Xero Accounting Review 2024: Pricing, Features, Alternatives

Today’s leading accounting platforms offer standard security features committee on accounting procedure like data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. Payments are due by the end of your monthly billing period based on the date you purchased your subscription.

Invoices & Estimates

If you use the Established a guide to t-accounts: small business accounting plan, you can track billable time to add to projects. Join the thousands of people like you already growing their businesses and knowledge with our team of experts. We deliver timely updates, interesting insights, and exclusive promos to your inbox. Xero’s new plans are designed to provide you with easier access to the tools to help run your business efficiently. The new plans are available from 1 July 2024 and Payroll Only, Starter, Standard and Premium plans will no longer be sold. Let us know how well the content on this page solved your problem today.

Gusto payroll plays nice with Xero

Xero is a robust accounting solution with sophisticated accounting features, ample reports, 1,000+ integrations, and unlimited users. Unlike QuickBooks Desktop, Xero also has the mobility and modern UI of cloud-based software. With Xero, you can add an unlimited number of users to your account at each subscription level. This is a notable feature for accounting software; often, lower-tier plans allow fewer users while only higher-tier plans allow unlimited users. Xero is a cloud-based accounting software product that’s easy to use and integrates with more than 1,000 apps.

1. It’s also a good fit if you want to integrate Gusto Payroll to your accounting platform.
2. Data is backed up daily across various servers, and regular security audits are performed.
3. Still, despite the price ruling out the software for some small businesses, Xero has a lot to offer for medium and large businesses or those in need of multiple users.
4. Access all Xero features for 30 days, then decide which plan best suits your business.
5. This is a serious drawback if you want to be able to pick up the phone and talk through an issue or are new to accounting software and have lots of questions.

Xero Review 2024: Features, Pricing & More

By providing feedback on how we can improve, you can earn gift cards and get early access to new features. Still, Xero’s feature set is strong, leading to our rating of 4.1/5. 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.

Best Accounting and Bookkeeping Apps for Small Businesses

The tradeoff for Xero’s unlimited users on the Early plan is that it enforces pretty stiff limits on other things, only allowing 20 invoices and 5 bills per month. Most small businesses will exceed that limit quickly and be forced to upgrade to a more expensive plan. The Established plan costs $80 per month and includes unlimited numbers of invoices and bills. In addition to all the features of the other two plans, the Established plan includes the use of multiple currencies, tracking time and projects, claiming expenses and viewing in-depth analytics.

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 profit and loss statement: a guide for small business owners 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.

These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business.