Cloud Accounting Face Off

Transcription

1 Cloud Accounting Face Off Greg

2 Who am I? Greg Lam, a Canadian living in Tokyo, Japan Also known as the Small Biz Doer Serial entrepreneur Accountex Report writer Teach people about cloud business apps

3 Agenda Defining basics and types of software QuickBooks Online vs. Xero Zoho Books Micro: FreshBooks*, Wave, Kashoo, Sage One Invoicing: GoDaddy Take Aways

4 What are the basics requirements? Accrual accounting Journal entries Chart of accounts Verification / Reconciliation

5 Types of Software Enterprise: Intacct and Netsuite Big Small Business?: Accounting Suite, Microsoft Dynamics 365 for Financials, Sage Live Small Business: QuickBooks Online, Xero, Zoho Books Microbusiness: Wave, Kashoo, Sage One Invoicing: FreshBooks* and GoDaddy

6 Let s compare the top 2 QuickBooks Online and Xero Platforms with ecosystems Pros and cons of both

7 QuickBooks Online Consumer focused Like Apple (walled garden) Huge US user base (but weak globally) Payroll and taxes

8 Xero Accountant focused Like Android (open system) Small US user base (but strong globally) International support

9 Reconciliation QuickBooks Online Slow to start but learns over time Less control More rows of transactions Xero Reconciling vs. Cash Coding Better out of the gates More control Better verification

10 QBO banking

11 QBO categorization

12 QBO auto add rule

13 Xero banking

14 Xero categorizing

15 Xero cash coding

16 QBO reconciling

17 Xero bank statement report

18 Xero bank statement page

19 Xero account transactions page

20 Who s Faster at Banking? Both similar User experience and flexibility, it s Xero

21 Invoicing and Billing QuickBooks Online Better at scheduling repeat invoices Invoices have messaging and attachments Time tracking Native payments Xero Contact groups Approval process Customer Portal Expense claims Contact page Variety of payment addons

22 QBO recurring invoice

23 QBO messaging

24 QBO time activity

25 QBO payments

26 Xero contact groups

27 Xero approval process

28 Xero customer portal

29 Xero expense claims

30 Xero contact page

31 Xero payment add-ons

32 Accountant Features QuickBooks Online Company templates Client dashboard Book to tax Write off invoices Xero Find and Recode Report codes and templates Practice manager / Workpapers / XeroHQ Fixed assets Assurance Dashboard

33 QBO company templates

34 QBO client dashboard

35 QBO book to tax

36 QBO write off invoices

37 Xero find and recode

38 Xero report codes and templates

39 Xero accountant products

40 Xero fixed assets

41 Xero assurance dashboard

42 User Interface / Navigation QuickBooks Online Friendlier Create icon has more options Better search Drilling down easier Xero Dashboard more useful and customizable Reconciliation more organized

43 QBO interface

44 Xero interface

45 Who Wins Other Categories? QuickBooks Online Sales tax Payroll Mobile Xero International Support File attachment Reliability Automation Data Import / Export Customer service

46 Who wins these? It depends Basic accounting Reports Inventory

47 Verdict QBO vs. Xero QBO is a better all-in-one solution in the US Xero is better for power-users and flexible solutions, especially internationally

48 Zoho Books Can do all accounting basics Feature set sometimes rivals and surpasses that of QBO and Xero Good customization and automation features Very open API and great data import / export capabilities Many features that could be more developed Good to use with Zoho ecosystem

49 Zoho rivals QBO and Xero

50 Zoho customization and automation

51 Zoho API and data import/export

52 Other Zoho products

53 Microbusinesss and Invoicing FreshBooks Wave Kashoo Sage One Invoicing and GoDaddy

54 Microbusiness will do the basics Chart of accounts General ledger Generate enough info to file taxes with Invoicing doesn t have those 3 things above

55 FreshBooks Redesign Moving towards bank reconciliation Other successful platform aside from QBO and Xero Excels at invoicing Customer portal and online statements Time tracking is decent Falls short in expensing

56 FreshBooks redesign

57 FreshBooks WYSYWIG invoicing

58 FreshBooks platform

59 FreshBooks expensing

60 FreshBooks invoicing

61 FreshBooks messaging

62 FreshBooks projects

63 Wave Still free but pay for premium support, payroll, merchant services Transactions Invoicing and Payments Payroll Own payment processor (well, kind of) Still no add-ons

64 Wave pricing

65 Wave support pricing

66 Wave payments

67 Wave transactions

68 Wave API

69 Kashoo Pricing at $19.95 Web app is simple yet flexible enough for the basics Missing advanced functionality No automation, so more suitable for low volumes Fully functional ios apps Small learning curve Payroll through Paychex

70 Kashoo

71 Sage One Pricing is back up $10 and $25 Basics What about Sage 50c? Bigger in non-us territories Sage Live?

72 Sage One pricing

73 Sage 50c and Sage Live

74 Invoicing and GoDaddy Payments and ecommerce $9.99 Not geared towards accounting professionals Limitations, but better than spreadsheets or piles of receipts

75 GoDaddy

76 Take Aways Pricing is trending up, need to make a profit* Payments, Payroll, and Tax are money makers Microbusiness is growing up Invoicing is the new microbusiness Niche is the use case, can t compete in general or ease of use (QBO and Xero would win) Not a huge price difference between vendors IMHO

77 Questions? Greg Lam