It is a huge debate in the accounting industry about which software is best; Xero or Quickbooks. It is very difficult to choose one software over others. However, to get an idea of which software one can use this comparative analysis. We, at Meru Accounting, is an expert in both Xero and Quickbooks. Hence, providing you with feature vice comparison.
Detailed Xero Vs Quickbooks features comparison
Bank Feeds feature
Xero and Quickbooks, both provide one of the best ‘cloud-based, automated bank feed’ features. Both the software tools provide the same functionalities, though a variation is observed in the pricing for installing a reliable bank feed service.
- Easy link to a bank account to facilitate transactions downloading
- Access to other online banking services
- Automated transaction recording
Processing imported bank statement transactions using Xero and QuickBooks accounting software provides an easy reconciliation method. However, the extraction process of transactions and viewing reconciliation reports differ.
With Xero, you have to select from two distinct tabs viz. Bank Statements tab and Account Transactions tab on the Banking page. This is to find the respective transaction information. It includes account balance, unreconciled transactions, and identification of duplicate entries.
But in QuickBooks Online, the reconciled data and bank account transactions are placed in different pages viz. Account History Tab and Reconcile page. This is to check balance and find duplicate and unreconciled transactions, respectively.
With a different name tag for reporting features, it can be of utility by selecting the ‘New Reports’ feature for Xero and ‘Redesigned Reports’ for QuickBooks. Both the accounting software collate, display, compare the data and provide for customization in the creation of a critical business report.
Xero, with its limitations in the customization templates for a report, provides a skeletal report on your online shop with minimal integrated templates. It encompasses editing options for your accounting details like the periodical comparison, changing the Accounting Basis, grouping and filtering data based on accounting variables, editing and inserting contents with various publishing formats and exporting options.
QuickBooks, with its extravagant collection of easily accessible reports, creates reports as per the specification of a category such as Business Summary, Sales, Income tax, Products, Stocks and the list continues. With the help of countless customizing options, you can create a clean and self-explanatory report for an online shop.
Sending of invoices
Invoice generation, management, and customized presentation are catered by both the accounting tools. However, Xero beats Quickbooks when it comes to avail an automated and customized invoice generation by making provision for applying special discounts at a line-item level and application of varied Tax Rates to a specific class of Product.
Payable accounting and Add ons
Both, Xero and QuickBooks, provide double-entry accounting and support for accrual and cash-basis accounting, with a cutting-edge competition.
Xero and QuickBooks are updating themselves, at a lightning speed. This depends on the current changes and requirements in the accounting business with the present features being inventory management and smartphone apps.
Technical support is also gaining momentum, with Xero providing for quicker response time while QuickBooks makes its accounting specialists reach for your accounting queries through ProAdvisors.