Home > Accounting Software > Xero > Xero vs TravelBank

Xero vs TravelBank

Last Updated: November 18th, 2024

Our analysts compared Xero vs TravelBank based on data from our 400+ point analysis of Accounting Software, user reviews and our own crowdsourced data from our free software selection platform.

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Product Basics

Xero is a cloud-based accounting software designed for small businesses. It streamlines bookkeeping tasks like invoicing, expense tracking, bank reconciliation, and payroll, all accessible from any device. Xero boasts user-friendly interfaces and automated features, saving time and simplifying financial management. Popular features include online invoicing with reminders, bank feeds for automatic transaction import, and customizable reports for insights into cash flow and profitability. While Xero caters well to various industries, its strengths lie in freelancer/contractor work, startups, and service-based businesses. Pricing scales with business size and complexity, starting at a monthly subscription for basic accounting needs and increasing with additional features and users. Compared to some competitors, Xero offers a robust mobile app, strong integrations with third-party tools, and a focus on user experience. However, it may lack advanced inventory management or complex accounting functions suited for larger enterprises. Ultimately, Xero's value proposition lies in its ease of use, automation, and scalability, making it a popular choice for small businesses seeking a streamlined and efficient accounting solution.

Pros:

Cloud-based access anywhere
Easy invoicing and expense tracking
Automated bank reconciliation
User-friendly interface
Mobile app for on-the-go use

Cons:

Learning curve for new users
Limited inventory management
No built-in payroll (separate fee)
Higher cost for advanced features
Limited phone support

TravelBank is a cloud-based expense and travel solution that helps small and mid-sized businesses control spend, track expenses and book travel. It provides automated expense reports and direct deposit reimbursements while managing flight, accommodation and other travel expenses. It gives users the freedom to either upload expense receipts through a mobile phone camera or enter them manually. Users get multi-currency support and can sync credit cards and bank accounts to expedite reimbursements.

It enables users to book flights at corporate rates and prompts them to use less expensive services. It also calculates savings based on employee purchases. The mobile application is compatible with iOS and Android. It seamlessly integrates with third-party accounting applications like Quickbooks, Bill.com, Xero and NetSuite.

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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.

Quicker Employee Reimbursement: Pay for employees’ out-of-pocket expenditures quicker than manual processes. Give them the freedom to submit a report automatically to concerned persons for approval. Automatically reimburse correct amounts to the payroll. Eliminate the possibility of errors and delays while boosting employee satisfaction.
Minimize Processing Cost And Time: Eliminate costs associated with employees and managers by manually matching amounts or searching for receipts. Save time by automating sending reports for approval, flagging potential out-of-policy expenses and submitting approved reports for payments. Consolidate expense management, corporate travel and card management into one solution. Run accounts payable reports on time instead of waiting for them to be routed and approved.
Boost Operational Efficiency: Bill expenses directly to clients to ensure accuracy to maximize cash flows. Integrate with time tracking, ERP, accounting and project management tools to simplify approvals and reporting. Give employees the time to focus on value-added tasks instead of mundane, error-prone and time-consuming reports.
Ensure Expense Policy Enforcement: Enforce custom rules tailored to the business and ensure that employees are up to date with new expense policies and tax changes. Flag out-of-policy travel expenses and eliminate the possibility of expense fraud like split claims, deviations from the norm or altered receipts.
Increase Compliance: Stay compliant with local, state and federal tax agencies. Categorize and tag expenses automatically based on past entries and credit card statements. Get easily accessible electronic copies of reports and receipts, which can be helpful during audits.
Improve Visibility: Get compiled employee expense data on the dashboard and deliver it in a digestible visual format using charts and graphics. Check metrics to understand spend per employee or the average time it takes to approve expense reports.
Manage Digital Receipts: Automatically capture receipts digitally and parse them to create expense report entries. Digitally manage receipts by dragging and dropping from the desktop or using mobile phones.

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.

Quick Scan: Autocomplete receipts in a matter of seconds. Allow employees to sync credit cards for instant scanning and quicker approvals and reimbursements.
Currency Conversion: Convert 150 currencies to USD automatically for international traveling. Avoid being charged extra fees for currency conversion on credit card statements. Reduce refunds and chargebacks and ensure consistency in pricing displays.
Expense Report: Automate expense reports and boost visibility into business spend with one-click approval. Take a photo of the receipt and let the scanning technology pick up the details and auto import expenses. Sync cards to pull transactions directly into expense reports. Automatically import transactions from over 48000 personal, corporate cards and banks. Edit expense details with a single click. Submit expense reports and automatically generate a PDF copy. Forecast future trends and enhance employee behavior by using historical data. Get real-time insights and improve visibility. Ensure seamless integration with leading third-party applications like QuickBooks and Bill.com to map categories and synchronize expense reports, reimbursements and corporate card data.
Card Management: Automatically sync transaction and card information. Check which transactions have or haven’t been submitted by reconciling credit card information. Gain visibility into every transaction and monitor expense compliance by syncing corporate cards. Manage spend from a single platform by integrating with the bank of preference. Automatically sync transactions and purchasing information into expense management. Eliminate end-of-month headaches by staying on budget with the reconciliation process. Track transactions and compliance in real time within the management dashboard. Get support for and import transactions from over 48,000 personal and corporate cards and banks.
Corporate Travel Management: Empower employees to make better decisions by rewarding them for smart spending. Save on inventory rates by gaining access to negotiated rates otherwise reserved for large corporations. Get 24/7 support from a dedicated team of travel agents via chat, phone, email or Slack. Gain access to over 500,000 hotel properties and home-sharing options. Get alternative lodging options to boost flexibility and savings for travel programs. Get access to a list of curated flight bookings with a special corporate rate for business travel flight bookings. Search and reserve pick ups at the airport from desktop or mobile apps.
Premium Insights: Monitor trends, spend and leakage on a user-friendly, fully customizable dashboard that boosts visibility. Customize and export data to track and report on every metric. Monitor real-time spend and compliance with employee spending against the company policy. Automate alerts and set up trigger reports that send reports to the inbox anytime there is an exception or a threshold is met. Keep a tab on how often employees are booking over or under budget and monitor total savings against the company policy. Improve employee behavior and forecast future trends using historical data. Check top vendors from the company according to the categories. Keep track of the highest spenders and see how employee adoption and compliance with the booking platform changes over time.
Integration: Get support for thousands of corporate and personal cards and boost visibility into every card transaction. Ensure smooth business operation with an app that seamlessly integrates with ERPs, single sign-on, identity management tools, human resource information systems and more.
End-to-End Travel and Expense Management: Improve visibility, expedite tracking, enable budget management, ensure error-proof data entry and clear travel policies. Automate expense management and save time spent on capturing expenses. Gain input from one source of truth and one point of contact. Get easy access to travel and expense tools with single sign-in benefits.

