It’s tax season, a time many business owners dread, as it involves reconciling all your invoices and expenses while making sure you don’t make any costly mistakes. Fortunately, there are now ways to save both time and money when doing your taxes.
Xero is an online accounting software that has been gaining popularity over the past few years. Launched in 2006, Xero now has over 700,000 users and is utilized by more than 16,000 accounting firms worldwide.
Since it’s an online platform, your data is securely stored, so you don’t have to worry about backups or computer failures. Xero’s interface is user-friendly and easy to navigate. You don’t need to install anything; you can get started right away online. Plus, their support is available 24/7.
So, what can Xero do for you?
Xero helps with your daily cash flow management by letting you enter invoices using their mobile app, no matter where you are. Offering your customers payment options like PayPal or credit cards can speed up the payment process.
You can get an overview of your business’s financial health, including invoices, bills to pay, expense claims, and bank account balances. You can also manage your inventory and track your business performance through dashboard charts.
By linking your bank account to Xero, you can reconcile your statements and invoices with just a few clicks. Xero also simplifies payroll management, and your accountant can access all necessary data without you needing to download or forward files. Xero supports unlimited users, so you can share access with key personnel in your business.
Having all your business’s financial information in one place can save you a lot of time, especially with the mobile platform that you can access from almost anywhere.
When it comes to pricing, Xero offers a 30-day free trial so you can explore its features. There are three plans to choose from, and you can change or cancel your plan at any time.
The Starter plan allows you to send 5 invoices and quotes, enter 5 bills, and reconcile 20 bank transactions. It’s ideal for businesses with a small client base or those just starting out. This plan costs $9 per month, but with the promotion, it’s $6.30 per month for the first six months.
The Standard plan includes unlimited invoices, quotes, bills, and bank transactions. You can also process payroll for up to 5 people. This plan sets you back $30 per month, but with the promo link, it’s $21 for the initial six months.
The Premium plan offers all the features of the Standard plan plus payroll for up to 10 people and multi-currency support. This plan is priced at $70 per month, dropping to $49 per month for the first six months with the promotional offer.
These prices and offers are current as of March 2017 and may change in the future.