Xero is one of the biggest names in accounting software right now but with all its benefits, what is really the cost of using Xero and is the value of this service worth it?
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Xero was created in 2006 as the first cloud-based accounting software dedicated for small and medium sized businesses. It is designed to save time, be easy to use and understand and to simplify daily accounting practices. Xero is different from its competitors Quickbooks and MYOB which were originally built for desktop computers and slower to adapt to the cloud’s full capabilities. Most even think they still have not caught up with Xero.
Xero aims to add value to their users so each year they spend millions of dollars on research and development to improve its service and features year after year. Xero’s pricing is based on how heavily its main features are used, such as entering bills, invoicing, payroll and reconciling. It comes in three pricing plans that suit the unique needs of different businesses. For those with more than five staff on their payroll, they can add additional employees for a fee per person per month.
Xero is more than invoicing, payroll and reporting and has other useful features that can benefit your business like Xero Expenses, Xero Projects and other add-on integrations. Xero Expenses is an optional feature that lets you digitally track and manage your expenses easily. It allows you to submit expenses through your mobile device by simply taking a photo of the receipt, uploading it to Xero or forwarding an invoice via email. It streamlines your record keeping and enables you to record, file and claim your expenses easily.
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While the basic subscription lets you generate quotes and send payment reminders and invoices, Xero Projects lets you track a project’s profitability. It is ideal for businesses that want to track each project’s profit and loss and manage all its financials in one location.
Xero has a store with hundreds of add-on integrations that can enhance the platform further. These are designed for specific industries like professional services, hospitality, retail, trades or for specific tasks like online payments or debt collection. Pricing is different for each app and is usually paid monthly.
Because of the increasing costs of additional features, Xero may not be the cheapest player in the online accounting market but you should consider how much of your time can be saved each month. What is the value of getting back hours of your time each month? Xero can free up your time and allow you to do what you do best. The time-saving benefit should be weighed against the costs to understand the full benefit of Xero to your business.
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As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
Here are two other ways we help business owners grow their business:
- Take our free online assessment and see how much your business is currently worth (free 30page detailed report included)
- If you are looking to change Accountants or need advice on how to grow your business, organise a 1on1 session with a Sky Business Expert here
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