What do you like best?
Hard to include everything but for the average small business it really is your one stop shop for your accounting requirements:
Ease of access (destop / mobile / no user restriction / invite your accountant)
Bank reconciliation is made super easy and can complete from your mobile phone also
Super easy invoicing (accept online payment, custom templates, auto invoice reminders)
Multi currency with Xe.com rates saves a heap of time compared to the old way, makes reconciliations easy and auto books the gains / losses for you. Really don't have to think too much about it.
Xero touch app (alerts on touch smartpone app for changes in daily bank balance also)
Ample integrated apps (CRM, Inventory, Document storage, Payroll etc)
Free xero education / learning platform
Wealth of support (help centre / support tickets)
What do you dislike?
Currently does not support other languages except English (I do consulting to Japanese / Chinese based businesses which have come up with some nice work arounds).
Budget manager is for performance budgets only (not cash or balance sheet) but in saying that you have available integration apps that can do full budgets for you.
Recommendations to others considering the product
Before diving in, map out all your business applications, check that everything is going to play nicely together (API connections), if needed consider Zapier to connect external applications to Xero (can do some very clever things), importantly understand Xero is not like quickbooks, MYOB, Sage etc...the onboarding / setup process therefore is going to be different than what you are used to. Xero is suited for small business applications, if you are a large scale manufacturing firm or hold complex stock items don't expect Xero to do you any wonders. Check that it meets your requirements first. If stuck refer to a certified Xero adviser or Xero support for assistance who are quick to respond. Happy accounting.
What business problems are you solving with the product? What benefits have you realized?
Access anytime anywhere.
Customise reports to suit business owner / stakeholder needs
Make recording source data (bank transactions, loose expenses) as painless as possible with little effort, by using automated bank feeds, xero touch app, xero expenses app.
It's proven to save larges amounts of time for the clients I've assisted and also allowed for visibility over business operations where previously there was a strong reliance on the accounting division before understanding where your business was at.