More than 3.5 million users all over the globe use Xero to manage their billing and invoicing each month. In this Xero accounting software review, we’ll break down the pros and cons to help you figure out whether Xero is the right accounting tool for your needs. Xero is a great option for large teams and small- to medium-sized toxic asset wikipedia businesses that need high-level accounting systems.
Multiple Payment Options
Xero supports integration with 21,000+ global financial institutions for fetching bank data. Xero uses an encrypted connection to securely import bank transactions into it. For a bank that does not support a direct feed connection with Xero, companies can export bank data in OFX, QIF, QBO, QFX, or CSV format before uploading it to Xero. Xero automatically gets hourly currency conversion rates to provide real-time insights into gains and losses.
Project and time tracking
For more customization and AI-powered predictions, users can switch to Xero Analytics Plus. Businesses can further perform a cost-benefit analysis to evaluate the financial viability of projects and ensure resources are allocated efficiently. The Growing plan costs $47 per month and includes unlimited numbers of invoices and bills. In addition to the features on the Early plan, the Growing plan includes bulk transaction reconciliation to speed things up. 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.
Expense Management
The Xero Me app enables quick claim submission and approval by employees and employers. For expense organizations, users can also add tags to the expenses. Xero tries to throw you as many bones as possible by adding a video or help article to the top of every page you open. If you need some extra assistance in finding features or understanding the software, Xero also offers a help center. 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.
- Each plan still offers unlimited users and live bank feeds, so businesses can download, categorize, and reconcile their transactions as usual.
- If you’re on a tight budget, then check out Wave Accounting, which offers a forever free Starter plan — yes, you read that correctly!
- It also supports accepting payments directly from the online invoice and reduces the time spent chasing payments.
When rating accounting and invoicing software, we use a 47-point rubric that looks at pricing, ease of use, features, customer service, and user reviews. We weigh each section differently to calculate the total star rating. There are no annual contracts, so you can cancel your subscription at any time (although you must give a 30-day notice of your cancellation).
Xero, FreshBooks and QuickBooks all offer 30-day free trials and extensive features for online support, including a live chat, email support and a knowledge base. All three of these offer the ability to scale their accounting for larger businesses and both Xero and QuickBooks offer specific training for accountants. These companies offer Gusto integration for the same price—$40 per month and $6 per month per person. On the other hand, FreshBooks may be a better fit for freelancers and solopreneurs, as the capabilities are easier to navigate. Xero includes extensive features that make it suitable to handle complex accounting processes for small- and medium-sized businesses as well as larger ones.
Then again, QuickBooks requires user limits for each plan while Xero doesn’t. We compared the two options in terms of their key features, pricing and customer service to help you decide which is right for your business. Users can mark report types as favorites and quickly access drafts, published, and archived reports through dedicated tabs. Founded in 2006, it is based in New Zealand and has clients worldwide. Xero allows companies to collaborate with their accountants and offers a friendly UI for employees and admins.
