Xero Review


Xero provides multiple layers of protection for the personal and financial information you entrust to the company, including encryption when data is transferred and stored. Multi-factor authentication adds an additional layer of security. All the company’s servers and data centers have robust physical security controls, as well as 24/7 monitoring and surveillance. And Xero does regular data security audits and monitors security systems to identify and manage threats. If you’re interested in Xero Cashbook to manage your own finances – please get in contact. To keep it as cheap as possible I offer a no-frills set-up, and hand it over to you to customise to your liking.

Take advantage of the power and flexibility to stay in full control of your personal finances, without the complexity and constraints of a General Ledger system. The job management app for trade contractors & service businesses, with everything to help you cut paperwork, complete more jobs & provide amazing customer service. Square helps sellers of all sizes start, run, and grow their business.


Explore Xero accounting software and its tools for small businesses, accountants, and bookkeepers. I will be honest, getting Xero set up does take a little bit of time, but that’s the case with any accounting software. Most of your time setting it up will be spent importing contacts, previous bank statements, transactions, and so on. Based on the information you provide, Xero will give you a preset chart of accounts for you to customize. Perhaps, but Xero is optimized for your business requirements and might not have the features you need for your personal finances.

Unleashed Software

Big buttons show you the number and dollar total of invoices in draft form, those awaiting approval and payment, and your overdue sales transactions. The main area is your dashboard, which has an overview of your finances, including account balances, current invoice statuses, etc. complete with tables and charts. However, the area you’ll likely spend the most time in is the Accounts menu, where you’ll work with bank accounts, checks, expense claims, sales, purchases, and inventory. PocketSmith is the only personal finance software recommended by Xero as an alternative to its now discontinued Xero Personal.

spending habits

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. Some free apps advertise to you, making you their product. The PocketSmith experience is about you and your money, you will not be sold other products along the way.

Further reading:

This setup tool is better than what most competitors offer, but it takes some time to go through it. It also exposes you to accounting concepts like the Chart of Accounts early on, which can be beneficial because you’ll better understand what you’re doing once you finish setting up. The long introduction may be off-putting to users who want to jump in and start working. You can hide these steps and revisit them later if you prefer.

The beauty of data is it can be analysed using multiple parameters, such as personal finance classifications. And that’s how a brilliant tool like Xero Cashbook works. The second mobile app, Xero Expenses, is for employees who need to submit reimbursable expenses but don’t need access to the main site. Employees can use this app to take pictures of receipts with their phones.

xero offers

Xero Early ($13 per month) has monthly limits of 20 invoices and quotes and five bills. Xero Growing ($37 per month) adds unlimited billing and invoicing, quotes, and bills. Xero Established ($70 per month), the version we tested, is the only version to offer multiple currency support. It also supports projects, advanced analytics, and employee expense claims. Xero cashbooks has bank feed options, spend and receive money, and has the look and feel of the business version of Xero so it’s easy to use! As you would expect it does not include payroll or inventory, or the ability to raise invoices or bills.

How does Xero work?

Then, you can connect your selecting a business structure accounts to Xero and decide if you’ll accept electronic payments for online invoices. Christine Aebischer is an assistant assigning editor on the small-business team at NerdWallet who has covered business and personal finance for nearly a decade. Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual.

QuickBooks and Zoho Books are the best we’ve reviewed in a group of very capable, usable small business accounting solutions. Xero partners have access to accounts not available to the public which have reduced functionality but may fit your needs. You will still be able to connect your personal bank and credit cards and code them. Internal working screens are clean and understandable, for the most part. For example, once you open the Sales overview and start working with its functions, you use standard conventions for data entry and navigation. Four buttons at the top open tools for creating sales transactions, sending statements, importing sales invoices, and searching for specific invoices and quotes.

Transactions initiated by app partners may automatically contribute to your invoice limit. Hubdoc is included in Xero Starter, Standard, Premium and Ultimate plans as long as it’s connected to your Xero subscription. Your use of the Xero services is subject to the Xero Terms of Use and your use of the Hubdoc services is subject to the Hubdoc Terms of Use. Keep your practice a step ahead with Xero accounting software.

