Xero vs e-conomic
Last Updated:Our analysts compared Xero vs e-conomic based on data from our 400+ point analysis of Accounting Software, user reviews and our own crowdsourced data from our free software selection platform.
Product Basics
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Product Assistance
Product Insights
- Affordable Payroll: Take advantage of the free trial to see how much time automated data entry can save and assess if the solution is a good fit for the business. Save countless hours on tracking expenses, calculating payments, processing payroll and more.
- Better Interoperability: Centralize company processes and handle a wide range of functionality with more than 700 add-ons available through the app marketplace. This includes programs for CRM, e-commerce, inventory, invoicing, job tracking, payroll, time and attendance and more.
- Centralizes Data and Processes: Organize information and put the primary software that handles day-to-day issues all in one place. Manage files to a document library where users can see originals next to updated versions. Send files to stakeholders to ensure a clear flow of information.
- Saves Time: Eliminate tedious data entry and ensure better data integrity by cutting down on human error. Provide a clear documentation trail to ensure that the business is running ethically and save time hunting for documents when it’s time to verify the information.
- Time Efficiency: Automate repetitive accounting tasks, such as invoicing and bank reconciliation, freeing up valuable time for strategic decision-making.
- Real-Time Financial Insights: Access up-to-date financial data and reports, enabling informed business decisions and proactive financial management.
- Scalability: Easily adapt to business growth with scalable features that accommodate increasing transaction volumes and complex accounting needs.
- Collaboration: Facilitate seamless collaboration between accountants, bookkeepers, and business owners through shared access to financial data.
- Cost Savings: Reduce overhead costs associated with manual accounting processes and minimize errors that could lead to financial discrepancies.
- Compliance Assurance: Stay compliant with local and international accounting standards and regulations, reducing the risk of legal issues.
- Data Security: Benefit from robust security measures that protect sensitive financial information from unauthorized access and data breaches.
- Customizable Reporting: Generate tailored financial reports that meet specific business needs, providing clarity and insight into financial performance.
- Integration Capabilities: Connect seamlessly with other business tools and applications, streamlining workflows and enhancing productivity.
- User-Friendly Interface: Navigate the software with ease, thanks to an intuitive design that reduces the learning curve for new users.
- Remote Accessibility: Access your accounting data from anywhere with an internet connection, supporting flexible work arrangements and remote teams.
- Cash Flow Management: Monitor and manage cash flow effectively, ensuring sufficient liquidity for operational needs and growth opportunities.
- Customer Support: Receive expert assistance and guidance from a dedicated support team, ensuring smooth operation and troubleshooting when needed.
- Environmental Impact: Reduce paper usage and contribute to sustainability efforts by digitizing accounting processes and documentation.
- Decision Support: Leverage analytical tools and insights to support strategic planning and enhance business performance.
- Payroll Processing: Provide payroll across 50 states. See when payments are due, track them and ensure on time payment. Analyze accounts payable with a quick view, schedule advanced payments and make batch payments.
- Banking: Connect to the right bank to track and facilitate transactions daily. Keep an eye on the flow of money through a secure connection that goes directly into the solution.
- Expense Management: Seamlessly track and manage expense claims. Access real-time data and reports that provide insight into patterns and trends. Record costs, see and approve claims, view overall spending and dole out reimbursements. Capture receipts to monitor employee spending and verify costs.
- Project Management: Integrate with other workflows to facilitate financial project management. Provide a quote for client work before you begin to track time, costs, profitability and other variables for an accurate invoice.
- Customer History: Use smart lists and contacts to contact details, emails, past sales, emails, invoices, past payments and more when working with a partner or client.
- Mobile App: Let users track bank transactions, send invoices, access supplier details and more, from any mobile device.
- Inventory Management: Undertake basic inventory management, including taking inventory, seeing what was bought or sold, look at reports on how well items are doing and get invoices and orders.
- Gusto Integration: Calculate and pay taxes, deductions and employees through an integration with the accounting software Gusto. Simplify compliance and keep on top of industry updates.
- Other Capabilities: Processes payment in multiple currencies, calculates sales taxes, tracks purchase orders, manages files and does several other administrative tasks.
