QuickBooks, the Google of Accounting Software:
Freshbooks, Wave Accounting, Sage 50 (formerly PeachTree) and other accouting tools may be user friendly or less expensive, but, if you want an accountant to handle your taxes, they are all comfortable handling QuickBooks data and few are comfortable with other software. Furthermore, you may not want to always handle your books on your own- finding a bookkeeper for anything but QuickBooks is harder than finding a modern app for a Blackberry.
For all of these reasons, the only question is, which type of Quickbooks should you use? Use this comparison chart to help you figure out which option is the best fit for your business and budget.
|Best For||Independent Contractors||Basic Financial Tracking||Remote Access without Inventory||Remote Access with Inventory||Local Access with no Advanced Features like Forecasting & Planning||Local Access with Advanced Features like Forecasting & Planning|
|Number of User Accounts||1||1||3||5||1||1|
|Unlimited Customer Support||Free||Free||Free||Free||$299.95||$299.95|
|Ease of Use|
|Managerial Features||None||Very Basic||Beginner||Advanced||Extensive||Complete|
|Number of Reports||3+||20+||40+||65+||100+||150+|
|Prints Checks|| |
|Creates Invoices|| |
|Uploads Bank Files|
|Tracks Inventory|| || || |
|Helps Create Tax Forms|| || || |
|Industry-Specific Reports|| || || || |
Managing a small business can be exciting, but maintaining your company’s financials properly can be a daunting task. That’s where bookkeeping software, such as QuickBooks, comes in handy. QuickBooks is comprehensive business software you can either download onto your computer or access online that allows you to set up your company’s books and easily keep them organized. You can also do a variety of other tasks, including:
- Invoicing and managing account receivables
- Printing checks
- Controlling inventory
- Managing bills
- And more!
All small businesses need at least some of the tools above. You don’t want to use multiple accounting services or software to perform each of these tasks. With QuickBooks, you can easily manage your company’s books with one simple tool.
The features offered will vary depending which version of QuickBooks you decide to use. Get more in-depth information about the differences between Online, Desktop, and Desktop Plus versions of QuickBooks.
Many small business owners think of using QuickBooks for one tool in particular. Some might want it to run their payroll, while others may want to use it for invoicing. You may end up purchasing the software for one tool and then discover its many other useful purposes.
These are the main advantages of using QuickBooks:
Save time on bookkeeping. With QuickBooks, many simple tasks are handled automatically, such as online banking and invoicing. You can even share data with multiple programs and other applications, such as Excel, Outlook, ACT, and more, to cut down on time spent inputting information and correcting common mistakes that occur with manual data entry.
Keep track of day-to-day business operations. You can easily categorize your revenue and expenses and see exactly where your business’ money is coming from and going.
Know the “health” of your business. Bookkeeping software gives you a great snapshot of what your business’ finances look like. By having all of your financial information in one easily accessible interface, you will be able to plan and prepare for the future with a high degree of accuracy.
Utilize comprehensive reporting. You can generate all the reports you need with the financial information entered into your company's bookkeeping software.
Customize how you use it. Bookkeeping software is designed to be flexible and customizable. With QuickBooks, you can customize your software specifically to your industry or field, such as contractors, retailers, health care professionals, nonprofits, and more.
Cut accounting costs. If you maintain your company’s books properly with bookkeeping software, you will most likely be seeing less of your accountant. Bookkeeping software can easily take their place for your daily operations, such as payroll, writing checks, paying bills, and more.
While there are many different bookkeeping software providers, such as PeachTree or AccountEdge, statistics show QuickBooks accounts for 94 percent of all small business accounting software sales. Sometimes it might not matter if you purchased the most well-known software on the market, but, because of QuickBooks’ popularity, most accountants and bookkeepers specialize exclusively in the software. Should you ever need help with your books, you will want a bookkeeper who is familiar with your software, and QuickBooks is the best way to ensure that. In addition, QuickBooks offers a ton of support through their expansive knowledgebase and QuickBooks-affiliated websites.
QuickBooks is also a great solution for small businesses because they offer so many different versions to fit anyone’s needs. Whether you’re just starting out and want to try their Simple Start version or you're a seasoned pro that needs the advanced features of Premier, QuickBooks has a version someone at every level. And, with their online and hybrid services, you can easily upgrade or downgrade to a different version.
QuickBooks has a plethora of solutions for anyone who needs to maintain their business’ books. If you are someone who manages the finances at a business or one of the following, you should consider purchasing a QuickBooks product that meets your needs.
- Sole Proprietors
- Professional services
- Accounting professionals
Anyone who has a business and wants to stay in business, or just wants to be able to deduct business expenses from their taxes, should invest in QuickBooks software.