Overview
What is Xero?
Xero is an online accounting software product for small businesses and personal finance. Its features beyond general ledger and double-bookkeeping include quotable invoicing, bank reconciliation, purchase order and expense management, and tax management. Third party apps can extend its features…
Accounting made easy
Xero Review
Prosper in the symphony of financial excellence with Xero.
Xero to Hero
Xero, your Accounting-starter buddy!
Xero - I Love That It is One Touch Bank Reconciliations
Xero the Hero
Xero or Zero
Easy to use accounting software.
Xero is great for quotes.
Xero
Xero
Great product, easy to use and user focused.
Xero offers a …
Efficient User
How Xero Differs From Its Competitors
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Awards
Products that are considered exceptional by their customers based on a variety of criteria win TrustRadius awards. Learn more about the types of TrustRadius awards to make the best purchase decision. More about TrustRadius Awards
Popular Features
- Bank reconciliation (188)9.191%
- Accounts receivable (181)9.090%
- Standard reports (183)8.383%
- Dashboards (180)8.080%
Reviewer Pros & Cons
Video Reviews
1 video
Pricing
Early
$13
Growing
$37
Established
$70
Entry-level set up fee?
- No setup fee
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
Starting price (does not include set up fee)
- $13 per month
Features
Payroll Management
Provides for pay calculation and benefit plan administration, in addition to managing direct deposit, salary revisions and payroll tracking.
- 7.9Pay calculation(65) Ratings
Pay calculation provides for computation of employee pay with state and federal deductions.
- 8.1Benefit plan administration(23) Ratings
Benefit plan administration is administration of health insurance plans and 401k plans, and other benefits.
- 7.8Direct deposit files(49) Ratings
Direct deposit is the ability to electronically transfer pay to an employee’s personal bank account.
- 7.7Salary revision and increment management(41) Ratings
Salary revision is the ability to modify individual employee pay.
- 7.3Reimbursement management(54) Ratings
Reimbursement management provides cash reimbursement for employee expenses related to business travel or other.
Customization
This addresses a company’s ability to configure the software to fit its specific use case and workflow.
- 7.7API for custom integration(79) Ratings
An API (application programming interface) provides a standard programming interface for connecting third-party systems to the software for data creation, access, updating and/or deletion.
- 7.4Plug-ins(115) Ratings
A number of third-party plug-ins are available to expand the core functionality of the software.
Security
This component helps a company minimize the security risks by controlling access to the software and its data, and encouraging best practices among users.
- 7.3Single sign-on capability(72) Ratings
The software system supports a centralized authentication mechanism allowing the user to access multiple systems with a single, centrally managed password.
- 8.8Role-based user permissions(161) Ratings
Permissions to perform actions or access or modify data are assigned to roles, which are then assigned to users, reducing complexity of administration.
Reporting & Analytics
Users can report on and analyze usage, performance, ROI, and/or other metrics of success.
- 8Dashboards(180) Ratings
Users can create, customize and share dashboards, which provide an overview of the most important metrics.
- 8.3Standard reports(183) Ratings
The software offers pre-built reports with metrics standard to the category.
- 8.1Custom reports(163) Ratings
Users can create custom reports.
General Ledger and Configurable Accounting
Financial management solution, including capabilities for general ledger and configurable accounting
- 8.8Accounts payable(180) Ratings
This includes the automation and tracking of payment to vendors and suppliers, with features such as payment scheduling, check printing, open purchase order alerts, document management, direct ACH bill payment, and vendor records.
- 9Accounts receivable(181) Ratings
This includes the management and automation of invoices and collections, with features like statements, invoices, receipts, payment reminders, customer records, auto billing, and refund checks.
- 8.1Cash management(165) Ratings
The software provides a complete picture of a company’s cash flows, streamlines payment processing, and includes cash forecasting.
- 9.1Bank reconciliation(188) Ratings
The software connects to a company’s financial institutions in order to reconcile accounting records with checking, savings and credit card accounts. Often month and year closing capabilities are included.
- 8Expense management(171) Ratings
The software can log and track business expenses and reimbursements, including travel-related expenses, with the ability to tie them to particular projects.
- 7.9Time tracking(62) Ratings
The software can track billable and non-billable employee time by project.
- 7.9Fixed asset management(117) Ratings
This includes the ability to track fixed assets (e.g., laptops), including location, check-in and check-out, maintenance scheduling, audit history, specialized property tax period reports, cost and depreciation.
