We researched and analyzed dozens of the best accounting and invoicing software solutions to help small businesses choose the right accounting software for their needs. Our information sources included the company’s website and software demos. Additionally, we studied user reviews for independent opinions on the software’s pros and cons. When looking for the best accounting software for growing businesses specifically, we focused on pricing tiers, the number of integrations, and the breadth of features and tools. Xero’s pricing structure is an excellent fit for growing businesses. Unlike many competitors, Xero’s pricing and plans are based on features instead of user numbers.
All plans include invoicing, bill pay, data capture and storage, short-term cash flow tracking, tax form management, and auto sales tax. Online accounting needs to be easy to use, otherwise it loses its time-saving appeal. One of the biggest benefits of Xero’s accounting software is its simplicity. Small businesses can save time and money by automating their recording interest on notes payable accounting processes and consolidating resources for easy access.
Easy accounting software to get the best out of your business
Xero’s straightforward accounting software is well-suited for sole proprietors and small and growing businesses. Its intuitive design makes it easy for businesses to link their bank accounts and start sending invoices and paying bills in no time. Xero is accounting software for small business owners who need an affordable, easy-to-use online accounting solution that includes invoicing, data capture and storage, and bill payment. Xero integrates with Gusto, a full-service payroll provider, for businesses that want to add on a payroll service. The Early subscription is tailored for solopreneurs and business owners who are just getting started. You’re able to send 20 quotes and invoices per month, enter five bills, reconcile bank transactions, capture bills and receipts with Hubdoc and view a short-term cash flow and business snapshot.
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.
Reports also are customizable, with adjustable formatting and the option to add your own formulas and groupings. For instance, you can drag and drop certain expense categories into a single subgroup — an “office expenses” subgroup could include office equipment, supplies and utilities. And if you don’t like how the dashboard looks, you can reorganize panels and hide the ones that aren’t useful. You can also scroll through Xero’s default chart of accounts and customize it as needed, or import an already existing chart of accounts. If you have a list of customers and suppliers, you can import that, too. Payments are due by the end of your monthly billing period based on the date you capital budgeting: what it is and how it works purchased your subscription.
More about the Xero Accounting app
- Compared to other software we reviewed, Xero stands out for meeting businesses’ needs in all growth phases.
- Adding a “pay now” button is free; however, you may be charged a transaction fee for each payment made via card or digital wallet.
- To get started with capturing and storing data, users can navigate to Xero’s Organization menu to either set up a new Hubdoc organization or connect an existing Hubdoc account.
- Xero enables you to easily view the payment status of your invoices to see who has paid and what is overdue.
- At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products.
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. These companies offer Gusto integration for the same price—$40 per month and $6 per month what is amortization per person. On the other hand, FreshBooks may be a better fit for freelancers and solopreneurs, as the capabilities are easier to navigate. Xero accounting software offers users a choice of four different plans.
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For example, you can see if the invoice was copied from a quote, who created and approved it, and when they created and approved it. This screen also shows automatic payment reminder information, such as the relevant email address and the date and time. Additionally, you can add notes, such as the expected payment date. One cool new Xero feature is its beefed-up Inventory Plus management system. This system allows you to manage inventory across multiple locations and channels. It integrates with Shopify and includes order fulfillment functions, shipping options and tracking information.
You can import data from another accounting system in bulk via CSV files once you’ve done the initial set up in Xero. That includes the chart of accounts, invoices, bills, contacts and fixed assets. For a smooth transition and best results, we recommend working with an accountant or bookkeeper, preferably one with Xero experience, when you make the move to Xero cloud accounting software. Xero wins out over the competition as far as price, scalability, and integrations go.