For those on the go, Xero has a mobile app accounting tool for both iOS and Android devices, though the app does not give you access to all of the features found in the full version. You can import data such as customers into Xero, but you’ll have to download the CSV file template in Xero in order to import the data correctly. QuickBooks Online also gives you the option to have customer payments applied automatically once they’re deposited, or leave that option to the user.
QuickBooks bills itself as ‘smart, simply accounting software – with no commitment’⁴. It’s particularly good at helping businesses to streamline repetitive tasks, and manage accounting processes from just their smartphone. This all-in-one accounting software is particularly popular with startups and younger business owners, and is known for its clean, uncluttered interface.
While desktop is one of QuickBooks’s available options, it is safe to say that QuickBooks Online is the brand’s flagship and the most widely used accounting solution in the US. QuickBooks Online, the market-leading accounting software from Intuit, offers “Smarter business tools for the world’s hardest workers”. Plans start at $13 per month for up to 20 invoices, five bills, bank account reconciliation, receipt capture and short-term cash flow snapshots.
Additionally, some users complained that QuickBooks Online is a bit expensive. While it is moderately priced, it can be cost-effective considering the value it can provide to your business. Through Xero, you can integrate scrap definition with HR software provider Gusto for $40 per month plus $6 per employee. Xero allows unlimited users on all tiers, whereas QuickBooks starts out with one billable user and maxes out at 25 users on its most expensive plan.
Through Wise, you can reduce the hefty fees most banks charge on international transactions – it’s simply one less thing to worry about and you even can earn a return on the money you hold. Plus, Xero staffers can call people back to discuss their cases over the phone, giving you that phone support you need, albeit in a roundabout way. Both services are available on all the most common devices and browsers. It’s worth noting that QuickBooks uses a first-party payment processor, which means that the money goes through QuickBooks, while Xero uses third-party processors, like PayPal or Stripe. Neither of these is better than the other, but it pays to be aware of the differences.
Whether you choose QuickBooks or Xero, Chargebee can sync your subscription management engine with your accounting software. Easily handle deferred revenue, generate invoices, streamline payments, and reconcile your bank account. Xero lets you send invoices via email that includes online payment options.
This feature saves time and reduces the chances of mistakes in VAT calculations, making financial management smoother and more precise for Xero users. You can also use the QuickBooks mobile app to track mileage and run expense reports and cash flow statements. From the desktop suite, you can set custom rules for categorizing all expenses. You can add billable expenses to the invoices you send clients via mobile or desktop. Yes, QuickBooks’ accounting tools do come in a little higher in overall pricing, but the plan options are more flexible and offer more features than Xero’s plans.
For example, you can’t bulk reconcile transactions, and you don’t have access to Xero’s most advanced analytics. If you must keep your books independently, you can do so with Xero or QuickBooks live bookkeeping. Even without an accounting degree, given the right learning curve, you can figure out how to use the different functions of accounting software through online resources and expert assistance.
More specific categories – Business, Accounting, Payroll, Projects, and more – have their own dashboards, accessible with a horizontal sidebar. You can click any data to see a full, detailed breakdown, complete with historical context, and you can set up data tracking to automatically generate specific reports. Premium includes scheduling for jobs and shifts, real-time reporting, custom alerts, and time-off management. Elite offers all of Premium’s features, plus a project activity feed for better control, project estimates that can be easily compared with actuals, geofencing, and support for timesheet signatures. The base fee for both plans is half off for the first three months. Another option is Wave, which is a free accounting software program that includes invoicing, payroll, double-entry and sales tax tracking.
For a quick overview of how Xero and QuickBook’s features compare, check out the table below. It’s tricky to declare that one software program is inherently superior to another when comparing Xero and Quickbooks. The decision on the Xero VS. Quickbooks Online topic ultimately comes down to your company, your required functionality, your budget, and the features that matter most to you. Let’s further discuss these software features to ensure the software’s suitability to your business needs.
Xero is also a better option for businesses that are expanding internationally as it offers multicurrency support. Ease of use gets the highest weight in this case study because we want to give more credit to easy accounting software. For this section, we considered customer service, support network, and a subjective expert opinion score. Users must have easy access to customer service channels in case of problems, questions, or assistance. The A/P section focuses on vendor management, bill management, bill payments, and other payable-related transactions. A/P features include creating vendors and bills, recording purchase orders and converting them to bills, creating service items, and recording full or partial bill payments.
Responsive support and comprehensive training contribute significantly to a successful implementation, ensuring that your team can navigate the software with confidence. QuickBooks Online goes beyond just showing data but helps businesses make smart decisions. The platform provides detailed financial reports, offering a clear view of a company’s financial health. With tools for analyzing trends, users can navigate business performance wisely.