xero accounting review

XERO ACCOUNTING SOFTWARE FOR YOUR BUSINESS

What is Xero Software?

Xero is the leading cloud accounting software for small and medium-sized businesses. It was created in New Zealand, with support to help different types of companies to manage their finances better more effectively than they could before now.

The Xero software has been keeping the other major accounting firms on their toes since 2006. Whether you are a start-up, established chain of businesses or manufacturer; we have a strong solution for your needs with numerous features, including reports and app integrations that offer SME’s ownership over finances while reducing paperwork which streamlines processes throughout all areas in business operations

The new releases from one of Australia’s leading providers will allow companies greater control over how they engage with customers by introducing previously unheard-of data analytics capabilities in today’s modern era.

The software has over two million subscribers (over 500,000 in the UK) and it’s been recognised as a primary accounting solution for firms from all around Europe. Compared with other popular competitors such as QuickBooks or SAGE that have six+ million customers each respectively and about 3-5% overlap between them, Xero’s customer base accounts to be 25%-50% higher.

For some business owners, project management can be a daunting task. With so many different programs and packages out there, it is hard to find one that fits all your needs. Fortunately, Xero recently introduced two new product lines specifically for this purpose:

XERO PROJECTS targeting smaller companies from sole practitioner through mid-sized businesses; or WORKFLOWMAX, which works best if you have more advanced projects needing more features like sending invoices on behalf of clients while monitoring their progress at once.

This review will explore the numerous features and tools Xero has to offer small businesses, accountants, or bookkeepers that want an online software solution. It offers a variety of services, such as invoicing and financial reporting. In addition, its intuitive interface makes it simple for anyone who wants their records organized digitally without having any worries about whether they’re doing everything correctly on paper-based accounting systems like QuickBooks.

Xero Accountants is a Xero certified partner which means we know how important it is to provide you with support and assistance during your time as an entrepreneur, so not only do we offer free software for new clients worth £345 annually, but also training tailored specifically towards simplifying work within accounting programs like Xero.

WHO DOES XERO SUIT BEST TO HELP THEM ACCOMPLISH THEIR BUSINESS GOALS IN AN EFFICIENT MANNER?

Xero is a powerful, all-in-one software tool. The product has been well developed and comes with many automated features for any business’s need, from invoices to third-party integration services like GoCardless or Shopify! You can also set multiple levels of user permissions depending on how much access they require, which ensures complete security when it comes time to manage your account information.

XERO provides great flexibility in its handling options allowing companies who have varying sizes across their workforce, needs ranging from small start-ups without complicated processes needing only basic accounting functions such as general ledger function plus periodic reporting back into HQ through large enterprises needing robust modes including accounts Payable processing & Archiving Data Collection.

Small businesses would probably benefit most from the standard or premium plans, especially if unlimited users are needed. However, if you trade internationally and need multi-currency support, there’s quite a jump in your monthly subscription cost – not worth it for just an additional invoice! The starter plan limits each user to only 20 transactions (invoices) per month with 5 bills being batch processed at once during one schedule period which might make paying suppliers difficult depending on what type of finance company they work for as well as other details about their business setup like whether stock levels etc., but this could change over time when new features become available through upgrades.

Business owners will have to purchase a separate subscription for each company they want their accounts listed under. You can find Xero’s primary market in the US, but now it’s available in all over 180 countries worldwide!

For those in need of a versatile accounting program, Xero has everything you’re looking for. The price may be off-putting, but with its many features and easy use, it’s worth checking out.

XERO PRICING

In the past, Xero had some of the best scaling features around. The software still has unlimited users and access to all its features. Still, now it also offers payroll as an add-on rather than included in every plan like before, which means you don’t get complete control over your finances anymore – just whatever is offered by their most expensive option (which doesn’t include expenses or multi-currency support).