- 7.7Multi-currency support(112) Ratings
The software supports transactions across multiple currencies.
- 7.5Multi-division support(94) Ratings
The software is flexible and supports bookkeeping practices along multiple dimensions such as locations, branches or products.
- 8.3Regulations compliance(96) Ratings
The software helps users adhere to typical accounting standards and regulations such as IFRS, GASB, or GAAP.
- 8.9Electronic tax filing(97) Ratings
The software provides a full electronic interface for the filing of repeatable taxes, such as payroll or sales tax.
- 7.8Self-service portal(108) Ratings
The software provides online portals for certain stakeholders to find information relevant to them, such as employees, vendors and customers.
- 6.4Global Financial Support(53) Ratings
Account using multiple ledgers, multiple currencies, and multiple entities
- 7.4Primary and Secondary Ledgers(51) Ratings
Record and report across multiple currencies and accounting standards with primary and secondary ledgers
- 5.8Intercompany Accounting(40) Ratings
Automatically balance and reconcile GL for intercompany transactions
- 8Localizations(39) Ratings
Meet reporting requirements with country-specific localizations
- 9.2Journals and Reconciliations(90) Ratings
Automate and synchronize ledgers and processes
- 4.1Enterprise Accounting(33) Ratings
Create accounting for disconnected ERP and non-accounting source systems
- 5.5Configurable Accounting(59) Ratings
Configure accounting rules and segments for each chart of accounts
- 4.9Centralized Rules Framework(33) Ratings
Integrate disparate ERP and transactional systems into single ERP instance
- 5.9Standardized Processes(59) Ratings
Centralize financial management to facilitate standardized financial processes
Inventory Management
The ability to track and manage the flow of goods or materials into and out of an inventory.
- 6.4Inventory tracking(84) Ratings
The software syncs orders and stock to maintain a real-time picture of inventory and supports multiple methods such as LIFO and FIFO.
- 6.9Automatic reordering(24) Ratings
The software can be set up to automatically reorder a good when it falls below a certain threshold.
- 6.9Location management(29) Ratings
The software can track multiple goods across multiple locations.
- 6.3Manufacturing module(16) Ratings
The software helps track and manage raw materials, work-in-progress items, and finished goods.
Order Management
The ability to process orders, and track them from quote to cash.
- 6.7Pricing(62) Ratings
Users can set up complex and unique pricing requirements.
- 6.8Order entry(56) Ratings
Users can enter an order once, and the data flows to all the necessary units such as fulfillment and billing.
- 7.3Credit card processing(58) Ratings
The software facilitates credit card processing.
- 7.2Cost of goods sold(66) Ratings
The software calculates the direct costs attributable to a finished product, such as materials and labor, and includes roll-up pricing.
- 6.5Order Orchestration(21) Ratings
Define and execute order fulfillment processes for products as well as services on the same order.
- 6.4End-to-end order visibility(24) Ratings
Get updates on orders, inventory, shipments, planned supply, and invoices, and improve the quality of decisions through in-context analytics
- 6.5Order exception Resolution(17) Ratings
Monitor fulfillment tasks and resolve issues, view and evaluate varios options via what-if analysis and define and enforce change order rules
Product Details
- About
- Integrations
- Competitors
- Tech Details
- FAQs
What is Xero?
The product is sold by subscription (a distribution model commonly known as software as a service or SaaS) requiring the payment of a monthly fee. This charge is proportionate to the number (and type) of company entities managed by the subscriber. The lowest tiered pricing option is the $9 per month Starter pack, which supports unlimited users but a limited number of transactions. The $30 Standard pack breaks open usage limits and adds e-filing and payroll options. The $70 Premium package doubles the number of supported employees on payroll from 5 to 10, and supports multiple currencies.
