AccountingBookkeepingSmall Business & Startups

Which Version of Xero Accounting is Best for You?

By October 4, 2016 No Comments

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At Acuity, one of our big goals is to give businesses better transparency into their finances. We want to see companies like yours be more successful by providing you with better financial tools. We believe Xero Accounting is one such tool. If you have already or are looking to potentially make the switch to Xero’s small business accounting software, we’re here to help you make the best decision for your business.

The Xero bookkeeping features Acuity loves:

Mobile: Xero’s mobile app truly outshines competition in their space. The team partnered closely with Apple to ensure maximum functionality. The Xero app works differently across every Apple device (from the Apple Watch to Safari), brilliantly optimized for the end user.

Reporting: Xero offers complete visibility with customizable, interactive reports. When pulling an income statement, for example, Xero pulls the current month as well as a snapshot of the prior few months. This gives businesses a high-level, contextual understanding of where they stand.

Usability/Flexibility: Xero’s user interface is clean and easy to use for non-accountants. You can upgrade your plan at any time. Unlike other products in the space, you can also downgrade your plan after you’ve been on it for 30 days or more (no hassle, no re-applying).

If you’re looking to dive in with Xero, the first thing you’ll need to decide is which version of Xero will work best for your business. That’s where we come in. There are three plans to choose from.

Which Xero accounting and bookkeeping plan should you choose?

Note: Xero is offering a special 6 month introductory offer on all of their plans with promo code XERO30.

Starter Plan

To be honest, we rarely see businesses using this plan because of its limitations. Think of the starter plan as your way to test the Xero waters. With this option, you can create and send five invoices, enter five bills, and reconcile twenty bank transactions. If you go with the starter plan, chances are you’ll need to upgrade fairly quickly.

Price: $9.00/month (currently $6.30/month for your first six months)

Standard Plan

Xero’s Standard plan is their most popular option as it truly delivers a full featured accounting system. It is designed to fit most of your small business needs. With the standard plan you can create and send unlimited invoices, enter unlimited bills and reconcile unlimited bank transactions. Another perk here is the ability to add up to five employees to payroll. This is the option we at Acuity recommend to most small businesses.

Price: $30/month (currently $21/month for your first six months)

Premium Plan

Last, but not least, is the Premium plan. If your business has more than five employees or is frequently handling international transactions, you’ll probably need to upgrade to Premium. With this option you can send invoices, reconcile accounts, and get paid in over 160 different currencies.

Price: $70/month (currently $49/month for your first six months)

Regardless of the plan you choose, there are few universal plan features worth mentioning:

  • Free unlimited users
  • Unlimited, free 24/7 support
  • Integration with 400+ apps
  • Regular, free updates
  • Discounts for multiple organizations
  • World-class data uptime
  • No setup fees or contracts
  • No software to install
  • File storage

What’s next for Xero?

Acuity was recently granted a spot on the Xero Partner Advisor Council (XPAC). Xero is constantly innovating and making changes to better serve their customers. We are excited for the opportunity to partner closely with Xero to help shape future products. Acuity’s CEO and founder, Kenji Kuramoto, gives us a sneak peek of what’s to come:

“One of the really cool things that Xero is going to be coming out with shortly – using “Siri-like” features for reporting. You’ll be able to verbally ask questions to get information quickly without having to go into Xero itself.”

 

Exciting stuff. If you have questions about Xero or are having trouble choosing a plan, we are always here to help. Feel free to reach out to us with questions or feedback at any time.

Looking for more tools to help you scale smarter and faster? Check out our free e-book – How to Turn Your Growing Startup Into a Tech Empire.

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