Quickbooks Online Pros and Cons
Online Bookkeeping tools have tremendously made accounting easier for accounting professionals. Like many online accounting solutions, QuickBooks bookkeeping is also known for offering small business accounting solutions in the market.
But, it’s also a fact that one in every three accounting software users finds it difficult to choose the right tool. Given the limitations and benefits, this article probes into QuickBooks Online Pros and Cons.
How Users like QuickBooks for Small Business?
Based on QuickBooks Review, www.QuickBooks.com had conducted a user survey to find the reasons why customers like and dislike this online accounting software. The pros and cans of QuickBooks may seem similar, but the changes vastly differ when it comes to scalability and flexibility.
Pros of QuickBooks Online – Advantages of QuickBooks
Suitable for small and medium-sized businesses, QuickBooks online accounting software comes in cloud-based versions to accept business payments, manage billing system, and payroll functions. The following reasons positively contribute to some benefits of QuickBooks online accounting software.
- Cloud Accounting lets you manage your business from anywhere
- Invoicing solutions done in minutes
- Automatic Updates through Online Banking
- Instantly customized Accounting Reports
- Better Cash Flow and billing Management
- Time tracking for employees and clients
- Free unlimited support to users
- Multiple users can collaborate through QuickBooks
- You can access QuickBooks Online through Smartphones and Tablets
1. Easy and Friendly to Use
QuickBooks takes pride in being a user-friendly accounting software that many satisfied users speak of. QuickBooks has been developed in a way to turn strenuous bookkeeping process into easy secure for less experienced accounting professionals.
Even if you don’t have an accounting background, you can find QuickBooks accounting software enormously helpful.
2. Tutorials and Dedicated Training Support
If you still have a hard time switching your manual accounting processes to online, live tutorials come as one of the notable pros of QuickBooks online accounting.
You can watch step-by-step tutorials and learn all the QuickBooks tips and tricks. Furthermore, you can improve your practice and learn with online advice and support from the dedicated team regardless of your location.
The innovative training and timer-saving solutions from trained and friendly professionals is all you need from an online accounting tool.
3. QuickBooks Pricing
QuickBooks Pricing varies depending on your workload and use. You can register for QuickBooks Free Trial of 30 days to test how it comes to your expectations. You can also check the following list highlighting QuickBooks Price amiable for your small business type to manage accounting processes.
Updated QuickBooks Price List
- Self-employed (with basic reports): $7/mo
- Simple Start for basic Accounting features: $12/mo
- Essentials (maximum 3 users): $20/mo
- Plus (maximum 5 users): $35/mo
- Advanced (Includes 5 users): $75/mo
Please visit here to check detailed QuickBooks Cost that fits for your shoes. You can call on QuickBooks Support Number 1800–258–0445 to discuss more.
4. Real-Time Document Exchange
Receipt Capturing, QuickBooks Support, and App integration are pre-included every QuickBooks pricing plan that makes it budget-friendly. As an individual, you can manage your clients and projects in one place and work more efficiently.
You can log in from anywhere through Windows/Mac OS, or android devices anytime collaborating with non-QuickBooks clients as well. QuickBooks attach feature also reduces hassles of chasing clients; you can send and receive documents through this supportive tool. With free and robust unlimited support features, managing your company’s books is better and smoother.
5. Higher Team Productivity
Manual accounting is vulnerable to human-errors; however, with automated cloud accounting software such as QuickBooks Online, you can focus on team management hence boosting productivity. You can include team members per your business requirements, assign roles, clients, and permissions to them choosing a QuickBooks Plan that fits your budget.
Built-in templates, custom invoicing, sales receipts, and quotes, you can serve your clients better assuring that there is no delay in billing at the client’s end. Not only QuickBooks Online help you collect unpaid invoices but also lets you track your employee’s updates and deadlines.
6. Automatic Bank Updates
QuickBooks Online enables you to connect your multiple bank accounts via Credit Cards, PayPal, Square, and other payment gateways. This feature was missing in Freshbooks Cloud Accounting Software. With this capability, money-tracking becomes easy letting you know where your money is going.
