Silver Siphon is one of the handiest tools developed to streamline digital accounting for small businesses taking online payments. It provides a vital bridge between two of the most widely used accounting programs, Xero and Stripe, and automates what was once a tedious task that could only be handled manually. Now, the two applications can work together seamlessly with one another.
For Xero, it was never a problem to generate invoices for automatic bank and payment transactions. This was incorporated into the design. The same could be said of Stripe. What could not be said was that it was possible to import Stripe data into Xero automatically. Here, accountants were forced to do things the old-fashioned way. It would be necessary to take all the data compiled by Stripe and dump it into an Excel spreadsheet. Then it would be necessary to reformat by hand all this data into a form acceptable to Xero for import. One would line up the columns and then hope for the best.
Certainly, this was a clunky and hamfisted way of having to do things. It was not much better than simply doing the books by hand, the way one’s grandfathers had to do in the old days. A solution had to be found that would make it possible to import data between two otherwise incompatible applications and make it work automatically. This is where this new Cloud-based application comes into the picture. Essentially, transactions which take place in Stripe are held until synchronization with Xero occurs. The app then crunches and reformats Stripe data into a format recognizable by Xero. In effect, a Stripe file is transformed into a Xero file, which is then importable into Xero and appears on one’s screen as a bank transaction.
The application synchronizes between Stripe and Xero every twenty minutes, and once processed exports the data into Xero automatically. This eliminates in one stroke all the tedious manual work with Excel that had to be done at the terminal and frees up accounting clerks for far more important tasks. And the system will work with the currency of your choice, making the processing of international transactions no more difficult than those for local business and your home bank. This bridging app is now available for a low monthly use fee. The time and money saved by automating simple bookkeeping tasks more than makes up for the cost.