Xero
by Xero
by Xero
Profile Information Last updated on: 9 August 2024
Profile Information Last updated on: 9 August 2024
We help make selecting a software for your business effortless, economical and efficient.
by Xero
by Xero
Profile Information Last updated on: 9 August 2024
Profile Information Last updated on: 9 August 2024
The typical implementation process for Xero accounting software involves several key steps and can vary in duration depending on the complexity of the business's needs. Generally, the process can take anywhere from a few days to up to eight weeks.
Initial Setup:
Watch the Xero Dashboard Video: Begin by familiarizing yourself with the Xero dashboard.
Set Up Organization Details: Input basic business information such as legal name, registration number, and contact details.
Configure Financial Settings: Set up financial year-end, VAT details, and other financial settings.
Customization:
Add Company Branding: Customize invoices, quotes, and other documents with your company’s branding.
Set Up Chart of Accounts: Import or customize your chart of accounts to match your business needs.
Data Migration:
Import Historical Data: Transfer data from previous accounting systems, including bank transactions, customer and supplier details, and historical financial data.
Set Up Bank Feeds: Connect your bank accounts to Xero for automatic transaction imports.
Training and Support:
User Training: Conduct training sessions for staff to ensure they are comfortable using Xero.
Ongoing Support: Utilize Xero’s support resources, including online articles, customer support, and check-in sessions with account managers.
Testing and Go-Live:
Test the System: Run tests to ensure all data has been correctly imported and that the system is functioning as expected.
Go Live: Begin using Xero for daily accounting tasks.
Simple Implementations: For small to medium-sized businesses with straightforward needs, the implementation can take a few days to a couple of weeks.
Invoice and Transaction Forms:
Branding Themes: Xero allows businesses to customize invoices, purchase orders, and other transaction forms with their branding. Users can insert logos, specify fields, and adjust columns to reflect their brand identity.
Financial Reports:
Customizable Reports: Xero’s reporting engine allows users to tailor financial reports such as the Income Statement and Aged Receivables report. Users can adjust settings to create reports that meet their specific requirements.
Dashboard and User Interface:
Custom Fields:
Integration with Third-Party Apps:
Xero App Store: Xero integrates with over 1,000 third-party apps, allowing businesses to extend the functionality of the software. These integrations can be tailored to specific needs, such as inventory management, CRM, and project tracking.
Payment Services:
Invoice Reminders:
User Permissions:
Xero's pricing structure primarily consists of monthly subscription fees for its various plans, but there are additional costs associated with setup, maintenance, and optional add-ons. Here are the key details:
No Initial Setup Fees: Xero does not charge any initial setup fees for its software. Users can start using Xero by subscribing to one of its plans without any additional setup costs.
Xero offers three main pricing plans:
Early Plan: $13 per month – Suitable for new businesses, includes up to 20 invoices and five bills per month.
Growing Plan: $37 per month – Ideal for growing businesses, includes unlimited invoicing and billing.
Established Plan: $70 per month – Designed for established businesses, includes multi-currency support, expense management, and project tracking.
Expenses: From $4 per month – For capturing and managing business expenses.
Projects: From $7 per month – For tracking time and costs on projects.
Analytics Plus: $7 per month – For advanced financial analytics and forecasting.
24/7 Online Support: Included in all subscription plans at no additional cost.
Hubdoc: Included in the Early, Growing, and Established plans for capturing bills and receipts automatically.
Payroll: If using Xero Payroll, additional charges apply based on the number of employees.
Direct Bank Feeds: Some direct bank feeds may incur additional charges, invoiced monthly.
Xero offers comprehensive training and support to new users to ensure they can effectively use the software and maximize its benefits. Here are the key training and support options available:
Online Courses and Tutorials:
Xero Central: A hub for learning resources, including courses, video tutorials, and step-by-step guides on various features of Xero.
Live Webinars and Classroom Events:
Live Webinars: Regularly scheduled webinars cover a range of topics from basic setup to advanced features, allowing users to interact with experts in real-time.
