It also enables you to manage global businesses accurately by setting up foreign currency bank accounts and viewing currency movements. Xero’s key features include online invoicing, project tracking, bill payment, expense claims, and more. We evaluated essential features needed for small businesses and calculated a combined overall rating for each. Objective and comprehensive business accounting software ratings rubric.

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The integration between Xero and Brex creates a powerful synergy that helps you automate expense reporting and financial tracking. Its cloud-based infrastructure ensures seamless accessibility, collaboration, and up-to-date financial reporting across various devices and team members. Organizations connecting Brex to Xero benefit from operational efficiency improvements in expense management and financial reporting. These promotional prices represent significant discounts from regular rates, making it a good time for businesses to implement Xero’s accounting solutions. For established businesses requiring comprehensive features, the Established plan is priced at $4 USD per month (regularly $80), which is a substantial savings of $456 over 6 months.

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Xero automatically calculates sales tax on your company’s transactions and prepares sales tax returns on the company’s behalf using sales tax reports. Using the Xero Analytics feature, you can generate reports on the financial health of your organization. To accept payments from clients, Xero allows you to connect to payment services without any monthly subscription. For expense organizations, you can also add tags to the expenses. With Xero, admins can review and approve expense claims submitted by employees. I am impressed by the fact that Xero automatically gets hourly currency conversion rates to provide you with real-time insights into gains and losses.

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Pricing and features change constantly. But is Xero right for your business? Quicken, the granddaddy of all personal financial solutions, is now a hybrid solution.

You can easily personalize it and check the important metrics at a glance as soon as you open the software. Xero’s customizable dashboard is a very useful feature for any business. Xero’s user interface is popular among its existing client base. As I checked each of its features, I was able to use them without any difficulty or challenge. It is not ideal for companies with complex financial structures or large teams.

Learn the 7 steps to include in your month-end close process checklist, common mistakes to avoid, and best practices you should follow. Learn how aging reports can transform your collections process & boost your cash flow. Discover how AI transforms accounting by automating routine tasks and minimizing errors. Learn how our spend platform can increase the strategic impact of your finance team and future-proof your company. The Xero and Brex integration offers an unparalleled opportunity to automate, streamline, and optimize your accounting processes.

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  • These templates, such as Duplicate Statement Lines and Foreign Currency Gains and Losses, focus on specific subsets of data that I haven’t seen on other small business accounting sites.
  • Whether you’re just starting out or scaling rapidly, Xero can streamline your accounting and improve financial decision-making.
  • It’s a dizzying selection that testifies to how widely used Xero is across the business landscape.
  • Visit the official Xero website for your region and select a subscription plan that matches your business needs.
  • Xero uses rules to match bank statements with invoices or bill payments.

For example, a restaurant using Eats365 can connect it with Xero for seamless POS and accounting integration, consolidating all financial data in one platform. One of the biggest advantages of cloud-based accounting with Xero is bank integration. From invoicing and expense tracking to bank reconciliation and payroll, Xero offers a full suite of tools to simplify and streamline accounting tasks. Xero is a cloud-based platform designed for SMEs, freelancers, and accountants to manage finances with automation, real-time access, and global scalability. By automatically synchronizing corporate card transactions, the integration eliminates manual data entry, reduces expense reconciliation time, and provides real-time visibility into spending patterns.

$21/month Currently discounted to $2.10/month for 3 months $38/month Currently discounted to $19/month for first 3 months In the table below, you’ll find a more detailed breakdown of which features are available on each plan. Xero has three paid plans, starting at $20 per month. Our users were also frustrated by a couple of convoluted workflows.

It offers a comprehensive suite of accounting tools, excellent support options, and multiple subscription tiers to cater to various needs. I appreciate these apps for their simplicity and usability, but I would welcome more tools and data. Xero recently introduced the ability to extract data from a photo or image of an existing bill and transfer it to a bill form. Customer and supplier records contain contact information as well as lists of outstanding invoices and bills. Imported transactions for all accounts are available, which you can match to existing ones in Xero. Xero Projects lets users who don’t need access to the main Xero app still contribute to projects.

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The platform sends automated payment reminders, tracks overdue accounts, and provides clear visibility of accounts receivable, helping businesses maintain healthy cash flow. From automated invoicing to multi-currency support, these features work together to simplify complex accounting processes while providing real-time insights into business performance. The platform streamlines financial operations through automated bookkeeping and accounting processes, building upon a robust foundation of essential features. It will likely prove too much of a learning curve for users who aren’t overly familiar with accounting software. It has some really robust features, with particular standouts including its expense tracking, bill creation, and invoicing.

These integrated features form the foundation of Xero’s accounting platform, enabling businesses to maintain accurate financial records while focusing on growth. Xero operates through a cloud-based platform that enables real-time financial data access and collaboration across teams. Xero is a cloud-based accounting software designed to support businesses of all sizes, from emerging startups t accounts a guide to understanding t accounts with examples to established enterprises.

Apple

  • It boasts some impressive core accounting and planning features, as well as a massive library of available third-party integrations, and a good selection of collaboration and AI tools.
  • Small businesses, freelancers, and micro businesses should use Xero, while QuickBooks is ideal for startups, SaaS, eCommerce, and growing nonprofits.
  • Our Editors’ Choice winners are FreshBooks for service-based businesses, Intuit QuickBooks Online for companies that sell both products and services, and Wave for sole proprietors who don’t need payroll.
  • Access client and practice management software that will transform the way you work.

Create budgets, forecast cash flow, and make data-driven decisions to support growth. Capture and categorize business expenses effortlessly. Xero continues to innovate its feature set in 2025, offering a comprehensive suite of tools that simplify accounting and provide actionable financial insights.

Overall, Xero remains a top-tier accounting solution for many SMBs globally. Large certificate of deposit accounting journal entry user base, Payroll Add-on Always conduct detailed comparisons based on current offerings and use free trials.

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Save my name, email, and website in this browser for the next time I comment. Tabs for “Invoices,” “Bills,” and “Accounts” are clearly marked, while the home screen displays top-level financial health. ExpensesSimplify expense claims by scanning receipts with Xero’s mobile app or linking Hubdoc. Sending out professional-looking invoices can help you get paid faster. Flexible Invoice CustomisationBuild visually appealing invoices by adding your company’s logo, colours, or personalised fields.

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Freelancers, sole traders, self-employed, and small businesses will find Xero perfect for their accounting needs. Based on my experience using Xero, the software is completely capable of managing the accounting needs of a small business or freelancer. These certifications ensure that comment: the importance of accounting comparability your financial data is protected, giving you peace of mind while managing business finances. Xero’s integration with over 21,000 global financial institutions allows you to effortlessly import bank transactions.

This page includes options around currencies, invoices, online customer payments, and user permissions. It makes suggestions about what some of your first steps might be (such as connecting to your financial institutions so you can import transactions). The Early tier ($25 per month) has monthly limits of 20 invoices and five bills. I am responsible for content in the AI, financial, graphic design, operating system, photo and video editing, productivity, and small business categories, among others. If you’re looking for a full-featured, cloud-based solution to lighten the burden of bookkeeping, Xero is a compelling choice. However, those needing an on-premise system, real-time phone support, or enterprise-level manufacturing features may find it less suitable.