Item: Xero
Rating: 10
Author: Michael Hanley

Use Cases and Deployment Scope

I am a CPA that has been providing accounting and tax services to businesses for 20 years. I use Xero for many of my clients to maintain their accounting records. The software is one of the leading softwares in the industry and used by small- to medium-sized businesses throughout the world.

Pros and Cons

Accounting Reports
Foreign Currencies

Sometimes the bank links break
Automatically learning transactions

Return on Investment

Xero has allowed me to improve the efficiency in reporting for my clients.
Xero has allowed me to create custom reports to better provide relevant information.

Alternatives Considered

QuickBooks Online

QuickBooks and Xero have many of the same functions and both will provide a business with the information a basic accounting software would. Xero provides better custom reporting options, and using cash coding it is more efficient for me to reconcile large volumes of transactions. FX converting function is also very good for entities with transactions in multiple transactions.

Other Software Used

QuickBooks Online, Proconnect Tax Online, Intuit Lacerte

Likelihood to Recommend

Xero works very well for small- to medium-sized businesses with one entity. Multiple entities may be difficult to manage using a software like this because it will not consolidate financial records. The report function is great and allows me to edit the report to provide my clients the information they need for management purposes and have other reports that I need in order to produce financial and tax records. The FX currency works well and better than other software that I have used.

Xero Accounting Software

Overall Satisfaction with Xero