Xero Review 2024: Features, Pricing & More

xero accounting review

Although it lets you customize invoice elements, such as invoice line items, we wanted to see some personalization in creating invoices. The chart of accounts has default accounts set up, but you can modify existing accounts or add new ones. You can also invite an additional user and set limits to their access. In the end, Xero is a good solution for mid-to-large-sized businesses in need of strong accounting features and multiple users. Take advantage of Xero’s free trial to see if this accounting solution is right for you. Unlimited users and advanced features make this cloud accounting software platform a good fit for many small businesses.

Xero is aimed at solos and small firms looking for web-based accounting. It is not focused on the legal market, but does integrate with Clio, one of the leading, web-based law practice management systems (LPMS). In addition to core financials, Xero also directly connects to major banks, accepts electronic payments, and integrates with payroll provider Gusto.

We were impressed by Xero’s smart reconciliation feature, which simplifies reconciling your business bank account by matching bank transactions with those you’ve entered into the software. Most other accounting software providers offer some form of bank reconciliation. The difference with Xero is that it uses machine learning to predict more accurate matches. It also has bank rules and cash-coding features to make the reconciliation process easier and faster.

xero accounting review

Businesses need reports to help assess key business performance indicators like profit and accounts receivable. Xero has a semi-steep learning curve because it is capable of handling complex business accounting. While the software is more difficult to use than other accounting software like QuickBooks Online or FreshBooks, Xero does offer a large help center to make learning the software easier.

What is the best CRM for Xero?

You can view all approved invoices, credit notes, overpayments, and prepayments within a certain period. The Aged Receivables Summary report displays the outstanding payments based on the age of the transaction. Taking care of financial health can be difficult with no accounting software at hand. Xero proves itself as a reliable assistant in multiple accounting processes and boasts its large feature selection.

For heavily inventory-based businesses, we suggest an ERP like NetSuite ERP or Sage Intacct. Xero has recently updated its invoicing feature to offer more professionally polished invoices so you can add a logo or other branding information on the invoice. There is an option to create an invoice online that can be sent from your mobile device, or if you prefer, you can print the invoice and mail it to your customer. In addition, when you enter a new customer or vendor, you can add custom details such as a discount.

Xero Review: Pros & Cons of Accounting Software

There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. After reading this Xero accounting review, you’ll hopefully be able to decide if it is the right choice for you. For a start, there’s multifactor authentication (MFA) which makes it difficult for someone else to log into your account. 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. Xero also has a community space that encourages ongoing discussion between users. Learning from others’ experience with the software can be invaluable when starting out.

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. Some of the most common reasons why users love the Xero software is the software’s ease of use. In many reviews of Xero, users praise the large selection of features, especially the reporting and automation features.

Xero customer reviews

Xero’s pricing is reasonable compared to accounting software that is designed for much more advanced features, such as Oracle NetSuite, which is a comprehensive ERP platform. Alongside all of this, you can access a “find and recode” tool from the accounting drop-down menu within the Xero dashboard. Through our testing, we found this tool is ideal for correcting errors or reviewing the work of your less experienced accounting staff members. You can recode contacts, accounts or tax rates in one fell swoop, improving the accuracy of your reconciliation. No one wants to waste money on late-payment fees or sacrifice important relationships with suppliers and creditors by missing payments.

  • However, the support options available through Xero Central, including email support, guides, articles, and the user community, ensure that users have access to assistance and resources when needed.
  • However, the most notable difference is that Xero has no user limit—you can add as many users as you like, making it more scalable and flexible than QuickBooks Online.
  • If a customer is not already in Xero, they can be quickly added by clicking on the New option in the customer field.
  • Those who left Xero reviews left a lot of positive feedback and excellent ratings on third-party user review websites.

When looking for the best accounting software for growing businesses specifically, we focused on pricing tiers, the number of integrations, and the breadth of features and tools. After much research and analysis, as well as analyzing competitors like Zoho Books, we recommend Xero as the best accounting software for tracking and paying bills. We spent several hours reviewing Xero and comparing it to other top accounting software platforms.

Xero Review ( : Pricing, Features, Pros and Cons

Also, Xero allows creating an invoice from a quote, so you can skip entering the customer details. Xero Accounting Dashboard displays your cash flow, bank information, invoices, and other important details. quickbooks crm integration You can customize the dashboard, so the charts and graphs will show the necessary data. Instead, it offers free and unlimited online customer support, seven days a week, 24 hours a day, at Xero Central.

PracticePanther Promotes Process Productivity with New Features

Businesses and accountants seem to be fans of the software’s accounting capabilities. Quite a few Xero software reviews comment that its wide range of integrations makes running their business a lot easier. Xero lets you capture data without any manual work using a tool called Hubdoc. By enabling Hubdoc, you’ll be able to email, take a photo on your mobile, or scan your documents, and the data will automatically appear in Xero. Hubdoc does the data entry by reading key information from bills and receipts and turns it into usable data.

Each plan comes with unlimited users and varies by the number of features available. However, some of Xero’s most recent improvements have come at a steep cost, and there has been an increase in customer complaints. Xero recently increased its prices, and it no longer includes built-in payroll with its plans. The company has also limited expense claims, projects, and multi-currency support to the most expensive plan.

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