Xero is a beautiful, easy-to-use online accounting software designed for small businesses. I have personally been using the software since January 2015 when I ventured into a world I knew very little about – self employment.
Since then it’s allowed me to understand the financial situation of my business, save time, save money and plan accordingly for the future. I can’t recommend it enough (which is why you’ll often see me go on about it in Facebook groups & on Youtube hangouts)
I therefore decided it was long-over due that I dedicate an entire post to a Xero review. Explaining exactly why I use Xero for my cloud based accounting. Clearly, I’m not the only fan of Xero as their community is made up of more than 862,000 subscribers in over 180 countries.
In this Xero review I’m going to start with perhaps one of the most basic and yet profound features this online accounting service offers. It’s ability to be able to link my bank and credit cards as well as my PayPal account. Updating them all in Xero in real time.
No more logging in to check all of your business bank accounts. Load Xero up and you can be assured that all your accounts are completely up-to-date. I can see the overall financial possition of my business on one screen – not a calculator or spreadsheet in sight!
To link Xero together with your bank account is as simple as logging into your online banking. No more wasting your time writing down your expenses or exporting and importing CSV files. With Xero your income and outgoings are right there in front of you.
The reconciliation Xero offers also allows you to create ‘rules’ allowing you to select what certain transactions should be catagorised into. This not only saves you time but reduces the risk of human errors.
If the ability to work together with your bank wasn’t enough maybe the integration with almost 500 different applications might be. In this section of my Xero review I’m going to be talking about everything from SqaureSpace to Shopify and Gusto to Debtor Daddy (and everything in between!)
All this is designed to allow you to customise your Xero experience exactly to your businesses needs. Giving your the opportunity to connect with other time saving applications from advanced solutions for point-of-sale, time tracking, e-commerce and more!
Aged just 20 I began my life as a self-employed entrepreneur. I knew very little about accounting, taxes and everything in between. When I got set up on Xero I had questions;
Why does this do this?
Why isn’t this doing that?
Am I doing this right?
If like me you’ve never done this before it’s super overwhelming and confusing. Luckily Xero’s support team was here to help every step of the way. I’m not just talking about being there for the few weeks where I was getting set up.
Just recently my business became a limited company, I was back to square one with one-million and one questions, again Xero’s amazing team was here to help… best of all it was quick, free and the amount of support they provide is unlimited.
Xero also comes complete with a mobile application. This mobile application allows you to view your businesses financial situation whilst on the go or out and about.
It’s made all the difference when I find a business opportunity whilst on the road allowing me to see exactly how much I can afford to invest without restricting my business further.
When starting up a new business we all know how important it is to save money wherever possible. I wanted to be in full control of my financial situation. I didn’t want to hand everything over to an accountant who wanted to charge me £150 a month for the privilidge.
Instead I opted for one of Xero’s three price plans;
Starter – £10 per month Ideal for bloggers or those who are just starting out.
This allows you to reconcile 20 transactions a month. Enter 5 bills Send 5 invoices
Standard – £22 per month My personal choice and more than enough for most small-businesses.
Reconcile unlimited transactions Enter unlimited transactions Send unlimited invoices
Premium – £27.50 per month If you conduct transactions in a currency other than your local (UK – GBP / US – USD)
Everything standard offers plus multi-currency transactions. Take Xero up on their 30-day free trial to find out which service might suit your needs best.
Bookkeepers & Accountants
As your business grows and your needs change you may find yourself needing some further accounting assistance in the form of a bookkeeper or an accountant.
What’s great is that with Xero being a cloud based platform your person of choice can access your books at any time. You are also able to keep in full control of your financial situation and make decisions accordingly.
If you think finding someone with the knowledge and experience who is also a Xero professional is going to be tough, think again. Xero have created this fantastic interactive tool to find the best person for the job, local to you.
The final part of my Xero review is dedicated to security. Afterall, your handing over very sensitive information in regards to your business. Which means security has to be tight… and it is. Xero’s platform is run with a secure SSL encryption. SSL encryption is the exact same as what your bank uses, so with security as tight as your bank. You can be sure you’re sensative information is in safe hands.
I do hope you enjoyed this Xero review. If you’re still unsure then be sure to take them up on their 30 day free trial to find out if they are right for you. If you go ahead and sign up then be sure to let me know in the comments.
If you’re interested to learn more about self-employment and accounting then be sure to check out my post on HMRC Self Assessment FAQ’s.