Xero's target users are small businesses and their accountant/ bookkeeper. The online accounting app meets the needs of small businesses across multiple industries.
The software is ideal for small business owners managing their accounts independently, as well as in collaboration with their accountants from dispersed locations. The collaboration features of the software also make it suitable for business owners and their clients on financial activity.
Xero's cloud application currently serves the accounting needs of some 370,000 companies worldwide and copious individual users . The customer feedback and reviews found on the web about Xero are positively overwhelming.Read the full GetApp Analysis
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Available plans cost $9/month, $30/month, $70/month (USD). No setup or upgrade fees or contracts.
Xero is an online accounting software suite that utilizes a modern cloud network to fully accommodate the complete range of accounting needs. The app allows you to coordinate and manage all financial processes within an easy to use platform, accessible from all internet-enabled devices.
The software is geared towards small to medium-sized businesses looking to increase their accounting efficiency while at the same time adding a little fun to the process. The app also serves as a remote collaboration and advisory platform for accounting professionals, eliminating the need for client visits and unnecessary paperwork.
The user-friendly dashboard transforms the resource draining and time-consuming tasks of transaction monitoring, bill paying, invoice issuing, purchase order creation and expenses management - to name a few - into enjoyable activities that support accountants in their daily tasks and free-up business owners to get more out of their limited time. Xero also provides payroll management for users, customers or businesses in the US and Australia.
Xero's main purpose is to transform the accounting processes into a more efficient and enjoyable experience for small business owners and their accountants. The app succeeds in doing this by allowing all team members concerned in financial operations to connect to the company's financial database via their desktop computers, laptops and mobile devices. This enables all stakeholders and the company accountant to track, collaborate on, and complete accounting tasks from home or on the go.
The benefits of using Xero to manage your accounting activity are evident in the enhanced accessibility of financial data, the collaboration opportunities, the transparent pricing and processes, and the unburdening of time and human resources.
Using Xero, small businesses who previously relied on spreadsheets, messy paperwork and dispersed files to manage their balance sheets, can rest in the knowledge that their financial data is more accurate and up-to-date than ever.
All financial transactions are automatically imported into the Xero database and linked to the corresponding accounting transactions. All the user has to do in order to confirm that the match is correct, is to press the "OK" button and the transaction will be reconciled in the system. Users who need to import feeds from more bank accounts, credit cards and PayPal accounts, will be happy to know that Xero can do this in a few minutes.
Xero also lets you reconcile more complex transactions, such as split payments, by defining your own custom rules. Furthermore, this feature includes fast cash coding, providing the ability to import and automatically reconcile pre-coded bank statements. This is the perfect tool for reconciling large numbers of transactions and for importing data from other systems.
The Xero dashboard is where business owners can get a complete picture of their key accounts, income and expense reports, upcoming bills and pending invoices. This feature provides a valuable overview that gives users a clear understand of all their company's financial activities in a glance. Moreover, certain accounts can be watch-listed and monitored in greater detail by enabling notifications.
The layout of the dashboard makes it easy to use and navigate, while the intuitive graphs provide a visual understanding of key data that helps users compare account activity in a more tangible way. The dashboard not only displays data, it also allows you to perform tasks such as adding accounts, bills and issuing invoices by clicking on the corresponding buttons.
Xero's invoicing system forms an important part of the accounting suite letting you generate and customize professionally branded invoices. The customization options include the addition of your company's logo, foreign currency conversion, and the ability to save different templates to be used for separate clients.
The online invoicing system can issue invoices for payments that come from PayPal accounts, bank transfers or credit cards, with no country-related exceptions. One of the key features of Xero's invoicing tool is the notification system that alerts you when your invoice has been opened by the recipient, eliminating any confusion over "lost invoices".
If the payee is based in a foreign country and using a different currency, Xero will undertake the task of automatically converting the invoice into the currency used by the client. This means that you never have to worry about calculating exchange rates. Xero covers over 160 currencies and automatically updates exchange rates every hour.
