Xero is an online accounting software platform for small businesses and their advisors, as well as for personal finance. Xero competes most often with QuickBooks Online. Its features, beyond the ubiquitous general ledger and double-entry bookkeeping support, include invoicing with quotes, bank reconciliation, purchase order and expense management, tax management, and it is mobile-accessible. Xero integrates with over 800 third-party applications, covering everything from inventory and logistics to cash flow, project management, customer relationship management, e-commerce and more.
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 is beautiful accounting software for small businesses and their advisors. See your cashflow in real-time with online accounting, invoicing, payroll, billing & banking. Just login and see the difference. Sign up for a free trial at https://www.xero.com/signup/
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 further.
There are two primary reasons for the 10 rating - UI (including platform stability) and the open API/add-on ecosystem. This allows a CPA to provide value-add services beyond traditional bookkeeping, and to truly fill the coveted "trusted advisor" status.
I have considerable experience over the last 35 years with software. Solutions like Xero would have been unaffordable to SMEs. There are always new features being added although my only concern is a rushed through payroll system for 2015-16. In reality Xero was not ready and our practice suffered as a result. we trusted Xero that it was really tested. That trust was based on our involvement with the payroll development. That said, it is saving our practice time in processing payroll. There are some glitches still and reporting such as P11's are still not available.
Occasional Payroll glitches and the slow development of the new more flexible reporting is the only reason this is not a 10.
Xero is an amazing software platform, which helps to explain why over one-third of the largest US public accounting firms already serve clients on Xero. The founders developed a solution to fulfill a need, and the results have been fantastic.
Client onboarding is a big deal. Xero has a QuickBooks conversion tool to speed this up and bring in past transactions, but it can be improved.
Xero has chart of account templates that can be used across clients very easily.
Xero has reporting templates that can be used across clients very easily.
The two features above make it really easy to set up industry specific verticals in Xero. The chart of accounts and reporting make up the framework for the accounting and the deliverable to the client.
Collaboration with clients is easy. We send links to our clients, they click on them and leave notes right in the system. If there were notifications on this it would be a bit easier.
The level of automation possible makes life simpler for small businesses. And the ability to collaborate in real-time makes it possible to serve customers in a way we couldn't before. And the continued release of features that really impact our customers for the better continues to reassure us this was a good choice.
Processing efficiency, accessibility, focus on client servicing and not on network administration, customer service and account management focused on helping your practice grow, innovative, continuous improvement on solutions focused on accountants. And most importantly, it makes you be cool!!!
Because we specialize in one vertical, it's easy for us to set up standard processes across multiple clients using Xero.
Also, one of my favorite features is the ability to publish reports for each client. We publish monthly financial statements with footnotes for management so they can be notified of trends in their data. Clients can log in at any time to pull the published reports for review.
The ease of set up and functionality are attractive features. The ability to manage and support multiple clients on this same platform is inviting! Staff and others can also have log-ins as well as other interested parties such as financial planners, business agents, etc. This truly makes for a collaborative team approach to get the most out of the client's financial data!