Honest Review of Xero by an HR Software Company 2023

They helped with Seed EIS, R&D and implementing an online cloud bookkeeping system through Xero. We’ve been with Sleek since the very beginning of our business. Meanwhile, accounting statistics should inform you of the most relevant numbers pertaining to the industry, as well as the various ways industries approach their financial needs. The Standard plan is ideal for small businesses that have gone past the startup stage of establishing their business and are now in the process of scaling up.

In summary, Xero’s A/R management is competitive when compared to applications like QuickBooks and FreshBooks. Its ease-of-use score is also high, making it a great software for A/R. Aside from those minor issues, the A/P management system is outstanding, easy to use, and comprehensive. Overall, we gave it a high score since it performs well in most of the A/P aspects we want to see in accounting software. Finally, keep in mind that like most cloud solutions these days, accounting software is subject to constant input from different industries and international regulations.

The reviews left on Appvizer are verified by our team to ensure the authenticity of their submitters. Xero integrates with a wide range of CRM systems and apps and is compatible with iPhone and Android. On Xero’s webpage, hover over Features and Tools and select Xero Marketplace on the drop-down menu for a complete list of third-party integrations. Under Resources you’ll find a range of Xero training courses and accounting guides.

The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. Xero and QuickBooks have similar pricing, except when it comes to QuickBooks Desktop. The Desktop plan offered by QuickBooks starts at $349.99 per year, goes up to $804 for your first year and renews at $1,340 per year.

Xero is an accounting software package designed to help small businesses manage their finances. It offers bookkeeping, invoicing, business analytics, and more. As you create quotes and invoices, you can see how many of each item you have in stock. If you need to reorder inventory, you can easily create and send purchase orders, and then convert the purchase orders to bills for payment or invoices for your customers. For complex inventory needs, advanced inventory integrations are available through the app marketplace.

Exclusive XERO Accounting Plans

The Growing plan is $34/mo and has unlimited invoices, bills, and bank transactions. Xero offers users unlimited support through FAQs, a community page, an accounting glossary and courses to help understand the program. Xero Accounting is a New Zealand–based company that caters to small and medium-sized businesses in the APAC region, especially the U.K.

Xero Payroll is for small businesses that want something more efficient than manual payroll. Not only does the user run payroll from an easy-to-use solution, but companies also have a choice of checks or direct deposit. It’s easy to access all your data and Xero tools from anywhere – just connect to the internet. Easily manage statutory sick, maternity, paternity or adoption leave, and make the right adjustments to employee pay. Xero Payroll simplifies and automates your payroll and provides access for your employees to view their payslips, request time off, submit timesheets, and update their contact details. We like its advanced search feature, which you can use to search invoices using multiple fields and filter them appropriately.

Xero is capable of adding to the growth of your startup business. Also, businesses can get a clear picture of cash flow and accounts payable. In general, we were pleased with Xero’s customer support options. However, they were not as comprehensive as what we found in our review of QuickBooks. Phone support is not available immediately; you have to contact customer service first via email or live chat, after which you may be directed to a phone-based rep for further assistance.

Advantages of using QuickBooks accounting software

They have distinct approaches, and each has distinct advantages and disadvantages. Xero features a user-friendly interface and avoids confusing accounting jargon, making it a great choice for users who are not tech-savvy or who do not have deep knowledge of accounting. Xero also lacks the comprehensive vendor network that would make it an effective player in the accounts payable space. Processing accounts payable is a vital part of running a business, so small business owners may want to consider software that supplements Xero’s capabilities.

Hubdoc is included in Xero Early, Growing and Established plans as long as it’s connected to your Xero subscription. Your use of the Xero services is subject to the Xero Terms of Use and your use of the Hubdoc services is subject to the Hubdoc Terms of Use. You’ll receive your invoice at the end of your monthly billing period. Payment will be taken on the date shown on your invoice using the payment details entered when you purchased your subscription. If you’ve incurred usage charges for Xero Payroll, Xero Projects or Xero Expenses – or you have a chargeable direct bank feed – these charges will be invoiced for the previous month. The software in QuickBooks is user-friendly and geared toward customers.

Established Plan

Because they cater to companies in different global regions, Xero and QuickBooks specialize in meeting different standards for accounting and financial reporting. The main difference in choosing between Xero and QuickBooks is geography. Which is best for you depends for the most part on where your company is located and where you do business.

• Your financial situation is unique and the products and services we review may not be right for your circumstances.
• This accounting software keeps sending gentle reminders whenever the invoice’s due date is coming up.
• Xero is headquartered in New Zealand and has offices in the US, UK, Australia, and Singapore.
• Xero might have slightly more refined capabilities, but you’re still better off choosing the solution that’s set up to comply with your local tax needs and accounting standards.

With Xero, businesses can eliminate the need for paper records and reduce accounting fees. The software is also updated automatically, so businesses always have the latest features and security patches. Overall, Xero is an efficient and cost-effective way for small businesses to manage finances.

Xero will import data from EasyStore, including product names, prices, and cost of goods sold. Create professional online quotes using Xero software or the app. Create and send purchase orders online with purchase order software. Send invoices from your phone or desktop as soon as the job is done.

