QuickBooks or Xero?
An important question arise when business owners decide to enhance or simply change their financial management system. Since the last few years cloud accounting software have been convincing a growing number of companies. They proved their flexibility, resilience and cost effectiveness. In UK certainly two major online accounting software will integrate your decision process: QuickBooks (online) or Xero.
At EthiCap we used both systems and attempt to give you in this post few internal insights.
QuickBooks has been leading the SME market, especially in US for the last years. The user interface is really easy to understand for business owners who dislike admin and accounting duties. This easy way to run business remains the success key for QuickBooks. The system is intuitive which represents the biggest benefit from QuickBooks. However we have been experiencing a poor customer service (support). Also we have come across many technical bugs in banking reconciliation and transaction in foreign currencies.
Last September Xero published its last investors report. The company stated more than 600,000 subscribers globally. The company already raised public capital which secures coming product development. The closing cash balance has been reported at $224.5m. The product is really consistent in terms of accounting practice, offers a huge flexibility in bookkeeping coupled with automated and bespoke process in bank reconciliation. Also Xero includes a higher capacity in reporting than QuickBooks and earlier understood that the add on generate value for their customers.
QuickBooks online will satisfy business owners who manage their accounting on their own. Xero will satisfy accountants, bookkeepers, CFO and business owners. EthiCap is a Xero partner and certified advisor. We are also a symbolic shareholder.