The platform offers an array of customizable reports, allowing users to tailor insights to their specific needs. This adaptability extends to key metrics, enabling users to focus on the data that matters most. Real-time accessibility ensures both historical reports and a current snapshot of the business’s financial health.
You can add your logo to your invoice templates, and change the color to fit your business’s branding. 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. Our research suggests that QuickBooks is better all-around than Xero, with a more advanced feature package, stronger support tools, and standout scanning capabilities. Both platforms offer payroll capabilities, but they differ in how they’re implemented. QuickBooks (Figure C) has a core payroll function built into its system, while Xero requires users to integrate with Gusto to handle payroll. Even better, inventory management is available at no additional charge with every Xero plan, which is why we declared Xero the winner for this particular category.
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Sales tax items are converted too, though the default sales tax codes assigned to customers in Xero will not be converted. Tracking categories and options in Xero will become Classes and Locations in QuickBooks Online. You can only allocate one Department/Location per transaction in QuickBooks Online.
You will receive an email message with instructions on how to reset your password. Transferring your data from the Xero software into QBO can be done by using a .CSV file (using Excel). Read our support article for a complete guide to prepping your files for conversion. Ask questions, get answers, and join our large community of QuickBooks users.
More reasons to switch from Xero to QuickBooks
Additionally, the platform’s aesthetic appeal cannot be overlooked—it looks better, providing a user-friendly interface that enhances the overall experience for users. The journey with accounting software doesn’t end at implementation; ongoing support and training are vital for sustained success. Assess the quality of customer support and the availability of training resources offered by the software provider (you might find out whether users are satisfied with the support QuickBooks offers, etc.).
- Xero is also a better option for businesses that are expanding internationally as it offers multicurrency support.
- Xero is ideal for businesses that keep a team of bookkeepers or accountants in-house.
- QuickBooks and Xero include many of the same features, though QuickBooks is more feature-rich overall.
- Alongside our award-winning UK-based telephone support team we offer instant chat, screen sharing and online help features for speedy troubleshooting.
- So you might want to approach it wisely and thoroughly compare the two solutions agains your requirements.
No matter where you are and what time it is, Xero speeds up the submission and approval of expense claims. It lets you track mileage with the help of a map in your mobile app. Xero and QuickBooks are excellent tools to help your businesses stand out when managing accounts and finances.
Reporting
Tap into the wealth of knowledge within your industry by reaching out to industry peers or business associations for recommendations. Hearing about the firsthand experiences of others in your field can guide you toward a solution that aligns precisely with your industry’s specific needs. Peer insights can uncover nuances that might not be apparent from online reviews, offering a more holistic understanding of the software’s performance in a particular business context. In the heartbeat of Xero’s functionality lies the power of real-time collaboration, transforming how teams engage with financial data. With simultaneous access and work capabilities, multiple users can contribute seamlessly, accelerating workflow and eliminating bottlenecks. Xero ensures that anyone, from an experienced accountant to a new business owner, can use the software without too much effort.
QuickBooks Online also gives you the option to have customer payments applied automatically once they’re deposited, or leave that option to the user. Compared to QuickBooks, Xero’s time tracking features are easy to use. You can simply download the free Xero Projects app on iOS and Android, using it to record time and costs, as well as seamlessly and automatically feed the data into invoices and reports. This is because QuickBooks offers an add-on specifically for time tracking, starting at $20 per month (plus $8 per user), while Xero bundles time tracking with its main service. QuickBooks and Xero both offer a lot of features, including all the core abilities that make these two options the best small business accounting software around. However, Xero includes inventory management with every plan, including its $13 per month Early plan.
Use Cases of Xero
We also like that you can use Xero to set recurring bills, generate billing reports, and store and organize all your bills. This makes the tool as great for payment as for staff statement on accounting and reporting considerations for warrants understanding your cash outflows. Plus, you get bill pay tools no matter which package you choose, although you can only pay five bills per month with the Early plan.
Also in some cases, if your ranges were incorrect in the source system, we brought balance accounts over as Profit and Loss accounts. After your conversion has completed, follow some essential steps to verify your data in QuickBooks Online. In order to get the highest quality conversion, follow the steps in the order outlined below to make sure your Xero data is in the best shape for the conversion. We recommend converting your book after the quarterly or yearly book is reconciled.