Is QuickBooks Online Right for Your Business?
Many small and mid-sized businesses are wondering whether to switch from their traditional reliance on Intuit’s QuickBooks Desktop accounting software to cloud-based QuickBooks Online.
To help you decide whether QuickBooks Online is right for your business, consider these pros and cons, which we cover in more detail in our free webinar and slide presentation.
The primary benefits of QuickBooks Online stem from the fact that it is based in the cloud, instead of on-premises. That means workers can simultaneously access the system from wherever they are, either from their desktops or via the mobile app.
To streamline accounting processes, QuickBooks Online offers automatic invoicing, payroll, timesheets, banking and credit card feeds, and other features. The software is also easy to integrate with other applications like Salesforce and PayPal that your business might use for inventory, payroll, e-commerce, and other core functions.
Additional features and benefits of QuickBooks Online include:
- An easy-to-navigate dashboard
- One-click reporting, including custom reports
- Security measures that include 24/7 data monitoring and disaster protection systems
- Free online training via webinars and self-study materials
QuickBooks Online is the right choice for many, but not all, businesses. Some may find it challenging that the system is updated regularly, which means workers could have to re-learn and then re-teach others how to use all the new and changing features.
Another hassle that some businesses don’t like is that every company file requires a separate subscription. In addition, it can be difficult to track inventory, and QuickBooks Online doesn’t complete job costing. It also isn’t industry specific.
Other “cons” of QuickBooks Online include:
- Costs are ongoing, with a monthly subscription fee replacing a single software purchase
- User restrictions are not detailed
- Reports and dashboards aren’t customizable based on subscription and user level
- Functionality varies depending on your subscription level
Find the best accounting solution for your business
Insero & Co. is a public accounting firm with decades of experience working with businesses and nonprofits of all sizes. We can help you evaluate the accounting systems and tools you have in place today, identify the biggest issues and opportunities, and transition to whichever solutions can help your business operate most efficiently.
As always, we hope you find our tips and news for businesses valuable, and look forward to receiving your feedback. Companies focused on growth have sought the help of Insero & Co. for more than 40 years. During that time they have consistently experienced the peace of mind that comes from knowing their CPA firm takes the concept of integrity seriously. Should you have any questions, please contact us directly.