Two of the most popular finite element formulations for solving nonlinear beams are the absolute nodal coordinate and the geometrically exact approaches. Both can be applied to problems with very large deformations and strains, but they differ substantially at the continuous and the discrete levels. In addition, implementation and run-time computational costs also vary significantly. In the current work, we summarize the main features of the two formulations, highlighting their differences and similarities, and perform numerical benchmarks to assess their accuracy and robustness. The article concludes with recommendations for the choice of one formulation over the other.