Xero accounting software currently offers some of the best features, usability, and integration options to businesses worldwide. Continue to read the full review of pricing and features. Are you a business looking for cutting-edge accounting software? Maybe you are already using accounting software but want to explore other best options available in the market. Either way, you are in the right place, as this post will review Xero accounting software.

You will learn about the origin of this accounting software, what it does, and what features and pricing options. Xero is one of a kind cloud-based accounting software from New Zealand. This accounting software has given other competitors a run for their money since its inception. Xero offers businesses with dynamic features with a sophisticated solution to accounting operations. You can now create a wide range and volume of reports with support for over plus integrations.

Additionally, it has no limitation on the number of users to use it simultaneously. The best part is that now you can take your accounts anywhere due to the cloud-based mobility with a modern and user-friendly user interface UI. Xero has recently introduced a project management feature that not many accounting software offers in the market. Xero has recently spiked its price tag and no longer includes a built-in payroll feature in its plan. Moreover, you only get expense claims, multi-currency, and project management features with expensive plans only.

This may make Xero accounting software more suitable for medium to large businesses. That said, Xero accounting software offers strong accounts reconciliation features, data imports, tracking your sales as well as purchase transactions. The recent improvements by the company in the setup process of the accounting software have made it a solid choice for all types of businesses. Here are the good and not-so-good aspects of using Xero as your choice of accounting software.

Xero is a perfect solution to simplify your business’s accounting process in a skillful manner. The software supports all major financial elements a business would expect from a double-entry accounting solution for small businesses. You can manage your bills, expenses, sales and purchase records, inventory records, and payroll.

Moreover, you can also create detailed records of all your employees, suppliers, customers, and items. The best part is that you can use any of these records in customizable transactions such as purchase orders, invoices, quotes, etc.

Unlike other accounting software solutions, Xero allows your business to manage fixed assets. You will be able to see your short-term cash flow and overall business snapshot. If you are a business using accounting software or a basic accounting tool such as Microsoft Excel, you probably have a lot of data to deal with already.

You can now use Xero because it offers an easy feature to import all your existing data from other online platforms via a direct conversion tool. But what if you are a business that has never used accounting software? In that case, Xero offers you full online support, and you can watch the introductory video and a dashboard with easy UI to help you understand what you need to do, so set up your own Xero accounting site.

Some links will take you to the relevant pages to accomplish all these tasks. This is one of the most straightforward setup tools you will be able to get in any accounting software out there. Before you start entering your transaction data, you must create records of all contacts, services, items.

Xero offers incredibly pocket-friendly pricing to businesses of all sizes. The best appeal of using this software is that there are no user limitations on any plans. However, Xero no longer includes payroll as a feature; you must purchase it as an optional add-on. Plus, certain features are now available with the most expensive price plans. That said, you will still get live bank feeds with each plan so your business can categorize, download, and reconcile all your financial transactions hassle-free.

Xero accounting software offers three categories of price plans with a monthly payment model. There is no annual contract available, and you can opt to cancel the subscription at any point. However, you have to give Xero at least 30 days of prior notice for cancellation.

If you are not sure about using Xero in the first place, the company offers you a day trial with a demo company setup. This way, you can explore Xero’s features and functionalities without buying them. In case you are a non-profit organization, owner of several companies, Xero may offer you discounts.

Here is a breakup of all price plans covering all the accounting essentials your business will ever need. Rest assured as all the features and plans are secure and safe. This plan is suitable for sole traders, freelancers, and new beginners. This is Xero’s most popular price plan amongst businesses. If you are a new small business in its initial days of growth, this is probably an ideal price plan for you.

However, this option is most suitable for well-established companies of all sizes. Xero accounting software comes with several innovative features, so let us look at them one-by-one. Xero is a purely cloud-based accounting software solution with no need for lengthy downloads and complicated installation setups.

No matter what device you are using and which platform you are on, Xero offers compatibility with all. Just make sure you are using the latest version of the browser.

You can now create and manage all your business bills using Xero accounting software. The software allows you to enable all your bills and attach any photos and related documents with them. You will also get a “Purchase Overview” screen that will display all the details about your purchase orders and bills.

Unlike other accounting software solutions with scattered features and functionalities, Xero offers a compact user interface taking up minimal space on your computer screen. The dashboard presents vital financial data of your business and links to their relevant activities.

Almost all features on Xero’s dashboard have a link that can take you to the relevant actions and pages. The tabs on Xero run horizontally across the top while dividing the entire site into functional groups logically. These include your dashboard, projects, contacts, and business accounting. Simply click on your business name on the upper left, and this will take you to settings and several other housekeeping tasks. Your business menu is where you will be spending most of your time working on Xero accounting software.

You can now automatically create default accounts charts on Xero based on the industry your business belongs to. You can even customize these charts or import your own charts of accounts into Xero. Not many software solutions out there can offer you this feature. For mobile users, you can download a Xero accounting app for both Apple and Android devices. However, you must remember that there are separate mobile apps for Xero projects and Xero expenses, so do not forget to download them as well if you need those features.

