Xero v QuickBooks for Your Ecommerce Store
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- Опубликовано: 3 авг 2024
- Xero v QuickBooks for Your Ecommerce Store - This video talks about the most important features for an ecommerce store and will show you how Xero and QuickBooks Online (QBO) stack up. We talk about some of the other players out there: Freshbooks, Kashoo, Wave, Zoho Books, and others, and why they may not be ideal solutions.
📊📞For help with your ecommerce accounting needs, book a free consultation with sales here: acuity.co/ecommerce-accountin...
🕰️Timestamps:
0:00: Intro
0:23: Spreadsheets
0:57: Little Guys
2:26: History
8:01: Which is right for you
💡✔️Helpful Resources
Want to learn more tips on Xero vs QuickBooks Online? Check out these videos: • • Quickbooks Online vs. ... and • • Should I use Quickbook... • • Xero v QuickBooks for ...
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At Acuity, we specialize in providing accounting and online bookkeeping services tailor-made for ecommerce entrepreneurs. With a team of dedicated experts, we've become the trusted financial backbone for over 2,000 entrepreneurs.
We empower you to scale your business efficiently, make more informed business decisions, and free up valuable hours in your week.
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💙★💻 VIDEO LINKS 💻★💙
Xero - 30-day free trial
► www.xero.com/us/?type=partner... (affiliate link)
QuickBooks Online - 30-day free trial
► quickbooks.intuit.com/pricing/
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![Best Way To DIY Your Accounting Records [Quickbooks vs. Alternatives vs. Xero vs. Spreadsheets]](/img/1.gif)
Thanks for watching! Which accounting system do you like best and why?
I am thinking of changing to Xero, I hear it is alot more user friendly
We use xudit. Very powerful.
Used QBO for a couple of our businesses &their customer support is terrible,almost non-existent. So you're absolutely right that they keep u on hold for ever &when they come,they seemed to not know what/ how to address our issues.Will try Xero. Thanks.
you all probably dont care at all but does anybody know a tool to log back into an instagram account..?
I was stupid lost the password. I would appreciate any tips you can give me.
I am watching on my desktop computer at work without being logged onto my YT account, and I absolutely had to pause the video and grab my phone to type this comment. I am sooo happy I found your channel, I'm an accountant testing the waters with an e-commerce wholesale store and this channel is providing me with a wealth of great info/leads to look into. Thank you for making this content, keep it up! Wish you a great day 😊🙏🌷
Wow! What I glowing review! I appreciate you following and am glad this helped.
GREAT video! You did an extraordinary job of comparing the two and I really appreciated the background/history of each product's evolution. It was VERY helpful. Thank you for sharing this video! Well done!
Steve Worrell - My pleasure! Glad you found it helpful.
Thank you so much for this informative comparison. I am using a spreadsheet for my new ecommerce business, and need to put into a program to send to my accountant and to make our lives easier. You really helped me make my decision!
So happy to have helped!
As I recall it was the mid to late eighties when QuickBooks software first appeared. I could be thinking of Quicken but I remember my accountant for my business encouraging me to buy it and learn it!
crabutler I'm pretty sure you're thinking of Quicken or *maybe* QuickBooks (both desktop but QB was early 90s, I think). The internet certainly wasn't ready for QuickBooks Online back then. :)
distilled gold, will be watching more :D
much appreciated, thanks for putting in the time to make this
You're very welcome, Alex! Thanks for the kind words.
Quickbooks charges for tech support and the 2022 version to be released inn October is online subscription only. The price is going up too, for the most basic version you will pay $500 a year instead of one time.
Yep. Big bummer for lots of people.
I just love your videos! You speak about every subject that I search for.
That's so great! I hope you've become a subscriber. :) (Then if you click on the bell, it'll automatically notify you when I upload a new video.)
@@AcuityEcommerce I did subscribe, but I didn't know about the bell icon. I will, and thanks!
2004 QBO and yes XERO 2006 :) Thanks for the vid
Obi Kenobi Thanks - could've sworn QBO was even earlier than that. Was worthless until much later regardless. ;)
Great explanations! really clear, even with spit and glue LOL ... ~Elizabeth :)
LOL. Yep. That was one of my favorite parts.
Really useful video. Thank you for sharing.
