Xero is online accounting software for small businesses, made by Xero Limited. Its US site counts 5 million customers worldwide. Accounting software keeps the books of a business: a record of every sale, purchase and bank transaction, from which reports such as profit and loss are produced.
A business connects its bank account, and bank feeds bring the transactions into Xero every day. Bank reconciliation, the check that each bank transaction matches a record in the books, is done partly automatically: the AI assistant JAX reconciles matches where it is confident, and the user approves each entry. Xero sends quotes and invoices with a Pay Now button for card, ACH or digital wallet payments, chases late payments with automatic reminders, and pays bills, with free standard ACH bill payments in the US. Smart Document Capture reads bills and receipts. Reports such as profit and loss, balance sheet and cash flow update automatically and can be shared with an accountant. Hundreds of other apps connect through the Xero App Store.
Xero is a hosted service sold as a monthly subscription in three plans: Early, Growing and Established.