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Community > Tell us how we're doing >

Xero pays for itself

Started by Brett Kraiger -   in Tell us how we're doing

I just wanted to say that Xero has already paid for itself. I am involved in online marketing, building websites etc, and one of the things about that business is that it's always evolving and there's always new information or software. A lot of which comes at a cost. A $10 report here, a $20 service there.

Now that I can see those things so quickly and so directly in Xero, it really makes me think twice before buying this stuff.

It used to be 2 clicks and Hey Presto ... $$ out of my Paypal account. And I never really thought about it until the end of the month when I would invariably go... "Holy Moly!!! Did I really spend that much"

Now I know that 2 days later that same transaction is going to show up in Xero, along with a little dip in the graph! I don't like seeing that graph go down :)

Cheers
Brett
I know Brett did not mean it as an insult, but saying Xero pays for itself is really an insult.

Xero far more than pays for itself in terms of the far better (more accurate and current) data it provides. This comes from actual and budget reports, of any and every type, in numeric or graphic form. You may be immune to the type of overly detailed reports you may get, many months after the end of a year. However, it is almost impossible for each of us not to react, as Brett did, to seeing the effect of each income and expense item on net income, the next day, week or month. This will not only make us spend more wisely, but it inevitably will make us better managers in many ways.

Xero pays for itself by being far less expensive than most accounting programs. Most of my clients pay only $12 a month. This is far less than annual QuickBooks or other accounting program costs. This is especially true if you consider the cost of QuickBooks phone help ($35/call or $250/year, with long waits). You then have non-QuickBooks users tell you answers they do not understand, in a language that is different from their own. Xero also more than pays for itself by giving you unlimited fast free expert email help. There is no wait to ask questions and only a few hours for replies, 24/7/365).
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MIKE BLOCK CPA  

Xero also far more than pays for itself in terms of cutting accounting costs. It is so fast and easy that you can do far more for yourself, while learning little or nothing about accounting or the use of a complex new program. You also should pay far less for Xero professional accounting help than you would pay for professional accounting for other programs. Instead of having to pay professionals to make every entry, you only pay someone like me to establish or modify a rule. You then use our rules automatically, repeatedly, without repeatedly paying us.

You also should pay far lower rates for Xero professional accounting help than you would pay for such help with other accounting programs. That is because Xero makes it easy to use professional help 24/7/365, instead of concentrating it during our busy (premium priced) tax season (when it takes longer to finish, partly because we make more mistakes). Xero even more than pays for itself by cutting the cost and time it takes you to use accountants, since you and your accountants do not exchange computer files or bank statements (except for non e-pay payees).

Xero even should more than pay for itself because Xero makes it easy for you to get some or all your professional accounting help from anywhere in the world. It may be too much trouble for many small businesses to tap into this less inexpensive remote help, but it is certainly no trouble for small business accountants to do so, sharply cutting their costs and your costs.
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MIKE BLOCK CPA  

Xero also more than pays for itself because you can do all this with absolutely no risk. I had to overcome many privacy, safety and reliability concerns to become #2 for Xero clients in the U.S. This made me thoroughly review all of the inherent security and reliability in Xero. I talk or write about the inherent near absolute safety of the Xero read-only feeds every day. I also constantly address the inherent safety and reliability of the professionally staffed multiple redundant computer, power and internet systems that Xero uses, at multiple remote secure locations, with continuous backup. I then contrast this with the inherent unprofessional, insecure, unreliable computer systems that clients use, with inadequate backup. This made me bog about the 15 reasons why QuickBooks is the worst place for your data.

This also made me conclude that Xero data was inherently far more accurate than the data in almost all other accounting systems. That is because Xero is among the very few to automatically download all bank and financial institution transactions AND to automatically classify such transactions. Automatic account classification is sure to provide more consistent data than separately deciding where each entry goes. Therefore, I now believe that CPAs are guilty of malpractice if they do not check QuickBooks or other accounting data with automatic programs like Xero. That is why I blogged that I do not care if you ever use Xero. I said this because I felt that I had to use Xero, even if clients never used it.
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MIKE BLOCK CPA  

Xero far more than pay for itself, especially pays when privacy is a big issue. I do this with my own custom level of extra protection. I make starting easy by sending clients GoToMyPC invitations, with a note that they only need a few clicks to share my desktop in a secure session. When they do, I give them the login and questions for pre-configured Gmail, Yodlee and Xero accounts in this secure session. For privacy reasons, I block the receipt of most email in the Gmail account and may not use their company or individual names. I also tell them not to forward Gmail email or use it for other purposes. We first go to the Yodlee account, which I explain that I want for later exports (after a while, Yodlee go back further than Xero). I then click the link to add bank and financial institution accounts, but have them to enter login information. It is obvious that neither of us can see the passwords they enter. We then repeat this for the Xero account.

By the next morning, we edit the bank and financial institution account names and numbers, so they only mean something to our clients and us. This certainly makes Xero more than pay for itself, especially for those who were especially fearful.
 

MIKE BLOCK CPA