The majority of the small and medium business use Quick Books to manage sales, customers, vendors, invoices, expenses, file taxes, generate cash flow statements and create reports and all the other financial activities. QuickBooks has made the life of a small and medium business much simpler and comfortable with its powerful and versatile accounting solutions.
In addition to providing Outsourced Bookkeeping and Accounting Services, at Outsourced Bookkeeping, we also offer QuickBooks Services for our clients and has been doing this successfully for years now. And our accounting experts are posed a variety of questions on QuickBooks from fellow Small and medium business owners to know suitability of QuickBooks for their business. So in this blog here we have decided to shed light on this topic by providing a break-up of the pros and cons of QuickBooks for small and medium businesses, read on:
Pros of QuickBooks:
1. Simple & User-friendly: QuickBooks helps you generate financial reports, invoicing, business plan creation, keeps track of your expenses, process credit card payments, runs payroll, tracks employee hours and more. It performs all these functions in the simplest user-friendly way, which is paramount for the small and medium business owners who only started into bookkeeping and accounting.
It doesn’t require much information for you to get started – you can easily follow along and get your work done by yourself. And when you need to scale and sense more expertise you can hire QuickBooks Services from expert back-office accounting firms like Outsourced Bookkeeping.
2. Extensive features: Don’t let the simple and user-friendly nature of QuickBooks make you think that it is a basic accounting solution. Not only does it provide all the required basic services it is loaded with an extensive and powerful list of features for invoicing, lead management, project management, lead management, inventory, tax forms, business plan creation and more. QuickBooks does pack a punch and all you need is to wield the power perfectly.
3. Versatile & Scalable: QuickBooks is not one solution for all, it has its versions for self-employed and enterprise, then there are tiers – silver, platinum and diamond in QuickBooks Enterprise version. Each tier offers advanced versions of the utilities based on the needs and requirement. On top of this Enterprise, the version comes with a variety of industry-specific solutions for contractors, retail, non-profit, accountants and professional services making it an easily scalable and versatile accounting solution.
4. Wide Supporting Network: QuickBooks is simple, powerful, user-friendly, versatile and scalable with extensive features but where it shines the most is the availability of an extensive network that supports and assist you when you face potential accounting problems with the tool and its features.
5. Excellent Customer Service: Wide support network and customer service go hand-in-hand when it comes to QuickBooks. For example, each QuickBooks Enterprise comes with its own Priority Circle support feature which gives you access to the customer service from QuickBooks experts and representatives, even managers who can assist you. Other versions also help you reach out to customer representative by chat or phone. Also, QuickBooks training courses, webinars and support systems are a plenty to benefit from.
Cons of QuickBooks:
At its core, QuickBooks is designed for users with limited requirements – self-employed, start-ups, small and medium businesses and hence it is not exactly the perfect replacement for accountants who caters to all types of accounting processes. QuickBooks does have its limitations ad if your business relies on complex accounting processes and procedures at best QuickBooks can only offer limited support. Then other generic issues include – file sizing compatibility, security limitations, upgrade costs and missing business features.
Although it comes with powerful and nifty features, QuickBooks is more or less useful as an accounting solution for small and medium businesses. For large businesses (>100) QuickBooks may not be a perfect accounting solution without compromising at certain aspect, which is why large businesses either develop their internal solution or outsource booking and accounting services to remote accounting firms or use both to cater to their accounting and finance needs.
That said, over the years Outsourced Bookkeeping has helped all types of business – small, medium and large business reap rich rewards with QuickBooks Services and Outsourced Bookkeeping and accounting services. Whether you are a small and medium business looking for QuickBooks Services or a large business looking for outsourced booking and accounting services, Outsourced Bookkeeping can help you, you can contact us here: https://outsourcedbookeeping.com
Also you can find more information on our QuickBooks Services here: https://outsourcedbookeeping.com/bookkeeping-and-taxes/quickbooks-services/