Looking for a small business accounting solution? Think Xero!
Updated January 09, 2018

Looking for a small business accounting solution? Think Xero!

Doug Fish | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Overall Satisfaction with Xero

Xero is the cloud based accounting software that we use to run our entire business. It has proven to be a beautiful solution because it provides real time cloud based data about every financial aspect of our small business. We can log on each morning to see an up to date snapshot of payables, receivables and bank account balances on one easy to read dashboard page.

Pros

  • 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.

Cons

  • 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.
  • 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.
We selected Xero because of the fair price, the ease of use and the extensive documentation and support. I used QuickBooks for many years and I don't dislike it, but I just find Xero to be more intuitive, less cluttered and easier to use.
We have found Xero to be the perfect solution for our small business. A key question to ask before deciding to use Xero is whether or not it can access the feed from your bank. I am aware of a small local bank we could not use because of this issue.

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.

Xero Feature Ratings

10.0
Accounts payable
10
Accounts receivable
10
Cash management
10
Bank reconciliation
10
Expense management
10
Time tracking
Not Rated
Fixed asset management
Not Rated
Multi-currency support
Not Rated
Multi-division support
Not Rated
Regulations compliance
Not Rated
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
10
Enterprise Accounting
Not Rated
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
10.0
Dashboards
10
Standard reports
10
Custom reports
Not Rated
Not Rated
API for custom integration
Not Rated
Plug-ins
Not Rated
Not Rated
Role-based user permissions
Not Rated
Single sign-on capability
Not Rated

Using Xero

2 - The company Financial Controller is the main user and the owner reviews the numbers on a regular basis. The ability to upload vendor invoices to this cloud based accounting system is a major benefit and has proven to be a huge reason why we love using Xero.
The simple fact is that Xero works great for us and I cannot imagine switching. Even if our company grew tenfold, I cannot think of any scenario where this solution would not work for us.

Xero Implementation

Xero Training

Using Xero

I use Xero everyday and love it!
ProsCons
Like to use
Relatively simple
Easy to use
Technical support not required
Well integrated
Consistent
Quick to learn
Convenient
Feel confident using
Familiar
None
  • Bank reconciliation very simple.
  • Honestly cannot think of one.

Xero Reliability

After 4 years I cannot remember a single moment of downtime. Outstanding reliability!
After 4 years, NEVER a problem with errors or outages.
Quick and reliable.

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