Keeping accurate financial records is an essential part of running your business. Your options include hiring an accountant or bookkeeper, delegating the chore to another employee or keeping the books yourself. A popular method of maintaining your own books is to use an accounting software program like QuickBooks, a product offered by Intuit that is specifically designed for small businesses. QuickBooks is widely regarded as very powerful and useful software for many businesses. It saves money and time, and since its introduction over two decades ago it proved to be ideal software for companies and businesses of all different types and sizes.If you plan to start a company or you already have one, QuickBooks is a must have software for any business. It really simplifies and streamlines the accounting, tracking and reporting and for the most part, guarantees that the process of managing your company finances will be much easier.
Here are 10 major advantages of QuickBooks for your business:
1. QuickBooks has easy-to-use software that is customer oriented. Even if your company does not have a big accounting department, this software is made to be used by many people and its design is really easy to understand;
2. QuickBooks can help you manage your taxes easily. Filing in tax reports and monitoring income has never been easier. By using the software, you will not have to be worried whether your tax report will be made correctly and on time.
3. QuickBooks is constantly evolving and improving. There are lots of improvements inside the software that can always prove to be helpful for running your business. New features are added regularly, so all your financial areas can easily be covered.
4. QuickBooks is leading software in terms of safety and adaptation to the new technologies. QuickBooks is slowly, but steadily moving forward towards being the best financial software that can be on the market. It can be accessed from any type of modern devices, which makes the life of the business owners much easier.
5. QuickBooks has many integrated tools that will help you increase the efficiency. There are lots of helpful shortcuts as well as other working tools that make accounting easier. Users will save lots of time and their work performance will rise significantly by using this software.
6. QuickBooks challenges companies to be oriented towards product innovation and open thinking. By using this software, the company productivity will rise, and that will encourage the workers to be open towards innovation and to be more focused on making their company better than it is.
7. QuickBooks offers value-for-money. There are lots of software out on the market, but nothing matches QuickBooks offer. It can save you lots of effort and money, which can be put in good use for the benefit of the company.
8. QuickBooks is rapidly expanding and their plan is to reach over ten million of active customers by the end of this decade. QuickBooks is customer oriented, and by hearing their customers’ needs they constantly bring in new active users. If you ever start use this software you will probably never go back and use other accounting tool.
9. QuickBooks has a great automated backup service, which keeps your financial data safe and secure. You will never lose any important data by using this software.
10. QuickBooks is focused on small businesses. Small companies can grow bigger and earn good profits by using this software.
Limitations of QuickBooks:
Just about everyone would agree that QuickBooks is a great introductory system for new and very small businesses. One of the most important considerations to make when starting a business is what (if any) software is required to manage the business. For the most part, the first software purchase is based around the need for managing accounting and financials, and in this situation QuickBooks is the logical choice. It is only as your business grows and your requirements become more diverse than the limitations begin to show through. But there are some limitations of QuickBooks.
The limitations of QuickBooks are given here.
- Limited reporting and transparency of your business health- lack of custom reports.
- Double entry and keying errors across systems and departments.
- Limitations with file size and data, as well as the number of users.
- Generic and impersonal support.
- A standalone application which lacks integration and automation with other systems.
Though these limitations can be bypassed, you can also go for customization. Now I must say that you are thinking too quickly about QuickBooks! 🙂