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Best mid-range accounting software!
December 01, 2021

Best mid-range accounting software!

Kelly Bonneau | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Overall Satisfaction with Xero

Xero is our accounting software that is used for all of our bookkeeping and financial reporting needs. It is able to handle multiple currencies and multiple entities which is important to our organization. We also really like the ability to customize the reports to fit our exact needs.
  • Syncs with our bank accounts to automatically update our transactions that need to be coded.
  • Integration with Receiptbank.
  • User management and permissions.
  • Consolidation of multiple entities.
  • Integration with our credit card platform - all transactions have to be manually uploaded to Xero.
  • Xero has helped us save time with our month-end reporting by streamlining our processes.
The main reason for switching to Xero was the ability for it to handle multiple currencies as well as the integrations available to streamline our bookkeeping.
Xero is very user-friendly and intuitive for the most part. Custom reports are a great tool but there are some things within them that I wish were a little easier.
We're able to add our auditors to Xero as view-only users so that they can access our GL, TB, invoices, etc. on their own. This saves us a ton of time as we don't have to pull samples for them.
We use the integration with ReceiptBank and our bank account which both work really well. I wish it also integrated with our credit card platform.

Do you think Xero delivers good value for the price?

Yes

Are you happy with Xero's feature set?

Yes

Did Xero live up to sales and marketing promises?

Yes

Did implementation of Xero go as expected?

Yes

Would you buy Xero again?

Yes

Dext Prepare (with Receipt Bank), Fathom, Expensify
Xero was a definite step up from QBO, specifically for the ability to handle multiple currencies. It has allowed us to streamline our bookkeeping and month-end processes through the use of integrations with other services. It is a great tool for basic businesses. I do feel it is not the best tool for enterprise customers, complex businesses, or the consolidation of entities.

Xero Feature Ratings

8.0
Accounts payable
10
Accounts receivable
10
Cash management
8
Bank reconciliation
8
Expense management
8
Time tracking
Not Rated
Fixed asset management
Not Rated
Multi-currency support
9
Multi-division support
8
Regulations compliance
7
Electronic tax filing
Not Rated
Self-service portal
Not Rated
Global Financial Support
Not Rated
Primary and Secondary Ledgers
Not Rated
Intercompany Accounting
Not Rated
Localizations
Not Rated
Journals and Reconciliations
7
Enterprise Accounting
5
Configurable Accounting
Not Rated
Centralized Rules Framework
Not Rated
Standardized Processes
Not Rated
Not Rated
Inventory tracking
Not Rated
Automatic reordering
Not Rated
Location management
Not Rated
Manufacturing module
Not Rated
Not Rated
Pricing
Not Rated
Order entry
Not Rated
Credit card processing
Not Rated
Cost of goods sold
Not Rated
Order Orchestration
Not Rated
End-to-end order visibility
Not Rated
Order exception Resolution
Not Rated
Not Rated
Pay calculation
Not Rated
Benefit plan administration
Not Rated
Direct deposit files
Not Rated
Salary revision and increment management
Not Rated
Reimbursement management
Not Rated
7.7
Dashboards
7
Standard reports
8
Custom reports
8
Not Rated
API for custom integration
Not Rated
Plug-ins
Not Rated
9.0
Role-based user permissions
9
Single sign-on capability
Not Rated

Evaluating Xero and Competitors

Yes - We replaced QBO with Xero as we needed something that would grow with our company and be able to handle multi-currencies.
  • Product Features
Multi-currencies were our make-or-break factor and Xero was able to handle it!
I don't know that I would change anything. Xero was the perfect next step for us. We may outgrow it as our Company continues to grow but it's served us well.