With automatic banking updates, you can eliminate manual data entry and reconciliation errors. You can auto-categorize every transaction and reconcile them in few clicks monitoring real-time cash-flow information staying atop in the business. You can also track your expenses by taking snapshots of receipts and saving them with the mobile app. QuickBooks Online does the rest of the verification.
7. International Versions of QuickBooks Online
You can get the benefits of QuickBooks Online upon comparison with Freshbooks in terms of global interoperability. The versions of QuickBooks online are available in many different markets. Intuit, the parent organization of QuickBooks Online accounting software, has divisions in Canada, UK, and Australia, including India.
These versions support the unique tax calculation needs of every region. The UK edition of QuickBooks also supports Irish and South African tax systems.
Cons of QuickBooks Online- QuickBooks Online Limitations
Despite revolutionizing the accounting business, QuickBooks has lately been found struggling to serve the customers. Here are the reasons that account for the cons of QuickBooks online accounting system based on users and clients’ experience.
1. Incompatibility Issue
QuickBooks Online Accounting tool is designed to run on Windows, Android, and Mac Operating systems perfectly. But, in 2014, many users had found that it was incompatible with Apple's new operating system, OS X Yosemite.
Moreover, QuickBooks Online tool for Mac OS is only available to USA customers. If you live somewhere else and own a MAC PC/laptop, you won't be able to use it. In many instances, users have faced an error with a message, QuickBooks cannot open this company file because it was created with an incompatible version.
2. Limited QuickBooks Inventory and Reports
Limited QuickBooks inventory management and report generation have been two of the most concerning the disadvantages of QuickBooks Cloud accounting. Users have reported that QuickBooks becomes troubling while addressing inventory management, which can be tackled using only third-party software.
Lack of reports generation on QBO is much limited and not up to the mark as its Desktop version seemingly. This limitation of QuickBooks turn has turned up in many reviews given by regular users relying on this accounting tool.
Dealing with customizable charts and reports builder is one of the basic needs you’d expect from QBO, but apparently, these seem to be limited. If regular inventory management and report generation are something you need day-in and day-out, this is where QuickBooks Online falls short.
3. Limited Users – One of the reported Cons of QuickBooks Online
Even though QuickBooks Online for Small Business is perfectly suitable for many users, adding additional users is the most challenging part when it comes down to scalability and flexibility. Do note that the tool binds a specific number of users when you purchase it once, however, adding another few members can be pricey.
4. Not Suitable for larger companies
Meeting all requirements using QBO when you have a floor of 100 employees is rather impossible. QBO seems to miss out on the advanced features required for broader business needs.
5. Upgrading or Add-ons in Quickbooks cost higher
Contradictory to what QuickBooks Online offers in fundamental to advanced pricing, the upgrades and patches seem costly. As a business owner, you may have to purchase these pricey upgrades mandatorily to continue its use. Also, in the basic version, you won’t be able to use some advanced features, ultimately skipping to purchase the Plus version.
The Simple, Essentials and Plus versions fall short when you intend to export/ import multiple invoices simultaneously. Even the advanced version has limitations when it comes to importing bulk invoices at once using Excel import. You’ll have to deploy a third-party software service to perform such transactions, which will undoubtedly come at a price.
6. QuickBooks Online VS Desktop Version
Apart from the basic level features, QBO seems to miss out the following features compared to the DT version.
- Sales Orders
- Inventory Assemblies
- Invoice and Reports Customization
- Progress Invoicing
- Receiving Partial Purchase Orders
- Item Receipts
- Balance Sheet by Class
- QuickBooks Statement Writer
- Budget v Actuals for Jobs
7. Commonly Reported Cons of QuickBooks Online Accounting
- Delayed banking transactions.
- Sorting and Filtering the information is now allowed.
- QuickBooks Cost goes way above while upgrading.
- QuickBooks Online Customer Support is hard to reach.
- Non-accountants find QuickBooks Online Difficult to use.
- No direct answers from QuickBooks Online Support Members.
What seems to work?
QuickBooks Online is definitely a good deal for small and medium businesses to meet your accounting needs. Like every other cloud accounting software, QuickBooks pros and cons can measure differently on users' scale. Depending on your business, you can subscribe to its services, knowing your prerequisites and grasp of the accounting knowledge.