Xero Accounting Software

[FletcherTax]

Hi All

Just wondering how many fellow soloists would realistically switch to Xero or planning on starting to use Xero software soon?

I'm hoping to get a better deal with Xero but need to know how many numbers I could count on (if any!?). So instead of the $50 p/mth - hoping to achieve a better price for all.

If you could PM me if your interested that would be great!

Janna

[Chris Bates]

Hey Janna,

I had a conversation with Anna Kyriacou today about working with her to get me onto Xero. If I have to open MYOB one more time my brain is going to implode!

They're had a price drop too recently.

Cheers,
Chris

[FletcherTax]

Hi Chris

Thanks for your prompt reply.

Yes, MYOB gets to all of us at times (even us accountants!)

I'll leave you in Anna's capable hands!

I look forward to meeting Anna on the 3rd and discussing the intricacies of our industry.

[Dardee]

As I've mentioned in other threads I don't mind Xero but the reporting is a bit lacking. Not having Payroll or Inventory does restrict its potential market quite a bit as well.

But saying that, if it was a cheap enough alternative I would be interested to offer it as an alternative. I will definitely speak to you about it on the 3rd.

[akagrp]

Originally Posted by Dardee

As I've mentioned in other threads I don't mind Xero but the reporting is a bit lacking. Not having Payroll or Inventory does restrict its potential market quite a bit as well.

But saying that, if it was a cheap enough alternative I would be interested to offer it as an alternative. I will definitely speak to you about it on the 3rd.

Hello Darren

Yes it is annoying about payroll and inventory and the reporting, I have been speaking to Xero over the past few months and they are hoping to introduce payroll down the track, though at this stage likely to be a bolt on solution. If you are after flexible reporting and inventory have you had a look a Saasu, again has it's faults in particular user security and no compulsory fields, I will keep FS updated as client of my has agreed to be a test site for us using Saasu from a inventory/reporting system, as I find best way to test an accounting package is with real live data

Darren the advantage of Xero is that it takes clients to next level from BankLink, as Xero allows accrual based accounting, I am also finding many business prefer to outsource the whole payroll function to others, saw Xero not having payroll not a major concern.

I find clients are more savvy these days and we must do all we can to keep up with Technology and more efficient methods of basic data capture to allow more cashflow for advisory advice.

[Army of One]

I agree - I have looked at Xero and it has some great features but I think it is still a work in progress in terms of being a comprehensive solution for every business.

However, it is pretty obvious that transactional based accounting will soon be a thing of the past - and companies like Xero and Banklink are leading the pack to make this happen.

This means accountants are going to have to change back to being more general business advisers helping clients build and improve their businesses rather than just 'data monkeys'

Kris

[Dardee]

I decided to take the plunge and signed up as a Xero Partner. I have one client going on it as my test case. He is a mate so I've told him he is the guinea pig. haha We will be using a "bolt on" payroll solution as well so will be able to see how that goes as well.

I must say that the Xero staff have been great to deal with so far.

I am also going to do a side by side comparison with Xero and MYOB with my own accounts. So double the amount of work for me but it will give me the opportunity to see which one is better when inputting "my" data.

[FletcherTax]

Glad to know Xero staff are efficient. Would love to know how the process turns out for you Darren.

[Army of One]

Yeah - good work on the idea of doing a side-by-side comparison.

If it works for you, it could be a really good marketing tool / point of difference to attract new clients.

I was just talking about Xero with a colleague today and we are keeping an eye on the 'bolt-on' programs available.

Please keep us up to date with how you go.

Thanks

Kris

[Dardee]

Initial impressions based on a limited play with the system:

• Invoices look MUCH better than MYOB standard invoices
• Ability to autoload bank statements is a great feature
• The way the bank statement entries show in the banking section is a great feature
• Ability to post comments on a transaction that all can view is great

Overall initial impression is very positive.