It is a huge debate in accounting industry about which software is best Xero or Quickbooks. It is very difficult to to choose one software over other however to get an idea which software one can use is comparative analysis. We at Meru Accounting is expert in both Xero and Quickbooks and hence giving you feature vise comparison
Xero and Quickbooks provide for one of the best ‘cloud-based, automated bank feed’ feature. Both the software tools provide the same functionalities, though a variation is observed in the pricing for installing a reliable bank feed service.
Processing imported bank statement transactions using Xero and QuickBooks accounting software provides easy reconciliation method. However, the extraction process of transactions and viewing reconciliation report differ.
In the case of Xero, you will have to select from two distinct tabs viz. Bank Statements tab and Account Transactions tab in the Banking page, to find the respective transactions information such as account balance, unreconciled transactions and identification of duplicate entries.
With QuickBooks Online, the reconciled data and bank account transactions are placed in different pages viz. Account History Tab and Reconcile page in order to check balance and find duplicate and unreconciled transactions, respectively.
With a different name tag for reporting feature, 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.
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.
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, depending on the current changes and requirements in the accounting business with the resent features being the 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.