Xero offers a customizable dashboard featuring beautiful graphical settings with labeled tabs for each category. You can even re-arrange these tabs according to your personal preference. This will give you a brand new navigation dashboard to look at various financial aspects of your business. With Xero, you can now create a quote and convert it to invoice bills or purchase orders.

You can also duplicate past invoices to save time and add internal notes. Xero will use the same template for a quote that it uses to create your template. You will get numerous accounting reports production functionalities. There are 55 different report templates ranging from budgeting of your cash flow to sales and much more. You can even customize all your financial reports and save your favorite ones for quick access.

You can use the budget manager reports to create budgeting reports from 3, 6, 12, and 24 months. Moreover, Xero will allow you to run a quick summary of your budget reports to check if you are on the path to hitting your financial targets.

If your business works with advisors, you can give them access to all your reports to create journals. Xero also comes with a feature to create recurring journals. Xero promises to offer an impeccable contact management feature to your organization.

You can use it to add the basic contact details of each customer and supplier. Moreover, you can mention sales tax rates and discounts for each party.

Xero goes the extra mile to let you organize your contacts in smart lists and groups. You can use your smart lists for your marketing campaigns to target specific clients. For example, you can create a smart list of your most loyal customers or customers based on demographics such as age, location, profession, etc. You can also utilize smart lists to send an invoice to the entire group in one go. The same features are available to manage your suppliers as well.

There are over eight built-in email templates with other custom templates to help you create an email for clients, customers, employees, and suppliers. If you wish to connect your business bank account and credit card account to Xero, you can do so conveniently. You can even manually import your bank statements into Xero’s interface. Xero accounting software also allows you to categorize your business expenses and split financial transactions.

Xero’s innovative categorization feature will remember the previous transaction categories used and automatically categories your future transactions saving you time. However, you will have to approve each transaction for each categorization.

Xero comes with an attractive and modern user interface with very well-organized visibility. However, it does come with a steep learning curve, whether it is your first time as a business using its accounting software or you have been using other competitor solutions. You will have to take your time to learn about all the features Xero accounting software has to offer.

 
 

Xero Accounting Software Review | Plans & Prices – Canstar Blue – Payroll-only plan

 

Today, Xero has over two million subscribers across the globe, but what exactly does it have on offer in Australia, and is it the best fit for your business? Find out more about Xero accounting software with this Canstar Blue guide.

Xero is a cloud-based accounting software program which offers multiple plans to help businesses balance the numbers, with plans including the Starter, Standard and Premium.

All Xero subscription plans also include the following features:. Premium 5. You can also alter the Premium plan to feature more people on the payroll function, for an additional cost, with a maximum of able to be added. Xero also has the option to add a number of extras on to each plan, including claim expenses, project tracking and analytics, but each comes with additional requirements and costs.

For those after something a bit more than a traditional accounting software package, Xero also offers support and programs for bookkeepers and accountants, with programs featuring workflow and job tasks, invoicing, timesheets and compliance programs to help be a one-stop shop for number crunchers in a business environment.

Xero has been a mainstay within the accounting software market, offering a wide range of features and plans to help businesses get up to speed on money matters, as well as ensure that cash flows and pay runs go smoothly. Regardless of your accounting expertise, it always pays to do your research into the market and its offerings before purchasing, with Australia home to plenty of accounting software brands, meaning you may be able to find a better fit elsewhere.

You can add as many Xero organisations as you like, choose a pricing plan for each one, or set up a free 30 day trial. Xero offers a discount for multiple organisations when you subscribe to more than one Business Edition organisation. To qualify for the discount, the organisations need to use the same subscriber email address. The discount is automatically applied when you use the same email address and the organisations use the same country edition of Xero.

If an organisation uses a different country edition, contact Xero Support so they can apply the discount manually. You’ll receive your invoice at the end of your monthly billing period. Payment will be taken on the date shown on your invoice using the payment details entered when you purchased your subscription. We’re committed to the security of your data and provide multiple layers of protection for the personal and financial information you trust to Xero.

Included in the standard plan. Send invoices and quotes Send online invoices and quotes to customers, plus add a payment service. Send invoices Quotes. Enter bills Track your bills to pay, schedule bill payments, and pay suppliers in a batch. Pay bills. Reconcile bank transactions Match your bank statement and Xero transaction data to keep them in sync.

Keep track of your unpaid and overdue invoices, bank account balances, profit and loss, cash flow and bills to pay — plus reconcile bank accounts and convert quotes to invoices. Free with every subscription. Compatible with iOS and Android. Apps like Stripe, GoCardless, Vend, Shopify, and WorkflowMax that perform a wide range of business functions connect seamlessly and sync data with Xero.

Each month, Xero sends you a link to your subscription invoice. You can pay it using Visa or Mastercard debit or credit cards, or by direct debit. The payment date depends on when you signed up to a pricing plan.

That includes the chart of accounts, invoices, bills, contacts and fixed assets. We recommend working with an accountant or bookkeeper, preferably one with Xero experience, when you make the move. Xero provides multiple layers of protection for the personal and financial information you entrust to Xero. Send invoices. Bank reconciliation.

 

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