Xero

Affordable professional level accounting software for small business

Kommentarer: It's been easier to use Xero than I expected, but I had a nasty surprise at tax time when I realized the default accounts/descriptions for expenses did not correlate 1:1 to IRS categories. (I should have checked this more closely when I set up my accounts because it's a New Zealand company, and the previous product was local.) This means I will need to double-check all my transactions for 2018 and the IRS has my vastly overestimated tax payment until I can do that and file my return on an extension. I've had a much better experience importing data from financial institutions because Xero uses a well-known importing service that is trusted by the institutions. I like being able to match multiple invoices to bank deposits because I usually don't run to the bank for each check. This will be more valuable as my company grows. I should probably find an accountant to assist me with this, but I haven't found an accountant who understands both craft businesses and Xero.

Fordeler:

Professional double entry software at a very affordable price Accommodates both cash and accrual accounting Links to financial institutions to get transactions Uses standard importer recognized by the financial institutions instead of just trying to log in remotely (and triggering fraud alerts) Can match multiple invoices to a single deposit transaction imported from bank Can keep using Xero as company grows

Ulemper:

Pre-existing expense categories/descriptions don't map 1:1 with IRS definitions, so I'm having to go back to all my receipts to make sure expenses are entered in proper accounts because I didn't realize this when I switched More difficult to focus on specific expense categories to check transactions Have not been able to import historic data from previous app (possibly because it's not double entry) so I am still paying the subscription on that software to retain access to my data No integration with Craftybase, so I have to enter supply purchases and customer invoices there independently

Make Your Accounting Automated

Kommentarer: Xero is cloud-based accounting software that connects banks, accountants, management, and advisors from anywhere with any device with active internet. It performs all accounting tasks from preparing ledgers, accounts receivable, accounts payable, financial statements to the management of payroll, taxation, bank reconciliation, and inventory. Online billing enables to send bill through email.

Fordeler:

Xero manages the whole accounting of business straight forward. Particularly automating the process of bank reconciliation is amazing time saver, it connects to banks and credit cards. Moreover, it effectively and easily integrates with other cloud based software which enhances usability of Xero.

Ulemper:

Process of bank reconciliation has been automated but the process got glitches causing bank feeds stopped and entity has to restore to importing bank statement manually which takes time and attempts more than once. Inventory management needs improvement. Customer support is not perfect comparatively. It is not user friendly for those who have little accounting knowledge.

Xero for non profits

Kommentarer: Now that I am up and running I really like it. The nominal structure is very different to Sage Line 50 but the principles are the same. I was advised by multiple accountants to choose Xero or Sage online above Quickbooks

Fordeler:

Online means that we can share information across the team as we do not work from a central office.

Ulemper:

I did need an expert to help me set up Xero and make sure all the data was imported correctly. We bought in around 10 hours of expert help to get us started.

As Long As You Know What You Are Doing

Fordeler:

As long as you know what you are doing, Xero is an okay platform.

Ulemper:

Customer support is terrible. Do not plan on getting any help if you have any questions. If something goes wrong, you will just have to deal or figure it out on your own because offers no help. I have been using Xero for several years at the advice from my accountant. At this point, I am counting down the days until I can get rid of it and move on to another software strictly due to the lack of customer support when something goes wrong, which it always does. Integration with other Software is mediocre at best. Not a lot of companies know about Xero and do not integrate with Xero. This is where all the issues come in to play because when you can not get connected or have any support to contact to get answers, nothing really works well.Very disappointed in the customer support. Looking forward to going back to QuickBooks.

Beautiful Software

Kommentarer: Great software

Fordeler:

Xero is easy to use and shows great potential to small business with ability to provide usefull information in an easy to use format

Ulemper:

The bank screen is a little narrow and I would like the option to have more than 10 items on the screen at one time