Every business needs an accounting software. Coworking and Flex spaces are no exceptions. Coworking is all about flexibility and hospitality, which means very dynamic, complex, and difficult billing and accounting! Giving a lot of flexibility to your members leads to getting paid on different dates, and terms, via different methods. Then, your days are ruined as you spend hours sending invoices, chasing payments, dealing with refunds, and whatnot. It’s a huge pain!

Of course, in 2024, there are much better ways to spend your time than working on the bills. One of the best ways to streamline your accounting is to rely on an industry-leading, easy-to-use,  accounting software system, such as Xero integrated with an industry-leading, flexible billing system built for coworking and flex spaces, such as OfficeRnD Flex.

Accounting Software for Coworking Spaces with Xero

Xero is one of the global leaders in offering accounting software for small and medium-sized businesses! It’s an incredibly easy-to-use software with rich bank connections, great automation for bank reconciliation, and all the necessary accounting features, bundled with good reporting, and support.

Xero is a powerful online accounting software solution for small businesses. Run things smoothly, keep tidy online bookkeeping records, and make compliance a breeze.

  • Automate tasks like invoicing and reporting
  • Get a full picture of your business with up-to-date financial data
  • Make end-of-year tax returns easy

The one thing we like a lot about Xero is their API and extensibility support. It’s very rich and powerful which allows us to create an outstanding integration!

Integrated Billing Solution for Coworking Spaces

The best coworking membership management and billing systems, such as OfficeRnD Flex offer very advanced integrations with the accounting software solutions, such as Xero. At OfficeRnD, we recognize that billing and accounting are the most critical tasks in running a coworking or flex space. We dedicate huge effort to making our integration with Xero as robust and feature-rich as possible. We introduced the integration in early 2016 and have been consistently updating it and making it better and better. Presently, we have hundreds of coworking operators with close to a thousand locations using OfficeRnD in combination with Xero.

Coworking BillingThe main benefits of the integration are:

  • Robust Billing – our billing system will use an advanced algorithm to bill your members and push the invoices to Xero instantly. The invoice numbers or documents can be generated by OfficeRnD or Xero depending on your preferences.
  • Two-way Sync – furthermore, the integration will sync payments (Stripe or other gateway auto-payments), overpayments, refunds, and credit notes both ways so that you have full visibility of your accounts.
  • Full Automation – the two systems can work fully autonomously so that you don’t have to worry about billing, pulling charges, or syncing issues again.

Furthermore, the integration works flawlessly in a multi-location environment. You can easily invoice different billing locations from a single OfficeRnD account and set up specific rules and Xero configurations on a per-location basis.

Here’s what Nicholas Hunt, Head of Finance and Operations at Spacemade has to say about the OfficeRnD <> Xero integration:

We have been using the full OfficeRnD <> Xero integration since December now. It’s an incredibly slick process and saves a significant amount of time importing data, something I have spent a lot of my career doing!

 

Using the Stipe integration in conjunction with Xero means an automated payment collected will flow all the way into Xero automatically and is there to be matched in the Xero bank rec.

 

Although our previous vendor has a similar integration, this feels superior. OfficeRnD handles allocations for payments and credit notes automatically which our previous system was struggling with.

 

There are plenty of other time savings also; there is no need to create customers in Xero, this automatically happens when a customer is created in RnD. And if something changes on one platform such as an address or email, it will update the record on the other record.

Offer Self-service for a Better Member Experience

The best part of the OfficeRnD Flex and Xero integration is providing a better member experience to your community! The integration will allow your members to easily view and pay their bills using the same Mobile app or Member Portal they use for booking meeting rooms or other collaboration features.

The integration works flawlessly with Stripe, GoCardless as well as all other payment providers we support. A typical use case looks like the following:

  1. A new member adds their credit card details to Stripe and/or connect their bank account information through a Direct debit provider, such as GoCardless directly in the self-serve portal we offer.
  2. OfficeRnD Flex will automatically generate the invoice for this member based on the coworking space billing options.
  3. Then, it will auto-charge the member via their or the operator’s preferred payment method.
  4. The payment details will be synced with Xero and the invoice marked as paid in both systems.
  5. The member will receive confirmation emails and will be able to find all the payment information in their account in the portal and the app.

Hundreds of coworking space operators worldwide use the OfficeRnD <> Xero integration!

Setup the Billing and Accounting Automation

Getting started with OfficeRnD Flex and Xero is fairly straightforward. You can learn more about how to get started with the integration here.

If you’re not using OfficeRnD already, sign up for a free 14-day OfficeRnD Flex trial to get started and try out our platform today!

Miro Miroslavov
CEO and Co-founder of OfficeRnD
Miro Miroslavov is a software engineer turned into a tech entrepreneur. In 2015 he co-founded OfficeRnD - a leading flex space and hybrid work management platform. As a CEO at OfficeRnD, he grew the company from inception to a leading software vendor that serves thousands of customers worldwide. He is a big fan of flexible working and is on a mission to "Making Flexible Working the Way of Working".