Xero Features
General Ledger and Configurable Accounting Features
- Supported: Accounts payable
- Supported: Accounts receivable
- Supported: Cash management
- Supported: Bank reconciliation
- Supported: Expense management
- Supported: Time tracking
- Supported: Fixed asset management
- Supported: Multi-currency support
- Supported: Multi-division support
- Supported: Regulations compliance
- Supported: Electronic tax filing
- Supported: Self-service portal
- Supported: Global Financial Support
- Supported: Primary and Secondary Ledgers
Inventory Management Features
- Supported: Inventory tracking
Reporting & Analytics Features
- Supported: Dashboards
- Supported: Standard reports
- Supported: Custom reports
Customization Features
- Supported: Plug-ins
Security Features
- Supported: Role-based user permissions
- Supported: Multi-factor authentication
Xero Screenshots
Xero Video
Xero Integrations
Xero Competitors
Xero Technical Details
Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
---|---|
Operating Systems | Unspecified |
Mobile Application | No |
Frequently Asked Questions
Comparisons
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Reviews and Ratings
(720)Attribute Ratings
- 9.9Likelihood to Renew32 ratings
- 9Availability10 ratings
- 10Performance8 ratings
- 8.8Usability133 ratings
- 9Support Rating36 ratings
- 10Online Training5 ratings
- 9.1In-Person Training1 rating
- 7.3Implementation Rating10 ratings
- 9Configurability1 rating
- 10Product Scalability6 ratings
- 6.7Ease of integration93 ratings
- 10Vendor pre-sale2 ratings
- 9Vendor post-sale2 ratings
- 9.1CPA Rating10 ratings
Reviews
(1-5 of 5)Looking for a small business accounting solution? Think Xero!
- Communicates with our bank to provide real time account balances.
- Makes filing state sales tax returns simple and quick.
- Gives a great overview of revenue and expenses and allows me to easily drill down and see the details of each transaction.
- Customer support and documentation is extensive and easy to access.
- Time to enter daily sales invoices has been reduced by 75%.
- Budgeting module allows us to 'predict the future' with increased accuracy.
- Almost 4 continuous years with zero (or should I say 'Xero') downtime! Outstanding service.
- I've been waiting to come up against that one thing that just doesn't work right or seems awkward, but it hasn't happened yet.... kind of amazing when you think about it!
- The one area I found to be challenging was establishing the feed from one of our company credit cards. My experience with another program (Mint) tells me this could be an issue that originates from the credit card company rather than from Xero.
UPDATE: Even without a feed from your bank, it is quite simple and quick to simply download transactions from your bank. In some cases, I have found this to be better.
- Accounts payable
- 100%10.0
- Accounts receivable
- 100%10.0
- Cash management
- 100%10.0
- Bank reconciliation
- 100%10.0
- Expense management
- 100%10.0
- Time tracking
- N/AN/A
- Fixed asset management
- N/AN/A
- Multi-currency support
- N/AN/A
- Multi-division support
- N/AN/A
- Regulations compliance
- N/AN/A
- Electronic tax filing
- N/AN/A
- Self-service portal
- N/AN/A
- Global Financial Support
- N/AN/A
- Primary and Secondary Ledgers
- N/AN/A
- Intercompany Accounting
- N/AN/A
- Localizations
- N/AN/A
- Journals and Reconciliations
- 100%10.0
- Enterprise Accounting
- N/AN/A
- Configurable Accounting
- N/AN/A
- Centralized Rules Framework
- N/AN/A
- Standardized Processes
- N/AN/A
- Inventory tracking
- N/AN/A
- Automatic reordering
- N/AN/A
- Location management
- N/AN/A
- Manufacturing module
- N/AN/A
- Pricing
- N/AN/A
- Order entry
- N/AN/A
- Credit card processing
- N/AN/A
- Cost of goods sold
- N/AN/A
- Order Orchestration
- N/AN/A
- End-to-end order visibility
- N/AN/A
- Order exception Resolution
- N/AN/A
- Pay calculation
- N/AN/A
- Benefit plan administration
- N/AN/A
- Direct deposit files
- N/AN/A
- Salary revision and increment management
- N/AN/A
- Reimbursement management
- N/AN/A
- Dashboards
- 100%10.0
- Standard reports
- 100%10.0
- Custom reports
- N/AN/A
- API for custom integration
- N/AN/A
- Plug-ins
- N/AN/A
- Role-based user permissions
- N/AN/A
- Single sign-on capability
- N/AN/A
- Faster and more accurate data has lead to better decision making, and Xero makes it easy to find this data.
- Being cloud based makes remote work on Xero fast, easy and secure.
- Implemented in-house
- Bank reconciliation very simple.
- Honestly cannot think of one.
