Quickbooks vs Xero vs Wave Accounting Software Online
We believe it would be helpful to have a software review of Quickbooks, Xero and Wave Accounting Software. Below is a good summary of Quickbooks, Xero and Wave Accounting Software (as at 31 December 2017). Changes to the summary below may be updated in separate article later.
|Cloud Accounting Software||Quickbooks||Xero||Wave|
|Number of Clients||Unlimited||Unlimited||Unlimited|
|Number of Users & Access||Multiple||Multiple||Multiple|
|Registered Online Accounting Software with IRAS||Yes||No||No|
|Automate Recurring Bill||Yes||Yes||No|
|Ease of Bank Reconciliation||Very Easy||Easy||Easy|
|Optical Character Recognition for Expenses Receipts||No||No||Yes|
|User Interface or Access||Web Browser||Web Browser||Web Browser|
|Bank Transactions Information feeds directly to Software||No||Yes, only UOB & DBS*||No|
|Allow customers to pay invoice directly by credit card||No||Yes||Yes|
*Note: Above information is accurate as at 31 December 2017.
Wave Accounting Software
Quickbooks, Xero and Wave Accounting Software should meet the needs of most small and medium-sized enterprises (SME) in Singapore. Wave Accounting Software may not cater for larger businesses which need more comprehensive features. However, for smaller businesses, Wave Accounting Software is excellent. It has one particular feature, the Optical Character Recognition (OCR) for capturing expenses. It allows you to take a photo of the receipt and the OCR function will pick up most of the information on the receipts or invoices with high accuracy. This feature is not available in Quickbooks and Xero. Having said that, this OCR function is typically catered more for Sole Proprietor or very small business where the business owners have to record all these details themselves because they do not have a separate person entering the details of expenses for them. Moreover, its user-interface with minimal features makes it easy for a layman with no accounting knowledge to use and maintain. If you are operating a small-scale Sole Proprietorship business in Singapore and are looking for a free accounting software, Wave Accounting Software is definitely one of the best online accounting software to begin with.
Quickbooks Online and Xero Accounting Software
Quickbooks Online and Xero Accounting Software have extensive features. They cater to businesses with greater needs like automating the repeated bills, inventory recording and tracking, etc. Xero has tied up with UOB to feed bank information directly into the Xero Accounting Software. Quickbooks Online is testing the function of allowing bank data to feed directly to its Accounting Software when this article was published on 31 December 2017. Quickbooks Online is expected to roll out the same function for its users in the near future.
For cloud accounting software, only Quickbooks Online is considered a registered accounting software with IRAS (as at 31 December 2017). Xero only have their non-online Accounting Software registered with IRAS. They may be working on their online version now to qualify for IRAS registration.
If you wish to use an online accounting software which is fully compliant with IRAS requirements, it appears that Quickbooks Online is currently the one to choose.
Contact Us for Special Rates on Quickbooks Online and Xero Accounting Software Subscription
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