Cheqbook vs Xero

Xero is the spiritual successor to Quickbooks in the cloud. Unfortunately, this is not a good thing as the same overly complicated work flows and features are mimicked. Creating a new company is a 13 step process covering everything from currencies to tax rates to invoice settings. A new business owner’s immediate goal should be the import and categorization of transactions.
Cheqbook is much faster and easier to pick up for business owners while having the pro features that CPAs and bookkeepers need. We have found we can save business owners two weeks a year through our patent pending import and smart categorization. We built Cheqbook out of our own CPA firm here in Hawaii, when we couldn’t recommend any of the online solutions.
AccuScore Smart Categorizationyes
Unlimited Simultaneous Users in all plansyes
Is it fully functional accounting software?yesyes
Accrual Accountingyesyes
Cash reportsyesyes
Journal Entriesyesyes
Can Reverseyesyes
Memos by line itemyesyes
Chart of Accountsyesyes
Add and Edit Chart of Accountsyes(only custom items)yes
Assign default tax codeyesyes
Easily access balance and transaction historyyesyes
Find matching transactionsyesyes
Suggest transactions to createyesyes
Enter transactions from the reconciliation pageyes(edit only)yes
Split transactions (associate more than one account with a transaction)yesyes
Assign taxesyesyes
Enter in payments from customers or payments to vendorsyesyes
Create automation rulesyesyes
Import Contactsyesyes
Import Bank Statements (format)yes(OFX, QFX, IFX)yes (QFX, QBO, OFX, CSV, QIF )
Sync with Bank/Credit Cardyesyes
Import Items (products / services)yesyes
Host invoices online for customers to viewyesyes
Estimateskind ofyes
Attach documents to income transactionsyes
Attach documents to expense transactionsyesyes
Attach documents to other types of transactionsyes
Can attach multiple documents to a single transactionyes
Basic reportsyesyes
Customization of reportsyeslimited
Advanced reportsyesdecent
Batch edit transactionsyes
Customize your email on a per invoice basisyesyes

Lam, Greg. Small Biz Doer “Cloud Accounting Comparison – Basics To Be Fully Functional.” QuickBooks and Beyond. Sleeter Group, 28 June 2013. Web. 13 Oct. 2013.
Lam, Greg. Small Biz Doer “Cloud Accounting Comparison – Data Import and Export” QuickBooks and Beyond. Sleeter Group, 28 June 2013. Web. 13 Oct. 2013.

This comparison is based on data from 07/28/2013. Please contact with corrections.

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