Xendoo Accounting Review: Is It Outsourcing Your Accounting Worth It?!

Intro

Xendoo Accounting Review for anyone looking for affordable accounting services for their business that won’t put a dent in their operating expenses.  Xendoo provides back-office support for any small business who need affordable bookkeeping services without the monthly salary and health benefit salaries.  There is no Xendoo coupon or Xendoo discount on the internet.

Background

As a business, it’s essential to maintain your financials whether it’s your accounting books or budget.  It’s absolutely essential to understand your financial position and monthly performance if you want to grow your business.  Without accurate accounting, you’re planning for failure, insufficient cash flow, unexpected expenses, loss revenue opportunities, and financial trouble.

It’s the reason why publicly traded companies have quarterly earnings calls to inform Wall Street on their financial performance.  You might be thinking you’re a small business and you don’t need to keep your accounting books in order.  However, Facebook, Google, Amazon, and MicroSoft all started as small businesses.

They all have accountants managing their books.  In addition, when you have an accountant, you have a second set of eyes monitoring your money.  It ensures your employees aren’t stealing from you.  In California, there are three types of people you needs in your life — a CPA, a Lawyer, and a Mechanic.  Unfortunately, they’re all expensive.

The average salary for a staff accountant is about $50,000 a year.  It doesn’t include health benefits; health benefits will be an extra $2-3,000 per month.  That’s for someone fresh out of college without a CPA license.  It’s why Xendoo is a great option for small businesses and start ups who don’t have the budget to hire experience accountants.  Looking for a Xendoo coupon discount or Xendoo promo code? We have one for you.

Xendoo Accounting Review: What Do They Do?

Xendoo is one of the new bred of accounting firms that’s making a splash right now.  They have taken advantage of the internet and started their online bookkeeping business while the old guard hangs onto local clients.  They utilize the power of the internet as everything will eventually be online.  They have a team of accountants and CPA managing your accounting books.  How do they do this?

Xendoo uses Xero to manage your books.  The best part about Xero is it doesn’t cost you anything extra; in other words, you get a free Xero account with your Xendoo service.  In addition, they provide weekly bookkeeping services in accordance to the AICPA Statement and Standards for Tax Services.  Plus, your bookkeeping is performed in accordance with the AICPA Code of Professional Conduct.

In other words, you’re getting professional accountants managing your books, providing you with monthly Profit & Loss and Balance Sheet Statement.  There are accounting firms charging thousands of dollars for the same service.  You’re getting a great deal with Xendoo.

Furthermore, they performed all your bookkeeping via your bank and credit card accounts.  Xendoo performs account reconciliations, prepare your tax returns, does your sales tax filing, provides tax consulting, and manages your weekly bookkeeping.  Lastly, with Xendoo, you’ll receive quality client support. Find out more here. Looking for a Xendoo coupon discount or Xendoo promo code? We have one for you.

Xendoo Accounting Review: How Does Xendoo Work?

What is Xendoo’s work?  How are they able to do your bookkeeping online?  It’s done in five easy steps.

1. Sign up – Your Xendoo service includes weekly bookkeeping and month-end financial reports. Plus, you’ll meet your bookkeeper and CPA team once your online registration is complete.
2. Create your account – During the online sign up process, you’ll enter your company and owner information. Once you completed, you’ll be  prompted to schedule your on-boarding call where Xendoo will link your accounts.
3. Onboarding – On your onboarding call, they’ll link your bank/credit card accounts with view only access (i.e., they have no authority to process transactions). Plus, Xendoo will integrate any payment processors like PayPal, Stripe, and so forth.
4. Kickoff – Xendoo will then setup your kickoff call where you will be introduce to your CPA and bookkeeping team.
5. Weekly bookkeeping – On a weekly basis, your dedicated bookkeeper will reconcile your accounts.
6. Monthly reporting – After month-end, Xendo will provide you with profit and loss statement and balance sheet by the 5th business day of the following month.  The reports can be review, download or share from Xendoo’s mobile app or desktop portal.

It sounds like the perfect solution, right?  But, we wouldn’t suggest having Xendoo handle your more complex accounting issues like hedges, options, derivatives, and stock options.  You can get a more thorough overview here. Need a Xendoo promo code or Xendoo coupon discount? Skip to the Conclusion section.

