With the gradual shift of industry from the manual accounting to online and cloud based accounting, market got flooded with accounting softwares. Every software, some free and some with subscription, benefits you with their own kind of features.
Due to this, it becomes essential to select appropriate software that comply with your business. Softwares that are designed specifically for MSMEs may not get compatible with that of big firms and companies and vice versa.
We, at Meru Accounting provides your business with suitable software that knows your requirement. Two of the most used accounting softwares that are prevailing in the industry these days are:
Both the softwares are compiled with features that may prove to take out the best of your business. However, choosing the right one is the most significant part. We bring you a qualitative analysis of both the softwares I.e. Xero and Quickbooks, that will help you chose apt one for your business.
|1.Reporting||Accurate and efficient recording of transactions quickly. Use cash coding I.e. similar type of transactions recorded together.||Import transactions automatically from excel spreadsheets. Creates and send GST invoices and records precisely.|
|2.Bank Feeds||Automatically imports bank transactions. Updates the finances daily for tracking.||Imports transactions by using bank connects.|
|3.Bank Reconciliation||Reconciles every income and expenditure. Have connection with numerous banks all across the globe to make conciliation easy||Tracks income and expenses of your business and alerts you in case of any loophole.|
|4.Class Tracking||Manage your invoices and categorise. You can also lay rules for invoices, purchase and sales etc. that are recorded in xero to match them with that of bank transaction automatically.||Quickbooks tracks purchases and sales, invoices, bills and all of your expenses. It also manages your cashflow and comply it with P&L and company’s balance sheet.|
|5.Dashboard Preparation||Xero prepares dashboard to monitor your cash flow with the help of charts and graphs. It makes reading and analysis easy.||It creates financial reports for analysis.|
|6.Cloud Based Accounting||You can access your accounts and financial records from anywhere and any device with the help of internet connection.||Quickbooks also gives you feature of cloud based accounting, so that access can be made easy.|
|7.GST enable||Xero sends receives and processes GST invoices, that makes it easy at the time to tax payment.||This software is GST enabled, that means, it receives, generates and send GST invoices online to purchasers and vendor and suppliers. It also manages and calculate GST reports.|
|8.Access Privileges||Xero gives access privileges to selected employees and accountants. It also adds extra layer of security so that person accessing content and what they see can be managed.||For accessing the accounts, one needs the login id and password. With the help of this, authority of access can be given to selected employees and accountants, so that work can be done in real time.|