For most customers, Xero’s direct bank feeds are available at no additional cost. Some UK banks charge fees for bank feeds, that we will pass on to you. All pricing plans are in GBP excluding VAT and cover the accounting essentials, with room to grow. The fastest and easiest job management app for tradespeople. Tradify cuts out hours of admin, giving you your life back.

Xero skillfully automates and simplifies every element of small business accounting. Built for the web from the ground up, its double-entry accounting framework supports sales, purchases, bills and expenses, inventory, and payroll. You can create records for customers, suppliers, employees, and items and then use those records in standard customizable transactions, such as invoices, purchase orders, and quotes. Xero also lets you manage fixed assets—something competitors typically don’t do.

Small-Business Grants: Where to Find Free Money

For example, you can give all employees the ability to send quotes and invoices, allow some to enter expenses and limit who can see the company’s complete financial picture. To keep things organized, Xero logs every action users make and compiles the history of every transaction. After you start a free 30-day trial of Xero, you’ll activate the account and provide details about your business.

Project tracking tools for recording time and breaking down job costs. Gusto payroll to any plan for an extra $40 per month, plus $6 per month per person. PocketSmith is designed around single-entry, cash-based bookkeeping to keep your records simple and save you time. We’re committed to the security of your data and provide multiple layers of protection for the personal and financial information you trust to Xero. Find out more about Xero’s commitments to data protection and data security.

All three worked fine in my testing and were easy to use, if a little nondescript. It works closely with some of the best third-party app providers to integrate with its own accounting tools. This can help growing companies expand on Xero’s features in specific areas. The site and its advisor network continue to grow quickly, too. You can create and add tasks that will be used in time entries, as well as documenting and estimating expenses.

Offer includes the first month of your selected Xero Pay with Wise pricing plan free . Your free month commences on the date you sign up for the offer and ends 1 calendar month after your sign up date. Xero reserves the right to change its pricing at any time. If you’ve built up your contacts and item/service records, creating transactions in Xero is simple. Each template contains the standard fields you’d expect, including quantity, price, discounts, and sales tax status. But these forms lack the more prolific custom fields found in QuickBooks Online and Zoho Books.

How Much Does Xero Cost?

This is not my core business, so I don’t interfere with what you’re doing. I’m here to help if you need, but essentially I’m facilitating your access to this product offering. FreshBooks offers unlimited time-tracking in its lowest-tier Lite plan, whereas Xero users would have to opt into the highest-tier Established plan for that feature.

  • It works closely with some of the best third-party app providers to integrate with its own accounting tools.
  • The beauty of data is it can be analysed using multiple parameters, such as personal finance classifications.
  • Track your income, expenses, assets and net worth, customize your budgets, forecast your cashflow up to 30 years into the future, and see it all in a nifty calendar view.
  • This screen provides a useful yet quick overview of your financial health, and it’s a good place to start a work session.
  • Easily share your information by exporting to CSV, XLSX or granting access to your partner or advisor.

Using https://bookkeeping-reviews.com/ Cashbook, you can easily categorise what you spend and what you save. This level of control helps you determine if your money is going towards essentials or if you’re taking the whole “splashing out” thing a little too far. And as online security is a concern these days – particularly when it comes to sensitive digital data – Xero Cashbook comes with a built-in 128-bit SSL encryption code. This is the same level of encryption used by online banks so you can rest assured your personal finance data is well protected. PocketSmith is the only personal finance software recommended by Xero as the alternative to its sunset Xero Personal product. Next is an app for employees who need to submit expenses.

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For this review, we tested Xero’s Established tier of service. First, for those of you who’re wondering what Xero Cashbook is, it is the non-tax-tracking version of the Xero software used by businesses. Xero Cashbook is available online, and is designed to analyse and categorise all your electronic transactions. This helps to give you a very clear and instant picture of your financial position. Xero Cashbook also gives you a clear overview of all your bank and credit card accounts.