You will receive an email message with instructions on how to reset your password. You can also scroll through Xero’s default chart of accounts and customize it as needed, or import an already existing chart of accounts. If you have a list of customers and suppliers, you can import that, too. Plans are affordable, starting at $13 per month, but no free plan.
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. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships. Xero connects to more than 21,000 financial institutions around the globe, meaning the chances are very high you’ll be able to connect to your business bank accounts and automatically import transaction info.
- Wave is a solid choice for small businesses looking for free accounting software.
- Then, you can connect your bank accounts to Xero and decide if you’ll accept electronic payments for online invoices.
- If you need some extra assistance in finding features or understanding the software, Xero also offers a help center.
- Xero has been known for offering discounts in the past, so be sure to check the company’s website to see if it’s having a sale.
- To accept payments from their clients, Xero allows businesses to connect to payment services without any monthly subscription.
Xero integrates with Gusto for payroll, which supports all 50 states and has added functionality such as health insurance and retirement support. Xero has a reputation for some of the strongest cloud security out there. Security measures include data encryption, two-step authentication, and 24/7 monitoring at multiple locations.
How Does Xero Compare To Other Accounting Software?
Reports also are customizable, with adjustable formatting and the option to add your own formulas and groupings. For instance, you can drag and drop certain expense categories into a single subgroup — an “office expenses” subgroup could include office equipment, supplies and utilities. And if you don’t like how the dashboard looks, you can reorganize panels and hide the ones that aren’t useful. Use Gusto payroll to calculate pay and deductions, pay employees, simplify compliance, and update the Xero accounts. Still, Xero’s feature set loan account definition is strong, leading to our rating of 4.1/5.
Xero functions as a centralized system for the overview of spending, enabling businesses to identify cost-saving opportunities. Xero Expenses feature allows businesses to track and claim their expenses. It supports paperless expense tracking by scanning receipts and auto-filling claims from the scanned copy. With Xero, admins can review and approve expense claims submitted by employees. Xero and QuickBooks Online have a lot of similarities, as both have strong features and numerous integrations.
Growing
Unlike many other competitors that cap the number of users per plan (looking at you, QuickBooks), Xero offers unlimited users even on the lowest tier plan. This is beneficial to small businesses that need multiple people to be able to log into the accounting software and don’t want to pay extra or upgrade to get more seats. Xero users benefit from streamlined invoicing and payment processing, which makes managing their payments easy. They can create and send invoices and track payment status from the same platform. Thus, the scope for manual data entry is reduced, and cash flow accelerates.
Telephone support is limited
Xero processes payment through a payment gateway like Stripe, GoCardless and others. Keep in mind that these services charge a fee to process payments (usually around 2.9% plus 25 cents per transaction, though this varies by the payment processor). Xero is an accounting application with an easy-to-use user interface. Xero’s robust financial management features allow businesses to manage their finances effectively and confidently. By automating regular tasks like invoicing and expense tracking, it frees up financial professionals to work on strategic planning and analysis.
Xero Review ( : Pricing, Features, Pros and Cons
†† A limited number of GBP bill payments are included in Xero Grow, Comprehensive and Ultimate plans per month (+£0.20 per additional bill payment). Today’s leading accounting platforms offer standard security features like data encryption, secure credential tokenization and more. 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. Payments are due by the end of your monthly billing period based on the date you purchased your subscription. Xero may be harder to learn than a simpler invoicing platform like Square Invoices or Zoho Invoice. Xero’s accounting software is highly rated among small businesses.
