ReInvestWealth, a Canadian accounting software, has recently announced the release of its Stripe and Wise integrations.
The Stripe integration offers users comprehensive invoicing features and full accounting reconciliation for anything invoice related. Revenues, refunds, sales taxes, payment processing fees, bank transfers (and more discussed below) are all reconciled automatically, thus eliminating tedious accounting work and reducing chances of making manual errors.
Wise is a financial institution allowing businesses in Canada to hold money and make transactions in over 50 currencies, with the best exchange rates. Every currency supported by Wise is now also supported by ReInvestWealth. This means that international transactions are automatically converted to the business's reporting currency and reconciled in real-time by ReInvestWealth.
These announcements are exciting for businesses looking to automate their accounting, eliminate manual work, increase accuracy and improve their financial management processes.
Stripe Integration
ReInvestWealth's Stripe integration is a game-changer for businesses that rely on online invoicing for payment processing. The software allows users to easily generate one-time and recurring invoices.
Stripe generated invoices are now automatically synced with ReInvestWealth. Additionally, all Stripe activity is fully reconciled to eliminate any manual accounting tasks, making it easy to manage finances and stay on top of payments. The integration also provides real-time updates on payment statuses, ensuring that businesses can track their cash-flow accurately.
As part of the automated reconciliation process, ReInvestWealth will automatically perform the accounting for Stripe sales, sales taxes, refunds, chargebacks, disputes, payment processing fees, Stripe fees, contributions, payouts, adjustments, Stripe taxes and topups. If OK if you don't know all these reporting terms. We know them and we got you covered.
Overall, the Stripe integration will help businesses save time, make less accounting errors and improve their financial management processes.
Wise Integration
The Wise integration is particularly useful for businesses in Canada that do international transactions in multiple currencies, thanks to Wise’s innovative online platform offering highly competitive currency exchange rates and among the lowest bank fees.
With the integration, businesses can make and receive payments in over 50 currencies, all of which are supported by ReInvestWealth. The software automatically reconciles and converts these currencies to the business's reporting currency, making it easy to manage finances and stay on top of exchange rates.
Wise also allows you to get local account details in 10 of the most popular currencies. These are the account details you can share with others to receive money. Anyone can use these to pay you just like they'd pay a local.
Additionally, the integration between Wise and ReInvestWealth automatically calculates any currency conversion fees and automatically reconciles these as expenses.
Improved Financial Management
The release of ReInvestWealth's Stripe and Wise integrations is great news for entrepreneurs looking to grow their business while eliminating manual accounting tasks.
With the ability to generate invoices and manage multiple currencies without worrying about the accounting, ReInvestWealth makes it easier than ever to stay on top of finances.
This, in turn, frees up valuable time and resources for business owners to focus on growing their operations and achieving their goals.
Conclusion
Overall, the release of ReInvestWealth's Stripe and Wise integrations is a significant development in becoming a true robo-accounting platform. With the ability to generate invoices and manage multiple currencies seamlessly, the software is to eliminate manual accounting work for businesses of all sizes.
So, if you're looking to improve your financial management processes, consider checking out ReInvestWealth's accounting software today!