Xero is the perfect accounting solution for innovative businesses looking to operate in the cloud. Xero is a true, double-sided entry system, and provides support for forms-based transaction entry as well as adjusting journal entries. The product has integrated accounts receivable and accounts payable functions, and users can issue invoices, approve bills and other transactions from within the application, as well as attach supporting documents for transactions.
Xero is best suited for small businesses requiring cloud-based collaboration between their internal staff and their trusted advisors. It includes banking integration and support for multiple currencies. The ability to use a set of rules to automatically classify transactions through bank feeds makes this product very attractive to companies looking to automate their bookkeeping.