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Bookkeeping 101: A Beginner’s Guide to Xero

 

If you’re into office-themed movies, you might have seen these hardworking employees who seem to have a never-ending pile of paper work. Commonly known as bookkeepers, what they do is manage all transactions and accounts that their companies have. Their responsibilities can range from recording debits and credits to producing financial statements up for review by their executives.

With online bookkeeping, gone are the days of bookkeepers scrambling through piles of papers and receipts. For this article, you’re going to learn about a well-reviewed online bookkeeping software called Xero.

Read on to find out more about Xero, how it works, and what the bookkeeping audience has to say.

 

About the Xero Bookkeeping Software

If you’ve just started your business, Xero can serve as your trusty online accountant. With its wide selection of financial advisors at its arsenal, Xero can help you view your business’ financial transactions anytime, anywhere.

 

How It Works

Aside from its bookkeeping features, Xero also offers basic accounting services like viewing your account details, transactions, and cash flows. Its core functionalities include bank reconciliation, general ledger, payables, and receivables. This makes Xero a combination of accounting and bookkeeping in one, minimalist software.

Since it’s a web-based program, you can access your files anytime you want as long as you have an active internet connection.

With Xero, you no longer have to worry about manually inputting every bank transaction. This is because all of your bank transaction details are automatically transferred to your Xero account.

 

User Reviews

With its more than a decade-long experience in the online bookkeeping and accounting industry, Xero has garnered a massive following since its launching in 2006. As stated on their official website, more than 100,000 accountants and bookkeepers use Xero in their day-to-day business. Moreover, more than 1.8 million internet users are subscribed to Xero.

According to SoftwareAdvice.com, Xero has garnered an impressive 4.31 rating out of 5. Xero’s ease of use and value for money are its top two most redeeming qualities, according to the website’s online users.

For its pros, many Xero users laud its easy-to-understand interface with its clearly-visualized data. Its automated advice from financial advisors is also a great plus.

Compared to other online bookkeeping services that aim to be a “one-stop site” for everything, Xero embraces third-party developers to offer niche solutions that can work well with the software’s existing features.

On the other hand, it can pose problems as your business gets more complex. Since Xero is mostly marketed to small businesses due to its simplicity, growing businesses might need to take their Xero game up a notch. That is if they want to keep using this software instead of something else.

To resolve this issue, it is advisable to hire a Xero accountant to handle all your Xero bookkeeping for your business.

 

The Verdict

For small entrepreneurs who have just started their businesses, handling finances can indeed be quite overwhelming. Hiring an accounting or bookkeeping team can also be impractical if you’re still not earning enough. This makes online bookkeeping services phenomenal for small businesses.

If you’ve just started diving into the deep waters of the online financial market, let Xero guide you in your next step towards a skyrocketing business!

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John Doe ● CEO @ My Company

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