Ina Crombach from MJ Accountants has spent the last 12 months studying and working with Xero – the online accounting software. Here is her latest report:
If you considering changing your current accounting software – now is the time to do it.
Xero provides the latest integrative accounting software that let’s you interface with your bank, credit cards, PayPal and accountant from right within your accounting software. It’s great for most small to medium sized business. Here are some of the features that make Xero unique…
- Xero is an online accounting system. Not only is there no software to install, but you can access your accounts at any time from your mobile phone, home or work. Various users can access the system at the same time and your accountant can provide real-time advice. Problems/ queries can be dealt with immediately
- Bank statements/ credit card and PayPal transactions are automatically imported, which means that you always have up-to-date information and access to real-time financial data. No more waiting for the end of the month to reconcile your various bank statements
- Bank reconciliation is made easier and faster, as Xero automatically matches invoices recorded in the system to transactions in your bank statements. You can spend your time doing more important things
- Since 2012 Xero offers a payroll function which is straight forward and easy to set up. This additional function is included in the monthly fee (please refer to pricing plans below)
- Pricing Plans
|$29 per month||$49 per month||$64 per month|
|Up to five Accounts Receivable and five Accounts Payable invoices per month||100’s of invoices per month||Multi-currency|
|Up to 20 reconciled bank statement lines per month||100’s of bank transactions per week||100’s of invoices per month|
|Payroll- one employee||Payroll– up to 20 employees||100’s of bank transactions per week|
If you are not satisfied with your current accounting system I recommend that you try Xero. A free version is offered on line. From my experience with a number of common accounting programmes, I find that Xerox is user friendly, and ultimately time saving.