’ financial health is vital for any business owner, regardless of the size of their business or the industry they work in. To remain competitive, retailers and restaurateurs must be attuned to their costs and profits. They also need to continuously measure performance and stay up-to-date on the latest industry trends.

Whether you handle your own finances, or employ an accountant, integrating your business’ retail or restaurant point of sale to Xero’s accounting software automates the data migration process. This means no more manually exporting and importing data. Forming a direct gateway through which financial data can be sent, Lightspeed Accounting saves retailers, restaurateurs and their bookkeepers countless hours and eliminates the risk of human error.

What this means for our customers

By relying on an integration that bridges the gap between their retail or restaurant management platform and their accounting package, users are now able to better manage their day-to-day tasks and track their finances more efficiently. Not only are their revenues, revenue offsets, taxes and tenders automatically synced and posted to Xero on a daily basis, customers also have options when it comes to posting formats.

As for making sense of all this data, the integration’s easy-to-read reporting dashboards help our customers understand their finances, regardless of how much experience they have with business accounting. Add to that Lightspeed Accounting’s multi-location, multi-tax and payment method compatibility features, and business owners benefit from a flexible, all-in-one solution that saves time, reduces errors and has the ability to grow with them.

Rhys Andrews, Lightspeed Restaurant and Xero customer, is the manager of UK restaurant Sosban. He credits the Lightspeed Accounting integration with reducing the number of hours and dollars he invests in his accounting process. It’s also allowed him to gain a much deeper understanding of the restaurant’s overall finances and performance at any given time.

Our retail customers have also seen an overall improvement in the efficiency and reliability of their accounting process. According to Doug Smith, a Fast-Fix Jewelry and Watch Repairs franchisee who owns three locations in Denver, CO, not only does he save time by instantly transmitting data to his Xero account, but the daily feed from his POS to his accounting software allows him to better track his revenue to his expenses. Moreover, the summary he receives via email on a nightly basis provides him with a detailed snapshot of each store’s overall performance.

Thanks to our new partnership with Xero, small business owners can get back to doing what they do best — running their business.

The post Introducing Xero + Lightspeed: Point of sale and accounting for retail and hospitality appeared first on Xero Blog.