Quickbooks is an Intuit Product and is the same family as TurboTax and Mint. This product is one of the most well-known accounting software and it’s known for its user-friendly systems. For example, it allows small businesses to calculate federal estimated taxes, separate business vs personal expenses and track mileage. It has many integrations, including one with TurboTax. Turbo Tax is its sister product and the businesses’ tax info can flow to TurboTax’s Schedule C.
This small business accounting software has many add on features like managing payroll, contractors, and inventory tracking. These features are available at an additional monthly charge, but all options have invoice management, online bill pay, organizing receipts, and categorizing business income along with expenses.
Quickbooks is best for small businesses with few employees and for those wanting to have a simple bookkeeping process. Since it’s relatively simple, this makes it easy to use compared to more complex options.
The best features of this platform are its many reports, ease of use, and additional features. Some reports include the A/R aging report, which helps clients manage accounts receivable or AR. This accounts for future payments that haven’t been received yet and tracking this ensures a business will be paid promptly. It has a friendly user community that can assist with training and lessens the learning curve. Also, there are many video tutorials that can walk a user through fundamental processes.
Some of the best additional add on features include tracking inventory and 1099 or contractor management. Inventory is one of the business’s biggest expenses and having too low or too high inventory turnover can damage revenue. Independent contractors work on a per-project basis and it’s important to track their earnings and send them accurate 1099s. Not doing so can lead to stiff IRS penalties and fines.
The Quickbooks Premier or Desktop option has four main platforms which are Simple Start, Essentials, Plus, and Advanced. These products are priced at $20, $35, $60, $150 per month respectively, but there are times when Quickbooks offers temporary monthly discounts. The additional options include payroll which can be as much as $40/mo.
The Online Option has three choices which are Essentials, Plus, and Advanced for $35, $60, and $150 per month respectively. These are similar to the desktop options, but they can be accessed through the Quickbooks App. They also include more bill management reports and the options for multiple users which explains the higher price.
QuickBooks has email and phone-based customer support. It also has a live community of fellow users that can answer your questions. In addition, there is a learning center that has training and video tutorials that help users. Unfortunately, it’s phone support isn’t the best as users have complained of long wait times. When the system has crashed, it’s taken up to a few weeks to fix the problem. This platform has decent resources, but its customer service can be improved.
- Very user-friendly: Quickbooks allows users to create numerous reports such as income statement. It’s easy to categorize expenses in the correct categories, which flows to the income statement. The business information also flows to Schedule C, if the small business owner chooses to use Turbo Tax.
- Has an open API: This API allows it to integrate with over 400 popular business platforms like Shopify, Paypal, and Square. An open API makes it easier to accurately record transactions and reduce errors.
- Customizable Reports: Quickbooks offers its users the ability to create customizable reports like sales and inventory reports
- Price: Quickbooks is affordable but pricier than other options like Zoho books. This can make it tougher for a business that is bootstrapping and other platforms have similar features for less. Quickbooks has also raised prices in the past which has made it less affordable.
- Poor Service: This platform does have customer service, but it’s slow and not as efficient as other companies. Many customers complain about the lag time between emails and spending too much time on the phone with support representatives.
- Buggy Software: Generally, this software is pretty helpful for small business owners and sole proprietors. However, it has had issues with access, especially on the mobile app. Unfortunately, it didn’t give customers any notice of how they’d fix any bugs.
- Overall: 3.5
- Features: 5
- Price: 2
- Ease of Use: 4
- Customer Service: 3