QuickBooks is the top recognized accounting software used to manage customers, inventory, vendors, and finances. It is necessary to keep precise financial records, whether running a small business or a large organization. People are adopting this new technology to make their finance system more efficient, but it is essential to know whether QuickBooks will be beneficial for your business or not? There are some pros and cons of using QuickBooks, and they are as follows:
Pros:
User-Friendly:
QuickBooks is well renowned for being the most user-friendly accounting software for beginners and advanced accountants alike. This software can be easily used by people who do not have an accounting background while also containing all the functionalities and features that a pro accountant needs.
Integration:
QuickBooks can combine with other applications to handle accounting records efficiently. Also, a CSV or Excel file integrates into QuickBooks without any difficulty. The use of this feature allows you to make accurate accounts by creating several reports for multiple organizations.
Cost Efficient:
QuickBooks can be a great choice, especially for Small and Medium Enterprises (SMEs). It can be a less expensive approach instead of hiring a bookkeeper or accountant. The use of QuickBooks will help you to minimize your organization’s expenses.
The best option for Small Businesses:
For small businesses, QuickBooks can be an ideal choice and integrate with other programs. When your business is at its initial stage, it doesn’t require complex accounting. For such reasons, QuickBooks can be the ideal choice to opt for the following:
Supporting Network:
QuickBooks is considered a popular software for accounting purposes and has an extensive support network. This support network means that if you are facing any difficulty or any accounting issue, you can log into QuickBooks forums where you have access to experienced members. They can guide you through the stuff you don’t quite understand. They will help you to sort out your problems instead of contacting the manufacturer to resolve your issue.
Basics:
The first or initial version of QuickBooks offers various accounting features as per the requirements of small businesses. These features include accounts payable and receivables, inventory, payroll, and invoices. Also, you can process credit cards and create checks using QuickBooks software. Moreover, to check whether QuickBooks is perfect for your business or not, they offer a free trial period, so you don’t need to spend any money upfront.
Now let’s discuss some of the cons of using QuickBooks:
Not a perfect choice for Larger Businesses:
QuickBooks is not a perfect choice if you are running a large organization. If you have a company with more than 100 employees, then surely QuickBooks will not be able to serve you in the best way. For large organizations, there’s a need to develop internal software that can easily handle intricate reports and interlink to other departments within the organization.
QuickBooks is not a Robust Software:
QuickBooks does not come equipped with advanced features related to bookkeeping, which is the basic need for any considerable organization. These advanced features will help organizations run their businesses smoothly, but QuickBooks fails to provide such services.
Limitations:
QuickBooks’ basic form is designed especially for the user who has limited needs both for finance and accounts. Hence QuickBooks do not propose all types of accounting processes that are being used by a qualified accountant. Also, QuickBooks has area limitations, including the number of items you can add to inventory drives.
If your business has complex accounting procedures and methods to manage inventory systems, then QuickBooks, for sure, is not a good choice as it may fail to meet your requirements.
Here are summarized Pros of using QuickBooks:
- Efficient
- Easy to use
- Account reports regenerate easily
- Flexible
- Large support network
- Low cost
Cons:
- File size issues
- Security
- Upgrade costs
- Limitations
- Missing business-specific features
QuickBooks is user-friendly and well-known. It is used primarily for small businesses as it lacks advanced business features. The software has limited support for large organizations as far as sophisticated accounting methods are concerned. We hope that these pros and cons will help you to decide how to use QuickBooks in a way that meets your particular business needs.
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