Online Accounting Software for Your Small Business

The Xero Established version I tested ($80 per month) is the only one that supports multiple currencies. It also offers projects, advanced analytics, and employee expense claims. The mobile app works with Xero accounting software to help you run your small business from anywhere. Keep track of your unpaid and overdue invoices, bank account balances, profit and loss, cash flow, and bills to pay. You can also reconcile bank accounts and convert quotes to invoices. The mobile app is free with every subscription, and is compatible with iOS and Android.

Honest, Objective, Lab-Tested Reviews

Xero has pricing plans to suit your business, no matter its size or stage. Xero accounting and bookkeeping partners can also offer basic plans to clients who just need the essentials. We’re upfront about pricing, and provide full details of our pricing plans and optional extras.

Seamless Xero Accounting Integration with Business Systems

This can be helpful if your company is growing fast, or you simply want the reassurance that there’s no limit to how many people can be part of the team. Xero, FreshBooks and QuickBooks all offer 30-day free trials and extensive features for online support, including a live chat, email support and a knowledge base. All three of these offer the ability to scale their accounting for larger businesses and both Xero and QuickBooks offer specific training for accountants.

Some Unusual Reports

Some filter options are also unusual and creative, like Profit Per Item and Outstanding Tax. Customization options are good overall, and you can save your modifications as custom reports. Supplier and contractor record templates are identical to customer record templates. For contractors, you can create reports that feed into integrated Xero apps to create 1099s at tax time. You can also send links to contractors that take them to the W-9 forms they must complete.

• Xero has multiple layers of protection for the personal and financial information you entrust to the company, including encryption when data is transferred and stored.
• Staff are able to easily capture and store receipts digitally, schedule payments, and automate any recurring transactions.
• To get the most out of your software, Xero has 1,000+ integrations to choose from.
• Explore the apps that were the most popular among US-based small businesses using Xero in 2024.

Xero Accounting is a game-changing software system designed to revolutionize the way businesses manage their finances. Being cloud-based, it allows users to access their financial data anytime, anywhere, and from any device with an internet connection. This ensures that you and your team can stay connected and collaborate seamlessly, whether in the office, on the go, or working remotely. Learning Xero can take different amounts of time based on how familiar you are with accounting softwares and bookkeeping concepts. Typically, most users can pick up its basic functionalities in just a few hours. If you’re aiming to master the more advanced features, such as custom reporting, plan on spending a few days to a couple of weeks using it regularly and exploring the resources available.

With a larger variety of payment options, it is easier for customers to pay you. Another benefit of regular reconciliation is that you’ll be able to use Xero add-on apps much more easily, as your data will be up-to-date. If you have an accountant, you can seek their help with this decision. However, if you are your own bookkeeper then we recommend using Xero’s default chart of accounts. You can add, customise, or delete these accounts to match the needs of your business.

PCMag.com is a leading authority on technology, delivering lab-based, independent reviews of the latest products and services. Our expert industry analysis and practical solutions help you make better buying decisions and get more from technology. If you are transferring payroll from another system in the middle of the financial year – don’t forget to add the opening balances.

Cloud-based data storage protects your financial information and minimises the risk of data loss. Tax time is less stressful with a system that’s easy for your whole team to use. From cost savings and strategic financial guidance to scalability, access to cutting-edge functionality and risk mitigation, your on-call OCFO experts are here to make your life easier. Xero integrates with a number of banks and financial institutions, including DBS, OCBS, UOB, and Airwallex. Both Quickbooks and Xero offer a range of solutions catering to businesses of different sizes. Finally, if you work with one, ask your accountant to check your set up.

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. 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 xero bookkeeping complete financial picture. To keep things organized, Xero logs every action users make and compiles the history of every transaction. Xero may be harder to learn than a simpler invoicing platform like Square Invoices or Zoho Invoice. However, it’s generally considered easier than QuickBooks Online.

After a 30-day trial period, Xero will bill a monthly charge of $13 per month for the Early plan, $37 per month for the Growing plan and $70 per month for the Established plan. For free invoicing platforms, consider Zoho Invoice, Square Invoices or PayPal Invoicing, although these platforms provide fewer capabilities. Given that there are several invoicing software on the market, it’s worth putting in some time to research your options before choosing one for your business.