Running a small business can be stressful.
You’ll do ANYTHING to free up headspace and work on the parts of the business you’re passionate about. But there are only 24 hours in the day.
The problem is you’re wearing so many different hats that important things slip through the cracks or get deprioritized. In fact, 41% of small business owners handle everything themselves – including the highly specialized field of accounting and finance.
Luckily, technology for automating and simplifying accounting and finance tasks is getting better by the day.
Synder is one example of a tool that streamlines financial business processes and frees up your time for other important tasks.
I was lucky enough to get an inside look at this accounting tool recently and will share my thoughts below.
But first, what exactly is Synder?
The Ultimate Guide to Website Traffic for Business
What is Synder?
Synder is an eCommerce accounting software that automatically records sales and expense data across multiple channels in real-time. It automates bookkeeping tasks and improves your financial management workflow by integrating with platforms such as Xero and Quickbooks.
If you sell products or services online using Amazon, Shopify, WooCommerce, Etsy, eBay, Stripe, PayPal, and more – Synder will sync all your data with the accounting platforms and prepare it for easy reconciliation. (See all integrations here)
In summary, Synder will help you get paid (with invoices), consolidate your financial data, generate reports, and reconcile accounts all with a secure application and easy-to-use interface.
What are the benefits of using Synder?
I’ve alluded to the numerous benefits of using Synder above – basically, it’ll make your life WAY easier and your business finances much less complex. But let’s take a closer look at some of the primary benefits.
Ease of use
The real kicker is that this software is super easy to use. You can sign in using your Google, Intuit, or Xero accounts – making it extremely secure – and sync your sales and expense data all in a few clicks.
Once you’re inside, the layout is familiar and you’ll find the things you need quickly. Whether you’re looking to view transactions, import historical data, receive payments, access reports, or set up smart rules – everything is available on the left-hand navigation menu.
Watch this video to see how easy it is to sync online payments with Synder:
They’ve also got one of the most in-depth knowledgebases I’ve seen. It has helpful articles for getting started as well as video walkthroughs for just about anything you need to do.
If you don’t find what you need, or simply like to talk with a person, the Synder support team is responsive and willing to help. You can get in touch via email, contact form, and phone.
It would’ve been nice if they had a live chat for sales inquiries before signing up, so I could get answers to my questions immediately, but it’s not the end of the world. They do, however, have a chat option inside the app once you’re a customer.
Synder’s automation features are game-changers when it comes to streamlining your accounting processes and becoming more efficient.
For starters, you can automatically bring in data from Stripe, PayPal, and Square into your bookkeeping system. That alone will save you a ton of time.
Where Synder’s automation goes to a new level is with the “Smart Rules” feature. Smart Rules are designed to fill in missing data when you’re synchronizing with multiple disparate platforms. They work on an if-this-then-that rationale that allows you to create repetitive workflows and reduce manual updates or fact-checking of data.
See how easy it is to set up a rule in the screenshot below:
There is even a Templates tab in the Smart Rules section of the app for you to test common occurrences and get your own up and running quickly.
A big-time waster with financial reporting is duplicate information and inaccurate categorization of data. Synder helps alleviate this issue by detecting duplicate transaction data from multiple sources (such as Shopify and PayPal) and merging it into one line in your accounting system.
It also automatically captures expense data, discounts, taxes, shipping costs, and more and assigns them to the right categories for every transaction.
All of this nifty automation works in unison with the auto-update reporting feature. Your P&L and Balance Sheet will be ready to go for tax time without any heavy lifting.
Is Synder for everyone?
I’ve painted a pretty positive picture of Synder in this review, but is it for everyone?
The simple answer is, no it’s not.
Synder is an excellent accounting tool for eCommerce businesses with lots of online transactions across different platforms. It simplifies the synchronization of financial data, reduces errors, and speeds up EOFY reporting.
However, if you only have a few transactions per month, rather than a large number, then Synder may not be for you.
As a business owner, you’re juggling enough priorities as it is. The last thing you need to do is get lost in financial data, worrying about duplicate information and accurate reporting.
Yes, you absolutely should have a strong understanding of your business’s financial position. However, software such as Synder can give you this knowledge in a far more digestible manner without all the manual data entry and synchronization headaches.