About Xero

Xero is a cloud-based accounting platform designed to assist small and midsize businesses with financial operations management, financial visibility and business performance optimization and more. The platform helps automate accounting tasks and maintain accurate financial records. It offers expense management tools that enable users to track and manage business expenses. Key features include invoicing, quoting, making and collecting payments, tax payment, employee and workforce management, bank reconciliation, expense management, projects handling, reporting and analytics and security measures. Users can capture receipts, categorize expenses and submit them for approval. Xero also supports expense claims, allowing employees to submit their expenses for reimbursement. It provides detailed expense reports, helping businesses monitor spending and identify cost-saving opportunities. One of the core features of Xero is its invoicing capability. The solution allows accountants and bookkeepers to create and send professional invoices to clients, track their status and receive payments online. Users can customize invoice templates to align with their brand identity and set up automated reminders for overdue payments. It supports multi-currency invoicing, making it suitable for businesses with international clients. Xero's bank reconciliation feature is designed to streamline the process of matching bank transactions with accounting records. The tool automatically imports bank transactions and suggests matches based on historical data. Users can also create custom bank rules to automate the categorization of recurring transactions. Xero also provides real-time updates on cash flow, helping businesses maintain accurate financial records. Xero includes payroll management functionalities that assist businesses in managing employee payroll and compliance. It allows users to process payroll, calculate taxes and generate payslips. It also supports direct deposit, enabling businesses to pay employees electronically. Additionally, Xero provides tools for managing employee leave and tracking work hours, ensuring accurate payroll processing and compliance with labor regulations. Xero complies with the Payment Card Industry Data Security Standard, and produces Service Organization Control (SOC 2) reports. It also offers a range of reporting and analytics tools that provide valuable insights into business performance. Users can generate custom financial reports, such as profit and loss statements, balance sheets and cash flow statements. Xero's dashboard provides a real-time overview of key financial metrics. The tool supports budgeting and forecasting, enabling businesses to plan for future growth and manage financial risks. Xero integrates with several third-party applications, including CRM systems, eCommerce platforms and payment gateways. Xero’s integrated practice management software includes Xero HQ, Xero Practice Manager, Xero Workpapers and Xero Tax. It connects businesses with their bank, their advisor, accounting tools, payment services and more. These integrations facilitate data synchronization and optimize overall operational. Data is protected by multiple layers of security, including encryption and the platform is subject to strict privacy controls as it uses multi-factor authentication.
Xero Software - Xero dashboard
Xero Software - Xero financial dashboard
Xero Software - Xero bank reconciliation
Xero Software - Xero bank account management
Xero Software - Xero payroll overview
Xero Software - Xero inventory management
Xero video
Xero Software - Xero dashboard - thumbnail
Xero Software - Xero financial dashboard - thumbnail
Xero Software - Xero bank reconciliation - thumbnail
Xero Software - Xero bank account management - thumbnail
Xero Software - Xero payroll overview - thumbnail

Xero pricing

Xero does not have a free version but does offer a free trial. Xero paid version starts at US$15.00/month.

Starting Price:
US$15.00/month
Free Version:
No
Free trial:
Yes

Alternatives to Xero

Xero Reviews

Feature rating

Value for Money
4.2
Functionality
4.3
Ease of Use
4.3
Customer Support
4.0
5 reviews of 3,045 View all reviews
Rino
Rino
  • Industry: Accounting
  • Company size: 201–500 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
4
Features
4
Ease of Use
5
Customer Support
4

5
Reviewed on 24/06/2022

Xero - The Cloud Based Software of the future

Fantastic product with fantastic support and really meaningful input from the actual company staff

Pros

Xero's main benefit to us as a mid tier accounting firm is the ease of importing information. It supports multiple bank feeds on a reliable basis and its open API allows for the support of many add in apps

Cons

Being a non-technical software, it does sometimes give the impression of not being as robust in terms of ease of change of prior information. This can be overcome by locking down periods, one just has to remember to do this though.

