What Is Xero?
The award-winning accounting software, Xero, is one of the favourite financial collaboration apps available in the market˳ The software is heavily popular among leaders and top players in the accounting category˳
The design of Xero is set to meet the requirements of small businesses, irrespective of their industry˳ The popular app is often the handiest asset for an accountant to manage their financial activities˳ What makes Xero great is its friendliness and usability while assembling top-notch features that help close important gaps in accounting˳
A great advantage that Xero boasts is even someone with zero accounting knowledge finds it easy to manage, as even the most standardized and complex financial concepts become enjoyable˳ For instance, one can trace back double bookkeeping to the origins of the business, but Xero breaks the stigma of it being uncomfortable by non-expert users˳ The logic and the terminology of the accounting practices stay intact, but operations become simple for even a commoner to understand and use as per their business needs˳
The ease of use and makes Xero a noteworthy name among the top-ranking companies around the globe, outperforming the accounting job than most prominent players in this competitive industry˳ Even though one feels that they do not have ample knowledge in the best accounting practices, Xero’s certified advisors’ guidance assists you all the way along the journey˳
Founded in New Zealand in 2006, Xero has been recording outstanding growth rates on the global markets, especially in Australia, America, UK and Europe˳ Today, over 475,000 business and sole accountants are using Xero˳ Partnered with various accounting systems and third-party apps, Xero extends its usefulness in making your accounting journey a smooth outing˳
Pricing
Xero offers variable pricing plans that suit your unique business needs˳ Currently, Xero no longer includes payroll and has put limits to a few features likes expenses and multi-currency support to its most expensive plan˳ However, each plan offers unlimited users and live bank feeds, letting businesses download, categorize, and perform their transactions as usual˳
The accounting software offers three different pricing plans, which are billed monthly˳ One can cancel the subscription plan at any time they need, but with a notice period of a month˳ Xero offers a free trial period of 30 days with a demo company set up for one to explore the software before buying it˳ A nonprofit organization or owners of multiple companies can avail discounts from the accounting software company˳
Let us have a look at the pricing plans by Xero:
Starter
Xero’s Early plan costs $20 per month and is ideal for freelancers, sole traders and new businesses˳ The plan includes:
- Sending up to 20 invoices and quotes
- Entering up to 5 bills
- Reconciling bank transactions
- Capturing bills and receipts with Hubdoc
The optional add-ons include claim expenses and track projects for $4 and $7 respectively˳
Standard
The standard plan costs $30 per month and is ideal for growing small businesses˳ The plan includes:
- Sending invoices and quotes
- Entering bills
- Reconciling bank transactions
- Capturing bills and receipts with Hubdoc
The optional add-ons include claim expenses and track projects for $4 and $7 respectively˳
Premium
The premium plan costs $40 per month and is ideal for established businesses of all sizes˳ The plan includes:
- Sending invoices and quotes
- Entering bills
- Reconciling bank transactions
- Capturing bills and receipts with Hubdoc
- Using multiple currencies
The optional add-ons include claim expenses and track projects for $4 and $7 respectively˳
Features
Bank Reconciliation
Xero imports all financial transactions into its database, before linking them to the corresponding accounting transactions˳ On confirming the match, the transaction will be reconciled in the system˳ The application can import feeds from more bank accounts, credit cards and PayPal accounts˳ The software also lets you perform more complex transactions by creating your custom rules˳ You can import and automatically reconcile pre-coded bank statements with the fast cash coding feature˳
Dashboard
The Xero dashboard lets business owners get a complete picture of their key accounts, income and expense reports, upcoming bills and pending invoices, helping them understand all their company’s financial activities˳ You can turn on notifications to monitor certain accounts if needed˳
Xero’s dashboard is easy to use and navigate and helpful for the user to understand every information they need˳ You can also perform tasks such as adding accounts, bills and issuing invoices in the dashboard˳
Invoicing
The invoicing system is an important part of the accounting suite, helping you in generating and customizing business invoices˳ You can add your company’s logo, perform foreign currency conversion, and save different templates for separate clients˳
The system can issue invoices for payments from various sources like PayPal accounts, bank transfers or credit cards˳ Xero’s invoicing tool provides alerts when your invoice has been opened by the recipient˳
Xero can automatically convert the invoice into the currency used by the client, reducing the burden of manual conversion˳
Security & Automatic Updates
Security is highly important for a cloud system that holds private information, making it safe from hackers and other malevolent attackers˳ The developers understand the threat, hence providing a dedicated security team to keep the data safe˳
Xero team strive for constant improvements to their service, adding new features constantly˳ This ensures that the efficiency of the app and your user experience is always optimal˳
Competitors
QuickBooks
QuickBooks is a cloud-based accounting solution, helping small businesses in managing their accounting and finances˳ A customer can view all accounts with auto-synchronization˳ The necessary accounting and client communication feature can also be done on their native iOS and Android apps˳
Zoho Books
Zoho Books is another smart accounting solution, which is ideal for small businesses in helping them manage their business and cash flow˳ The app is user-friendly, has a clean design with vital features to generate actionable, data-based insights˳
FreshBooks
FreshBooks is an award-winning robust cloud accounting app, ideal for small businesses to make easy billing˳ The software lets users manage key processes with ease while providing special modules to manage projects and taxes˳
Ending Notes
With ample integrations and strong features, Xero is an ideal software for accounting purposed˳ With multiple automation, the application saves your business time in performing otherwise manual tasks˳ Hence, Xerox is the ideal accounting software for businesses˳
Source by https://ezinearticles˳com/?Xero-Accounting-Software:-Pricing,-Features,-Reviews-and-Comparison-of-Alternatives&id=10443253
