The software makes it easy to pay bills, claim expenses, accept payments, track projects, manage contracts, store files and more. Using Xero Analytics feature, users can generate reports on the financial health of the organization. It offers an idea about short-term cash flow and shows the impact of invoices and bills. It tracks income and expense metrics to identify trends and help with financial health.
FreshBooks charges $17 per month and QuickBooks charges $30 per month). However, the best option and price point will depend on the specific capabilities and features you are looking for. It does not have any phone support number, but you can request a callback from Xero if necessary. However, it has an active community forum and a collection of support articles that are beneficial to the users.
It also supports accepting payments directly from the online invoice and reduces the time spent chasing payments. While sending the invoice, companies have the freedom to choose the most suitable payment method for each customer. Its built-in time timer lets users track time invested in a particular task. Xero Projects features show the project profitability and generate reports on different aspects of a project, including project summary and project details. Xero offers a free 30-day trial and even has a demo company set up already, so you can explore the software before you buy it.
Read our 2024 Xero review to find out if it’s the right solution for your business. Xero automatically calculates sales tax on companies’ transactions and prepares sales tax returns on the company’s behalf using sales tax reports. Users can set up as many sales tax and the tool will record them automatically.
Buy the Growing plan
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you general journal take certain actions on our website or click to take an action on their website. Limits for Xero Projects and Xero Expenses are per active user, per month. Your use of the Xero services is subject to the Xero Terms of Use and Privacy Notice and your use of the Hubdoc services is subject to the Hubdoc Terms of Use. If you’re looking for an accountant who specializes in Xero, you can search for an accounting advisor through their website by location and industry.
Xero Accounting Review 2024: Pricing, Features, Alternatives
- It takes quite a while to explore all of the features it has to offer, but once you get acquainted with the software, Xero is fairly easy to use.
- Companies operating in multiple countries or dealing with multinational companies can use Xero’s multi-currency accounting feature.
- The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication.
- These reports help small business owners identify areas for improvement and make evidence-based decisions in real time.
- Given that there are several invoicing software on the market, it’s worth putting in some time to research your options before choosing one for your business.
The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories. After a 30-day trial period, Xero will bill a monthly charge of $13 per month for the Early plan, $37 per month for the Growing plan and $70 per month for the Established plan. For free invoicing platforms, consider Zoho Invoice, Square Invoices or PayPal Invoicing, although these platforms provide fewer capabilities. All three plans come with an optional add-on for payroll with Gusto for $40 per month plus $6 per month per person. Gusto is a platform that automates payroll filing for all 50 states in addition to automating payroll taxes, deductions and filings and providing employees with the platform to view pay stubs and W-2s online.
Reporting For Future Cash Flow and Financial Health
This is a real drawback for owners of multiple businesses or bookkeepers who work with multiple clients. Xero has a mobile app, Xero Expenses, that allows you to snap pictures of receipts and create an expense instead of having to manually enter all the information. This feature is available on all pricing plans; which I appreciate since some accounting software charges extra for mobile receipt capture. Employees can submit a reimbursement request as soon as their receipts are uploaded, and the business owner can track expenses totals by category as they are submitted (Figure C). Xero is a cloud-based, double-entry accounting software tool that is designed with small businesses in mind.
Xero offers discounts for nonprofits and owners of multiple companies. Xero has been known for offering discounts in the past, so be sure to check the company’s website to see if it’s having a sale. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business.
Xero doesn’t offer as many pre-built reports compared to Xero alternatives such as QuickBooks. FreshBooks is another one of our favorites for small businesses — especially freelancers. It has unlimited customizable invoices, a client portal, built-in project and time tracking and a highly rated mobile app. Plus, if you’re new to accounting software, you can’t go wrong with FreshBooks’ easy interface, but if you do get lost, you can easily access the help center through your account.Want to save a little money? FreshBooks has a deal running where you can save 50% for the next six months. Xero is a cloud-based accounting software product that’s easy to use and integrates with more than 1,000 apps.