Xero Review 2023: Features, Pricing & More

what is xero

It offers even more projections, including those based on cash predictions and scenario planning. Xero is a great QuickBooks alternative for budget-conscious small businesses. With its relatively affordable price points, you https://www.bookstime.com/ get features that you’ll only see in higher-priced plans of other accounting software. However, we found that Xero isn’t suitable for nonprofit entities or specific businesses needing multicompany accounting features.

Is Xero an accounting tool?

Xero is a powerful online accounting software solution. Run things smoothly, keep records tidy, and make compliance a breeze with cloud based accounting.

Unlike many competitors, Xero’s pricing and plans are based on features rather than on the number of users. In fact, all of Xero’s plans support unlimited users, which is great for expanding businesses. We want to see comprehensive features in a mobile app, like sending invoices, entering bills, receiving payments, and entering vendor payments. Xero’s mobile app is basic, with features like receipt scanning, sending invoices, and expense categorization.

Who is Xero for?

Xero is designed to work with just about any browser, and since the system is online, you don’t have to spend any time downloading or installing an application. You can manage any of https://www.bookstime.com/articles/xero the accounts you have connected to Xero in the bank accounts screen seen above. You can also add an additional bank account or transfer money between accounts from this screen.

  • It should be straightforward, intuitive, and largely self-explanatory.
  • You can see at a glance which quotes are in draft form, sent, accepted, and expired.
  • If you have a list of customers and suppliers, you can import that, too.
  • For instance, you can give some employees access to create and send invoices and allow others to pay bills.
  • It’s considered an all-in-one accounting program specially geared toward newer businesses and young entrepreneurs.

Xero offers more than 1,000 integrations – among the most of the accounting apps we reviewed. If Xero lacks a feature you need, or if you want to connect it to the other business systems and services you already use, you can probably find an add-on in the company’s app marketplace. One cool feature is that you can schedule recurring invoices (or “repeating invoices”) by setting the send date, frequency, and end date. Automatic payment reminders encourage customers to pay on time, saving you from having to follow up on outstanding invoices manually. You can set the software to send reminders either before payment is due or when it’s past due, and also set up the system to email your customer’s receipts after you receive and record payments. In the accounts receivable (A/R) management portion, we evaluated major aspects like invoice creation, inventory adjustments, and customer payments.

Customer Support

Xero has three pricing plans, and all accommodate unlimited users. That’s why it’s our best ecommerce accounting software for companies needing to include multiple users in the accounting software program. Before subscribing, you can access all of Xero’s features for free for 30 days to help you decide which plan best suits your needs. Xero is robust, cloud-based software with strong accounting, ample integrations, and some great features. It offers tons of automations to save your business time, such as automatic sales tax lookup, group invoicing, and default email templates. The new sales overview and bills overview pages are a nice addition.