After much effort, I finally arrived at a stand-off between Zoho books or Xero in combination with Freshbooks.
To get to a final decision, I decided to make a list of our various accounting requirements, weight each of these on a scale of 1 to 10 depending on how important the requirement is, then score each of the options on each requirement, again on a scale of 1 to 10.
The requirements I rated against included a long list that I'm not going to bore you with, but will provide a short summary of significant differences. The areas where there were significant differences are listed below.
Areas where Zoho had the upperhand (note that in some of these Xero/Freshbooks also has a solution, but for some reason or other I just found Zoho's better or easier to use):
- Visibility over which projects have unbilled time
- Google apps integrated login
- Consulting rates definitions/setup
Areas where Xero/Freshbooks had the upperhand (again note that in some of these Zoho also has a solution, but for some reason or other I just found Xero/Freshbooks's better or easier to use):
- Export features to Excel/Google docs
- Sending customer statements in bulk
- Automatic exchange rate
- Fixed asset register
- Automated depreciation