Beginning a bookkeeping business in 1999 had me running to try to find different software that was both effective and affordable for my clients. The accounting software I was ideally looking for also had to be as easy as possible to use and understand because I had to teach people how to use it and get the most out of it. That was when I found QuickBooks.
Although Peachtree and Quicken continue to be used by a smaller percentage of users, these programs still provide a good accounting tool for beginning users.
Every version of QuickBooks since 1999 still occupies my computer – Yes, some people just do not like change. If my clients have other software then I use it on their premises instead of keeping their accounting software loaded on my computer. This helps keep my costs lower and my hard drive capacity controllable.
These things make using QuickBooks an amazing accounting software tool:
– Quickly became an industry standard used by most businesses, bookkeepers and CPAs.
– Makes creation and generation of easily understood reports and files that can be sent to your bookkeeper or CPA over the internet.
– Uses an auto-generated chart of accounts for your choice of business operations and that chart can be easily modified to add or delete accounts as you need or want them.
– Understandably and Easily walks you through your company set-up in just a few minutes
– Is Used both across the USA and Canada
– I work in both places and use both Canada and USA QB Products.
– Automatic memory function and decimal placement on entries reduces data entry and speeds up all entries
– Basic Payroll functions are effective and mostly accurate, but an end of year or quarterly adjustment may be necessary by your accountant to reconcile some necessary government paperwork reporting and filing requirements.
If you’re not a bookkeeper these things will make you crazy:
– It is a double entry system and you have to know how debits and credits work or you will be in a constant state of ‘needing help’ with your bookkeeping entries, reports, and understanding how the program works.
– Although you can automatically download your bank statement entries, I do not recommend it because it downloads them into generic chart of account line items (like miscellaneous instead of Office Supplies) and it does not download them with the vendor names, it uses exactly what your statement says, so the $4.99 you spent at an office supply store goes into your books as a “miscellaneous expense” from vendor “000123524579” This equates to a re-do on each entry by hand when you could have done it by hand in the first place and saved time.
– The payroll function works best for smaller businesses – say up to around 30 employees. After that it gets a little confusing and time consuming to monitor.
– QuickBooks support is difficult and expensive, but they have a QuickBooks Pro Adviser designation for those CPA and bookkeeper professionals who sign up for it. If you look online you can find those helpful people, or just ask me. I am a former QB Pro Adviser.
– The Multi-Currency function makes data entry a challenge if you go back and forth a lot and use different currencies. If you do then just create a separate account for – “Foreign Currency Banking.”
There are other software programs available. Check them all to find the best one for you and ask your CPA, bookkeeper or tax adviser what they suggest. It’s been my experience that you will love the way this software works with and FOR your business.