From the beginning, you will be met with a wizard that walks you through the setup process based on the type of business you’re running. This is done via a series of basic questions, like ‘what is your billing method? The onboarding process is sufficient for most users and you can tweak things later. However, you should be aware that Xero requires you to pay monthly add-ons for certain features at anything below its Ultimate level, including payroll, expenses and tracking projects. Many of the more advanced features are reserved for the most expensive plan. Xero’s best features, such as the expense management and multi-currency support feature, are only available if you opt for the Established plan.

1. New functionality since our last review in 2022 includes 1099 management and visualization in reports.
2. In addition to billing and invoicing capabilities, Xero goes one step further by providing financial and accounting reporting features (Figure B).
3. If you have additional questions, click the “Contact Xero support” button at the bottom of any support article, and Xero will contact you by email.
4. The company has also limited expense claims, projects, and multi-currency support to the most expensive plan.
5. The company has recently added a project management feature, which was one of the most significant drawbacks previously.
6. If you’re running an online business, implementing Plooto is a must.

And if you’re a team or a fast-growing company, look no further than $36 per month. For the self-employed and small business owners who look for the whole package, expect to pay $24 per month. You won’t be limited by a certain number of users and can accept payment via PayPal, Stripe, and Square.

Xero Accounting Features

The UK Government and HMRC have launched an initiative to Make Tax Digital (MTD). The best online accounting software for UK small business owners can get you compliant and ready for tax returns almost automatically. Instead, it offers free and unlimited online customer support, seven days a week, 24 hours a day, at xero accounting review Xero Central. You can request a callback, however, by providing your phone number. No one wants to waste money on late-payment fees or sacrifice important relationships with suppliers and creditors by missing payments. Xero helps you track your bills and pay them on time, which also keeps your credit rating high.

Xero features list

It’s worth noting that some features may require a separate subscription or purchase of add-ons, leading to additional costs beyond the base pricing. We liked that Xero gives you the option to attach files and preview the final look of your invoice at any point in the process. To reiterate our point in the A/P section of our case study, the only shortcoming we see is with viewing inventory in the PO. Overall, we’re satisfied with how Xero’s inventory features performed based on our rubric.

Xero also offers basic inventory management so you can track your inventory levels. If you set stock levels during setup, Xero will increase inventory when stock is purchased and decrease inventory when a sale is made. You can also access both quotes and purchase orders from the Business module. The number of users is also technically unlimited, but FreshBooks does charge an extra fee per user.

You can add Gusto payroll to any plan for an extra $40 per month, plus $6 per month per person. Includes project tracking tools in most expensive plan; has transaction tracking tags; lacks industry-specific reports; users with multiple businesses must pay for separate subscriptions. It allows three users for its Essentials plan ($55 per month) and 25 users for its top plan, the Advanced ($200 per month). This can be helpful if your company is growing fast, or you simply want the reassurance that there’s no limit to how many people can be part of the team. The Early subscription is tailored for solopreneurs and business owners who are just getting started.

Xero accounting software features: at a glance

Once you sign up for the software or the free trial, you’ll be taken to a step-by-step onboarding process explaining how each feature works. The onboarding process is a combination of help articles and videos. You can also explore a demo company to learn how Xero works without worrying about making mistakes. There’s an iOS and Android mobile app that’s a mobile version of the website. The other two apps are Xero Projects and Xero Expenses that support work in the field.

You can try PlanGuru for free, and with the 30-day money-back guarantee, investing $99 per month definitely feels like a safe bet. If you’re running an online business, implementing Plooto is a must. You can use it to pay for both domestic and international clients as well as receive payments from both home and away.

Nonetheless, compared to others, it has a very intuitive user interface. You’ll be prompted to fill out all your contact details and invite any team members to create their accounts via an email blast. Then you’ll be able to customise your invoices and access all the other features. Of course, it’s also easy to reach support staff themselves via your dashboard, direct email, or phone. You’ll get a bit of a faster and more in-depth response on the higher-priced plans because you get a dedicated account manager. Even the bottom tier plan has enough support to keep you satisfied, however.

What is the best CRM for Xero?

Automatic payment reminders encourage customers to pay on time, saving you from following up and dealing with unpaid invoices. You can set the software to send reminders before the payment is due or when it’s past due; you can also set up the system to email your customers’ receipts after receiving and recording payments. Xero has recently updated its invoicing feature to offer more professionally polished invoices so you can add a logo or other branding information on the invoice. There is an option to create an invoice online that can be sent from your mobile device, or if you prefer, you can print the invoice and mail it to your customer. In addition, when you enter a new customer or vendor, you can add custom details such as a discount.

Its strengths lie in its user-friendly interface, comprehensive feature set, and flexibility offered through various integrations. While it might fall short for larger enterprises with complex, specific needs, it remains a formidable option for its target market. From accountant tools to customer relationship management (CRM) solutions, it’s easy to integrate Xero with your existing software services. We also found that it’s impossible to combine multiple checks along with cash into a single deposit entry.

Additionally, firms needing in-depth project management integrated with their financials might find Xero’s capabilities not extensive enough, leading to reliance on additional software. In this thorough review, I will evaluate Xero’s best https://personal-accounting.org/ (and worst) use cases, target audience, pros and cons, and more. Users can try Xero for 30 days before signing up for a subscription. However, accountants and bookkeepers can register in the Xero Partner program to get it for free.