ToolScout
Xero
Small businesses outside the US (especially UK, Australia, and New Zealand) and their accountants who want cloud-native bookkeeping with unlimited users and strong multi-currency support
Pros
- Unlimited users on every plan including Starter, so your accountant, bookkeeper, and business partners all access the same data without per-seat charges
- Bank feed reconciliation auto-imports transactions from 21,000+ banks globally and suggests matches using machine-learning rules that improve over time
- Multi-currency accounting handles invoices, bills, and bank accounts in 160+ currencies with automatic exchange rate updates and unrealized gain/loss reporting
- Xero App Store offers 1,000+ integrations including Stripe, Shopify, HubSpot, Gusto, Dext, A2X, and industry-specific apps for construction, legal, and hospitality
- Accountant/bookkeeper portal (Xero HQ) gives practices a centralized dashboard to manage all client organizations, run health checks, and batch-process coding
Cons
- Starter plan limits you to 20 invoices and 5 bills per month; a freelancer sending 25 invoices/month must upgrade to the $42/month Standard plan
- Payroll is a paid add-on in most countries (Australia included at no extra cost) and US payroll requires integration with Gusto or OnPay
- Inventory management tracks quantity and value but lacks warehouse locations, serial numbers, batch tracking, or bill of materials found in dedicated inventory tools
- Purchase order management requires the Premium plan at $78/month or a third-party app
Key Features
- Bank reconciliation with auto-matching rules, suggested categorization, and real-time bank feeds from 21,000+ institutions
- Invoicing with custom templates, online payment links (Stripe, GoCardless), recurring invoices, and automatic payment reminders
- Expense claims with receipt capture via mobile app, mileage tracking, and manager approval workflows
- Financial reporting including P&L, balance sheet, cash flow, aged receivables/payables, and budget variance with date-range comparison
- Multi-currency support for 160+ currencies with automatic FX rate updates and conversion gain/loss tracking
- Xero Projects for tracking time, costs, and profitability per project with staff hourly rates
- Accountant tools including Xero HQ dashboard, practice manager, and client-level activity feeds