Nearly everyone has heard of Quickbooks because of it’s versatility, and small business focus. If you’ve just graduated from Excel spreadsheets and you’re looking for a way to a manage your books while spending less than a few thousand dollars, your best bet is Quickbooks.
Quickbooks shines with making the day to day tasks of tracking your business activities in a simple, ready-to-go manner. The usability of Quickbooks is where this product really stands out from the competition. When it comes to the tasks that every business has to do like check runs, bank deposits, printing invoices, etc, Quickbooks can get you up and running with little to no expertise where the other products in this comparison can cost thousands of dollars to get to the same place.
However, as your business grows, Quickbooks tends to start to burst at the seams. Some of the biggest reasons that folks leave Quickbooks for some of the other products in this comparison are:
- Not GAAP Compliant
- Not built for large amounts of data (system speed slows as data grows)
- No serial numbers or batch traceablity
- Poor integration options
For many businesses, these things are not a big deal. However, once your business starts getting to a couple million or so in revenue, your accountants and lenders will start to lose patience with Quickbooks. The biggest reason is the GAAP compliance. Generally Accepted Accounting Principles (GAAP) are important to accountants and lenders because it allows for much better tracability within your financials. With Quickbooks, you are able to more easily manipulate the financial figures which makes most accountants and lenders very nervous (not to mention auditors).