• Xero vs. Quickbooks Online Bookkeeping Software: Which Is Right For Your Business?

    For the growth of a successful business, employers must manage their budgeting, planning and financing to ensure their information is always in order and up-to-date.

    Business owners are usually extremely busy and have a ton of responsibilities that they must attend to on a daily basis. All of these duties can definitely take a toll on their business, especially if the owner is trying to take care of the bookkeeping aspect as-well.

    That’s where Xero and Quickbooks comes into play. With so many accounting options online, it’s hard to know which one to choose when it comes to you and your business. These two particular bookkeeping software systems will ensure that your records are accurate, comprehensive, and renewed.

    We have created a list of Pros and Cons, so you are able to decide which software sounds like the best fit for your small business.

    Is Xero Accounting Right For Your Business?

    Xero is an efficient accounting solution that small business owners use to maintain their company’s rules and regulations. This system will help you manage your finances and budgets according to your business’ goals and objectives.

    As a web based solution, Xero can be accessed any time, any place, and from any device with an internet connection. This allows small businesses to view their cash flows, transactions and account details from all locations. Xero is one of the fastest growing software as-a-service companies globally.

    Here are some Pros and Cons of choosing Xero:

    Pros:

    • Makes banking and reconciliation easy and quick
    • Clean interface
    • Includes Cloud computing – easy integration with third party apps
    • Access to the same files as your clients
    • Constantly upgrades with automatic updates
    • Built in payroll with automatic payments
    • Easy to use and has customer support services

    Cons:

    • Does not allow inventory tracking or purchase orders
    • Cannot use multiple currencies
    • Not suitable for complex processes
    • Customer care support system is slow
    • Restrictions on the number of transactions per month

    Is Quickbooks Right For Your Business?

    A popular accounting software program that many business owners select to maintain their own books is QuickBooks. This system offers small business owners a cloud-based accounting program that will provide your company with many features like business payments, income, and reporting.

    QuickBooks operates entirely online, but offers more than just basic accounting. It’s meant to help small business owners simplify the back end of running a business. Just about everyone would agree that QuickBooks is a great introductory system for new and small businesses.

    Here are some Pros and Cons of choosing QuickBooks:

    Pros:

    • Easy to use
    • Accounts payable and accounts receivable
    • Inventory and invoice
    • Checks/credit processing features
    • Provides direct online access
    • Affordable price
    • Free trial period

    Cons:

    • Lack of industry and business-specific features
    • Limitations on the number of users
    • Instability/system crashes
    • Lack of direct professional support
    • File-size issues

    Norton Financials Can Help You Decide

    Our team is more than happy to help manage your Xero or Quickbooks software for your small business. We are also here to assist you with setting up whichever bookkeeping software you may choose.

    If you still have any questions or concerns about either of these softwares, give us a call today! (201) 988-6806

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