QuickBooks users’ favorite solution to bring in online transaction data and forever forget about manual data entry gets a brand new look under a new name - Synder. The new name marks a brand-new era for the application, which has been an apps.intuit.com favorite since 2016, gathering over 500 five star reviews. The name Synder, which brings in associations with Cinderella, is symbolizes the clean up of the bookkeeping process, allowing small and midsize businesses to focus on the more intricate tasks of their workflow and giving accountants the peace of mind they deserve by knowing that not a single dollar will be missing from the books.
So, what does Synder do exactly?
Synder
In a typical scenario, a small online retailer, be it a health food store or a coaching service, receives from 50 to 300 orders a month. They are usually processed through e-commerce platforms, such as Shopify, Amazon, Magento, or any other online stores, payments being made via online gateways like Stripe or PayPal. Typically, at the end of each month, a small business owner, their employees, or a bookkeeper would either enter transactions manually into an online accounting system - put in a bulk amount of income as a deposit and another bulk sum for expenses (Stripe fees) - or download a spreadsheet containing major data.
Such an approach may lead to several issues:
The first one is time. A lot of time will be spent on this task (typically up to five minutes on each transaction).
The second issue is inaccuracy. With each new step (online store + Stripe + QuickBooks) without an integrated automation tool a lot of things will go missing: for example, it’s very easy
to lose count of the fees paid out to Stripe for each transaction, especially if a refund has taken place and a fee was returned.
The third issue is the loss of important data. With each of the scenarios described above, a merchant will not get customer names or item names. Thus, they will have to run a separate workflow to keep their inventory (if it is an inventory-based business) up-to-date, have a clear picture of the services provided during the month (if it’s a service-based business), or have an overview of their customers’ spending.
According to Forbes, while 80% of new companies make it to their second year, only about 50% will cross the five-year threshold. Together with mismanagement and cash flow issues, incorrect data and non-comprehensive tax reports which drive up penalty fees can be the reasons for small business to fail.
Synder is here to put an end to this overcomplicated process and help prevent data and accuracy loss.
With Synder, once a transaction has been recorded in Stripe, PayPal, or Square, it will be directly recorded in QuickBooks Online or Xero. It will include the sale amount, the processing fee, and transaction details. If a payment has been made to cover an invoice issued via Stripe or PayPal, the invoice will be created in the accounting system. If you receive payments in multiple currencies, they will be parsed correctly, as well as any refunds that happen. Expenses will also be recorded properly, as you'll be able to pre-set a preferable set of rules to categorize them. Automatically.
Both business owners and accountants will love having live support (which is unusual for apps in that niche, as the majority only offer a standard set of FAQ and email support. Email support is often overwhelmed and can take days to send out a reply). Chat, phone, and email support are all available in Synder for free and out-of-the-box as well as an option to schedule a screen sharing conference call to ensure smooth onboarding.