Quickbooks Vs Xero Vs Wave - What cloud based accounting system is right for your business
Posted: August 1, 2017
I am frequently asked which accounting system is the best. This is all going to depend on your individual needs and budget. A solid accounting information system is the best thing you can do for your business. It helps you track all of your income and expenses giving you the information you need to make decisions confidently in a timely manner.
For a small sub contractor or part time specialist wave accounting is a great option.They offer invoicing and purchase orders at no cost. It will download all of your banking transactions for easy expense classifications. This makes printing professional financial documents a breeze. Accountants and banks really love these reports.
Xero is a newer software but is one of the fastest growing financial applications on the market. They have simplified accounting information systems to make it more user friendly for users that are not accounting nerds. They offer unlimited users and more user control options (restrictions) than the others. It is more customizable and generally plays well with add on applications.
Quickbooks has name recognition. It is the #1 accounting software for small businesses. The setup process is quite streamlined. They offer a lot of solutions in house from full service payroll to merchant payment solutions. Quickbooks limits the number of users and only has 3 different user types (or levels)
The best option for you will depend on your needs. I have been working with all 3 of them for several years and I still couldn't say I have a clear favorite ( or least favorite!)