Advantages and Disadvantages of QuickBooks Accounting
Technology is evolving, everchanging and dynamic. It seriously impacts the way we do business around the globe and conduct day-to-day activities too. Intuit created a software, QuickBooks that helps to meet and stay in line with the changing trend and technology in the business world. Using the very important principle of the cloud, this software is a browser-based version and one of the fast-selling software in today’s time. There is no denying the fact that cloud computing has become highly popular, offering businesses considerable insights, storage, and saving along with major advantages. QuickBooks on the other hand provides the user with similar functions, reliability with additional advantages of cloud technology.
QuickBooks is a software:
- QB is an accounting solution by Intuit, used majorly by the business of small and medium-sized, basically growing companies.
- QuickBooks probably reached up to 94% share in the business accounting category. Intuit released QuickBooks accounting cloud services where the user had to pay monthly subscription fees for using it.
- This software provides a variety of features that are geared up in assisting accounting tasks. All of which include account payable, receivable, reconciliation, payroll management, financial reporting, etc.
QuickBooks Services: The great Use
A small business owner usually manages the software all by themselves. Otherwise, it can be assigned to dedicated staff or outsourced personnel for managing bookkeeping solutions.
Managing company’s income and sales: It allows users to handle sales as well as income and create invoices, track performances. Business owners can know how much customer owes them systematically. They can also look at account receivable report and view their current and past dues.
Bills and Expense Tracking: This accounting software can automatically deal with tracking the company’s expenses as well as bills. This can be done by connecting the bank and credit card account with that of the software. All expenses can probably be downloaded and accordingly categorized. Also, other software like cash, check transactions can directly be recorded to the software.
Business Reporting: With the help of business software, the inflow of cash, as well as outflow activities, can be managed. From that, one can easily generate multiple reports and pre-built reports can also be run within a few clicks. From the reports, the business also has the option to gain valuable insights and these can be used as a negotiating tool against potential investors and for getting loans.
Inventory tracking: You can make use of the accounting software to easily track and update the amount, unit costs, etc. Moreover, with reporting, you can manage the inventory too.
Advantages of QuickBooks Accounting:
- Money Management: It can help the business to handle their funds. Every transaction gets documented well for easy accessibility at any time for future auditing. One can connect a bank account with the software and have comfort for checking everything online instead of paper statements.
- Remote access: User can access their accounting details from anywhere they are. Convenience is delivered as well as confidence with a secured system. You can easily switch and connect between companies.
- Expense Record: Users can create a systematic way of recording their expenses and managing them.
- Integration: Integrate easily with banks, credit cards, financial management software, and other tools seamlessly.
- Payroll Management: QuickBooks offers a payroll solution as an advantage of having the updated financial statement this is because the integrated system is featured in the software.
- Financial Reporting: You can potentially gain unlimited financial reporting. It compromises yearly income, expenses, trends, forecasting, documentation, etc. Each report can be arranged properly through spreadsheets.
Disadvantages of QuickBooks Accounting:
- Though the pros of using QuickBooks rank higher and weigh higher than the Cons. However, one can also not neglect some disadvantages that it delivers to the users.
- Difficult to learn: Although it has a simple interface, but is rich in features. Some users might complain that it is hard to understand how to use the software. It might be a nightmare if the user uses it wrong and it creates makes in the entry affecting the entire business.
- Syncing Issues: There are instances where QB received syncing issues with the transaction. It might take a day or two to have a completely systematic syncing done.
- Upgrading: You can’t choose when to upgrade the software. If the new software has removed certain features that you were using earlier, unfortunately, you can download the previous version.
If your company is on the path of growth, and you believe you need to make your business operation automated, especially the accounting task. Do not forget to make great use of this accounting software, QuickBooks. Although it has several disadvantages, those aren’t something you cannot control. It will be best if you use the software, automate your business and enjoy how you save time, money, and energy.