The best accounting software for small businesses should be affordable, easy to use, and allows you to easily track your income and expenses. The software should also include detailed financial statements to give you insights into the health of your business. We looked at over a dozen products and narrowed it down to two powerful ones, QuickBooks and Xero. There were a couple runners up (Zoho & FreshBooks), but QuickBooks and Xero took the cake by a long stretch! Below we will go over 8 reasons why QuickBooks and Xero are the best tools for your business compared to some proprietary product with minimal capabilities and integrations.
1. Integration Capabilities with Multiple Third-Party Apps
The ability to integrate with other programs is a big advantage of QuickBooks and Xero. Both integrate with financial institutions so that your bank and credit card transactions can automatically download daily to your accounting software. Additionally, both apps integrate with hundreds of other apps that you may already be using, such as, Insightly, EpicLedger, CRM, Stripe, PayPal, Shopify, Square, etc. If your app does not have integration capabilities, automating your accounting process will be impossible. This will end up costing you in more ways than one. You will end up spending more time and effort manually entering information and keeping up with physical documents, which will end up costing you money.
2. Easily Give Access to Your Bookkeeping Data When Your Switch Accountant
With established apps like QuickBooks and Xero, there is no need to transfer data from one accountant to another. For whatever reason, if you ever decide to switch accountant or CPA, all you have to do is give access to your next accountant or CPA via the administrator portal. This will save you money because your next accountant won’t have to spend hours recreating your data all over again which you will be billed for.
3. Mobile Device Compatibility
One of the most convenient factors about Xero and QuickBooks is that they are making it available on mobile devices. Users can manage their customers, invoices, estimates and expenses on the go.
4. Easy to Setup & Use
One problem with accounting programs is that many of them are difficult to use and cumbersome to learn because they don’t have a mature customer base which means limited feedback to optimize the programs. QuickBooks, on the other hand, is designed to be intuitive and easy to understand, even for business owners who lack an accounting or financial background. Xero has a great team of staff who are always on standby via email to help you figure out the ins and outs of the program. It also has detailed tutorials for specific scenarios.
5. Top-Notch Support
QuickBooks and Xero provide incredible support. You get free phone support and access to online tutorial videos and online support forums. The best thing, their response time is immediate.
With other apps on the market, they are not as responsive when it comes to support. Their turnaround times are questionable. What if you had an emergency and you need to take immediate action? Let’s just say you will be waiting a long time to receive any sort of feedback or help.
6. Top Level Security
QuickBooks relies on advanced, industry-recognized security safeguards to keep all of your financial data private and protected. QuickBooks Online is a VeriSigned Secured product. VeriSign is a leading secure socket layer (SSL) Certificate Authority. With pass-word-protected login, firewall protected servers and the same encryption technology (128 bit SSL) used by the world’s top banks, QuickBooks has the security element in place to give you peace of mind.
With Xero, your business and personal information is encrypted and replicated it in several locations online. This means that your data is safe, secure and available when you need it. It also has a two-step authentication which adds an extra layer of security. Each time you log in, you will be required to enter a unique code generated by an app on your smartphone making it harder for anyone to hack into your account.
Would you use an app, that hasn’t been around for long, with dubious security? We think not! With Xero and QuickBooks, your business and personal information is secure.
7. Detailed Reports
By managing all of your cash inflow and outflow activities in QuickBooks and Xero, you are able to access several reports that provide valuable insights into your business. All reports are pre-built in both software and can be run easily generated. Reports are updated in real-time as you enter and save transactions. In addition to AR and AP reports, you can also run top three reports that you need in order to assess the overall health of your business: Profit and Loss, Balance Sheet and Cash Flow Statements.
8. Stability & Reliability
Software bugs are frustrating and at any instance something can go wrong causing you to lose all your hard work and information. This is where Xero and QuickBooks shine. Since both software have been around for so long, their engineers have gone through a fair share of fixes and eliminating bugs making the software extremely stable. Other proprietary accounting applications are still going through a trial and error process and you never know when your data will be wiped by a bug or a program error. You can always rely on QuickBooks and Xero!
Of course, there are more than eight reasons why Xero and QuickBooks take the cake, but we thought we’d keep it short and only highlight the more relevant features. After reading this article, we hope to have helped you determine which accounting software is right for you.
Why We Went with QuickBooks As Part of Our Accounting Package
At OneSelfClub we pride ourselves in providing our members the best tools for their business needs and that’s why we use QuickBooks as part of our complete accounting package. QuickBooks is easy to use, reliable, convenient, hassle-free and it is universal. Our package includes QuickBooks Online because we believe it’s the best solution for business owners. It’s cloud-based so that you never lose your financial data, it’s affordable, it’s easy to use and it’s available on all of your devices.
With QuickBooks Online, business owners can:
· Send invoices
· Create and evaluate financial reports
· Track expenses
· Generate profit and loss statements
· Bank reconciliation
· Inventory tracking
· Track accounts payable
· Create and manage budgets
· And the list goes on…
QuickBooks Online is just a tool that helps you maintain your company’s day-to-day finances, but what about your other accounting needs? Well, OneSelfClub has the complete solution. It is comprehensive and everything you need for your business accounting needs. In addition to the QuickBooks Online subscription, as a OneSelfClub member, you will also get:
· Bookkeeping Service
· Month-end Reconciliation
· 1-hour interaction with an accounting advisor
· EpicLedger financial dashboard to help you understand your numbers in less than 60 seconds.
· EpicMileage to automatically track your business miles and claim maximum deduction during tax time.