Xero superior to QuickBooks
- Bank feeds & reconciliation
- Single ledger
- Xero to Xero network invoices and bills
- Integrations to various, more specific solutions
- Multicurrency
- Reporting query flexibility
- Global search functionality
- Easier return to prior pages after drill-down
- Accounts payable
- 80%8.0
- Accounts receivable
- 90%9.0
- Cash management
- 100%10.0
- Bank reconciliation
- 100%10.0
- Expense management
- 50%5.0
- Fixed asset management
- 70%7.0
- Multi-currency support
- 100%10.0
- Multi-division support
- 70%7.0
- Regulations compliance
- 70%7.0
- Electronic tax filing
- 50%5.0
- Self-service portal
- 80%8.0
- Global Financial Support
- 50%5.0
- Primary and Secondary Ledgers
- 100%10.0
- Intercompany Accounting
- 80%8.0
- Localizations
- 50%5.0
- Journals and Reconciliations
- 100%10.0
- Enterprise Accounting
- 90%9.0
- Configurable Accounting
- 80%8.0
- Standardized Processes
- 90%9.0
- Inventory tracking
- 30%3.0
- Pricing
- 30%3.0
- Order entry
- 30%3.0
- Credit card processing
- 80%8.0
- Cost of goods sold
- 30%3.0
- Order Orchestration
- 30%3.0
- End-to-end order visibility
- 20%2.0
- Order exception Resolution
- 10%1.0
- Pay calculation
- 70%7.0
- Direct deposit files
- 70%7.0
- Salary revision and increment management
- 70%7.0
- Reimbursement management
- 50%5.0
- Dashboards
- 90%9.0
- Standard reports
- 80%8.0
- Custom reports
- 50%5.0
- API for custom integration
- 100%10.0
- Plug-ins
- 100%10.0
- Role-based user permissions
- 80%8.0
- Quicker, more efficient client closing process
- Eliminates need to transfer data files or company versions
- SaaS model, like QuickBooks Online or similar software vs. one-time fee for desktop or enterprise or other multi-licensed desktop software; include as part of fixed, monthly value fee
- Standard reporting functionality allows consistency across multiple entities and users.
- Fewer than 25% of my clients
- Automated bank feeds
- Open API & integrations
- Bank rules
- Hubdoc to Bill.com to Xero integration for full accounts payable and payment system
- Better use of standard report templates
- Convert more clients from QuickBooks
- Price
- Product Features
- Product Usability
- Third-party Reviews
- Implemented in-house
- Need good opening balance sheet
- Identification of correct bank for initial bank feed set-up
- Bank security questions. Not a Xero issue, but rather financial institutions.
- Online training
- Self-taught
- Bank reconciliations
- Connecting apps in Xero marketplace
- Files to attach receipt or other document to transaction
- Payments or receipts that included a standard invoice or bill plus another, unusual component
- New vs old reporting structure unnecessary and clumsy
- Vend
- Spotlight Reporting
- File import/export
- AppExchange or similar marketplace
- Greater payroll functionality and efiling capability
- Enhanced reporting
- More integrated apps
- More states for payroll
- More flexible reporting tools
Couldn't run our business without Xero
We couldn't run our business without Xero, it enables our virtual team and clients around the US and world to collaborate on the accounting 24/7. All of our virtual bookkeepers and virtual controllers are certified on Xero. We work with a range of Xero add-ons to provide best of breed technical solutions and most importantly current and accurate financials. This allows our clients to access their accounting anywhere in the world and know that their books have been updated daily by our team as well as the data is automatically flowing from their banks, shopping carts, and marketplaces.
- Add-on partner ecosystem of partners integrating into the open Xero API to solve specific business requirements and provide support for verticals.
- Stability and performance - updates every few weeks with no outages, always consistent fast online performance
- Smart accounting - bank rules, cash coding, and fast reconciliation
- Accounting Partner Only functionality - Xero partners have a range of tools to better support businesses and efficiently manage their books with Batch & Recode and a number of other functions.
- Improving bank feeds with direct connections and additional functionality with major banks (Chase, Wells Fargo, etc.)
- Direct connections to merchant providers - Stripe, Authorize.net, etc.
- More Tracking Categories (Classes)
- Add projects, tasks and job costing into the core Xero product
Key questions:
- Is your business in the cloud?
- Do you need current and accurate financials?
- Do you need an accounting solution that directly connects to your business or has add ons that will support your business?
