If you have a small business, one thing you may have thought about doing is getting accounting software. One of the most popular options is QuickBooks. We’ll look at the advantages and disadvantages of QuickBooks so that you can make up your mind.
Pros
Large Network of Support – QuickBooks is the accounting software that most people use. Because of this, if you have problems or a question, you are going to have a huge support network when you have problems or questions. You’re able to network with other QuickBook users on the forums, where you may discover that people are having the same issues or have had them in the past and can help you with the issue.
Low Cost – It’s usually cheaper to use QuickBooks than to hire a bookkeeper or accountant. There are different options that you can use, either online or by buying the basic package. If you are just getting started as a business and you don’t have a big budget, it’s a great way to help your costs stay down.
Comes with Basics – QuickBooks’ basic version comes with accounting features needed by the majority of small businesses. It has features like accounts receivable and payable, invoices, inventory and payroll. You can process people’s credit cards and create checks with this software as well. You also can access a complimentary trial paid so you can see if it’s the best choice for you and your business.
Cons
Security – One downside is if you’re using QuickBooks’ online version rather than the software program, you could have problems with security. Your financial information could be exposed to hackers on the Internet.
Limitations – QuickBooks’ basic version is made for people who have limited financial and accounting needs. Because of this, it won’t offer everything that professional accounting software offers. You’ll also be limited in how many products you’ll be able to list when it comes to inventory.
Upgrading May be Necessary – It’s possible that you’ll discover you’re outgrowing QuickBooks’ basic version as time passes. They do offer an advanced version that has additional features, but it’s a lot more expensive.
Payment Processing Costs – Quickbooks will default to service all your payment processing needs which can be a bit more costly than other. 3rd party quickbooks payment processing options such as PaymentCollect can be substituted to remedy this issue.
These are the advantages and disadvantages of QuickBooks. If you are looking to save money and get some accounting software for your business or your home, it’s a great choice. It’s affordable, has basic features, and it’s easy to use.
Have More Questions?
If you have more questions about your bookkeeping needs, give EZ Ledger, Inc. a call today at 239-249-8086. We would be happy to answer any questions you might have regarding bookkeeping and how we can help. We offer many services, and we look forward to doing business with you in the future!
