What accounting Software to integrate with? Xero VS QuickBooks Online Integration
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We integrate with both Xero & QuickBooks Online, however there are some key differences between the two accounting softwares that we've outlined below.
Pricing
Both softwares offer pricing in CAD and USD.
Xero
Xero (Growing or Established version required) $48/monthly. They change their prices, so visit https://www.xero.com/ca/pricing-plans/ for current pricing.
QuickBooks Online
QuickBooks Online (Plus or Advanced version required)$90/monthly (they change their prices, so visit https://quickbooks.intuit.com/ to see current pricing)
Contacts
Xero
Xero allows a Contact to be both a Supplier and a Customer, simplifying visibility into payables and receivables, and enabling P&L tracking by Contact.
1 contact in Loft47 = 1 Xero Contact
1 contact in Loft47 = 1 Xero Contact
QuickBooks Online
QuickBooks Online requires separate Contacts for Suppliers and Customers.
1 contact in Loft47 = 1 Vendor contact and 1 Customer contact
Please note, this limitation can cause some duplication issues between the two apps. Learn more about how contact syncing works here https://support.loft47.com/portal/en/kb/articles/quickbooks-online-contact-mapping
Search Reference Information
Xero
The Xero API allows Loft47 to auto-populate each transaction with the Deal address and a direct Loft47 link, enabling address-based search in Xero's search functionality.
QuickBooks Online
QuickBooks Online's API only allows posting the Deal number and a manual URL in the Memo field.
Limiting search functionality ; excluding address search.
Auto matching bank lines
Find and Match functionality differs between platforms, which can disrupt workflows—especially for Xero users switching to QuickBooks Online. This may complicate reconciling bounced or NSF fees, as related releases are sent to QuickBooks as unpaid bills, even though they aren't true payables.
Sales Tax Posting
Xero posts provincial taxes per GL line on bills and invoices from Loft47. QuickBooks Online handles taxes differently, requiring periodic manual adjustments. Learn more about tax posting and adjustments in QuickBooks Online. https://support.loft47.com/portal/en/kb/articles/quick#QuickBooks_Online_Sales_Tax_-_Canadian_Clients
Check/Cheque customization
In Xero, you can customize check layouts to fit your existing stock.
In QuickBooks Online, you may need to order checks from Intuit or an approved vendor to issue payments by check.
Loft currently offers integration with a few payment processing gateways that can circumvent cheque/check writing altogether. Learn more about these integrations here https://support.loft47.com/portal/en/kb/loft-technologies/loft-app/integrations/paymentprocessors
Training
Xero courses available - Free to new users
QuickBooks Online courses - No Training available. You or your administration staff will need to know QuickBooks Online's software.