Users that are new to bookkeeping won’t be overwhelmed by Xero’s simple and easy-to-navigate layout. This layout makes the reconciliation process, among other accounting tasks, particularly easy. The software shows you potential transaction matches side by side, so you can immediately see if the match is accurate without having to click anything.
- Connect Xero to apps, integrations, and financial services to make it easier to run your small business.
- With a comprehensive setup, it can provide real value from day one.
- To keep things organized, Xero logs every action users make and compiles the history of every transaction.
The basic plan allows users to send unlimited invoices and estimates and track unlimited expenses up to five clients. In addition to billing and invoicing capabilities, Xero goes one step further by providing financial and accounting reporting features (Figure B). Options include a 1099 report, a balance sheet report, aged receivables report, aged payables report, inventory report and more. These reports help small business owners identify areas for improvement and make evidence-based decisions in real time.
Customizable reports and dashboards
This may have been someone special who you connected with at an event, a teacher, a mentor, a previous employer or just a good friend who’s been there on your bookkeeping journey. When asked about how they got started with Xero, Katie and Deb had similar tales to tell. Katie knew about it when a friend asked her for help with bookkeeping in Xero. A friend was starting a naturopathy business and had heard about Xero from other practitioners. Having not heard about it at that stage (this was very early Xero days) I was curious, so said yes.
Less scalable products are typically simpler, but diminished functionality can cause headaches down the road for growing businesses. We encourage you to research and compare multiple accounting software products before choosing one. NerdWallet’s accounting software ratings favor products that are easy to use, have a robust feature set and can grow with your business. Ratings are based on weighted averages of scores in several categories, including scope of features and integrations, customer support and cost, among others. Learn more about how we rate small-business accounting software. Xero is a great option for large teams and small- to medium-sized businesses that need high-level accounting systems.
These companies offer Gusto integration for the same price—$40 per month and $6 per month per person. On the other hand, FreshBooks may be a better fit for freelancers and solopreneurs, as the capabilities are easier to navigate. With your accounting software and data stored online in the cloud, you can access your up-to-date accounts anywhere there’s an internet connection.
- Get one-on-one support to get set up and grow your practice.
- For the price, Xero is a powerful tool that can help you manage everything from inventory to file storage.
- It’s Global Bookkeeping Week, an annual tradition that recognises bookkeepers from all corners of the globe and a worthy cause for celebration at Xero.
- Here is a list of our partners and here’s how we make money.
- Xero processes payment through a payment gateway like Stripe, GoCardless and others.
The Early plan costs $13 per month and lets users send up to 20 invoices and schedule up to five bills per month (Figure A). Other features include reconciling bank transactions and capturing bills and receipts with Hubdoc. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most.
Does your business need a mobile accounting app?
However, if you’re looking to switch from one program to another, you may be able to download your data and migrate it into the new software. Both are also reasonably priced on the base plans, costing less than other powerhouse software such as QuickBooks. You will receive an email message with instructions on how to reset your password.
Accounting software to do your to-do
Its U.S. and Canada unit heads will report directly to new Chief Revenue Officer Ashley Grech. One big drawback of Xero is that it doesn’t have a dedicated customer service phone number. If you want to talk to a human being, you have to submit a ticket and request a callback. However, Xero does offer 24/7 online support—a rarity in the accounting software field. You can also browse the Xero Central support database for articles and guides on your issues.
What does an accountant do?
Your Xero data is backed up regularly and protected with multiple layers of security. After you start a free 30-day trial of Xero, you’ll activate the account and provide details about your business. Then, you can connect your bank accounts to Xero and decide if you’ll accept electronic payments for online invoices. Xero is a cloud-based accounting software product that’s easy to use and integrates with more than 1,000 apps. You can import data from other accounting software in bulk via CSV files once you’ve done some initial set up in Xero.
Limits on bills and invoices in the entry-level plan
It also partners with Stripe so you can take card payments with ease. Find out if Xero is the right accounting software for your business in 2023. Read our detailed review of Xero and its features, pricing, pros and cons. FreshBooks offers unlimited time-tracking inventory to sales ratio in its lowest-tier Lite plan, whereas Xero users would have to opt into the highest-tier Established plan for that feature. In the Early plan, the least expensive subscription, you can send up to 20 invoices and schedule up to five bill payments only.
Looking at Xero vs. Sage, you can see they stack up quite well. Because both software come with a 30-day free trial, you’ll have plenty of time to give each a test run before committing. However, there are some key features missing from Sage, including bill pay and time tracking. While Sage does offer accounts payable, it seems you still have to manually pay bills from your bank account. Sage does have the upper hand against Xero when it comes to quotes and invoices, as well as multi-currency support. Xero offers pricing plans to suit businesses of different sizes and stages.
While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. 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.