A QuickBooks Alternative for Your Small Business

Hopefully after reading this guide, you should have a better idea of what both Xero and QuickBooks have to offer. The good news is that both platforms let you cancel at short to no notice, so you can test each out before making up your mind. Both Xero and Quickbooks integrated with Wise which means that you can use your Wise multi-currency account to automate international transactions and sync them to your accounting records. Every business needs a good system for its accounts, from the smallest startup to the biggest multinational − not to mention freelancers.

Xero Pricing

QuickBooks Online, an offshoot of the popular QuickBooks Desktop application, is a good fit for small and growing businesses. Xero’s support and learning portal, Xero Central, offers access to a searchable database categorized by topics like ‘Inventory’ or ‘Reporting and Tracking,’ among others. Resources include how-tos, explainers, and professional development courses. We’d recommend checking the total features offered by the QuickBooks Essentials and Xero Growing plans against your business’s needs. Meanwhile, a vertical sidebar can take you to more in-depth dashboards dedicated to topics including Workers, Taxes, and Reports.

QuickBooks Online Reviews

Admins can review and approve mileage claims to reimburse employees quickly. It also sends notifications, accepts receipt photos, and offers analytics data to monitor employee spending. Using the QuickBooks mobile app, users can take pictures of receipts, and the software will automatically match its information with existing transactions. With real-time notifications, reports, and insights, companies can get a forecast to manage cash flow. Quick claim submission and approval are also possible from the Xero Me app. QuickBooks offers a time-tracking app called QuickBooks Time for employers to create schedules, track projects, and manage time-offs.

A/R: QuickBooks Online Wins

The platform will download all transactions from the last 90 days, and will also let you import up to 2 years of historical transactions. Data imports are automatic and secure, but you will need to reconfirm the connection occasionally for security purposes. The Online version has a monthly subscription charge, rather than a hefty upfront fee. It’s also cloud-based and designed for use on the move, so you can access it from your laptop, smartphone or other mobile device. QuickBooks offers five paid plans geared toward small and midsize businesses, as well as independent contractors. Through Xero, you can integrate with HR software provider Gusto for $40 per month plus $6 per employee.

By syncing your financial data directly into spreadsheets, you can unlock even more powerful reporting and analysis capabilities. QuickBooks is known for its user-friendly interface and wide range of features, making it a good fit for small businesses and those new to accounting. It boasts robust reporting capabilities and strong integrations with other business tools. Users can mark report types as favorites and quickly access drafts, published, and archived reports through dedicated tabs. Xero integrates with various certified apps categorized by industry and function, like CRM, invoicing, inventory, and payroll.

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. If you need to give accounting access to more than five people, Xero could be the better option for you. QuickBooks Online’s most popular Plus plan tops out at five users; its highest-tier Advanced plan allows up to 25 users, but that plan is expensive at $200 per month.

However, we want to emphasize that Xero offers fixed asset accounting in all its plans, making it an affordable QuickBooks alternative for fixed asset management. 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. Another option is Wave, which is a free accounting what is cash reconciliation software program that includes invoicing, payroll, double-entry and sales tax tracking. Whatever your needs, there’s sure to be an accounting software program that’s a perfect fit. If you choose the right one, accounting software provides a hassle-free solution to a business of any size. While Xero’s plans start at a cheaper price, QuickBooks offers more features across its plans.

It supports online payments using debit cards, credit cards, direct debit using GoCardless, and Apple Pay or Google Pay using Stripe. It uses encryption and strong security measures to protect against fraud. 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 stock turnover ratio formula 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. The Accounting category in Xero is where you’ll handle all of your banking transactions, as well as manage your chart of accounts and financial statements.

1. Xero and QuickBooks Online (QBO) provide bookkeeping and accounting software with pricing much lower than an ERP system with full functionality to manage business processes throughout the organization.
2. Other factors considered are user reviews specific to ease of use and a subjective evaluation by our experts of both the UI and general ease of use.
3. The Xero mobile app is for Android and iOS devices is free when you sign up for a subscription.
4. The software helps users to keep track of their finances, customers and vendors.
5. Xero enables daily bank reconciliation through live bank feed or manually import bank statements if the bank does not connect to Xero.

Advertise with TechnologyAdvice on Small Business Computing and our other IT-focused platforms. If you’re looking for an accountant who specializes in Xero, you can search for an accounting advisor through their website by location and industry. Harsh is a data enthusiast with over 2.5 years of experience in research analysis and software development.

Prices for QuickBooks Live Bookkeeping scale with the monthly expenses of your business, which means higher costs for businesses with higher expenses. We break down the prices in our QuickBooks Live Bookkeeping review’s pricing section. We have an extensive history of reviewing small business accounting software, and we stay up-to-date with the latest features and enhancements. 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. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories.

Both services have plenty to offer, but in the end, Xero has more integrations than QuickBooks. In evaluating pricing, we considered the billing cycle (monthly or annual) and the number of users. QuickBooks 5 free consultant invoice templates Online’s customer support is better than Xero’s since you can interact with an agent through a phone call. You can’t initiate a call, but you can submit a ticket and wait for an agent to call you.

While it is moderately priced, it can be cost-effective considering the value it can provide to your business. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one. 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.

Free accounting software for freelancers, solopreneurs, and small businesses. Midsize to large businesses that need advanced reporting, budgeting, and invoice management. Use for Accounting, bill payment, pay runs, bank reconciliations, project tracking. QuickBooks is a popular all-in-one accounting software for small to medium business. Geekflare tested the core accounting and financial features of both Xero and QuickBooks through hands-on subscriptions.

More than 750 app integrations, including live, in-house bookkeeping. Entry-level plan limits bills and invoices to five and 20 per month, respectively. See how Xero makes it easy for small businesses to stay on top of their finances and focus on doing what they love.

Xero and QuickBooks Online offer very similar features and functionality along with summary dashboards to measure business health. Xero and QuickBooks Online both offer a ton of features all designed for small business owners. Xero often offers promotional pricing, so be sure to check for any applicable discount codes before purchasing a plan.