Xero Review 2023: Pricing, Features, Pros and Cons

From here, they’ll be able to accept quotes, pay invoices, leave comments, and more. You can create bills directly in-app or import bills from your device. The platform lets you set up recurring bills and attach relevant documents to bills. You’ll be able to view all your bills in one place in the Purchases overview section. Xero lets you capture data without any manual work using a tool called Hubdoc.

• For starters, it helps you with expense tracking and tax season preparation.
• By requesting permission to log in through an authentication app on your mobile device or tablet, it’s much less likely that your account will get hacked.
• All feedback, positive or negative, helps us to improve the way we help small businesses.
• To conclude Xero accounting software reviews, the Xero accounting system is a great buy for small to mid-size businesses.
• You’ll find that Xero is similarly sprightly if you choose to use its app-based editions, which are available for both iOS and Android devices.
• Adding your company’s products and services will make it even easier to create invoices and send them within mere seconds.

In that respect the built-in help will pay dividends as you use it to navigate any of the trickier aspects of the cloud-based layout. They keep the language simple which is great for users who don’t know accounting terminology. Instead, you can integrate a payroll add-on called Gusto, recommended for up to 100 employees. It’s a full-service option with unlimited, automated payroll runs and direct deposit. Another clear benefit of using Xero is that you don’t have to know anything about accounting in order to use the application properly. Finally, if you have employees scattered all over the place, they can still do their work, as Xero is an online subscription service, available anywhere that has a decent internet connection.

Invoicing and bank reconciliation

The software is well-developed and offers strong accounting and ample features, reports, and integrations. Xero also supports unlimited users for every xero software review plan, which is almost unheard of in the accounting software world. You can set multiple levels of user permissions and control feature access as well.

All you need to do is snap a photo of your receipts and claim the expense, no matter where you are. You can make reimbursements immediately and claim mileage and expenses with the Xero mobile application. Plus, if you’ve missed an expense, you can enter it into Xero through the “quick add” button at the top right.

Review methodology

The developers of Xero have done a really good job of hiding the complexity of bookkeeping and offering a friendly double entry bookkeeping system that is easy for even amateurs to use. Every kind of accounting function, right from accounts receivables, to payroll and inventory management can be quickly and accurately accomplished on Xero. Xero is accounting software https://personal-accounting.org/cash-basis-accounting-definition/ designed to help small to large businesses manage accounting, bookkeeping, reporting, expense tracking, and budgeting all in one place. Once you create a project, you can populate it with tasks and expenses. You can add as many tasks as you want if it’s relevant to the project. If you expect any expenses to occur during a project, you can add an expense.

With them, you can monitor profitability, prepare for future expenses and analyze your business’s growth potential. Xero gives access to custom, ready-to-use, exportable financial reports when you need them, as well as the educational tools you need to create the reports you want. When you’re paying bills, all it takes is one click and filling out a few fields of payment information. Once your debit and credit cards are saved in the system, the process takes only a few seconds. Similarly, your clients and customers can send money immediately with the Pay Now button on your online invoices. This function is powered by the best payment transaction apps, such as Stripe and PayPal, ensuring speed and security.

Selected Positive User Feedback:

I had no idea what to do and she was very helpful and went at my pace. You can also import a budget from another application, or export the created budget to a program such as Microsoft Excel for further customizing. If you’re on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience. We found Xero’s agent to be extremely helpful and knowledgeable about Xero’s features. We liked how easy it is to pull up Xero Central from the Xero dashboard. All you need to do is click the question mark button at the top right, then search for the topic on which you have questions.

On the other hand, FreshBooks may be a better fit for freelancers and solopreneurs, as the capabilities are easier to navigate. Speaking of profitability, we were especially impressed with Xero’s project profitability tracking tool. You can easily view your project’s profit, cost and invoice amounts, with clear graphics and numbers to simplify your understanding. You’ll also see the value of your time, tasks and expenses, as well as your time recorded and your profit margin.

Instead, it offers free and unlimited online customer support, seven days a week, 24 hours a day, at Xero Central. No one wants to waste money on late-payment fees or sacrifice important relationships with suppliers and creditors by missing payments. Xero helps you track your bills and pay them on time, which also keeps your credit rating high. We especially liked how you can schedule payments and store all of your bills in one place so you never lose track of them. Xero also grants you access to automatic bank feeds to make sure you have sufficient funds to cover payments.

• Built for the web from the ground up, its double-entry accounting framework supports sales, purchases, bills and expenses, inventory, and payroll.
• We interviewed professional bookkeepers who utilize Xero for their bookkeeping and financial services, and they had overwhelmingly positive feedback about the software.
• The long introduction may be off-putting to users who want to jump in and start working.
• On the plus side, Xero offers 24/7 support, which is a serious rarity in this industry.
• Unfortunately, when we tested Xero’s reporting section both in our own account and in the demo company account, some reports did not generate.
• Xero certainly doesn’t skimp when it comes to features and even more seem to come out of nowhere as you delve deeper into its hidden depths.

These apps include Square, Stripe, PayPal, Gusto, DEAR Inventory and Expensify. Integrations help growing businesses by allowing them to upgrade their digital infrastructure as they become larger. If Xero lacks a feature you need, or if you want to connect it to the other business systems and services you already use, you can probably find an add-on in the company’s app marketplace. Xero is our pick for the best accounting software for growing companies.