My pleasure. Glad you enjoyed it!
Thanks for the vid! I've been stuck trying to get a2x set up and working with Payability and QuickBooks. Someone should start a service for getting everything setup for those of us that would like to focus their time on other matters.
Thanks for watching!
Thank you so much, very informative. Especially the history bits. Terrific. Shared with friends.
Thanks for watching.
Thank you!
You're welcome!
Great discourse, you nailed it.
Thanks!
thank you, great video!!!!
Glad you liked it!
Hi...this video is super helpful. Thank you for what you do 👍
You are so welcome!
Very nicely described the difference.
Thanks a lot
Per your question about QBO support, I'm extremely happy with it. They call back immediately if you take that option.
So funny - I got two RUclips comments today. Yours and another one that says the exact opposite about QBO support. :)
Ironically I find as a newbie to both...at first glance I like the UI better on QBO :)
Obi Kenobi Yep - I think it's an Apple vs PC debate at this point.
Many thanks...
Most welcome!
Hi Patti, Love your nomad/remote work videos! After 3 years without vacation and minimizing travel to focus on building my ecommerce business, I've been testing my remote work system in 2019.
What personal finance software do you recommend? After 20+ years of Quicken, I've had enough! During a recent trip to China, I tried to pay a few bills but couldn't sync because Quicken said my subscription expired 3-4 weeks earlier?? I use it weekly, so don't know how this is possible. I had to pay $70 to upgrade to the newer version (with Billpay) before downloading my current transactions and paying bills.
I use Quickbooks Online (my CPA's subscription) for business. I have a financial planner, stocks and investments, no debt or loans and don't mirco manage my portfolio, so I don't feel is is necessary for my software to sync with all this. My personal finance requirements are basic, download transactions, pay bills and provide spreadsheets to my accountant at tax time.
Thank you for the kind words. :)
If you've been watching my videos, you know I"m a massive geek, so... yeah... I use Xero for my personal finances. The bank rules just make it so stinkin' easy, and I can work magic in customizing the reports.
HOWEVER, I'm also a big fan of YNAB and how they help people with budgeting. I used them for several years, but their transition to the cloud was too clunky for me to bear... that's when I switched to Xero. It's been a long time since I looked at them... might be worth a second look.
can u help me by giving job or work i have practice on xero and quickbooks wave but im jobless since 1 yr
Great video, what integration software do you recommend, like for example A2X, Webgility etc.? Thank you.
A2X. 100%.
I am new to QB and Xero. I starting using QB a few weeks ago and then I thought I would give Xero a try. I really don't like how the reconcile page is setup. That seems very confusing to me. In QB, you can click on the transaction and see the detail and reconcile on that page. In Zero you have to click on the details link then you have to click on the X to close the details box. I don't care for how the box to enter the info is to the right. QB IMO does a better job laying out the data. I like QB dashboard layout better. It seems to me that Zero is a bit behind with their interview. I think QB has a better easier to use interface. I am sure it's partly what you get use to using. I'll give it another week and see but right now my bet is with QBO.
Also I've called into QB several times and the support was excellent. The even sent me follow up emails asking if the issue was resolved. QB can pull the market more since the have $$$$ for development. I am sure QB has some downsides. There are few squarely things that have happened on QBO with data but it seemed to sort itself out.
To each his own. I know tons of people who love QBO. Personally, it drives me crazy and I MUCH prefer Xero. lol. But it's definitely a big player in the US market and not a "wrong" choice. It just comes down to personal preference.
Nice video prepare it's a rare topic you find out on youtube. Is a transaction we are sending from A2x to xero it a month single entry or it's a single entry of each bank transaction .should it we do one by one transfer each entry or it's automatically syncrinze entry from A2X to xero
Hmm... I'm not sure I fully understand your question, but maybe it'll help if I explain how it works...
Amazon doesn't deposit money into your bank account sale by sale. Instead, it will create a "batch" of transactions, often grouping a couple weeks of sales at a time, and it'll deposit the net amount in a single batch. The batch may span several different weeks or even a couple weeks in separate months.
A2X will identify all the related income and fees in each batch & create one summary entry (as a sales invoice in Xero) with separate lines for each accounting line item (income, storage expense, FBA fees, etc.) that matches the net amount deposited into the bank account, or it'll create a couple of entries (one for each monthly period) that, added together, matches the net deposit for Amazon's batch. This allows for accurate accounting for both cash and accrual basis businesses.
