Xero Accounting Software

From ElateWiki

Xero Accounting Software is a Software-as-a-Service (SaaS) accounting technology that is mainly geared to be used by small businesses. This accounting software can also be used by many medium-sized businesses. Xero Accounting Software is fully online and has many features. According to Glenn Baker, a writer for NZ Business, Xero Accounting Software has been a "pioneer" in the area of SaaS or cloud computing tied to their online accounting software. This technology currently has over 200,000 users in over 100 countries. Xero Accounting Software is owned by Xero, which is headquartered in New Zealand.

1 History
2 Company Information
3 Types of Accounting Software
4 Purchasing Xero Accounting Software
5 Implementation
6 Features
7 Videos
8 Security
9 Quotes
10 See Also
11 References

History

2003

Rod Drury and Hamish Edwards created Aftermail, a software company. This helped them with developing Xero.

2006

Xero was founded by Rod Drury and Hamish Edwards.

2007

Xero was listed on the New Zealand Stock Exchange (NZSX).

Xero placed first in the Technium Challenge.

2008

An Apple iPhone version of the online Xero Accounting Software was developed by Xero.

Xero gets accredited by the ICAEW (Institute of Chartered Accountants in England and Wales).

2009

Xero expands to the United States for new opportunities.

Xero wins two Webbys. The Webbys are an award granted to companies achieving greatness on the internet. This is an international award and is given by the International Academy of Digital Arts and Sciences.

2010

Xero and Yodlee, Inc announced that they would expand Xero's online accounting software so that 11,000 additional financial institutions, and account sources would be able to be accessed by Xero's customer accounts.

Xero endorsed an agreement with ANZ to distribute thier Xero Accounting Software to 450,000 of ANZ's small business clients.

Peter Thiel agrees to terms with Xero to invest NZ$4 million to help Xero expand its operations into the United States. Thiel is a Silicon Valley authority from San Fransicso.

2011

Xero Accounting Software becomes available in the Google Chrome Web Store and the Google App Store.

Types of Accounting Software

Low-End Accounting Software:

-Typically made for smaller businesses.
-Can be used for many industries.
-A very simple accounting software.
-Normally bought through retail off the shelf or online.
-In my opinion, Xero most closely resembles this type of accounting software.

Mid-Range Accounting Software:

-Generally used by medium sized companies.
-Typically sold by dealers.
-Will need help with implementation.
-More complex than low-end accounting software.
-Can handle more transactions than low-end accounting software.

High-End Accounting Software:

-Generally used by large companies.
-Sold by dealers.
-Implementation will require specialized assistance.
-More complex and customizable than mid-range and low-end accounting software.

Purchasing Xero Accounting Software

1. Go to http://www.xero.com

2. Sign up and try out Xero for free (you make payments only when you are ready).

3. Purchase Xero online (by credit card).

4. Have advisors assist you with Xero (Optional).

Implementation

Using Xero's wizard, you will follow steps setting up your account. Company information, tax rates, currencies and other needed information will be transferred into the purchased Xero Accounting Software.

Features

Xero is a very handy accounting software that small and medium sized businesses can use with their business. Listed below are some of the features of Xero Accounting Software that can be utilized by your business:

Displays accounts - Others can view and you can view at work, home, or anywhere you want.

Develop and send created invoices automatically and receive payments online.

Can view cash flows and expenses.

Shows impact of foreign currency rate on cash flows.

Handle revenues by scheduling accounts receivable.

Shows bank accounts. Displays bank transactions. Performs bank reconciliations.

Shows credit card information.

Manage personal finances.

Add on specialized software for items such as Payroll, Inventory, CRM, and much more.

Videos

Security

Xero's customers use passwords to log in to their account. Encryption is used when data and information is transported between Xero's customers and their servers. Other users can only gain access to a customer's account if the customer invites them in.

Xero's servers are placed inside Rackspace enterprise grade hosting facilities. These facilities are protected by biometric systems and security guards that watch over the facility day and night. Firewalls, routers, and intrusion protection technology are used to regulate access to Xero's servers. The data and information of Xero's customer accounts are backed up daily and also continuously at another Rackspace facility. Xero's security is periodically audited to ensure high quality.

Quotes

"It has helped us stay organized and efficiently collaborate (3 employees in Florida and one in San Francisco) while empowering us to keep a close watch on cash flow."

Scott J. Soucy, CoreLogic LLC

"After trying it for a while, I realized it was not only beautiful, but powerful. Like a mighty unicorn."

Marc J. Debiak, Paper Tiger Marketing LLC

"I have implemented financial systems for other small consulting firms in the past... Neither of these match the elegance and capability of Xero at the price point offered."

