Each time you make a change, the invoice sample to the right of the screen will update to reflect your current choices. Be warned, you can find yourself spending a lot of time playing around with these options. And remember, you can always go back and update any of your chosen options, so don’t worry if you don’t love the custom invoice format you’re currently using. That’s why we’re constantly developing tools that give accounting professionals deeper insights to advise clients, increased efficiency, and best-in-class resources to grow their skills and careers.
For Xero’s Early plan ($13), the number of invoices that users can send each month is capped at 20, but for all other Xero plans, users can send unlimited invoices. QuickBooks, on the other hand, is a software dedicated only to accounting. It has features required specifically for accounting like income and expense tracking, payroll management, quickbooks accounting invoicing and inventory management. Three plans give your business the scalability to grow over time and add features as necessary. The Core plan offers everything a small to midsized business would need to get started, while Premium and Elite plans enable options such as same-day direct deposit and expert assistance with setup.
It’s important to note that FreshBooks is the most competitively priced software solution we found. While QuickBooks Online is only 50 cents more than Xero, note that that is the introductory cost for the first three months. QuickBooks Online goes to $30 per month after that and is easily our most expensive option.
QuickBooks is the platform most used by professional accountants so if you plan to work with an accountant, they will likely be very familiar with the platform, its features and capabilities. Our free QuickBooks tutorial series starts with setting up QuickBooks Online for your business. QuickBooks Online — often considered the industry standard for accounting software — is fairly user-friendly, but some basic accounting knowledge will help you get started.
Higher-tier plans include more advanced capabilities like inventory management and job costing. Because the product is cloud-based, it’s accessible anywhere with an internet connection. Intuit QuickBooks is software that helps businesses manage their finances. It can track income and expenses, create invoices and receipts, and generate reports. Businesses can also connect to their bank accounts and credit card companies, making it easy to keep track of all their financial information in one place. AccountEdge Pro does just that, providing you with all of the basic inventory functionality you’ll find in QuickBooks Online, along with advanced inventory features that can make running your business a lot easier.
To manage payroll through QuickBooks Payroll, you’ll need to pay a fee for this add-on service, with plans ranging from $45 to $125 per month, plus an additional $5 to $10 per employee per month. You have easy access to all the common financial statements like balance sheet, profit and loss (P&L) statement, cash flow statements and taxes filed. You can take a printout of these statements for your accountant and send it across to them at the time of filing or invite them to view these statements without needing a login ID or password. QuickBooks is one of the most popular accounting software for small businesses in 2024. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