- Accounts payable
- 100%10.0
- Accounts receivable
- 100%10.0
- Cash management
- 100%10.0
- Bank reconciliation
- 100%10.0
- Expense management
- 60%6.0
- Fixed asset management
- 100%10.0
- Multi-currency support
- 100%10.0
- Self-service portal
- 100%10.0
- Inventory tracking
- 80%8.0
- Pricing
- 80%8.0
- Order entry
- 90%9.0
- Credit card processing
- 90%9.0
- Cost of goods sold
- 80%8.0
- Pay calculation
- 80%8.0
- Benefit plan administration
- N/AN/A
- Direct deposit files
- 80%8.0
- Salary revision and increment management
- N/AN/A
- Reimbursement management
- N/AN/A
- Dashboards
- 100%10.0
- Standard reports
- 90%9.0
- Custom reports
- 70%7.0
- API for custom integration
- 100%10.0
- Plug-ins
- 100%10.0
- Role-based user permissions
- 60%6.0
- We are significantly more efficient using Xero than Intuit QuickBooks or QuickBooks Online, allowing each virtual bookkeeper to support more clients.
- The Xero Add On Ecosystem allows us to support our vertical (ecommerce) efficiently and profitably
- We are able to engage and collaborate better with our clients using Xero, where all parties have real time access to the finances and we can make notes on the income statement/balance sheet to communicate information.
- Xero has been absolutely stable and reliable, we don't lose time with platform issues, doing upgrades, backing up data, or dozens of other issues running this great cloud applications. Our peers on other platforms lose hours and hours of productivity dealing with issues, sitting on hold, and taking weeks for issues to be resolved. We have none of that with Xero. There are minor issues here and there but they don't halt work or involve significant time to resolve.
- We couldn't run our business without Xero, they are a great platform and company.
- We can work with businesses anywhere in the US and world using Xero.
Virtual Bookkeepers - daily bookkeeping, reconciling accounts, accounts payable/receivable
Virtual Controllers - reviewing accounts, reviewing the finances, managing sales tax, journal entries, financial guidance to our clients
Technical Support - Integrating Xero Add Ons (Payroll - Gusto/ZenPayroll), Hubdoc, Cloud Inventory, Expense Management, Data importing
- Implemented in-house
Xero online accounting - Don't look for anything else
- User Interface is clean and easy to use
- Invoice customization/branding
- Great tools for developers to integrate their own systems
- Localization. Invoices can be customized to pretty much anything we want, but It would be great if the software could allow to change the menus and opttions to another language
- Hassle-Free Accounting
- General Manager
- Chief Technology Office
- External Accountant
- Automatic Invoice Generation / Integration with existing systems
- Online access from anywhere for us and our accountants
Quickbooks Online
Xero offered the best mix of features + customizations. Freshbooks actually came in very close, but we went with Xero because we have more flexibility. Oh! and their API is great :)
- Implemented in-house
- Online training
- Invoice Generation System fed from our main LOB application
Integration was done in less than a day thanks to the Xero API and an open-source wrapper for .NET that the company hosts on github.
The Future is in the Cloud with Xero!
- It is intuitive and easy to learn.
- Interface is beautiful and welcoming.
- Platform is constantly evolving. For example, they recently introduced a future payroll module which would be a great tool. They are working on integrated payments and and invoicing, and a scheduling / workflow module. They are constantly updating and improving the platform.
- Check printing. This has been problematic since the check printing template does not seem to work very well and we have spent a long time trying to get things lined up so that checks print correctly. Part of the problem maybe that this is an Australian company and the check printing capability is designed for Australian check stock. In any event, this appears to be a frequent complaint judging by comments on various forums I have seen.
- Integrated payments (getting there). This is also an issue at the moment. It's not possible for our customers to simply click a button on an invoice to kick off making a payment. We are forced to work with a 3rd-party payment processor called Stripe, which adds another step to the process. This is not ideal since Stripe cannot handle recurring payments which is important to us. It would be better if there were an integration to the Authorize.net payment gateway since this is a better-known processor and can handle recurring payments. Xero is working on an integration to Authorize, and that will help a lot.
- Increased workflow efficiencies.
- New revenue streams on subscriptions. When we were using QB, it was very difficult to set up clients on the platform. Since Xero is a SaaS solution we have a lot more options. For example, we can have clients subscribe and Xero bills us. We then pass that payment onto the client as part of their monthly accounting packages. Also as we are a Silver partner with Xero, we are featured on their website which generates more leads for us.
- Accounting.
- Bookkeeping.
- Invoicing.
- Vendor implemented
- Implemented in-house
- Online training