What’s the Best Accounting Software for You? Quickbooks vs Xero
There are a lot of different accounting software available on the market, and they all have different functions, applications, interfaces, and uses.
Trying to work out what’s best for you, whether that’s for your personal accounts or as a sole trader, or what’s best for your business, can be a daunting task.
We’re going to take a look at two of the most popular accounting software available, and see what they have in common, how they differ, and highlight what program is best for which type of accounting needs.
What is Quickbooks? What are the Key Benefits of this Software?
First introduced in 1983, Quickbooks is available for Microsoft Windows (MacOS is only available in the USA) and can be downloaded as a mobile app (it has been currently installed by more than 2 million users worldwide). This accounting software is designed for small and medium sized businesses.
There are extensive features and a large knowledge base for users of all proficiencies to draw from. The service, among other things, allows users to:
- Create products and services which can be selected on future invoices
- Create estimates for clients, which can then be converted into normal payable invoices
- Save customer data for repeat business
- Receive invoices from business partners using the mobile app
Some of the key benefits of opting to use Quickbooks include:
- Banking data can be automatically added without additional cost
- Is capable of handling VAT returns
- Being compliant with Making Tax Digital (MTD) regulations
- Streamlined financial management and administration
As Quickbooks ProAdvisor Programme Elites, we have a lot of experience with handling the software and getting the most from the platform for our clients.
Find out more here
What is Xero? What are the Key Benefits of this Software?
Established in New Zealand in 2006, Xero specialises in cloud-based accounting on a multinational level. The software is suitable for small and medium sized businesses, and like Quickbooks, has a mobile app available for download.
Xero is an accounting solution that allows for access anytime and anywhere and is great for businesses who are looking to scale upwards, with unlimited user access for business teams. Other services that the platform provides includes:
The option of creating a wide range of different business reports (such as profit / loss, balance sheets, debtor and creditor reports)
Secure data-storage and free back-ups
24/7 online support
Some of the key benefits of choosing Xero as an accounting solution include:
Access anywhere at any time
The ability to raise invoices from the mobile app
No software to download or upgrade to set up an account and start managing cashflow within minutes
Automatic reconciliation of bank transfers
Yorkshire Accountancy are Silver Partners with Xero, so we’re highly trained and ready to handle your business needs.
Find out more here
Quickbooks and Xero Sound Pretty Similar – What’s the Difference?
Both pieces of software do have a lot in common, but there are some key areas where they differ, and it’s those differences that will help you determine which is better for you.
Xero has a lower monthly cost than Quickbooks, which many find appealing. Xero also has unlimited user access, whereas Quickbooks limits the number of users from 1 – 25.
For businesses that need low-cost inventory or fixed asset accountancy services, Xero is considered the better choice. But those who are looking for good customer support, easy access to local bookkeepers and more advanced functionality, Quickbooks is often the software of choice.
When it comes to usability, Quickbooks is designed with business users in mind (who might not have a full understanding of accountancy), Xero was designed for accountants and bookkeepers – so the interface is not as intuitive for beginners.
If you’re not confident in using accountancy software, Xero is not the easiest option (it’s generally considered to be somewhere between difficult and the middle ground). Quickbooks is considered to be easy to user and beginner friendly.
We Can Help You Make the Smart Software Choice for Your Business
At Yorkshire Accountancy, we are trained and certified by both Quickbooks and Xero (as well as some others we’ll discuss in future blogs), so we’re very familiar with the ins and outs of both programs, and what the benefits are to specific clients.
If you’d like to discuss your software needs or have us, take on the task of doing your accounting for you, then we’d be delighted to help! Get in touch today and let us be the silver lining on your cloud-service accounting!
