Is QuickBooks worth it?
QuickBooks is the most widely used accounting software for small businesses. The software application is vital to small businesses in managing all financial aspects of the business. Depending on your company’s size, you can choose QuickBooks online or opt for the desktop version, but whichever you pick, QuickBooks makes it easy for your business to keep its finances in order.
The software is used in multiple areas of any business, such as:
Payroll
Invoice management
Bookkeeping
Expense tracking
Finance reporting
Tax management
Bank reconciliation
Features
If you are new to QuickBooks, you might be wondering what features the application offers you. This is not something you should be concerned about since the application has easy-to-use features that guarantee increased productivity. Although the cloud-based QuickBooks Online is accessible from anywhere, and the desktop version is locally installed and cannot be accessed remotely, both variations boast a lot of similarities in terms of functionality and other capabilities.
Easy To Import Files
If moving to QuickBooks from other accounting applications, the transfer should be easy into your new account. You will not lose anything as long as follow the syncing process which will save you time and money.
Clear Dashboard
You will find an easy platform to use with QuickBooks. The user interface makes the dashboard clear which gives you an overview of your accounts. It shows items like your cash flow, invoice, sales, and any other relevant data.
Easy To Link With The Bank
Quickbooks easily allows you to link your bank account to download and sort your transactions. Quickbooks also allows you to add a bank account without connecting to the built-in QuickBooks Online using the Chart of Accounts page.
Customize Invoice
The QuickBooks application also has an option to customize your invoice. With this option, you can enter mobile receipts and bills quickly. It is also possible to invite and give permission to a bookkeeper or an accountant for your QuickBooks Online.
Smartphone Application
Easy to track your miles and other features with the app on your mobile device.
Manage Payment
The other feature that you will enjoy when you use the QuickBooks app is that it can help you manage your 1099 contract payments.
Pros
Has Robust Feature Set
It is vital to keep a keen eye on your finances and cash flow as a small business. It is not easy to do this if you do not have the proper software that allows you to set it up properly. But with QuickBooks, you can manage your business finances, income, and expense with ease due to the robust features this platform offers.
Proper Record-Keeping
The other feature that you will get from QuickBooks is that it will be easy to keep comprehensive data and records. You can make everything as straightforward and as detailed as you want. The more detailed the information, the more valuable the records will be. Be sure to start out using the data as you intend for the long run.
Manage Inventory
Managing your inventory from Quickbooks makes everyone's job easier. Among the features are tracking the cost of goods and setting up low inventory alerts.
Easy Resources
QuickBooks is full of resources that are simple to use.
Cons
Not inexpensive
As much as QuickBooks is beneficial for businesses, it's not cheap. A simple plan is $25 per month including only one account user.
Learning Curve
It might take a beginner some time to learn how to use it.
Pricing
The price depends on the services you need or the features you want to manage your business.
Here is a look at the various QuickBooks Plans and their prices(2022):
Keep an eye on promotions that will save you on the pans. If you need a freelancer or contractor to help you manage your books, the pricing plan starts from $15 per month.
Conclusion
If operating a small business, hiring an accountant may prove to be unnecessary in the early going, especially if you aren't earning high enough revenues yet. One way to help you manage accounting tasks efficiently is to use Quickbooks Online. Although there are many accounting software options to pick from, Quickbooks offers you the most reliability, features beyond what most even need, and unrivaled ease of use.
There may be some ramp-up time for beginners but it enables you to keep track of your finances 24/7. The application is competitive in pricing compared to other market leaders out there. So if you have not tried QuickBooks Online yet, give it a spin to test if it's the best fit for your company.