Today I want to share a resource I’ve been trying out for my business. It’s an online accounting software, Xero. It’s a practical tool for small businesses—I’m talking to you military spouses. The military has a high number of spouses owning a small business that they take with them every time they PCS. That’s how my financial coaching and consulting business started by creating a portable job for myself during our frequent moves. With business ownership comes ACCOUNTING! One of the not so fun sides of owning your own business.
We can all use help with our money management. No one wants to spend hours of their Friday night inputting income and expenses. Also, at some point, you’ll want to move past using Excel sheets and make the process more efficient –which means spending less time on bookkeeping.
And that’s where I’m at, my business income is increasing and my free time has decreased. I don’t have the hours I used to for accounting tasks. I want to spend the least amount of time as possible doing bookkeeping, and that is why I’ve been using Xero.
Here’s What I Like
1. Easy Setup-The set-up process is simple and intuitive. I was able to link my bank account in less than three minutes (and my bank required security questions).
2. Free Trial-The free trial is a chance to check out the software to find out if you find it useful. It’s no bueno to spend money on something you don’t like. The best part is they don’t require you to put in your credit card info to get it. I find it super annoying when people advertise a free trial only to find out they want you to link your credit card to get the “free” trial. That tells me they’re secretly hoping I’ll forget the expiration date and they’ll be able to charge me. Thankfully, Xero doesn’t do that. They give people the opportunity to try their software first.
3. Cancellation-Xero allows you to cancel or change your plan anytime. Because of this you can start on the cheapest plan and upgrade only when necessary.
4. Pricing-I like that Xero has three pricing packages to give you options. Of course, each package has its limits, but they give you a chance to pick the best one for your business or what you can afford.
Starter – $9/month
Standard – $30/month
Premium 10 – $70/month
5. It’s On Sale-I not only preach the importance of keeping costs low, but that’s something I practice myself. In fact, I take pride in spending less. So, you can imagine I’m happy that right now, Xero is 30% off for the first six months. I love it when things are on sale!
Here’s What I Don’t Like
1. When setting up my chart of accounts, I wasn’t sure what account type to select for areas such as tips or cash clearing account. I was able to maneuver around and find a better explanation by clicking on “add category” but would have preferred more information next to the name of the item.
2. When creating an invoice, I would like to personalize the invoices more. Xero gives you the ability to upload your logo, but I would like to be able to change colors to match my business color scheme. Of course, color coordination isn’t a big deal, but it helps with branding.
Features You’ll Love
1. Their mobile app lets you upload your expenses immediately by taking a picture.
2. Xero links to ‘point of sale’ software such as Square Up or PayPal and sends sales to your Xero account automatically.
3. It allows you to send online invoices from your desktop or mobile device.
4. If you use Quickbooks, it can be converted to Xero.
If you’re looking for accounting software or to try something different from what you’re already using, Xero may be a good fit for you. You can sign-up for a free trial here.
Heads up-I received compensation for this resource review. I’m also a proud affiliate of Xero and may get a commission at no cost to you for links within this post.