Review of Accounting Software - Xero
If invoicing, bookkeeping, bank reconciliation and other accounting tasks are leaving you with no time to concentrate on your business, and you are seriously contemplating getting online accounting software for your business, you are at the right place.
Xero is popular accounting software, and if you have been reading different accounting software reviews lately, and want to know if the Xero accounting system will suit the needs of your business or not, we can help.
Read the following extensive Xero accounting review to get all your questions answered.
What is Xero Accounting Software?
Xero is accounting software developed by a New Zealand based software company (Xero), which has established itself as one of the most sought after cloud accounting software providers for small and medium-sized businesses in UK, Australia and New Zealand.
Xero is complete online business accounting software application that any business can use because of its sound financial principals and excellent features. It also provides an impressive amount of CPA support. Xero can be integrated with a large number of add-ons, and you can also invite multiple users into the system. Xero also offers mobile versions of its software for Android and iOS.
If your business is on the lookout for a powerful and fairly priced online accounting software solution which can help your business with standard accounting functions, then Xero is your best bet.
Xero Accounting Software Review - In a Nutshell
No review is complete without a set of pros and cons. Following is the Xero - Cloud accounting software review -
- Most apt and cost-effective solution for small and medium businesses, due to highly competitive prices
- Excellent features to ensure data security
- A comprehensive setup offered as a Cloud-based service
- An easy-to-use interface with excellent onscreen help and plenty of add-ons
- Management reports
- Multiple user permission levels
- Capability to export files to Excel/Google Docs/PDF
- Compatible with latest mobile technologies including smartphones, tablets, etc.
- Allows you to automatically import PayPal payments, credit card /bank transactions as live feeds
- Flexibility in keeping track of your finances
- No inventory tracking or purchase orders in the Smaller version
- Restrictions on the number of transactions in the starter pack
- Not feature for stock control (so not a best bet for business with stock control and foreign exchange transactions, they should opt for MYOB instead)
4 Key Benefits of Using Xero for Online Accounting
1. Benefit from an Accurate Double Entry Bookkeeping
The developers of Xero have done a really good job of hiding the complexity of bookkeeping and offering a friendly double entry bookkeeping system that is easy for even amateurs to use. Every kind of accounting function, right from accounts receivables, to payroll and inventory management can be quickly and accurately accomplished on Xero.
If you are new to accounting bookkeeping, you need not worry, as Xero has a great online help tool, with efficient self-help features. With Xero you can create records, come up with reports or modify a chart of accounts.
2. Enhance Your Accounting with a Great Framework
The home page of Xero is leaner as compared to Wave Accounting and FreshBooks. Since the user-interface of Xero follows Windows, the navigation is simple, easy-to-use and fast.Here are some great features of the six tabs within the Xero framework -
- Dashboard - Get a quick look at the financial status of your company, with all critical information neatly presented on the dashboard
- Accounts - This is the place where you can link up to your bank account, download statements, complete your accounts payable/receivables, and check up on your fixed assets
- Reports - You can create reports about anything and everything with this great feature
- Advisor - From journals, sales tax, reports, GL transactions, and management reports, you can get access to great accounting material on Xero
- Contacts - With this features, you can maintain records of your employees, customers and suppliers
- Settings - Allows you to choose or modify settings, as per your preference
3. Accomplish Common Accounting Tasks with Ease
The tabs within Xero are as organized and clean as the home page. You can view and import your contacts in the CSV format. Each of your contact records will be linked to related activities and financial information. This is a great feature which is absent in FreshBooks and Wave Accounting.
In the accounts receivable / payable menus, you can create invoices, credit notes and view statements. However, you cannot make estimates or purchase orders, a feature which is present in QuickBooks and FreshBooks. Xero does not support complete online banking, but you can still import statements, write checks and make payments through PayPal.
4. Create Customized Reports for Your Financial Functions
Xero's reporting functions fall under a unique tab and are customizable. You can create reports for your inventory items and later track your inventory levels.
5. Small, Medium and Large Pricing Packages
After the initial trial period, you can choose from three types of pricing packages. Xero is available in three sizes, namely Small (£12 per month), Medium (£19 per month) and Large (£24 per month). If you take the small package, you would have a limitation of 20 bank transactions, while the medium package can provide you with unlimited bank and invoice transactions. The large package is a wholesome plan which also has the options for adding multiple currencies. As an accountant, you can register for the free partner edition and manage multiple clients with ease.
Conclusion: Should You Buy Xero Accounting Software?
Xero is a great and innovative accounting application, though it will be better if it comes up with a more customizable and comprehensive Dashboard and item-tracking options like FreshBooks. This business accounting software has efficient tools like Trackable inventory and purchase orders. However, QuickBooks Desktop Premier is a strong contender to Xero. To conclude Xero accounting software reviews, the Xero accounting system is a great buy for small to mid-size businesses.
Outsource Xero Accounting Services to Flatworld Solutions
Over the past few years, Flatworld Solutions has been successfully using the Xero apart from other accounting software to meet the accounting requirements of small, mid-size and large businesses across UK, US, Europe and Australia.
Our in-house team of accountants have been specially trained to use the benefits that Xero offers to small and medium-sized businesses. Why not leverage the power of the Xero accounting software for your business, minus the costs and hassles involved in buying the software or hiring resources?
Get in touch with us right away. We, at Flatworld Solutions will be glad to assist you and give your business a competitive edge, it deserves.