QuickBooks Online vs Xero
The benefits of QuickBooks Online vs Xero can vary depending on who you talk to. In the early years of QuickBooks Online Support, it was commonly said that it was not a true cloud solution like Xero, which was born in the cloud. Many accountants didn’t like the Orignal QBO as they felt it was slow and had limited features compared to the desktop product. But like any software, QBO evolved. Today, it’s like a battle of the Goliaths and many small to medium sized business owners don’t know which software solution is the best fit for their accounting needs.
QuickBooks Online and Xero are both cloud based accounting solutions that appeal to many industries including retail and service-based companies who are comfortable working online, prefer a low to no-maintenance solution, and are in need of a product that can grow with them.
Both Xero and QuickBooks Online can manually import files (like CSV and QFX), and both offer automated bank feeds. The difference is that in the United States, QuickBooks Online has its own service for bank feeds while Xero mostly utilizes Yodlee; Xero does have a few direct connections with certain financial institutions, but online communities have common complaints about reliability. Just because you can connect to a bank, doesn’t always mean the feed is necessarily reliable. QB Pro Consulting had a client in December that we had to move from Xero to QBO due to the bank feed issue, so this is an important factor to research and consider. Because QuickBooks has so many different services they provide, we find that things like bank feeds and payroll all integrate more smoothly on QBO.
When it comes to payment processing, payroll, and invoicing QuickBooks is the better choice for several reasons:
- Xero’s payroll feature is only offered for seven states
- QuickBooks payroll can be used for any state
- QuickBooks has time tracking that is built-in so it can be used seamlessly to calculate payroll for employees
- Xero time-tracking features must be utilized via a third-party application
- QuickBooks is the only accounting solution that offers its own payment processing service. Utilizing one software solution to streamline everything, is often preferred for simplicity
- Other payment processors, like Authorize.net or Stripe integrate with Xero
Professional Support Network and Customer Service
QuickBooks longevity and continued dominance in the accounting industry is most clearly seen in the area of customer service and professional support. Putting it simply: QuickBooks has more accountants certified to work with their accounting system than Xero. QuickBooks Support also has the edge when it comes to the company’s customer support/service. Xero has very well-rated customer service including 24/7 email support. However, QuickBooks offers live chat, email, and phone support for its customers, and a bevy of online community groups dedicated to answering questions and providing resources. Engaging a QuickBooks consultant is common practice for business owners to have a single point of contact for expertise and assistance.
QuickBooks Online vs Xero: A Side by Side Comparison
The question of QuickBooks Online vs Xero – which is the best solution for your business? While they are both excellent accounting systems, QB Pro Consulting recommends the QuickBooks product line hands down. QBO may not be the best solution for your business either though. Perhaps you need more robust features and QuickBooks Enterprise is the solution for you. All of these things take time in evaluating, and QB Pro Consulting is here to help. Contact Us for a free consultation, and find the right product lineup for your needs!
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