The first version of Quickbooks was launched in 1992. Intuit, the company behind it, has released several successive versions since then. Today, Quickbooks is one of the leading small business accounting software systems on the market, utilized by thousands of small businesses across all industries.
Quickbooks are easy to use and understand. One of the biggest factors that affect a new business owner’s decision about which accounting system to use is how quickly they can learn to use it. This means there must be very few barriers between them and understanding how to complete even complex tasks without needing too much support or training.
What would be your answer if any business owner were to ask you why more people choose QuickBooks for their accounting software needs? There are many reasons why this is so. This article shall enumerate several of them.
Reasons why businesses use Quickbooks
Accuracy And Reliability Are Assured!
First and foremost, no other accounting software program can rival QuickBooks in terms of accuracy and reliability. It’s the best program if one needs constant updates because it’s regularly updated and improved upon with each update.
As a result, its users find themselves working more innovatively and better instead of wasting time trying to make the job simpler, which most other accounting programs cannot do. It saves businesses very precious time, and they can use that saved time to increase their productivity.
This is also one of the reasons why many happy business owners have been using this software for years and have no plans yet to shift to a different program because QuickBooks has never failed them in keeping a smooth record of their income and expenses as well as generating all sorts of reports whenever needed.
Understanding the importance of managing customer relationships, Intuit has made sure its products answer the immediate needs and those that come down the road. As a result, it has been able to maintain a loyal customer base for this very reason.
Better Business Decisions Are Made!
Of course, all these advantages lead to better business decisions because one can rely on QuickBooks’ data. Accounting doesn’t need to be a tedious task, especially if you have hired an accountant who is not versed in handling your books. The best way out of this situation is employing software like QuickBooks, which makes the entire process faster and easier than ever before.
Benefits of Quickbooks Software
Is it worth switching from QuickBooks Desktop to Online?
QuickBooks is accounting software introduced in the market by Intuit, a company based in California, and provides financial management solutions to smaller and larger companies. The basic version of this program is dubbed QuickBooks Desktop, whereas the online version is known as QuickBooks Online.
There are many benefits associated with both these versions; hence, business owners find themselves confused when deciding whether it would be better to use Quickbooks Desktop or opt for Quickbooks Online. Here we shall discuss all those benefits that make the decision-making process more manageable:
Merge Multiple Companies
One of the most significant advantages of using this software is merging different companies under one roof. This means that one can manage all the accounts of other businesses in a single program, which is not achieved by the desktop version of the software.
Perhaps this is what makes Quickbooks Online so popular among small business owners because it allows users to track expenses without any problem whatsoever. Tracking expenses has never been made more accessible than before. Balancing their budget using an app on their smartphone isn’t something that every accounting software provides for busy entrepreneurs who are always on the move.
Add Employees And Vendors Easily
One can add employees and vendors with ease whenever needed because this method eliminates manual entry errors associated with adding new records.
Access From Anywhere
This is another feature of QuickBooks Online that makes sure your business runs smoothly no matter where you are because it provides web-based access to accounting data at all times, even while traveling or being away from the office.
Easy Installation And Setup
For small businesses with limited budgets, opting for the online version of Quickbooks might be a good idea because it doesn’t require any technical knowledge or vast sums of money to get started. No special hardware requirements are needed either, which means one can start using this software right out of the box without making extravagant investments beforehand.
How is Quickbooks Better than Xero?
By now, you must have understood how QuickBooks has managed to gain such a strong foothold in the market and why it is considered one of the best tools out there for improving your business’s efficiency.
However, this software is not flawless; hence, you’ll end up with several questions that need to be answered before choosing any software over the other. One such question that often puzzles entrepreneurs like you is: ‘Is Quickbooks better than Xero?’ Now we shall discuss some factors highlighting how and where this program excels:
Better Customer Service
This is an essential aspect of running a successful business because unsavvy owners who don’t even know how to use basic accounting programs might struggle with unexpected obstacles during their journey. As far as this particular aspect is concerned, QuickBooks excels because it provides its users with highly efficient customer service that assists them whenever they need guidance.
More Affordable Option For Small Businesses
If you are running a small business and want something affordable to take care of your accounting needs, the desktop version of Quickbooks might be one of your best bets. The online version is usually reserved for more giant corporations; however, if you find yourself struggling to keep up with all the records on your own, opting for the online version could also be a good idea (though it will cost you more than if you go for the desktop software).
