Senior Accountant Ina Crombach has been working the innovative XERO accounting software for three years now and is excited about the opportunities it presents for our clients.
I have worked with various accounting packages such as MYOB, Quickbooks and BankLink in my capacity as a bookkeeper and accountant for over eight years. As I think all of my colleagues would agree, every system has its strengths and weaknesses. In this article I take a look at how Xero stacks up…and recommend that you take a look at this innovative new software if you are not satisfied with what you are using now.
In 2009 I had my first experience with Xero. I was immediately intrigued by the simple, user friendly and visual style of the system. It is not only innovative, but seems to effectively combine all the positive aspects of other systems into one. It gives the user a new level of connectivity and instant information, something we have all come to value highly. I would just like to point out a few functions that I am most impressed with:
• Xero is an online accounting system, meaning that 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.
• Graphs can be incorporated into Financial and Management Reports, providing the viewer with instant visual data to simplify reporting processes and improve the quality of your presentations.
Since the beginning of 2012, Xero also offers a payroll function (unlimited employees), which is straight forward and easy to set up. This additional function is included in the monthly fee.
Xero offers three price plans: $29 per month for a small size business, $49 per month for medium size business and $64 per month for large size business
If you are not satisfied with your current accounting system I recommend that you try Xero. A free trial version is offered on line. From my experience of a number of common accounting programmes, I find that Xero is user friendly, and ultimately time saving.