XERO Bookkeeping Pros and Cons

Accounting is a crucial part of doing business. If you are running a small business and want it to succeed then you need to pay attention to accounting. Usually, the accounting needs of a business require you to hire a bookkeeper or an accountant. However, in today’s developing world, this isn’t enough. You also need to have some accounting software on hand if you want to ensure that nothing is left to chance. Xero is considered as the best accounting software out there. It has all the features available that are needed for managing your business’s finances. Let’s take a look at some of the pros and cons of this software.

Pros of Xero

The user-friendly interface is one of the best features of this accounting software. Xero bookkeeping is very easy to use even for those who aren’t well-versed in the field of business accounting. Its ability to simplify complex accounting principles is why many business owners prefer to use it than other business accounting tools. Xero makes recording transactions a breeze. There are templates available that can help you in entering all the transactions while you can come up with custom templates of your own.

Moreover, there are automated options available within Xero for recording transactions too. Features like Bank Feeds and Bank Rules allow you to automate the process of transaction recording and make it more streamlined. All of this helps reconcile the books, leaving no room for error. In addition to this, the invoicing system and the payroll generation features of Xero are also among its highlights.

Cons of Xero

Xero has almost all bases covered when it comes to business accounting. However, there are some improvements that are needed to make it even more useful for businesses. For instance, the report generation feature of Xero is quite limited at the moment. Most customers using this software complain that the reports aren’t detailed enough and lack the option of customisation. Another issue with Xero is that it has various limitations when it comes to invoicing and monthly transactions. These limitations aren’t a concern for a small business but if your business is growing steadily, it can quickly become an issue for you.

Shoebox Bookkeeping offers bookkeeping services to small and large businesses in Australia. Feel free to contact us if you need help in managing the financial aspects of your business.