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Analyst Rating Summary

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User Sentiment Summary

86%

of users recommend this product

Xero has a 'great' User Satisfaction Rating of 86% when considering 4652 user reviews from 5 recognized software review sites.

93%

of users recommend this product

TravelBank has a 'excellent' User Satisfaction Rating of 93% when considering 125 user reviews from 1 recognized software review sites.

4.4 (17)

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4.3 (339)

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4.33 (2132)

4.65 (125)

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Awards

Synopsis of User Ratings and Reviews

Affordable: Of all the reviews that mentioned price, over 70% felt it was well within their price range and felt satisfied.

Good Customer Service: Over 70% of reviews that mentioned the customer support said they received excellent service, especially from their reps.

Excellent Functionality: In more than 50% of all reviews that mentioned features, users were happy with its capabilities. They especially like the integrations, reconciliation process, invoices and accounting functions.

Simple and intuitive interface: Xero's clean layout and straightforward navigation make it easy for users of all skill levels to manage their finances. In over 80% of reviews that mentioned the UI, users said it was easy to navigate.

Automated tasks: Xero automates repetitive tasks like invoicing, expense tracking, and bank reconciliation, saving users valuable time and reducing errors.

Mobile app for on-the-go access: Manage your finances and stay up-to-date on your business performance anytime, anywhere with Xero's mobile app.

Customizable reports and dashboards: Gain valuable insights into your cash flow, profitability, and other key financial metrics with Xero's customizable reports and dashboards.

Multi-user access and permissions: Collaborate with team members and advisors seamlessly with Xero's secure multi-user access and permission controls.

Easy Receipt Capture: Users praise TravelBank's ability to effortlessly capture receipts using their phone's camera, eliminating the need for manual entry and saving valuable time.

Automated Expense Reports: The platform's automated expense reporting feature streamlines the process by automatically generating reports based on captured receipts and travel data, reducing manual effort and minimizing errors.

Real-Time Spending Insights: TravelBank provides real-time visibility into spending patterns, allowing users to track expenses as they occur and make informed decisions to stay within budget.

Limited inventory management: Xero lacks advanced inventory tracking features, making it less suitable for businesses with complex inventory needs.

Learning curve for complex features: While basic tasks are easy, some advanced features like multi-currency accounting can be challenging for non-accountants to navigate. Though the system was widely popular after implementation, users said it was old-fashioned and had a steep learning curve in 20% of reviews that mentioned the UI.

Higher cost for advanced features: Access to advanced features like payroll processing and multi-currency comes at a higher price point, potentially exceeding budgets for smaller businesses.

Limited phone support: Xero primarily relies on email and live chat for support, which may not be ideal for users seeking immediate assistance with critical issues.

Integration limitations: While offering many integrations, some key business tools may not have seamless integration with Xero, requiring workarounds or data duplication.

Invoices: While around 60% of users felt that the invoicing system worked well, around 40% said they had trouble making changes to them once they were saved.

Downgrading Issues: Around 20% of reviews that mentioned price said they had issues while trying to go to a lower pricing tier and often ended up paying a month or more at a higher rate.

Limited integrations: TravelBank doesn't seamlessly integrate with all accounting systems, which can make reconciling expenses more manual and time-consuming.

Reporting limitations: Some users have expressed frustration with the platform's reporting capabilities, finding them to be somewhat inflexible for their specific accounting needs.

Occasional glitches: Like any software, TravelBank has been known to have occasional glitches or technical issues, which can be disruptive to accounting workflows.

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 TravelBank the "bank" where savvy businesses "deposit" their travel management needs? Users praise TravelBank's user-friendly design and efficient expense reimbursement process, highlighting its intuitive interface and quick turnaround times for reimbursements. The platform's ability to create and enforce custom travel policies and expense allowances is another major plus, allowing businesses to maintain control over spending while empowering employees to book travel within set parameters. Users also appreciate the 24/7 customer support, which provides peace of mind for traveling employees. However, some users have expressed concerns about the software's pricing and its limited integration with other systems, which can be a drawback for businesses relying on a suite of interconnected tools. TravelBank's focus on streamlined travel management and expense reporting makes it a strong contender in the market. Its differentiating factor lies in its comprehensive approach, combining travel booking, expense tracking, and policy enforcement in a single platform. This integrated approach simplifies travel management for both employees and administrators. While the lack of extensive third-party integrations might be a limitation for some, TravelBank's core strengths make it an ideal choice for businesses seeking a user-friendly and efficient solution for managing travel and expenses, particularly those with frequent business travelers who value a seamless and well-supported experience.

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FAQ

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