Users with specific industry needs can either modify the included listing or copy the entire chart of accounts from another data file. The product has a single included general business chart of accounts. The dashboard provides a simple, graphical view of the organization’s financial health along with an easy to use navigation structure for drilling down into the supporting data. Xero’s simple interface, when combined with its tools for importing and classifying transactions automatically, make it possible for expense transactions to be imported and coded using direct data import from financial institutions. The product strikes a nice balance between being forms oriented versus being driven by debits and credits. Its use of rule sets to automatically classify transactions, along with the direct import of transactions from financial institutions make this product very attractive to users who would like to automate much of the bookkeeping work for a company.

In includes banking integration and support for multiple currencies. The product is best suited for small companies who need cloud-based collaboration between their internal staff and their trusted advisors. Updates are released and installed every six weeks, and aggressive investments in features made by this company have caused the entire SaaS Small Business Accounting segment to be much more competitive than in prior years. The Company has made a number of strategic investments over the last year, and has significantly enhanced the headcount of its US operations with a number of accounting software industry veterans.

Xero is an online client accounting system which has the goal of “zero data entry” by the accounting professional.

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