In this age of automation, you must be cognizant of the value online accounting & bookkeeping software can add to your business. Irrespective of the software you choose, it'll provide you with several features and benefits you can't reap using old-school bookkeeping and accounting techniques.
There are tons of bookkeeping and accounting software available online such as Intuit Quickbooks, Xero, Pabbly, Wave, Zoho Books, OnPay, AccountEdge Pro, NetSuite ERP, and several others.
After coming to know about such a vast list of online accounting and bookkeeping software, you might get confused. Right? So to help you find the resource that will work best for you, I've discussed the two most popular and widely used software by small businesses - Intuit Quickbooks & Xero in this article. So, let's start.
Two Most Popular Accounting & Bookkeeping Software By Small Businesses - Intuit Quickbooks & Xero
Intuit Quickbooks
Quickbooks is currently ruling the accounting and bookkeeping industry and for good reason! Besides its one-of-a-kind suite of capabilities, its other major attractions include receipt capture and 24/7 chat support.
Does your business work with PayPal, Shopify, and Square? If so, Quickbooks easily integrates with all these platforms too! All this makes the software a crowd-pleasing small business accounting tool. It has a total of five plans to suit everyone's requirements and budgets.
These are: Self-Employed, Simple Start, Essentials, Plus, and Advanced.
Note: You can also try Quickbooks for absolutely free to see whether it's for you or not. (In 99.9% of cases, it's for you and every business!)
All the above plans allow you to:
Track income and expenses,
Send invoices and receive payments,
Run reports,
Send estimates,
Track sales and taxes, and
Capture and organize receipts.
More advanced plans allow you to track inventory, track time, and even run full-service payroll.
For bookkeeping, Quickbooks provides you with its Quickbooks Live software.
Xero
Xero is another popular name that's widely heard of in the accounting & bookkeeping world. It provides you with the following features.
Track & pay bills on time and get a clear overview of accounts payable and cash flow.
Capture costs, submit, approve & reimburse claims, and view spending.
Connect your bank to Xero and set up bank feeds.
Accept payments online and get paid up to twice as fast by connecting to Stripe, GoCardless, and others.
Quote, invoice and get paid for jobs, plus keep track of time, costs and project profitability within Xero.
And many more!
From the pricing point of view, Xero has currently three plans. These are:
AUD 27 per month - Good for sole traders, new businesses, and the self-employed.
AUD 54 per month - Good for growing small businesses.
AUD 70 per month - Good for established businesses of all sizes.
Just like Quickbooks, you can use Xero for free for the first 30-days.
Final words
Though Quickbooks and Xero are the most widely used and trustworthy accounting and bookkeeping software in the market, you are free to try other software to know their business capabilities and other features for your business.
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