Originally Posted by
silverblizzard888
Its a bit more beyond bank feeds, it takes bank feeds and turns them into monthly and annual reports if required. For anyone with no accounting knowledge, which is a lot of people, its simple to use software that takes the stress and hassle out of doing your accounts when you can make entries and record every transaction whenever a business wants and from whatever platform like a phone or computer, which is very handle.
What people will pay for convenience, hassle free and saving time. Its sort of a game changer. Its all recorded online too, so no stress that you'll lose the information either. Before that it was either using expensive MYOB software where you need to back things up which its usually software that bigger companies will use, but when your a small to medium business, Xero does the trick. As a study I once did, Xero is great for small and medium businesses, but its a bit limited in key areas like the separation of duties or the security that it can be accessed anywhere. MYOB still has more indepth functions, but is a bit more expensive in that regard to manage. Hope that helps.