- Comprehensive accounting and time-tracking features
- Integrates with over 1000 third-party apps
- Supports multi-currency transactions for global businesses
- Easy-to-use invoicing and bill payment features
- Learning curve for new users
- Mobile app lacks advanced features
- Add-ons can increase the overall cost
Overview
After using Xero for my business, I can honestly say it has been a game changer. Xero is more than just accounting software; it handles everything from invoicing and payroll to project time tracking, all in one place. One of the features I love most is the time tracking through Xero Projects. It makes logging hours so easy, whether I am using the start-stop timer on my phone or entering billable time directly from my desktop.
What really stands out to me is how seamlessly Xero integrates with over 1000 apps. It saves me so much time by automating tedious tasks like reconciling bank transactions and sending invoices. I no longer have to worry about chasing payments, and I get real-time insights into where project time is being spent, which helps me keep jobs on track and profitable.
Plus, Xero supports multi-currency accounting, which has been a huge help for managing international transactions. The pricing is reasonable too, with plans starting at $29 a month, and it even offers a free trial so you can test it out before committing.
All in all, Xero has made managing my business finances so much easier. It is an all-in-one solution that is super intuitive, and the time tracking feature alone has saved me hours every week. If you are looking for a simple yet powerful tool to handle your accounting and time tracking, I would definitely recommend giving Xero a try.
User-Favorite Features of Xero
After spending time with Xero, a few features really stand out as favorites, both for me and many other users:
1. Time Tracking with Xero Projects
The time tracking feature through Xero Projects has been incredibly helpful. Whether I am tracking time on the go with the mobile app or logging hours from my desktop, it keeps everything organized. The start-stop timer is especially convenient for capturing billable hours accurately.
2. Seamless Invoicing
Xero’s invoicing system is a real time-saver. I can create and send invoices straight from the app, and even set up automatic payment reminders. This has made chasing down payments much easier, and clients can pay directly through the invoice, which speeds up the process.
3. App Integrations
Xero integrates with over 1000 apps, and this has been a game changer. I no longer have to jump between different tools because Xero connects seamlessly with my project management and payment apps. This integration saves me a ton of time on manual data entry.
4. Multi-Currency Accounting
Managing multiple currencies has never been easier. For businesses with international clients, Xero’s multi-currency accounting feature is a huge plus. It calculates exchange rates and keeps everything up to date, so I don’t have to worry about manual conversions.
5. Real-Time Financial Insights
Xero’s dashboard gives a real-time overview of my finances. I can quickly see cash flow, expenses, and incoming payments, which helps me make better business decisions on the spot. It is a simple yet powerful feature that keeps me informed without the need for manual tracking.
These features make Xero an all-in-one solution for managing both time and finances, and they are what keep users, including myself, coming back to it every day.
Areas for Improvement
While Xero offers a lot of great features, there are a few areas where I think it could improve:
1. Learning Curve for New Users
Xero is packed with features, which can make it overwhelming for new users. It took me some time to get comfortable navigating all the different options and settings. A more intuitive onboarding process or guided tutorials could help make the learning curve a little smoother for beginners.
2. Limited Customization for Reports
While Xero’s reporting tools are helpful, I found the customization options to be a bit limited. It would be nice to have more flexibility in tailoring reports to specific business needs, especially for businesses that want deeper insights into their financial data.
3. Mobile App Could Be More Robust
The mobile app is handy for quick tasks like tracking time or sending invoices, but it lacks some of the more advanced features available on the desktop version. Having more functionality on the mobile app would make managing finances on the go even easier.
4. Price Increases with Add-Ons
Although Xero’s base pricing is reasonable, the costs can add up when you start adding optional features like expense tracking or project management. For businesses that need multiple features, this can make Xero feel a bit pricey compared to some other tools.
5. Limited Payroll Options
Xero’s payroll features are somewhat basic, especially for larger teams. It works well for small businesses with straightforward payroll needs, but larger companies or those with more complex payroll requirements might find it lacking.
Despite these areas for improvement, Xero still provides a solid and efficient platform for managing both accounting and time tracking. With some adjustments, it could become even more user-friendly and versatile.
How Much Does Xero Cost?
