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Xero

Score7.8 out of 10

783 Reviews and Ratings

What is Xero?

Xero is an online accounting software product for small businesses and personal finance. Its features beyond general ledger and double-bookkeeping include quotable invoicing, bank reconciliation, purchase order and expense management, and tax management. Third party apps can extend its features further.

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Categories & Use Cases

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Xero Key Features

Learn about the best (and worst!) features Xero has to offer, as determined by TrustRadius' reviewers.
Based on 783 ratings of Xero's features
View all Xero features

Top Performing Features

  • Electronic tax filing

    The software provides a full electronic interface for the filing of repeatable taxes, such as payroll or sales tax.

    Category average: 8.5

  • Journals and Reconciliations

    Automate and synchronize ledgers and processes

    Category average: 8.9

  • Standard reports

    The software offers pre-built reports with metrics standard to the category.

    Category average: 8.4

Areas for Improvement

  • Centralized Rules Framework

    Integrate disparate ERP and transactional systems into single ERP instance

    Category average: 8

  • Configurable Accounting

    Configure accounting rules and segments for each chart of accounts

    Category average: 8

  • Enterprise Accounting

    Create accounting for disconnected ERP and non-accounting source systems

    Category average: 8.1

Who Buys & Uses Xero

Xero Reviews

What users are saying about Xero.
View all Xero reviews

Pros

  • Robust bank reconciliation with seamless bank feeds.
  • Effective invoicing and recurring billing capabilities.
  • Flexible and customizable financial reporting tools.

Cons

  • Limited customization options for reports and invoice appearance.
  • Complex or limited integration capabilities with some third-party applications.
  • Occasional reports of declining software performance, slowness, or outages.

Xero Review

Incentivized
Sam Zurcher
Advisor in Finance and Accounting at CFG (1-10 employees)

Use Cases and Deployment Scope

We use Xero as our accounting tool. We don't have any 1099 employees or contractors so our business is pretty straightforward. We just want to know what our margins are, what our revenue and expenses are so that we can keep track of our progress and then file for taxes at the end of year.

Pros

  • Sync's to our payroll (Gusto)
  • Easy to read reports
  • Adding Expenses and Sales

Cons

  • 1099 functionality
  • More in depth accounting reports

Return on Investment

  • reduced time spent on accounting
  • improved reporting to see our real time number

Usability

Alternatives Considered

QuickBooks Desktop Enterprise

Other Software Used

Gusto

Dont remove core functionality and keep pricing the same while also loosing your focus on small businesses.

David DavisView profile
Director in Professional Services at BeyondPossible PTY LTD (1-10 employees)

Use Cases and Deployment Scope

It is our financial system of record, all transactions are done via Xero. All bank recons, VAT/PAYE reporting, budget management, annual reports etc. Invoicing, follow-ups etc.

Pros

  • Budgeting
  • Reconcilliation
  • Statutory Reports

Cons

  • Dashboard customization.
  • Balance Sheet and Income Statement View Customization.

Return on Investment

  • Esase of reconciliation saves me time.
  • Balance sheet and Income statement oversight, saves time.
  • Negative - removed the payroll functionality as part of the offering, now I have to spend more with a third party vendor for a basic payroll.

Usability

Alternatives Considered

Odoo Accounting

Other Software Used

n8n

Xero - easy to use accounting software

Verified User
Manager in Finance and Accounting (11-50 employees)

Use Cases and Deployment Scope

We use Xero as our accounting software for A/P, A/R, Bank accounts, etc. We also use it for financial reporting and helping us to keep on top of where our business is financially. Xero continues to add products, such as payroll, to help our business run efficiently. It has helped us have an in time view of our financials and with the new syft it is even better.

Pros

  • Accounts Payable
  • Financial Report - Being able to create our own reports
  • Good customer support
  • Excellent support of small to mid size businesses
  • Financial dashboard for up to the minute picture of company
  • Bills available to streamline a/p process

Cons

  • Accounts Receivable - there is no capability of adding finance charges on late invoices. This is a HUGE problem.
  • Reports - it is great to be able to create your own reports but it is a little difficult to figure out how to use it.
  • Checking - Our credit union business side is not able to download to Xero. This is a burden in keeping on top of finances throughout the month.

Return on Investment

  • It has saved considerable time in entering data for A/P and A/R
  • It has given us the opportunity to customize reports that can be shared with our employees - keeping them informed of the health of the organization

Usability

Alternatives Considered

QuickBooks Desktop Pro and QuickBooks Online

Other Software Used

Gusto, Workglue, DripJobs

Robust feature rich product

Incentivized
Verified User
Manager in Finance and Accounting (11-50 employees)

Use Cases and Deployment Scope

Full service accounting and bookkeeping software. It's used for end-to-end bookkeeping, accounting, reporting, invoicing, payroll and HR related management. Allows staff to manage their own leave and payslips. Heavy customisation of reporting is very useful for our specific business cases.

Pros

  • Bookkeeping
  • Accounting
  • Payroll
  • Financial Reporting
  • User experience
  • Mobile app

Cons

  • Invoice customisation
  • Budgets
  • Consolidated reporting across entities

Return on Investment

  • Automated recurring processes
  • Excellent audit trail for improved compliance
  • Improved financial oversight
  • Automated payroll
  • Self-service for employees

Usability

Alternatives Considered

QuickBooks Online and Microsoft Excel

Other Software Used

monday.com, Insightly, Microsoft 365, Annature, LastPass for Business, OneNote, Bonjoro, Canva, Squarespace, DocuSign

One of the Best User Interface and Dashboard for Accounting

Incentivized
Verified User
Administrative Assistant in Finance and Accounting (1001-5000 employees)

Use Cases and Deployment Scope

Xero is mainly used for accounting purposes. It helps in the seamless management of the accounts and also helps in payroll, accounts receivable and accounts payable accounting also. Xero is very user friendly and the interface always helps in navigating through the records easliy. The Reporting is also very good which helps in extracting the numbers as and when needed

Pros

  • Book Keeping
  • AP management
  • AR management
  • Forex currency recording

Cons

  • Budgeting and Forecasting
  • Versatility in Reporting
  • Dimensions set up
  • Customized reporting

Return on Investment

  • financials reports generation
  • Time saved by setting automation of few tasks
  • Tax filings support
  • Inventory module not fully supported
  • Multi Currency Consolidation is tougher

Usability

Alternatives Considered

Sage Intacct

Other Software Used

Sage Intacct, BILL, Justworks, QuickBooks Online

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