Xendoo Accounting Review: Services

After your Kickoff call, Xendoo will spend time doing your bookkeeping on a weekly basis.  On the 5th business day of each month, you will receive a Profit and Loss and Balance Sheet statements for the previous month.  It’s inline with how large companies close their books on a monthly basis.  Here are few of their services:

• Weekly Bookkeeping – On a weekly basis, Xendoo will record all your bank and credit card statements transactions in Xero.
• Account Reconciliations – Xendoo will reconcile your bank and credit card statements to ensure every transaction is recorded.
• Month-End Reports – As mentioned, you will get two financial reports (i.e., Profit & Loss and Balance Sheet) on the 5th business day for the previous month’s activity.
• Catch-Up Bookkeeping – Need to record prior months transactions?  Xendoo can do that for you too.
• Personal Tax Returns – Xendoo does your personal taxes depending on the plan you choose.
• Corporate Tax Returns – Want a 360 accounting service experience?  Xendoo offers corporate tax returns preparation too.

In summary, you’re getting an accounting department for a fraction of the cost.  In addition, you’re saving money by outsourcing your back-office by not paying vacation time, health benefits, and 401(k) contributions.  You can check out Xendoo’s in-depth services here.  We have a Xendoo coupon discount and Xendoo promo code for you.

Xendoo Accounting Review: Reports & Documents

With any financial service, they should be able to provide accessible financial reports in one place.  Xendoo does just that.  All your Balance Sheet, Profit & Loss statements, Sales Tax Confirmation, and Tax Returns are centrally located within your dashboard.  There isn’t a need to click through multiple pages to access them.

In addition, all your financial documents is securely stored within your Xendoo dashboard.  You’re able to upload your files such as past Sales Tax confirmation, bookkeeping records, IRS Tax notices, and so forth.  It’s a great way to back up your records in case you accidentally delete or throw them away.  Need a Xendoo promo code or Xendoo coupon discount? Skip to the Final Verdict section.

Xendoo Accounting Review: Multiple Companies

Are you a serial entrepreneur?  Have multiple companies you need bookkeeping for?  Well, Xendoo can do it all.  With Xendoo, you can easily add multiple companies within the same account and Xendoo will manage the books for all of them.  It’s the same process when you originally created your Xendoo account.  Get your Xendoo coupon discount and Xendoo promo code here.

Xendoo Accounting Review: Free Xero Account

There are hundreds of different accounting software on the internet.  There are your major players like Xero, Quickbooks, MYOB, NetSuite, Oracle, SAP, and so forth.  However, most software are expensive as some cost thousands of dollars a month.  With Xendoo, you get a FREE Xero account with your service.

It definitely helps with your budget as Xero’s monthly subscription ranges from $20 to $40 a month.  With Xendoo, you’re getting professional bookkeeping and a Xero account.  It’s definitely a bargain for any small business or start up working on a limited budget.  Find out more here.  Get your Xendoo coupon discount and Xendoo promo code here.

Xendoo Accounting Review: Xero Features

Xero Small Business Accounting Software is a great compliment to Xendoo’s accounting services.  It gives you professional bookkeeping services and the tools to manage your finances.  Here are some of Xero’s features:

Invoices

• Invoicing – Xero’s invoicing solution allows you to streamline your business with online invoices and online payment options.
• Set up repeating invoices – Xero automatically creates, saves and emails recurring invoices for you.  It’s the perfect solution for those running a subscription service.
• Get paid faster – When customers receive your invoice, the ‘Pay now’ options on your online invoices allows your customers pay you via a debit or credit card, PayPal, or Stripe account.
• Invoice templates – Xero gives you complete control to customize your invoice and you can add your own branding to them with ease.
• On-charge billable expenses – Assign expenses to a customer when you add receipts or enter bills, and then charge them to your customer.
• Mobile invoicing – Create and send online invoices directly from your phone or tablet.
• Copy your last invoice – Xero saves you time by allowing you to duplicate your last invoice you sent to a customer then changing the necessary parts.

Inventory

• Inventory – Track inventory, manage stock, and easily add items to orders and invoices.
• Identify best sellers – Xero provides up-to-date data on what your bestselling products.
• Less data entry – Save time on data entry by setting up recurring expenses and sales as untracked items in Xero.
• Stock quantity and value – Xero’s inventory management tool keeps track of stock levels and values on a daily basis using the average cost method.
• Avoid typos – Descriptions and prices are auto-filled for you to avoid typos and keep pricing consistent.
• Bulk imports – Import large numbers of inventory items from a CSV or spreadsheet.
• Attach documents to your inventory – Xero lets you add pictures for each product you sell as a visual reminder and attaching supplier contracts.

