Xero processes payment through a payment gateway like Stripe, GoCardless and others. Keep in mind that these services charge a fee to process payments (usually around 2.9% plus 25 cents per transaction, though this varies by the payment processor). Business owners, freelancers and entrepreneurs often spend a large chunk of time on administration and accounting.
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 per person. On the other hand, FreshBooks may be a better fit for freelancers and solopreneurs, as the capabilities are easier to navigate. The Growing plan is best suited for growing businesses, grants the same capabilities in addition to the ability to send unlimited quotes and invoices, enter unlimited bills, and reconcile transactions in bulk. The Early subscription is tailored for solopreneurs and business owners who are just getting started.
Pricing and features
Xero has been known for offering discounts in the past, so be sure to check the company’s website to see if it’s having a sale. There are no annual contracts, so what is the difference between revenues and earnings you can cancel your subscription at any time (although you must give a 30-day notice of your cancellation). For example, you can give all employees the ability to send quotes and invoices, allow some to enter expenses and limit who can see the company’s complete financial picture. To keep things organized, Xero logs every action users make and compiles the history of every transaction. Has robust reporting tools and report customization options, basic inventory tracking in all plans and a capable mobile app; Early plan limits the number of invoices and bills. We’re committed to the security of your data and provide multiple layers of protection for the personal and financial information you trust to Xero.
- If you use the Established plan, you can track billable time to add to projects.
- Payments are due by the end of your monthly billing period based on the date you purchased your subscription.
- After a 30-day trial period, Xero will bill a monthly charge of $13 per month for the Early plan, $37 per month for the Growing plan and $70 per month for the Established plan.
- We’ve seen so many small businesses implement digital tools and grow their confidence, and we’re hearing from our customers that they’d like to be able to do even more with Xero.
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Our partners cannot pay us to guarantee favorable reviews of their products or services. 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.
If you didn’t receive an email don’t forgot to check your spam folder, otherwise contact support. Xero integrates with Gusto for payroll, which supports all 50 states and has added functionality such as health insurance and retirement support. Xero used to offer strong customer support, and while there are still a ton of great support resources available, getting in touch with an actual representative is a lot more difficult.
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. In contrast to allowing unlimited users, Xero does limit you to one organization or business per subscription. In other words, if you need to do accounting for more than one business, you’ll need to purchase an account for each one. This is a real drawback for owners of multiple businesses or bookkeepers who work with multiple clients. Xero is a cloud-based, double-entry accounting software tool that is designed with small businesses in mind. More than 3.5 million users all over the globe use Xero to manage their billing and invoicing each month.
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To review this software, I signed up for a free trial of the Xero Established plan. I also reviewed official product documentation, watched demo videos, consulted user reviews and cross-referenced software reviews in industry publications. Xero connects to more than 21,000 financial institutions around the globe, meaning the chances are very high you’ll be able to connect to your business bank accounts and automatically import transaction info. If your bank doesn’t already have a connection, you can import PDF statements.
The basic plan allows users to send unlimited invoices and estimates and track unlimited expenses up to 5 clients, so if you have more clients than that, you’ll need to upgrade. These reports help small business owners identify areas for improvement and make evidence-based decisions in real time. Xero doesn’t offer as many pre-built reports compared to Xero alternatives such as QuickBooks. The Growing plan costs $47 per month and includes unlimited numbers of invoices and bills. In addition to the features on the Early plan, the Growing plan includes bulk transaction reconciliation to speed things up.
Plus, Xero supports unlimited users at no additional cost — a rarity in the accounting software world. While Xero has a lot going for it, pricing increases, a lack of built-in payroll, and limited features on its least expensive plans are potential issues. Additionally, customer support has gone downhill since our last review.