Should you switch to Xero?

 

In the past couple of S&W Insights, and in the media, you would have seen reference made to the accounting software package Xero. This includes the recent seminar we ran for our clients who were interested in moving to Xero. As some background, below we have set down some of the features of Xero so you can get an idea of what it can do and whether it would suit your circumstances.

Features of Xero

  • You can access financial data using the internet and any browser
  • Simple and easy to use and navigate
  • Easy to read one-screen dashboard of your financial data at your finger tips
  • Compatible for all operating systems (Mac/Windows users)
  • Bank feeds for bank accounts and credit cards
  • Pure Cloud and online software
  • Easy online expenses claim and approval process
  • Automated superannuation guarantee payment using ClickSuper (only on Premium 10 plan)
  • Easier data integration with other third-party application (add-ons)
  • No user installation or multiple versions – one platform
  • Multiple currency support incorporating daily rate updates
  • Monthly new updates and features

Disadvantages of Xero

  • Payroll function is limited and it has only partial integration
  • Support is by email only
  • Potentially does not suit large businesses that have more specific software needs
  • Reporting is limited but has full integration with Excel and retains all formulae

Pricing for Xero software is dependent on the number of staff/payroll and is structured as follows:

  • $25 for starter version
  • $50 for standard version
  • $60 for Premium 10 (all monthly)

For larger plans and details about the various package click here.

In next month’s newsletter we will go through some of the hot tips and tricks with using Xero.

If you would like to know more about Xero please do not hesitate to contact us.