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What are the pros and cons of using QuickBooks?

By: Rick Gossett

 

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It costs $300/month for an accountant to do our payroll; I could use QuickBooks to do it for $40. What are the pros and cons of using QuickBooks?

Answer:
Pros and Cons of Using QuickBooks: With user-friendly software such as QuickBooks available, many business owners feel they should be able to keep their records on their own, even as they wrestle with finding the time and wonder if they’re doing things correctly. However, business owners who hire accounting help usually discover they weren’t doing nearly as well on their own as they thought they were. In your case, since you already utilize an accountant, you may decide to switch to QuickBooks and see the opposite occur.  With that being said, we do not know the intricacies of your business financial situation; you may be able to perform bookkeeping and accounting procedures effectively and properly using QuickBooks while cutting cost significantly.  We have listed pros and cons below for your review regarding the use of QuickBooks for your accounting procedures.
Pros:
Easy to Use
Efficient
Good Accounting Reports
Flexible with 3rd party applications
Low Cost
Large Support Network
Includes the Basics

Cons:
Missing Industry & Business-Specific Features
Lack of Key Reporting Outside of Accounting
Instability/Software Crashes
File-Size Issues
Security (if using cloud-based version)
Limitations Outside of Very Basic Accounting Needs
Upgrade Costs
Personal Time and Stress on You (which takes you away from integral business growth processes)

Published: October 14, 2014
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Rick Gossett

As COO of Tarkenton Companies for more than 20 years, Rick has been responsible for business software development, unique partnerships, business educational content and consulting, and more. Rick was the originator of Tarkenton Companies’s consulting service and initially handled all of the questions himself. Prior to joining Tarkenton Companies, Rick owned and operated a private practice as a CPA. Prior to that, he was a Senior Manager at Pannell Kerr Forster in tax and audit, as well as Principal in Ernst & Young's small business advisory group.

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