Advice Hub

Xero Crowned the King of Finance Systems for SMEs

Insights

The results from our recent poll are in! We were curious about which finance system small to medium enterprises (SMEs) prefer. So, we turned to our LinkedIn audience for their insights, and here are the results! Xero has decisively outperformed its competitors, collecting a whopping 71% of the votes in our survey aimed at uncovering the most efficient and user-friendly finance tool for businesses.

But why do so many businesses prefer Xero?

User-Friendliness

One thing is clear: business owners love Xero’s ease of use. This system not only simplifies most accounting tasks but also makes managing finances almost a breeze.

Versatility with Apps

Xero isn’t just about basic accounting; its broad range of compatible apps allows it to adapt to various business needs, making it a robust choice for businesses that anticipate changes or growth.

Challenges and Considerations

However, it’s not all smooth sailing. Xero does struggle with period-based transactions, which can often require additional journal postings. For businesses seeking deeper insights, Xero’s basic tools might fall short, pushing them towards Excel or third-party business intelligence tools for enhanced analysis.

Sector-Specific Alternatives

While Xero leads for general use, we shouldn’t overlook sector-specific systems, which offer solutions that better cater to industry-specific tasks. These specialised systems might be a game-changer if your business has unique requirements.

The Future Landscape

The finance system landscape for SMEs is ever-evolving. Larger systems are keen to tap into this market, and interestingly, businesses with turnovers between £10-20 million may find these larger systems more suitable to their needs.

What Do You Think?

As trends shift and businesses like one of our clients move to Xero with a turnover of £13 million, where 98% of candidates supported the move, it raises a discussion about readiness and scalability. So, what do you think? Is Xero still the go-to finance system for your business?

Let us know if you have any more thoughts! Check out the original post and share your views in the comments.

More from our Advice Hub

Insights

How to Spot a Future Finance Leader (Before Your Competitor Hires Them)

6 min read
Published 6 months ago
Team meeting

They’re Already in Your Business—You Just Haven’t Noticed Yet
Every business wants strong financial leadership—but most only start looking when they need a new CFO or Finance Director.
By...

Read More
Insights

If Your Finance Team Isn’t Driving Growth, You’re Doing It Wrong

6 min read
Published 7 months ago
Growth in business

How to Build a Finance Team That Actually Adds Value (Not Just Reports Numbers)
Spoiler: Finance Isn’t Just About Counting the Pennies Anymore
 
Once upon a time, a finance team’s job was...

Read More
Video

Christmas Podding: Day 23 – Should You Decorate the Office? 🎄

Welcome back to the We Do Grotto! Today’s festive debate: To decorate or not to decorate the...

Read More
Video

We Do Group Secret Santa 2024

The We Do Secret Santa Brought To You By Chris, dressed as a Christmas Tree!🎅
It’s Secret...

Read More
Insights

Retaining Top Finance Talent the Right Way: How to Hold Onto Your Top Finance Talent

9 min read
Published 4 weeks ago
Woman sat in chair

When a top finance performer hands in their notice, most business leaders react the same way: throw more money at them. Sometimes it buys you a few extra months. But it rarely fixes the real...

Read More
Insights

How to Recruit Finance Professionals Who Actually Add Value (Not Just Fill a Vacancy)

5 min read
Published 9 months ago
Employee discussion

Because a Warm Body in a Chair Isn’t Enough
You’ve got a finance role to fill.
 

The job spec is written.
Recruiters are sending over CVs.
Interviews are booked.

 
But here’s the...

Read More