Quickbooks is the ultimate go-to accounting and business solution to over 29 million small and medium enterprises in the US. Little does anyone that the tool was initially released in 1983. Since then, Intuit’s Quickbooks has made its strong presence in the market. If you have also decided to use it for your company, it’s important to understand the Pros and Cons of Quickbooks to decide whether it fits your needs or not.
Quickbooks is a well-known software for accounting purposes. It was first introduced in the market back in 1985 by Intuit Inc., an American company specializing in developing financial, tax preparation services, and business management solutions.
QuickBooks enables users to easily handle their payrolls, track income statements, etc., with its simple interface that doesn’t require any special training. Not only small businesses but also big companies are using QuickBooks Online to manage their financial records efficiently.
This business tool effectively reduces the calculation burden on workers while making them more responsible for their work. Check Quickbooks Online Features here.
With the new Quickbooks online tool, you can track your company’s spending, invoices, manage payments, and much more. Have a look at the pros of Quickbooks online accounting software that could benefit your business in numerous ways.
Quickbooks accounting tool helps you keeping track of expenses and income. With this software, the business owner will be able to accurately keep track of all income and expenses for tax purposes or general record keeping.
This also assists in knowing when to make purchases based on expected sales volume. The business owner will know when the extra expense is needed at certain times during the year to purchase necessary equipment.
Another benefit of using Quickbooks accounting tool is that it allows the business owner to create customized invoices and reports easily. This includes the ability to generate tax reports and financial statements and assist in completing government-mandated forms, payroll remittances, import/export information declarations, etc. The software also allows multiple users, so it's a handy tool, especially when you need temporary or seasonal access.
One of the main pros of QuickBooks is that it prevents errors and frauds. The software has a built-in audit trail that tracks every transaction made by a user for accurate financial reporting.
This allows you to monitor staff activity as all changes made within the system are kept track of within the program's own security features. On the plus side, it's all automated, which leverages as there are no human errors.
The automated accounting & tracking tool saves you a great deal of time and money. The software automatically creates invoices, purchase orders, and sales receipts as entered transactions are processed through the system.
Once a purchase invoice has been entered, the program automatically calculates the amount owing, available credit for purchases, due date, etc. That means no more late fees or having to go back to find out what was purchased at what price compared to how much inventory remains.
And because all accounting entries are saved electronically, there is no need for filing cabinets full of paper records.
One of the advantages of using Quickbooks Accounting Software Tool™ is that it allows full access by remote users. This means business owners and staff can access the program from any location as long as they have internet access.
This benefits retailer who need to make changes or view reports on product sales and customer information while away on business trips, vacations, or busy at home.
One of the many benefits of using Quickbooks Accounting Software Tool™ is that it is customizable for every business. The software provides a wide range of features designed to meet the needs of any organization.
Whether a one-person operation or an organization with thousands of employees, the program can accommodate different payment types, sales tax rules, and customer address formats.
And because there are no restrictions on how many users have access to the system, there are no costs associated with additional staff members being able to use the program.
So, ultimately technology-based platforms do have their limitations, which brings some cons of Quickbooks online to the light. Although the following limitations do not occur frequently, you need to back up your business on the safer side to mitigate such issues.
One of the disadvantages of using Quickbooks is its complicated interface, especially for users with limited bookkeeping or accounting skills. While the ability to customize reports and generate financial statements quickly is a benefit for most users, it can cause problems for those who are not as tech-savvy or do not have a lot of familiarity with accounting software packages.
In addition, because there are so many features within the program, some business owners may find certain aspects difficult to navigate, leading to errors if they make changes without consulting customer service representatives first.
Even though it supports multi-user access simultaneously, Quickbooks may be complicated to use in multi-user environments. This means that company owners will need to pay for an additional software license for every person who uses the program to track business-related activities.
In addition, if a company is investigating new methods for streamlining its operations, Quickbooks Workflow Solutions will help automate tasks and eliminate unnecessary steps to increase accuracy and save time.
Another downside to using Quickbooks online is that it requires a high-speed internet connection. As the company grows, more employees may log into the system at one time, which can cause problems if the network slows down or the program runs slowly because of low bandwidth.
Another disadvantage to using QuickBooks is that it is not intuitive for nonprofit organizations. This means companies who have never used accounting software before or do not have a background in finance may struggle with navigating all the features within the program, which can lead to errors.
Since its recent upgrade, many customers have reported bad support, lack of speed, and unnecessary upgrades (ultimately pushing users to pay more). With expensive upgrades, existing customers have started hitting back at the developers.
This software package charges additional fees to integrate with tablets and online banking programs. As a result, some business owners may decide against upgrading their current version because there are problems associated with these features that take away from the original benefits of using Quickbooks in the first place.
Check here for Quickbooks Online Pricing
Final Comments on Quickbooks Pros and Cons
If you've been using QuickBooks for your accounting needs, you know that sometimes it can be a little frustrating. You may have to call customer service every time there is an issue with the software or spend hours reconciling accounts from different sources.
You might be wondering, is QuickBooks worth the money? Well, there are many accounting solutions out there with their own benefits and drawbacks.
If you're looking for an easy-to-use solution that's got lots of features to help your business grow, Quickbooks is worth a try. Or you can opt for its free trial before to compare the pros and cons of Quickbooks easily.
1. There are no features specific to the industry or the business (such as lot tracking, eCommerce, and barcode scanning).
2. The absence of critical reports outside of accounting.
3. System instability/crashes.
4. Limited customer service.
5. Difficult to use interface and reports that are difficult to customize.
6. Inability to perform bank reconciliation, reconcile commissions, commissions vs. salary, etc.
7. The inability of exporting/importing data from more than one file at a time.
8. No easy way of adding custom fields.
9. Unreliable budget feature.
10. Poor customer support for payroll.
While user-friendly, Quickbooks is not a proper accounting system. If not set up correctly, the poor audit trail makes it tougher to find bookkeeping mistakes made by others and makes it easier to create loopholes. If you need to track your inventory, Quickbooks is not the answer. If your business needs to do a lot of exporting and importing, Quickbooks is not the answer.
Employees attempting to conceal or cover up a fraud may tamper with or erase transactions in QuickBooks.
It can save you a lot of time on bookkeeping and paperwork. It automatically takes care of some basic bookkeeping chores, saving you time and making your day more straightforward. Reports are simple to produce and modify. As a result, you'll always be able to see where you stand financially.