Xero is a cloud-based small business accounting software, as an alternative to QuickBooks, with tools for managing invoicing, bank reconciliation, inventory, purchasing, expenses, bookkeeping and more. It is a modern, small business accounting software that lives in the cloud. It’s accessible from any computer or mobile device, making for a smarter and easier accounting process. Its features include cash flow tracking, payment processing, bank reconciliation, expense tracking, inventory management, financial reporting, and more. Furthermore, it integrates with over 1,000 third-party apps commonly used by small businesses which include Stripe, PayPal, Capsule, HubSpot, and more. This helps to streamline workflows and synchronize data such as sales invoices, client data, cashflow reports, payroll data, and more.
- Xero operates under the idea of a single ledger. This means that you, your staff and your accountant are all accessing the same data. However, you can also limit the user rights for your staff so they can only access what you want them to.
- Because it is accessed through the internet, you can access it anywhere you have an internet connection
- The most crucial benefit of accounting software is that it’s user-friendly. It needs to be easy, or people won’t buy the software. A lot of Xero users have found that even without an in-depth accounting knowledge, it is easy to use. It’s this feature that keeps people coming back for more. All of the terminologies in Xero are easy to follow. Additionally, there are plenty of options to upload files and supporting documentation for simple transactions.
- It is certified as compliant with ISO/IEC 27001:2013 which is globally recognized as the premier information security management system (ISMS) standard
- it complies with the Payment Card Industry Data Security Standard (PCI DSS). Xero is a level 3 merchant and outsources their credit card processing functions to PCI DSS-compliant level 1 service providers.