QuickBooks Review

QuickBooks is a popular accounting software that has been helping entrepreneurs and small business owners manage their finances for over 30 years. The company provides a number of services, including payroll, tax preparation, invoicing, point-of-sale management, and more. 

Is this the right choice for your business? In this article, we’ll be discussing QuickBooks in-depth so you can decide if it’s the right choice for your business needs.

Table Of Contents

What Is QuickBooks?

QuickBooks is the leading accounting software for small businesses, especially if you work with an accountant regularly. The program offers various features that are designed to help you manage your finances, including payroll, point-of-sale management, and invoicing. With multiple plans to choose from, along with helpful add-on services to customize your experience, Quickbooks offers a high level of scalability and flexibility.

Pros of QuickBooks

  • Reporting and Recordkeeping Abilities
  • Double-Entry Accounting
  • Third-Party App Integrations
  • Rule Setting for Reoccurring Expenses and Revenue
  • Easy To Share Information with Accounting Team

Cons of QuickBooks

  • Hard Learning Curve
  • Monthly Plans Are Expensive
  • Brand Customization
  • Budget Feature Is Hard to Maintain and Calculate
  • Disorganized Customer Support

Ease Of Use

QuickBooks has a high learning curve, but it’s relatively easy to use if you’re experienced with accounting software. The program is designed for accountants and small business owners, which means many features may be overkill or unnecessary depending on your needs.

However, if you’re unfamiliar with accounting software, it may take some time to get used to all of the features on the platform. Thankfully, there are more than 719,000 resources, tutorials, and articles created by over a million contributors to help you along the way.

Support and Customer Service

QuickBooks customer service is lacking these days. The support team often gets bogged down with questions from new users who haven’t yet learned how to use the software properly, need help troubleshooting their account, or find solutions for more advanced problems.

It’s also challenging to find an email address or phone number if you have any issues accessing QuickBooks online, so it can be frustrating to contact them about your problem. Instead, they tend to point you towards online resources or the community board to find resolutions to your problem. 

However, if you are able to get through to customer service, they’re available through online chat or phone between 9:00 AM to 9:00 PM EDT from Monday through Friday.

Support and Customer Service

QuickBooks customer service is lacking these days. The support team often gets bogged down with questions from new users who haven’t yet learned how to use the software properly, need help troubleshooting their account, or find solutions for more advanced problems.

It’s also challenging to find an email address or phone number if you have any issues accessing QuickBooks online, so it can be frustrating to contact them about your problem. Instead, they tend to point you towards online resources or the community board to find resolutions to your problem.

However, if you are able to get through to customer service, they’re available through online chat or phone between 9:00 AM to 9:00 PM EDT from Monday through Friday.

Pricing

There are five different pricing tiers depending on your needs as a small business owner, which means is a ton of flexibility to meet your company goals. These five plans include:

  • Self-Employed: This is the plan for starters to find the features they need to get ahead of their taxes and find tax deductions through their finances. With the self-employed tab, you’ll be able to track income and expenses, capture and organize receipts, estimate quarterly taxes, track miles and run basic reports. This plan starts at $7.50 per month.
  • Simple Start: This plan is perfect for businesses that need to track income and expenses, send invoices, accept payments, maximize tax deductions, run general reports, capture and organize receipts, manage cash flow, track miles, forecast sales tax, send estimates and manage 1099 contractors. This plan starts at $12.50 per month.
  • Essentials: This plan includes everything from the Simple Start plan, bill-paying features, up to three members on your plan, and tracking time. This plan starts at $25 per month.
  • Plus: The Plus plan is the most popular plan offered through QuickBooks. You’ll get everything from the Essentials plan as well as up to five members on your plan, tracking inventory as well as project profitability. This plan starts at $40 per month.
  • Advanced: The final plan offered through QuickBooks is the advanced plan which includes everything from the Plus plan as well as up to 25 members on your plan, business analytics, insights, batch invoices customize access by role, exclusive premium apps, dedicated account team, on-demand online training, automating workflows, as well as the ability to restore company data. This plan starts at $90 per month.

