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Is Quickbooks the Best Accounting Solution for My Business

Is Quickbooks the Best Accounting Solution for My Business?

June 6, 2022

Initially released in 1983, Quickbooks and subsequently, Quickbooks Online, have become popular options for small to mid sized businesses. These businesses utilize the ease of use and capabilities of Quickbooks for an affordable accounting and bookkeeping solution. But, Quickbooks is not the best solution for all businesses. And, before investing, most business owners wonder “is Quickbooks the best accounting solution for my business?”

Here are a few aspects and common questions relating to Quickbooks to consider before deciding if Quickbooks is right for your business:

Is My Business too Big for Quickbooks?

A common misconception about Quickbooks is that they are limited to small businesses (less than 50 employees) rather than mid-sized businesses. In reality, while 66% of Quickbooks users are small businesses, 28% are mid-sized. This means that even if you expect your business to surpass 50 employees, Quickbooks is still fully capable of meeting your needs.

Will My Business Revenue Outgrow Quickbooks?

Quickbooks was designed with small businesses in mind. Most Quickbook users have less than 50 million in revenue, leaving plenty of room for growth in your business without changing to an alternative accounting and bookkeeping solution. 

Can I Have Accurate Financial Reports Regarding My Business Using Quickbooks?

When set up properly, Quickbooks Enterprise allows industry specific reporting, snapshots, and interactive reports. As of this moment, Quickbooks Advanced Reporting is only available to those with an Active Quickbooks Desktop Subscription and can be difficult to set up. If you are interested in financial reports specific to your business, connect with ModVenturesLLC for a consultation.

What is The Difference Between Quickbooks Online and Quickbooks Desktop?

The most notable difference between Quickbooks Online and Quickbooks Desktop is the mobility and accessibility of Quickbooks Online vs. the stationary version of Quickbooks Desktop. Other notable features include price and ease of use. Quickbooks Online is a good solution for most small businesses and is a great option for both new and existing businesses.

Will I Need to Hire Additional Team Members to Manage My Quickbooks?

Depending on your individual business needs and the method of accounting you want for your business, you can train team members on hand or outsource. It is recommended that you work with a Quickbooks expert to set up your account initially, but learning to work the program on a day to day basis can be done quickly and efficiently.

Can Quickbooks Intergrate With Our Current Programs?

Both Quickbooks and Quickbooks Online allow multiple integrations. You can view some of their top integrations here. Quickbooks Online also integrates with your business bank accounts, if preferred, to help track income and expenses as well as allow you to track your receipts and invoices.

Is Quickbooks the Best Accounting Solution for Your Business?

Most small business can easily rely on Quickbooks for most of their accounting and bookkeeping needs, but will benefit from having an expert set their program up initially. This helps prevent lapses in records and ensures your systems are set up correctly and in the most efficient way possible. 

Consult with ModVentures if you are interested in using Quickbooks to manage your accounting and bookkeeping for your business.

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