Synder, a leader in financial automation for ecommerce and SaaS businesses, has officially announced integration with Cin7, an integration which will reinvent the way businesses manage inventory and reconcile financial transactions across multiple sales channels and payment platforms. Before we unpack the specifics of this integration, we must acknowledge that organizations operating in the digital marketplace often have to struggle against the complexities of reconciling sales data from various channels. This is mainly because the task at hand mandates a manual entry process, which like you can guess, dramatically bolsters the probability of an error. Fortunately, the Synder-Cin7 collaboration addresses that problem by automating the reconciliation process, ensuring real-time accuracy in accounting records, and providing a comprehensive view of inventory levels across connected platforms. Talk about the whole value proposition on a slightly deeper level, we begin from the fact that the integration in question can allow users to record orders, fees, and payouts automatically in QuickBooks Online, including details from external payment processors, such as Shopify and PayPal. Next up, we must get into the integration’s promise when it comes to matching online orders with payments processed through external providers, thus closing invoices automatically in the accounting system.
“Integrating Synder with Cin7 Core empowers businesses to not only manage their inventory more effectively but also to handle their accounting with unprecedented accuracy and ease,” said Michael Astreiko, CEO of Synder. “By combining our strengths, Synder and Cin7 are setting a new standard in how multi-channel businesses manage their operational and financial workflows, allowing them to not only survive but thrive in the competitive ecommerce landscape.”
Moving on, the integration can also help you big time in the context of ensuring precise recording of taxes from online sales. Once these records have been duly established, the Synder-Cin7 combined brainchild will guide you in categorizing them by state before syncing withheld tax accurately. Another detail worth a mention regarding the whole runner is rooted in its ability to track inventory across multiple platforms in real time. Such a feature should tread a long distance to facilitate tasks like, let’s say, synchronizing Cost of Goods Sold to accounting records. Rounding up highlights here would be a facility to streamline the reconciliation process across various channels. This, in turn, can provide us with convenient P&L categorization and proper tax recording.
“In realizing our vision of Intelligent Commerce for our clients, one aspect is the seamless automation of financial reconciliation as they grow their business across sales channels,” said Arun Kumar, Global Director of Technology & Strategic Partnerships of Cin7. “Cin7 together with Synder delivers on this promise enhancing financial accuracy, improving operational efficiency, avoiding costly mistakes, and enabling our clients to focus on profitable growth.”
Turning our attention to what makes Synder and Cin7 the ideal candidates to solve the given challenge, the answer, in Synder’s case, stems from a commitment to simplify bookkeeping and financial management for online merchants, SaaS companies, and accounting professionals. Markedly enough, this the company does by automating online sales bookkeeping and multi-channel reconciliation. As for Synder’s efficacy in carrying out such an operation, it can be understood once you consider that it is, at the moment, integrated with 30 different sales platforms and payment gateways.
For Cin7, on the other hand, the case is made by a track record in providing Connected Inventory Performance with its cloud-based inventory management software. This combination, in turn, would help growing product businesses to gain automated and real-time insights across the entire inventory lifecycle. Currently operating two main solutions in Core and Omni, Cin7 is already integrated with more than 700 applications.
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