Xero: Hero or Zero?
XERO PROS:
1. Xero can be used anytime, anywhere. Simply log-in on your Laptop, PC, tablet or phone and get a real-time view of your cashflow.
2. There are literally undreds of add-on programs designed to enhance your Financials. These range from time-management modules to inventory mangement. There is an additional monthly cost, but whatever the functionality, Xero has a add-on solution.
3. A 30 day trial function, to get you familiar with the system.
4. Bank feed and reconciliation tools to help you import .QIF and .CSV files directly into the software. You can also set up an automatic bank feed if your bank is signed up.
5. Basic cost tracking, so you can allocate costs and income via department. This comes as standard.
6. A built in Payroll solution for small businesses.
7. Has a tool that will help you create professional invoices and you can even receive automatic updates when they’re viewed.
8. The report section allows financial reports such as budgets and VAT Returns to be published by an advisor and reviewed by the business owner.
XERO CONS:
1. Some have found the system to be more complicated than other Cloud software solutions, so a training module and webinar training would be advised.
2. Unlike Sage, there is not a telephone helpline. There is simply a Xero online help database and message boards that cover most queries.
3. Some of the terminology used can be confusing as its an international financial record keeping system made available in the UK.
Potential costs: Starts at £10 (Plus VAT) per calender month for the most basic to £27 (Plus VAT) per month for the advanced version. Add-on software solutions will vary.