Xero Vs QuickBooks Online
In today’s digital world, picking the right accounting software is important for SMEs and startups in Singapore as they strive for financial efficiency.
At 361 Degree Consultancy, we’re all about providing smart software solutions to support SMEs. We understand the importance of choosing the perfect accounting software for businesses in Singapore. That is why cloud-based options such as QuickBooks Online and Xero have emerged as leading options. Harnessing the power of artificial intelligence (AI) to streamline financial and accounting tasks.
QuickBooks Online and Xero are packed with smart features to improve user experience and to streamline financial management. But when it comes to choosing between them, it’s important to consider their user-friendliness and how they can help your business to grow.
This article will guide you through the differences between these solutions and help you find the perfect fit for your business needs!
| Features | Xero | QuickBooks Online |
|---|---|---|
| GST reports | GST F5 report & Submit your GST return directly from Xero to IRAS in one click. | Manually login to IRAS to fill in figures and do e-filing. |
| Partnerships with banks to get bank feeds | DBS OCBC UOB HSBC |
DBS |
| Optical Character Recognition | Xero uses Hubdoc for receipts and bills. | QuickBooks Online has receipt scanner app. |
| Cap on number of users | Unlimited | 5 users |
| Usage of Artificial Intelligence | ‘Just Ask Xero’ JAX is a GenAI-powered smart business companion. JAX can generate invoices, edit quotes, and manage bills across mobile app, WhatsApp, and email. JAX also offers cash flow forecasts to aid in decision-making. |
Intuit Assist for QuickBooks. Helps in automating workflows, such as invoicing, building action plans to help you meet your business goals, and answering your pressing financial questions on the spot. |
Apart from the awesome features that we have shared above, both Xero and QuickBooks offer a ton of other fantastic accounting features and functions. To learn more about these solutions, contact us to get a free 30-minute demonstration. Simply reach us via 6515 7906 or enquiry@361dc.com to arrange your non-obligatory session!
Here’s a heads-up for those operating in Singapore, there is also a 50% funding* with Xero through the Productivity Solutions Grant!
The Productivity Solutions Grant (PSG) is designed to help SMEs boost productivity by adopting pre-approved IT solutions to enhance their business processes. Bringing businesses to the next level!
Eligibility Criteria:
- Registered and operating in Singapore
- Purchase/subscription/lease of the IT solutions must be used in Singapore
- Have a minimum 30% local shareholding with company group annual sales turnover less than S$100 million, OR less than 200 employees