Partner Toolkit:
On-Demand Training: Includes a two-hour workshop for onboarding, covering data import and initial setup, tailored for accounting partners.
Specialized Courses:
Enterprise Learning: Courses for staff who use Xero daily, covering client onboarding, reporting, and app integration.
Support Options
Onboarding Support:
Customized Demos: Personalized demonstrations to help new users understand how Xero can meet their specific business needs.
Customer Support:
24/7 Online Support: Access to support articles, community forums, and the ability to raise support cases through Xero Central.
Additional Resources:
Marketing Support: Resources to help Xero partners grow their client base, including marketing funds and promotional materials.
Xero employs a comprehensive set of security measures to protect user data, ensuring robust protection at multiple levels. Here are the key security measures in place:
Multi-Factor Authentication (MFA): MFA is implemented to prevent unauthorized access, even if a password is compromised. This adds an extra layer of security by requiring a second form of verification.
User Permissions: Xero allows businesses to control who has access to their data by setting different access levels for multiple users, ensuring that only authorized personnel can access sensitive information.
Robust Network Security: Xero employs firewalls, intrusion protection systems, and network segregation to protect access to and within its environment.
Secure Data Centers: Data is stored in secure servers and data centers with robust physical security controls, including 24/7 monitoring, video surveillance, and access controls.
ISO/IEC 27001:2013 Certification: Xero is certified as compliant with the ISO/IEC 27001:2013 standard, a globally recognized information security management system (ISMS) standard.
SOC 2 Type 2 Reports: Xero undergoes independent audits to produce SOC 2 Type 2 reports, which assess the security, availability, and confidentiality of Xero’s cloud-based accounting system.
Regular Backups: Xero performs automated daily backups of production data, which are encrypted and stored securely. Disaster recovery and incident response procedures are rigorously tested annually to ensure efficient restoration of services in case of an incident.
Business Continuity Plan: Xero has a comprehensive business continuity plan that includes regular business impact analyses and tests to maintain service resilience across all regions.
Continuous Monitoring: Xero’s dedicated cybersecurity teams continuously monitor systems and networks to quickly identify and respond to threats. Regular penetration testing is conducted to validate security controls.
Incident Response: In the event of a security incident, Xero has a dedicated incident response team that takes charge and follows established procedures to mitigate the impact and restore services.
Security Noticeboard: Xero maintains a security noticeboard to update users on known phishing and other scams targeting the community, providing guidance on how to protect against such threats.
Xero releases updates frequently to ensure the platform remains up-to-date with the latest technologies and user needs. The updates are managed through a continuous improvement process, with new features, enhancements, and bug fixes rolled out regularly.
Monthly Updates: Xero typically releases updates on a monthly basis. These updates can include new features, improvements to existing functionalities, and compliance updates tailored to different regions.
Continuous Deployment: Smaller updates and bug fixes may be deployed continuously as they are developed and tested. This ensures that users benefit from improvements and fixes as soon as they are ready.
Community Feedback: Xero actively involves its user community through platforms like Xero Product Ideas, where users can suggest and vote on new features. Popular suggestions are often prioritized in development cycles.
Beta Testing: Before major updates are fully rolled out, they may undergo beta testing with a select group of users. This helps identify any issues and gather feedback to refine the features.
Detailed Release Notes: Each update is accompanied by detailed release notes, which are published on Xero Central. These notes provide users with information on new features, improvements, and any changes to the platform.
Communication of Updates
Xero Central: Users can stay informed about the latest updates through Xero Central, which provides comprehensive information on all significant product releases.
Xero's policy on data ownership and portability is designed to ensure that users have control over their data and can easily transfer it if needed. Here are the key aspects of Xero's policy:
User Ownership: Xero clearly states that users own the data they input into the platform. This includes all financial records, customer information, and other business data.
Access and Control: Users have the right to access, modify, and delete their data at any time. This ensures that businesses maintain full control over their information.
