Have you been thinking about an accounting platform for your growing business? You may already know about QuickBooks and might be wondering what else is out there. Founded in 2006, Xero is another powerful accounting platform that has quickly became one of the top cloud-based accounting systems worldwide.
Xero has all the bases covered with the tools you’ll need to keep track of your business’ finances. With automatic bank downloads, and an easy reconciliation process, you’ll be able to record bills and expenses, track invoices, accept payments, and prepare customizable financial reports. Additionally, with unlimited users you can make sure anyone on your team has the access they need. Xero sports a user-friendly interface and robust support system, with articles, webinars, and courses to help you find the information you need to keep things running smoothly.
Along with the browser experience, Xero also has Mobile App access to keep you connected anywhere. It provides the ability to access and send reports and invoices, classify, and reconcile transactions, and access your contacts all while on the go. If connectivity is a concern, their App Marketplace supports integration with over 1,000 third party apps to ensure your data syncs with Xero. Whether you’re using a CRM, time tracking apps, or outside payroll platform it’s likely to connect with Xero. Xero also partners with Gusto payroll as their preferred payroll provider. With one sign in you can access both platforms and jump between payroll and accounting easily and with payroll mapping to Xero, your payroll details will sync directly into Zero after every payroll run. Access to Hubdoc is also included at every subscription level. Hubdoc is a secure, cloud-based, document storage system that allows you to store your financial documents all in one place and also extract data and sync into Xero to cut down on manual data entry and provide support for your financial transactions within Xero.
QuickBooks Online and Xero share many of the same features within their scaling subscription levels, and you may find one more suitable over the other for your specific needs. Users may find Xero’s reconciliation process easier, while finding QuickBook’s reconciliation more formal but also more precise. Xero includes inventory, full reporting, and unlimited users at every level, while in QBO you may need a higher level subscription for those same tools. But alternately Xero’s lowest tier is geared to the smallest of businesses and caps invoices at 20, while QuickBooks has unlimited invoices at its lowest level, allowing for more growth in a small business before needing to upgrade. Each has a 30 day free trial so you can test their features to find the best solution for your business. If you have questions about whether Xero or QuickBooks is right for you, please reach out. We’d be happy to schedule a consultation to see which platform is the right fit for you!