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Xero is one of the leading accounting software providers for small and medium-sized businesses. In this Xero software review , you will learn how it can benefit your business and see why it is a popular choice for small and mid-sized businesses in the UK.
Xero is cloud-based accounting software designed to support small and growing businesses automate their accounting process. Founded in New Zealand by technology entrepreneur Rod Drury in , it is a leader in cloud accounting in New Zealand, Australia, and the UK, with more than 3 million subscribers.
With strong competition and little brand awareness outside of New Zealand, the company faced a major challenge when entering the UK market for the first time. However, Xero has since gained around , subscribers in the UK. Xero provides the flexibility and convenience that comes with web-based accounting software, so all you need to do to get started with the platform is create an online account and verify your email address. Xero simplifies things by outlining the early steps you need to take to set up the account for your business.
These steps include:. If you are switching to Xero from a different accounting solution, you can import all your important business data in bulk via CSV files. Data that can be imported include invoices, supplier bills, contacts, fixed assets and a Xero chart of accounts.
Note that Xero will automatically convert your customers and suppliers into contacts, so it is advisable to import your bills and invoices before adding contacts to avoid duplication.
Xero boasts a visually appealing and intuitive user interface. Aside from the main dashboard, the top menu also contains the Business , Accounting , Projects , and Contacts options, from where you can access all the features Xero has to offer. On the far right side of the screen, you can access the Help , Notifications , and Search buttons, as well as a plus icon, which allows you to generate brand new documents such as invoices, bills and quotes.
If you are new to online accounting software, you can also try the Xero demo company. It contains fictional business data, allowing you to get a feel of how the software works without having to enter your own business information first.
Xero offers a comprehensive invoicing solution, allowing you to send all your invoices to your clients directly from the software and receive payments online.
Invoices can be fully customised to suit your organisation and match your brand. To customise your Xero invoice, you start by assigning it a branding theme , which determines how the invoice will look when you send it to the client. You can customise the Standard theme to your liking by adjusting the margins and fonts, turning various features on and off, and adding terms and payment advice, among other options.
Furthermore, you can add a payment service , such as Stripe or PayPal, which will allow your customers to pay you online. Aside from the Standard theme, Xero allows you to create multiple branding themes for different customer groups and customise them in the same way.
To ensure you get paid on time, Xero can automatically send payment reminders to your customers via email. At the same time, the software allows you to set a custom minimum owing limit and days overdue. The invoice creation window is also relatively simple and easy to understand, with the different fields clearly labelled and easy to find.
Moreover, when you add an already existing customer, Xero automatically displays the details from that customer in the invoice. While Xero offers an excellent invoicing solution, there are some minor inconveniences you should be aware of.
However, that price only includes your first five employees. Unlike other accounting platforms, Xero includes basic inventory management in all its plans , including the cheapest one. This is a huge advantage for businesses that need to keep track of what is in stock in real-time. Thanks to this feature, they can do it directly from Xero without having to integrate and pay for a third-party inventory tracking app. You can also select items and add them directly to invoices, quotes, or purchase orders.
It also saves you countless hours of administrative work by allowing you to make batch payments and schedule payments in advance. With the Xero accounting app , available for Android and iOS devices , you can perform most of the tasks you do on the web version of Xero from anywhere. Most notably, you can view your cash flow and bank account balances, create and send invoices, reconcile transactions, and convert quotes into invoices with a single tap.
Xero offers excellent support in the form of support articles, guides and how-to videos. This is not ideal, especially if you have an urgent issue that requires immediate attention. Xero used to offer three plans for its users, but the company has recently introduced a fourth, Ultimate plan for customers in Australia and the UK. It includes basic features like bank transactions reconciliation and VAT return filing, but it limits users to only 20 invoices and five bills a month.
Next up, the Standard plan removes the invoicing limit and includes more advanced features, such as bulk reconciliation of transactions. In the table below, you can see an overview of all Xero plans. Xero also includes a number of optional add-ons that can be added to any plan for an additional monthly fee on top of your paid package. Xero add-ons include:. No credit card is required, and you can cancel at any time.
QuickBooks Online is market-leading cloud-based accounting software that is ideal for growing businesses with specific accounting needs like tax planning, unlimited invoicing, and expense tracking. Unlike Xero, QuickBooks offers a dedicated self-employed plan which allows freelancers and sole traders to prepare self-assessment tax returns, making it the obvious choice if you fall in the self-employed category.
QuickBooks also has the edge when it comes to customer support, offering free UK phone support and live chat. On the flip side, QuickBooks Online limits the number of users you can add to your account to only three and five with its intermediate and premium plans, respectively.
Xero imposes no such limitations, making it the better choice if you need to give access to your account to a larger team. Sage is a UK-based enterprise software company that offers both cloud-based and on-premise accounting solutions.
Xero, on the other hand, includes unlimited users in all its plans. FreshBooks is another popular small business accounting software that stands out for its intuitive user interface and customisable invoices.
Besides unlimited invoicing in all plans, FreshBooks offers built-in time tracking software ensuring every hour worked is properly accounted for and billed. Xero software is a highly rated accounting solution that offers a range of features to suit businesses of all sizes. It is easy to use, with a visually appealing user interface and has a variety of pricing plans to suit different budgets.
Xero also offers a demo company so you can try the software before entering your own business information. No, Xero is not hard to use. Moreover, the user interface is visually appealing and intuitive.
Yes, Xero is a good option for small businesses. The software offers a range of features that make it easy for small businesses to manage their finances. The Xero accounting software is designed to help businesses manage their finances, including invoicing, tracking expenses, and reconciling bank transactions.
Xero also offers a payroll solution, allowing businesses to manage employee payments. This means that cybercrew. However, all opinions expressed in this article are solely ours, and this content is in no way provided or influenced by any of our partners. Best For. Connecting your bank account Creating your first invoice Adding and managing your bills Sorting transactions into categories.
Submit payment and deduction details to HMRC Automatically calculate tax, pensions, and leave Allow employees to view payslips and request leave online Track the hours worked with a built-in timesheet Automatically manage workplace pensions.
FAQ How good is Xero software? Is Xero hard to use? Is Xero good for small business? What does Xero software do? Everything in Starter, plus: Short-term cash flow and business snapshot Bulk reconcile transactions. Everything is Standard, plus: Use multiple currencies. Everything in Premium, plus: Payroll for up to 10 people Expenses and projects for up to 5 people Advanced insights with Analytics Plus.
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