Nothing but Xero
Overall Satisfaction with Xero
I use Xero for managing the accounting for my own small business. Bank and credit card account feeds populate the product. Rules manage accounting for the transactions primarily. Integration with Expensify and Harvest manage time and expense reporting. This all assists in making the accounting burden very simple and pushes it behind the scenes. The reporting is very good and quite sophisticated. The most important quality is transparency and mobile access.
- Transparency and Mobility. Subscription permits any number of users to access. For business owners, this means they have access to their company information anywhere anytime with no additional cost.
- Nearly real time reporting. Bank and credit card feeds along with rules to manage transaction reconciliation makes information very nearly real time.
- Secure. Xero was designed in the cloud with banking-level security. (Not hosted by a server managed by somebody else or re-engineered from an old client- server system). No more data sitting on a hard drive waiting to be compromised in any number of ways.
- Client Invoicing and integrated online payment capacity. Invoicing is excellent and very professional looking. Receivables are easy to stay on top of. Everything is easy to stay on top of.
- Reporting. While inception reporting has always been pretty good. However Xero just rolled out an enhanced reporting structure which truly makes Xero stand out. No other system has the reporting capacity, depth and flexibility that Xero has.
- Hundreds of add-ons available to integrate with Xero - more all the time. Xero is the core accounting platform and add-ons like Expensify, Harvest, Gusto - products I use- integrate very well. This allows businesses to get their accounting and associated back office systems set up the way they need to work.
- Excellent tool for collaboration. I rarely meet with my clients after initial set up. We collaborate and work together remotely to manage transactions, reporting, etc., super efficient.
- Payroll for more than one or two people isn't there yet. Recommend an add-on product for payroll. Xero is focused on payroll improvements but is not there yet for the US marketplace.
- Rolling out new bank feeds constantly, but some are not available yet.
- 98% on time payments received.
- Quarterly reporting is available with the most recent bank feed - i.e. The days after the quarter end I have my numbers.
Xero is the superior product to Quickbooks, Quicken, and FreshBooks. Hands down.