Xero

Xero is a cloud-based accounting software for managing business finances. It allows users to send quotes and invoices, monitor cash flow, and pay staff from anywhere. It is suitable for small to large businesses, supporting complex accounting processes like bill payments, expense claims, payment acceptance, project tracking, contract management, and file storage.

Xero offers three subscription tiers: Early, Growing, and Established. The Early subscription is for new businesses, allowing them to send limited quotes and invoices, enter bills, reconcile bank transactions, capture bills and receipts, and view cash flow. The Growing plan is for expanding businesses, offering unlimited quotes, invoices, and bills, and bulk transaction reconciliation. The Established plan is for fully operational businesses, allowing multiple currencies, project tracking, expense claims, and detailed analytics.

Each plan offers an optional payroll add-on with Gusto for an extra cost. Gusto automates payroll filing, taxes, deductions, and provides an online platform for employees to view pay stubs and W-2s.

Xero also allows for invoice creation and customization, accepting payments directly within the invoice. Users can set automatic payment reminders and invoice directly from the Xero app. Payments are processed through a payment gateway such as Stripe or GoCardless, which charge a processing fee.