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How to Use Xero For Product and Inventory Management

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With the right tools, you can streamline your inventory and product management and make informed decisions about your product offerings. One such tool is Xero, an online accounting software that can help you manage your product admin in one place. 

However, to do this, you’ll need an ecommerce automation tool like MyWorks to sync Xero with your ecommerce software. In this article, we’ll show you how to use MyWorks for Xero sync plus product and inventory management use cases for Xero. 

How to Use MyWorks to Sync Xero With Your Ecommerce Platform

MyWorks lets you sync WooCommerce and Xero for effortless ecommerce accounting. It minimizes manual entry and automates the flow of key data (sales, inventory levels, pricing, etc.)

This integration ensures that product and inventory data in Xero are always up-to-date for everyone involved. It also enables intelligent decision-making across business tasks such as re-ordering, current inventory levels, stock valuation, and future cash flow.

Getting started with MyWorks is quick and easy. After installing the MyWorks helper plugin in WooCommerce, you can link it to Xero with just one click and start syncing data.

The Top Four Product and Inventory Management Use Cases For Xero

Now that Xero is connected to your ecommerce platform, you can start managing product and inventory seamlessly. 

1. Create advanced product options

Businesses can create product categories and subcategories, easily grouping products as needed. The software also offers advanced features like product bundles, flexible sales accounts, and compatibility with product discounts. This helps to easily manage different types of products and offer them at a discount, increasing sales and revenue.

2. Manage ecommerce product pricing

Xero also allows you to manage pricing for e-commerce products easily. This is especially useful for businesses that want to run promotions or incentivize customers to purchase multiple products at once. Or sell products at different price points for wholesale and retail channels. 

You can easily manage and adjust product pricing as needed to maximize profits. By keeping pricing in sync between your accounting and e-commerce tools, price activities can be centralized in one platform and automatically synced to the other. 

3. Report on sales and revenue performance

Reporting and analytics are essential for managing e-commerce products and inventory. Xero enables businesses to track their sales, revenue, expenses, and profits when managing inventory and the cost of goods. 

It offers customizable reports that provide insights into the business’s financial position, helping you make informed decisions. You can easily identify trends in your sales and inventory levels and adjust your business strategies to maximize profits.

4. Sync product lists

Keeping product lists in sync between e-commerce and accounting platforms is key, especially for stores that continually add or remove products from their catalog(s). 

With synced product lists, businesses can quickly offer products for sale and add new products to their store while activating marketing efforts simultaneously. Integrating new and updated products between e-commerce and accounting platforms helps avoid double entry and cut new product creation time in half.

Why Use MyWorks to Sync Inventory With Xero 

There are many automatic syncing solutions for ecommerce accounting out there, but they’re usually managed outside of your ecommerce platform. This not only adds another platform to log into, but it also means your data is sent to this platform from your WooCommerce store to make the sync possible, putting your information at risk.

MyWorks, on the other hand, is managed right inside your WooCommerce admin view. The data is synced directly between your accounting and e-commerce platforms with no intermediary processing.

This way, customers will have the latest stock at their fingertips. As they browse and shop, orders will flow into your e-commerce platform, which can quickly be synced with your accounting platform, supporting quick fulfillment activities and real-time reports.

The best part is that you can get started with MyWorks for free and upgrade as your ecommerce accounting needs scale. Try it today! 

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