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. This includes real-time tracking, which helps businesses avoid overstocking or running out, including setting reorder points in advance.

As an e-commerce business owner, managing your products and inventory can be a challenging task. This has led to businesses becoming increasingly more reliant on integrations that can deliver automation and accurate business data to support the 24/7 nature of online business.

Integrating and Managing an E-commerce Platform with Xero

The first step in managing e-commerce products and inventory in Xero is determining how your e-commerce and accounting platforms connect. This is an important first step as it will help you minimize manual entry and automate the flow of key data (sales, inventory levels, pricing, etc.).

Xero can be integrated with e-commerce platforms such as Shopify, WooCommerce, BigCommerce, and many others. Using MyWorks to connect these platforms, allows a business to sync their product, inventory, and pricing data between their e-commerce and accounting platforms.

The purpose of this integration is to ensure that product and inventory data in Xero is 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.

Using MyWorks to Sync Inventory with Xero

Although inventory can be easily managed within Xero – this is only one half of the puzzle when selling online. If the inventory activities in the accounting tool can’t be shared with your e-commerce store, and vice versa, you’re left with two different systems that need to be manually updated.

A manual data entry process is not only time-consuming and tedious, but it can also cause data inaccuracies due to human error. There are many automatic syncing solutions for e-commerce accounting out there, but they’re usually managed outside of your e-commerce platform. This not only adds another platform to log into, but it means your data is sent to this platform from your WooCommerce store to make the sync possible, putting your information at risk.

This is where an integration like MyWorks comes in – helping automatically sync every inventory change from the accounting platform into your e-commerce store in real time. MyWorks is managed right inside your WooCommerce admin view which means 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 fulfilment activities and real-time reports.

Product Management

Detailed product setup

Managing products in Xero is also a straightforward process. It allows businesses to create products with unique SKUs, helpful descriptions, and prices, making it easy to keep track of products.

Advanced product options

Businesses can also 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 discounted price, increasing sales and revenue.

Syncing products to your e-commerce platform

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.

Using an integration to sync new and updated products between e-commerce and accounting platforms helps avoid double entry and cuts new product creation time in half.

Managing E-commerce Product Pricing

Xero also allows you to easily manage pricing for e-commerce products. This is especially useful for businesses that want to run promotions or incentivize customers to purchase multiple products at once. (In addition, this can be helpful for businesses that sell on both wholesale and retail channels. This will simplify the process of managing different prices for the same product as they sell through different channels and to different customer groups.)

You can easily manage product pricing and adjust it as needed to maximize profits. When managing multiple pricing levels on an e-commerce store—especially with different tiers of wholesale customers, or different customer segments like retail vs wholesale—there can be quite a few moving parts to keep track of when managing and updating prices to ensure they’re accurate. By keeping pricing in sync between your accounting and e-commerce tools, price activities can be centralized in one of the platforms, as they’re automatically synced to the other.

Reporting and Analytics

Reporting and analytics are an essential aspect of managing e-commerce products and inventory. Xero enables businesses to track their sales, revenue, expenses, and profits when dealing with inventory and cost of goods – with customizable reports that provide insights into the business’s financial position, helping them make informed decisions. This also help businesses identify trends in their sales and inventory levels, can be used to adjust the business’s strategies to maximize its profits.

Conclusion

Managing products and inventory efficiently is critical for the success of any e-commerce business.

Integrating your e-commerce platform with Xero by using a tool like MyWorks can greatly streamline inventory and product management. Syncing your e-commerce and accounting platforms results in saving time, less manual errors, and better decisions based on real-time data.

By integrating your accounting and e-commerce platforms, you can focus on growing your e-commerce business and achieving your goals.