Xero offers three different pricing plans to suit your needs. The Starter plan is perfect for small businesses with no existing books or invoices. The Standard package provides more advanced functionality at a lower cost than Premium and includes features like custom reporting that larger companies might find useful too.

You can cancel your subscription at any time with a 30-day notice. XERO also offers free trials for new users, which allow them to try out the software before buying – this way, they know if it’s really what their business needs or not.

Xero is the go-to accounting software for small businesses. Non-profits and owners of multiple companies can get discounts; incentives are offered occasionally, with new subscribers being rewarded right now!

Xero’s current pricing structure offers this as standard across all its packages:

XERO provides 24/7 online support to ensure the security of your data. In addition, you can cancel with one month’s notice and Make Tax Digital ready.

Xero Pricing

STARTER PACKAGE

This plan includes sending 20 invoices and quotes, entering 5 bills. Then, receive £5 per month payments with easy payroll integration to Transfer Wines or PayPal for faster payment processing services! You can also claim expenses of up 2 grand in your Hubdoc account- which gives you more time to spend on what matters most, like projects and clients instead of paperwork. The starter package costs only 10 pounds/month, but it offers so much convenience, such as automatic CIS calculations & reports along with submitting returns at HMRC.

STANDARD PACKAGE

Xero’s most popular plan costs £26/month and includes everything in the starter plan, but with one huge bonus – unlimited invoices & quotes! This means you can create as many estimates as possible or proposals without worrying about running out of space for new work.

The XERO system keeps track of all your clients’ requirements so that they never have to wonder what paperwork was sent when it wasn’t completed correctly by someone else before them.

PREMIUM PACKAGE

Xero’s premium plan costs £33/month and includes everything mentioned in the Standard plan, plus:

Xero’s Premium Plan – extra features that will help your business run smoothly. Payroll option for up to 5 employees free during their first 3 months on Xero payroll system enables you as a small business owner or manager seamlessly handle employee taxes such as NICs through direct deposit into payee accounts at great rates of interest. Explore more about claiming expenses. No need to worry about lost invoices anymore because Xero got them covered with an automatic reminder service, so all it would take is one phone call every 6 weeks from now until forever if necessary.

XERO FEATURES

Xero has been getting praise for its feature selection. Here are just some of the key features that Xero offers:

DASHBOARD

The dashboard features a sleek, intuitive UI with graphs that allow you to see your bank accounts and outstanding invoices. You can customise these, so they show only what’s relevant for the business at hand – like bills payable or cash flow!

There are various helpful features accessible from this dashboard, including quick create buttons and search functions. You can also get updates on recent notifications or read in-software help by clicking the right top corner icon.

SALES OVERVIEW:

The sales overview is a summary of charts and graphs breaking down the status of your invoices. You can search for, edit existing transactions, or create new ones from scratch by selecting “Invoices” in the menu bar at the top left when viewing this page – make sure you’ve signed in to the system first! Hover over anyone bar to see how many customers owe you that total amount made up with their respective invoice numbers underneath them. The table on the next page has all ten eligible bills waiting patiently until they’re due again, so pay attention if any surprises are coming around soon because you might need information immediately before those dates arrive.

INVOICING:

Xero offers a single invoice template, but you can create custom templates including your terms of business and full quote details. Time-saving tools include automatic invoicing that will send out the new bill for all customers with no fuss or muss each month; default payment settings mean there’s nothing extra needed when customers pay on time every single week without fail! You’ll also find bulk invoices in case someone needs more than one copy at once

Your clients will be impressed with the professionalism of your business, and they’ll love how easy it is to see what you’re offering. With a few clicks on their computer screen, customers can receive estimates and invoices that are ready for payment via email or fax! You could even add some extra polish by adding logos into existing templates using Microsoft Word – no design skills required at all. Invoicing has never been simpler thanks to specifically designed Xero software offered through appointment setting features which also allows users to generate customised documents in MS Office word depending upon individual needs instantly saving hours’ worth time-consuming efforts previously spent trying to make things look perfect when there isn’t enough.

