Quickbooks vs Xero vs Wave Accounting Software

Comparing Different Accounting Software

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.

Quickbooks vs Xero vs Wave Accounting Software Online
Cloud Accounting Software Quickbooks Xero Wave
Number of Clients Unlimited Unlimited Unlimited
Number of Users & Access Multiple Multiple Multiple
Invoices Customizable Customizable Customizable
Registered Online Accounting Software with IRAS Yes No No
Manual Journal Yes Yes Yes
Automate Recurring Bill Yes Yes No
Inventory Recording Yes Yes No
Ease of Bank Reconciliation Very Easy Easy Easy
Optical Character Recognition for Expenses Receipts No No Yes
Mobile Apps Yes Yes 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

Trying to get an attractive subscription rate for your Quickbooks and Xero Accounting Software? Look no further. We give you one of the most attractive rates and an attractive free gift when you sign up through us. Drop us an email now to find out more.

Bookkeeping is the beginning of Accounting where financial transactions are recorded in double entry. Once the bookkeeper has completed their work, accountant analyzes the recorded transactions and provide internal reports (i.e. management reports) and external reports (i.e. financial reports) for internal decision making and external purposes (like investment, loan, etc.) respectively.

Getting your accounts prepared for internal and external use is just one of the accounting services. Tax service is another area where outsourcing it to us may be a better idea. With our expertise in tax and accounting, we comply to the tax rules when we file your tax return.

Prior to providing accounting service and accounting software, we also help business owners to set up their companies and businesses. We provide the full suite of accounting services which you can rely on.

Auditing Financial Reports

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Do you need to engage an auditor to perform financial audit to meet ACRA's or other requirements.  Do you also need the auditor to perform the sales audit for your landlord in respect of imposing rent on the property which you operate your business?

If yes, call us now to discuss further.

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No one to take over your family business? Wish to sell your business but do not know how to do it?

Let us guide you through the process and secure the best price for your business.

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Still could not decide on which Accounting Software to subscribe? Take a look at the detailed write up and videos on Xero Accounting Software, Quickbooks Online and Wave Accounting Software.

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