Updated: Oct 1, 2021
There are so many online bookkeeping systems out there and I have many asking me which one is THE BEST. Right now, I still feel like QuickBooks Online is THE BEST! However, they are getting some competition. So, if you’re not willing to or not to the point where you can afford QuickBooks Online there is another option for you but keep in mind you get what you pay for!
Xero and Freshbooks:
One-entry method of accounting which can cause some issues including double entries or missing entries.
Doesn’t have a reconciliation with your bank account statement and what is in Xero or FreshBooks. It only has you except the transactions once when they come in from your bank account and does have a second check to make sure there is no doubles or missing transactions like reconciliation does. Reconciliation is not double checking every entry was entered correctly. It is very important if you get audited. Reconciliation will be required during an audit.
Costs are about the same as QuickBooks Online so if your going to pay for an online accounting software I would suggest either QuickBooks Online which is the best!
Wave and QuickBooks Online:
Have double-entry method of accounting which means that Wave and QuickBooks does have reconciliation options.
Wave is Free and doesn’t have everything that QuickBooks Online has and it is limited on its capabilities but it is a great option for those who are just starting out, have a business that is more like a hobby and can’t afford QuickBooks Online and don’t need all that QuickBooks Online has to offer.
I offer email support which includes review for both Wave and QuickBooks Online so if your want trying to do it on your own and need someone to help you along the way I am here for you!
I offer monthly bookkeeping for both Wave and QuickBooks Online so if your ready for an accountant to help with your bookkeeping I am here for you!
Wave or QuickBooks Online in my option are the best options out there currently. Keep in mind all that since these systems are online, they are consistently updating and making changes to make them better. They are also competition for you to use them so it can only get better from here!