Xero allows seamless mileage tracking by letting its users enter the start and destination locations on the map. Xero does not offer an estimation feature, but users can fill out the form on its website to download a free estimate template in editable PDF format. Xero is not an alternative to project management software, but it has some useful project management features for companies involved in various projects. Using the QuickBooks mobile app, users can take pictures of receipts, and the software will automatically match its information with existing transactions. As users track their time using its time tracker tool, it allows users to view how much time was spent daily or weekly on projects in one place. Xero’s time-tracking feature is included in its project management tool.
And while QuickBooks can accommodate growth with its range of pricing plans, it will cost you more in the long run as you must add (and pay for) additional users. It also offers detailed sales and profitability tracking and customization options for invoices. With Xero, all plans come with an unlimited number of users. In saying that, all pricing plans have limitations on users.
Creating bank feeds is pain-free and debt to asset ratio: definition & formula takes just a few minutes. When it comes to managing company finances, few platforms are better than Xero and QuickBooks. Xero’s balance sheets offer a powerful overview of your accounts. Here are the key features of Xero and QuickBooks that I think will have the most impact on how you manage your SMB’s finances. Expert help, invoicing, maximize tax deductions, track mileage Overall, both platforms have many similarities and can help SMBs get their finances in order, but there are also some differences that can’t be glossed over.
Key highlights of Quickbook:
QuickBooks asks you for simple payroll tax information when setting up. Both providers offer stand tax capabilities like tax rate calculations and tax form generation, scoring neck and neck in this research category. Excellent help and support features, including dedicated on all plans and 24/7 support and training on Advanced plan
QuickBook’s customizable yet straightforward interface gives you key insights into profit and loss, expenses, bank account statuses, invoices, and sales figures. With that in mind, what is the best bookkeeping software for you? Factors such as pricing, ease of use, feature sets, integration capabilities, and more can determine which software is best suited for you. Originally developed as a desktop software, QuickBooks has since transitioned into a cloud-based solution known as QuickBooks Online. On the other hand, QuickBooks (a product of Intuit) has been a leader in the bookkeeping and accounting arena since its inception in 1992. The platform is praised for its user-friendly interface, extensive integrations, and strong focus on allowing accountants and 2021 state business tax climate index clients to work concurrently.
Accounting, Invoicing and Expenses
So, which platform is the right fit for your specific business needs and budget in 2025? It is designed to make it simple for small business owners, freelancers, and entrepreneurs to manage finances. This 2025 comparison of QuickBooks versus Xero of features including invoicing, reporting, interfaces, and integrations will assist you in selecting the best choice for your company. Neither Atomic Invest nor Atomic Brokerage, nor any of their affiliates is a bank. You also can open a Cash Account offered by Atomic Brokerage which allows you to earn interest on your cash through a cash sweep program.
Core Advantages of QuickBooks Online
It features a range of tools for invoicing, expense tracking, payroll, and tax preparation. This versatile accounting software is designed to help businesses manage their finances effortlessly. Xero integrates well with platforms like Peppol and Invoici (especially relevant in Malaysia), while QuickBooks offers built-in tools to manage VAT, GST, and sales tax depending on your country.
Accounting, Invoicing & Expense Management
Fortunately, regardless of your choice, both platforms can efficiently help you manage your small business bookkeeping and accounting tasks. This plan allows unlimited invoicing and bill management, efficient income and expense tracking, and simplified tax compliance. However, freelancers or small businesses seeking comprehensive features without brooklyn ny accounting and tax preparation firm a hefty price tag attached may prefer the Essentials plan from QuickBooks over Xero. Xero is a contemporary and user-friendly bookkeeping solution that makes the entire accounting process manageable and enjoyable for users (including beginners!)
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However, if your focus is simplicity for invoicing and inventory management, Xero is by far the better choice. On the other hand, Xero excels with its unlimited user access, which is a massive advantage for small teams looking to scale! QuickBooks’s reporting tools are more streamlined, customizable, and easy to use than Xero’s.
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Sage may be the most suitable choice for companies with complex accounting requirements, such as multinational operations or specific regulatory compliance needs. Sage’s pricing varies significantly based on the required package and features, making it less straightforward than QuickBooks or Xero. Xero’s pricing plans include the Simple plan at £7 a month, the Ignite plan at £16 a month, Grow at £33 a month, Comprehensive at £47 a month, and Ultimate at £59. A 30-day free trial allows you to test the software before committing, and you can get a 90% discount for the first six months. You can also manually enter data, create customised invoices, and generate financial reports.
