Item: Xero
Rating: 10
Author: Verified User

Use Cases and Deployment Scope

Xero is our bookkeeping "bible". All our sales, purchases, payroll, banking flow into it from other applications. Everything works beautifully, except the bank feeds. The only problem we have is that the RBC credit card feeds through Yodlee are spotty, they sometimes just don't refresh, and then we will go 6-9 months and they are perfect. With hundreds of transactions per month, it is so important to have that connection. I know I can trust the data flowing into Xero, I rely on it. We know at any given day, what our financial position is, reports are built and easily customized to suit our needs.

Pros and Cons

integration with Dext
bank reconciliations
reporting

bank feeds
bank feeds
bank feeds (need I say more)

Return on Investment

data available instantly 24/7

Alternatives Considered

QuickBooks Desktop Pro

absolute shit product, difficult to reconcile, find transactions, duplicate bank transactions, difficult to remove those duplicates, just crap.

Key Insights

Do you think Xero delivers good value for the price?

Yes

Are you happy with Xero's feature set?

Yes

Did Xero live up to sales and marketing promises?

Yes

Did implementation of Xero go as expected?

Yes

Would you buy Xero again?

Yes

Other Software Used

Dext Prepare (with Receipt Bank), SureDone, ClickUp

Usability

It is easy to learn, easy to use, easy to understand the process, reports, functionality. Easy to integrate other applications.

Support Rating

Always respond and keep issues open until you are satisfied with the result. Generally good responses, in the past, I had some support responses that were really basic and really annoying. They type where "have your tried restarting your computer" style of answers. Well, of course, I went through all the basics before contacting them. Duh, but I suppose not everyone does. Otherwise, it would be a 10. The last year has shown a marked improvement in the support responses however.

Likelihood to Recommend

I have used Xero for at least 10 years, in Canada and Australia, with different companies, industries, in a CA firm. It has evolved into something that I cannot do without. I have used QBO, MYOB, Spire (shudder) but nothing compares to Xero. It is constantly evolving into something that just adds more and more benefits to your business.

Information is at your fingertips, generate a profit and loss (or balance sheet) with two clicks, drill down into your detail with a further click, then into the source transaction with one more. Source documents are attached at the source transaction level, allowing review by managers / tax accountant with ease. Notes can be added to transactions where required, because I have a short memory!!

Reports can be easily customized. We have created a monthly management report with a host of KPIs built to update every time the report is run. Fan-freaking-tastic. We have customized the P&L to reflect our needs. FFT

Multiple currencies are easy peasy. We have bank accounts in different currencies, bills and sales in those currencies, Xero handles the conversion without issue, reflecting properly on the balance sheet, profit and loss.

The bank feeds are evolving. I understand Xero is working with the banks to create a far better integration. My fingers are crossed, I know it will happen and will work well when it does.

Fan-freaking-tastic

Overall Satisfaction with Xero