The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories. In the Early plan, the least expensive subscription, you can send up to 20 invoices and schedule up to five bill payments only. For unlimited invoicing and bill-paying capacity, you’ll need to upgrade to the Growing plan. Xero helps transform the data you enter into actionable information at every subscription level. A dashboard provides a summary of your business’s financial health, including total cash in and out, outstanding invoices and overdue bills.
Is Xero Right for You or Your Business?
Our partners cannot pay us to guarantee favorable reviews of their products or services. We believe everyone should be able to make financial decisions with confidence. †Invoice limits for the Ignite plan apply the contribution margin income statement – accounting in focus to both approving and sending invoices. Transactions initiated by app partners may automatically contribute to your invoice limit. Hubdoc is included in Xero Ignite, Grow, Comprehensive and Ultimate plans as long as it’s connected to your Xero subscription.
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- In contrast to allowing unlimited users, Xero does limit you to one organization or business per subscription.
- Xero may be harder to learn than a simpler invoicing platform like Square Invoices or Zoho Invoice.
- Xero is a cloud-based, double-entry accounting software tool that is designed with small businesses in mind.
- Suited for small- and medium-sized businesses (SMBs), Xero is an affordable cloud-based accounting software system that streamlines these processes with plans starting at $13 per month.
Unlike many other competitors that cap the number of users per plan (looking at you, QuickBooks), Xero offers unlimited users even on the lowest tier plan. This is beneficial to small businesses that need multiple people to be able to log into the accounting software and don’t want to pay extra or upgrade to get more seats. Xero is robust, cloud-based software with strong accounting, ample integrations, and some great features. It offers tons of automations to save your business time, such as automatic sales tax lookup, group invoicing, and default email templates. Plus, Xero supports unlimited users at no additional cost — a rarity in the accounting software world.
QuickBooks
Xero includes extensive features that make it suitable to handle complex accounting processes for small- and medium-sized businesses as well as larger ones. The software makes it easy to pay bills, claim expenses, accept payments, track projects, manage contracts, store files and more. Xero has a mobile app, Xero Expenses, that allows you to snap pictures of receipts and create an expense instead of having to manually enter all the information.
I wish it was included in all plans, because manually reconciling one transaction at a time is very tedious for many businesses. There is limited tax support, limited invoice templates, no built-in payroll, and a steep learning curve. Multiple pricing increases over the years have driven up the cost of the software, and customer support isn’t the best.
Xero’s simple invoicing tool (Figure A) makes it easy to upload your logo and choose from several branding themes, but I’d love to see more extensive customization options. Xero does offer an invoice template to help get you started, and you can choose to create and save your own templates. Once customers receive the invoice, they can pay you directly from it by clicking the “pay now” button and using a credit card, debit card accrued expenses recognize expenses incurred before paying or direct debit. You can also accept payments from popular services such as Stripe and GoCardless. The other appeal of the software was that each plan came with unlimited users, access to every Xero feature, and payroll.
Wave Accounting
Then, you can connect your bank accounts to Xero and decide if you’ll accept electronic payments for online invoices. It allows three users for its Essentials plan ($55 per month) and 25 users for gross sales definition its top plan, the Advanced ($200 per month). 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.
