Xero is online accounting software for small businesses with tools for managing invoices, bank reconciliation, inventory, purchasing, bookkeeping and more. Xero accounting software is modern, that lives in the cloud. It”s accessible form any computer or mobile device, making for a smarter and accounting process.
It”s easy to set up an account with Xero. It gives you several initial tasks to familiarize yourself with the program, such as adding your business bank account, adding customers, and creating your first invoice. If you need additional help, many pages have a how-to link to the video and a step-by-step guide. The interface is designed to easy to navigate. Features are easy to use from the dropdown menu at the top of the screen or from the card on the dashboard.
Xero Accounting Software: Features
With these basics in mind, you can learn all the features you expect from a Xero accounting software – no matter what plan you choose.
Invoices: Create and send customized invoices
Quotes: Create and send personal quotes and estimates, easily turn them into invoices.
Bank Connection: Connect your bank accounts to Xero to automatically upload transactions to your accounting software.
Bank Reconciliation: Reconcile bank transactions, manually classify transactions, accept Xero instructions or make rules for invoicing bank bills, bill payments and pre-purchase purchases in Xero.
List: Add products, track inventory volume and price, look for products that sell and how much you are making a profit
Purchase Order: Create digital purchase orders using inventory items and email them to your suppliers, converting purchase orders into bills or invoices
Bills: Pay your bills, pay your bills, schedule future payments, and double and recurring bills
Dashboard: Use a customizable Xero Accounting Dashboard to track bank balances, invoices and bills, track cash flow, view outstanding invoices, and monitor sales and reporting.
Reporting: Create customized financial statements and budgets, track performance, share interactive reports and budgets in real time
Files: Store files and transactions in Xero; Attach documents to transactions, records, invoices, and contact records; Look at the files side by side; Share files with team members
Real Estate: Record your business assets, update them as needed, manage depreciation and settlement
Sales Tax: Automatically calculate sales tax rates, optimize tax rates for your business needs, determine tax defaults, file sales tax returns with Avalara TrustFile Integration
Contacts: Add contacts to Xero, consolidate your email account, add contacts to groups and manage categories wisely, view customer’s transaction history – invoices, bills, most purchased products or services and how quickly they pay you. We do.
Payment: Integrate Xero Accounting with a payment service such as PayPal or Stripe to accept payment for invoices.
Mobile Apps: Use the free Xero Mobile app for Android or iOS to view invoices, expenses, input receipts, compromised transactions and customer information while traveling.
Gusto Payroll: Add full-service payroll processing to Xero Accounting in your partnership with Gusto
Security: There are encryption, two-step authentication, cloud backup and security monitoring to protect your data.
Users: Add unlimited number of users to your Xero account, customize user permissions
Integration: Use Xero App Marketplace to integrate with third party devices
Customer Support: Use Xero’s self-service resources, such as 24/7 online support from the Xero Accounting Customer Service Team, your video library, blog and help desk.
Xero accounting software: benefits
With all this information in mind, let’s take the next step in our Xero Accounting Software review, highlighting the top benefits of this platform. Three Xero accounting advantages can be considered here:
There is a reason why Xero Accounting has grown so fast and has become an instant QuickBooks option – one of the key features that this platform offers business owners.
With important bookkeeping and accounting capabilities such as bank reconciliation and invoicing of bills, purchase orders and additional functionality for inventory, Xero Accounting Software gives you the opportunity to manage many of your most important business processes in one system.
Also, with unlimited users for all your plans, you can give your bookkeepers, accountants, tax advisors and team members account access without worrying about high costs. Compared to other solutions in the market, most of these are charged to the user, which is a particularly noticeable benefit of Xero accounting.
Finally, in the impressive Xero Accounting feature set, you have self-service tools as well as 24/7 online customer support from the Xero team.
With more than 700 tools available in Xero App Marketplace, Xero Accounting Software has significant advantages over these integration options.
With all the connections Xero has to offer, you have an amazing ability to expand your capabilities and manage your business processes in one platform. Also, Xero not only provides accounting tools in its App Market, but also provides connections to CRM software, ecommerce, inventory, HR, point-of-sale, payment and more. Some of the notable connectors on the market are Shopify, Zapier, Stripe, Hubdock, Square, Vend and Squarespace.