CREATE QUOTES:

You can personalise your Xero quote using our simple design tools and set up several customised versions. You can easily create quotes, convert them to invoices, or purchase orders with a few clicks of the mouse from anywhere in the world.

Do you want to save time and money on quotes? You can now email your requests as a PDF or link, which will make it simple for customers. But don’t worry if their quote isn’t what they had originally asked for-you’ll be able to view its status at any given moment! All the completed transactions are listed right there in one easy glance, thanks to our app that keeps track of income potentials.

CLIENT PORTAL

Xero has recently added a nice client portal that is free to access. Customers can view, accept print, and pay invoices directly online using the XERO Free Client Site! In addition, you’ll be able to download documents sent by your accountant securely or e-sign them with just one click—all in complete privacy thanks to this easy-to-use tool for businesses of any size.

CONTACT MANAGEMENT

Using Xero’s contact management features, you can use your lists as a smart marketing tool targeting groups of contacts (and suppliers) in many ways:

  • Set up your software to remind you when it’s the best time to call and send an email. The software can alert you when a client hasn’t been in contact for a while and invite you to call them.
  • Use the application to track the results of mass advertising campaigns or to identify which types of advertising campaigns prove to be the most efficient.
  • Find cross-selling possibilities and leads.
  • Create special offers for customers that seem to be losing interest or design and manage events that may increase retention of customers.

EXPENSE TRACKING

Xero Expenses is a revolutionary expense management tool for small businesses. It seamlessly connects with XERO and provides all the tools needed to track & manage company spending efficiently from anywhere in your office or on the go, thanks to pushing notifications that let you know when it’s time to bill an account.

BANK RECONCILIATION

Running a reconciliation report lets you see how much money is in your account at any given time. You can also connect Xero to the bank of your choice so that transactions are sent over once per day, or manually import statements if they haven’t already been synced with service by this point.

CHART OF ACCOUNTS

If you are picking up the bookkeeping in a new business, there is no need to be afraid of setting up your chart of accounts. The five main accounts that make up general ledger (Assets, Liabilities, Equity, and income & expenses) can all be found under this category when creating detailed reports for specific areas within financial management; giving managers options on how they want their company’s information shared with stakeholders.

INVENTORY

Xero is a great tool for small businesses to use. For those who have product-based companies, XERO allows you to run reports and find out how well each item sells and add products into the system so that data can be tracked easier than ever before! You’ll also find internal notes created by staff members attached at no cost with an unlimited number of attachments which could include images or videos if needed too – it’s up to your company’s needs. When inventory levels need monitoring, several options are available, including being notified when they get low or even allowing items to track below what was paid on purchase costs.

TIME TRACKING (PREMIUM PLAN ONLY):

If you use the premium plan, this app will log all your team’s work hours so they can be invoiced. A monthly Xero Projects subscription includes one active user for £5 per month–but if an additional person logs on and leaves their finger on that digit throughout our 30-day period, then it’ll cost them just as much! Subscriptions only go up when someone actively uses their computer each month (at 5 pounds/month).

REPORTING

Xero makes it easy to get the information you need, when, and where. With over 50 reports available in your browser or through their app on any device of choice (including smartphones), there is no shortage of insight! You can even tailor each report as needed so that all perspectives are represented — whether they be pre-, post-, or mid-month figures; profit margins by product line versus international market share goals…it’s up to YOU how these pieces fit into place for YOUR business plan.

BUDGETING

The Budget Manager report enables you to generate a three-, six- or twelve-month budget. You can only have one overall plan per organisation as it will help meet financial goals more efficiently. Still, each department has its own smaller budgets that they work within if necessary for the needs of their business units and departments within those respective businesses themselves.

