Had an interesting chat with an Accountant this week while networking. Their gripe? "Ugh, I can't even get reports out of QBO, that's why I like Xero better."
Fightin' words for this Bookkeeper!
I shot back, "Ever thought about having a report pack emailed to your inbox from the client's QBO every month or quarter instead? Xero can't do that..." and then I gracefully walked away.
[Mic drop]
Let's compare the software:
Reports:
QBO has heaps more reports than Xero. Both can store custom reports you've made, but QBO takes it up a notch. It can have batch reports set up (even if the batch is just 1) that are emailed to ANY email address you choose (doesn't have to be in your QBO file).
General Cloud Accounting:
QBO and Xero both have bank feeds to most Australian banks. However, QBO and ANZ don't seem to like connecting very well, but once they're talking, it's just a bank feed. Both programs sport a cute little dashboard to show you pretty pictures of how your business is doing. QBO adds a splash of colour outside its corporate branding, so its dashboard might include a pretty purple or orange, a nice change from Xero's all-blue pages.
QBO's app includes an inbuilt snap-to-receipt feature, eliminating the need for a separate app. It also offers a business kilometers tracker, so if your GPS is on, your phone tracks ALL journeys, which you can later exclude the personal ones.
The app also handles on-the-go invoicing better than Xero, including quotes.
Invoicing:
QBO allows invoices to be staggered into progress payments within either the app or the main platform. Recurring, scheduling, copying, and emailing invoices are comparable to Xero. An added bonus in QBO is the ability to have Parent/Child Customers linked together, like having 180 Bunnings Stores linked to the main head office to receive a consolidated statement.
Accounts Payable/Suppliers Module:
Relatively the same as Xero's, QBO allows Purchase Orders, scheduling, copying from one bill to another, and email functions from within the program and patent from .aba files.
GST Module:
QBO contains all you need to lodge a BAS, including a link to the ATO, whereas this is just included in Xero's reporting screens.
App Integrations:
QBO has fewer app integrations compared to Xero, but this has been steadily growing over time.
Items/Stock Department:
QBO has a bit more functionality in this area compared to Xero, which is well known for not handling stock very well. QBO can bundle items and group stock into divisions.
Projects vs. Tracking, Categories, and Tagging:
Xero has been experimenting with Projects, but using it adds to your subscriptions. QBO offers tracking, categories, and tagging to make your reports and divisions in your business more fluid.
Payroll:
QBO embeds my favourite payroll software, Employment Hero (formerly known as Keypay), which is full-service payroll from rostering, Award interpretation, time and attendance right through to STP lodgement. The reasons to use that payroll software are a whole blog on its own...
Multi-Currency and Budgets:
Both programs have these features, which are pretty standard in web-based SaaS accounting programs.
Price:
QBO starts at $25.00 RRP per month, while Xero starts at $32.00 per month (payroll extra for both platforms). Of course, my clients don't pay RRP. As a Xero Advisor and a QBO Pro Advisor, I've always passed my subscription discounts on to my clients.
So, if you'd like to save some money, let's have a coffee and a chat ... or save on the coffee and just check out my 50% off offer
