For example, you can give all employees the ability to send quotes and invoices, allow some to enter expenses and limit who can see the company’s complete financial picture. To keep things organized, Xero logs every action users make and compiles the history of every transaction. 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. There is limited tax support, limited invoice templates, no built-in payroll, and a steep learning curve.
The business snapshot table shows some of the key differences between Xero’s analytics and Analytics Plus features. The quote form includes multiple fields, enabling you to provide accounts payable turnover ratio a thorough description of everything your estimate entails. Xero is compatible with over 1,000 apps and has its own app store. Users can access connected apps or add new ones by clicking on the app launcher icon. Xero has more than two million users and is the primary accounting solution for more than 16,000 accounting firms.
Today’s leading accounting platforms offer standard security features like data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it revenue definition and meaning comes to keeping your information safe. Get started with the demo company, or if you set up your own business, Xero protects your data with multiple layers of security. Instead, you can integrate a payroll add-on called Gusto, recommended for up to 100 employees. It’s a full-service option with unlimited, automated payroll runs and direct deposit. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Most small businesses will exceed that limit quickly and be forced to upgrade to a more expensive plan. The Established plan costs $78 per month and includes unlimited numbers of invoices and bills. In addition to all the features of the other two plans, the Established plan includes the use of multiple currencies, tracking time and projects, claiming expenses and viewing in-depth analytics. Xero is accounting software for small business owners who need an affordable, easy-to-use online accounting solution that includes invoicing, data capture and storage, and bill payment.
With an overall score of 4/5 in basis of assets this review, Xero is a good solution for mid-to-large-sized businesses in need of strong accounting features and multiple users. Take advantage of Xero’s free trial to see if this accounting solution is right for you. If you’re still on the fence, check out our picks for the best small business accounting software to compare your options. The Established plan is best for businesses that have been around for a while or companies that do business internationally.
Key features of Xero
With the multi-currency accounting feature, you can pay and get paid in more than 160 currencies. You can see how currency markets affect your cash flow and profit, and view reports in local or foreign currencies. There’s the option to assign a default foreign currency to specific contacts so that they’re in the right currency when you create invoices or quotes, receive bills or send purchase orders. The Early plan costs only $12/month and is suitable for sole traders, new businesses, and the self-employed. It includes features such as invoices, quotes, bills, bank reconciliations, and short-term cash flow.
Simplify tax time
Zoho Books’ paid plans all come with free live chat and phone support. Sage 50 Accounting’s Cash Flow Manager tool is a helpful feature for people who want to better understand how future transactions could impact their business. The tool also lets you adjust the time frame to see how your business has changed over time.
Best Free Accounting Software of 2024
- The support is heavily weighted to “email” and it can be hard to get people on the phone.
- Xero used to offer strong customer support, and while there are still a ton of great support resources available, getting in touch with an actual representative is a lot more difficult.
- As the industry standard, QuickBooks Online is ideal if you have a growing business with specific accounting needs — as long as you don’t mind taking the time to learn the program’s ins and outs.
- You can add unpaid bills and purchase orders to Xero via desktop or mobile app, making it simple for small businesses to keep track of what they owe.
- With Inventory Plus businesses can fulfill up to 1,500 orders per month from multiple sales channels.
For heavily inventory-based businesses, we suggest an ERP like NetSuite ERP or Sage Intacct. Xero is not free, though it does provide a free trial of the software for 30 days. Wave, Zoho Books, and ZipBooks are a few of our top picks for free accounting software.
Xero Accounting Software Review: Pros, Cons
This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all software companies or all available software companies offers. Other Xero accounting reviews complain about the lack of phone support, and others about the poor customer support service and slow response times. Once you create a project, you can populate it with tasks and expenses. You can add as many tasks as you want if it’s relevant to the project. If you expect any expenses to occur during a project, you can add an expense.
Being cloud-based means it’s available on every device and any browser as long as you have an internet connection. This Xero software review has analyzed the Xero software in detail and has concluded that it’s a good value for your money. The ease of use is fantastic; even non-tech-savvy users can learn how the software works with the comprehensive guides and webinars Xero offers. As the industry standard, QuickBooks Online is ideal if you have a growing business with specific accounting needs — as long as you don’t mind taking the time to learn the program’s ins and outs. Reports also are customizable, with adjustable formatting and the option to add your own formulas and groupings.
