Pros and Cons
What one thing do you like most about Xero?
Connectivity, you can use its API, compatible applications, and even Zapier to connect your accounting
The software is very intuitive and easy to use. Even though this is coming from someone experienced when it comes to financial statements I hated the UI/UX quickbooks has and have been a big fan of Xero.
Coming from NZ/Australia where businesses face VAT tax tracking requirements, Xero built their platform for a much more complex tax regime than what most businesses face in the US. As QuickBooks online gets better and better, and reaches a similar level of user-friendliness to Xero, perhaps Xero can stay one step ahead by building on that tax tracking background to further improve their transaction tagging and sorting functionality. Something like this will be critical for continuing to build a loyal user base in the US.
What one thing do you like least about Xero?
Cannot handle more than 5000 transactions per month, which is too limiting for a growing eCommerce business
Full disclosure I am not sure if this is Xero's fault or not but the integration with Shopify hasn't been as smooth as I would've liked. Fortunately we haven't had much online volume as most of our business has been B2B but it's constantly given me errors as I try to pull the data into Xero Accounting from Shopify.
Xero is not very sophisticated in handling cost centres/tracking categories. It’s an area they could improve.
Unable to assign a purchase to a project.