Learn About The Best Accounting Software for eLearning Platforms

All businesses have to deal with certain specific accounting operations e.g. bookkeeping, financial reporting, and financial control etc. And just like any other business, accounting software for eLearning platforms is equally important. If you are also running an eLearning platform and looking for accounting software, then this article is for you.

Many people would have already recommended Xero Quickbooks integration, however, if you need to choose one, the SubscriptionFlow experts will help you.

Also Read: A Guide to QuickBooks Recurring Invoices

eLearning Startups Vs Established Platforms

eLearning is a huge market, and there are numerous players. All platforms have some planning for growth and development, and to fulfil these plans, it is important that accounting operations run smoothly. Now, people who are confused regarding QuickBooks Xero integration, need to identify the size and scope of their eLearning setups.

Why? Because Xero is a reliable platform for small to medium-sized businesses. Also, startups can opt for this platform because the rate that it offers are reasonable plus the performance of this platform is amazing. Small businesses and startups can easily get rid of paper invoices and go digital for all such accounting operations. One of the biggest attractions for Xero is that all plans of Xero offer unlimited users, and startups and small businesses need that. Xero can accommodate their unlimited users on a limited budget. Budget is a huge constraint for startups, however, reliable accounting tools are also required. So, Xero integration can be the best for small eLearning platforms e.g those platforms that have limited courses to offer etc.

However, when it comes to big eLearning platforms, they can go for QuickBooks. This platform is more sophisticated to handle the complexities of big eLearning platforms.

Reporting for eLearning Platforms

Whether it is the eLearning platform or any other business, the feature of reporting is their need. As an accounting software for eLearning platform, you can opt for Xero or QuickBooks for reporting. However, the difference is QuickBooks offer Basic, Standard, and Advanced Plans in which it offers these reports. In the basic plan, the user can access up to 50+ reports. Again, established eLearning platforms will probably find it affordable, but for eLearning startups and small businesses, when expenses add up, this amount can be hefty.

Coming towards Xero, it also offers three types of reports. Also, it offers some pre-built reports. Depending on the business needs, these reports can be used. However, Xero offers the option of customization that the user can use to make changes as per the business needs.

Also Read: Why Integrate Xero in Your Subscription Management Software?

Transaction Tracking

One of the basic accounting operations is the tracking of transactions. Any accounting software can offer this feature so, both Xero and QuickBooks also offer this feature. You can do manual or automatic tracking. However, in Xero, there are categories of tracking that eLearning platforms can use.

eLearning Project Management

There can be various projects that eLearning platforms work on. Every day, they need to analyze the trends and information that advanced institutes are working on. Even the best eLearning platforms are in the competition so that they can maintain their position. So, if you are about to start an eLearning project, you can manage and monitor it through Xero or QuickBooks.

The most important accounting operations that eLearning platforms need to track are quotes management and net job expense management. So, Xero offers its users Xero Project—a tool to specifically manage projects for your eLearning platforms. When a project is needed to be started, there are a lot of accounting operations that need to be automated and monitored.

For instance, eLearning platforms need to offer students estimates of the expenses of the courses that they are intending to opt for. However, these estimates can be created and managed through accounting software. So, when it comes to project management for accounting operations, Xero is the leader for eLearning platforms.

Invoice Generation

One of the most critical accounting operations is the generation of invoices, and eLearning platforms need to generate accurate invoices. Any mistake in the invoice means you are driving students away from you. So, there is no chance of a mistake in the invoices. Xero and QuickBooks both help users make invoices. Xero allows you not only to generate accurate invoices but keep the track of all the invoices that you generate.

QuickBooks also offer an invoice generation feature. Both tools can help in their own way to create and manage invoices. Not only that but also tracking of these invoices.

Also Read: Why Go for Subscription Management Software Integration with QuickBooks?

Now if come towards the debate about QuickBooks or Xero, there is a tie between these two platforms. However, SubscriptionFlow offers integration with both. And somewhat it can be concluded that small eLearning platforms and startups can opt for Xero while big eLearning setups can go for QuickBooks for accounting operations.

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