Almost exactly 2 years ago – namely in November of 2017 – I have done a review about the accounting service provider LeapIN.
Now, it’s time for an update to share my experience and cover recent changes.
First off, LeapIN is now called Xolo. In addition to the name change and new design of their interface, there have been two noteworthy improvements.
1. TransferWise Integration
This meant, I had to manually log into my TransferWise borderless account, export the monthly account statement and then upload it to LeapIN.
XOLO offers full TransferWise integration now. The account data is automatically synced and no additional action is required.
2. Payment/Expense Notifications
On the right side of the dashboard is a new notification area that shows transactions which require your input.
This was not available in the previous dashboard and it’s a great way of instantly seeing what needs to be done.
You click on either of the notifications and you are redirected right to the filtered list of transactions which require input.
The dashboard graph (payments & expenses) can now be changed to display 3, 6 or 12 month stats. Prior, you would automatically see 3 months and there was no way to change the timeframe.
The dashboard stats might be useful for some people, for me, they are irrelevant as I don’t even log in to Xolo more than once or twice per month.
Those are the changes in regards to what I consider practical improvements of the dashboard. Very few changes overall and that’s probably a good thing. It just shows that at a fundamental level everything works.
I don’t spend more than 5 minutes per month using the dashboard because almost all of accounting is automated anyway.
Xolo Go VS. Xolo Leap
Lastly, I want to comment on the new plans which they are offering now. There is Xolo Leap (which is the old plan formerly known as LeapIN) and then there is the new plan, called Xolo Go.
If you look at the comparison of both plans, you’ll quickly know whether or not the new plan is suitable for you.
Xolo Go Plan
The types of services you can sell are very limited; you can’t sell on any marketplace and you don’t actually own the company. All of this reminds me of TransferWise.
TransferWise looks and functions like a real bank account, but really you are just using the TransferWise-owned bank account with your personal details (sort of like subletting their bank account).
There is no deposit insurance scheme and you don’t own the bank account.
At first glance, that structure looks very similar to Xolo Go. You sort of have a company, but not really (Xolo owns it). You have access to online banking, but not to the real deal.
TransferWise serves a purpose and so does Xolo Go.
For someone who wants to get started quickly without having to plan ahead much, being able to receive payments and sell professional services – Xolo Go can be a great option.
However, I think there are limitations to this plan and that while it’s great for getting started, at some point, you might want to think about setting up ‘the real deal’ – namely, an Estonian company you own.
That way, you will also be able to get an actual business bank account and a host of other benefits.
Often times, people delay starting their online business because of complications related to taxes, company setup and accounting.
Using Xolo Go, you can get started, receive payments and figure out the rest later on.