After choosing your plans, you even have the ability to add-on services such as payroll directly through QuickBooks.

Customization

While you will be able to make simple customizations such as adding logos or desired fields to your reports, bills, and invoices, you won’t have complete control or branding capabilities through QuickBooks. If having completely branded materials is a priority for your business, this might be a considerate downfall of using this application.

The customization limitations extend to the dashboard. The QuickBooks application comes with a pre-loaded interface and does not allow you to add or remove any components to the front page. However, the overall look of the dashboard is organized and put together, even if you don’t have control over the customization aspects of it.

Tools and Features

  1. Reporting and Recordkeeping Abilities

QuickBooks features an intuitive dashboard where everything is laid out for you in a way that makes sense and is easy to find. This includes the ability to generate reports, print invoices or bill statements, and view customer transactions such as payments and refunds. With this program, it’s easy to see how your business has been doing and where the most recent transactions have been coming from.

  1. Double-Entry Accounting

Double-Entry Accounting is another feature that QuickBooks offers to help you manage your business. The process of double-entry accounting automatically records an equal, opposite entry for every transaction, which helps keep track of all the finances in an organized manner as well as provides accurate account balances at any time.

  1. Third-Party App Integrations

QuickBooks has integrations with other third-party apps. These app integrations will allow you to seamlessly transfer data from QuickBooks into these applications or vice versa without any work on your end by exporting the desired file for the specific application that you need it in.

  1. Rule Setting for Reoccurring Expenses and Revenue

QuickBooks features the ability to set rules for recurring expenses and revenue. For example, you can decide whether or not an expense is incurred monthly, quarterly, etc., as well as how much of that amount you want to allocate to each customer or job. This will help streamline and automate your payment process and help you keep a better track of your account balances.

  1. Easy To Share Information with Accounting Team

QuickBooks is also designed to make it easy for accounting teams to share information with one another. The program provides a shared workspace that makes it super simple for accountants and any other user who has access to see the same data and edit at the same time, as well as track changes made by each individual on an audit-ready timeline.

  1. Payroll Integration

Available as an add-on to most packages, QuickBooks is able to provide payroll services. The integration will allow you to track your employees and their hours in one place. With this integration, you’ll be able to set up automated payroll, health benefits for your team, 401k plans, 1099 E-file and pay, same-day direct deposit, workers comp, and HR support without having to consult multiple applications.

  1. Ability To Invoice, Pay Bills and Collect Money

Because QuickBooks has a variety of services, it’s able to provide the ability to invoice and collect money all in one place. This offers an efficient way to manage your finances without having to use multiple applications or write checks manually- which is why this feature is perfect for small businesses that are just getting started.

  1. Inventory Management

QuickBooks offers the ability to manage your inventory efficiently by providing a full suite of features. You can track purchases, sales, and cost of goods sold all from this one program, even setting up alerts to let you know that you have low stock at any time. You can even sync your inventory with platforms like Shopify and Amazon, manage vendors, and create purchase orders as necessary.

Should You use QuickBooks?

Suppose you’re looking for an accounting software application that can handle the needs of your business. In that case, whether you’re a freelancer or a medium-sized application, you’ll find the features you need in QuickBooks. With tons of features included within one software, such as reporting, third-party integrations, inventory management, double-entry, and payroll, it’s easy to see why many businesses choose this platform over competitors.

If you’re an experienced accountant, you’ll find this software easy-to-use without needing extensive training. However, if you’ve never used accounting software before, you might feel like you’ve jumped into the deep end when you sign up for the QuickBooks application, especially with the vast number of features and resources provided in one place.

QuickBooks might not be the right platform for you if you need complete brand customization through the system, need constant help through customer support, or have a low budget to spend on accounting software.

Overall, QuickBooks is a solid accounting software application for small businesses that’s easy to use and provides all the tools needed to run your business in one place.