Xero

Score7.9 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.

Categories & Use Cases

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Electronic tax filing
The software provides a full electronic interface for the filing of repeatable taxes, such as payroll or sales tax.
Category average: 8.6
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: 8.5

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

Sam Zurcher

Advisor in Finance and Accounting at CFG (1-10 employees 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

David Davis View profile

Director in Professional Services at BeyondPossible PTY LTD (1-10 employees 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

Verified User

Manager in Finance and Accounting (11-50 employees 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

Verified User

Manager in Finance and Accounting (11-50 employees 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

Daniel Jaworski

Certified Public Accountant in Finance and Accounting at Deeagle Tax and Accounts Limited (1-10 employees employees)

Use Cases and Deployment Scope

I use Xero for my practice but also for a number of our clients. The software gives online cloud solution for bookkeeping and accounting. It does not require updating and backing up of the software and allows for access from anywhere in the world. It also links with many other software products that allow for more in-depth reporting and financial management and advisory.