You can set A2X to automatically push the transactions into Xero as invoices, so they are ready to match against the bank deposit with just a click or two. Boom.
@@AcuityEcommerce BOOM! I like it!
Thanks, the point about multiple currencies is critical for me, as is support, and API. So these would have been good criteria to start with. Not sure that the historical comparison is relevant unless I acquire a TARDIS.
I hoped from the topic you'd focus on online shop integration. especially costs to have more than one shop brand. I gather QB can do that, but Xero you have to buy a licence for each 'business'. Also data migration between tools - QB to Xero is simple, not so the other way.
I note that the most important feature of these tools - forecasting seems to not be a point of comparison. Also digital receipt generation. Integrated in QB you have to pay another USD $144 pa for Hubdoc.
Thanks for watching and for taking the time to provide feedback.
Hi. Thank you for your video that is very informative. I considering subscribing/buying the Xero software. One challenge I find is on the inventory part, I am not buying inventory (Eggs in my case). I am a small scale farmer in Zambia, Central Africa. I keep layers (chickens) and spend on chicken feed and a few other items as a cost of my production. How do I bring in the inventory on cost without duplicating with the costs of materials (Feed etc)? Is the another module that can be added to the standard module to deal with my situation? Thanks
Inventory in Xero is not very robust. We always recommend that people use a cloud inventory tool for that purpose.
@@AcuityEcommerce much appreciated
hi I am a small child care business and at this moment in time I use Quick books , mainly for invoicing. I find it difficult to navigate and I am sure there must be an easier way. my account looked through my Quick books and suggest I try xero . I have contacted them a couple of times with questions about deduction on balances and duplication of invoices, I was once told that was just the way it worked! I came off the telephone feeling confused. After your blog i am going to Xero a try. Thanks for the blog and information .
Good luck!
Honestly, most really small business should not be wasting time on accounting systems. Use open source spreadsheets.
Hello, in Australia Xero is far more expensive than Quickbooks , xero charge $65 per month for the premium! and Quickbooks is around $35 per month, it's a no brainer
Right... because they're trying to get a foothold in that market. Don't get used to it. Intuit raised their prices three times in the US this year. :/
@@AcuityEcommerce Oh, ok, Xero may raise prices as well, thanks for the tip.
Excellent presentation, I wonder if you have any video for how to get bookkeeping clients. Thank you
Nope. My focus is really on educating people on ecommerce accounting, not so much on building accounting practices (except as it relates to general entrepreneurship), but I know there are TONS and sales-centric resources out there. Just gotta search for them. (Sorry, no recommendations... I've just kind of found my own way in this regard.)
@9:07 Xero it is then lol.I've been contemplating on quickbooks and xero(always read xero is the best but wasn't really sure it was what I needed)but if Xero has an Ebay/Paypal integration then I'm gonna assume it'll work(I mean I do have 30 days to find out anyway).I read today on a forum(I think reddit) that when someone tried to cancel their quickbooks account(to go to xero actually) they coincidentally were getting busy signals on quickbooks end while being transferred over to that department lol
lol - that totally does not surprise me. And - hey - I've posted a video about PayPal in case you're interested...ruclips.net/video/_JRbwvFU-LI/видео.html But hopefully you're a subscriber & have already seen this. ;)
You rock.
Thanks. You too! ;)
QBO has a many more features than Xero with respect to inventory. For example, at end of year stocktake QBO allows you to bulk change the stock numbers, whereas in Xero you need to update each individual item with about 8 to 10 clicks per item. It you have more than a 100 items this quickly becomes a really cumbersome exercise taking days instead of 30 minutes for QBO. My 2 cents.
For ecommerce sellers, we recommend using a cloud inventory tool instead of trying to use QBO or Xero as an ERP system... so the inventory functionality ends up becoming irrelevant, in my opinion.
But thanks for adding your two cents!