Micheal Trachtman, Story+Structure

References

"Xero Extends Small Business Accounting Solution, Powered by Yodlee." PR Newswire. New York: 27 Jan. 2010. ABI/INFORM Dateline. ProQuest. Hale Library at Kansas State University. 23 Nov. 2011. https://login.er.lib.k-state.edu/login?url=http://proquest.umi.com/pqdweb?did=1948167821&sid=1&Fmt=3&clientId=48067&RQT=309&VName=PQD

Nims, Lori. "Provincial Pulling Power." NZ Business. Auckland: Vol. 21, Iss. 6, (July 2007): p. 66. ABI/INFORM Trade & Industry. ProQuest. Hale Library at Kansas State University. 23 Nov. 2011. https://login.er.lib.k-state.edu/login?url=http://proquest.umi.com/pqdweb?did=1301977541&sid=1&Fmt=3&clientId=48067&RQT=309&VName=PQD

Baker, Glenn. "Business Friendly & Good to Grow." NZ Business. Aukland: Vol. 23, Iss. 10, (Nov. 2009): p. 26-33. ABI/INFORM Trade & Industry. ProQuest. Hale Library at Kansas State University. 23 Nov. 2011. https://login.er.lib.k-state.edu/login?url=http://proquest.umi.com/pqdweb?did=1903497591&sid=1&Fmt=4&clientId=48067&RQT=309&VName=PQD

Xero.com Official Website. 2011. Xero. http://www.xero.com

"Xero on your iPhone." NZ Business. Aukland: Vol. 22, Iss. 6, (July 2008): p. 8. ABI/INFORM Trade & Industry. ProQuest. Hale Library at Kansas State University. 23 Nov. 2011. https://login.er.lib.k-state.edu/login?url=http://proquest.umi.com/pqdweb?did=1508329021&sid=1&Fmt=3&clientId=48067&RQT=309&VName=PQD

"Technium Challenge Open to Kiwis." NZ Business. Aukland: Vol. 22, Iss. 1, (Feb. 2008): p. 8. ABI/INFORM Trade & Business. ProQuest. Hale Library at Kansas State University. 23 Nov. 2011. https://login.er.lib.k-state.edu/login?url=http://proquest.umi.com/pqdweb?did=1426466811&sid=1&Fmt=3&clientId=48067&RQT=309&VName=PQD

Palmer, Charis. "ANZ to Distribute Xero Accounting Tool." ITnews for Australian Business, Haymarket Media. 3 June 2010. 23 Nov. 2011. http://www.itnews.com.au/Tools/Print.aspx?CIID=213939

Pierce, David. "Xero is Accounting Software for Everyone." Review of Xero Accounting Software. Web.Appstorm.net. 8 Dec. 2009. 23 Nov. 2011. http://web.appstorm.net/reviews/xero-is-accounting-software-for-everyone/

Accountingsoftware411.com. 2011. Accounting Software 411, LLC. 5 Nov. 2011. http://www.accountingsoftware411.com/SoftwareDirectory/View/SoftwareByClassResults.aspx?id=2&class=Low-End Accounting

http://www.accountingsoftware411.com/SoftwareDirectory/View/SoftwareByClassResults.aspx?id=3&class=Mid-Range Accounting

http://www.accountingsoftware411.com/SoftwareDirectory/View/SoftwareByClassResults.aspx?id=4&class=High-End Accounting

"Xero is Now Available in Google Stores." Market Release. Xero.com. 16 June 2011. 2 Dec. 2011. http://www.xero.com/downloads/pdf/announcements/160611-xero-google-market-release.pdf

"U.S. Technology Guru Peter Thiel to Invest in Xero." Market Release. Xero.com. 22 Oct. 2010. 2 Dec. 2011. http://www.xero.com/downloads/pdf/announcements/221010-US-Technology-Guru-Peter-Thiel-to-Invest-in-Xero.pdf

"Xero Online Accounting Software Accredited by ICAEW." Market Release. Xero.com. 20 June 2008. 2 Dec. 2011. http://www.xero.com/downloads/pdf/announcements/200608-xero-accredited-by-ICAEW.pdf

Image Sources (Yahoo Images and Google Images):

http://web.appstorm.net/reviews/xero-is-accounting-software-for-everyone/

http://www.innovation.org.nz/speakers/rod-drury

http://www.hypercup.org/accounts-receivable-factoring-5712/

http://www.stayonsearch.com/top-five-web-based-invoicing-tools-create-send-invoices-it-is-safe-easy

http://www.realwealthnetwork.com/2011/03/taxes-cash-flow-real-estate