Xero Reviews & Pricing

Key Features

• Payroll Processing: Provide payroll across 50 states. See when payments are due, track them and ensure on time payment. Analyze accounts payable with a quick view, schedule advanced payments and make batch payments.
• Banking: Connect to the right bank to track and facilitate transactions daily. Keep an eye on the flow of money through a secure connection that goes directly into the solution.
• Expense Management: Seamlessly track and manage expense claims. Access real-time data and reports that provide insight into patterns and trends. Record costs, see and approve claims, view overall spending and dole out reimbursements. Capture receipts to monitor employee spending and verify costs.
• Project Management: Integrate with other workflows to facilitate financial project management. Provide a quote for client work before you begin to track time, costs, profitability and other variables for an accurate invoice.
• Customer History: Use smart lists and contacts to contact details, emails, past sales, emails, invoices, past payments and more when working with a partner or client.
• Mobile App: Let users track bank transactions, send invoices, access supplier details and more, from any mobile device.
• Inventory Management: Undertake basic inventory management, including taking inventory, seeing what was bought or sold, look at reports on how well items are doing and get invoices and orders.
• Gusto Integration: Calculate and pay taxes, deductions and employees through an integration with the accounting software Gusto. Simplify compliance and keep on top of industry updates.
• Other Capabilities: Processes payment in multiple currencies, calculates sales taxes, tracks purchase orders, manages files and does several other administrative tasks.

Approach to Common Challenges

• Time-consuming manual tasks: Xero automates repetitive tasks like bank reconciliation, invoice creation, and expense tracking, saving time and reducing errors.
• Limited visibility into financial performance: Xero offers customizable reports and dashboards that provide real-time insights into cash flow, profitability, and financial health.
• Collaboration and communication challenges: Xero's multi-user access and permission levels enable collaboration among team members and advisors, fostering better financial decision-making.
• Managing receipts and paperwork: Xero integrates with receipt management apps like Hubdoc, allowing users to capture and store receipts digitally for easy access and organization.
• Staying up-to-date with tax compliance: Xero tracks tax obligations and generates tax reports, simplifying tax filing and compliance for businesses.

Cost Of Ownership

• Q: How much does Xero cost per month?
  A: Xero offers several subscription plans to fit different business needs, starting at $15 per month for the Early plan (3 users) and scaling up to $115 per month for the Ultimate 10 plan (57 users). The most popular plan, Growing, with 10.5 users, comes in at $42 per month. Additional users can be added to any plan for an extra fee.
• Q: Are there any hidden fees or additional costs I should be aware of?
  A: While the subscription fee covers core accounting features, some additional costs may apply. Payroll processing comes with a separate fee per employee, and some integrations with third-party tools may have extra charges. Make sure to check the specific plan details and explore potential integrations before committing.
• Q: Is Xero worth the cost compared to other accounting software options?
  A: Deciding if Xero justifies its cost depends on your specific needs and budget. While its user-friendly interface and automation features come at a premium compared to basic accounting software, Xero offers significant value for businesses seeking cloud-based solutions, seamless integrations, and mobile accessibility. Consider Xero's free trial to test its functionality and compare it to alternative options before making a decision.

Limitations

• Inventory management: Limited tracking of items and stock levels, may require third-party integrations for complex inventory needs.
• Project tracking: Basic project tracking features, lacks advanced project management capabilities for multi-phase projects or task dependencies.
• Customization: Limited ability to customize charts of accounts or reports without add-ons, may not fully align with unique business structures.
• Integrations: While offering many integrations, some key business tools may not have seamless integration with Xero.
• Phone support: Primarily relies on email and live chat support, lacks dedicated phone support for immediate assistance.
• API rate limits: Restrictions on the number of API calls per minute and per day, may impact high-volume transaction processing.

Suite Support

FAQ

• Q: Is Xero suitable for my business type?
  A: Xero works well for various businesses, particularly freelancers, startups, and service-based companies. Its strengths lie in invoicing, expense tracking, and basic accounting needs. For complex inventory management or large volume transactions, other solutions might be more suitable.
• Q: How easy is Xero to learn and use?
  A: Xero boasts a user-friendly interface and intuitive navigation. Basic tasks like invoicing and expense tracking are straightforward, even for non-accountants. However, some advanced features like multi-currency accounting may require a learning curve.
• Q: How secure is my data with Xero?
  A: Xero takes data security seriously, employing industry-standard encryption and security measures to protect user information. Additionally, multi-user access controls allow businesses to limit access to sensitive data.
• Q: Can I import my existing data from another software?
  A: Yes, Xero offers data import tools for various accounting software. However, the complexity of the import process depends on the specific software and data volume. Xero provides user guides and support to help with the transition.
• Q: How does Xero handle multi-currency transactions?
  A: Xero's advanced plans support multi-currency transactions, allowing businesses to manage invoices, expenses, and reports in different currencies. Automatic exchange rate updates ensure accuracy. However, navigating multi-currency features may require advanced accounting knowledge.
• Q: What kind of customer support does Xero offer?
  A: Xero offers email, live chat, and community forum support. Additionally, paid plans include phone support for quicker assistance with critical issues. Extensive online resources, including video tutorials and knowledge base articles, are also available.
• Q: Does Xero integrate with other business tools I use?
  A: Yes, Xero integrates with numerous third-party tools for CRM, e-commerce, payments, and productivity. Users can customize their workflow by connecting Xero with their preferred tools for seamless data exchange and improved efficiency.