Is Xero a Good Fit for Your Small Business?
So, you've decided to do it.
You have the name and logo picked out. The location is perfect and almost everything is ready to start your small business.
Except for one small detail. How are you going to handle the bookkeeping? You could hire a bookkeeper, but it can be costly and difficult to find trustworthy people.
There is the option of using software but many programs have a steep learning curve and can be expensive. And for startups, low on funds, it's important that you get the most bang for your buck.
So what's a startup to do if it wants to handle its own finances without breaking the bank?
The solution? Xero accounting software!
For companies looking to take on accounting tasks themselves, Xero is a cloud-based accounting software made for small businesses.
Want to know what makes Xero Accounting software better than other accounting software? Read on and we'll show you all the ways that Xero is the best software for your startup.
What Is Xero Accounting Software?
Xero performs bookkeeping functions like payroll and invoicing and allows you to connect the program to a live bank feed. It is an entirely cloud-based accounting software for small businesses.
Xero allows for both accrual and cash based accounting systems so it is perfect for companies adhering to GAAP.
How Does Xero Work?
Xero works by using cloud-based accounting. Cloud-based accounting means that all accounting information can be done online with all information stored on third-party servers known as the known as "the cloud."
This means that your accounting information is accessible from almost any computer browser.
This also means that the Xero accounting system offers real-time financial reporting which gives business owners the information they need to make quick accurate decisions about their business.
This software also makes collaboration easy and will make working with your employees or your CPA a breeze.
Cloud-based software also allows for easy backing up of information. Because the cloud automatically backs up information, Xero online accounting is safer than most non-cloud based software.
Xero Is Easy to Use
Xero's motto is "beautiful accounting software" and boy does it live up to the hype.
Xero has intuitive features that make using the app simple. For example, Xero has an interactive dashboard that shows you important information when you first open the program like bills to be paid, invoices due and items that need to be reconciled. The program also has buttons that easily allow you to create a new bill or invoice.
You can also customize the information to your liking by arranging the different cards around. This makes the experience even more personalized.
Whatever your small business needs, Xero can be modified to fit your company perfectly.
Xero Is Convenient
One of Xero's most attractive features of Xero is its cloud-based software makes it is easy to integrate with other programs.
In fact, Xero also easily integrates with over 600 applications which means personalizing Xero software to fit your companies needs has never been easier.
Because Xero can be integrated with apps like Stripe and Paypal you can easily email invoices directly from the software and convert quotes into invoices. Xero can also set up automatic reminders for payments as well as automatic receipts and thank you notes once payments have been made. This saves you the time and money.
Xero makes bank reconciliations simpler using linked bank feeds and automating the process of bank reconciliations. It does this using a process called machine learning, where the software uses statistical data to anticipate more matches between transactions entered into the software and bank transactions.
This makes bank reconciliations easy because now instead of having to scan each transaction to ensure they match, you can rest assured knowing that Xero's got your back.
Xero also has a convenient and well-designed application that allows you to do accounting on the go.
With all these features, Xero has made the process of accounting easier for small businesses.
This will give your small business a leg up on the competition and in a world where 50% of small businesses fail within the first four years.
Xero Has Affordable Pricing
If you look at Xero's reviews online, one of the best features that customers keep bringing up is its affordable pricing plans. With Starter plans beginning at just $9 per month and standard plans going for as little as $30 per month, there is something for every price range and budget.
But each price range offers different features. For example, the $9 Starter plan gives you a monthly limit of 20 bank reconciliations, five invoices, and five bills and no payroll while the $30 plan includes all the features above and payroll for a maximum of 5 people. Payroll can also go up to 100 employees.
Higher pricing plans can also include features like direct deposit, expense tracking, live bank feeds, and customizable reports. This ensures that the more you pay, the more you get.
No matter what your small business is or how it grows, Xero has pricing plans to fit every budget.
How We Can Help You Get Xero
You may be thinking to yourself "all this sounds great but I still want to learn more about Xero Accounting Software."
Just remember whatever you want your small business to accomplish, Xero can help bring you one step closer.