QuickBooks Online Review 2024: Features, Pros & Cons

Fixed asset accounting is part of all Xero’s plans, whereas it’s offered only in the most expensive plan of QuickBooks Online, Advanced. QuickBooks Online takes the lead because it’s generally easier to use than Xero. While Xero is easier to what is a transaction analysis set up, QuickBooks has a more intuitive and customizable dashboard and has time-saving features. For instance, QuickBooks Online allows you to add an inventory item from the invoicing screen, something you can’t do with Xero. They’ll help you reconcile your bank and credit card statements and prepare monthly reports.

We looked into the positive and negative feedback of both software, and we found that they received a fair share of praise and complaints. Xero utilizes an App Marketplace with over 1,000 apps to extend its core functionality. Create professional custom invoices with your logo that you can send from any device. QuickBooks Online Advanced gives you the most users of any QuickBooks Online Plan. Link your QuickBooks Online Advanced account to your Google account to make collaboration between the two easy. Bank-level security ensures your data is safe and accessible only to you and the people you choose to share it with.

Plans & pricing

1. Prior to joining the team at Forbes Advisor, Cassie was a content operations manager and copywriting manager.
2. Not only does it offer QuickBooks Live, but most online services also work with QuickBooks Online, such as Bench, Brainy Advisors, and Merritt Bookkeeping.
3. QuickBooks makes it easy to create invoices either from scratch or from an earlier estimate.
4. Fixed asset accounting is part of all Xero’s plans, whereas it’s offered only in the most expensive plan of QuickBooks Online, Advanced.

Higher-tier plans include unique features, like workflow rules, on top of tools that help you measure project profitability. Phone support and live chat support are available 24/5 to all paying customers, but third-party integrations are limited compared to QuickBooks Online and Xero. Xero and QuickBooks Online are both powerful accounting software solutions for small businesses. However, when you compare features, QuickBooks Online inches ahead for its stronger feature set, ease of sharing with accountants and customer support. This takes into account customer management, revenue recognition, invoice management, and collections. Another reason QuickBooks Online stands out is its ability to calculate sales tax rates automatically based on the customer address, which is something Xero can’t do.

QuickBooks vs. Xero: Pricing

You can also sync your bank accounts for automatic tracking and reconciliation. However, keep in mind that the entry-level Early plan only supports 20 invoices and five bills per month, so if you regularly exceed that, then you’ll need to upgrade. All of the QuickBooks plans allow you to create unlimited invoices and quotes and customize them to reflect your company branding. QuickBooks also allows you to accept payments from debit or credit cards, as well as ACH cargo tracking and contactless payment payments, Apple Pay, PayPal and Venmo.

It brings most of the features of the online platform, plus it enables mileage tracking and receipt capture for quick and convenient recordkeeping. QuickBooks Online is cloud-based accounting software that covers all the accounting needs you may have. It’s a subscription-based service that is good for various industries and beneficial to those who regularly work with a bookkeeper or accountant because you can give them access to your the event planner files. Read our comprehensive QuickBooks Online review to decide if this popular accounting software is the best choice for your needs and budget. Terms, conditions, features, service and support options are subject to change without notice.

What is the difference between QuickBooks and QuickBooks Online?

QuickBooks Online is an industry standard with more than 5 million users worldwide. If you count QuickBooks Desktop users, that number rises to 8 million. With more than 3 million users worldwide, Xero is popular but not as ubiquitous as QuickBooks Online. Xero stands out with unlimited users on all plans, which can be a big advantage for larger teams or businesses that require collaboration with accountants. Yes, both have a fixed asset manager that allows you to track fixed assets and calculate depreciation.

While Xero and QuickBooks are wildly popular, they’re not the only options available. There are a number of alternative accounting software programs that can offer powerful features and a user-friendly interface. QuickBooks bills itself as ‘smart, simply accounting software – with no commitment’⁴. It’s particularly good at helping businesses to streamline repetitive tasks, and manage accounting processes from just their smartphone. Both accounting software products let users invite their accountants by email. If you’re located in the United States, though, there’s a better chance your accountant is familiar with QuickBooks Online than Xero.