IP Commerce

About IP Commerce

Commerce Sync operates as a Software-as-a-Service (SaaS) platform focused on automating the accounting processes for small and medium-sized businesses (SMBs). The company was founded in 2014 and is headquartered in Denver, Colorado. Its core service eliminates the need for manual data entry from various sales platforms into accounting software, a task that can consume significant time for business owners.

The platform's primary function is to automatically transfer daily sales data from a business's point-of-sale (POS) or payment processing system directly into their accounting software. Key integrations on the sales side include widely used systems like Clover, Square, Stripe, Lightspeed, Authorize.Net, and GoDaddy. For accounting, it supports all versions of QuickBooks (Online, Desktop, Enterprise) and Xero. This automation provides business owners with valuable time savings, improved accuracy in their financial records, and a clearer view of their business's performance.

Commerce Sync's business model is subscription-based, with pricing plans that vary depending on the client's needs and their POS provider, with monthly fees ranging from approximately $12.95 to $53.95. The service is designed to be cost-effective and straightforward, focusing specifically on sales data transfer. The company serves a client base of over 15,000 businesses, primarily SMBs, including restaurants, retail stores, and service providers. Its revenue is reported to be around $6.8 million.

The service offers several features to accommodate different business needs. Clients can choose to sync their daily sales as a single summary invoice, by individual categories set up within their POS system, or by individual customer email. The platform handles various transaction details, including taxable and non-taxable sales, refunds, discounts, tips, and processing fees, ensuring that credit and debit transactions are reconciled with bank deposits. For businesses operating past midnight, like bars, it offers an "After Hours" reconciliation feature to align with their operational day. Additionally, a historical transfer service is available for a flat fee per month of data, allowing new customers to get their past records up to date. In February 2022, Commerce Sync was acquired by FOG Software Group, a division of Constellation Software, and now operates as an independent division within FOG. This acquisition was intended to provide Commerce Sync with greater resources and stability to foster further growth.