As with QuickBooks, you can use Xero to generate custom branded invoices, send client payment reminders, and view invoice payment status. Other shared features include recurring invoices, one-click client payments and mobile invoicing. We found all these features to be user-friendly in Xero, and we were happy purchase discounts returns and allowances that they are available to all users. However, Xero provides the unique ability to reimburse employee expenses, including mileage reimbursement.

Tax Support

1. This way, you can access these reports near-instantly upon logging into Xero.
2. To compare QuickBooks vs. Xero accounting, we consulted product documentation and user reviews.
3. As part of that, we recommend products and services for their success.

The QuickBooks Simple Start plan costs $30 per month and supports one user, making it best for very tiny businesses or for a single freelancer. Features include expense tracking, contact management, and unlimited invoices and estimates. Reporting abilities are limited, though a raft of third-party integrations are available (many cost a little extra, but some are free). Xero is cloud-based accounting software designed for small-to-medium-sized businesses. Its features include invoicing, bank reconciliation, expense tracking, and reporting.

Inventory Management: Tie

We also like that you can use Xero to set recurring bills, generate billing reports, and store and organize all your bills. This makes the tool as great for payment as for understanding 13 things bookkeepers do for small businesses your cash outflows. Plus, you get bill pay tools no matter which package you choose, although you can only pay five bills per month with the Early plan.

Our editorial team independently evaluates products based on thousands of hours of research. Learn more about our full process and see who our partners are here. Can support larger small businesses with dozens of employees; highest-tier plan includes 25 users. We believe everyone should be able to make financial decisions with confidence. QuickBooks has an online portal that users with common problems can check to resolve any issues without involving customer support.

Tax Tools

Xero lets users create two active tracking categories, while QuickBooks Online allows users to create 40 in the Simple Start, Essentials and Plus plans. The more categories you create, the more reports you can run to get a better idea of how your business functions and where there’s room to grow. Xero and QuickBooks are two of our best-rated accounting tools, but Wave is undoubtedly the safest bet for businesses watching the bottom line. Unlike Xero and QuickBooks, businesses can get started on Wave for completely free and the software is also available to an unlimited number of users — extending its use even further. It has all the features of Growing, plus support for multi-currency claims and expense claims, as well as a function for tracking time and costs on a per-project basis.

Along with essential invoicing features, you get access to the vast QuickBooks network — if your clients use QuickBooks, transactions are especially easy. QuickBooks also includes over two dozen prebuilt reports; custom report functionality is available in the highest tier. We like how much do insurance payouts have to be counted as income power QuickBooks gives you over your monetary data. QuickBooks is an accounting industry leader, so its app integrations are exceptionally diverse and high-quality.

Compared to QuickBooks, Xero’s time tracking features are easy to use. You can simply download the free Xero Projects app on iOS and Android, using it to record time and costs, as well as seamlessly and automatically feed the data into invoices and reports. Xero also lets you send quotes and estimates that can quickly pull up data on contacts, inventory, and pricing. Additional automation abilities let you select inventory items from a preset list, quickly duplicate a previous invoice, or set up automatic invoices for repeat orders. Plus, read receipts let you know when customers have seen an invoice and if it’s been paid.

Higher-tier plans include unique features, like workflow rules, on top of tools that help you measure project profitability. Phone support and live chat support are available 24/5 to all paying customers, but third-party integrations are limited compared to QuickBooks Online and Xero. Service or project-based businesses should choose accounting software that can track project costs, revenues, and profits. The software must have tools to track time, record billable hours or expenses, send invoices for progress billings, or monitor project progress and performance. All of the QuickBooks plans allow you to create unlimited invoices and quotes and customize them to reflect your company branding.

Easily create, customize, and send professional invoices while on-the-go. The rate that you charge for your freelancing services can vary, so it’s important to get a grasp of market trends before sending your clients an invoice or quoting a price. Freelance rates can differ depending on experience level and industry. For example, the rate a freelance web developer charges may be different than that of a freelance graphic designer, because each freelancer specializes in a different area.

Give your customers the option of paying with one click using a credit card, bank transfer, or Apple Pay. Know when an invoice is viewed, becomes due, or gets paid, so you can stay on top of simple rent receipt template in excel your cash flow better than ever. Our (non-judgmental) team of bookkeeping, accounting, and payroll experts is standing by to coach you—or do the work for you.

Easy payroll software for small business

Thanks for using Wave to help you stay more in control of your business while on-the-go. Automate the most tedious parts of bookkeeping and get more time bookkeeping for independent contractors and small businesses for what you love. It’s been one of the best decisions I’ve made when it comes to making sure my accounting is on point. Ready to invoice in style, bookkeep less, and get paid fast?

1. These 14 states include tax services with the option to automatically transfer tax payments and file the paperwork with your state tax office and the IRS (this excludes 1099 Filings).
2. Sign up for Wave and send your first invoice right away—it only takes a few minutes!
3. Thanks for using Wave to help you stay more in control of your business while on-the-go.
4. For example, the rate a freelance web developer charges may be different than that of a freelance graphic designer, because each freelancer specializes in a different area.
5. Monitor your cash flow, stay organized, and stop sweating tax season.

All your invoicing and payment information automatically syncs with Wave’s accounting feature. Yes, switching from other accounting apps or products to Wave is easy! See our step-by-step guide on how to import bookkeeping data into Wave here. Wave uses real, double-entry accounting software.

Add credit card payments to get paid faster and stop chasing customers with auto-reminders

I look at the dashboard and know how many invoices are on the way, when they should be paid, and the average time it takes someone to pay. It keeps me on track and takes a lot out of my hands. Monitor your cash flow, stay organized, and stop sweating tax season. Say #sorrynotsorry to your spreadsheets and shoeboxes.

Unlimited billable customers at no additional cost

“It’s not just a cool piece of software, it is giving peace of mind to people.” You deserve to know your taxes aren’t something you have to sweat over the entire calendar year.” Wave has helped over 2 million North American small business owners take control of their finances. Wave has helped over 2 million small business owners in the US and Canada take control of their finances. reporting and analyzing current liabilities With this release, we’re waving bye to bugs and hello to stability improvements.

You can effectively analyze the financial health of your business, find ways to generate more profit, and move forward with your business plan. Create beautiful invoices, accept online payments, and make accounting easy—all in one place—with Wave’s suite of money management tools. Get paid in as fast as 1-2 business days1, enhance your brand, and look more professional when you enable payments. Customers can click a Pay Now button on invoices and pay instantly by credit card, secure bank payment (ACH/EFT), or Apple Pay.

Accounting software that works as hard as you do

I’m glad the option is still available online and the system works great and the amount of different charts available is super helpful. With a Pro Plan subscription, you can connect your bank account with Wave and automatically import your transactions. Upon processing your first payroll, you can use Wave Payroll for up to 30 days, commitment-free. At any time, you can activate to start your billing cycle and gain access to items like tax filing and approving payrolls beyond the current month. See our full US terms here, and our full Canadian terms here. Our payroll software is seamlessly connected with the rest of your Wave account to reduce the time you spend on manual bookkeeping.

Wave Payroll supports paying both employees and independent contractors when you run payroll. The proper tax forms—1099 in the US and T4-A in Canada—are also generated for you. In self-service states (all other 36 states) Wave Payroll does not make payments or file on your behalf. Only pay for what you use and simplify annual audits with workers’ comp built for small business owners. Employees can securely log in to access their pay stubs and W2s, and manage their contact and banking information.