Expenses

• Pay bills – Pay your bills on time to reduce back-office efforts while improving your cash flow.
• Schedule payments – Automatically schedule your payments to save time.
• Batch pay suppliers – You can schedule multiple bills together and pay them all at once.
• Bill calendar – The purchases dashboard helps you understand and manage your cash flow, so you can see when bills are due.
• Central location – Email bills and documents straight to your Xero’s files inbox for paperless record-keeping and access them anywhere.
• Expenses – Easily record and manage expenses online.
• Avoid hidden costs – Reduce typos and streamline everything from submitting expenses to reconciling transactions.

Control

• More control – Set company and user-level access of who can view, submit, approve, or pay an expense.
• Better visibility – See all your financial information in one place so you’re always inform on your expenses, revenue, and cash flow.
• Submit with just a photo – Catch costs as they occur via your cell phone or tablet.
• Enable growth – Access valuable real-time reporting and analytics to identify sales trend, so you can plan accordingly.
• Manage everything in Xero – One login and real-time tracking so you can manage your business from anywhere.

Quotes

• Quotes – Streamline your sales process with professional online quotes that can be customize.
• Create quotes from anywhere – Use your cell phone to send quotes.
• Quotes statuses – Use online quotes to see whether they’ve been viewed, accepted, declined, and so forth.
• Quotes into invoices – Convert a quote into an invoice by pulling all the details directly from the quote. You can edit, add, and remove items.

For an accounting service, Xendoo does provide a lot of bang for your buck.  It comes with all your basic accounting services and an Xero account.  You can check out all their features here.  We have a Xendoo coupon discount and Xendoo promo code you can apply at checkout.

Xendoo Accounting Review: Customer Service

All businesses should be “customer” focused.  It’s how they succeed and create loyal customers.  Xendoo understands this as they are a service based business.  Xendoo provides live chat support, dedicated bookkeeper, and a dedicated CPA.  In addition, you can give them a call if you need to speak to someone.

We tested Xendoo’s response time and helpfulness via their live chat.  We created an account and went through their on-boarding process.  We reached out to their live chat support a few days later asking them to cancel our service.  They were extremely responsive and our account was disabled.  In addition, they removed our credit card information with no questions asked.  Get your Xendoo coupon discount and Xendoo promo code here.

Xendoo Accounting Review: Cost

How much does Xendoo cost?  Xendoo’s service is flat monthly fee compared to Botkeeper who charges based on transaction volume.  In other words, you pay a single price every month regardless whether you have 10 transactions or 100 transactions. However, Xendoo’s pricing tiers includes different services.

For example, the Enterprise is $295 per month includes weekly bookkeeping, unlimited account reconciliations, tax consulting, annual tax planning, sales tax filing, corporate tax return, state tax return, and personal tax return.  Want a FREE one-month trial?  Get it here. You can use our Xendoo promo code and Xendoo coupon discount.

Xendoo Accounting Review: Add-Ons 

Need additional services?  Xendoo provides many one-time add-on services like catch-up bookkeeping, personal tax returns, and corporate tax returns.  For example, you can sign up for their “Start Up” plan then add their corporate tax return as an add-on service.  See all of Xendoo’s add-on services here. You can use our Xendoo promo code and Xendoo coupon discount.

Quick Pros and Cons

Pros

• Month-End Close
• Weekly Bookkeeping
• Account Reconciliation
• Document Manager
• Profit & Loss Statement
• Balance Sheet
• Financial Reporting
• Sales Tax Filing
• Corporate Tax Return preparation
• State Tax Return preparation
• Personal Tax Return preparation
• Tax Consulting
• Multiple Companies
• Dedicated Bookkeeper
• Dedicated CPA
• Great Customer Support
• Cancel Anytime
• Free Xero Account

Cons

• Basic Bookkeeping
• Can’t Do Complex Accounting Issues
• On-boarding Isn’t Streamlined

Want a FREE ONE-MONTH trial?  Get it here. Get your Xendoo coupon discount and Xendoo promo code here.

Conclusion

While there are tons of accounting software, Xendoo distinguished themselves by providing bookkeeping for small businesses and startups as well as a free Xero account.  In addition, they provide it at a fraction of the cost of having your own accounting department.  With Xendoo , you get a full suite of services to help manage your books.

In addition, Xendoo doesn’t tie you into any long-term contracts.  You are able to cancel your service as you please.  Furthermore, your bookkeeping is performed by real accounting professionals.  It’s done in accordance with the AICPA’s Statement and Standards for Tax Services and Code of Professional Conduct.  Want a one month FREE trial?  Get a Xendoo promo code and Xendoo coupon discount on your monthly plan here.

You can read our other online Software As A Service reviews here.