Xero Books Review: A Comprehensive Guide
- Xero is an excellent software for small businesses. It was created from the bottom-up approach for web services, including all of the significant financial elements you’d expect from a double-entry small business accounting platform, including sales, purchases, bills and expenses, inventory, and payroll.
- Through this Xero books review, it is evident that it has many unique features and offers excellent accessibility that helps Xero stand out among its competitors.
- Xero’s prices vary depending on the service coverage you’re getting.
Xero Book is a remarkable accounting software product for small businesses that helps simplify complex accounting operations. It was built specifically for web services, and it includes all of the major financial features you’d expect from a double-entry small business accounting platform, such as sales, purchases, bills and costs, inventory, and payroll.
The customers, suppliers, staff, and products have track records—forms used for customizable transactions like invoices, purchase orders, and quotes. Unlike other competitors, Xero allows you to handle your fixed assets and manage them to make your books up to date.
What is Xero?
Xero is an accounting software best suited for medium-to-large companies. The software is well-designed and has a robust accounting system with several features, reports, and integrations. Xero also allows unlimited users on all plans, nearly unheard of in the accounting software industry. It can control feature access and set different levels of user permissions.
The Growing program may benefit small organizations, especially if people require an unlimited number of users. However, if the company involves project management or multi-currency capabilities, Xero isn’t cheap. In addition, the Early plan allows users to create only 20 invoices. If you own a small business, then you may look into all of your possibilities using the best Xero alternatives.
Front Xero is more compact than the other, stretches across the entire screen, and uses huge fonts and pictures, taking up only the middle of the screen on some pages. The home pages, also known as dashboards, show vital financial statistics and link the relevant activities differently. Account balances are in displayed form, along with links to accounting screens, statistics, and graphs reflecting outstanding invoices and unpaid bills, total cash in and out—a watchlist for accounts, and a list of pending claims.
Xero has been experimenting with machine learning and artificial intelligence to improve the site’s automation and interaction with other financial websites. For example, the site’s online sales transactions allow the purchasers and consumers to communicate and share data in real-time. This class’s competitors do not provide a comparable feature. Smart Lists allow for highly detailed searches. Xero’s tracking categories are equivalent to QuickBooks Online’s Class function in that they both allow it to apply types to your accounting transactions.
The dashboard display in Xero is unique, enabling business owners to see exactly how much money is coming in and going out. The dashboard gives instant access to the most critical aspects of the business’s finances, as well as a snapshot of general costs, bank balances, creditors, and debtors. As a result, Xero assists in keeping track of the payments and avoiding bookkeeping errors.
It can arrange the different cards around to personalize the information to the preference. It will result in a more personalized experience. The invoices are made uniquely, such as the business needs, wherein it is quick and straightforward to generate, give, and record using Xero. Xero is cloud-based. It may be accessed from anywhere, at any time, without being bound by a single computer. To begin using Xero, purchase the monthly package that best suits the small company’s needs and enter the login and password. It is not hard to learn how to use Xero. Users can access it quickly and hassle-free, giving an outstanding contribution primarily to businesses and companies.
Xero has three pricing levels that will take effect once the 30-day free trial is finished: Xero Early, Xero Growing, and Xero Established. The following are its price and inclusions:
- Xero Early costs $9 per month, and it can give you up to 20 quotes and invoices, five bills, and unlimited bank transactions reconciliation.
- Xero Growing costs $30 monthly, which will provide you unlimited billing, invoicing, and quotes.
- Xero Established will allow you to get what’s present on the former level and even has the function of multiple currencies support.
Xero has proven its usefulness in terms of simplifying the standard accounting process for businesses. There are a lot more functions that can be done through Xero beyond traditional accounting, and the following are some of the features of Xero that genuinely explains them of being called an All-In-One business software for businesses:
- It stores everything in one place. Countless data and records can be overwhelming at first glance; however, with Xero, you can use all these data to your advantage. You can store your sales, bills, purchases, expenses, and inventory records and even create documents for your stakeholders like suppliers, employees, and customers. The storing function will allow you to maintain your data organized and tidy, making it easier for you to navigate through the information you have for your business.
- You can track and pay your bills with Xero so you wouldn’t miss any of your deadlines. Xero will allow you to know when your bills are due, make a scheduled payment, and even access it online. You can also use Xero for pay runs so you can pay your employees quickly while generating the payroll records.
- Making and approving expense claims has gotten easier with zero as this tool will allow you to document costs, reimburse expense claims and even keep track of your current expenses.
- The flow of funds directly from your bank account to Xero is possible with the use of Xero. The secured payment facility of Xero links your bank to them and will enable you to see the inflow and outflow of your business. Through Xero, you can also reconcile bank transactions more efficiently.
- You can also receive payments with Xero by connecting to Stripe and other payment platforms.
