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Another option is Wave, which is a free accounting software program that includes invoicing, payroll, double-entry and sales tax tracking. Whatever your needs, there’s sure to be an accounting software program that’s a perfect fit. QuickBooks is a popular accounting software used by small businesses, solopreneurs and freelancers. The software helps users to keep track of their finances, customers and vendors. This is because QuickBooks was designed for small businesses that might not have an accounting background, whereas Xero was designed with accountants and bookkeepers in mind. QuickBooks is also better for businesses that need to track inventory, as it has built-in inventory management features.

A better comparison is the $60 QuickBooks Essentials plan (plus the $45 Core or $80 Premium payroll plans) vs. the $37 Xero Growing plan (paired with the $40 or $80 Gusto plan). Essentials supports just three users, while Growing is unlimited, making it better value for large sign up for quickbooks online accountant or growing operations. Core offers the basics, while Premium adds same-day direct deposit, role-based access, and auto time tracking. Elite also adds tax penalty protection, and a dedicated pro to help set up and troubleshoot. This requires the software to allow users transitioning from other bookkeeping software to import their chart of accounts (COA), vendors, customers, service items, and inventory items. Ideally, there will be a wizard to walk the user through the import process.

1. You can also use QuickBooks to schedule payments in advance, including partial bill payments.
2. This software is best suited for small to mid-sized businesses, although its Advanced Plan that supports up to 25 users does make it a viable option for larger businesses.
3. Yes, QuickBooks’ accounting tools do come in a little higher in overall pricing, but the plan options are more flexible and offer more features than Xero’s plans.
4. Compared to QuickBooks, Xero’s time tracking features are easy to use.

If you don’t want to handle your books yourself, you can sign up for QuickBooks Live Bookkeeping. This add-on is available for an additional charge and assigns a professional bookkeeper to manage your books. A Live Bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your first meeting. Once your bookkeeper receives all the necessary documentation, they’ll typically complete your cleanup within 30 days.

How QuickBooks Online can help your business differently

You can add your logo to your invoice templates, and change the color to fit your business’s branding. And while the Advanced tier of QuickBooks offers 24/7 support through live chat, phone lines, and email, their closely held corporation other tiers only offer a live chat option. QuickBooks supports six custom invoice templates, and lets you track the status of the invoice with read receipts.

QuickBooks Online pros and cons at a glance

Another option for QuickBooks Online users is finding an independent QuickBooks ProAdvisor for assisted bookkeeping. You can search the online directory to locate financial professionals who specialize in working with your industry. Xero does offer Xero Advisors, but the QuickBooks ProAdvisor network is much larger. Another notable difference is that QuickBooks Online lets you upload your file of transactions, so you aren’t required to connect your bank account.

Choose QuickBooks Online If…

You’ll rarely be asking yourself how to use QuickBooks Online as they offer plenty of guidance throughout the application; users can click on the question mark anytime they need assistance. Xero and QuickBooks Online both offer a ton of features all designed for small business owners. QuickBooks Online, an offshoot of the popular QuickBooks Desktop application, is a good fit for small and growing businesses. Xero often offers promotional pricing, so be sure to check for any applicable discount codes before purchasing a plan. Includes audit trails and easy accountant access; has millions of users so your accountant will likely be familiar with it. More than 750 app integrations, including live, in-house bookkeeping.

Learn about the differences between QuickBooks and Xero accounting software to decide which one is right for your business’s needs. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market.

Its prices are competitive, especially if you how are federal taxes spent use QuickBooks Self-Employed. Plus, as your business grows, upgrading to the next pricing tier is easy. Every service plan includes all the tools your business needs to oversee its finances from the desktop or via the powerful QuickBooks mobile app. Accounting software is essential for more than keeping your books current. It’s also vital for tracking cash flow, invoicing clients and paying vendors.

There’s time tracking in all plans and phone support is available from 8 a.m. The first two plan tiers put a limit on billable clients, but not on invoices. With a free plan and paid plans starting at $20 per month, Zoho Books has plans for most budgets.

Its intuitive interface and extensive customer support make it accessible to business owners with varying levels of accounting knowledge. QuickBooks Online and Xero are well-known cloud-based business accounting software solutions that are a favorite of growing companies due to their affordable pricing and scalability. These systems provide accounting features such as invoicing, accounts payable and receivable, and inventory management to help your business stay organized and profitable. QuickBooks was created in 1983 by Intuit, garnering nearly 40 years of development behind it.