Accept Online Payments to Get Paid Fast

The software is especially popular among businesses operating internationally due to its multi-currency support and global banking integrations. Xero handles transactions across 160+ currencies with automatic exchange rate updates. Businesses can issue invoices, process payments, and track business expenses in multiple How to Run Payroll for Restaurants currencies while maintaining accurate financial records. The platform consolidates multi-currency transactions into standardized reports, simplifying international business operations and financial reporting.

• We found Xero to be affordably priced, with feature-rich tiers and a pricing model that makes it ideal for growing businesses.
• Premium Plan includes everything in standard plus multi-currency options.
• With tiered pricing—Early, Growing, and Established—Xero provides scalable solutions that cater to freelancers, SMEs, and growing enterprises with varying levels of functionality.
• Xero allows for both cash-based and accrual accounting systems, so it is perfect for companies adhering to UK GAAP or IFRS.

Invoices and quotes

• The Early subscription is tailored for solopreneurs and business owners who are just getting started.
• Let’s say you’re coding in a new bill to a client, and you already have multiple unpaid bills outstanding to that client (it happens).
• You can sort by specific function or narrow down the options by industry.
• It compiles time data into payroll-ready timesheets that reduce manual entry and make payroll processing much simpler.
• It allows you to pay and manage multiple bills through Xero using your preferred bank account.
• You can also send the customer account statement directly from Xero.
• Minimize late payments by automatically debiting your customer’s bank account on the due date of your Xero invoice.

These e-commerce integrations help reduce the complexity of managing financial records and inventory, while also streamlining workflows between your online store and accounting system. Xero’s bank feed securely imports your transactions into the Xero accounting software each business day. Xero operates as a cloud-based accounting platform that fundamentally changes how businesses manage their finances. Understanding what is Xero and how does it work requires examining its core architecture and functionality. Xero’s tax tools simplify compliance by organizing financial data and generating reports for tax filing.

• However, the best option and price point will depend on the specific capabilities and features you are looking for.
• The analytics platform surfaces real-time financial insights through customizable dashboards and detailed reporting tools.
• As I mentioned earlier in this guide, I ran into issues while trying to import a bill, which was highly frustrating.
• Learn how our spend platform can increase the strategic impact of your finance team and future-proof your company.
• The average time to become proficient in Xero varies widely, depending on users’ prior knowledge and experience.

The Ultimate Guide for Xero Accounting Software: Features, Benefits, Costs & How to Get Started

• Its cloud nature means you can access your financial data securely from anywhere with an internet connection, enabling flexibility and efficient collaboration.
• To make matters worse, it wasn’t clear to me why my upload attempts were unsuccessful.
• Xero users can integrate Salesforce or their choice of customer relationship management software that integrates with Xero.
• Small businesses, freelancers, and micro businesses should use Xero, while QuickBooks is ideal for startups, SaaS, eCommerce, and growing nonprofits.
• Use Xero accounting data to create business plans and budgets, reports, infographics, and dashboards with the LivePlan app in the Xero app marketplace.
• The Xero Established pricing plan adds multi-currency to the Growing plan which also enables online invoicing and sending quotes.

During testing, we found Xero xero accounting easy to navigate, with an intuitive and user-friendly interface. With just a few steps, you can connect a trusted payment service to your invoices, allowing your customers to securely pay online while reducing the time you spend chasing payments. Get the money in your account by giving your customers the chance to pay online by card, and accept payments straight from your invoices. Xero works with secure online payment services to help you get paid sooner.

View a Xero dashboard with a bar chart of invoices by due date to plan cash flow

Xero’s bank reconciliation tool uses AI-powered suggestions and bank rules to match transactions automatically. This feature alone helps 89% of small businesses save significant time on bookkeeping. The software matches your bank data with bills, invoices, and receipts, enabling you to update records instantly rather than manually entering each transaction. Xero’s platform processes transactions, updates records, and generates reports instantly.

Payment options that work the way you do

Successful accounting and payroll involve managing relationships with both external contacts and internal team members. I figured out through trial and error that the connection must be made from the Gusto side. This took just 5 minutes to figure out—but Xero could definitely provide some better instructions here. Alternatively, payroll employees can use Xero Me (which is also available as a web application) for manually entering time data into timesheets they then submit for approval. You can also do this on behalf of your employees through your web browser. Unfortunately, I think these solutions are time-consuming and prone to errors (or even time theft).

Honest Xero Review 2025: Pros, Cons, Features & Pricing

As with bill creation, there’s an interplay of drop-down lists and text fields, a neat touch that helps to improve the user experience. In this guide, I’ll be talking you through Xero, focusing on features, pricing, pros, cons, and other options. Hopefully, this will help you to decide if the platform is right for you. As a staff writer for Forbes Advisor, SMB, Kristy helps small business owners find the tools they need to keep their businesses running. She uses the experience of managing her own writing and editing business for over 10 years to provide expert assistance to other small business owners. The Xero App Store is giant, featuring over 1,000 apps you can add on.

Xero has a complete set of support features, including video tutorials, FAQs and online customer support. This allows outstanding receivables, instant reconciliation of customer payments, and quicker cash flow in your Xero register. Those days are gone when businesses used Excel spreadsheets to track all incomings and expenses and then create invoices in a Word Document. Easily create and send invoices and automate invoice reminders for a quicker, hassle free payment. Save time on bookkeeping and keep a close eye on cash flow and the recording transactions financial health of your business. Send invoices, schedule bill payments, and enjoy simple bank reconciliation.