Modern Technology And Efficient Design
One other notable factor that makes QuickBooks an attractive option is its beautiful design and modern technology. This software’s account module has an intuitive interface with simple navigation, making it easy for users to come up with invoices or track expenses without any problems.
Easily Integrate With Other Apps
It’s not only other software programs that can be integrated into Quickbooks but also intelligent devices such as tablets and smartphones so that one can monitor business transactions from the convenience of their couch.
How is Quickbooks Better than MYOB?
To answer this all-time question, we’ve come up with a list of the features and factors that make this software better than others:
Gives Real-Time Information On Cash Flow
As far as cash flow is concerned, one of the best aspects of Quickbooks is that it provides its users with real-time information on where they stand financially. This is done by providing them with detailed reports such as income statements or balance sheets to analyze their company’s financial status.
Have The Ability To Automatically Sync With Banks And Other Financial Institutions
Small business owners who struggle with bank reconciliation issues because they don’t use multiple devices while checking on their accounts can reap several benefits from using Quickbooks. This is because this software can automatically sync with various financial institutions associated with it to prevent users from accessing all their details on one platform.
Track Business Expenses Easily With Just A Few Clicks
As far as expenses are concerned, QuickBooks allows its users to track business-related expenditures easily without having them go through some complicated procedures or equations beforehand. All they will need to do is enter the amount of money being spent by typing in some basic information about their purchase, and they can get a detailed overview of their company’s profit even before tax season begins.
Provide Real-Time Information On The Progress Of Projects And Services Offered To Clients
You can get updated information on the progress of your projects or services before sending out invoices to clients. This is done by using an “Estimated vs. Actual” report which highlights how much time was spent on specific tasks so one can compare the actual result with the estimated one and know where they went wrong.
Provides Detailed Job Costing And Analysis Reports For Improved Business Practices
This particular aspect makes QuickBooks a better option than MYOB because it allows its users to monitor job costing for various projects, analyze their spending habits, predict future costs, start budgeting processes efficiently and also understand where specific errors took place to ensure that such problems never occur again in the future (which will eventually lead to increased profits).
Quickbooks SBR Capabilities
Its numerous benefits make this program an excellent option for any small business owner looking for an efficient solution that can help them save time and increase productivity.
Quickbooks SBR has been designed by Intuit especially for freelancers, independent contractors, and other self-employed professionals who need a cost-effective accounting solution to manage their expenses efficiently. This version allows users to send invoices and track their income, which is one of the main reasons why people choose to work with QuickBooks.
The software helps users categorize expenses, offers features to help them pay taxes on time, and provides real-time information on how much money they have earned. All this shows just how beneficial working with QuickBooks can be for business owners who want to expand their companies and achieve success in the long run.
What’s more is that Intuit also provides customers with specific self-employed resources such as business planning kits, financial calculators, etc., so they can feel comfortable while using this program because any doubts or questions about it will be swiftly answered.
This software can manage sales tax, which is particularly useful for companies in charge of collecting sales tax on behalf of different state governments. On top of that, users can also use this program for inventory management purposes and create custom fields to keep track of certain things such as Lot Numbers or serial numbers.
Quickbooks SBR (Self-Employed) is a solution that provides customers with the ability to track their business finances and pay their taxes.
Some of the benefits of Quickbooks Self-Employed include:
- Track your expenses and sales in real-time
- Send invoices and get paid faster for your services
- Connect and sync bank accounts and cards for even more accurate information
- Save time managing everyday tasks like tracking mileage or reimbursing employees
- Prepare, file, and pay your taxes anywhere you go at any time of the day
The Bottom Line
While it might take up some time at first when one is trying to learn how to use QuickBooks, they will realize just how quick and easy this software works because this platform boasts an efficient design with dynamic features that make any tedious task so much more bearable. For instance, by using built-in shortcuts, users can avoid using multiple mouse clicks every time they complete a job which will ultimately speed up the process and make them more efficient.
In addition, one of the best things about QuickBooks is that it is constantly updated every year to meet all customers’ needs and wants, which means they don’t have to worry about making additional purchases now and then because their software won’t be outdated anytime soon.
We will be launching a free Quickbooks online course for our Cert IV in Accounting students and will make them available on your LMS once it is launched!