What it is
Xero is cloud accounting software born in New Zealand and widely used in the UK, Australia and the U.S. It connects to your bank, reconciles transactions, sends invoices, tracks bills and lets your accountant work in the same file. There are no per-user fees and the app marketplace is broad, but it isn't built for Latin American e-invoicing or tax rules.
How to use it
- Reconcile your bank accounts with transactions pulled from connected feeds.
- Send invoices and quotes with online card payments.
- Capture supplier bills and schedule payments.
- Invite your accountant or business partner without paying for extra seats.
- Add apps for payments, inventory or payroll from its marketplace.
What it's good for
- A startup founded by Latin Americans with a U.S. or UK entity that needs clean books for investors.
- An accounting firm serving clients in English-speaking countries that wants everyone on one platform.
- A business billing in several currencies that uses the multi-currency plan to record revenue in dollars and euros.
Pros
- No per-user fees: add partners, staff and accountants at no extra cost
- Fast reconciliation with transactions imported from supported banks
- Broad app marketplace for payments, inventory and payroll
- Multi-currency available on the Established plan
Cons
- Interface and support in English only
- No e-invoicing or tax reporting for Latin American countries
- The Early plan caps bills, and multi-currency is limited to the top plan