PURCHASE ORDERS

When it comes to purchasing, nothing can compare with the peace and tranquillity you feel when everything is in order. Create purchase orders online for quick access while keeping track of all your logistics needs, so order always goes smoothly without any hassle! You’ll be able to personalise templates by adding unique numbers or instructions, such as the expected delivery date. If shipped separately, parts-shipments will also allow adding “part supply,” which tells how much inventory has already been received.

MULTIPLE CURRENCIES:

There are over 160 currencies supported by Xero so long as you have the Premium plan. In addition, reports can be customised and run in different currencies, all of which will be updated hourly with a report for each currency separately!

USING XERO FOR MAKING TAX DIGITAL (MTD)

MTD is an HMRC service that requires businesses to keep digital records and file VAT returns using compatible software. You can generate, review, submit your tax forms once you have signed up for MTD via their website or app – no need to go through the hassle of printing anything out! Once connected, Xero will show due dates with details on how much needs paid and all potential adjustments before submitting directly from within this program’s platform, so there won’t be any delays whatsoever in getting back what belongs rightfully yours at last.

Free Xero accounting software

EASE OF USE:

Xero is a well-designed and easy-to-use software. It takes some time getting used, but once you do, XERO provides extensive support with videos tutorials on how the program works and other resources like help centers that are available online for those who need assistance or want more information about what they can learn from within its interface.

HARDWARE & SOFTWARE REQUIREMENTS:

Xero is compatible with any device (i.e., iPhone, Android, and iPad). If you have internet access, use one of these browsers: Google Chrome, Microsoft Edge, Mozilla Firefox Safari Xero recommends the most recent or previous versions for each browser.

XERO CUSTOMER SERVICE & SUPPORT:

However, Xero provides unlimited, free assistance 24/7 via our customer service department and access to other resources through their Contact Us page. Contacting and talking with a representative is a lot more difficult when you depend on email communications. However, assistance via phone is offered if you require it.

As customer numbers have increased, Xero’s turnaround on replying to emails can now take a day or two. The lack of any phone support has been an issue for quite some time, and we are afraid there does not seem to be any short-term solution in sight! However, customers who use their computers will get help from the lively community area where they share tips about navigating through account settings.

XERO INTEGRATIONS & ADD-ONS:

If you’re looking for accounting software that offers over 800 integrations, Xero is worth considering. In addition, the company integrates with dozens of other apps and tools through Zapier or APIs, so developers can hook it up to their way if they want!

SECURITY:

Xero offers some of the best cloud security around. They have data encryption and two-step authentication, and 24/7 monitoring at multiple locations, with regular audits for your peace of mind. So, you can rest assured that 99% or more will be up in case disaster strikes.

CONCLUSION:

Xero is a powerful cloud-based software tool that can help you save time and money. It has strong accounting features, with integrations for automating processes to reduce costs over an unlimited number of users. Accounts are accessed by accountants who prepare reports more quickly while reducing their fees because they don’t have as much work on hand otherwise.

With all the features and benefits that Xero offers, there are some drawbacks. One of them is a steep learning curve for new users who want to get started with it right away- which could be why 90% percent never make it past their first month on any program’s trial period! Additionally, while having payroll included in package deals was great at first (keeping track of paychecks), now since making this addendum service an option instead time limits out employees from accessing tax help if they need assistance when filing taxes themselves – something we know many people will rely upon every year. Xero is the perfect solution for mid-to-large-sized businesses that need powerful accounting features and multiple users. We recommend you take advantage of Xero’s free trial, which offers a weeklong try-out period so you can see if this powerful, yet easy-to-use software will work well with your company’s needs before making any long-term commitments or purchasing it outright.

If you are a small business owner, it’s important that your company explore all the different options for accounting software. We recommend checking out Xero as well as other top competitors like Quickbooks and FreeAgent amongst others before deciding what best suits your needs.
‘If unsure which online provider to use, I have put together this blog about comparing usability & pricing so be sure to check it at best accounting software for small businesses

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