About Xero accounting software

Everything you need to know about small business accounting software from Xero.In 2015, Xero won the Canstar Blue award for customer satisfaction for small business accounting software. Small business customers around Australia gave the company a five-star rating in every category: overall satisfaction, value for money, point of sale service, warranty, customer support, and features.

The story behind the software

Xero was founded in 2006 in New Zealand and it now has over 540,000 small business subscribers and 16,000 accounting and bookkeeping firms around the world.

It received the Forbes award for the World’s Most Innovative Growth Company in 2014 and 2015. It’s easy to see why – it is constantly innovating! It delivered over 500 product updates during 2014 alone, and has made over 400 add-on applications available for its customers to customise Xero for their needs.

How Xero could help your business

The main selling point of Xero is that it is an online system (known as ‘cloud based’). No need to log into your PC at home to do your invoicing – you can update your accounts anywhere, anytime.

For small businesses with an outside accountant or bookkeeper, Xero allows online collaboration so that you can both access your accounts and keep up-to-date on your finances.

It also has the Xero Touch app which allows you to access the system through any Apple or Android mobile device.

What will Xero do for you?

  • Show you your bank balances, invoices, bills, and expense claims on the dashboard.
  • Import and categorise your bank transactions. (Reconciling them takes just one step – clicking ‘OK’.)
  • Create interactive reports and budgets anytime, not just at the end of the month, and share them with whoever needs to see them.
  • Track inventory against sales and purchases.
  • Create recurring invoices.
  • Create and manage quotes, and turn them into invoices when the job is done.
  • Save photos of every expense receipt to the online cloud.
  • Process your payroll and pay superannuation.
  • Send payment summaries direct to the ATO at EOFY.

Xero has three main pricing plans:

  1. Starter: $25/month
  2. Standard: $50/month
  3. Premium 10: $60/month

Visit the website to sign up for a free trial.

What our survey respondents said about Xero

Canstar Blue’s most recent survey of small business owners and decision makers gathered the following comments, among many others, from those who bought and used Xero accounting software.

Easy to use. Can be limited with functions. Cannot amend an invoice after you have applied payment.
It’s online – easily accessible, anywhere, anytime. Need more easy ad-hoc reports.
Easy to manage everything in this software. Data misplaced and messed up sometimes.
Leading brand, reliable. Licensing agreement is expensive.
Efficient. Fast. Consistent. Can’t access it without internet access.

Accounting software brands we surveyed

Canstar Blue commissioned Colmar Brunton to survey 801 small business owners and decision makers (i.e. the main decision maker for a small business) across a range of categories to measure and track customer satisfaction with products and services related to their business. The outcomes reported are the results from customers within the survey group who own and have used accounting software – in this case, 454 people.

The accounting software brands in this year’s survey were:

  • Xero
  • Intuit QuickBooks
  • MYOB

You can view the full results of our accounting software survey here.

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