R&D tax claims

A blue bar at the top of the interface contains several drop-down menus that house all of Xero’s features. Xero also integrates with over 1,000 third-party business apps, among the most of any accounting software package we reviewed. As a business moves into higher phases of growth, it will likely require more of these integrations to scale up and keep things running smoothly. The Established plan adds multiple currencies, expenses, and project management at $65/mo.

Overall, it did an excellent job in most of the areas we examined, even though it fell short in customer service and the mobile app. Let’s look at our accounting expert’s walkthrough, analysis, and evaluation of Xero’s accounting features. Xero’s Established plan allows you to send and receive payments, as well as view reports in more than 160 currencies. International transactions can also be automatically converted based on the latest exchange rates, thus allowing you to see the impact of currency markets on your profit and cash flow. With Xero, you can enjoy the convenience of having your bank transactions automatically fed into your Xero account on a daily basis. By simply connecting your Xero account to your bank account, all bank data will flow automatically to your Xero platform.

QuickBooks offers receipt and document organization with its mobile app as well as the online version. Xero is a global payroll software provider for small-medium size businesses in a wide range of industries. Xero is headquartered in New Zealand and has offices in the US, UK, Australia, and Singapore. They keep the language simple which is great for users who don’t know accounting terminology.

It also supports mileage and/or employee GPS tracking for reimbursement or tax reporting. “We maintain track of all of our financial transactions, including payroll and cash flow, with the help of Xero. It greatly improved the bookkeeping’s organization and clarity and made the process easier to handle.” – Courtney S. But, some users have reported limited customization options and glitches when using bank feeds.

Our team provide a hybrid of online training and classroom training for Xero. Xero has a support page that directs users to various resources depending on the type of user, problem or scenario. It also comes with multiple training materials, including blogs, product updates, guides for small businesses, accounting glossaries and more. Xero and QuickBooks both offer monthly subscriptions with pricing plans in the same ballpark, and each offers an add-on option for payroll.

The reimbursement process is made easier with the help of Xero’s powerful data capture feature that automatically extracts information from photos of receipts uploaded to the platform. All reimbursement claims can be easily approved from your end, thus making the process faster. Businesses require the Established plan of Xero to use all of the features. You can receive the Growing features, as well as multi-currency support, expense capture and management, and project cost and time tracking for $60 per month. The Basic plan from the QuickBooks accounting system starts at $25 per month. All of the fundamentals of organizing receipts, tracking expenses and income, making invoicing, and receiving payments are included in this plan from Xero.

One issue with the system came in making updates to invoices after they’d been saved. Some users said they were sent prematurely to clients or claimed to have difficulties changing the data at a later date. Many also felt that the implementation process for the new platform was difficult, but that once they learned where things were they felt comfortable. Larger companies should consider a system that’s able to handle a higher volume. The dominant business accounting software solutions for folks just getting off the ground are QuickBooks and Xero. “The expenses tracking can be formatted to allow multiple currencies to be easily uploaded in batches or real-time.” – Ibrahim B.

I also wish that you could have multiple rate cards with the projects module.” – Meghan M. “Unfortunately, the reconciliation process in XERO is a no-go for me. Rather than the Quickbooks and standard approach, where you do a monthly reconciliation against a bank statement, XERO had no such function.” – Sherm S. “I like the product is easy to use, no need high knowledge of accounting, the person who never was doing accounting can easily manage this product” – Monik V. “It does everything you need an accountancy program to do and more, it’s easy to use as you start automating processes, so reconciliation eventually becomes a few clicks.” – Charles R. Xero offers this through Hubdoc so you can access your documents online.

Transfer to Xero — We are happy to help move your existing accounting over to the Xero platform, hassle-free. Basis 365 has partnered up withXeroto bring you simple accounting technology and a streamlined process to keep your books in the cloud and up-to-date. We want you to focus on what you do best and have your numbers there when you need them. “When billing out a PO, you can bill it out more than the amount is for, and it can mess up with the financials on the balance sheet, etc. Also, when pulling reports, you must click on too many different things to get to where you want to go.” – Kenders G. “ It would be great if the projects section was integrated with other apps, such as Expensify.” – Sara B.

Plus, the software allows for collaboration with multiple users, making it easier to work together on financial tasks. Xero is a reliable and comprehensive solution for businesses looking to streamline their financial management processes. For example, when you purchase the Pro Plus Desktop plan, you can have up to three concurrent users, but each of those users must pay for their own account (at $349.99 each per year). Its Online version allows up to 25 users at no additional cost, provided you’re paying for the Advanced plan.

However, these issues don’t detract from encumbrance accounting’s overall effectiveness as a payroll software solution. Track mileage, send invoices and get a snapshot of your business cash flow with both Xero and QuickBooks. While Xero’s lowest-tiered plan allows you to send and approve up to 20 invoices, partner apps that initiate transactions can automatically contribute to your limit. Keep in mind that support is only available via email or one-way call. If you’re a larger company with multiple bank accounts, go for a more robust accounting system like QuickBooks Enterprise. For heavily inventory-based businesses, we suggest an ERP like NetSuite ERP or Sage Intacct.