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

The Finance Talent You’re Overlooking (And Why They’re Leadership Material)

6 min read
Published 3 weeks ago
Leadership

How to Spot a Future Finance Leader (Before Your Competitor Hires Them)
The Best Future CFOs May Already in Your Team – Do You Know Who They Are?
 
Every business wants strategic,...

Read More
Podcast

Our New Podcast: The Recruitment Playbook

Read More
Podcast

The Recruitment Playbook – Episode 2

Read More
Insights

Job Descriptions That Actually Attract Top Talent (Instead of Sending Them to Sleep)

6 min read
Published 3 months ago
Computer closing

Let’s Be Honest: Most Job Descriptions Are Awful
If your job ad looks anything like this…
 
“We’re looking for a dynamic, results-driven self-starter with excellent communication...

Read More
Insights

The Cost of a Bad Hire? Spoiler: It’s Worse Than You Think

5 min read
Published 6 months ago
Coins with dark lighting

You Thought Hiring Was Expensive? Try Getting It Wrong.
Hiring is a big investment. But do you know what’s even more expensive than finding the right person? Finding the wrong one.
A bad hire...

Read More
Insights

AI in Commercial Finance and Accounting: Shaping the Future

3 min read
Published 1 year ago

As we venture further into the 21st century, Artificial Intelligence (AI) is no longer just the subject of science fiction—it’s a pivotal player in the commercial finance and accounting...

Read More