Online Tutorials & Training Materials | STechies.com
Register Login
Advertisement

Xero vs QuickBooks Which One is Better?

|| 0

Xero vs QuickBooks Which One is Better?
Stechies

Xero and Quickbooks are the most popular cloud-based accounting software used by users and organizations all over the world. Xero is a popular online accounting tool used by small and medium-sized businesses for sharing their financial information with members of the firm. The data can be shared among the accountants, managers and other professionals so that the entire financial situation remains transparent. Quickbooks is a software that helps users to manage daily transactions, bill payments, tax filing and making invoice customers, handle payroll and analyze the sales of the company. The following article will compare the different features of these accounting tools.

QuickBooks vs Xero Comparison Chart

Basis of comparison

QuickBooks

Xero

Pricing

It is costly and the basic plan starts at $20 per month. But more features are provided to the users like expense tracking, invoicing and reporting.

It is cost efficient as the basic plan starts at $9 per month. But very few features are provided to the users.

Ease of Use

The online version of the software is not user-friendly and many features that might confuse users.

The software is very user-friendly and has a simple workflow.

Security

The data security is not so strong as Xero as users have reported outage and downtime.

It has a high uptime rate and data security is very efficient.

Mobile Experience

The mobile applications are very useful packed with a lot of features that are easy for users.

The mobile applications are not very popular among users as they crash and have bugs.

Integrations

It comes with around 590 integrations.

There are more than 700 integrations that is much more than Quickbooks.

User Limits

For the Online Plus package the limit is 40 for classes and locations, but 0 in the simple start plan. The limit for a chart of account is 250 for Simple Start, Plus and Essentials.  

60 calls in a 60-second window, 5000 calls daily, an accounting or payroll POST has a size limit of 3.5 MB.

Updates

The software can be updated by going to the Update option in the Help menu.

The software can be updated by changing the subscription plans.

Features

This software has more features for the users in any subscription plan.

This has a lesser number of features compared to Quickbooks.

Permissions and users

For their pricing plans, they offer 1,3,5 or 10 users. their user permissions are decent.

Unlimited users for all the pricing plans and better stronger user permissions.

Reviews

It has a lower number of positive reviews and testimonials.

It has a higher number of positive reviews and testimonials.

What is Xero?

Xero is a business accounting software that is entirely cloud-based and can be accessed from anywhere. It runs on all major platforms like Android, iOS, Windows, and Mac. The data is securely stored in the cloud and the software’s artificial intelligence capabilities allow large financial transactions, generation of invoices, etc very easily. It is great for people who have limited knowledge of accounting. Business can take well-informed financial decisions based on the analysis of the data.

Features of Xero

The different features of Xero are:

  • There are more than 500 add ons available from the Xero ecosystem that can be integrated along with the Xero platform to increase its functionality.
  • The dashboard that is neatly labelled and easily understandable. There are features like a snapshot of the company’s financials, bank to book balances, etc.
  • After the Xero account is connected with the bank account all the transactions can be observed in real time.
  • Reports like balance sheets, profit and loss statement, yearly and monthly budgets can be prepared through the standard reports already present.
  • Features like online invoicing, inventory management, purchase orders etc. allow the users to save a lot of time while managing their finances.
  • Suppliers and customers can be grouped easily to handle financial data.
  • Checks can be printed and fixed assets can be managed.
  • The cash coding feature allows multiple transactions to be handled with fewer chances of errors.

What is QuickBooks Online?

Quickbooks is a financial management software that helps users to track their financial and sales data online without the installation of any software in the system. By paying a monthly or yearly fee, the users can gain access to the software’s features through their web browsers. The financial tool is executable on all web browsers like Google Chrome, Internet Explorer and Firefox. It provides users with several features by accompanying with banks, third-party companies, and payroll companies.

Features of QuickBooks Online

The different features of QuickBooks Online are:

  • Transactions can be scheduled and sent automatically. However, bank transactions get automatically downloaded.
  • Additional documents, pictures, files, and signatures can be attached along with a transaction.
  • The customer names can be relabelled. This can be useful when there are two similar names or a customer needs to be named differently.
  • The users will have unlimited time tracking and reports.
  • Multiple budgets can be set in a fiscal year using this software.
  • Multiple third-party applications can be integrated easily.
  • The multi-monitored mode can be used to connect up to 3 monitors at a time.
  • Audit logs track changes and review the financial operations over time.

Conclusion

Both Xero and QuickBooks can be used for tracking the finances at a small scale to a large scale. QuickBooks has many features for assisting the users but the plans are costlier than Xero. On the other hand, the Xero software has a very interactive and simple interface for the users. The QuickBooks has a slightly difficult interface but offers the users a large number of pre-built reports. It has a scorecard feature that lets you analyze the business performance according to the score. Xero helps to obtain real-time data about your business. The community of Add on solutions is growing slowly for Xero and is expected to improve its overall functionality massively in the upcoming years.


Advertisement