Accounting software options serve as the backbone of a small business, helping you manage every cent that comes in or goes out. And yes, we’re talking about more than just a glorified calculator or a digital ledger. Xero has strong reporting capabilities and an Accounting Dashboard to keep track of financial metrics. You can use it to reconcile, dispatch invoices and make expense claims. You can continue monitoring your business and getting up-to-date reports without bothering to call your bookkeepers and accountants constantly. A short list includes Vend, Evernote by Zapier, WorkflowMax, Harvest, Red Arc Systems, MRPEasy, Volusion by Vextras and Ranqx.
Xero Pricing
Still, despite the price ruling out the software for some small businesses, Xero has a lot to offer for medium and large businesses or those in need of multiple users. Xero is cloud-based accounting software that has given QuickBooks a run for its money since 2006. Xero is a robust accounting solution with sophisticated accounting features, ample reports, 1,000+ integrations, and unlimited users. Unlike QuickBooks Desktop, Xero also has the mobility and modern UI of cloud-based software. Due to its scalability and cost-effectiveness, Xero is a great choice for growing businesses.
Xero Review: Key Features
Additionally, because of this international focus, Xero has a better VAT module than QuickBooks. Considering the 50% discount for 3 months, now is a prime time to give it a try and see if it fits your operations. Though Xero does have an “F” rating from the Better Business Bureau and lacks accreditation, it enjoys a strong 4.3 out of 5 rating on Trustpilot, based on 5,700+ reviews.
Xero Review: Overview
Users can manage employee records, calculate wages, and ensure that taxes and deductions are processed correctly and on time. This eliminates the need for a separate payroll system and makes it easier to stay compliant with tax regulations. Xero provides strong security for your data, though I feel it falls short in 1 key area. First off, Xero offers 2-factor authentication, which has become a standard, extra layer of protection for online accounts. It does this through an authenticator app—either a third-party’s or Xero Verify, Xero’s own authenticator app.
Related Solutions
Compare pricing and features for FreshBooks, NetSuite, QuickBooks Online, Odoo, Xero, and Sage Intacct. Zoho Books is an accounting software that is a popular alternative to QuickBooks, offering easy-to-use features. Despite some criticism I have about Xero, I feel they are a strong billing and invoicing software. The customization capabilities is probably the best out of all online accounting software. It’s best to judge accounting software based on what you need it to do, rather than what it can be capable of doing. Whether you’re a freelancer or a growing company, Xero offers a comprehensive solution for managing your finances and staying on top of your business’s financial health.
Based in New Zealand, the multi-faceted package currently comes in three incarnations and is aimed at small, medium and larger-sized businesses. Some users have experienced a learning curve, especially if they haven’t used an accounting software before. In addition, users have mentioned that there’s limited customization, particularly in Xero’s reporting features. Established – The Established plan starts at $78 per month and supports multi-currency, expense management and project tracking. It also includes features of Analytics Plus, such as basic scenario planning and AI-powered predictions. Xero offers an optional full-service payroll solution via its partnership with Gusto.
While this type of support is undoubtedly a good look, I can’t imagine why Xero wouldn’t advertise text message support—I had no idea this was offered until I received the text. I really love how the reports don’t just show a static list of numbers—they can be directly interacted with and customized. You can customize the time frame for the report, choosing options like “This month,” “Last xero review month,” “This quarter,” and more—or input a fully custom date range. Once you have the report to your liking, you can save it with a custom name for easy future use. Alternatively, payroll employees can use Xero Me (which is also available as a web application) for manually entering time data into timesheets they then submit for approval. You can also do this on behalf of your employees through your web browser.
Breadth of Features
- Plus, the software facilitates collaboration among multiple users, making it easier to work together on financial tasks.
- Thanks to its unlimited user plans, it’s more affordable than QuickBooks.
- The Xero Payroll add-on module is free for the first 2 months on Starter, Standard, or Premium plans.
- We also have a comprehensive and free How To Set Up Your Xero Account guide that teaches you how to use and optimize your Xero account.
- You can also generate reports that meet the strict regulatory requirements nonprofits need to follow.
- Xero was founded in 2006 by Rod Drury and Hamish Edwards in Wellington, New Zealand.
Our personal favorite is Zoho Books, which scored very highly in our latest round of testing, owing to its exceptional core accounting features, usability, and planning tools. Xero does a fine job of mixing an enjoyable and modern-looking user interface with a huge collection of accounting features and functions. With a regularly updated appearance, and new features being added all the time even during the coronavirus pandemic, Xero continues to expand its popular appeal and now enjoys a healthy following.
- Wave offers free accounting software, making it an excellent choice for startups and small businesses with a tight budget.
- Multiple pricing increases over the years have driven up the cost of the software, and customer support isn’t the best.
- Once your customer completes a payment, funds are deposited into your chosen account without delay.
- Note that this feature is only available on the Established pricing plan.
- These platforms often go beyond the basics to offer real-time expense tracking by linking directly to your bank accounts or enabling you to snap pictures of your receipts with a mobile app.
Can I pay for Xero annually?
Xero is a great option for large teams and small- to medium-sized businesses that need high-level accounting systems. It’s also a good fit if you want to integrate Gusto Payroll to your accounting platform. Xero’s invoicing capabilities allow you to create and customize an invoice for clients and then accept credit card, debit card or bank transfer payments within the invoice itself. Account holders are able to customize online invoices to add a logo, accept payments instantly through the invoice, set automatic reminders for clients to pay and invoice directly from the Xero app.
Product
It syncs with your bank accounts and credit cards to automatically import transactions, so you don’t miss a beat. Xero has gained quite the reputation in the world of small and medium-sized businesses. It’s a cloud-based accounting platform that promises to streamline your financial processes while offering flexibility and ease of use. Accounting—it’s not the most glamorous part of running a business, but it’s undeniably one of the most important. The scalability of accounting software has also played a pivotal role in its popularity.
The app allows users to create and send invoices, capture receipts, view reports, and reconcile transactions from anywhere, ensuring that you never have to miss an important financial task. Xero’s automation tools help businesses save time and reduce manual errors by automating repetitive tasks. For example, the software can automatically reconcile bank transactions, send recurring invoices, and calculate taxes, which streamlines many aspects of financial management. This allows businesses to focus more on growth and less on tedious administrative tasks.