Finding the Right Bookkeeping Software for your Practice
/The first step when taking on the task of managing the bookkeeping for your practice is deciding what accounting software is the right fit for your business. There are so many different options out there and it can be daunting trying to figure out which software best meets your needs. Today I’m going to go over three different accounting software programs, how they compare and which one might be the right fit for you. The three programs I’ll be going over are Quickbooks Online, Wave and Xero. All three are Cloud based and use encryption software similar to that used in banking institutions, making them very secure.
Quickbooks Online
We’ll start off with the most popular software used for small businesses – Quickbooks Online, or QBO. This software starts at $12.95 a month, offers a nice set of features, and has many automated processes, which really save you time. QBO has dominated the market for many years but has recently started to receive some heavy competition, specifically from Xero. The main point of contention with QBO seems to be the dismal customer support. Many users complain about long wait times when calling in for support, being transferred to the incorrect department and dealing with support staff that is unfamiliar with the software. If considering this software, I definitely recommend taking it for a test drive with the 30 day free trial. If you are looking for a software that’s easy to use, organized and customer support is not a priority, then QBO could be a very good option for your practice.
Wave
So the next software we are looking at is Wave, a relatively new company that has grown quickly since its start in 2010. So let’s start with one detail that makes Wave stand out from all the other accounting software’s. Wave Accounting is FREE! Wave has advertising within the actual software that supports the business. The advertising is seen on a vertical bar on the right side of the screen and takes up little room. However, the software is designed for companies with 9 employees or less. Now as for the software itself, most users find Wave to be easy to set up and use. The program is intuitive and easy to navigate. Any questions that you have can be easily answered in one of the many knowledge articles available. As for customer support, the consensus seems to be that, while friendly, the support team can take a while to respond and are not always able to solve whatever problem may come up. Wave does offer a Premium Services support package that offers faster support, but you do have to pay for that service. One flaw that comes up with Wave is that it doesn’t offer a lot of automation processes or helpful features that save you time. Still, most reviewers agree that each software upgrade has shown significant and successful improvements from the previous model. So if you are looking for a basic software system that is free, very organized and improving with each upgrade, but automation (a huge time saver!) is not important to you, then Wave sounds like the right fit for you. Don’t forget though, your company would have to have 9 employees or less. And remember, it is free so you could always try it out for however long you like.
Xero
Last but not least we have Xero, an award winning accounting software whose presence in the United States is rapidly growing. Xero, unfortunately is not free, and is the more expensive one of the three options I’m going over. They do have a starter package for $9 a month, but that is recommended for freelancers or small property investors. Their standard package is $30 a month and fits most businesses. Xero is well-organized and easy to navigate. A helpful “Getting Started” box is located on the top of most pages with helpful tips. Their slogan “Beautiful Accounting” is pretty spot on and the company uses a feature request and voting system in Xero’s community forums to develop the software in the direction that user’s request. Xero, like QBO, offers many features that simplify the bookkeeping process and save you a lot of time. As for customer support, while their support is via email and not phone support, it is 24/7 and most users have positive feedback about the timeliness and quality of the support. So, if your company needs a software that is robust, easy to use, has great customer support and you don’t mind paying a little extra, then Xero is the right fit for you.
So let’s simplify this a bit and get a better picture of how QBO, Wave and Xero compare.
In conclusion, every veterinary practice has unique bookkeeping needs and there are a number of accounting software's out there that can meet those needs and simplify the bookkeeping process for you. If you still have some question, just shoot me and email and I would be happy to help!