There are many activities related to running a small business outside of bookkeeping and accounting, however most of these activities are interlinked in some way. Many small businesses already use a number of other systems such as CRMs, inventory management tools, time trackers, receipt scanners and so forth. Importing all this data from multiple apps to Xero can seem like a daunting task, however this is made hassle-free through the some 350 plus add-ons offered on the Xero Marketplace.
The marketplace provides easy navigation and search options that let users find what they are looking for fast. Add-ons are listed across 15 horizontal categories and 11 industry verticals. The Xero Marketplace is your one-stop source for all integration needs, with seamless integration offered between Xero and any app you sign-up for on the marketplace.
For a system that holds strictly private information in the cloud, it is of the utmost importance to remain secure and impenetrable by hackers and other malevolent attackers. Xero developers are perfectly aware of this potential security threat and for this reason provide a dedicated security team whose job it is to keep your data safe on a daily basis.
As users go about their daily business, the Xero team are busy providing constant improvements to their service, adding small adjustments and new features on a constant basis. New features are added every 3-6 weeks to ensure that the efficiency of the app and your user experience are always at the most optimal level.
Integrations is an area that Xero has covered one hundred percent. As a business owner running multiple apps, having the ability to have your apps speak to each other is fundamental. For this reason, the Xero Marketplace is a stroke of genius.
The Marketplace offers an ever growing list of more than 350 add-ons categorized by the business needs they serve. Some of the most popular of these add-ons include: Bill.com, Constant Contact, Square, Squarespace, Zen Payroll, Stitch Labs, Kabbage, and BodeTree.
Further popular add-ons include: Harvest, Batchbook CRM, Vend, Evernote, PayPal, Xpenditure, Expensify, Unleashed, WorkflowMax, Spotlight, Magento, Podio, Eventbrite, Infusionsoft, and Receipt Bank.
Xero's pricing plans differ according to region. Prospective users should consult the official pricing page of the corresponding Xero website for their location. In general, Xero is offered through 3 different plans. The most basic is the "Starter" plan that costs $9 per month and is limited to five invoices, five bills and 20 bank transactions.
The next plan is the "Standard" package that costs $30 per month and offers an unlimited number of invoices, bills and transactions.The "Premium" plan, costing $70 per month in total, supports multi-currency transactions and is thereby aimed at businesses that have multi-national clients and collaborators. A 30-day free trial of the "Starter" pack is available.
Co Owner (Consumer Services company, 1-10 employees)
I love Xero. It really is beautiful accounting. However, before you purchase take a good look at the feature requests and you'll see many things from 3-4 years ago at the top of the list filled with frustration. It seems Xero spend more time and money on its marketing than fulfilling basic business needs. Don't get me wrong, Xero does so much right, but its not until your neck deep you realise it is missing some of the most basic of features their competitors are able to offer at half the price. (Mind you, those competitors will lack in other areas, but they are usually half the price or more).
Will Roffé, Brand Builder, Strategic Copywriter, Creative Director
We moved from an electronic, desktop-based system to Xero after being prompted by colleagues. There is so much to learn if you want to get under the hood, or you can perform the basics and let your financial advisor do the rest. We have different apps integrated with Xero which makes the whole business process from start to finish really easy. So the integrations make Xero more powerful than it is on its own. I do find it expensive for what it is but have accepted that it's just the cost of doing business. Irrespective of cost, if you want an easy accounting system that essentially learns your common transactions and what they are for as you go, making record keeping pretty easy, then have a look at Xero.
Kevin Maes, Managing Director at Welify.com
We are using Xero for two years now and currently I do not see any reason why we woud change. Great affordable solution for young and fast growing businesses. Easy to use and very clear dashboard on your accounting situation.
Phill Dromgool, Sports Nutrition Managing Director
I have been using Xero for a couple of years now and am very happy with it. I was with MYOB but had a bad experience when they upgraded their systems to include cloud computing. I have had a look at their new systems, and while they are much improved and worth exploring for someone starting from scratch, I will still stick with Xero.
