Cloud accounting vs QuickBooks in Prospect Heights
For any business in Prospect Heights– be it a startup, small business or an established multinational business, it’s a must to maintain your financial accounts properly. Several decades back, accounting was solely a manual process, which was maintained in large paper books. However, with the advancements in information and communication technology, business accounting took new dimensions with computerized accounting. As of today, there are several popular and widely used automated accounting applications for you to choose from. For many years, Intuit QuickBooks has been the primary choice of businesses as their accounting software. Is it changing? Is QuickBooks losing its market share? Keep reading to find out.
What is QuickBooks?
QuickBooks is a feature rich, user friendly accounting application that has been preferred by most Small and Medium scale entrepreneurs (SMEs) around the world. Traditionally, QuickBooks is a desktop-based on-premises accounting software.
With the growing interest towards online accounting platforms, Intuit too has taken the initiative to transition its flagship product – QuickBooks, from a legacy desktop application to a web-based application, named QuickBooks online.
Benefits of cloud accounting for businesses in Prospect Heights
Over the last decade, there had been an enormous growth in software-as-a-service (SaaS) applications. By now, there are a number of successful competitors for QuickBooks, providing cloud based accounting solutions. Cloud accounting solutions allow the business to organize their financial information in one place, and access them from anywhere, unlike a traditional on-premise accounting application like QuickBooks. Furthermore, as an entrepreneur, you don’t have to worry about hiring technical people to take care of your application maintenance and upgrade. All you have to do is to log to the internet, and start using your accounting software – anywhere, anytime. Cloud accounting allows you to access your accounting information via any device – a desktop, tablet or a smartphone.
Xero – QuickBooks’s cloud competitor
A new wave of accounting apps – born and bred on the cloud have come in to compete with QuickBooks to win its market share in the business accounting domain. Xero is undoubtedly the number 1 competitor for QuickBooks, and considered ‘the alternative’ for QuickBooks. Xero is increasingly becoming popular among small businesses with about 18,000 monthly subscriptions of small businesses in the American marketplace.
Following are some of the key characteristics of Xero, which makes it stand out in the cloud accounting sphere.
- For QuickBooks users, it will be extremely easy switching between the applications, because everything you are familiar with QuickBooks is readily available in the Xero dashboard. With its tagline – ‘beautiful accounting software’, Xero has given priority to come up with an elegant UI design on its software with rich and user-friendly interfaces.
- Xero was built to work online. Its mobile version – called Xero Touch allows the users to access their personal and business accounting information right on their palm tops, anywhere, anytime.
- The key difference between Xero and QuickBooks Online is the power of Xero’s reconciling accounts feature. With Xero reconciling accounts is made easier, to ease a lot of pain in year-end accounting.
- Xero offers the capability to integrate with around 300 3rd-party business applications (QuickBooks supports only around 60). Xero integrates with some of the world-class innovative applications such as GoogleDocs, Constant Contact and Square.
- Xero provides unlimited access to employee and advisors (via authorized access control), allowing people to interact and share with accounting information.
So the bottom line is – no matter how much you love working with the good-old QuickBooks, in a few years times you will be switching gears to a cloud based accounting service like Xero. Contact us to help you with deciding whether your business in Prospect Heights should be moved to cloud from the legacy QuickBooks application. Our cloud service experts will help you with a smooth transition with minimal downtime.