Silver Siphon, a web application that syncs your Stripe bank feed with an online bookkeeping and accounting software: Xero, was launched in 2015 by a small team of three developers. Idea to build Silver Siphon came through a project they got from one of their clients who asked them to set up a payment system. Client wanted to generate invoices in Xero every time a payment was made through Stripe which was easy to set up but they came across another problem.
The problem was, there was no way to pull Stripe transactions data automatically in Xero for reconciliation against invoices and all reconciliation of Stripe transfers to multiple invoices was done manually. Xero asks customers to connect their bank accounts from where Xero imports data for reconciliation so the best solution was to automatically import Stripe data as a bank account in Xero and avoid headache of manual reconciliation processes. Solution to that problem became the origin of Silver Siphon.
Now, Silver Siphon saves multiple businesses countless hours of data manipulation and headaches every month. You can read more about how the Stripe to Xero sync works here.
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