With your accounting software and data stored online in the cloud, you can access your up-to-date accounts anywhere there’s an internet connection. Your Xero data is backed up regularly and protected with multiple layers of security. After you start a free 30-day trial of Xero, you’ll activate the account and provide details about your business. Then, you can connect your bank accounts to Xero and decide if you’ll accept electronic payments for online invoices.
- And if you don’t like how the dashboard looks, you can reorganize panels and hide the ones that aren’t useful.
- Xero is a great option for large teams and small- to medium-sized businesses that need high-level accounting systems.
- 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.
- We’ve compared Xero with its competitors to help your search.
- Invite your advisor to work with you on the online accounts anywhere, anytime.
Click the “OK” icon between the two to verify the match is correct. Xero may be harder to learn than a simpler invoicing platform like Square Invoices or Zoho Invoice. However, it’s generally considered easier than QuickBooks Online. SYDNEY—Xero swung to a first-half profit and maintained its full-year expense target after the cloud-accounting software provider lifted revenue by 21%. †Xero customers who use online invoice payments get paid up to twice as fast than those who don’t use online invoice payments. Wave is a solid choice for small businesses looking for free accounting software.
The developer, Xero Ltd, indicated that the app’s privacy practices may include handling of data as described below. Ideal for employing businesses and those with more advanced needs. Includes tools that help automate the reconciliation process, along with a global search function; has a simple layout and a customizable dashboard. If you’re interested in checking out other free accounting solutions, see the free alternatives below. Use Xero to work with your employees, bookkeeper, or accountant online, even if you’re on opposite sides of the world. FreshBooks charges $17 per month and QuickBooks charges $30 per month).
Free Alternatives to Xero
The tool also lets you adjust the time frame to see how your business has changed over time. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. The reviews published on WizCase are written by community reviewers that examine the products according to our strict reviewing standards.
- Xero doesn’t provide a phone number on its customer support page, but a representative will call you if necessary.
- A representative typically responds to a case within a few hours.
- Such standards require that each review will take into consideration the independent, honest, and professional examination of the reviewer.
- Plus a flexible profit and loss report which can be viewed on a cash or accrual basis helps you keep your finger on your business’ financial health.
- It is hosted in the cloud and simplifies the process of managing payroll and meeting your fiduciary responsibilities to stakeholders.
For unlimited invoicing and bill-paying capacity, you’ll need to upgrade to the Growing plan. Get access to all of Xero including add-ons like Xero Projects and Xero Expenses. Use the demo company to try things out, or enter your own business details and data to try it out for real.
A small business app
Xero’s accounting software is highly rated among small businesses. Read our 2023 Xero review to find out if it’s the right solution for your business. Access all Xero features for 30 days, then decide which plan best suits your business. Explore Xero accounting software and its tools for small businesses, accountants, and bookkeepers. This course is designed primarily for students with no prior expertise in accounting and offers training broken down into manageable segments. You’ll receive your invoice at the end of your monthly billing period.
For instance, you can drag and drop certain expense categories into a single subgroup — an “office expenses” subgroup could include office equipment, supplies and utilities. And if you don’t like how the dashboard looks, you can reorganize panels and hide the ones that aren’t useful. You can also scroll through Xero’s default chart of accounts and customize it as needed, or import an already existing chart of accounts. If you have a list of customers and suppliers, you can import that, too. To help you make educated choices about cybersecurity to keep you (and your data) safe and secure, by providing honest, accurate, and practical information based on thorough testing.
Better your cash flow
Learn more about how we rate small-business accounting software. You can import data from other accounting software in bulk via CSV files once you’ve done some initial set up in Xero. That includes the chart of accounts, invoices, bills, contacts and fixed assets. We recommend working with an accountant or bookkeeper, preferably one with Xero experience, when you make the move to Xero online accounting software. Xero’s invoicing capabilities allow you to create and customize an invoice for clients and then accept credit card, debit card or bank transfer payments within the invoice itself. Account holders are able to customize online invoices to add a logo, accept payments instantly through the invoice, set automatic reminders for clients to pay and invoice directly from the Xero app.
Do I need accounting software for my small business?
Xero provides a product customers love and value, as shown by our continued revenue growth and improving profitability. We are committed to evolving our business to deliver on our global aspirations. The opportunity ahead is significant and we remain focused on our vision, to be the world’s most insightful and trusted small business platform. The strong operating results saw operating revenue up 21% (20% in constant currency (CC)) to $799.5 million. This, along with disciplined cost management and restructuring outcomes, supported a 90% increase in EBITDA compared to H1 FY23, to $206.1 million. This reflected our ongoing focus on balancing growth and profitability, and resulted in an increase in free cash flow to $106.7 million, representing a free cash flow margin of 13.3% compared to 2.4% in the prior period.
Payment will be taken on the date shown on your invoice using the payment details entered when you purchased your subscription. If you’ve incurred usage charges for Xero Payroll, Xero Projects or Xero Expenses – or you have a chargeable direct bank feed – these charges will be invoiced for the previous month. †Invoice limits for the Starter plan apply to both approving and sending invoices.
Xero is a powerful online accounting software solution for small businesses. Run things smoothly, keep tidy online bookkeeping records, and make compliance a breeze. Xero, FreshBooks and QuickBooks all offer 30-day free trials and extensive features balance sheet vs income statement for online support, including a live chat, email support and a knowledge base. All three of these offer the ability to scale their accounting for larger businesses and both Xero and QuickBooks offer specific training for accountants.
These companies offer Gusto integration for the same price—$40 per month and $6 per month per person. On the other hand, FreshBooks may be a better fit for freelancers and solopreneurs, as the capabilities are easier to navigate. The Growing plan is best suited for growing businesses, grants the same capabilities in addition to the ability to send unlimited quotes and invoices, enter unlimited bills, and reconcile transactions in bulk. Business owners, freelancers and entrepreneurs often spend a large chunk of time on administration and accounting.
We’re upfront about pricing, and provide full details of our pricing plans and optional extras. In regions where a feature is listed as an add-on (for example, Xero Payroll, Xero Projects, Xero Expenses and Analytics Plus), pricing is based on the number of users who use the add-on each month. For Payroll with Gusto (US), pricing is based on the number of users who are paid each month. Xero is a cloud-based accounting software designed for small businesses, medium-sized accountants and bookkeepers. The platform features tools that enable users to perform basic and advanced accounting operations.