Additionally, Xero gives you the ability to use your partnership with Gusto and manage its payroll through its automated integration. Even if you pay for Gusto payroll service separately, their partnership with Xero Accounting gives you a two-month free trial.
Alongside the vast capabilities of Xero Accounting Software (and the integration available), another top benefit of this platform is flexibility.
As a cloud-based system with a strong mobile app, Xero gives you the ability to access your account regardless of location or device. Additionally, with unlimited users, Xero gives your team the flexibility to access the ones that suit you and customize their permissions.
Additionally, Xero offers three different plans, which allow you to choose the offer that works best for your business. Also, with hundreds of Xero offers, the platform is much simpler – allowing you to connect with additional accounting tools or others you already use, and expand the functionality of your system.
Finally, Xero Accounting is not only simpler in these ways, but also its ability to attend to all types of business owners. As confirmed by online Xero Accounting Software reviews, Xero platform is clear, user-friendly and allows you to quickly and easily set up your processes, regardless of your technical or prior accounting experience. Creates a solution to do.
Xero accounting software: disadvantages
While not necessarily inappropriate, the Xero Accounting Value Structure leaves out the need.
First of all, although the initial plan is very affordable – only $ 9 per month – with associated limitations, only five quotes and invoices, five bills and 20 compromises, this solution is not viable for most businesses.
Time Tracking Features
The initial and growing plans of Xero Accounting Software do not have many unique features. For small service-oriented businesses or sole proprietors, time tracking capabilities are an important part of the accounting solution. In fact, many other accounting systems – Freshbook, Zoho Books, QuickBooks Online – have time-tracking features in their most basic or secondary plans.
Xero accounting software: top alternatives
It is worth exploring some of the other top options available before you decide if Xero accounting software is right for your business. Depending on your business needs and budget, one or more of these three may be a good choice.
Let’s get into the details.
As we mentioned earlier, Xero has quickly become one of QuickBooks Online’s biggest competitors. With that said, QuickBooks Online may be the most suitable solution for your business.
Overall, QuickBooks Online and Xero are very similar – both have impressive feature sets, multiple planning options, and are accessible through web and mobile applications. However, QuickBooks Online only comes with its reporting capabilities, key accounting functions, and some features (time tracking, tax tools, contractor management) with missing or high-end plans from Xero .
If you’re looking for a more economical solution, you can consider wave accounting as an alternative to Xero accounting.
Like Xero Accounting, Wave is a web-based platform with its accessibility, mobility and ease of use. However, unlike Xero , Wave is one of the truly free accounting solutions on the market. You can sign up for a Wave account at no cost and have access to the platform’s revenue, expense, invoice, reconciliation and reporting features. Wave Accounting also offers two payment add-ons, payroll and payment, allowing you to add these functions to your Wave account.
For a more accounting solution with affordable plans than Xero Accounting, you can consider Zoho books.
Like Xero Books, Zoho Books offers three-tier plans – Basic, Standard and Professional – which are $ 9, $ 19 and $ 29 respectively, at the same price or inexpensive compared to their Xero Accounting Software plans.
Overall, Zoho Books can provide functionality similar to Xero , however, Zoho limits its plans in terms of contacts, customers and workflow. However, Zoho offers capabilities such as time tracking and multi-currency, which requires a fixed-level Xero accounting plan. Additionally, with their more expensive option costing $ 29 per month, Zoho has significant features, such as invoices, costs and everything associated with purchase and sale orders at a very reasonable price.
Xero Accounting Software: Bottom Line
Now that we have reached the conclusion of our Xero Accounting Software Review, you need to decide whether Xero is the best platform for your business. With an impressive feature set, flexibility, mobility and access to various business owners – there is no doubt that Xero can offer a robust solution. Given the limitations of their initial plan and the high cost of their growing and established plans, Accounting is definitely one of the more expensive small business accounting products.
Therefore, Xero Accounting Software is well suited for small and medium sized businesses that require specific equipment and facilities and can bear the associated monthly costs. However, if you want to test Xero for yourself to see the capabilities of the platform and how it works, you can sign up for a 30-day free trial – that way, you have Xero heaving or it doesn’t make sense. Accounting software is the right choice for you.