Why Businesses are Ditching Xero

Xero issues today? Why Businesses are Ditching Xero for Fiskl

In the ever-evolving world of business, efficient and intuitive financial management is crucial. Many small businesses initially turn to Xero, drawn by its reputation and features. However, a growing number are switching to Fiskl for its superior capabilities and user experience. This article explores why businesses are making the leap from Xero to Fiskl, focusing on specific Xero issues and pain points and how Fiskl addresses them.

Xero Issue: New Xero Invoice Management

Pain Point: In Xero, issues with invoice sending and payment processing can disrupt cash flow and customer relationships. And the new Xero invoicing with forced transition in Fenruary 2025, has the user base in an uproar.

Fiskl’s Solution: Fiskl ensures high reliability in invoice sending and payment matching. Payments made via connected payment gateways are automatically matched, with processing fees appropriately categorized. Fiskl also provides zero-touch automated Stripe reconciliation, a feature particularly beneficial for startups and e-commerce businesses using Stripe for transactions.

Xero Issue: Comprehensive Bank Integration

Pain Point: One of the primary challenges with Xero is the unreliability of its bank feeds (bank feeds are down often) along with the complexity in connecting bank and credit card accounts. These difficulties can lead to incomplete financial data, affecting overall financial management.

Fiskl’s Solution: Fiskl addresses this issue head-on by offering global bank connectivity, supporting US Open Banking, European Open Banking, and connections to 21,000 banks worldwide. For regions where direct banking connections are not available, Fiskl provides a bank statement import facility, ensuring that no transaction is missed. This comprehensive approach ensures that business owners have a complete and accurate view of their financial data.

Xero Issue: Advanced Receipt Management

Pain Point: Managing receipts can be cumbersome in Xero, leading to disorganization and potential loss of important financial data.

Fiskl’s Solution: Fiskl simplifies this process using AI to categorize receipts directly from the banking feed, automatically posting them to accounting. This feature not only saves time but also enhances the accuracy of financial records. The option to attach receipt photos adds an extra layer of convenience and documentation.

Xero Issue: Customizable Accounting

Pain Point: Users often struggle with customizing the standard Xero Chart of Accounts, limiting the ability to track specific expenses efficiently.

Fiskl’s Solution: Fiskl offers a fully customizable chart of accounts, including the ability to create new accounts and customize them in any language. This flexibility allows businesses to tailor their accounting systems to their specific needs, including multi-currency Accounts Receivable and Payable. Reports can instantly switch between accrual and cash, providing versatile financial insights.

Xero Issue: Accurate Bank Reconciliation

Pain Point: Inaccurate bank reconciliation is a significant issue in Xero, leading to potential discrepancies in financial records.

Fiskl’s Solution: Fiskl enhances accuracy with its bank reconciliation feature, which automatically flags balance discrepancies between Fiskl’s and the actual bank balance. The instant bank feed to accounting capability eliminates the need for manual reconciliation, saving time and reducing errors. Fiskl’s capability to handle internal multi-currency bank transfers streamlines what could otherwise be a time-consuming task.

Xero Issue: Accurate Tax Tracking

Pain Point: Errors in tax calculations can occur in Xero, leading to inaccurate financial reporting.

Fiskl’s Solution: Fiskl effectively manages tax tracking by automatically assigning taxes to the correct account for each country. This feature allows businesses to accurately track sales tax due in various jurisdictions in real-time, ensuring compliance and accuracy in tax reporting.

Xero Issue: Continuous Software Updates

Pain Point: Keeping software up to date can be a challenge in Xero, potentially leading to security and functionality issues.

Fiskl’s Solution: Fiskl prioritizes keeping its software up to date with regular releases and updates, informed by a live tracking roadmap of customer requests. This approach ensures that the software remains secure, functional, and aligned with user needs.

Xero Issue: Mobile App Functionality

Pain Point: Xero’s mobile app often falls short in functionality compared to its desktop version, with reports of bugs and crashes.

Fiskl’s Solution: Fiskl offers full functionality on its mobile app, ensuring that users have access to all features without delay or compromise. This mobile-first approach caters to the needs of today’s on-the-go business owners.

Xero Issue: Affordability and Localized Pricing

Pain Point: The pricing structure of Xero can be prohibitive, especially for small businesses, with essential features like multi-currency and expenses often restricted to more expensive plans.

Fiskl’s Solution: Fiskl offers a more inclusive approach, providing full accounting features, including multi-currency and bills, on all its plans. Fiskl’s localized pricing in 250 countries, adjusted to local buying power, makes it more accessible and cost-effective for businesses worldwide.

Xero Issue: Intuitive User Experience

Pain Point: Xero can be non-intuitive, with some users finding it less user-friendly and facing a learning curve, especially with new dashboard organization.

Fiskl’s Solution: Fiskl is designed from the ground up to be intuitive and easy to use, even for those without accounting training. Its user interface is straightforward, making navigation and operation seamless for business owners and their teams. Step-by-step video guides further aid in easing the user experience.

The shift from Xero to Fiskl is a strategic move for many businesses seeking more efficient, user-friendly, and comprehensive financial management solutions. Fiskl’s advanced features, combined with its global reach, user-centric design, and commitment to continuous improvement, make it a superior choice for businesses looking to optimize their financial processes and grow their operations effectively. With Fiskl, businesses can expect a streamlined, accurate, and flexible financial management experience, tailored to their unique needs and challenges.