FreshBooks is the go-to what is an asset definition types and examples solution for freelancers and solopreneurs who want freedom with managing and billing their clients. While small businesses can use the software as well, the extra charge per team member could add up quickly. Both services let you track time for a project, meaning you’ll know exactly how long a certain job takes. However, FreshBooks seems to have more in-depth client features, as it lets you store their contact info, communications and any internal notes you might have about them. It does have the option to input your inventory as invoicing items, but this is clunky and not as intuitive as Xero’s inventory process.
QuickBooks Online pros and cons at a glance
QuickBooks goes beyond accounting with 750+ integrated apps, streamlining everything from payroll to customer relationships. This eliminates the need for multiple platforms, reducing time and effort while empowering smarter business decisions. However, the layout and navigation may not be as intuitive for some users, especially those who are new to accounting software. You can do a lot with QuickBooks Online, but all the options may feel like information overload starting out.
- FreshBooks also offers customized pricing for large enterprise customers, while Xero only offers three preset plans.
- Plus, there are fewer features, such as inventory management, which can confuse users new to QuickBooks.
- Both FreshBooks and Xero allow you to track business performance using your dashboard, and generate and download financial reports.
- As a business, we need to generate revenue to sustain our content.
- Compared to Xero’s app, it’s more user-friendly and offers a wider selection of features, including entering bills, live time tracking, and billing clients for time worked.
Everything starts from the dashboards of FreshBooks and QuickBooks. FreshBooks keeps the dashboard clean with limited summaries so that you aren’t overwhelmed with the data, whereas QuickBooks gives you the option of seeing everything from the onset. So basically, if you need a robust suite that can do it all, go for Xero. But if you want something straightforward and user-friendly that gets the job done without fuss, FreshBooks is your go-to.
Tax Support
Xero also has inventory management, but it’s not one of its core functions. FreshBooks and Xero offer easy-to-use software to send invoices, maintain your business’s books, and perform other accounting functions. Both feature mobile apps and sync with a variety of third-party business applications. There are also some crucial differences, but the best choice depends on your business’s individual needs. Xero also stands out for its strong security, which is pretty much unmatched in the industry.
QuickBooks also allows you to automate the creation of invoices in managing your accounts receivable. Regularly occurring invoices can be established on a predictable schedule where the customer has their credit card information saved to be regularly processed. Automated processes assign a stakeholder to the workflow so that someone is overseeing the process to ensure accuracy and accountability. QuickBooks takes the cake for its ability to customize the system based on users’ preferences.
How QuickBooks Online can help your business differently
QuickBooks Capital gives you a way to get a hassle-free small business loan. You can apply right within the software, and your financial information is used to determine if you qualify and the amount you can receive. QuickBooks Online offers much better invoicing with multiple templates to choose from as well as built-in packing slips. Xero only has one invoice template, and you have to download and import a packing slip template into the software. FreshBooks is best for small companies with users who don’t have a lot of experience in comprehensive accounting principles. The support for both software programs is the knowledge base where you enter in what the question is and an answer is populated.
QuickBooks Online has over 750 integrations encompassing everything from customer management and payment the difference between direct costs and indirect costs processing to tax preparation and lending. Discounts are available for nonprofits and users that own multiple businesses. Join the thousands of people like you already growing their businesses and knowledge with our team of experts. We deliver timely updates, interesting insights, and exclusive promos to your inbox. Xero doesn’t offer the opportunity to call a representative directly for assistance.
QuickBooks’ user-friendly interface makes navigating your finances a breeze, even 9 ways to finance a business if you’re not an accounting expert. The layout and simple design ensure that you can find what you need quickly and efficiently. Entry-level plan limits bills and invoices to five and 20 per month, respectively. Like several competitors, Xero provides tools to customize the look and feel of your invoices.
Stay in touch with clients through the FreshBooks mobile app and get notified when invoices have been viewed or become overdue. With current promotional pricing, FreshBooks starts at $7.60 per month while QuickBooks starts at $17.50 per month. Choosing which of the two is better for your business depends on your needs.
On the other hand, Xero may be the better choice for your business. Xero is strong accounting software that has everything you need to track the financials of your business. Some of its features really stand out, such as its customer management system.