If you want the most robust and customizable reports, QuickBooks is hands down the best option of the three. QuickBooks’ sales tax features are more robust however, if you are not a tax professional or don’t have prior experience using their software, you may find it hard to quickly build and access your sales tax data, as it is not intuitive for beginners.
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Xero’s setup is a little more user-friendly for someone who is DIY-ing and setting up their automatic and manual sales tax configuration and filing tax returns. Just like with inventory, Xero and QuickBooks are your best options for sales tax configuration and reporting. If you run an e-commerce or physical products business, you shouldn’t use Wave. The platform is designed for service businesses and has minimal inventory management features. If you have a massive product catalog with tens or hundreds of thousands of active SKUs, you’ll likely need an enterprise solution. They also integrate with Amazon, Shopify, and Etsy. INVENTORYīoth QuickBooks and Xero are great for e-commerce businesses with around ten thousand SKUs or less. You can track products and cost of goods, receive notifications when inventory is low, set up custom inventory reports, manage vendors, and create purchase orders. They include timezone controls, flexible scheduling, automatic receipts, and custom messaging. If accepting recurring payments or setting up subscriptions is vital to your business model, you should seriously consider Wave. While QuickBooks also offers this functionality, Wave’s subscription payments are actually more robust. If you need to send many invoices or make a lot of customizations, you may find it challenging to use. While Xero doesn’t charge an invoicing fee, their features are the most basic.
For example, 1% of a $50,000 invoice is $500 - a substantial sum. This doesn’t seem like a lot, but if you send large invoices, it adds up quickly. However, they are the only platform that charges a 1% fee for all invoices. You can even turn estimates into invoices and send them in any currency. Wave’s invoicing features are also excellent. These features are a big timesaver for a fast-growing company. You can send custom invoices, set up recurring invoice templates, match payments, and even batch invoicing (on the advanced plan). QuickBooks has the most intuitive and advanced invoicing features.
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