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Xero

Xero is cloud-based accounting software suited for general-purpose accounting for small law firms and businesses, though it lacks trust accounting features.

Xero Rating:
4.8/5

Features

  • Customer Experience & Support - 8.75/10
    8.8/10
  • Pricing & Value - 9/10
    9/10
  • Security - 9.25/10
    9.3/10
  • Innovation & Future-Proofing - 9/10
    9/10
Comments Rating 5 (1 review)
Details

Rating Breakdown

Our Rating: 4.5/5

Our rating is based on our subjective judgment. Use our resources—including our rating and community ratings and reviews—to find the best fit for your firm.

Community Rating: 5/5 (based on 1 rating)

The community rating is based on the average of the community reviews below.

Composite Rating: 4.8/5

The composite rating is a weighted average of our rating and the community ratings below.

Who Xero Is For

Xero is a good fit for firms looking for a feature-rich, all-in-one accounting software solution, particularly given its wide variety of integrations. It is also relatively inexpensive, particularly because it does not charge on a per-user basis. And if you are a productivity tinkerer/lifehacker type, Xero may very well appeal to you because of those add-ons and integrations. Remember, though, that the lowest tier does not include payroll or multi-currency support. (For what it’s worth, at Lawyerist, we switched our own books to Xero at the beginning of 2014, and we’re definitely a little happier with Xero than with QuickBooks online).

Xero Features

Xero accounting software dashboard

Website
www.xero.com
Apps
  • Android
  • Web
  • iOS
  • iPadOS
Starting Price
$9/user/month
Free Trial
Bookkeeping
Double-entry bookkeeping.
Connect Bank Accounts
Link your bank accounts for up-to-date transaction information with little or no manual data entry.
Billing/Invoicing
Online Payments
This means the ability to accept credit card or echeck payments within your accounting software, either through its own payment portal or via a third-party integration like PayPal or Square. Most online payments involve a separate processing fee.
Timekeeping
Mileage Tracking
Keep track of miles traveled visiting clients or heading to the courthouse, making it easier to tally for taxes or billing purposes or add to your expense reports.
Bill Payment
Pay your firm's bills without leaving your accounting software.
Statement Reconciliation
Helps with the complex task of balancing your business accounts. Does not necessarily include more advanced reconciliation features like three-way trust account reconciliation.
Payroll
Payroll includes automatically calculating employee taxes, printing checks, and paying by direct deposit.
Tax Preparation
Some accounting software can also be used to prepare taxes for your firm so you can review, approve, and even pay your taxes all in one place.
Reporting
Businesses need reports to help assess key business performance indicators like profit and accounts receivable. Some products have more robust reporting features than others.
Foreign Currencies
Check Printing
Contact Management
Store contacts for invoicing or billing purposes.
User Management
Manage multiple users, including your accountant and tax preparer, or multiple billers or timekeepers at the firm.

Things You Might Want To Know About Xero

Security. Xero has industry-standard data encryption, and backs up your account daily across multiple servers. It also encrypts your data when stored on its servers and when transferring your data between its own data centers while backing up or replicating your data. Zero also offers two-factor authentication. Physical access to the data centers is monitored 24/7 and Xero performs regular security audits.

Migration. Xero allows you to import data from other programs in both TXT and CSV format. It also allows you to import from a QuickBooks file format with Xero’s conversion tool, which converts US QuickBooks accounts from QuickBooks 2007 or later. It can automatically convert the current and previous fiscal year, and you can convert earlier years by purchasing one of Xero’s add-ons. Unfortunately, Xero cannot convert payroll information, closed purchase orders and quotes, or bill reference numbers.

1 Xero Community Review

  1. Avatar Anonymous says:

    Xero is great accounting software.

    Xero is really great and flexible accounting software.

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