Exporting Data: Xero allows users to export most of their data, including reports and general ledger data. This can be done through the platform’s export functions, which provide data in various formats such as CSV, Excel, and PDF.
Data Retention: Upon termination of a subscription, Xero retains the data for a period of seven years, allowing users to access it if needed. After this period, the data is securely deleted unless required by law to be retained for a longer period.
Xero offers flexible terms for scaling up or down as organizational needs change. Here are the key aspects of Xero's policy on scaling:
Plan Upgrades: Users can upgrade their subscription plan at any time to access more features and higher usage limits. For example, businesses can move from the Early plan to the Growing or Established plan as their transaction volume increases or they require additional functionalities like multi-currency support and project tracking.
Add-Ons: Xero offers optional add-ons such as Xero Expenses, Xero Projects, and Xero Analytics Plus, which can be added to any plan to enhance capabilities as needed. These add-ons are available on a monthly subscription basis and can be activated or deactivated based on business requirements.
Plan Downgrades: Users can also downgrade their subscription plan if their business needs decrease. This can be done through the My Xero tab in their account settings. Downgrading may involve moving to a plan with fewer features or lower usage limits, such as from the Established plan to the Growing or Early plan.
Cancellation Policy: To cancel a Xero subscription, users must provide one month's notice. This can be done through the My Xero tab, and users will still be charged for the notice period.
Auto-Renewal: Xero subscriptions automatically renew, and users are charged the current fees for their selected plan unless they choose to cancel or change their subscription.
Discounts for Multiple Organizations: Xero offers discounts for users managing multiple organizations under the same email address, making it cost-effective for businesses with multiple entities.
Auto-Renewal: Xero subscriptions automatically renew at the end of each billing period. The user's credit card will be charged the then-current fees for the selected subscription type or services on a recurring basis until the subscription is canceled.
Notification of Changes: Xero reserves the right to change pricing, terms, features, and support at any time. Users will be notified of any changes, and these changes will take effect in the next billing cycle.
Notice Period: To cancel a Xero subscription, users must provide one month's notice. This can be done through the My Xero tab in their account settings.
Pending Cancellation: Once a cancellation notice is given, the subscription enters a "pending cancellation" state for a month. Users will still have access to their subscription during this period and will be charged for the notice period.
Access During Notice Period: Users will continue to have full access to Xero services until the end of the notice period, ensuring they can manage their data and transition smoothly.
Reactivation: If users change their mind during the notice period, they can stop the cancellation process and continue using Xero without interruption. If the notice period has expired, they will need to reactivate the subscription by contacting Xero support.
Data Retention and Export: Upon cancellation, data is archived and held in accordance with Xero's data retention policy. Users can access this data for up to seven years by reactivating their subscription. It is recommended to export data before canceling, especially during a free trial, as reactivation is not possible after trial cancellation.
ISO/IEC 27001:2013 Certification: Xero is certified as compliant with ISO/IEC 27001:2013, which is the premier global standard for information security management systems (ISMS). This certification demonstrates Xero's commitment to managing and protecting sensitive information systematically and continuously.
SOC 2 Type 2 Reports: Xero undergoes independent audits to produce Service Organization Control (SOC) 2 Type 2 reports. These reports assess the security, availability, and confidentiality of Xero’s cloud-based accounting system, providing assurance that Xero meets high standards for data protection and operational effectiveness.
PCI DSS Compliance: Xero complies with the Payment Card Industry Data Security Standard (PCI DSS) version 3.2, specifically as a level 2 merchant. This compliance ensures that Xero handles credit card information securely, reducing the risk of data breaches and fraud. Xero outsources card processing to level 1 providers to maintain the highest level of security.
GDPR Compliance: Xero complies with the General Data Protection Regulation (GDPR), which governs data protection and privacy in the European Union. Xero has implemented appropriate safeguards for data exported out of the EU, including using standard contractual clauses and processing data in recognized 'adequate' countries like New Zealand. Xero's GDPR compliance includes comprehensive data maps, data processing records, vendor agreements, and updated privacy notices.