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Xero - Solid, affordable accounting software
June 19, 2019

Xero - Solid, affordable accounting software

Jeanie Watt | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User

Overall Satisfaction with Xero

Our law firm uses 2 different accounting software programs ... Clio for client management, invoicing and expense management, and Xero for our financial management. Besides myself, the CFO partner and our CPA are the ones who also access Xero when necessary, but I am the main user.
  • Xero syncs well with our client management program Clio
  • Xero is relatively easy to learn and a thorough accounting system.
  • Producing financial reports from Xero is simple.
  • Xero's customer service people are friendly and helpful.
  • Xero is intuitive, ie it preloads names and GL accounts without having to type exactly every word correctly.
  • Often times client invoices don't sync well from Clio, so I have to recreate the invoice within Xero to apply payments.
  • We use the bank feed for 2 of our Xero accounts. When the bank feed fails from time to time, I have to type in all missed transactions as there is no way to grab them retroactively.
  • IOLTA account transactions within Xero are clunky and require extra steps.
  • Xero keeps our finances on track
  • We spend less money paying our actual CPA because Xero takes the brunt of our financial management
  • The actual software is inexpensive
Xero and Quickbooks are very similar in that neither are perfect for law firm accounting. Both are extremely accurate and user-friendly, but lack the IOLTA account function.
Once the software and its capabilities are learned, it has some nice and easy features for accurately maintaining our firm's finances. As with all software, there is a learning curve, but based on past accounting software I have used, Xero seems to be pretty straightforward and user-friendly. When assistance is needed, the Xero customer support people are available and happy to assist. On the flipside, our law firm deals in several IOLTA account transactions daily. This part of Xero is less than efficient, as IOLTA transactions within Xero are clunky. There is not an actual "IOLTA or trust account" in Xero, so our CPA's have developed a workaround that works for us, but it would be preferable to not have to do the work around and the extra associated steps.

Xero Feature Ratings

9.0
Accounts payable
10
Accounts receivable
10
Cash management
9
Bank reconciliation
9
Expense management
Not Rated
Time tracking
Not Rated
Fixed asset management
8
Multi-currency support
Not Rated
Multi-division support
Not Rated
Regulations compliance
Not Rated
Electronic tax filing
9
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
9
Enterprise Accounting
Not Rated
Configurable Accounting
Not Rated
Centralized Rules Framework
Not Rated
Standardized Processes
8
Not Rated
Inventory tracking
Not Rated
Automatic reordering
Not Rated
Location management
Not Rated
Manufacturing module
Not Rated
8.0
Pricing
8
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
Payroll Management ()
Not Rated
7.5
Dashboards
7
Standard reports
8
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