Xero is a cloud-based small business accounting program that’s often seen as an alternative to QuickBooks Online. It was founded in 2006 in New Zealand and is used worldwide. It has tools to manage invoices, bank reconciliation, purchases, expenses, inventory, and more. It can be used for different types of small businesses and is not specific to restaurants, so you may need to take your time setting up the software and creating restaurant-specific processes.
It can be used by new or experienced restaurateurs and those with no knowledge of accounting or bookkeeping professionals. It’s integrated with Gusto for payroll processing, making it easy to pay employees, and it can be integrated with banking and point-of-sale systems.
We chose Xero as our restaurant software with the best features because of the large number of useful tools. Program features are easy to use, including integration with payroll services, a mobile app, and real-time reporting. It can also be used on the go and easily integrates with over 800 apps.
Once configured, Xero offers:
- Payroll processing
- Supplier invoice payment
- Inventory management
- Income and expense tracking
- Intuitive online accounting
- Autopilot Tasks
- Bank reconciliation and invoicing
- A mobile app
- Up-to-date financial reports
- Real-time cash management
- Management of expense reports
Xero’s price ranges from $11 to $62 per month, and you can try each with unlimited users for free for 30 days. The $11/month plan is called Early and includes 20 bills, five bill entries, reconciles bank transactions, and captures bills and receipts.
Next up is the Growth plan for $32 per month, which includes unlimited bank transaction reconciliations, bills, invoices, and receipts. The top-tier plan is the Established plan, which costs $62 per month and also includes multi-currency reporting, expenses, and project management. For more information on specific plans and pricing, contact Xero online.