What is Xero?
Xero is a relatively new entrant to the market, only entering the UK market in December 2007 (which in accounting software terms, is very recent!) MNE was the first accounting service in Leicester to use it, and that was only seven years ago (by the directors at MNE working part-time who a year later took the firm full time!) As a Xero accountant, we’re still the largest outsourcing specialists to partner with Xero.
A Closer Look at Xero
Xero is a general accounting package, and it’s very much aimed at non-accountants and automation. Meaning clients can do more of the groundwork and accountants don’t need to get involved until the more accountant-specific stages. Focusing on real-time information, Xero makes it easy for clients to have access to their results quicker than if they were using many other pieces of kit.
Despite being one of the new packages, it’s also by far the market leader in general accounting software. Innovation is critical for Xero, and they are forever improving on the many things that the software can do. A few years ago, it couldn’t handle payroll, expenses or purchase orders. Now it does all of those and many more things too.
Who’s Xero suitable for?
When we started using Xero, it could have been said that it was meant for the smaller business due to its focus on accounting and not the broader issues such as stock, payroll and manufacturing. However, as they have built their software, these areas have improved both in the native software and as add ons.
We would say that Xero is now suitable for any business, whether a start-up or £20m turnover. It provides the right level of functionality, access rights and audit trail for even the largest of companies. Its only limitation is where there are tens of thousands of transactions a month, for example – and the software doesn’t even fail at this point, it just goes a little slower.
Xero’s main piece of software costs just over £20 per month plus VAT. However, partners like MNE can offer three additional, less functional packages where a business doesn’t need full functionality. These packages start at just £2 per month and are a really great way for all companies to be able to enjoy what Xero has to offer.
Why is Xero good?
Xero is a huge innovator in the industry, both improving its own software and also working with add on partners to embrace software that talks and listens to Xero.
Xero isn’t frightened of working with others to achieve its aims. For example, looking back three years, it couldn’t look after stock at all. For anyone who holds stock and needs a system to look after it, Xero wasn’t an option. Add ons like Vend or Unleashed work beautifully for stock but doesn’t do accounting. The solution? Make a link between the two! Xero does now have some stock functionality (at no extra cost to the user), highlighting its position on innovation.
Our clients who use add ons are happily able to use Xero for their accounting and specialist bits of kit provided by other software houses look after different areas – with the two talking to each other to give the users accurate and real-time information about their financials.
Want to speak to a Xero Accountant?
For more in-depth information regarding Xero, call 0116 255 2422. Alternatively get in touch by completing the form below which will go directly to one a Xero accountant.