Xero accounting software review
Price of Xero
Xero is offering a good value for money for small businesses. The plans of Xero include almost all features offered - including accounts payable, estimates, and inventory management tools that are mostly available just in the top-tier plans. However, three features are just available for the top-notch plans. All plans are capable of supporting indefinite users, as it is limited in most accounting applications. With the leverage of using demo data, Xero offers a 30-day free trial for the companies planning to switch to Xero. This gives the decision-makers a choice to evaluate the features of the software and its subscription plans. The subscription plans of Xero include:
- The early plan starting from as low as $20 per month has the limitation of five bills and invoices and offers twenty bank transactions per month
- The growing plan costing $30 per month supports unlimited invoices, bank transactions, and bills
- The established plan costing $40 every month offers support for unlimited invoices, bank transactions, and bills. This is the only plan including projects and expenses with the additional benefit of working with multiple currencies
Features of Xero
Xero helps the users to streamline the processes while saving time and providing the tools to get the accounting job done efficiently. The following are the notable features with which Xero is making accounting less monotonous.
- Xero is integrated with Square, PayPal, and other payment processors with which customers can email the invoices directly through the software so that the payment can be made online
- A quotation can be changed into an invoice with just a few clicks
- The drag and drop lines on the invoices make reordering a straightforward job
- Invoices can be scheduled while programming the sending date, ending date, and occurrence
- It saves the users from making any follow-ups by sending them payment reminders
- Reminders can be made either before the due date or after. It also offers the added benefit to send email receipts to customers after you have recorded or received the payments
- Files including pictures and documents can be attached with invoices
Track inventory and purchasing order
When users of Xero make invoices or quotations, they can see how many remaining products they have in stock. Also, if you enter a quantity more than you have in stock, an alert is generated. If the inventory has to be reordered, you can create and send purchase orders easily. The purchase orders are converted into bills/invoices to be generated for the customers. If you have a complex inventory need (like a stock of more than 4000 items), you can utilize the advanced inventory integrations with the application’s marketplace.
Xero’s smart reconciliation feature makes the reconciliation procedure simple while matching the banking transactions with the ones you have entered in the software. It uses machine learning by making predictions for more precise matches with your frequent use. It includes the banking rules with the cash coding features for making reconciliation fast and effortless.
The mobile app of Xero lets you do your work in the best possible way. With a mobile-compatible version for iPad and iPhone, you can view cash flow, and vendor contacts, access customer data and also create invoices. Apple Watch lets you check the account balance and the number of new transactions. The availability of mobile accounting applications is a plus as they are a staple for the best accounting solution in the market.
Pros of Xero
Customers have given their reviews after using the software, stating that they appreciate the ability to integrate directly with most of the main banks while providing the best transaction fees.
- The reconciliation procedure of banks was revolutionized after the emergence of this feature.
- The most admired feature of Xero is its interface and design which is simple; it is categorized as the most user-friendly accounting software.
- The multiple currencies transactions are an added benefit. The basic budget function is simple and permits the easy management of relevant reporting and budgets.
- It also includes the expense claim module, which lets you enter staff expenses and pay them.
- The features can be adjusted according to the needs of the business setup.
- Similarly, the help documentation includes demos and video tutorials, making it more practical.
Cons of Xero
It is hard to spot any cons of Xero, but here are some things that you should know:
- The biggest drawback that the users might find in Xero is the missing functionality for the inclusion of stock management.
- Xero has involved a partner model for support delivery, which lacks the direct support call option. This makes troubleshooting a bit challenging, but you can also send an email or opt for the live chat option.
- Xero might be an expensive solution with limited options for invoice look-and-feel that restricts you from getting your layout or design of the invoice. So being a small business owner, you might want to opt for the Growing Plan.
- Accountants aren’t familiar with the Xero software and have mostly worked with Quickbooks. However, if you plan to outsource the accounting job, you can look at Xero’s database of accountants.
- If you feel that there is a feature that you need and Xero lacks it, or you want another business service that you already use integrated with Xero, then you can also use an add-on from Xero’s marketplace as it is offering more than seven hundred integrations.
This article is written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of its contents.