- Tracking of projects has become seamless with Xero since this tool will provide you estimates on jobs, track the cost and time for your projects, get paid for the job done, and most importantly, monitor the profit trend of your projects.
- Capturing data is also another function of Xero. This function of Xero will enable you to have a copy of original documents and important data without needing to encode it manually. Xero permits taking pictures of bills and receipts and accessing them anytime, anywhere.
- You can use Xero to manage your documents and share them with other people securely by uploading your files to the library.
- You can be informed of your inventory count and determine which among your products is selling. In that way, you can identify which product or service is performing the best and which is not.
- With Xero, it will be easier for you to generate and send invoices once a job or sale is made, even using your phone. This feature will allow you to set automatic reminders for payments that are due. You can also customize your invoice by putting your logo to further incorporate your brand into your online invoice.
- Exchanging currencies can be a problem for some businesses, especially those engaged in the international market. However, with Xero, you can now do business in any currency without worrying about the conversion since this feature will enable you to convert international transactions to your local currencies. It will also allow you to check how the global currency affects your profit since you can generate reports both in local and foreign currencies.
- You can generate timely accounting reports and ensure that your financial statements are up to date to know the state of your business financially. You can see your accounts, customize them when needed, and even compare your actual cash flow to your budgeted amount to know if you’re meeting your targets.
As a cloud-based application, Xero can be used on any device as long as it has internet access with the following browsers such as Google Chrome, Microsoft Edge, Mozilla Firefox, Safari
Xero requires a recent version or the updated version for each browser.
Also, the Xero Accounting app for Android (5.0+) and Apple devices (iOS 12.0+) is available and a standalone mobile application for Xero Expenses and Xero Projects.
The Pros and Cons of Xero Books
Xero has previously received primarily positive feedback from customers; however, while there are a lot of favorable and significant ratings, it appears that the number of negative reviews is escalating. According to Xero book users, the following are some of the common issues that they have experienced:
Limited Mobile Access: Mobile access is one of the most significant issues for users. People are dissatisfied with the apps’ usefulness, particularly when compared to the desktop version. The users have also reported bugs and crashes.
Expensive: Some Xero users previously thought the software was pricey, but now many are upset about the rate increase. Users oppose the new price plans and the elimination of payroll features, and the fact that features like project management are now only accessible on the most expensive plan.
Not Intuitive: Many consumers complain that Xero is difficult to use. There is a period of adjustment, but it isn’t as steep as QuickBooks Pro. Some users also dislike the new dashboard organization, claiming that functionality now requires more clicks than before.
Poor Customer Service: Unlike some of its competitors, Xero does not provide phone support. Instead, it offers online support 24 hours a day, seven days a week. If you need a rapid answer to a technical query or are new to accounting software and have a lot of inquiries, this might be a significant disadvantage.
Statistically, some issues and negative reviews are escalating. Nevertheless, Xero manages to gain favorable and commending feedback from both users and accountants. Software Advice gives Xero 4.5/5 stars (based on over 2,000 ratings), G2 Crowd gives it 4.3/5 stars (based on 400 ratings), and Trust Radius gives it 8.7/10 stars (based on 400 ratings). The following are the most popular reasons why users enjoy using Xero.
Easy: The most common comment is that Xero is simple to use. Many accountants prefer Xero because it allows them to teach their clients how to utilize the program quickly.
Large Feature Selection: Users appreciate the extensive feature set, particularly the reporting and automation capabilities.
Strong Accounting: Xero’s powerful accounting capabilities appeal to both users and accountants. Several users even claim that they prefer the software over QuickBooks.
Mobility: This cloud-based software provides business owners, instead of the locally installed QuickBooks equivalent, a typical point of appreciation. Some users also praise Xero’s mobile apps. However, most agree that Xero might improve them.
Numerous Integrations: Several users have stated that the 800+ integrations make their lives and businesses function more smoothly.
In our present times, where the vast majority of small businesses fail within the first three years, Xero will offer yours an advantage over the competition.
Xero is well-made cloud-based accounting software with numerous connectors and valuable features. It has several time-saving features, including automatic sales tax lookup, group invoicing, and custom email layouts. The new sales and billing overview pages are welcome additions. Plus, Xero allows for an unlimited number of users. Xero accounting software has made accounting and bookkeeping for small businesses much more accessible with all of these capabilities.
It is undeniable that the Xero software has received numerous complaints about the system, limiting users to achieve their full capabilities. Another notable complaint is the removal of the built-in payroll system and tax support. Still, according to Xero, removing the built-in payroll system is necessary because the system itself is faulty and is not working in other places.
Finally, Xero is a good option for mid-to-large organizations that require robust accounting capabilities and several users. Xero accounting software has made accounting and bookkeeping much more accessible and easier for small businesses.