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Xero
Xero is a cloud accounting software for small businesses and freelancers.
Xero allows you to collaborate with your accountants and offers a friendly UI.
Ive tested the features of Xero software to see how they function.
We evaluated essential features needed for small businesses and calculated a combined overall rating for each.
Here are my top picks from Xero features.
Xero displays notifications when the client views the invoice and the invoice is paid.
It even allowed me to enable prefs for sending multiple reminders to clients for due and overdue invoices.
Paying Bills
Xero offers a clear overview of your companys accounts payable and cash flow.
It lets you access bills online from anywhere and pay them on time.
I am impressed by its batch bill payment and bill scheduling features.
These will definitely save time and spare you from performing repetitive tasks.
Paperless record-keeping is also feasible by emailing bills to the files inbox.
I could organize the bills in folders and view bills on-screen while entering the data.
you’re free to manually add the tracked time to their tasks.
Multi-currency Accounting
Companies operating in multiple countries or dealing with multinational companies can use Xeros multi-currency accounting feature.
Claim Expenses
Xero Expenses allows you to track and claim your expenses.
It supports paperless expense tracking by letting your employees scan receipts and auto-filling claims from the scanned copy.
With Xero, admins can review and approve expense claims submitted by employees.
The Xero Me app enables quick claim submission and approval by employees and employers.
For expense organizations, you’re free to also add tags to the expenses.
Bank Reconciliation
Xero reconciles daily bank transactions by getting a live bank feed.
Xero uses rules to match bank statements with invoices or bill payments.
you’re able to track income and expense metrics to identify trends and get help with financial health.
For more customization and AI-powered predictions, you might switch to Xero Analytics Plus.
What are the Benefits of Xero Accounting Software?
Xero is designed to simplify financial management tasks for small businesses.
Ill mention some significant benefits of Xero accounting software below.
Managing Payments
As an Xero user, youll benefit from streamlined invoicing and payment processing that simplify payment management.
Xero offers you the flexibility and convenience of tailoring payment options with integration support for multiple payment gateways.
Xero functions as a centralized system for the overview of spending, enabling businesses to identify cost-saving opportunities.
It also supports accepting payments directly from the online invoice and reduces the time spent chasing payments.
It minimizes manual effort and ensures you peace of mind with its reliability and accuracy.
This feature lets you supervise your cash flow and transaction activities while adhering to accounting standards and regulations.
Financial Management
Xeros robust financial management features allow you to manage your finances effectively and confidently.
If you seek more specialized invoicing capabilities, explore thesebest invoicing software.
Bank Integration
Xeros integration with over 21,000 global financial institutions allows you to effortlessly import bank transactions.
Collaboration
Xero is popular for its support for collaborative tasks.
Hence, everyone stays on the same page and works efficiently.
Xero complies with ISO/IEC 27001:2013, SOC 2, PCI DSS v3.2, and SAQ A standards.
These certifications ensure that your financial data is protected, giving you peace of mind while managing business finances.
How Much Does Xero Cost?
Xero pricing starts from $2 per month.
They have 3 plans as detailed below.
Can I Use Xero for Free?
Xero doesnt offer a free forever plan, but you might take advantage of one month free trial.
Xero Support
Xero offers customer support primarily through email.
Xero does not offer live chat support either, which could have helped users who need instant solutions.
However, you may want to use some Xero alternatives for additional features like unlimited invoices.
In that case, other options, such as QuickBooks Online and FreshBooks, are available.
I have compared Xero and its popular alternatives: QuickBooks Online, FreshBooks, and Wave.
Ive chosen the features of the starting pricing plan to compare.
Freelancers, sole traders, self-employed, and small businesses will find Xero perfect for their accounting needs.
Its invoicing, reporting, project costing, Stripe payment acceptance, and bank reconciliation features help businesses.
Xero is ideal for businesses in professional services, retail, non-profits, hospitality, and manufacturing sectors.
Who Shouldnt Use Xero?
Xero is not suitable for large companies or enterprises.
If you need highly specialized accounting features or advanced inventory management features, Xero is not for you.
It is not ideal for companies with complex financial structures or large teams.
I did not have to go through any training resources to learn how to use it.
As I checked each of its features, I was able to use them without any difficulty or challenge.
Xeros user interface is popular among its existing client base.
Xeros customizable dashboard is a very useful feature for any business.
I appreciate that Xero offers project tracking functionalities despite not being a project management software.
Xero allows Starter plan users to send only 20 invoices.
As mentioned earlier, I received a delayed response when I contacted Xero with a login issue.
I thought that Id received a late reply because I was a trial user.
But, I noticed many customers also complain about Xero customer support.
Read our detailedQuickBooks reviewto know more.
Yes, Xero is an intuitive software that even beginners can use without training.
If you have accounting knowledge, Xero should be sufficient for your small business.
In case you have complex accounting needs, you will still need an accountant to manage bookkeeping and taxation.
Xero Verdict
Xero is an accounting app with an easy-to-use user interface.
Xero receives theGeekflare Innovation Award.
Whats next?
After understanding Xero accounting features, lets explore more software guides to streamline your accounting requirements.
