Has anyone tried using Xero for their accounting?

Over at Reddit we came across the following conversation, Has anyone tried using Xero for their accounting? (self.Entrepreneur)

submitted 14 hours ago by thinkingthought

I know nothing about accounting, other than a short 100 page book I just read that was a rather pleasant read (Accounting Made Simple).

Xero looks like a solution to a problem I'm going to have: keeping my books straight and not having a whole lot of knowledge, money, or time to spend on it. It looks like it syncs with your bank account and company credit card to keep your books in order, generate P&L reports and balance sheets, and keep track of state sales tax. It can even handle your payroll if you need it (I don't).

It costs $9/month, and then there are many 'advisors' that offer to do your bookkeeping using Xero for $99/month. I'm not really sure what the added value is to having someone else do it, though - it looks like they just do everything for you, which makes me think it might not be that hard.

Basically, I'd like to know if anyone is using this, how easy it truly is for a (fast-learning) amateur like me to use, or if you would recommend hiring one of their advisors for what looks to be about 10x more money.

• 11 comments
• share

all 11 comments

sorted by: 

best

[–]slurmz-mckenzie 8 points 14 hours ago

Use it every day in my job. It's probably the best accounting software I've ever used.

I've checked out other ones like saasu and wave accounting and xero is way better.

I did business at uni which included subjects on accounting but that was years ago. I found that xero was really easy to pick up and it spits out any reports you want. If you get the basics of book keeping down you could just hire a book keeper for end of year taxes etc.

If you've got any specific questions let me know

• permalink

[–]smooviesmoove 2 points 6 hours ago

Thank you. Also interested in this. Anything that stands out in comparison to Wave, specifically. Also, looking for something that might let me 'tag' transactions - is that possible?

• permalink
• parent

[–]sjc2154 1 point 5 hours ago

What about myob? Or is that used for something completely different?

• permalink
• parent

[–]ElCapitanMarklar 5 points 13 hours ago

I use it, it's great and fairly cheap really.

Also my accountant can just jump in and do his thing which makes it super easy

• permalink

[–]kiasyn 4 points 11 hours ago*

I use xero for 4 or so businesses and it is fantastic

i also have a business advisor for assisting with the harder things

• permalink

[–]Robertxo 4 points 11 hours ago

I've been given some great opportunities recently. One of these is a free subscription of Xero for as long as my company lasts.

I will be learning about the software on the 25th~ with an accountant, I'll tell you how I find using it! (My knowledge in accounting is 12th grade standard)

• permalink

[–]zuccs 4 points 7 hours ago

Yep, use it daily. It's brilliant. Maybe an accountant can chip in to comment if it's suitable for a really complex setup, but otherwise I think it's great for most small to medium businesses.

• permalink

[–]Jammb 2 points 5 hours ago

Another vote for Xero. I use it for my company and my wife is a book keeper and she uses it for all her clients. First thing she does when she gets a new one is migrate them off the turd that it MYOB which everyone uses for some reason!

• permalink

[–]TheIdiotCEO 2 points 3 hours ago

I own one of the largest Canadian accounting and bookkeeping firms that uses Xero exclusively. It is undoubtedly the best small business accounting software on the market. Ignore the software itself - the real value lies in all the add-ons and integrations that can help streamline your various business processes.

Beyond the software, the people whom work there are absolutely incredible.

Fantastic company. Fantastic product. Enjoy.

• permalink

[–]brimpton 2 points 3 hours ago

+1 for Xero. Used it for about 4 years. Found it very easy to use and it enabled me to take over the bookkeeping myself . My accountant just logs in to help with various tax returns and end of year accounts (I'm in the UK). My only gripe has been the credit card statement syncing not always working as expected (doubling up, or, on occasion, not working at all) but I think this was much more likely to be my CC company than Xero, and it was easily resolved.

• permalink

[–]PriceZombie 1 point 14 hours ago

Accounting Made Simple: Accounting Explained in 100 Pages or Less

    Low  $7.79 Dec 12 2013
   High $13.09 Mar 09 2014
Current $12.69 Mar 18 2014