Xero Review

xero accounting review

If you have additional questions, click the “Contact Xero support” button at the bottom of any support article, and Xero will contact you by email. Once these steps are complete, you’re ready to use Xero as part of your regular accounting process, though we recommend hiring a financial professional as well, such as an accountant or bookkeeper. Accurate financial reporting and detailed analytics enable you to plan for your business’s financial health and longevity.

xero accounting review

If you have a list of customers and suppliers, you can import that, too. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. If you are a startup and need basic accounting tools, consider QuickBooks Online and FreshBooks. If you are confused propeller industries competitors revenue alternatives and pricing about some features, contact Xero support or take advantage of numerous training articles and videos. Xero doesn’t offer a free plan, though you can use the 30-days trial version or check a demo. You can import all your fixed assets into Xero and set their types, depreciation methods, and default accounts.

Core Features

Xero uses double-entry accounting, but it’s mostly done behind the scenes. If you didn’t receive an email don’t forgot to check your spam folder, otherwise contact support. Plans are affordable, starting at $13 per month, but no free plan. 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. I do find Xero a bit overwhelming with higher level accounting but this is due to lack of knowledge and experience with accounting.

  • For example, you can reorganize the panels and keep the useful information for your business, such as total cash in and out, outstanding invoices, overdue bills, etc.
  • Xero is not free, though it does provide a free trial of the software for 30 days.
  • This review will detail the features, pricing, plans, and even how to do payroll in QuickBooks.
  • Xero processes payment through a payment gateway like Stripe, GoCardless and others.
  • Xero reporting options continue to improve with each new release with new report options added regularly.

We liked that the trial version of Xero is full-featured, meaning you can test it out with real data. This gives Xero an edge over competitors that don’t offer such generous terms. Xero’s pricing compares favorably with other accounting software we reviewed. Popular alternatives, such as FreshBooks and QuickBooks Online, cost at least $15 monthly without introductory discounts. In contrast, Xero’s entry-level plan is slightly less expensive, at $13 per month. A bar at the top of the interface contains several drop-down menus that house Xero’s features.

Is Xero Secure?

You can request a callback, however, by providing your phone number. The initial setup for Xero accounting software isn’t difficult but requires a fair amount of information. In the rare event that your bank doesn’t integrate with Xero, reconciliation is still possible.

xero accounting review

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. Plus, when it’s time to shell out the cash for these costs, Xero makes bill pay easier than any other software we reviewed. With the multi-currency accounting feature, you can pay and get paid in more than 160 currencies. You can see how currency markets affect your cash flow and profit, and view reports in local or foreign currencies. There’s the option to assign a default foreign currency to specific contacts so that they’re in the right currency when you create invoices or quotes, receive bills or send purchase orders.

Expense Tracking and Bill Pay

This was the most direct revenue-by-customer reporting we encountered as we reviewed accounting software platforms. Once you open a project, you’ll see a cost estimate, the amount you’ve invoiced and the amount to be invoiced in the future. You’ll also see time and expenses, deadlines, tasks and the time spent on each, and a tool for adding expenses, including from bills. Considering all these factors, Xero proves to be a valuable accounting software option, particularly for small businesses and self-employed individuals seeking an affordable alternative to QuickBooks.

  • We use dedicated people and clever technology to safeguard our platform.
  • Additionally, you can opt in to two-factor authentication to make your login more secure.
  • In addition to the features on the Early plan, the Growing plan also includes bulk transaction reconciliation to speed things up.
  • Once you sign up, Xero provides several guided tutorials to acquaint you with its tools, such as connecting your business bank account, adding customers and creating invoices.
  • You can view costs as they happen in real time, then make instant modifications.

We saw all of these features in Xero, and we’re satisfied with how it can help companies stay on top of projects in terms of income, expenses, and profitability. Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services.

Xero Growing Plan

Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. If 800 integrations aren’t enough, Xero also integrates with Zapier, connecting the software to hundreds of additional add-ons.

Do I need accounting software for my small business?

For example, you can see if the invoice was copied from a quote, who created and approved it, and when they created and approved it. The email address, date and time for automatic payment reminders also appear on this screen. Furthermore, you can add notes, such as the expected payment date.

Infuriating User Experience

You can create invoices from quotes and send them as progress payments. To get paid faster, add the “Pay now” button to your online invoice. Also, you can monitor your financials broken down by projects, including the expenses and profit margins.

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