Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
There is a lot of accounting software these days, and the need for it has also grown exponentially. This is especially true now that eCommerce has become a popular solution to alleviate the effects of the pandemic. Because online sellers need to track their money and be prepared when tax season comes, everybody’s busy experimenting on which bookkeeping and accounting tools they can use on their own. In addition, business owners also consider partnering with seasonal accountants, hiring remote ones, or adding an accountant to your company’s employees.
If you have tried or are currently using Xero small business software, but you think it is not the right fit for your business, you do not need to worry as we have just the tool to recommend—Quickbooks.
What is Quickbooks accounting software?
Quickbooks is an accounting software developed in 1998 by Intuit, and it was a big hit to business owners who didn’t have a background in accounting. The software's useful functions like the readiness for auditing and data security (cloud accounting) were all pushed to happen because of the demands of professional accountants.
Today, Quickbooks small business accounting software is one of the most trusted accounting tools. If you are thinking about Xero accounting software, the two almost have the same popularity, only that Quickbooks is more popular and patronized in the US. There are also slight differences between the two, so if you've tried Xero subscription and you need an alternative—Quickbooks is the best choice, and here’s why.
Quickbooks has unlimited invoices and claims expenses for all plans.
Invoicing is essential in a business as these documents serve as reminders of any due payment from your customers, and with the high technology era these days, invoices are also now ways for you to get paid. You may have noticed that in the Xero app, you only get unlimited invoices in the Growing and Established Plans. Still, for Quickbooks, you immediately get unlimited invoices to its basic Simple Start Plan. Recurring invoice is also possible through Quickbooks.
Aside from invoices, claim expenses are also included in the basic plan for Quickbooks online. It will help you manage cash flow better, with claim expenses being monitored right away. With cash flow having all the right details, it will be easier for you to generate accurate and complete reports. You can get a full view of your business’s financial health in just a few clicks.
Quickbooks offers scale better than Xero small business as you grow your business.
Another feature you will like about Quickbooks is its offers with every plan increase, and the differences are apparent. In some software, the costs you need to pay increase with just minimal difference in plan offers.
The key differences and additions you will notice with each plan are the following:
- Increase in the allowed number of users
- Inventory management
- Time tracking capability
- Profitability check
- Leveling up of reporting and analytics capacity
- Having your accounting team
- Automation of workflow
- Data restoration
With every penny you add as you level up your plan, your growing business’ accounting is well-assisted.
Time tracking is available from Essentials Plan to Advanced Plan.
Quickbooks have four available plans:
- Simple Start
- Essentials
- Plus
- Advanced
You get the time tracking feature from the software starting at the Essentials Plan and up, which is just perfect! It is because these are the stages when you are already growing your business and increasing the number of in-house or remote employees you have. Time tracking for the Xero account is only available to its most advanced plan.
With the time tracking tool, the hours your people have rendered are registered straight to the Quickbooks system, computed, generated to payroll, and categorized as costs.
Mileage tracking is offered from the basic to the advanced plans.
Whether you are a freelancer, a small business owner, or a startup business owner, mileage tracking is important for getting back some money and tax deductions. Whatever business-related drive you take, you can record everything, categorize it in the Quickbooks system, and get it ready anytime in case you need it for reporting and tax purposes.
Xero software also offers mileage tracking, but you need to sign up for the Established Plan to enjoy it, unlike in Quickbooks, when you can use it in all plans.
Project management is available in Plus and Advanced plans.
As you grow your business, you’ll have more and more projects on your plate and more teams to handle them. To keep everything organized, both Quickbooks and Xero offer the project management feature. However, you can only enjoy the project management feature on Xero if you sign-up for the Established Plan. For Quickbooks, monitoring projects are available in the Plus and Advanced plans.
Although both software offer project management, Quickbooks still does it better because it allows time tracking for all plans, unlike Xero, which only offers it in the Established Plan. Project management and time tracking are inseparable.
Get Assistance In Using Quickbooks Here At Unloop!
If you are a Xero user and well-versed in how to use Xero for small business accounting, you must have seen the software's strengths and areas for improvement. If you are still in search of an alternative, you can give Quickbooks a try. This software is worth a free trial or an initial investment because of all the features you can enjoy. You can enjoy many essential services right away by signing up for a basic/beginner plan.
What’s perfect about Quickbooks is that its offers increase as you continue to grow your business.
If you want to learn more about the software or need assistance in your business accounting, Unloop can help you. Quickbooks is the leading accounting software we use, and we have a team of bookkeepers and accountants to assist you with accounting software needs. Just give us a call, so we can start discussing. We’d love to help you with your accounting needs. Talk to you soon!