A standout Xero reporting feature is the ability to mark the reports you run most often as favorites. This way, you can access these reports near-instantly upon logging into Xero. Plus, no matter what, profitability reporting and data are available right from the Xero dashboard.
This frees up the cash you need to make the timely bulk payments that Xero facilitates. The solution’s comprehensive and user-friendly invoicing and reporting features impressed us. Along with essential invoicing features, you get access to the vast QuickBooks network — if your clients use QuickBooks, transactions are especially easy.
Xero Vs. QuickBooks (2024 Comparison)
We consider both QuickBooks and Xero to be among the best invoicing software for small business., with both services earning a 5/5 point score overall in our research’s bookkeeping category. Our research suggests that QuickBooks is better all-around than Xero, with a more advanced feature package, stronger support tools, and standout scanning capabilities. QuickBooks and Xero include many of the same features, though QuickBooks is more feature-rich overall. That said, Xero’s bill pay tools outperform those in QuickBooks at lower prices than QuickBooks’ two highest-end pricing packages.
- While Xero’s $13 Early plan is far cheaper than QuickBooks’ $30 Simple Start plan, it’s also very limited due to the caps on invoices and billing.
- All Xero accounts allow unlimited users; many other platforms cap user allotments.
- We especially like that you can use Xero to schedule batch payments in advance, whether for one vendor or several.
- Other standard features include one-click payments, recurring payment invoices, adding billable hours to invoices and converting estimates into invoices.
If you forgo this trial, you can halve the below starting prices, other than for Self-Employed. That said, the fact that you can only get lower pricing without a trial really frustrated us. At Enkel, we help clients choose the right accounting software—and integrate the most suitable applications—to ensure a streamlined accounting process. Whereas QBO excels in areas like class functionality and tax tracking, for example, Xero shines when it comes to customizable reports and multicurrency transactions. Depending on the plan, both platforms can automatically apply exchange rates and post transactions in foreign currencies. QBO also offers add-ons like payroll and QuickBooks Payments for payment processing.
Xero and QuickBooks Online are two of the most popular and powerful accounting software solutions for small business owners. But while both can help you manage complex processes like billing, invoicing financial reporting, and tax management, each is better suited to different types of companies. This is because QuickBooks was designed for small businesses that might not have an accounting background, whereas Xero was designed with accountants and bookkeepers in mind. QuickBooks is also better for businesses that need to track inventory, as it has built-in inventory management features.
Xero is also a better option for businesses that are expanding internationally as it offers multicurrency support. The Business category is where you’ll find invoicing, bills to pay, purchase orders, and products and services. The invoices option in Xero displays a nice summary view of all invoices and their current status. To get it, you’ll just need to log in, visit Xero Central, and submit a query.
Xero vs QuickBooks: The Verdict
It includes everything in Simple Start, plus bill management tools and a time tracking ability for adding up billable hours. 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, three ways to boost consumer and you can set up data tracking to automatically generate specific reports. 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.
Invoicing
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. QuickBooks comes with free access to a searchable knowledge base, guides, videos, articles and the QuickBooks Assistant chatbot. Formal training classes are also available through QuickBooks; these cost $599.95 for your first attendee and $250 for additional participants. QuickBooks Advanced also includes on-demand training at no additional cost.
What QuickBooks offers
You’ll rarely be asking yourself how to use QuickBooks Online as they offer plenty of guidance throughout the application; users can click on the question mark anytime they need assistance. 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.
Wave vs Xero vs QuickBooks
This pared-down menu makes it easy for new users to find their way around the application without too much trouble. The Report Center in QuickBooks Online offers a central location to process reports, which include all standard financial statements as well as a healthy selection of management reports. While the vocabulary may vary between the two products, they both offer electronic banking, excellent invoicing, payment acceptance, and bill management capabilities. Both QuickBooks and Xero let you set up automated data tracking and report generation, but QuickBooks has more granular options, making it faster to compare reports against historical data. You’ll still be able to accomplish everything you need with both, but it’ll be a little faster with QuickBooks.
Its prices are competitive, especially if you use QuickBooks Self-Employed. Plus, as your business grows, upgrading to the next pricing tier is easy. Every service plan includes all the tools your business needs to oversee its finances from the desktop or via the powerful QuickBooks mobile app. The QuickBooks Advanced plan costs $200 per month, supporting 25 users.