Thanks for your reply. Unfortunately we found the cloud inventory systems inventory add-ons are extraordinarily slow, clumsy and expensive. We have tried Unleashed, Trade Gecko and Dear Systems. All of these at least doubled if not quadrupled the workload involved in processing an order. We gave up on these after weeks of trying each of them. Also these systems are expensive, Unleashed for example is $220 a month on top of the Xero cost. I think Xero is terrific for book keeping, but the whole idea of tacking addons, (all of which look totally different to the "host" software) is very clumsy.
Well... all the inventory systems have their own unique challenges. When a business is small, the additional overhead is undeniably a burden. Unfortunately, in our experience, a cloud inventory system is the only way to truly scale a business.
Hi, First of all thank you for your video. We have been using Xero for our business since 2016. At first we where only selling on Amazon US. So tracking inventory was fairly easy. But now we started selling on Shopify (using a 3PL warehouse) and also selling through other retailers (Dropshipping). To integrate with those retailers we had to set up SPS commerce (EDI). We are now trying to find which inventory management software would be the best to track our inventory per sales channel and per warehouse. If you have a good API that we could use and link to Xero it would be Amazing. Thank you for your help.
Do you have a video on how to process a payment to a credit card? I see a bunch of payments that I made back to my credit cards for monthly memberships such as Xero, and for materials purchased for the company. How do these left side items line up on the right side ?
I would actually go to Xero's website and check out one of their tutorials. It should be as easy as connecting the credit card feed & then just creating from the transaction.
central.xero.com/s/article/Manage-your-credit-card-account
Agree on QB online being horrible back when it first started. :0D
I think everyone was of the same mind back then. :)
Thank you for the video. It was informative. I am a transportation company (LIVERY) and I have been in the dark ages, wishes to get on board to find one software to handle all the accounting, payroll, reporting, stuff. I 2 to 3 employees, have a lot of transactions expenses almost daily, and I would love to have a software that I can pay under $70 a month for everything each month to handle all this stuff. Receitpts, reconciling, payroll, a few invoices etc. Can you help me find such software?
Since you say you're coming from the dark ages, I'll tell you that one swiss army knife is not how it's done anymore. Now it's all best of breed... you let the payroll companies do payroll (Gusto, OnPay, Rippling), and you let the accounting companies do accounting (Xero, QuickBooks Online).
I don't specialize in transportation companies, but I'll tell you that if you were my client, you'd be on Xero, Hubdoc, and Gusto for all that, and if you didn't have foreign currencies, you could probably be sub-$100/mo for software (and they integrate beautifully).
Another video you had said that with eCommerce the number of items you sell can get quite large and that QBO is not the best for that, and that instead you should use Xero or a cloud based inventory software. Which of your videos talks about inventory storage with Xero?
I've tried to respond to this multiple times over the past several weeks, but RUclips keeps deleting my response. Let's try one more time....
Xero is no better than QBO for managing inventory - they are six of one and half a dozen of the other. Instead, you want to go with a cloud inventory solution.
ruclips.net/video/o8eleKxISbs/видео.html
While I have nothing against this video -- good content.
However, I see no issues for a one-person business to use a spreadsheet to track incoming payments. I've been doing this for decades and it has never presented a problem. It does require one to be on top of their owed monies, but as the only person in your business you should be on top of everything. :)
More power to ya'! :)
QBO allows for both csv or direct connect download via bank. What I don't like it QBO price just went up again. You mentioned love for Xero for ease, features & API. Was price another factor you chose Xero?
Price is always a factor when making business decisions. :)
I can tell you that the price has been the same or gone down (when they killed off their payroll feature a year or two ago) since 2012. Each subscription is going up $2 either this month or next (can't remember), but they'll be throwing in Hubdoc which has historically been $20/mo/company on its own. So it's a killer deal for those of us who use both.
Mind if I ask a question or two? Canadian Accountant here.
I notice HubDoc isn't included here. Is it as good as the others?
I had a client using QBO about 4 years ago. The biggest problem is that it didn't compare well to QB Desktop. As you know, in Desktop you just click on an account on the Balance sheet or Income statement and the account pops up in a new window. You look through the account , find a transaction you are looking for, double click and there it is. Very useful to figure out what the heck the client did. QBO didn't easily do this. You could fool around with cloning tabs on your browser, but sort of kludgy.
Does QBO still suffer from those problems. How is Xero for speed and ability to double click and open a new window on the account or transaction.
