Xero uses the same 128-bit encryption and physical security the banks use. Chances are your bank is working with thousand's of small businesses and individuals - all around the world - pushing statement lines into Xero. They're comfortable with Xero's security protocols. Xero store and back up data on secure central servers. Xero staff are unable to view your information unless you provide authorisation.
If you wish to discontinue using Xero, you can export your data prior to turning off. It's your data.
Xero Cashbook is a simplified version of Xero accounting software for small businesses. The engine is the same - just stripped back to exclude things like payroll and invoicing modules.
No. Xero has a partner bank feed relationship with all of Australia's major banks, many of the second-tier banks, plus several credit unions and building societies. Xero continues to work with financial institutions to add them to their partner list as well as different types of bank accounts.
If a bank feed is not available for your account, the transaction history can easily be exported from your financial institution and imported to Xero via a CSV, QIF or OFX file.
No. Xero and cloud-based products in general use a subscription model. As the software is cloud-based, you always have the most up-to-date version. New features are automatically added so you never need to download a new version.
Yes. The service SFS provides helps you reduce the mundane, tedious and repetitious effort needed to maintain or prepare your finances. By providing up-to-date tax information to your accountant in an easy to use format, you should be able to have higher value conversations. Your accountant can focus on advising you about tax structure, its implications and consequences, and items you can or can't claim as a tax deduction etc.