You can use QuickBooks on cell phones, tablets, or PCs.
I’ll give you an overview of the Advantages and Disadvantages of QuickBooks.
But please also look here at what the best solution is for your business.
Or book a free advice session here.
Quickbooks is an accounting software owned by an American company called Intuit.
It will track your revenue and expenses and keep track of the day-to-day
transactions.
It is so easy to learn that you can learn the basics and start using it in one day.
You can invoice your clients.
Enter the bills you owe and enter your credit card expenses.
You can also pull a lot of reports to keep track of your business.
It is specifically designed for use by small businesses.
According to many sources, QuickBooks is the most popular accounting software package on the market.
If you have questions or problems you have a lot of support.
You don’t always have to contact the manufacturer directly if you need help.
Instead, you can use the QuickBooks forums.
There, you can find users who may have already experienced the same problem.
They can often offer a quick solution.
So here I give you a rundown on the Advantages and Disadvantages of Quickbooks.
Advantages of Quickbooks
Low Cost
Quickbooks provides good value for money.
QuickBooks is affordable and typically less expensive than hiring an accountant or bookkeeper.
It comes in four options:
The basic version of QuickBooks offers the accounting features that most small businesses need.
Features include accounts payable and accounts receivable, Payroll, inventory, and invoices.
You can also create payments and process credit cards using the software.
You can track products and the cost of goods.
See what’s popular, create purchase orders, and manage vendors.
You’ll also have access to a free trial period to see if QuickBooks is right for your business.
The least expensive option is the Simple Start plan, which costs $15.00 at the moment.
That gives you:
Free guided setup.
Income and expenses. Invoice and payments.
Tax deductions, General reports, Receipt capture. Mileage tracking, Cash flow, Sales, and sales tax.
Estimates, Contractors, and you can connect 1 sales channel.
The next would be the Essential Plan.
Which at present is on offer for $27.50 per month, which gives you:
Free guided setup.
Income and expenses.
Invoice and payments.
Tax deductions and General reports.
Receipt capture.
Mileage tracking, Cash flow, Sales, and sales tax.
Estimates, Contractors, and you can connect 3 sales channels.
It also includes 3 Users, Bill management, and the ability to enter time.
The most popular option is the Plus Plan, which at present would set you back $42.50 per month, and that includes:
Free guided setup.
Income and expenses.
Invoice and payments.
Tax deductions and General reports.
Receipt capture, Mileage tracking, Cash flow, Sales, and sales tax.
Estimates, Contractors, and you can connect all sales channels.
It also includes 5 Users, Bill management, and the ability to enter time.
It also included Inventory control and project profitability.
The most expensive option is the Advanced Plan at $100 per month, which includes:
Free guided setup.
Income and expenses.
Invoice and payments.
Tax deductions and General reports.
Receipt capture, Mileage tracking, Cash flow, Sales, and sales tax.
Estimates, Contractors, and you can connect all sales channels.
It also includes more than 5 Users, Bill management, and the ability to enter time.
It also included Inventory control and project profitability.
Business analytics with Excel, Employee expenses, Batch invoices, and expenses.
With customized access, you can integrate best-in-class apps to build end-to-end solutions.
Tailored to meet your unique business needs.
You can connect with an account team to get the right resources. Schedule appointments and resolve technical support issues.
You can have on-demand training. Workflow automation and Data restoration.
Pros of QuickBooks:
Easy to use and learn
Integrates well with other systems and is flexible with 3rd party applications
Provides good accounting reports
Affordable price
Easy to access from any device – phone, tablet, and computer (depending on the version)
Easy to find and fix errors/mistakes
Easy to look up customer information
Security
Some people might not want to use the online version of QuickBooks.
They might prefer the on-premises software program.
With “cloud processing” you might run a risk.
You could expose crucial financial information to Internet hackers.
The basic version of QuickBooks is designed for users with limited accounting and financial needs.
Thus, it does not offer all the accounting processes used by professional accountants.
You’re also limited in other areas.
Such as the number of products you can list for inventory purposes.
Need to Upgrade
You may find that you outgrow the basic version of QuickBooks over time.
If you need to upgrade, an extra expense might be incurred.
Lack of industry and business-specific features. (Such as lot tracking, eCommerce, and barcode scanning)
Lack of key reports outside of accounting
Instability/system crashes
Lack of direct professional support
File-size issues/limitations on the number of transactions
Limitations on the number of users
Built with a “small business mindset”
Data is not always backed up, so you risk losing information
Lacks invoice design tools
Easy to find a fix errors/mistakes (which makes it easy for someone to manipulate your books)
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