How do you make a choice between Xero and QuickBooks? Which software is better? Read on to find out which software you must choose.How do you make a choice between Xero and QuickBooks? Which software is better? Read on to find out which software you must choose.
If you are keen on installing an accounting software on your hard disk, then go ahead with QuickBooks. However, using Xero is a great way to take advantage of technology. It is anonline accounting solution and not a streamed down version of a desktop accounting software. Xero offers quick dashboard access. You can also match your transactions in Xero. There is also a handy discuss tab where you can classify your bank transactions.
QuickBooks on the other hand has to be installed on a hard drive and the cost of the software increases with every new user. This software also requires a server for multiple users. If you want to share information with a CPA, you will have to give access to the server or exchange the downloaded file. Another disadvantage of QuickBooks, is that it forces you to update its software every few years.
Both these products are great for bank synchronization, bank reconciliation, accounts payable, accounts receivable, inventory, invoicing, bill management, payroll, financial reporting, cashflow and document sharing to name a few.
Xero Vs QuickBooks
1. Easy bank reconciliation: QuickBooks and Xero enables users to sync bank accounts and download bank transactions, but only Xero allows you match previously recorded transactions with your bank transactions at the click of a button.
2. Bank rules for quick transactions: Bank rules are used to define how a bank transaction will be recorded. While Xero has hand this function for a long time, QuickBooks only incorporated bank rules into their system last year and is yet to catch up with Xero. Continue reading