Xero and QuickBooks are both cloudbased accounting packages that are regularly updated and have important features such as automatic bank downloads and rules. But which one is right for your business? It depends very much on your specific requirements – here are a few differences to help you decide:
- QuickBooks’ Advantages
- Multi-currency can be included from the 2nd level ‘Essentials’ subscription, which is cheaper than Xero’s first multi-currency option at level 3 ‘Premium’.
- Revolut personal bank accounts can be linked to the automatic downloads. Only business Revolut accounts are currently supported by Xero.
- USA focussed, which means all the complicated different state tax rules are catered for. If you are US tax registered, of course.
- Xero’s Advantages
- All contacts, both suppliers and customersv can be viewed and searched as one list. This is very helpful because it speeds up contact searching and because some suppliers are also customers.
- Xero’s plugins (eg: Parolla) mean that you can be sure that you are Irish Tax (ROS) compliant. QuickBooks is currently not Irish tax specific. https://www.revenue.ie/en/online-services/support/documents/help-guides/ros/ros-compatible-3rd-party-software.pdf