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This Creator Fintech Platform Has Just Automated Accounting For Creators With A Single Integration


This Creator Fintech Platform Has Just Automated Accounting For Creators With A Single Integration

Lumanu, a payment processing platform serving the independent economy, has announced a new integration that allows businesses in its network to seamlessly connect their Lumanu wallet to Xero, a leading cloud-based accounting software. 

This integration streamlines financial management for creators, influencers, freelancers, agencies, and small businesses operating within the Lumanu ecosystem.

“Our goal at Lumanu is to make it easier for businesses to work together in the Independent Economy, and that starts with making it easier for solopreneurs and small business owners to get paid and reconcile their finances. Our new integration with Xero allows just that,” Lumanu states.

Xero is designed to help businesses manage a wide range of financial activities, including invoicing, bank reconciliations, expense tracking, payroll management, and more. By linking their Lumanu wallet as a bank account in Xero, businesses can now automatically sync transactions and eliminate the need for manual data entry.

The integration aims to simplify financial operations for solopreneurs and small business owners who receive payments through the Lumanu network. The connected Xero account will instantly reflect transactions, providing real-time visibility into financial data and enabling efficient reconciliation processes.

To leverage this integration, users must be solopreneurs or business owners who receive payments from the Lumanu network and use Xero for their accounting needs. The connection is a straightforward process that can be completed within minutes directly from the Xero platform.

Users simply need to click the “connect bank account” option and follow the outlined steps, which include verifying their phone number via a text code. Once the connection is established, all transactions incoming to the user’s Lumanu wallet will automatically sync with their Xero account.

This integration offers several key benefits for businesses operating within the Lumanu ecosystem:

  • Time saved with automatic reconciliation: Users no longer need to manually record transactions from their Lumanu wallet in Xero, eliminating the potential for errors and saving valuable time.
  • Simplified tax season: By centralizing financial data in Xero, freelancers, and creators can effortlessly access and organize all relevant tax information, making tax season less stressful.
  • Centralization of payment data: The integration gives businesses greater visibility into their finances and planning capabilities. By consolidating financial data in Xero, users can track expenses, monitor cash flow, and analyze the impact of influencer campaigns on their bottom line.

As the creator economy grows, tools that facilitate financial management have become increasingly valuable. Lumanu’s integration with Xero addresses a critical need for creators, agencies, and small businesses operating in this space, enabling them to focus on their core activities while maintaining accurate and up-to-date financial records.

The new feature aligns with Lumanu’s goals that the company’s CEO & co-founder Tony Tran made known: “Our ultimate goal is to help creators earn more money. Early on, we realized solving that problem required us to solve pain points across multiple stakeholders – marketers, finance, and creators themselves. This integration is one of many steps we’re doing to empower creators to spend more time doing great work, and less time on business admin work.”

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David Adler is an entrepreneur and freelance blog post writer who enjoys writing about business, entrepreneurship, travel and the influencer marketing space.

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