- Invoicing: Create and send professional invoices with customizable templates, ensuring brand consistency and clarity.
- Bank Reconciliation: Automatically match transactions with bank statements, reducing manual entry and errors.
- Expense Management: Track and categorize expenses efficiently, allowing for better financial oversight and control.
- Multi-Currency Support: Handle transactions in various currencies, ideal for businesses operating internationally.
- Project Management: Monitor project budgets and timelines, integrating financial data for comprehensive project oversight.
- Reporting: Generate detailed financial reports, including balance sheets and profit & loss statements, for informed decision-making.
- VAT Management: Automate VAT calculations and submissions, ensuring compliance with local tax regulations.
- Mobile Access: Access your accounting data on-the-go with a mobile-friendly interface, enhancing flexibility and responsiveness.
- Integration Capabilities: Seamlessly connect with other business tools like CRM and e-commerce platforms to streamline operations.
- User Permissions: Set specific access levels for different users, maintaining data security and integrity.
- Customer Support: Access a dedicated support team and comprehensive online resources for troubleshooting and guidance.
- Time Tracking: Record billable hours directly within the platform, simplifying invoicing for service-based businesses.
- Inventory Management: Keep track of stock levels and manage orders, ensuring efficient supply chain operations.
- Recurring Invoices: Automate the billing process for regular clients, saving time and reducing administrative workload.
- Dashboard Overview: Gain insights into key financial metrics with a customizable dashboard, providing a snapshot of business health.
Product Ranking
#3
among all
Accounting Software
#102
among all
Accounting Software
Analyst Rating Summary
Analyst Ratings for Functional Requirements Customize This Data Customize This Data
Analyst Ratings for Technical Requirements Customize This Data Customize This Data
User Sentiment Summary
4652 reviews
1 reviews
Xero has a 'great' User Satisfaction Rating of 86% when considering 4652 user reviews from 5 recognized software review sites.
e-conomic has a 'fair' User Satisfaction Rating of 60% when considering 1 user reviews from 1 recognized software review sites.
Awards
SelectHub research analysts have evaluated Xero and concluded it earns best-in-class honors for Integration and Extensibility and Mobile Support.
Synopsis of User Ratings and Reviews
Xero’s users say it’s easy to use and has good accounting and bookkeeping capabilities. Most found the price to be acceptable, with some complaints about issues they ran into while trying to switch to a lower pricing tier. More than 70% loved the customer service and felt their representatives were extremely helpful. It has a range of features including band feeds, invoice creation, integrations and reconciliation processes. The reconciliation was particularly popular with over 80% of reviewers who mentioned it describing positive experiences. One issue with the system came in making updates to invoices after they’d been saved. Some users said they were sent prematurely to clients or claimed to have difficulties changing the data at a later date. Many also felt that the implementation process for the new platform was difficult, but that once they learned where things were they felt comfortable. This may be a good choice for small and medium businesses. Larger companies should consider a system that’s able to handle a higher volume.
Is e-conomic really economical with the truth when it comes to user experience? User reviews from the past year paint a somewhat ambivalent picture of this cloud-based accounting software. While e-conomic is generally lauded for its user-friendly interface and comprehensive suite of features, including electronic invoicing and bank reconciliation, some users find that certain aspects, such as VAT reporting, necessitate a considerable amount of accounting knowledge, potentially posing a challenge for newcomers. This is akin to having a car with all the bells and whistles but needing a mechanic's certification to change a tire. A key differentiator for e-conomic is its robust automation tools, such as automatic invoice reading and attachment matching, which streamline tedious accounting tasks. However, the software's integration setup can be a bit of a head-scratcher, often requiring technical expertise. Furthermore, while e-conomic is praised for its cloud-based efficiency and secure data access, some users find the interface clunky, especially for more complex tasks, like navigating a labyrinthine library. In essence, e-conomic appears best suited for businesses with some existing accounting infrastructure and technical know-how, much like a seasoned chef who can fully utilize a professional-grade kitchen. Smaller businesses or those lacking technical expertise might find the learning curve a tad steep.
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