Xero Review 2024: Features, Pricing & More

These companies offer Gusto integration for the same price—$40 per month and $6 per month per person. On the other hand, FreshBooks may be a better fit for freelancers and solopreneurs, as the capabilities are easier to navigate. While both software will let you create recurring bills, only QuickBooks will allow you to schedule automatic recurring payments. In addition, because QuickBooks is so well known and widely used, it is easy to find a local bookkeeper fluent in QuickBooks accounting software.

How much does QuickBooks Online cost?

The software must have tools to track time, record billable hours or expenses, send invoices for progress billings, or monitor project progress and performance. Plans start at $15 per month for up to 20 invoices, five bills, bank account reconciliation, receipt capture and short-term cash flow snapshots. Its $78-per-month plan also includes multiple currencies, project tracking, in-depth analytics and employee expense claims. All plans currently have a 95% off promotion for the first three months. Xero includes extensive features that make it suitable to handle complex accounting processes for small- and medium-sized businesses as well as larger ones. The software makes it easy to pay bills, claim expenses, accept payments, track projects, manage contracts, store files and more.

Who Uses This Software?

While Xero is easier to set up, QuickBooks has a more intuitive and customizable dashboard and has time-saving features. For instance, QuickBooks Online allows you to add an inventory item from the invoicing screen, something you can’t do with Xero. You might prefer QuickBooks for invoicing and A/R management, and it earned what is erp key features of top enterprise resource planning systems a perfect mark in this category.

How To Choose Payroll Software For Your Small Business

1. It includes everything in Growing, plus multi-currency accounting, project costing and tracking, expense claims, and in-depth analytics.
2. She has owned Check Yourself, a bookkeeping and payroll service that specializes in small business, for over twenty years.
3. Both have great A/P features, but QuickBooks Online is slightly better due to its ability to generate recurring payments.
4. QuickBooks Online provides this feature starting in its Essentials plan, and Xero offers it in its Established plan.

Add-ons include QuickBooks Payroll, which starts at $50/month plus $6/month per employee. QuickBooks Payments allow you to accept ACH, credit card, debit card, and other payments at rates of 1% to 3.5% per transaction. Live bookkeeping services for additional help with your books start at $50/month. Xero does not offer built-in payroll but partners with Gusto, which has plans starting at $40/month plus $6/month per employee. There is no built-in payment processing, although you can choose from several options including Stripe and GoCardless. You can rely on Xero and QuickBooks Online for project accounting, as both allow you to create estimates and set up and track projects.

Xero best suits medium to large businesses but works for all businesses. In addition, Xero has a far more user-friendly interface than QuickBooks, so its ease of use makes it the perfect choice for the self-employed and those with less accounting experience. Both QuickBooks Online and Xero are good accounting solutions, but the right software is going to depend on your company’s budget and feature needs. QuickBooks Online offers much better invoicing with multiple templates to choose from as well as built-in packing slips. Xero only has one invoice template, and you have to download and import a packing slip template into the software.

Xero also stands out for its strong security, which is pretty much unmatched in the industry. Xero also has one of the strongest contact management features in the game. Xero supports unlimited users and grows with your business, making it a more suitable choice for mid-to-large-sized businesses.

Xero and QuickBooks Online are robust accounting software programs, and—in our case study—both prove why they’re the leading tools in the industry. They may have almost the same features, but each has its own strengths and drawbacks. Yes, both have a fixed asset manager that allows you to track fixed assets and calculate depreciation. Fixed asset accounting is part of all Xero’s plans, whereas it’s offered only in the most expensive plan of QuickBooks Online, Advanced. Support network refers to a community of software users that can extend professional help to businesses.