Xero's Standout Features

1 month, 1 week ago by Oliver Atkinson

Xero is a cloud-based accounting software with its appeal lying in its widespread set of features designed to simplify accounting and financial management. In this article we’ll explore the standout features of Xero and highlight the upcoming price increase scheduled for September 2023.

Features include:

1. Cloud-Based Accessibility: Xero's cloud-based nature ensures that financial data is accessible from anywhere with an internet connection. This is especially advantageous in a remote work environment, enabling business owners and accountants to collaborate seamlessly.

2. Automated Bank Reconciliation: Manually reconciling bank transactions can be a time-consuming process prone to errors. Xero's automated bank reconciliation feature imports and categorises transactions, saving time and reducing the risk of mistakes.

3. Efficient Invoicing: Xero simplifies invoicing with customisable templates, automated reminders, and online payment options.

4. Integration with Crezco: Crezco is a free payment platform that allows businesses to receive payments directly from customers' bank accounts, bypassing card networks and avoiding transaction fees using OpenBanking.

5. Expense Tracking: Tracking expenses is effortless with Xero's expense management tools. The mobile app allows users to capture receipts on the go, while easy categorisation provides valuable insights for budgeting and decision-making.

6. Robust Financial Reporting: Xero offers a variety of financial reports, from balance sheets to profit and loss statements. These real-time reports aid in monitoring business performance and making informed strategic decisions.

7. Payroll Management: Integrated payroll functionality simplifies wage calculations, tax deductions, and payroll tax filing. This feature ensures compliance with tax regulations and minimises administrative burdens.

8. Inventory Management: Businesses dealing with inventory benefit from Xero's tools for tracking stock levels, sales, and orders. For further information on what Xero can offer your business, please visit their website here

Upcoming Price Increase in September 2023

As of September 2023, it's important to note that Xero's pricing will be subject to an increase. Please see below new pricing plan:

• Starter = £15 per month (currently £14). The starter feature includes 5 bills and sending 20 quotes and invoices a month.
• Standard = £30 per month (currently £28). The standard feature includes unlimited invoices, unlimited bill entries, and bulk reconcile transactions.
• Premium = £43 per month (currently £36). The premium feature includes standard benefits plus multi-currency.
• Ultimate = £55 per month (currently £49). The ultimate feature includes premium benefits plus payroll for up to 10 people, claim expenses for up to 5 people, track projects for up to 5 people, and analytics plus.

For a full breakdown of what each pricing plan offers, please visit Xero’s website here

Contact our team here if you have any questions.