Thanks
I think Xero and QBO are about the same, and neither are quite as clean as the drill-down-ness that QB Desktop offers. That wasn't enough to keep me out of the cloud, though. ;)
I personally love Hubdoc, but many have been complaining about their fetching as of late. Xero recently announced that they're raising the price of Xero by $2 per month, but they'll be throwing in Hubdoc for free. So... that's hard to beat. :)
Thank you for the insight! I'm a small business owner who is at the point where I need an accounting system and I'm not sure if Quickbooks is for me. I happened to just conduct a general search for Quickbooks competitors and stumbled on Xero. It looks financially feasible and easy to use; however, with any cloud-based software, I'm concerned about security. Does anyone have any information on how secure Xero is in comparison to Quickbooks?
QuickBooks and Xero are equally secure. Both companies take security seriously and invest the appropriate resources. I wouldn't consider this a distinguishing factor between the two.
can you tell me more about reconciling shopify/ amazon with qbo/xero and a2x?
You should probably reach out to A2X with your specific questions. I'm sure they'd be happy to answer them.
Alternatively, I"m updating both of our courses (Accounting for Amazon and Accounting for Shopify) later this month. (academy.catchingclouds.net)
Can a single XERO account subscription handle personal accounting AND several different businesses accounting records all in one place or do you need a separate subscription for each? e.g different properties where I can view Profit & Loss etc on each property; two separate consultancy businesses plus my partners salary and tax records? I'm kinda hoping the 'bank rules' you refer to below will be flexible and wide enough to cater for everything all in one place! :-)
No, unfortunately, you need separate subscriptions for each entity. I know some people who try to put everything into one file by using Tracking Categories, but that makes the accountant in me cringe. ;)
Just a question, will these apps be able to keep my track of my facebook ad costs too automatically? :)
Yes. Both have "bank rules," so when you connect them to the bank, you can set up a rule to automatically classify them to an advertising account. Easy.
Catching Clouds Academy oh thank you for replying! Would you recommend to buy one of these systems as soon as possible even if I just started selling with Shopify?
As long as the (minimal) cost doesn't interfere with you starting to sell.
Which software is best to use if you have multiple ebay accounts or multiple paypal accounts?
Whichever one you prefer. Xero and QuickBooks Online are the two big players. I prefer Xero. Someone else might prefer QBO. Both can get you where you need to go.
@@AcuityEcommerce thanks
I think Quickbooks Online started in 1894 ;)
LOL! You might be right. ;)
I'm trying to do it manually whilst sales are slow. I have QBO. When I setup chartered accounts (FBA Fees, Refunds, etc etc) I cannot seem to find it when entering the invoice on products/services?
In QBO you define the accounts to use for each product/service when you set up your products & services. Go look for those items and tweak the settings.
Hi all! Please advise if I need Multi Currency support,
Invoicing, Importation from CSV from banks - which program is better for those things?
Depends which banks & what currencies are used with the bank accounts. It also depends which software you're using. It's best to reach out to their customer support.
Thanks for your excellent review Patty. I am starting on the 10th year of an electrical business and Quickbooks is giving me fits. It will not allow me to email invoices. If you would be willing to personal message me I would really appreciate it!
Sorry - no time for individual consulting but best of luck to you!
Patti, I just noticed that the cash flow statement does not list and total the components of cash, so we know it balances. On the "Craig's design and landscaping services" sample company stmt of cash flows Cash at end of period does not match cash on the balance sheet. The difference was undeposited funds. I wanted to change it to a cash account rather than other assets, but I couldn't figure out how to edit the chart of accounts.
QuickBooks, I assume? Sounds like a great question for their support team. ;)
@@AcuityEcommerce Yeah, QBO.
Does Xero work for bookkeeping in Europe? I assume there are different rules and regulations with every region.
Yes, and they handle multicurrency really well.
@@AcuityEcommerce Thank you for responding. I have to pay VAT in Germany, will this software linked with a2x will give me the exact VAT returns that I have to pay in Germany? Thanks for all your videos! I discovered you yesterday and am glad I did :D
@@Guy-Scott Happy to help! You can use Xero to record how much VAT you've collected, but when it comes to filling returns, I'm pretty sure you're on your own. (But this is outside my realm of experience, so you should probably check with a local accountant. If you don't have one, Xero should be able to help connect you with one.)
