Cin7 automatically updates your accounting system with purchases, sales, and inventory values, while recognising payments.
The benefit of integrating two best of breed solutions
As you know, Xero and Quickbooks are comprehensive online accounting solutions. Cin7, on the other hand, is an all-inclusive inventory management solution that helps businesses to stay focused on selling their stock.
e-Commerce and Online Sales Channels
Firstly, in today’s modern business world, if you do not reduce your administration time, you will eventually be outperformed and suffer huge losses. Secondly, if you are not selling your stock on the internet using user-friendly websites like WooCommerce and Shopify, and channels like B2B, Amazon and eBay, to name a few, you too will lose sales.
What makes Cin7 a genuinely unique and beautiful system is the fact that it automatically updates your accounting solution with your latest purchases, sales, and inventory values so that you can see landed costs and gross profit reports. All the information in your accounting solution is mostly transactional summaries, as there is no need to see detail where they do not matter.
Further, Cin7 accurately track stock values when selling items. These values are loads into your accounting system to maintain an overall stock value and ensure ATO compliance.
Besides, Cin7 also track landed costs. For Example, Cin7 factors in exchange rates, duty, and freight when items are in stock. Tracking landed costs makes for the exact cost of goods and gross profit figures when reporting resulting in better purchasing and sales decisions and eventual profits.
No more errors
In the same vein, it reduces data entry requirements and eliminates input errors. Cin7 exports sales orders, purchase orders, credit notes, stock adjustments, COGS and contacts to your accounting system. Having automatically synchronising data saves you time entering data and eliminates human error.
Likewise, Cin7 can also produce current and historical sales reports by branch. The reporting is interactive and allows filtering and drill down. Cin7 provides you with detailed inventory, manufacturing, purchasing and sales reports that are not available in your accounting solution.
Subsequently, Cin7 make use of batching daily POS payments and eCommerce sales. Cin7 batches payments together when closing POS registers at the end of the day. One entry means only one invoice per payment is importing into your Xero or Quickbooks, making reconciliation super easy.
Lastly, the multi-currency feature allows for flexible selling and purchasing. Cin7 supports all major currencies for selling and purchasing. If you buy an item in a foreign currency, Cin7 will enable you to maintain the exchange rate to meet your requirements.