Xero Review: Pricing, Features, Pros and Cons

Xero helps transform the data you enter into actionable information at every subscription level. A dashboard provides a summary of your business’s financial health, including total cash in and out, outstanding invoices and overdue bills. Another page dedicated to short-term cash flow introduction to total return swaps charts out how future bills and invoices can affect your bank balance over the next week or month. Xero lets new customers sign up for a 30-day free trial to test out its features. You can add Gusto payroll to any plan for an extra $40 per month, plus $6 per month per person.

Unlimited users for a low cost

Xero’s straightforward accounting software is well-suited for sole proprietors and small and growing businesses. Its intuitive design makes it easy for businesses to link their bank accounts and start sending invoices and paying bills in no time. The more business accounting advanced features like multi-currency accounting, project management, and unlimited users make Xero an undisputable option for growing businesses as well. FreshBooks can be a good option for freelancers and contractors looking for an affordable, simple accounting software. There’s time tracking in all plans and phone support is available from 8 a.m.

Xero vs. QuickBooks: At a Glance

The dashboard is where you can get a snapshot of your accounting information all in one place. Users can access their bank balances, invoices, bills, and more with just a few clicks. Xero might not have a free plan, but it lets you explore the software for free with its 30-day free trial.

What is the difference between Xero and QuickBooks?

Xero also integrates with other business applications, such as payroll and inventory management systems. This makes it a versatile tool for small businesses that need to streamline their operations. The Established plan costs $78 per month and includes unlimited numbers of invoices and bills.

Then, you can connect your bank accounts to Xero and decide if you’ll accept electronic payments for online invoices. 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. While Xero’s plans start at a cheaper price, QuickBooks offers more features across its plans.

You can schedule a call with a Small Business Specialist if you need more help with setting up the dashboard. Customers cite speed, efficiency, and the tendency to go the extra mile as things they love about Xero’s customer support. Xero makes it easy to create estimates by breaking down jobs into billable chunks and attaching written classified balance sheet financial accounting details, images, or documents (such as legal agreements) to the quote. Adding a « pay now » button is free; however, you may be charged a transaction fee for each payment made via card or digital wallet. You can turn the sample dashboard on to get an idea of how your dashboard could look once it’s populated with your business’s data.

1. It also offers Payroll, but this service is an additional fee starting at $45 to $125 per month.
2. Luckily, both providers offer 30-day free trials (though if you opt for QuickBooks’ free trial, you won’t get the typical 50% off discount the company offers new users for their first three months).
3. For example, you can see if the invoice was copied from a quote, who created and approved it, and when they created and approved it.
4. We also considered our accounting expert’s opinion to derive our star rating for Xero.
5. To the right of your screen are less prominent but just as useful features, including Help, plus search and notification buttons.

Here, you can produce invoices, bills, purchase orders and more besides, with one-click ease. Feature set includes an excellent mobile app and suite of reports, capable invoicing features, plus automated bill and receipt capture through Hubdoc. This doesn’t mean QuickBooks Online is the right choice for all businesses, though.

Xero also integrates with over 1,000 third-party business apps – among the most integrations of any accounting software package we reviewed. As a business moves into higher-growth phases, it will likely require more integrations to scale up and keep things running smoothly. FreshBooks starts at $19 per month after the signup discount and incorporates standout features like team roles and time tracking on all plans. types of bank accounts The basic plan allows users to send unlimited invoices and estimates and track unlimited expenses up to 5 clients, so if you have more clients than that, you’ll need to upgrade. Xero is a great fit for midsize or growing businesses with team members who collaborate on accounting tasks. For starters, unlike most of its competitors (most notably QuickBooks Online), all of Xero’s plans allow for unlimited users.

Xero allows you to add your logo and a personalized message to your invoices, which conveys a sense of professionalism and helps customers trust that it’s you they’re receiving the invoice from. Their security measures include industry-standard data encryption, two-step authentication, and 24/7 monitoring at multiple locations. The platform is also praised for its stability, with 99.97% uptime. In more than a few reviews, users praise the stability of the software, saying how it helps them run a successful business with zero disruption. Businesses and accountants seem to be fans of the software’s accounting capabilities.

Xero integrates with Gusto, a full-service payroll provider, for businesses that want to add on a payroll service. Xero and QuickBooks are two the of most popular accounting software solutions for small businesses looking to keep track of finances. While the two both offer similar features, such as tax management, financial reports, integrated payroll, inventory and file storage, the two are not without their differences. Forbes Advisor compared Xero vs. QuickBooks when it comes to the key features, pricing, customer service and reviews to help you decide which is right for your business. 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.

Xero does a fine job of mixing an enjoyable and modern-looking user interface with a huge collection of accounting features and functions. Xero offers this through Hubdoc so you can access your documents online. QuickBooks offers receipt and document organization with its mobile app as well as the online version. One of the advantages of using Xero is that it can save businesses time and money. With Xero, businesses can eliminate the need for paper records and reduce accounting fees. The software is also updated automatically, so businesses always have the latest features and security patches.