PIMS and Accounting Integration; Integrating ezyVet with Xero

BENEFITS OF INTEGRATING EZYVET AND XERO SOFTWARE:

Invoice and payment syncing:

The beauty of practice management and accounting software integration is wrapped up in the ability to sync invoices and payments. By syncing invoices directly from the practice management software to the accounting software, your accrual basis revenue and receivables are directly and automatically recorded. This results in better period-based financial reporting and day-to-day financial wellness identification. By syncing payments, your cash basis revenue is directly and automatically recorded. You can also more easily reconcile tenders to ensure that all payments are accounted for.

No more manual sales entry:

Directly syncing practice management software transactions into accounting software save end users all the time previously spent retrieving PIMS reports and manually entering them into the accounting software for complete financial reporting.

Products mapped to the chart of accounts:

At the core of a valuable integration is mapping. Mapping is the critical component that connects items from one software to another. In the case of the integration between ezyVet and Xero, products in ezyVet can be grouped into appropriate groups, which can then be connected to the associated revenue and expense accounts in Xero. For example, all products in ezyVet that are related to surgical revenue and expense can be assigned to a product group labeled Surgery Revenue. The Surgery Revenue product group can then be linked to the Surgery Revenue and Surgery Costs accounts in Xero by selecting said accounts as the Default Sales Account and Default Purchase Account respectively. With an established mapping system, each line item of the finalized invoices is synced to Xero and coded to the appropriate revenue account. And all items whose purchases are executed through ezyVet are synced to Xero and coded to the appropriate expense account.

Payments mapped to clearing accounts:

Another item that can be mapped from ezyVet into Xero is payment tender. When you establish your different forms of payment tender in ezyVet (cash, check, credit, etc.), you can link each tender with a clearing account in Xero. For best practice and ease of reconciliation, we recommend establishing a clearing account in Xero for each form of tender. Check out our article Streamlining Payments in ezyVet: Set up and Best Practices for more information. Mapping to separate clearing accounts also helps isolate problems when they occur.

Sync sales tax:

Syncing invoice data from ezyVet into Xero not only means automating revenue entries but also sales tax entries. Sales tax rates can be created in ezyVet and applied to all necessary products. When the matching sales tax rates are made in Xero, invoice tax data will sync across platforms and be available in Xero for reconciling and processing sales tax payments.

Accounts Receivable tracking:

Integrating ezyVet with Xero and syncing invoice data between the two software platforms also automates Accounts Receivable entries in Xero. When invoices from ezyVet sync into Xero, they maintain much of the same format by using the sales invoicing structure within the accounting software. By doing so, accounts receivable data is automatically tracked within the Xero accounts receivable reporting and supporting accrual basis reporting.

Choosing the best practice management software is critical to the success of any veterinary clinic. While there are many factors to consider, we make a solid case for integration with accounting software, such as Xero being one of the most critical factors. Of course, no software is perfect, and there are likely to be hiccups and flaws with any option. However, choosing a PIMS with an accounting software integration will provide you with the benefit of automated data syncing and complete financial reporting, which will far exceed the occasional issues that arise. Need help with Xero/ezyVet set-up, or are you facing other problems with the ezyVet? Don’t hesitate to contact us. We are happy to help. Reach out via our simple form.