If my Business Banking account uses quickbooks (exporting) should i still use XERO or would it just be easier to deal with quickbooks?
It's personal preference. Some people love QuickBooks. I love Xero.
@@AcuityEcommerce I called my CPA and he said it really doesn't matter what you use as long as the P&L statements are complete and accurate. Xero can merge with my bank (even though they are Quickbooks compatible) as well A2X/Amazon. I should be okay going with Xero. I am in the trial period now - so far so good!
1 question do you know if Xero or quickbooks have integration with Mercari?
I don't know. You'll need to ask them.
does xero work for india
Karter Tyre Gauge - I'm not really sure. I know Xero has a global edition... I would just go to their website & reach out to them with your specific questions to see if it's the right fit for you.
Hi, For PayPal which would you recommend please Xero or Quickbooks? I like cashcoding and using rules in Xero! The biggest problem with Xero is you can not bulk recollection bank transfers community.xero.com/business/discussion/4996264 while in quickbooks you can. Once you reach 1000 transaction per month in PayPal. Xero starts to struggle :/ I really like it if Xero, did month summary of sales for paypal. I'm wondering now would QuickBooks be better than Xero for ebay sellers?
I'm partial to Xero for a variety of reasons. Where you're seeing Xero struggle with volume... you'll also see QuickBooks struggle with volume. Neither was made to be an ERP system. I'd recommend you check out these videos:
Shopify: ruclips.net/video/Q7_6xtBON6M/видео.html
PayPal: ruclips.net/video/_JRbwvFU-LI/видео.html
Even though the first video is about Shopify (not eBay), the underlying issues are the same whether you're selling on eBay, Etsy, Shopify, BigCommerce, etc. All ecommerce sellers struggle with this problem in their accounting, and you can't fix it by switching from Xero to QuickBooks.
2001 actually
investors.intuit.com/press-releases/press-release-details/2015/QuickBooks-Online-Passes-1-Million-Paid-Subscribers/default.aspx
Thanks for the correction! :)
Stay away from "cloud based accounting". Get a desktop-based system (preferably on an old operating system like windows XP and keep away from the internet or anything else that can make changes to the operating system or the accounting program) (the one exception would be "gnucash" on a newer operating system. Gnucash is free, it is stable and it will get the job done for small businesses). What you should be looking for is "stability...stability...and stability". That's why you should stay away from "Quickbooks" which is so poorly designed as to be unstable. (search for "Why quickbooks is not a business tool"). Understand that accounting software has, in general gotten WORSE for the small business owner. The software companies will try to bleed you dry. For medium size companies...go with "Sage 50" or other Sage product. If you can find an old copy of Peachtree accounting with serial #, registration # and customer # that would be ideal on windows XP. But it won't be easy to find.
You are the business failure statistic.
Windows XP? Your advice is putting confidential financial data and nonpublic information on the MOST insecure operating system ever? That has had no official support since 2006? This is your advice?
There is nothing more secure than an operating system that is not online and never receives updates. Accounting packages are designed to break when the operating system is updated so you have to pay for more support. My system is for very small businesses that cannot afford computer accounting software support.
@@josephupton3601 yeah, am off line application is the most secure. Have you checked out xudit? I think it's basically free unless you need additional work.
@@kennethm.380 I'll challenge that. I believe the most secure your business's data will ever be is in the cloud/stored in physical servers in multiple locations across the world. Desktop security relies on it's operating system and software providers constant patching. Offline is a tethered, risky, and a very unsecured place to store important data. quickbooks.intuit.com/global/security/
Quickbooks (Intuit) is one of the most unethical, terrible companies out there. Quickbooks online is plagued with problems and can be extremely slow. But even Quickbooks desktop is a poorly designed program with a flawed database. Trouble is that it often takes a couple of years or more before users realize just how terrible the program and the company are. Type "quickbooks complaints" into your search engine to read the nighmares. Best to get an old copy of Peachtree off Ebay and use it OFFLINE. Set it next to a newer, online computer and that way your accounting program is rock solid stable. Never update the software which always creates problems. If you must use "online software" then use it as a supplementary tool...not your main bookkeeping program.
Looks like you already shared your viewpoint this time last year.... welcome back! :)
I don't like QB
Yeah... everyone's got their preference!