Accounting and Tax Hub

QuickBooks Accounting

QuickBooks allows you to keep track of financial functions like income and expenses, employee expenses and inventory in real-time and fulfill tax obligations hassle-free. When you are free of financial worries, you can focus on driving business growth and revenue. In conclusion, QuickBooks is not necessarily hard to learn. With some basic accounting knowledge and a bit of practice, you can become proficient in using the software. There are also many resources available online that can help you learn QuickBooks quickly and efficiently.

However, in summary, here are the generally accepted pros and cons of QuickBooks.

Pros of QuickBooks:

  • Easy to use and learn
  • Integrates well with other systems and flexible with 3rd party applications
  • Provides good accounting reports
  • Affordable price
  • Easy to access from any device – phone, tablet and computer (depending on the version)
  • Easy to find and fix errors/mistakes
  • Easy to look-up customer information

Cons of QuickBooks:

  • Lack of industry and business-specific features (such as lot tracking, eCommerce and barcode scanning)
  • Lack of key reports outside of accounting
  • Instability/system crashes
  • Lack of direct professional support
  • File-size issues/limitations on number of transactions
  • Limitations on the number of users
  • Built with a “small business mindset”
  • Data is not always backed-up so you risk losing information
  • Lacks invoice design tools
  • Easy to find a fix errors/mistakes (which makes it easy for someone to manipulate your books)