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Xero

Score7.7 out of 10

783 Reviews and Ratings

What is Xero?

Xero is an online accounting software product for small businesses and personal finance. Its features beyond general ledger and double-bookkeeping include quotable invoicing, bank reconciliation, purchase order and expense management, and tax management. Third party apps can extend its features further.

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Categories & Use Cases

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Xero Key Features

Learn about the best (and worst!) features Xero has to offer, as determined by TrustRadius' reviewers.
Based on 783 ratings of Xero's features
View all Xero features

Top Performing Features

  • Electronic tax filing

    The software provides a full electronic interface for the filing of repeatable taxes, such as payroll or sales tax.

    Category average: 8.5

  • Journals and Reconciliations

    Automate and synchronize ledgers and processes

    Category average: 8.9

  • Standard reports

    The software offers pre-built reports with metrics standard to the category.

    Category average: 8.4

Areas for Improvement

  • Centralized Rules Framework

    Integrate disparate ERP and transactional systems into single ERP instance

    Category average: 8

  • Configurable Accounting

    Configure accounting rules and segments for each chart of accounts

    Category average: 8

  • Enterprise Accounting

    Create accounting for disconnected ERP and non-accounting source systems

    Category average: 8.1

Who Buys & Uses Xero

Xero Reviews

What users are saying about Xero.
View all Xero reviews

Pros

  • Improved access and efficiency due to cloud-based deployment
  • Potential cost savings through reduced personnel costs
  • Facilitates centralized systems, streamlining staff efficiencies

Cons

  • Integration limitations with other platforms (e.g., e-commerce, credit card services)
  • Customer support concerns
  • Inconsistencies and user-friendliness issues with the interface

Xero Review

Incentivized
Sam Zurcher
Advisor in Finance and Accounting at CFG (1-10 employees)

Use Cases and Deployment Scope

We use Xero as our accounting tool. We don't have any 1099 employees or contractors so our business is pretty straightforward. We just want to know what our margins are, what our revenue and expenses are so that we can keep track of our progress and then file for taxes at the end of year.

Pros

  • Sync's to our payroll (Gusto)
  • Easy to read reports
  • Adding Expenses and Sales

Cons

  • 1099 functionality
  • More in depth accounting reports

Return on Investment

  • reduced time spent on accounting
  • improved reporting to see our real time number

Usability

Alternatives Considered

QuickBooks Desktop Enterprise

Other Software Used

Gusto

Dont remove core functionality and keep pricing the same while also loosing your focus on small businesses.

David DavisView profile
Director in Professional Services at BeyondPossible PTY LTD (1-10 employees)

Use Cases and Deployment Scope

It is our financial system of record, all transactions are done via Xero. All bank recons, VAT/PAYE reporting, budget management, annual reports etc. Invoicing, follow-ups etc.

Pros

  • Budgeting
  • Reconcilliation
  • Statutory Reports

Cons

  • Dashboard customization.
  • Balance Sheet and Income Statement View Customization.

Return on Investment

  • Esase of reconciliation saves me time.
  • Balance sheet and Income statement oversight, saves time.
  • Negative - removed the payroll functionality as part of the offering, now I have to spend more with a third party vendor for a basic payroll.

Usability

Alternatives Considered

Odoo Accounting

Other Software Used

n8n

Xero - easy to use accounting software

Verified User
Manager in Finance and Accounting (11-50 employees)

Use Cases and Deployment Scope

We use Xero as our accounting software for A/P, A/R, Bank accounts, etc. We also use it for financial reporting and helping us to keep on top of where our business is financially. Xero continues to add products, such as payroll, to help our business run efficiently. It has helped us have an in time view of our financials and with the new syft it is even better.

Pros

  • Accounts Payable
  • Financial Report - Being able to create our own reports
  • Good customer support
  • Excellent support of small to mid size businesses
  • Financial dashboard for up to the minute picture of company
  • Bills available to streamline a/p process

Cons

  • Accounts Receivable - there is no capability of adding finance charges on late invoices. This is a HUGE problem.
  • Reports - it is great to be able to create your own reports but it is a little difficult to figure out how to use it.
  • Checking - Our credit union business side is not able to download to Xero. This is a burden in keeping on top of finances throughout the month.

Return on Investment

  • It has saved considerable time in entering data for A/P and A/R
  • It has given us the opportunity to customize reports that can be shared with our employees - keeping them informed of the health of the organization

Usability

Alternatives Considered

QuickBooks Desktop Pro and QuickBooks Online

Other Software Used

Gusto, Workglue, DripJobs

Robust feature rich product

Incentivized
Verified User
Manager in Finance and Accounting (11-50 employees)

Use Cases and Deployment Scope

Full service accounting and bookkeeping software. It's used for end-to-end bookkeeping, accounting, reporting, invoicing, payroll and HR related management. Allows staff to manage their own leave and payslips. Heavy customisation of reporting is very useful for our specific business cases.

Pros

  • Bookkeeping
  • Accounting
  • Payroll
  • Financial Reporting
  • User experience
  • Mobile app

Cons

  • Invoice customisation
  • Budgets
  • Consolidated reporting across entities

Return on Investment

  • Automated recurring processes
  • Excellent audit trail for improved compliance
  • Improved financial oversight
  • Automated payroll
  • Self-service for employees

Usability

Alternatives Considered

QuickBooks Online and Microsoft Excel

Other Software Used

monday.com, Insightly, Microsoft 365, Annature, LastPass for Business, OneNote, Bonjoro, Canva, Squarespace, DocuSign

Xero - good software for SMEs

Incentivized
Daniel Jaworski
Certified Public Accountant in Finance and Accounting at Deeagle Tax and Accounts Limited (1-10 employees)

Use Cases and Deployment Scope

I use Xero for my practice but also for a number of our clients. The software gives online cloud solution for bookkeeping and accounting. It does not require updating and backing up of the software and allows for access from anywhere in the world. It also links with many other software products that allow for more in-depth reporting and financial management and advisory.

Pros

  • Bookkeeping
  • Reporting
  • Security

Cons

  • Crypto currency
  • Statutory accounts and tax
  • Payroll for larger organisations

Return on Investment

  • Saved time
  • Allowed working from abroad
  • Enable better reporting

Usability

Alternatives Considered

QuickBooks Online, FreshBooks and FreeAgent

Other Software Used

QuickBooks Online, FreshBooks, FreeAgent, Hubdoc, Float Cash Flow, FUTRLI, Stripe, PayPal Payments Pro, HubSpot CRM, QuickBooks Time

Xero Alternatives

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