Xero vs QuickBooks for Accounting Features, Fees, Support

Both QuickBooks and Xero offer tax preparation features, and that feature is just one reason why our researchers gave both services a perfect 5/5 for financial reporting. You can add your logo to your invoice templates, and change the color to fit your business’s branding. And while the Advanced tier of QuickBooks offers 24/7 support through live chat, phone lines, and email, their other tiers only offer a live chat option. Our research suggests that QuickBooks is better all-around than Xero, with a more advanced feature package, stronger support tools, and standout scanning capabilities. Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services.

See all Xero’s features

All of the QuickBooks Online plans, on the other hand, let users create up to 40 tags. Accounting software for your business can be an invaluable tool for managing your expenses, monitoring your financial health, paying taxes, and more. Both accounting softwares are easy to navigate, allowing you to find your required feature from a main dashboard with a sidebar. QuickBooks’ sidebar is vertical and on the left, while Xero’s is horizontal across the top, both deliver about the same user experience, and user satisfaction is high nnpc publishes 2020 audited financial statements for both.

Account Information

This is because Xero allows you to see how much each project is costing you in real time and compare that to your estimated profits. Xero is also a better option for businesses that are expanding internationally as it offers multicurrency support. QuickBooks offers a time-tracking app called QuickBooks Time for employers to create schedules, track projects, and manage time-offs. It syncs with QuickBooks Payroll and allows employees to enter their time manually or through the QuickBooks Workforce app. The QuickBooks Online app promises to help you log miles, create invoices, maintain finances and cash flow, and track your profit and loss reports. No matter how amazing your accounting software is, there will come a time when you need help journal entry for depreciation from customer support.

1. Otherwise, you’ll have to bump up your subscription or consider QuickBooks Online plans.
2. Both have basic accounting features, including invoices, estimates, bank reconciliation, expense tracking, and journal entries.
3. The invoices contain a Pay Now button for one-click payment using their preferred payment mode, including credit card, debit card, and direct debit.
4. When it comes to accounting software, that usually means checking your bank or payment service accounts against the transaction records in the software.

Xero VS QuickBooks Online: Features Comparison

Whether you choose QuickBooks or Xero, Chargebee can sync new wave programs, llc your subscription management engine with your accounting software. Easily handle deferred revenue, generate invoices, streamline payments, and reconcile your bank account. The app has a built-in timer you can use to record time as you work, or you can use the location-based job tracker through the mobile app. Xero also allows you to create a project or job, track time to add to it and add details to invoices when you’re ready to bill clients. Xero also offers mobile receipt capture through its Xero Me mobile app (previously called the Xero Expenses app), though you’ll need to upgrade to the Established plan to claim expenses. QuickBooks and Xero are two of the best accounting software options with a range of pricing plans to fit multiple budgets.

We researched both tools extensively to help you choose the right accounting software for your business. In this article, we compare their core features, pricing and pros and cons to help you decide which one is the right accounting software for your company. Compared to QuickBooks, Xero’s time tracking features are easy to use.

Both QuickBooks and Xero offer both manual and automatic tracking. That means you can enter the transactions yourself or sync your account to a bank or credit card account to add transactions in real-time. Xero can integrate with more than 800 third-party applications, including tools for payments, subscription management, invoicing, payroll, CRM, and more. Xero and QuickBooks are two of our best-rated accounting tools, but Wave is undoubtedly the safest bet for businesses watching the bottom line.

Our first-hand experience, guided by our internal case study, helps us understand how the different products compare with each other and how they work in real-world scenarios. Its intuitive interface and helpful guides make it easy to navigate, even if you have no prior accounting knowledge. And if you need assistance, QuickBooks offers robust live customer support to help you along the way. One of the advantages of using Xero is that it can save businesses time and money. With Xero, businesses can eliminate the need for paper records and reduce accounting fees.

Let us know how well the content on this page solved your problem today. All feedback, positive or negative, helps us to improve the way we help small businesses. Discover BusinessLoans.com’s lender network offering up to $3M in funding, no minimum credit score required. If you don’t have the time to devote to learning the software, QuickBooks Online may be the better fit. Here’s a full breakdown of the main features of Xero and QuickBooks Online. Includes tools that help automate the reconciliation process, along with a global search function and customizable dashboard; has a simple layout.