Highlights of Contents
Overview
Quickbooks is an accounting software better suited for double entry and developed for small businesses as well as accountants to let them organize business finances with ease. Some of its newly added features facilitate the user to simplify their accounting related tasks such as sales receipts, inventory records and tax forms etc.QuickBooks is a fairly easy to use software and one can easily learn the features as well.
Features of QuickBooks
Processing Multiple Transactions, Memorization and User Interface: Imagine a situation wherein you have multiple transactions and you are running out of time due to bulk orders. This can be a hectic situation, and may lead to errors, which can be hazardous for any business. QuickBooks can work as a time saver by memorizing your recurring transactions and update them as per your preferred time schedule. These transactions may be related to the payment of monthly rent, client, depreciation entries, etc. This feature not only saves time for you, but also brings accuracy in your work-flow management. It can be used to remember the format of complex journal entries, which eases the pressure of your accounting work. The user interface seems to be a little bit confusing at times, and may require training for some users.
Loan Manager: This feature can be extremely useful, if you need to keep a track on your loan repayments. It lets you set loan parameters such as its term, interest rate, repayment date, and generates the correct payment check accordingly. We did find some scope of improvement in its audit trail feature though. There were some instances wherein financial information could be modified without any kind of notification.
Reporting and Custom Field Management: There may be situations, when your book keeper is unable to produce all the necessary
financial reports on daily basis. So, we were in the quest of a similar feature, which could let us view financial reports as per our set parameters. We found, that processing daily, weekly and monthly financial reports and printing them as per groups, can be extremely simple using a feature, called “Process Multiple Reports”. This tool can be accessed through the “Report” menu. On the other hand, you can make use of its custom data fields to manage various shortcomings in your accounting system. These data fields let you filter your financial reports, as they can easily be incorporated in your reports.
Pricing
As compared to other related online accounting software, buying QuickBooks can be slightly costly. Though you can download it free of cost for 30 days, but the basic version of this software can be bought in $12.95/month. It comes in various editions including “Simple Start”, “Essential” and “Plus”, which can be chosen as per your business requirements.
Alternatives of QuickBooks
Freshbooks
Xero
Zoho Books
Wave
