Keep in mind that the ability to use multiple currencies in the software and invoice is limited to the company’s highest tier, at $70 per month. If using multiple currencies is a priority to you, consider other platforms that offer this capability at a lower cost. Zoho, for example, is accounting software with a free invoice platform that allows you to bill in multiple currencies. Xero used to have a stand-alone payroll product, but the company has since rolled it back. Now, Xero advertises payroll with Gusto, one of our favorite full-service payroll providers.

Xero accounting software review

Users that are new to bookkeeping won’t be overwhelmed by Xero’s simple and easy-to-navigate layout. This layout makes the reconciliation process, among other accounting tasks, particularly easy. The software shows you potential transaction matches side by side, so you can immediately see if the match is accurate without having to click anything.

Project and time tracking

Keep employee pay records online, process pay runs, and easily reconcile salary and wage payments in Xero. To its credit Xero does have quite a lot of help and support options at your disposal. There are handy built-in options that can get you around any minor issues you might encounter during setup. This is most notably handy thanks to the question mark up in the right-hand corner of the interface, which delivers and express-lane dialog box for solving many common queries. Xero has been nicely put together and if, for example, you choose to try out their demo site, which can be found once you’ve registered, there’s even help as you work. At the same time, Xero has evolved into a pretty meaty package, and as a result has many different areas that you’ll need to acquaint yourself with.

1. In the Early plan, the least expensive subscription, you can send up to 20 invoices and schedule up to five bill payments only.
2. Even QuickBooks’ most expensive plan, QuickBooks Online Advanced ($180 per month), allows for only 25 users.
3. FreshBooks starts at $19 per month after the signup discount and incorporates standout features like team roles and time tracking on all plans.
4. You can also scroll through Xero’s default chart of accounts and customize it as needed, or import an already existing chart of accounts.
5. When reconciling books, Xero suggests likely matches between bank statement lines and transactions entered in the software.

You’re our first priority.Every time.

If your bank doesn’t already have a connection, you can import PDF statements. Wave is a solid choice for small businesses looking for free accounting software. When reconciling books, Xero suggests likely matches between bank statement lines and transactions entered in the software. For example, if you have an entry for an invoice of $1,000 and a recent $1,000 deposit in your bank account, it might suggest matching these two transactions. Click the “OK” icon between the two to verify the match is correct. Our partners cannot pay us to guarantee favorable reviews of their products or services.

Xero’s additional features

Transactions initiated by app partners may automatically contribute to your invoice limit. Data is protected and stored in one place so it’s easy to see how business is tracking with analytics and collaborate with your accountant. All pricing plans cover the accounting essentials, with room to grow. Access Xero features for 30 days, then decide which plan best suits your business. Rob Clymo has been a tech journalist for more years than he can actually remember, having started out in the wacky world of print magazines before discovering the power of the internet. In the journal entry for depreciation rare moments he’s not working he’s usually out and about on one of numerous e-bikes in his collection.

Why you can trust TechRadar We spend hours testing every product or service we review, so you can be sure you’re buying the best. Zoho Books’ paid plans all come with free live chat and phone support. Instead, customers can visit the Xero Central support site or raise a case online.

In contrast to allowing unlimited users, Xero does limit you to one organization or business per subscription. In other words, if you need to do accounting for more than one business, you’ll need to purchase an account for each one. This is a real drawback for owners of multiple businesses or bookkeepers who work with multiple clients. Includes project tracking tools in most expensive plan; has what is prospect research your question, answered! transaction tracking tags; lacks industry-specific reports; users with multiple businesses must pay for separate subscriptions. Xero is a great option for large teams and small- to medium-sized businesses that need high-level accounting systems.

Read our piece comparing QuickBooks and Wave for two more accounting software options. Xero doesn’t law firm accounting: the ultimate guide provide a phone number on its customer support page, but a representative will call you if necessary. This is a serious drawback if you want to be able to pick up the phone and talk through an issue or are new to accounting software and have lots of questions. From reconciling bank transactions to sending invoice reminders, it works for you. Xero certainly doesn’t skimp when it comes to features and even more seem to come out of nowhere as you delve deeper into its hidden depths.

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. Join our team of talented thinkers, creators and educators and help make life better for small businesses globally. Our friendly accounting specialists are here to help, around the clock. An accountant or bookkeeper can be useful set of hands to help with the accounting heavy lifting. Get the most out of Xero with access to our team of onboarding specialists during your first 90 days.

Reports also are customizable, with adjustable formatting and the option to add your own formulas and groupings. 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. Payments are due by the end of your monthly billing period based on the date you purchased your subscription. †Invoice limits for the Early plan apply to both approving and sending invoices.