Xero is a cloud-based accounting software company that helps small businesses manage their finances more efficiently. The company was founded in 2006 in New Zealand and has since expanded to serve customers in several countries, including Australia, the UK, and the US. Xero's software allows users to connect their bank accounts, manage invoices and expenses, track inventory, and generate financial reports.
Xero has become a leader in cloud accounting due to its user-friendly interface, automation features, and integration capabilities with other business tools. The company has a strong focus on innovation and providing excellent customer service, with a team of over 4,500 employees worldwide. Xero's mission is to make life easier for small business owners and help them thrive in the global economy.
Xero offers a range of features that help small businesses manage their finances efficiently. Some of the key features include:
- Invoicing: Once the job is completed, users have the ability to send professional invoices online through Xero's desktop or app, which includes useful features like automatic reminders and payment tracking.
- Bank Reconciliation: By utilizing suggested matches, the software enables users to categorize and reconcile their bank account transactions on a daily basis, ensuring their financial records remain current.
- Pay Bills: Users can ensure timely bill payments and gain a comprehensive understanding of accounts payable and cash flow.
- Expense Management: The software includes tools for managing spending and submitting or reimbursing expense claims.
- Bank Connections: Users can connect their bank to Xero and set up bank feeds, allowing transactions to flow securely straight into Xero each business day.
- Accept Payments: By connecting to payment gateways like Stripe and GoCardless, users can receive online payments and get paid up to two times faster.
- Project Tracking: The software comprises features that enable users to generate quotes, create invoices, and receive payments for their projects. Additionally, it offers project and job tracker software to monitor costs and profits.
- GST Returns: Xero calculates GST and speeds up preparing business activity statements, allowing users to submit their BAS to the ATO from Xero.
- Payroll: Users can pay staff and report payroll details to the ATO with online payroll software, which automates tax, pay and super calculations.
- Inventory Management: With inventory software integrated, the software enables users to monitor their stock levels and automatically populate orders and invoices with the items sold or purchased.
- Multi-currency Accounting: Users can easily make and receive payments in more than 160 currencies and can take advantage of instant currency conversions with the software.
- Purchase Orders: The software includes purchase order software that allows users to create and send purchase orders online, and keep track of orders and deliveries at every step.
- Reporting: Xero offers accurate accounting reports and collaboration with advisors online in real time.
- Accounting Dashboard: Users can track bank balances, invoices, bills, and more with the accounting dashboard.
- Fixed Asset Management: Xero makes it easy to track fixed assets and work with accountants to manage them, keeping books up to date.
Xero offers different pricing plans to suit the needs of small businesses. Here are the details of each pricing plan:
- Starter Plan: This plan costs $29 AUD per month and includes features such as invoicing (up to 20 invoices per month), bank reconciliation, and payroll for one person. Users can also capture bills and receipts with Hubdoc, use multiple currencies, and automate superannuation. Optional add-ons such as expense claims and project tracking are available for an additional fee.
- Standard Plan: This plan costs $59 AUD per month and includes all the features of the Starter plan, with the addition of bill entry, payroll for up to two people, and bulk reconciliation of transactions. Users can also capture bills and receipts with Hubdoc, use multiple currencies, and automate superannuation. Optional add-ons such as expense claims and project tracking are available for an additional fee.
- Premium 5 Plan: This plan costs $76 AUD per month and includes all the features of the Standard plan, with the addition of payroll for up to five people. Users can also capture bills and receipts with Hubdoc, use multiple currencies, and automate superannuation. Optional add-ons such as expense claims and project tracking are available for an additional fee.
- Payroll-only Plan: This plan allows businesses to pay 1 to 4 employees and comply with Single Touch Payroll. Prices start from $10 AUD per month.
- Ultimate 10 Plan: This plan costs $110 AUD per month and includes all the features of the Premium 5 plan, with the addition of payroll for up to ten people, expenses for up to five people, and projects for up to five people. Users can also access advanced insights with Analytics Plus.
All plans come with 24/7 online support and the ability to cancel with one month's notice. Xero also offers optional add-ons such as expense claims and project tracking for an additional fee. Prices are subject to change at any time, and all prices listed include GST.
Can a virtual assistant use Xero to assist a business?
Xero can be used in outsourcing and for virtual assistants or virtual property accountants to manage financial tasks remotely. The software's cloud-based platform allows users to access financial data from anywhere with an internet connection, making it easy to collaborate with remote teams or contractors. Virtual assistants can use Xero to manage invoices, expenses, and bank transactions, as well as track inventory and generate financial reports. Xero's automation features, such as bank reconciliation and expense management tools, can save time and reduce the risk of errors in financial management.
Furthermore, Xero's accounting feature for multiple currencies enables users to make and receive payments in more than 160 currencies, which can be particularly useful for businesses that operate internationally or work with international clients. Xero's payroll software can also be useful for outsourcing payroll tasks to remote teams or contractors.
In conclusion, Xero's user-friendly interface, automation features, and integration capabilities make it a valuable tool for outsourcing and virtual assistants. The software's cloud-based platform allows for easy remote collaboration and financial management, making it a popular choice for small businesses seeking to improve efficiency and streamline financial tasks.