Xero is a cloud-based accounting software solution designed to help small businesses, accountants and bookkeepers keep on top of their financial transactions. To do this, it offers a wide set of bookkeeping features, including bill payment, expense claiming, bank reconciliation, accounts receivable, inventory tracking, sales tax calculation and project tracking. Xero is delivered via three plans: Starter, Standard and Premium, targeted at the self-employed, SMBs and enterprises respectively.
From Xero’s central dashboard, accounting teams can easily see which payments are due or waiting approval, make immediate payments and schedule future payments to uphold supplier relationships and avoid defaulting. Xero also supports batch and multi-currency payments, with current exchange rates for over 160 currencies. Teams can generate real-time, custom reports into their spending and budget activity to monitor business performance against KPIs. All reports can be exported as a PDF or spreadsheet, or shared via email to keep key stakeholders in the loop. As well as desktop and web apps, Xero offers a suite of mobile applications for both the accounting team and other employees, making it easy for businesses to track their payments remotely, from any device.
Though Xero is a global solution, it’s most popular in the New Zealand, Australia and UK markets. We recommend Xero’s Standard plan as a strong accounts payable solution for smaller businesses who want to gain better insights into their cash flow and manage their invoices more effectively. For mid-size and larger enterprises looking for the above, but who may work with vendors around the world in multiple currencies, we recommend Xero Premium.