There are many cloud accounting systems available for small businesses, but Xero and QuickBooks are probably the most capable and widely used. Which should you choose?
Accountants love both products. The US favours QuickBooks whereas Europe prefers Xero. Both have similar functionality and enjoy the three main benefits of being in the cloud, namely:
- Use on any device (including mobiles) anywhere.
- Connect to the bank and download your transactions.
- Go paperless by saving pictures of the invoice.
- Integrate with other apps.
The reporting in Xero is clunky and time wasting but its draft invoice feature is extremely useful where managers must approve purchases. Also, making BACS payments is a doddle.
QuickBooks, on the other hand, has great reporting features and allows accounts to be nested making reading and presentation quick and easy.
Baxterworld specialises in providing full-service accounts departments (Bookkeeping, Management Accounts and Compliance). We prefer Xero for multi-venue hospitality businesses, but QuickBooks is better for the voluntary sector and manufacturers.