Cheqbook vs Xero
Cheqbook
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 accounting firm here in Hawaii, when we couldn't recommend any of the online solutions.
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 in Xero. 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 | Xero | |
|---|---|---|
| AccuScore Smart Categorization | yes | |
| Unlimited Simultaneous Users in all plans | yes | |
| Is it fully functional accounting software? | yes | yes |
| Accrual Accounting | yes | yes |
| Cash reports | yes | yes |
| Journal Entries | yes | yes |
| Can Reverse | yes | yes |
| Memos by line item | yes | yes |
| Duplicate | yes | yes |
| Chart of Accounts | yes | yes |
| Add and Edit Chart of Accounts | yes(only custom items) | yes |
| Assign default tax code | yes | yes |
| Easily access balance and transaction history | yes | yes |
| Reconciliation | yes | yes |
| Find matching transactions | yes | yes |
| Suggest transactions to create | yes | yes |
| Enter transactions from the reconciliation page | yes(edit only) | yes |
| Split transactions (associate more than one account with a transaction) | yes | yes |
| Assign taxes | yes | yes |
| Enter in payments from customers or payments to vendors | yes | yes |
| Create automation rules | yes | yes |
| Import Contacts | yes | yes |
| Import Bank Statements (format) | yes(OFX, QFX, IFX) | yes (QFX, QBO, OFX, CSV, QIF ) |
| Sync with Bank/Credit Card | yes | yes |
| Import Items (products / services) | yes | yes |
| Host invoices online for customers to view | yes | yes |
| Estimates | kind of | yes |
| Drafts | yes | yes |
| Attach documents to income transactions | yes | |
| Attach documents to expense transactions | yes | yes |
| Attach documents to other types of transactions | yes | |
| Can attach multiple documents to a single transaction | yes | |
| Basic reports | yes | yes |
| Customization of reports | yes | limited |
| Advanced reports | yes | decent |
| Batch edit transactions | yes | |
| Customize your email on a per invoice basis | yes | yes |
Please contact info@cheqbook.com with corrections.