Should You Switch to Xero?


In recent discussions and media coverage, there has been mention of Xero, an accounting software package highly regarded by accountants in Sydney. This includes the recent seminar we ran for our clients 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 fingertips
  • 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 the Premium 10 plan)
  • Easier data integration with other third-party applications (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

  • The 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 formula

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

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

For more extensive plans and details about the various package, click here.

Next month’s newsletter will review some tips and tricks for using Xero.

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

*Correct as of April 2015

*Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.

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