I use Xero for my Ltd company accounts and I was truly amazed with its wealth of features when I first used it. Xero offers relatively good value pricing for small/medium size businesses.
As somebody who used to do accounts for £million+ turnover companies on spreadsheet software. It turned accounting into a pleasure from a sometimes painful experience.
Xero’s many features include invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, automatic bank feeds, bank reconciliations, and standard business and management reporting. Xero is easy to integrate with over 800 apps.
Dashboard; the Dashboard is customisable and displays a snapshot of your companies transactions and financials. It is easy to use and allows you to work in a logical manner.
Automatic Bank Feeds; the feature I like best is the automatic updating of your bank transactions. This feature alone makes the monthly fee worthwhile to myself. Gone are days of spending 8+ hours copying transactions from paper statements to a digital file. But is it secure ? You may ask, yes its a one way connection so hackers have no chance of spending your funds on a Porsche 911S and Gucci tracksuit. It takes 2 minutes to set up and makes the most of your banks security features.
Making Tax Digital; Xero is a HMRC recognised software provider. Xero can publish VAT returns and submit them directly to HMRC.
Automatic Backups; your data is automatically stored in the cloud. Privacy is ensured due to SSL encryption.
Below is a screenshot of Xero’s Dashboard
The pricing is correct at time of writing article. Due to regular promotions, prices can change. Whilst we do our best to update information on this website, if you do spot a change, please let us know via email or leave a comment below.
Xero offers new users a 30 day free trial, so you can get a feel for the software. They are aslo currently offering 4 months for 50% off at present.
All packages include; Invoices and Quotes, Bills, Bank reconciliation, VAT submission to HMRC via Making Tax Digital and Automatic CIS calculations. Payroll, Expenses and CIS returns are extras with a monthly cost.
While the starter package is great value I feel the limitations with regards to number of invoices per month etc will make it unsuitable for most established businesses.
Starter Package £10 per month (£5 per month for first 4 months)
The standard package is close to £300 per year, on top of the fees you pay your accountant. If you can use the software correctly, the time it will save you will make its cost worthwhile.
Standard Package £24 per month (£12 per month for first 4 months)
The premium package is ideal for companies who do business abroad and need the benefit of multiple currencies.
Premium Package £30 per month (£15 per month for first 4 months)
Payroll is an add-on that costs £5 per month + £1 per employee.