Xero Accounting Software Review 2023

Xero Review

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It would save lots of time to input these income and expenses data into the system as soon as it occurs. It is not user friendly for those who have little accounting knowledge. It allows three users for its Essentials plan ($55 per month) and 25 users for its top plan, the Advanced ($200 per month). This can be helpful if your company is growing fast, or you simply want the reassurance that there’s no limit to how many people can be part of the team. If you own a small business, you have more important things to spend your time on than complicated tax documents, tracking expenses, and sending invoices to customers.

You can download the Xero Expenses mobile app to submit expenses on the go. Xero offers 800+ integrations with third-party apps to help you run your business more efficiently. If that’s not enough, Xero also integrates with Zapier, connecting the software with hundreds of additional add-ons.

Except for a few minor inconveniences, we were impressed with Xero’s invoicing capabilities. Everything is done in the cloud, meaning you can edit invoices without the hassle of resending them to customers. You can email invoices directly from the software; Xero integrates with PayPal, Stripe, Square and other payment processors, so you can accept payments online.

Unlike many competitors, Xero’s pricing and plans are based on features instead of user numbers. In fact, all of Xero’s plans support unlimited users, which is great for expanding businesses. Xero also integrates with over 1,000 third-party business apps – among the most integrations of any accounting software package we reviewed. As a business moves into higher growth phases, it will likely require more integrations to scale up and keep things running smoothly. Xero launched and updated many advanced financial integrations in the past several years, with features like multi-currency support, reporting tools, and expense and project tracking.

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Once you sign up for the software or the free trial, you’ll be taken to a step-by-step onboarding process explaining how each feature works. The onboarding process is a combination of help articles and videos. You can also explore a demo company to learn how Xero works without worrying about making mistakes.

Xero Review

Read our comprehensive review of Gusto to learn more about the features and capabilities of this robust HR solution. If you’re on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience. We liked how easy it is to pull up Xero Central from the Xero dashboard.

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Aside from Xero advisors, Bookkeeper360 also offers assisted bookkeeping services for Xero users. Check out our review of Bookkeeper360 for more information about its services and pricing. We also found that it’s impossible to combine multiple checks along with cash into a single deposit entry. Xero does provide an account to hold undeposited checks, but the feature doesn’t track when checks are removed and deposited and doesn’t allow cash to be added to the deposit. Though such a feature doesn’t impact the overall performance of Xero that much, not being able to group payments into bank deposits makes it difficult to reconcile your bank account.

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. FreshBooks charges $17 per month and QuickBooks charges $30 per month). However, the best option and price point will depend on the specific capabilities and features you are looking for. If you’re looking for an accountant who specializes in Xero, you can search for an accounting advisor through their website by location and industry. Whilst I love Xero for my accounts, how it integrates with Shopify leaves much to be desired.

Many business owners with a growth mindset prefer choosing an accounting software solution and sticking with it over the long haul. Compared to other software we reviewed, Xero stands out for meeting businesses’ needs in all growth phases. Unlike Xero, QuickBooks allows unlimited invoices but the Simple Start plan is limited to one billable user and two accountant firm users.

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We feel these features make it easier for companies to organize their financial information. Many of Xero’s recent integrations also allow for easier and more efficient bill pay by syncing accounts payable and receivable data with the accounting software. Unlike other software that limits the number of users, Xero doesn’t impose any limits. This feature makes Xero a top pick for firms needing support for multiple users. For instance, you can give some employees access to create and send invoices and allow others to pay bills.

  • You can invoice by time entry or task, and you can mark up your prices based on your estimates in just one click.
  • You can even give your employees online access to their pay details.
  • Xero’s standard and premium plans also include payroll tools in select states (with more coming soon), so you’re not adding on features for another fee.
  • The email address, date and time for automatic payment reminders also appear on this screen.

New Zealand-based vendor Xero might be one of the leading players in the accounting software industry. Unfortunately, Xero doesn’t offer phone support or live chat; there’s only email support. The good news is that you hire a Xero professional advisor to teach you how to use the software for your accounting needs. Once you start your trial, you can go to the support center, Xero Central, to raise a case with the support team. In more than a few reviews, users praise the stability of the software, saying how it helps them run a successful business with zero disruption.

Honest Review ( Xero

Automatic data entry, bank connections, smart bank reconciliation, online billing, and automated financial reporting are among the features available. Xero’s expense tracking feature allows businesses to capture and manage expenses on the go. With the Xero mobile app, you can snap photos of receipts, categorize Xero Review expenses, and create expense claims for reimbursement. Expenses can also be attached to transactions for accurate bookkeeping and reconciliation. Additionally, Xero’s expense tracking feature gives businesses real-time visibility into their spending and helps them identify areas where they can cut costs.

Includes tools that help automate the reconciliation process, along with a global search function; has a simple layout and a customizable dashboard. After a 30-day trial period, Xero will bill a monthly charge of $13 per month for the Early plan, $37 per month for the Growing plan and $70 per month for the Established plan. For free invoicing platforms, consider Zoho Invoice, Square Invoices or PayPal Invoicing, although these platforms provide fewer capabilities. Additionally, I think it prudent to include in your app description want it can and more importantly want it can’t do. Although these three packages are best suited for small businesses, this plan is definitely the largest and most robust of all. We recommend this package for solo entrepreneurs or those who are just getting started.

  • After your trial period, you can decide which plan is right for you and your business.
  • Xero’s inventory management feature allows users to track inventory levels, set up automated reordering, and generate reports to analyze sales and inventory data.
  • During our demo of the software, we found that Xero’s reporting features can help you make sense of the data analytics at your disposal.
  • An introductory video suggests early actions you should take to set up the site for your own company.
  • I recommend finding a bookkeeper who is experienced who can show you the ropes.

Whether you have its basic or most advanced plan, the Xero app supports unlimited users for real-time collaboration between your employees, accountants, and financial advisors. We appreciated that Xero includes time tracking in all of its plans (see the screenshot below from our demo). This contrasts with many alternatives, such as QuickBooks, which only offer time tracking as a separate piece of software or include it on more expensive plans.

Cristina couldn’t be more helpful, patient and talk me through the stressful process I had to deal with for over a year now. You can’t, for example, set a reorder point, nor build assemblies. When reconciling books, Xero suggests likely matches between bank statement lines and transactions entered in the software. For example, if you have an entry for an invoice of $1,000 and a recent $1,000 deposit in your bank account, it might suggest matching these two transactions. Click the «OK» icon between the two to verify the match is correct. QuickBooks introduced a special product for Etsy integration, but early adopters had problems with data disappearing and no way to recover it.

One of Xero’s main distinguishing features is the fact that it offers unlimited users even on the lowest tier plan. Intuit QuickBooks Online, though, offers a user experience that seems better suited to non-accountants. The site has had more time to grow into the comprehensive, extensible, and streamlined accounting solution that it is today. As such, it retains its Editors’ Choice award for small business accounting apps. Zoho Books Premium also wins an Editors’ Choice award because of its usability, customizability, support options, and advanced features.

It was within the promised 24-hour window, but it’s still not ideal if you have an urgent problem that can hinder your business. The support form you have to fill out consists of the subject and topic, your email and the details of your problem. When you fill out the subject, Xero will suggest some topics from their help page to make sure the issue you’re asking about is not in their help pages.

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