Alternatives Considered

Sage 50cloud Accounting

Reasons for Choosing Xero

The capital development expenditure and size of Xero simply mean that it is outpacing other software in terms of speed of development, effectively future-proofing our practice.

Switched From

Sage 50cloud Accounting

Reasons for Switching to Xero

The main factors were cost and engagement with the Xero South Africa team
Elayna
  • Industry: Individual & Family Services
  • Company size: Self Employed
  • Used Daily for 6-12 months
  • Review Source
Value for Money
4
Features
5
Ease of Use
5
Customer Support
2

4
Reviewed on 29/10/2024

Xero review

Just be aware of the small print. Dont get locked out of your own business software

Pros

I like the software, it offers just about everything youd need to keep your financials in order and even offers end of year reports for the irs ( very important) and keeps you alerted on your quaterly tax payment schedule, among other thing. You can link your bank and reconcile your spendatures and tuck each transaction into its proper tax-non tax catagory, plus other deductions such as depreciation of your vehicles for tax writeoffs, and many more...

Cons

.however. the quoted price on the promotion was way far from the price i was charged for this product. Also i missed my payment by two days and all my information, everything i had documented, reconciled, entered, invoices, reports, EVERYTHING was being held for ransome and untouchable till i paid my inflated price. Its was an eye opener. When running a business, be careful what product you choose, for me. I cant be locked out of my accounting software for any length of time when it comes to my business. Just food for thought. I know zoho has been the best alternative app for free even. And it offers the same services xero does for half the price. No gemics

Alternatives Considered

Zoho Invoice

Reasons for Switching to Xero

I did at first but choose zoho instead. I dont need my financial software locking me out of my business account. Zoho doesnt do that. Ever
Keith
  • Industry: Computer Software
  • Company size: 2–10 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
1
Features
1
Ease of Use
1
Customer Support
2

1
Reviewed on 15/10/2024

Used for 12 years. This used to be a great product. I feel like it's past the point of no...

Degrading quicker than the US presidency

Pros

The memory of how good it used to be, and the lessons learned now.

Cons

New changes are force-fed to customers whilst still in beta or alpha, with no opt-out
Prices have gone up repeatedly
Features used everyday have been removed
The new user interface is bloated and requires more work
Keyboard shortcuts/entry have been removed
Support don't seem to care and just give canned responses
The interface just gets laggier every month

Daniel
  • Industry: Accounting
  • Company size: 2–10 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
4
Features
4
Ease of Use
5
Customer Support
4

4
Reviewed on 19/09/2024

Xero - market leader for online bookkeeping system

Overal experience has been very good and we still recommend this software to our clients.

Pros

Xero has got very good set of features and it is considered a market leader with regards to online bookkeeping software.

Cons

Xero is slow to listen to their customers feedback and often prioritizes other work and development rather than the features most required.

Alternatives Considered

QuickBooks Online Advanced

Reasons for Choosing Xero

We wanted an online system that actually works

Switched From

Sage Accounting

Reasons for Switching to Xero

Xero is more reliable in terms of VAT management, as QuickBooks often has problems with full reconciliation of the VAT account.
Elizabeth
  • Industry: Law Practice
  • Company size: 2–10 Employees
  • Used Daily for 6-12 months
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 28/10/2024

Love Xero!

Overall, I wish I had changed to Xero much sooner as it saves me so much time and makes my job so much easier. The price is very affordable, it is very user friendly, and I highly recommend it.

Pros

After getting fed up with Quickbooks, I decided to try the Xero free trial. I love the simplicity, how it prompts me to reconcile each time I log in so month end goes so much smoother and quicker than with Quickbooks. The pricing is WAY better and I'm not getting nickel and dimed the way I was with Quickbooks. I would say it is much easier and more intuitive and makes my bookkeeping so much simpler.

Cons

It was a bit time consuming moving our data from Quickbooks to Xero. We paid to have the recommended service done, I think it was through Jetpack or something like that. They did a great job but there were of course some things that didn't cross over exactly right so going through and finding those issues was a little time consuming, but once that was settled I'm very happy I made the move.

Related categories