Xero is a favorite accounting app among qualified accountants as well as lay users. The software product was launched in 2006 in New Zealand and since then has found great success in the US, UK, European, and Australian markets. The parent company has expanded its offices to 20 locations around the world. In fact, Forbes Magazine named Xero as the world’s most innovative growth company for the years 2014 and 2015.
Hundreds of thousands of sole accountants and business users leverage Xero’s enterprise-grade functionality for their financial management tasks and operations. This software integrates seamlessly with other accounting solutions and third-party applications, allowing you to fully extend its usefulness. Our experts appreciate this aspect as we know how hard it can be to export sensitive customer data.
If you want basic features, you can subscribe to the simple Starter package. But if you need advanced functionalities, invest in the premium plans. The vendor offers a handy 30-day free trial to enable you to check out the features free of cost and decide if the system is suitable for your business needs.
Benefits of Xero
Why should you opt for Xero among all the quality accounting apps out there in the market? Here are the main reasons:
You get a 360-degree overview of your company’s current financial scenario
Xero provides genuine and accurate feedback on your enterprise’s financial operations and health. Financial reporting is one of its strong points and you can easily select the filters you need to get a summary of the impacts of all your activities. Plus, you can customize even standard reports for your specific needs.
Xero offers standard reports such as Cash Flow Records, Income Statements, and Balance Sheets. These reports are highly beneficial as they offer additional analysis on specific areas such as aged payables, expenses per contact, sales per item etc. Plus, you can filter the reports for details on important transactions per category and also generate detailed invoicing histories for each client. Experienced accountants can use the Business Performance tool that tracks net value per sale and equity ratio debts as well as the Management Reports that provide a clear picture of the enterprise’s profitability based on cash flow observations and return on investment (ROI).
It improves inventory management
Xero stands out among small-biz accounting apps as it processes and runs payrolls, and also calculates taxes for more than 20 states in the US.
In addition to payroll, Xero also offers outstanding inventory and stock management functionality. It enables you to create and store in-depth possession records that can be used automatically in your transactions. These records are robust and host details such as relevant descriptions, committed quotes, purchase costs, and tax status. Though payroll is offered only with premium packages, you get inventory management even with the basic plan and you can make use of enterprise-grade asset tracking by shelling out just $25/month for the Starter package.
Last but not the least, you can count on the vendor’s prompt and reliable support offered by knowledgeable and friendly agents on multiple channels such as phone, email, and tickets. The provider also offers comprehensive training to help users maximize the software’s potential and effectiveness.
Overview of Xero Features
- Smart lists – Segment contacts based on purchase history
- Receive bills electronically
- Quick and easy 1099s
- Purchase orders
- Online accounting – Access Xero anytime, anywhere
- Mobile apps (Android, iPhone/iPad)
- Log in from anywhere
- Invoicing – Create and send invoices automatically
- Free, unlimited email support
- Financial reporting
- Files – Attach documents to your financial data
- Expense claims
- Dashboard – Instantly view your bank balances, sales, and bills
- Contacts – Keep track of suppliers and customers
- Bank reconciliation – Automatically import and code transactions
- Add-ons – Choose from a wide range of powerful add-ons
Pricing of Xero
Xero price depends on which of the three plans you will choose. Here are the available plans:
Starter Plan – $25/month
Ideal for small businesses with simple needs. This plan offers 1 payroll, 20 bank transactions, 5 bills, and 5 invoices and quotes.
Standard Plan – $50/month
This more expensive package offers 5 payrolls as well as unlimited bank transactions, bills, and invoices and quotes.
Premium Plan – $60/month
This is the most expensive Xero package. Includes all the unlimited features of the Standard plan, plus: 10 payrolls, auto superannuation, and multi-currency.