Xero

Xero was created in 2006 by a technology entrepreneur and a small business accountant in New Zealand. It found its way to the U.S., and has been growing steadily, partnering with a number of major financial service providers based like ADP, PayPal and Bill.com. This web-based double-entry accounting system does a lot of things right. In fact, it does some things better than its competitors. Its monthly Management Report, for example, breaks down your company's most critical numbers in a combination I've never seen. You can export reports to PDF and Google Docs format in addition to the standard Excel output. And it offers a separate version for managing personal finances for $34/year.

Xero can't match desktop QuickBooks Premier Edition 2013?in terms of features, customizability and extensibility, but it's a solid, credible small business accounting solution that has built an impressive amount of CPA support in a relatively short time on this continent.

Friendly Double-Entry Accounting
Double-entry accounting isn't pretty. It's also not intuitive, and it's unforgiving of errors. Xero developers have done a good job of hiding this complexity and building in a terrific online help system. You can modify the Chart of Accounts and create records, transactions and reports. Every major accounting function is supported: Accounts Receivable and Payable, Payroll and (limited) Inventory Management. Xero covers more ground in this aspect than Wave Accounting and FreshBooks; it even includes a fixed asset management tool.

It's possible that a small businessperson with no accounting background could run a company's finances using Xero because you don't have to deal with the complicated background calculations required. But it takes some study. You're dealing with bookkeeping concepts that were developed roughly 500 years ago.

For that reason, and to facilitate necessary data exchange, Xero not only allows the users accounting professional access, but the site actually encourages it. Some features?including everything under the Advisor tab?is actually designed for these adjunct users. Still, there's plenty of self-help available.

A Sparse Framework
Xero excels at orienting new users. For starters, it offers a comprehensive walk-through of major setup procedures, laying out the information that the site needs to get you started and providing space for you to enter it.

Its user interface follows standard Windows/Web conventions, so navigation isn't difficult. Xero is good-looking, easy to use and fast. If you've ever seen desktop accounting software, you may be a little startled by its simplicity, though.

Six tabs run horizontally across the top of the screen, dividing the service's functions into:

? Dashboard. A quick look at your company's financial status: your accounts, money coming in, money going out and expense claims. There are links to related screens here.

? Accounts. The heart of your financials. You'll spend most of your time working within this section's submenus, since they link to your bank accounts (where you can download statements), accounts receivable and payable, your checkbook, payroll, expense claims and fixed assets.

? Reports. Categorized differently than competitors': Performance, Cash, Foreign Currency, Pay Run, Position and Detail.

? Advisor. Good stuff here for your accounting professional: journals, Management Report, Sales Tax Report, GL transaction export, etc.

? Contacts. Your contact records: customers, suppliers, employees.

? Settings. Covers ground similar to setup pages. You can return here to modify settings.

That's it. Xero's home page looks and works similarly to those found in Wave Accounting and FreshBooks, though it's perhaps a bit leaner.

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