As the owner of a small business, you want to make sure that you have the greatest tools available to handle your finances. This is why it’s crucial to use the best accounting software. Today’s top two selling accounting software programmes are Xero and QuickBooks Enterprise. Both products have a variety of features and advantages, but QuickBooks Enterprise is generally thought to be the superior choice for companies of all sizes. Let’s examine why QuickBooks Enterprise is the superior accounting option and contrast the advantages and disadvantages of both QuickBooks Enterprise and Xero.
QuickBooks Enterprise
A comprehensive accounting software programme, QuickBooks Enterprise is made to accommodate the requirements of companies of all sizes. In addition to extensive reporting and forecasting capabilities, payroll administration tools, inventory management, and other features, it provides a wide range of potent features to assist businesses in managing their finances.
Moreover, QuickBooks Enterprise is very user-friendly, making it simple to navigate and use for even inexperienced users.
On the other hand, Xero is a small- to medium-sized business-specific cloud-based accounting software solution. Along with these features and advantages, it provides bill payment, inventory management, and invoicing. However Xero frequently receives criticism for lacking functionalities, especially when compared to QuickBooks 2023
So, what are the benefits and drawbacks of Xero and QuickBooks Enterprise?
XERO vs. QuickBooks Enterprise
Although both QuickBooks Enterprise and Xero have their advantages, in terms of capabilities and functionality, QuickBooks Enterprise comes out on top. It is a more capable and complete accounting software solution made to accommodate the requirements of companies of all sizes. For companies that need sophisticated reporting and forecasting capabilities, s
trong payroll administration systems, and inventory management features, the investment may be more expensive, but it is worthwhile. The choice between QuickBooks Enterprise and Xero will ultimately depend on your unique requirements and financial constraints.
Benefits of using QuickBooks Enterprise:
- Capabilities for advanced reporting and forecasting
- Friendly user interface
- Strong payroll management resources
- Features of inventory management
- Individual dashboards
- Access to a variety of integrations and third-party apps
Drawbacks of QuickBooks Enterprise:
- Increased price compared to Xero
- Some people may find it overwhelming
- Needs some amount of accounting expertise to be used correctly.
The following are some advantages of Xero:
- Friendly user interface
- Simple to set up and use; automated bank feeds and reconciliation;
- integrates with a number of third-party apps and services
Xero’s drawbacks:
Low capacity for reporting and forecasting Absence of cutting-edge payroll management software Minimal features for inventory management Not as feature- and functionality-rich as QuickBooks Enterprise.
Let’s Explore QuickBooks and XERO in Detail
In terms of popularity, QuickBooks Enterprise dominates the market for accounting software. According to a Statista report, QuickBooks held 60% of the American market share for accounting software in 2020. Xero, on the other hand, held only 3% of the market.
Additionally, QuickBooks Enterprise has a track record of assisting companies in streamlining their accounting procedures. In a TechValidate survey, customers of QuickBooks Enterprise reported that the programme had improved their financial management efficiency by 88% and helped them make better business decisions by 77%.
When comparing prices, QuickBooks Enterprise is more expensive than Xero. But, for companies that need sophisticated financial management tools, QuickBooks Enterprise’s extra features and capabilities make it a worthy purchase. Xero starts at $11 per month, whereas the price of QuickBooks Enterprise is $1,213.20 per year.
The simplicity of use is one area where Xero does have an edge. In a Software Advice study, 86% of Xero users stated the programme was simple to use and navigate, compared to only 71% of QuickBooks Enterprise customers. The reason behind this, though, might be because QuickBooks Enterprise is a more complete software programme that provides a greater array of features and functionalities.
QuickBooks Enterprise excels at advanced reporting and forecasting, which is another area. Over 200 built-in reports are available in QuickBooks Enterprise, and you can also tailor reports to meet your unique business needs. Businesses can easily take advantage of these insights into their financial performance and make wise decisions as a result. Xero, in contrast, offers a smaller selection of reporting and forecasting options.
Access to several third-party applications and services is made possible by integrating Xero with QuickBooks Enterprise. The QuickBooks App Store offers more than 200 apps and services for QuickBooks Enterprise, which provides a greater number of integrations.
Customer Support Performance
Both Xero and QuickBooks Enterprise support help, however the calibre of that support may be different between the two products. The fact that QuickBooks Enterprise support is available by phone, email, and live chat around-the-clock is a huge benefit for companies that need assistance right away. The support staff can assist you with a variety of problems, from setting up your account to resolving software glitches. They are competent and quick to respond.
In contrast, Xero provides live chat and email help throughout business hours. Although though their support staff is often helpful, certain organisations that need quick assistance or prefer voice communication over text may find the absence of phone support to be a drawback.
Conclusion
Xero might be a good alternative for tiny companies with simple accounting requirements, but QuickBooks Enterprise is the better option for companies of all sizes that need sophisticated financial management capabilities. Powerful payroll administration tools, inventory management features, and complex reporting and forecasting capabilities are just a few of the features and functionality that QuickBooks Enterprise has to offer.
