Bookkeeping Xero Accounting Software Review: Is Xero Worth it for the Price?

Xero Accounting Software Review: Is Xero Worth it for the Price?

We found Xero’s agent to be extremely helpful and knowledgeable about Xero’s features. Read our comprehensive review of Gusto to learn more about the features and capabilities of this robust HR solution. If you’re a beginning, Xero has a whole set of videos available to help teach you the software.

Users are required to download the free Xero Projects app, which they can use to record time and costs and create invoices and reports. We especially like that this feature is free, although some time-tracking apps include additional functionality. We were impressed by Xero’s smart reconciliation feature, which simplifies reconciling your business bank account by matching bank transactions with those you’ve entered into the software. Most other accounting software providers offer some form of bank reconciliation.

Taking care of financial health can be difficult with no accounting software at hand. Xero proves itself as a reliable assistant in multiple accounting processes and boasts its large feature selection. In this Xero review, we will try to look at this tool from both general and internal perspectives, and give it a relevant estimate. The number one thing you need to know in terms of cons is that the Early Plan, or the cheapest one, is very limited. It will only allow you to make 20 bank transactions in a month, and send 5 bills, invoices, and quotes. Instead, it offers free and unlimited online customer support, seven days a week, 24 hours a day, at Xero Central.

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Many of the more advanced features are reserved for the most expensive plan. Xero’s best features, such as the expense management and multi-currency support feature, are only available if you opt for the Established plan. The cheapest monthly plan also has a limit on how many invoices you can send and bills you can create. Xero lets you track expenses, categorize them, convert them to invoices, and bill them to your customers. Users of the Established plan also get access to full expense management with features such as Expense claims, Automatic receipt scanning, Expense analytics, and the Xero expenses app. Xero accounting software is remarkable for its scalable nature, making it a good choice for both simple and more complex accounting needs.

  • PayPal has a payment processing and foreign currency conversion fees.
  • Xero offers advanced features for streamlining your bank reconciliation and expense coding.
  • You can manage your bank account information in the Accounting module, and it’s also where reports are run.
  • Regardless of all its benefits, it still may not meet the requirements of some users.
  • All and all, it’s an excellent option for sole proprietors and growing companies requiring an inexpensive way to manage finances and basic inventory.
  • Furthermore, you can scale it up as your company grows; Xero integrates with over 1,000 third-party apps for payroll, time-tracking, and more.

As a business moves into higher growth phases, it will likely require more integrations to scale up and keep things running smoothly. Unlike other software that limits the number of users, Xero doesn’t impose any limits. This feature makes Xero a top pick for firms needing support for multiple users. For instance, you can give some employees access to create and send invoices and allow others to pay bills.

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Physical access to the data centers is monitored 24/7 and Xero performs regular security audits. This means the product allows you to differentiate between client trust accounts and track them individually. It also means that the product helps you manage your three-way reconciliation. Link your bank accounts for up-to-date transaction information with little or no manual data entry. Stay updated on the latest products and services anytime anywhere.

While the software is more difficult to use than other accounting software like QuickBooks Online or FreshBooks, Xero does offer a large help center to make learning the software easier. While it’s impossible to state definitively which accounting software is best, there will be a better option for you based on your business’ needs. 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.

Xero does a fine job of mixing an enjoyable and modern-looking user interface with a huge collection of accounting features and functions. Xero certainly doesn’t skimp when it comes to features and even more seem to come out of nowhere as you delve deeper into its hidden depths. Here, you can produce invoices, bills, purchase orders and more besides, with one-click ease. Xero offers a highly guided setup process that walks you through every aspect of the software with pop-up windows and tutorials (Figure C). It also provides a demo company account that allows you to practice on dummy data.

Xero accounting software features: at a glance

If you have international customers, Wise Business can be the stress-free solution to manage different currencies. You can also add your USD bank details to your Xero invoices to help customers pay faster and help you get paid on time. Xero balances things out by allowing unlimited users with every plan. This means any number of employees or business partners of yours can access the business’ accounting information should you allow it. If you opt for the cheapest payment plan, you will have access to fewer features. For example, you will only be allowed to send 20 invoices and enter 5 bills.

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With the iPhone and iPad app versions, you can view cash flow, access customer and vendor contacts, reconcile transactions, and create invoices. Additionally, the Apple Watch app allows you to see account balances and the number of new transactions. The app is rated 4.6 out of 5 on the Apple App Store, indicating a high level of customer satisfaction.

Xero offers a job tracker to estimate resources spent on a task and build budgets properly. You can create invoices from quotes and send them as progress payments. To get paid faster, add the “Pay now” button to your online invoice.

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This means that you will have to export all your data into a more common platform if you wish to liaise with an accountant at some point. After all the interesting details we have found out so far through our Xero review, let’s see what are the main benefits of signing up with the platform. That said, should you need phone assistance, you can request a phone call or screen-sharing support session through your ticket. Though it’s not quite as immediate as a direct phone call to Xero’s support team, we felt that this was a passable alternative.

We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances. Each plan comes with unlimited users and varies by the number of features available. Unlimited users and advanced features make this cloud accounting software platform a good fit for many small businesses. We like that Xero shows you many items you have in stock as you create quotes and invoices. If you must reorder inventory, you can easily create and send purchase orders and then convert the purchase orders to bills for payment or invoices for your customers.

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