Nov 2, 2020 Author: Accounts Junction
SilverSiphon software is one of the greatest results of the revolutionising power of technology around us. With multiple rises of applications to smoothen customer experiences, SilverSiphon is one of the most effectively designed sites.
It is a website which beliefs in keeping the users at the centre of attention. SilverSiphon is an application which enables users to sync the stripe bank feeds with the help of an online accounting system. Thus, keeping a tab on the financial transaction of a person.
SilverSiphon ensures users to provide structure to their financial transaction history, accounting practices as well as creating QuickBooks for the same.
it is the only well-established systems which enable users to import the financial transactions into accounting software. The software has proved to be a boon for multiple small businesses around the world.
Moreover, SilverSiphon acts as a bridge between a financial accounting software called ‘Xero’ and an online payment software called ‘Stripe’.
How does it help?
The SilverSiphon software helps in erasing the gaps between Xero and Stripe. Both the software have different purposes. However, SilverSiphon also enables users to effectively use other software like QuickBooks. These QuickBooks ensure a well-structured system to keep a check on the online payments done by establishing banking rule options for various sectors. Moreover, they also establish an importing system.
The SilverSiphon software helps in reconciling transaction received from the inputs generated in Stripe by a business for payment purposes. The software helps in the following ways:
- The online payment transactions done from Stripe application are imported
- These transactions are further synced with financial accounting software i.e., Xero
- The data is then converted into readable formats which further helps in its reconciliation
- Keeping the bank rules and procedures in mind, the data is then integrated with the bank account.
- At this step, QuickBooks comes into action. For various sectors, a ‘banking rule option’ is created. This option differs from field to field. These, in turn, helps users to manage financial transaction activities effectively within a given interval of time.
How it works?
The SilverSiphon software acts as a connecting unit between Xero and Stripe. Hence, the key feature for its usage is the synchronisation of data among the two. This is achieved in the following steps:
- Both the applications are linked with the help of the SilverSiphon software.
- After linkage, data received in Stripe is imported.
- After the data is imported in the SilverSiphon software, it is synced in Xero
- Since Xero and Stripe follow different modes of data format, the data is converted into readable content by SilverSiphon.
- Furthermore, since the data is converted into Xero format, it automatically gets showcased in the actual bank account.
FAQ
1.Does SilverSiphon provide a free-trial?
Silversiphon provides a 14-day free trials followed by various monthly packages. Packages could be opted as per the need.
2.What happens if a monthly pack is exceeded?
Silversiphon either stops the synchronisation of the data at once or will cut an amount from the bank account keeping in mind the number of transactions synced. However, these steps are well-notified.
3.Is it possible to sync the previous data with the help of SilverSiphon?
The software does not sync the previous transactions done. It will be operated from the day the user signs up at the account.
4.What is the currency format supported by the software?
The currency depends on the format of Xero. Moreover, multiple currency formats are supported by the Xero software at a given time. One bank account can enable a single currency format only
