What is Xero?

What is Xero?

Mar 12, 2020 Accounting Blog by an

Xero is a special software for accounting and bookkeeping. It was developed to organize the financial data of your business. Xero was specially developed for small businesses. It helps to work with the accounts, to check bank accounts, to manage the expenses, to manage the bookkeeping, to trace the entries and many others. Xero tries to provide a simple decision of bookkeeping problems, especially when we speak about the regular import of bank operations. Xero also includes some side programs, for example, CRM, accrual of salary, and other important program products. Though Xero has a starting price of 19 dollars a week, it includes only five accounts and requires 29 dollars a month if you want to increase the number of accounts. Some versions allow using an unlimited number of users. 

Xero accounting and bookkeeping is an ideal solution for medium and big companies when it is necessary to make the data available for a big number of users. Xero doesn’t take any payment for additional users, so that it will be the most economical option for the companies with a big number of users. 

Xero features and benefits

The best feature of Xero is its online availability. Just enter Xero login and start working. It means that it is not necessary to load any side software or installation set to access the system of accounting Xero. Everything will be in a cloud. You must only create your profile in any desktop and mobile operating system and then use the possibilities of modern financial statements. Originally Xero is aimed for small businesses, and it will be more suitable for the companies with the staff under 20 people. Access to some high-technological Xero online functions is possible from the mobile phone, the management of accounts, attachment of files to the data, availability of side applications to expand the functions, creation of purchase orders, payment of the accounts on time and so on. Xero offers its solutions on system accounting and financial management for accountants, minor companies, and bookkeepers. Just create your account and start with Xero. 

Xero Pricing Overview

Xero accounting software has three systems of payments that cost from 9 to 60 dollars a month. It is competent with the plans QuickBooks of the price from 10 to 60 dollars a month, but it is more expensive than for free. In comparison with FreshBooks, you can save your money while choosing Xero pricing, because you don’t have to pay for additional users. However, FreshBooks takes additional payment 10 dollars from a user every month. 

Three Xero payment systems are mentioned below:

  • XeroEarly plan: 9 dollars in a month;
  • Plan Xero Growing: 30 dollars once a month;
  • Xero Established plan: 60 dollars a month. 

Like its competitors, you can add payment services and receive online payments from the clients for additional payment. The services of salary accounting are provided by Gusto, and they begin from 39 dollars a month plus 6 dollars in a month for one man. Payment for the reception of online payments will depend on the provider you have chosen. Visit the shop of applications Xero, to choose from the list of payment applications that are easily integrated with Xero. 

Concerning switched-on functions, Xero has everything for a small company to manage its finances, for example, presentation of accounts to the clients, payment of accounts, check of bank accounts, and detailed statements.

Below one can see the functions that are included in all payment plans of Xero:

  • Accounts payable;
  • Accounts receivable;
  • Integration of a bank card with the credit card;
  • Unlimited amount of users;
  • Financial statements.

Unlike the early plan that is limited in the number of transactions that can be processed for accounts payable, accounts receivable, and accounts of bank and credit cards, the plans “Growing” and “Established” afford you to manage unlimited transactions in each of these spheres.

Moreover, an established plan includes three additional functions that are not included in early and growing plans:

  • Multi-currency accounting: a possibility to create accounts, to pay accounts and to manage bank accounts in a foreign currency;
  • Management of expenses: A possibility to manage the claims connected with the compensation of the staff’s expenses;
  • Tracing the project: a possibility to trace the income and expenses of the projects. 

Xero support will help you if you have any difficulties. 

Users reviews

The users of Xero like this program because it is easy to use. Also, according to Xero reviews they like to add unlimited amount of users without increasing their value. However, the clients are not satisfied with the fact that, when they have questions, they should send an e-mail to the support service and wait for the answer, because there is no a telephone support. Check all Xero reviews while contacting the support service Xero help. 

“Like many competitors, you can take Xero for a 30-day test drive, to test it before the purchase. You don’t need a credit card. It is convenient. Just visit the Xero website and leave your contact information, then your profile will be created immediately. Website is available 24 hours a day and 7 days a week. Online consultations are provided non-stop.” 

“Xero is the best choice if you are looking for the best alternative of QuickBooks. However, there are not many accountants and bookkeepers who are advanced users of Xero. In comparison with QuickBooks, Xero has over 10 000 of certified consultants against 50 000 QuickBooks ProAdvisors users in the USA. It means that it could be difficult to find an accountant or a bookkeeper who have worked with this program product before.”

“However, Xero has gained a big popularity among specialists. The program has an interface that is easy to understand, and the simplicity of work doesn’t allow the users to make serious errors. To manage the program, it is enough to read a small practical guidance. Undoubtedly, Xero is worth the money paid.”