Xero is an accounting app that lets you track businesses expenses and accounting with intuitive mobile apps and web interfaces for point-of-sale, ecommerce, time-tracking, and more.
Last updated November 23, 2016. Please visit the official site for the most up-to-date information.
When starting a new business, it is exciting to ignite creativity and innovation with your new products and ideas. On the other side of the business, however, it is painful to manage your cash flow and balance sheet. Accounting is a complicated, tedious task, filled with all sorts of unfamiliar terms. Yet it's crucial since every business needs both amazing products and the reality of healthy cash flow to survive.
For that, you need a tool to help make accounting simpler, so you have more time to focus on your real business. You could track income and expenses on a spreadsheet, or invest the time and money into a full-featured accounting tool. That's where Xero comes in.
Xero is a cloud-based accounting system that's designed for small and growing businesses. Starting at only $20/month and with an interface similar to other web apps you already use, it's easy to start using without breaking your startup's budget.
Xero’s dashboard is well designed, presenting a clear overview of your financial status. It shows your cashflow, listing incoming funds and outgoing expenses in the charts on the dashboard. Bank balances, outstanding invoices, upcoming bills, expenses, and more are displayed as well. It strikes a good balance between showing you the info you need and not overwhelming you with too much data. And, with its mobile apps, you can keep an eye on how your finances are faring even on the go.
Manually entering transactions is one of the most time consuming parts of accounting, something Xero simplifies. Bank and credit card transactions are automatically imported into the Xero database, and matched to their corresponding accounting transactions. You can also import statements manually from additional bank accounts, credit cards, or PayPal (with OFX, QFX, QBO, QIF, or CSV formats) to your Xero account. When it can't figure a transaction out on its own, Xero makes bank reconciliation as easy as a confirmation click so you can make sure everything is entered correctly. You can also define your own custom rules to reconcile more complex transactions, such as partial invoice payments. There is also a fast cash coding part to provide the ability to import and automatically reconcile bulk classification of transactions and to import data from other systems.
Need to send out invoices? You can pick one of Xero’s templates and upload your logo, or customize your own branded invoice by editing fonts, titles, margins, tax, currency conversion, and logo. You can also include direct payment service via credit card or PayPal to let customers pay immediately by clicking the link in the invoice. You can customize as many invoice templates as you need for different customers. Or, you can use the automatic payment reminders and invoicing notifications to keep you and your customers on track with every outstanding payment. If your customers are based in other countries with different currencies, Xero will automatically convert the invoice into the currency into your default currency with hourly updated conversion rates. It can even pay your employees, tracking payroll details and calculating their tax deductions, then sending the pay and tax payments automatically so you don't have to worry about it.
Your business is likely already using other tools to organize contacts, manage inventory, track time, and more. Xero has integrated with hundreds of popular apps its App Marketplace. You can find the tool you need, and then use Xero integrations to connect it to your accounting software.
There's dozens of tools that could manage your finance data, but what makes Xero different is its tailored design targeting at small businesses that combine aesthetics, ease of use, and great functionality. It can automatically manage all of your finances, sending out pay and tracking your expenses and revenue, so you can focus on your business without letting your finances get too messy.
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