Accounting & Bookkeeping

FEATURE COMPARISON: XERO VS QUICKBOOKS

FEATURE COMPARISON: XERO VS QUICKBOOKS

With the gradual shift of industry from the manual accounting to online and cloud-based accounting, the market got flooded with accounting softwares. Every software, some free and some with subscription, benefits you with their own features.

Due to this, it becomes essential to select software that complies with your business. Softwares that are designed specifically for MSMEs may not get compatible with that of big firms and companies and vice versa.

XERO VS QUICKBOOKS

We at Meru Accounting provides your business with suitable software that knows your requirements. Two of the most used accounting software prevailing in the industry these days are:

  1. Xero
  2. Quickbooks

Both the software 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 software I.e. Xero and Quickbooks, that will help you chose the apt one for your business.

Features
Xero
Quickbooks
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 connect.
3.Bank Reconciliation
Reconciles every income and expenditure. Have a connection with many banks all across the globe to make conciliation easyTracks income and expenses of your business and alerts you in case of any loophole.
4. Class Tracking
Manage your invoices and categories. You can also lay rules for invoices, purchase and sales that are recorded in Xero to match them with that of bank transactions automatically.Quickbooks tracks purchases and sales invoices, bills and all of your expenses. It also manages your cash flow and complies it with P&L and the company’s balance sheet.
5. Dashboard Preparation
Xero prepares a 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 a feature of cloud-based accounting, so that access can be made easy.
7. GST enabled
Xero sends receives and processes GST invoices, which makes it easy at the time to tax payment.This software is GST enabled, that means, it receives, generates and sends GST invoices online to purchasers and vendors and suppliers. It also manages and calculates GST reports.
8. Access Privileges
Xero gives access privileges to selected employees and accountants. It also adds an extra layer of security so that a 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, the authority of access can be given to selected employees and accountants so that work can be done in real time.