Small business owners might want only to streamline the basics. There are also different ways of conducting your accounting process, such as single- or double-entry accounting. Many industries require customizable financial management functionalities, like fund accounting for nonprofits, job costing for construction firms, or DCAA compliance for government contractors. Common additional functionalities include bank transactions, purchase orders, payment reminders, and payroll service.

Core functionalities include general ledger (GL), accounts payable (AP), and accounts receivable (AR). Xero also has a large customer support network and an online “checkup tool” that lets the customer support team run some system checks to identify issues and handle issues via chat support.Īccounting software at a minimum keeps track of financial transactions to record profit loss and better improve business finances and overall cash flow. Xero learns and categorizes each transaction to help save your business time. On top of being able to access your financial information from anywhere you have access to a web browser, Xero has a mobile app for iOS devices, which can provide accounting features such as receipt scanning. Online accounting solutions (also known as cloud accounting software) such as Xero provide a “log in from anywhere” approach, which is intended to increase usage given the ease of access. Because of this, over 1.3 million users have chosen Xero as their primary accounting software. Xero is very scalable online accounting software, meaning many small businesses continue to use Xero as they grow into larger enterprises and upgrade to more advanced versions. Want more results? Check out our list of accounts payable automation software.

Best mac accounting software