It’s an up and comer in the accounting industry, so if you haven’t heard about it already, you will hear the name “Xero” soon. Xero is a new accounting software – the new alternative to QuickBooks – and it’s being used by more and more small businesses these days.
It’s becoming more popular as the software itself is cloud-based, which is more efficient at helping users to remain organized while carrying out standard bookkeeping functions and other accounting needs.
As a business, Xero is on a platform that highlights how critical small businesses are to our global economy. The more efficient the business, the better it does, and with almost a million subscribers around the world, Xero isn’t doing too badly!
There are many accounting software options for businesses today, and almost all of these are utilizing the cloud space to be effective. The biggest questions that a small business should be asking is whether they should be using Xero or not. Of course, the needs of a company will determine whether Xero is a good idea, but really, there are more benefits than there are disadvantages to using Xero as the chosen accounting software for a small business.
It’s always smart to research the pros and cons of any new software for your business that you invest in, but take a look below at the benefits of using Xero accounting software. We’re confident you’ll make the right choice.
One of the most significant selling points for a business that plans to be a global entity is that there needs to be an easy currency conversion. Well, Xero has it! There’s no need to worry about converting any of the currency yourself; there’ a handy automated converter built right in. So, if you have a company entering a bill in Australian Dollars, then it would automatically convert over to US Dollars, instead.
Automated Bank Feeds
While we’re on the topic of automation, Xero has gone the whole hog and chosen to automate bank feeds. This means that instead of sitting down to manually import bank statements into Xero, you can set up a bank feed for Xero to do it all for you. Automation is going to make you far more efficient with your accounting, and by automating your bank feed, you save yourself a lot of time.
The most crucial benefit of accounting software is that it’s user-friendly. It needs to be easy, or people won’t buy the software. A lot of Xero users have found that even without an in-depth accounting knowledge, Xero is easy to use. It’s this feature that keeps people coming back for more. All of the terminologies in Xero is easy to follow, and there are plenty of options to upload files and supporting documentation for simple transactions.
As cloud-based software, Xero is accessible from any device with an internet connection. This is one of the most desirable features for a small business, particularly, as they may not be set up in an office just yet. Working from home or remotely while visiting clients makes Xero one of the most accessible accounting software programs to access. Users can view their transactions and account information and balances from anywhere in the world. You can work from wherever you want to, whenever you want to, with no extra charges for doing so.
Xero is great on its own as a program, but it can also be integrated easily with a variety of other programs and software. There are payroll providers out there that can be integrated with Xero easily, and it’s one of the most compatible programs out there with other systems. It’s easy for business owners to choose Xero because of this.
Easy Pricing System
With a three-tier pricing system and nothing hidden away, Xero has some of the best prices on offer when it comes to accounting software. Their structure includes Starter, Standard and Premium 10 packages that offer a variety of options for your software. The outlay of each are as follows:
- $10 a month
- Five invoices
- Five bills uploaded
- 20 bank reconciliations
- $24 a month
- Unlimited invoices
- Unlimited bill entry
- Payroll for five people
- All bank transactions reconciled
- $30 a month
- Invoices included
- Bills included
- Reconcile all transactions
- Payroll for up to ten people
Xero is standing out for all the right reasons, and investing in it would be an excellent decision on the part of any small to medium business.