We could give this one to Xero since it has more total integrations, but both solutions offer a wide variety of options. Xero also makes it easy to see a summary view of all your invoices and their current status. Both QuickBooks and Xero offer a number of reports to keep you updated on your financial situation. You probably noticed from the above summaries that Xero and QuickBooks sound pretty similar.
This could be a real shortcoming for small online retail businesses, for instance, that need to keep track of their products and the materials used to make them. All of Xero’s plans come with inventory management so business owners can track what’s in stock and which products are selling. If snapping photos of receipts to claim expenses on the go is a key mobile feature you’d like to have, regardless of plan level, QuickBooks Online might be a better fit. Has robust reporting tools and report customization options, invoicing for an unlimited amount of clients, inventory tracking in higher tier plans, plus a capable mobile app. Xero and QuickBooks Online are both powerful accounting software solutions for small businesses.
Xero VS QuickBooks Online: Pricing Comparison
- The first two plan tiers put a limit on billable clients, but not on invoices.
- We considered features such as invoicing, billing, payments, expense tracking, mileage tracking, project and time tracking and inventory management.
- Both accounting software products let users invite their accountants by email.
- While Xero supports unlimited users on all plans, QuickBooks Online only supports up to 25 — and this is only available on the most expensive plan.
- Each dashboard section has an ‘i’ button containing basic information about it.
- Moreover, we’d also like to see customization options to enable users to generate reports based on what they want to see.
QuickBooks also has options for gross wages definition management reports, custom reports, and creating new reports on invoices, sales, bills, expenses, etc. It also has a performance center section to generate visual charts on expenses, revenue by time, cash flow, net profit, etc. QuickBooks supports mileage tracking with its mobile app, which enables automatic GPS tracking from mobile phone locations. Users can also add trips manually and categorize trips as businesses for tax deductions. QuickBooks allows users to include project details to calculate profitability.
Tax: Xero Wins
Intuit released QuickBooks in 1992 and its cloud-based version, QuickBooks Online, in 2001. If you didn’t receive an email don’t forgot to check your spam folder, otherwise contact support. 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.
Customer Support
All of your bank and credit card transactions automatically sync to QuickBooks to help you seamlessly track your income and expenses. QuickBooks also offers Payroll, but this service is an additional fee starting at $45 to $125 per month. QuickBooks provides report templates for different categories, such as business overview, schedule a form itemized deductions guide sales, expenses, employees, payroll, and more, to cater to various use cases. Xero has an editable dashboard that lets users choose their preferred sections. Users can search and filter their contacts, transactions, invoices, bills, and purchase orders from there.
Choose QuickBooks if . . .
Xero’s raft of wave accounting reviews expensing abilities allows you to scan receipts to record and track expense claims, slotting each expense into the best category for a report. The Established plan also supports a multi-currency function, which converts 160 different foreign currencies into your business’s local currency. QuickBooks Online has over 750 integrations encompassing everything from customer management and payment processing to tax preparation and lending.
Wave Accounting is a free accounting solution for very small service-based businesses, contractors, freelancers and consultants. If you can’t justify paying for QuickBooks Online or Xero or they have too many features your business doesn’t need, Wave might be an ideal alternative. It has comparable invoicing features, but lacks an audit trail and doesn’t integrate with third-party apps.
QuickBooks is an online accounting software that helps users track receipts, bank transactions, and income. It is popular among small to medium-sized businesses and offers cloud-based and on-premises applications. Xero offers simple inventory tracking software that can track up to 4,000 finished items.