Xero is an excellent choice for startups, especially those planning to scale quickly or work with internal accounting teams. However, some data may need to be transferred manually or with third-party tools. Yes, both Xero and QuickBooks allow data migration between platforms. Talk to FastLane’s Xero-certified experts today and streamline your business finances with confidence. To make an informed decision, we recommend trying both platforms through their free 30-day trials. Both platforms support invoicing, receipt scanning, and transaction reconciliation on the go via iOS and Android apps.
It provides instant currency conversion, helps manage exchange rates for better cash flow, and allows users to view reports in local or foreign currency. QuickBooks allows users to customize their invoices by selecting templates, adding logos and brand colors, choosing fonts, and editing sections. Xero allows users to connect to payment services with no monthly subscription costs. Xero also shows when a client views the invoice and alerts businesses when the invoice is paid. QuickBooks allows users to tag things while working to track projects, locations, events, and more. It provides users with a complete picture of their finances on a single screen with up-to-date data
- QuickBooks asks you for simple payroll tax information when setting up.
- While both Xero and QuickBooks Online offer strong foundations, fast-scaling enterprises often outgrow them.
- It is generally more budget-friendly, with competitive pricing plans and features that offer good value for money.
- It also syncs with the QuickBooks Workforce app to track time for payroll.
Limited account users with each plan. QuickBooks suits those needing advanced reporting, payroll tools, and a robust app ecosystem, especially in North American countries like Canada and more. But for those seeking transformation, beyond accounting into unified business intelligence, Business Central stands alone. For process-oriented, scaling companies, QuickBooks offers mature tooling.
QuickBooks and Xero both offer a bountiful array of accounting and financial management features. For small businesses managing simpler processes, we recommend our best-rated accounting software – Zoho Books – instead, due to its intuitive design and smaller price tag. Sage also offers a free trial, allowing potential users to explore its features before purchasing. It can be used by Windows and Mac users and is suitable for small to large businesses, but the cost might be high for small enterprises, especially for the higher-tier plans. Similar to QuickBooks, Xero offers a 30-day free trial to let users explore its features before deciding and offers big discounts for the first six months.
- However, it does offer more functionality.
- After testing Xero and QuickBooks, it’s clear that the platforms offer strong features and will serve SMBs well.
- To learn more about ways to optimize your financial operations, get in touch with us—Dynamics Square, a leading Dynamics 365 implementation partner in Canada.
- Bill.com enhances financial efficiency for small and midsized businesses by facilitating invoice sending, bill payments, and expense management.
- Both dashboards offer global search functionality and display an up-to-date view of your latest balances and pending expenses that need reconciling.
The platform offers over 1000 third-party apps for businesses to choose from, in comparison to QuickBooks’ still impressive selection of over 750. Both providers offer useful AI-powered insights and are capable of classifying expenses automatically, which can be a huge time-saver for businesses that are used to carrying out the process manually. QuickBooks, on the other hand, has pretty strict user limits on all plans, making the software less suitable for large teams with workers who need to view financial data simultaneously. Xero’s profit and loss features give you a detailed overview over your businesses financial health. Unfortunately, neither provider offers tax forecasting or planning tools, so if this is a dealbreaker for you we’d recommend using a competitor like FreeAgent, instead, which has both of them available.
What are the Best Invoicing Software besides Xero and QuickBooks?
If that’s what you’re looking for, we have a guide to the best free accounting software. Here’s how each accounting software vendor breaks down their services, so you can see how they compare. QuickBooks is also running a deal that gives you 50% off for the first three months, helping to lower the barrier of entry for businesses getting started with the software. While QuickBooks users will need to find the phone number separately on its support page, the provider also lets you talk to agents directly on the phone, which is a perk that Xero does not currently offer. After researching their features and testing the support lines, we determined that QuickBooks offers much more useful customer support than Xero.
Both platforms offer a robust suite of accounting tools. Xero can integrate with Gusto for payroll accounting, and QuickBooks users can manage payroll with an additional plan. QuickBooks is still a powerful accounting platform, offering stronger cashflow projection software, more customizable reports, and a much more modern interface than Xero. We understand that accounting software is always evolving.