Overall Satisfaction with Xero
We run a number of retail stores, and use Xero for accounting over the whole business. We also link it with Vend which we use to run the shops and inventory.
- The entire product is beautiful and simple to use, but particularly the bank reconciliation which is almost impossible to get wrong.
- You and your accountant work on the same data, no more transferring or synchronising files.
- There are a huge number of add-ons that mostly work very well, making ERP level features available to small businesses.
- Xero is very innovative and collaborates with other large companies and the government to improve the product, i.e. when purchasing from some petrol companies the invoices appear in Xero automatically.
- Foreign exchange is a dream, all balances being revalued automatically.
- Makes full use of being online, with customers able to view invoices and quotes online.
- Xero is still a relatively basic system, and would not be suitable for large businesses with complex needs. However it does cover all the basics very well, and has many add-ons that can be used to cover gaps.
- Massively reduce time spent on bookkeeping by making all tasks simpler and quicker
- Better and faster reporting because everything is so easy to keep up to date
- Easier collaboration with accountant, they can see everything in the system without having to send them anything
The sole thing to determine is whether the requirements are too complex for Xero plus one or more add-ons. If the requirements can be met it is a no-brainer - Xero will be the best option. It is best suited to smaller businesses, but can also be good for large business provided they don't have complex needs.