Xero

Professional double entry software at a very affordable price
Accommodates both cash and accrual accounting
Links to financial institutions to get transactions
Uses standard importer recognized by the financial institutions instead of just trying to log in remotely (and triggering fraud alerts)
Can match multiple invoices to a single deposit transaction imported from bank
Can keep using Xero as company grows

Pre-existing expense categories/descriptions don't map 1:1 with IRS definitions, so I'm having to go back to all my receipts to make sure expenses are entered in proper accounts because I didn't realize this when I switched
More difficult to focus on specific expense categories to check transactions
Have not been able to import historic data from previous app (possibly because it's not double entry) so I am still paying the subscription on that software to retain access to my data
No integration with Craftybase, so I have to enter supply purchases and customer invoices there independently

Xero manages the whole accounting of business straight forward. Particularly automating the process of bank reconciliation is amazing time saver, it connects to banks and credit cards. Moreover, it effectively and easily integrates with other cloud based software which enhances usability of Xero.

Process of bank reconciliation has been automated but the process got glitches causing bank feeds stopped and entity has to restore to importing bank statement manually which takes time and attempts more than once. Inventory management needs improvement. Customer support is not perfect comparatively. It is not user friendly for those who have little accounting knowledge.

I love Xero's user-friendly interface. I find the platform intuitive and easy to use, which saves me time and reduces frustration. For example, creating and sending invoices can be done with just a few clicks, and navigating the platform is straightforward.I also like its cloud-based nature. I can access my financial information from anywhere with an internet connection, which is particularly beneficial for my small business especially at moments that I need to manage my finances on the go. Additionally, because Xero is cloud-based, I don't need to worry about installing and maintaining software on my own computer.Xero's integrations with third-party apps are also a plus to me. For example, it can integrate easily with payment gateways such as PayPal and Stripe, making it easier for my customers to pay invoices.

One challenge I face with Xero is its limited customer support. I have experienced difficulty getting timely help from Xero's customer support team. While Xero does offer a knowledge base and community forums, it can be frustrating to have to wait for a response to a support ticket or to not receive the level of support needed. For instance, there was a time I had issues with my login. It had to take days before I could speak with a customer care representative. This really affected my business.

Since our business model is fairly simple and streamlined, it's a perfect solution for reconciling the books and autogenerating the monthly expense reports. Other small business colleagues wait until the end of the month to see how the company is performing but with Xero, I can run that report at the click of a button at any time.

Adding new assets to the balance sheet was a cumbersome process and wasn't explained very well within the help documentation. However, now that it's been set up, running the depreciation is a simple click of a button.