QuickBooks is a software that possesses the aspects of functionality and productivity. The QuickBooks software is used for accounting and bookkeeping and has advantages for those who run a small or mid-sized business. QuickBooks has reduced the burden that is usually required to set up to run the system of accounting. The following are the pros and cons of using QuickBooks for business accounting and bookkeeping:
Pros of QuickBooks
- An affordable accounting and bookkeeping tool
- Reduces bookkeeping and accounting workload
- Prepares accounts payable and accounts receivable functions such as preparation of checks, invoices reports, inventory, time entry, payroll, and processing of credit cards
- It is user-friendly and intuitive
- It works with Microsoft Office, which is considered effective in word processing and spreadsheet programs
- It can run on both Windows and the Mac
- It has an online version which can be accessed at remote locations
Cons of QuickBooks
- Large businesses will find the usage of the QuickBooks becomes less effective
- The online version requires a monthly fee
- Online, your valuable data possibly be hacked
- It does not contain all the features which an accountant uses
- It has a limitation on the number of entries you can submit
- It may not contain all the functions your company needs
Even though there are some drawbacks to QuickBooks, if you are a small or mid-sized business owner, it is the best choice to help you with your accounting and bookkeeping needs. This will be especially helpful if you, as the owner, have to handle the accounting or you have only one person handling the accounting bookkeeping.
Bookkeeping and accounting is the most important aspect of a business, and if you do not have an accounting system in place that fact alone can be the difference between the success or failure of your business. QuickBooks was designed to be user-friendly and foolproof for every level of accounting experience. It has features that will save time on your daily accounting tasks. It will also keep you ready for tax time when you have a strong accounting of all your business finances in concise and easy to understand formatting.
Having weighed the pros and cons, it is still to a small to mid-sized business’s advantage to use QuickBooks for their accounting and bookkeeping needs. The cons should serve only to warn you of some of the pitfalls you may encounter while using the software.
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