Jordan Zoot, CPA.CITP.CGMA, Managing Director & CEO - aBIZInaBOX Inc - Integrated Tax, Financial Advisory and Technology Consulting
What a wonderful surprise....after 15+ years on various flavors of QBOnline to switch to an accounting software package that makes sense! We are a Xero Certified Partner, I should say that up front. It to me three days to convert three years of data - that 70K transactions of raw bank feed and paypal feed date into a complete and balanced file.It took an hour and fifteen minutes to complete a salesforce itegration..something I never really got to work with QBOnline. In the two weeks that followed we got 27 companies set up on Xero and it all works well. It isn't perfect but its a vast improvement.
Mike Smith, President
So many issues, I don't know where to start. First off, creating quotes was just added, but only to the desktop version. "Coming soon" for phone/tablet apps. Second, I can't create new client profiles within the app. I must be using the website interface. Third, I can't open an invoice within the app that has a partial payment applied. I'm always receiving partial payments for material deposits. Fourth, if I need to edit an invoice (add time or materials), I must "remove and redo" any payments that have been applied to the invoice. Are you kidding me? Fifth, I asked my rep if the website had a native mobile version (for all of these "it's not in the app yet" scenarios, and he assured me "absolutely". Wrong. Pinch, zoom, slide, zoom out, repeat. Waste of time. This list goes on, but I'll stop there. That plumber lady in their commercial must not really have a handle on how to run a service/construction industry company. Out of the four cloud-based invoicing/accounting companies I've tried, this easily takes the top spot as one I will never give a second chance to.
Chris Hooper, Director at Hooper Financial / Group Finance Director at ITS Technology Group
I have recently migrated 4 x group companies from Sage to Xero and the benefits are already paying dividends. Xero is so much more than an accounting system - it helps us solve lots of other business challenges too.
Product Manager (Computer Software company, 51-200 employees)
We reviewed 10 accounting apps. Xero is the best. We are using it so far.
Cristina Garza, Chief Number Cruncher || Accountingprose
As a small business owner and accountant, I have tried many accounting softwares. I was a Quickbooks Pro Advisor for five years and relied heavily on an expensive and inconsistent server to share data with clients. A forward thinking, tech savvy client mentioned Xero to me a few years ago and I blew him off. I have seen accounting software try to compete with Quickbooks and many have failed. I was afraid of ditching the my current method of working with my clients, because I didn't want to have to deal with the struggle of switching software, only to have to do it again after the business tanks or bugs in the code would cause me to become far too frustrated. After several more clients mentioned Xero, I thought I would give it a shot. I tested the software out, totally putting it through the ringer. I used a client as a beta tester and asked for feedback on it. We worked on the file together and tried our best to break the program. After a month of working on Xero, I was hooked! I took all of my clients off of the server and Quickbooks and moved them to Xero and I am so glad that I did. Highlights of Xero (from prospective of an accountant) - I can work with my clients in real time: Clients can leave us notes, can see what we are seeing, and can use Xero on smartphones and laptops- you aren't tied to an operating system - I don't have to waste time on data entry: Bank feeds are magical - I am able to achieve great results at a fraction of the cost: no software upgrades to pay for, no server costs - CPAs still get all of the data they need via Xero reports - Xero customer service is tops- Have an issue? They handle the issue quickly - Xero add ons are amazing and you accounting system can be tied with an SaaS application quickly and easily.
A verified reviewer
Have been using Xero for a year now, after switching from MYOB. So easy, I no longer need to outsource bookkeeping services - and I am emphatically not an accounting adept. Deceptively simple and intuitive, with excellent built-in support access. Live bank feeds = fast easy reconcilliations. Multiple options to monitor/manage invoices, stock control, cash flow, etc. Get it!
Below are some frequently asked questions for Xero.
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