Why I'm Switching from Xero Accounting to Quickbooks Online After 3 Years Picking the right bookkeeping software can be hard. In this post I outline the cons of Xero Accounting and the pros of Quickbooks Online; everything from recurring client payments to bank integrations.
When brand new online entrepreneurs come my way asking which software is best for them, I used to point them in the direction of Xero because I thought having a system that would grow infinitely with them was the best option.
But I've since changed my stance.
Now I recommend Wave for service entrepreneurs just starting out.
Wave has really come a long way over the past year. They've worked out some bugs and speed issues that used to exist.
A lot of entrepreneurs aren’t quite ready to jump head first into getting a bank account when they first get started because there are fees associated with bank accounts, and they aren’t sure if their business is gonna fly yet. One really good thing about Paypal is that you can get paid from clients as it’s a payment processor and you can hold on to the money there.
So, YES! You CAN use your Paypal account as a bank account.
The pro's of using Paypal as your business bank account
One feature that I am loving is that you can set up a bank feed into your accounting software with a Paypal account. This works just like a bank account, so there’s no discrepancy there. All the transactions will filter straight in so you don’t have to do any data entry. Super cool!
Another thing about Paypal that is like a bank account is that you can get a debit card. This is a newer feature but I think it’s pretty cool.
They also have credit cards that you can get fairly easily, but be aware that a credit card comes with high late fees. I have a client who has a Paypal credit card, and the minimum payment is $35, and the late fee is $35. If she pays even one day late, she is just paying the late fee, instead of paying down her debt. If you get a Paypal credit card, stay on top of that!