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FreshBooks vs Xero: Which Accounting Software is Right for You?

freshbooks vs quickbooks vs xero

While FreshBooks lets you send an unlimited amount of invoices each month, it restricts the number of clients you can invoice per plan. And Xero doesn’t limit your billable clients, but it does limit you to sending just 20 invoices a month with the cheapest plan. Kelsey Sheehy is a senior writer and NerdWallet authority on small business.

freshbooks vs quickbooks vs xero

Additional accounting software to consider

Plus, spending time with the software beforehand will help you feel more confident in your decision. Regardless of the pricing model you select, watch out for hidden fees. These can include charges for customization options, installation or setup services, integrations, and maintenance or support services.

Industry Best Customer Service

You will also want to choose software that uses the accrual basis accounting method for recording transactions. Many FreshBooks customers have service-based businesses that have them constantly on the go. Not all accounting software options allow you to bring your software along with you while serving billable clients. There are a number of payment processors and payment options you can choose through FreshBooks. FreshBooks integrates with a number of payment processors so that you can choose the payment method that works best for you and your business (and can deal with multiple currencies).

Faster, easier payments: New features in Xero

The extreme customization might be a bit overwhelming for new users. However, as you get used to the software, you will realize how effective and efficient it is. It has over 15 templates in different formats, ensuring your invoices look attractive and professional. A basic dashboard gives you an overview of your sales and payments. This software has a wide range of Excel import templates, making it easy to import data. Whether you want to import invoices, receipts, or something else, you should be able to find a template that meets your needs.

freshbooks vs quickbooks vs xero

freshbooks vs quickbooks vs xero

The Advanced Payments feature also allows companies to accept credit card payments in person and over the phone. You don’t have time to spend figuring out how to use complicated accounting software. With FreshBooks, you’ll confidently create invoices, input expenses, and do your bookkeeping in half the time.

Akaunting: Don’t be fooled by “free” software

freshbooks vs quickbooks vs xero

Ya know who always picks up and never transfers you when you call FreshBooks? At 91%, FreshBooks has the best rating for customer support among all competitors. Our simple yet robust interface has a very short learning curve, so you and your team can hit the ground running.

The dashboard makes it easy to get to what you need, whether that is the general ledger or invoicing. On the dashboard, you get a quick glimpse of your business’s financial health, allowing you to plan for upcoming expenses. If you can’t justify the $90-per-month QuickBooks Online Plus plan, you won’t get inventory management, because QuickBooks Online’s lower-tier plans don’t come with it.

  1. But in contrast, it’s far better suited to addressing the concerns of a large-scale corporation.
  2. If you want super user-friendly software that accountants and bookkeepers use daily all over the world, QuickBooks Online is definitely a solid choice.
  3. We collect the data for our software ratings from products’ public-facing websites and from company representatives.

Xero has no limit to how many users can access data, whereas QuickBooks limits this to 40 with its Enterprise plan. FreshBooks doesn’t offer quite as many connections, with just 100 partner apps. However, you’ll be able to find integrations to help you analyze data, book appointments, manage projects, run payroll and so much more. Choosing the right accounting software can ensure your small business manages its finances well.

Xero offers accounts payable features with all plans — although you can enter only five bills per month with the Early plan. The software’s bill management tools are detailed, giving you the ability to access all of your bills online in one place, make batch payments and schedule them in advance. In contrast, FreshBooks includes basic accounts payable tools like bill tracking with the Premium plan and doesn’t offer them with the Lite or Plus plans.

If necessary, you can also give a Xero support person access to your account so they can take a closer look. Xero doesn’t have a phone number customers can call, but it can provide a callback if necessary. Due to its limited accounting features compared to Xero, FreshBooks doesn’t offer as many report options, and within its reports, customization is pretty sparse. FreshBooks is a great alternative to QuickBooks if you’re a solopreneur, freelancer, or small business owner looking mainly for accounting software that caters to services rather than products. Despite all of QuickBooks’ advanced features, the platform does a good job with user-friendliness. On most of the platform’s pages, I had the option to «take a tour» through the interface and its options.

All three of the accounting software solutions offer integrations with other software. The Lite plan is the basic plan packed with features for small businesses. You can have up to five clients on this plan, and it’s $15 a month. For many businesses, these two features are the most important when it comes to accounting software. The interface is very cluttered and can be overwhelming for new users. Even if you have experience with accounting software, it will take some time to get used to Xero.

However, if your top priority is ease of use, FreshBooks is the better choice as it’s far more beginner-friendly. By customizing fields, QuickBooks allows business owners to track what they want in a way that makes sense for their business. For business owners working with an accountant, what is a general ledger account this keeps both parties synced to data that is meaningful to operations. For example, you can track sales based on sales representatives working on ways to motivate the sales force to generate more revenues. FreshBooks doesn’t allow users to get deep into the weeds with customizations.

In addition, you can bill for tracked hours, track and manage time for a specific project and allow your employees to track their time (if you’re using the team members add-on). Project tracking tools in higher-tier plans; lacks industry-specific reports and transaction tracking tags; users with multiple businesses must pay for separate subscriptions. Accounting software is used to extract data from large tax documents, create new journal entries, track payments, send invoices, and eliminate manual data entry. Automation can provide enormous time savings for finance departments that total thousands of hours annually, which is another reason to consider implementing accounting software. Our favorite features during our test of Freshbooks accounting software included its invoicing and project management tools, and the Gusto payroll integration.

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