Xero has single-handedly revolutionised how companies carry out their bookkeeping and accounting activities. It is a highly sophisticated accounting software that automates time-consuming day-to-day financial transactions.
Having used most of the ERP systems and accounting software available in the market, I concluded that Xero is by far the most advanced tool for small businesses to manage their accounting activities.
Let’s get to the basics. What is Xero?
In the simplest definition, Xero is cloud-based accounting software. That means you can operate the software using any internet-connected device through a web browser or an app.
Not too long ago, we installed the accounting software on our computer. We call such software desktop-based accounting software. There are several main problems with such legacy accounting software. One of them is automation. Accounting automation is crucial. As business owners, we want to channel our time to what matters the most such as marketing and product development activities.
Who should use Xero?
As a freelance accountant who serves clients from various industries, I believe Xero is the perfect option for small businesses in service, trading and F&B industries. You should seriously consider tapping into Xero automation. Xero can save you lots of time. In turn, you can channel the time to grow your business.
How much does Xero cost?
In Singapore, Xero offers three different plans. They are Starter, Standard and Premium and the monthly subscription fees are $33, $50 and $65.
Xero Starter plan is suitable for companies with a low volume of transactions. It limits up to 20 AR invoices and 5 AP invoices.
There is no limit to the number of invoices for the Xero Standard plan. However, I understand that there is a capacity limit before the system slows down.
If your business involves transactions with multiple currencies, you may wish to subscribe to the Xero Premium plan. Otherwise, you may have to perform your foreign exchange computations by yourself.
Is Xero easy to learn?
Definitely! Unlike most of the ERP systems used by large corporations in the market, Xero has designed its interface to be user-friendly while still delivering top-end functionalities for small businesses to manage their bookkeeping and accounting activities.
There are numerous resources available online that you can use to learn Xero, such as Google and YouTube. Xero has also developed comprehensive learning materials through its Xero Central website.
If you encounter a specific problem that cannot be solved online, you can turn to the community forum, where helpful members can assist you.
As a last resort, you can contact the support team, who will be readily available to assist you with any issues.
Conclusion
This article only serves as an introductory to Xero. If your business has adopted or considering adopting Xero, you may wish to bookmark this website. I will be sharing a lot more about Xero in the future. For those considering using Xero, I’m confident that you will love this revolutionary accounting software!
– Yanto Wong –