Xero offers flexible pricing plans, and right now, they have a promotional offer where you can get up to 75% off for the first three months. Here’s a breakdown of the pricing:
1. Starter Plan
Usually priced at $29 per month, the Starter Plan is currently available for $7.25 per month for the first three months. This plan is great for small businesses or freelancers who need basic accounting features. It includes sending up to 20 invoices, entering 5 bills, reconciling bank transactions, and capturing bills and receipts with Hubdoc.
2. Standard Plan
The Standard Plan is usually $46 per month but is now discounted to $11.50 per month for the first three months. This plan offers unlimited invoicing and billing, bulk transaction reconciliation, and short-term cash flow tracking, making it a good fit for growing businesses.
3. Premium Plan
The Premium Plan is typically $62 per month but is now available for $15.50 per month during the promotion. It includes all features of the Standard Plan and also supports multiple currencies, making it ideal for businesses with international clients.
Optional Add-Ons
Xero also offers a variety of optional add-ons:
- Claim Expenses: Starting at $4 per month, allowing you to manage and reimburse expenses.
- Track Projects: From $7 per month, enabling project planning, budgeting, and tracking.
- Analytics Plus: Available as an optional upgrade for advanced analytics.
Xero’s plans are designed to scale with your business, and the current discounts provide great value for anyone looking to get started with their accounting software. Plus, each plan includes a 30-day free trial, giving you a chance to explore the features before committing.
Summary of Ratings from Review Platforms
Xero is widely praised across various review platforms for its robust accounting and time-tracking features. Here’s a summary of how it’s rated:
- G2: Xero holds a rating of 4.3/5, with users highlighting its seamless invoicing, time tracking, and ease of use for small businesses. Some users mention the initial learning curve, but overall, Xero is appreciated for its flexibility and integration capabilities.
- Capterra: With a rating of 4.4/5, Xero is frequently commended for its comprehensive feature set, including project tracking, invoicing, and multi-currency support. Users love the automated workflows and the ability to connect with over 1000 apps, although some feel the pricing for add-ons can add up.
- Trustpilot: On Trustpilot, Xero has a rating of 3.6/5. Customers often praise the customer service and ease of managing payroll and expenses. However, some users mention the occasional technical issues and complexity in navigating advanced features.
Overall, Xero receives positive feedback for its wide range of accounting features, integrations, and its ability to simplify business financials. Despite a few areas that could use improvement, it is well-regarded for helping businesses stay on top of their finances efficiently.
What’s My Final Verdict on Xero?
After using Xero, I can confidently say it’s a top choice for businesses looking to simplify their accounting and time-tracking processes. The platform is packed with features that make managing finances, invoicing, and even project tracking a breeze. I particularly appreciate how Xero integrates with so many third-party apps, saving me from constantly switching between different tools.
The pricing is reasonable, especially with the current discounts, but costs can add up if you need multiple add-ons like project tracking or expense claims. That said, the ability to track billable hours and easily manage multi-currency transactions makes Xero an invaluable tool for businesses with international clients or complex accounting needs.
While there’s a bit of a learning curve, especially for new users, the robust set of features more than makes up for it. The mobile app could use a few more advanced features, but overall, Xero is a powerful, flexible solution that scales well with growing businesses.
If you’re looking for an all-in-one accounting and time-tracking tool that can handle everything from invoicing to payroll and project management, Xero is definitely worth considering.
Want to see how Xero stacks up? Take a look at our reviews of Toggl Track and Memtime for other great time-tracking options!
FAQ
Does Xero have time tracking?
Yes, Xero includes time tracking through its Xero Projects feature. You can track billable hours, use the start-stop timer, and log time manually for accurate invoicing and project management.
Can you pay bills directly from Xero?
Yes, Xero allows you to track and pay bills directly within the platform. You can schedule payments, manage accounts payable, and keep a clear overview of your cash flow, ensuring that bills are paid on time.
How do you track employee time in Xero?
To track employee time in Xero, use the Xero Projects app. Employees can log hours using the mobile app or desktop version, either by manually entering their time or using the start-stop timer to track hours in real-time.
Does Receipt Bank work with Xero?
Yes, Receipt Bank (now known as Dext) integrates seamlessly with Xero. You can capture receipts and invoices, and the data will automatically sync with Xero, making expense management and record-keeping simple and efficient.
About The Author
Xero Review Details
