QUICKBOOKS HELPS SMALL BUSINESS BEYOND COMPARE

 

QUICKBOOKS HELPS SMALL BUSINESS BEYOND COMPARE

Accounting for small businesses is a complex yet crucial task. The latest statistics on small business accounting show that there are 33.2 million small businesses in the USA, with 64% of their owners handling accounting independently. Understanding the basics of accounting is key to ensuring that each small business operates as productively and profitably as possible. Accounting for small businesses also involves filing federal taxes, which can be a significant burden for many entrepreneurs. According to statistics, 31% of small businesses in the USA spend over $5,000 annually on tax administration. Therefore, it is essential to seek assistance from a professional accountant or utilize an online accounting system. Online systems can help automate the calculation process and save time. According to statistics, 29% of companies have already implemented automated calculation processes. Using an online accounting system can also facilitate access to financial data and provide better cash flow management.

WANT TO WORK FASTER, SMARTER, AND BETTER?

Today, you can find many online solutions for accounting. Analyzing and comparing functionality, quality, price, and ten other parameters simultaneously is quite difficult. However, we have already done such work and want to share our experience. Today we will talk about a company with which we have been cooperating for quite some time and are satisfied with the result. We will discuss the product QuickBooks, which has long established itself as a market leader in accounting automation. Managing complex accounting operations has now become accessible and convenient, regardless of the size of your business or your experience in business management. You can manage your business anytime, anywhere using your smartphone or laptop online. So, let’s take a look at the capabilities of the QuickBooks product and compare its features with competitors.

INTRODUCING QUICKBOOKS

QuickBooks is a cloud-based accounting software primarily oriented towards small and medium-sized companies, as well as the freelance segment. This solution is available in two versions: QuickBooks Online and QuickBooks Desktop. Since 2013, changes have been made to the cloud environment to ensure the highest level of security. Since then, QuickBooks has become the most popular online accounting platform to meet the needs of various countries worldwide.

QuickBooks states that their entire team is certified ProAdvisors (some of them are CPAs), meaning they have experience working with small businesses. After the initial online meeting with a QuickBooks accounting member, the team will be responsible for supporting your business, including updating, correcting, reconciling, and classifying transactions in your books throughout the month. At the end of the accounting period, the team will generate reports to help you assess the financial status of your business.

YOU MIGHT KNOW OF QUICKBOOKS AS AN ACCOUNTING SOFTWARE, BUT IT IS SO MUCH MORE.

• You can easily create and send professional invoices to your clients.
• You can automate your tax obligations and track your expenses.
• You can sync your bank accounts and credit cards with QuickBooks to have a full overview of your finances.
• You can collaborate with your accountant or other team members in real-time.
• You can receive reports and analytics to better understand your profitability and efficiency.

QuickBooks is not just accounting software, it’s a comprehensive tool for managing your business.

QuickBooks is a one-stop solution with powerful tools to drive your business.

HOW DOES QUICKBOOKS COMPARE TO THE COMPETITION?

Let’s compare QuickBooks and determine its advantages over other software products available in 2024. We have selected the top 3 accounting niche software products, including one free option, and want to discuss the advantages that were most significant in our decision-making process. So, let’s proceed to the comparison.

Xero & QuickBooks

Xero is a cloud-based accounting platform that also offers many features for small and medium-sized businesses. However, Xero has fewer customization options than QuickBooks and requires more time for learning and setup. Additionally, Xero has a higher price for plans starting at $20 per month, while QuickBooks offers plans starting at $10 per month.

FreshBooks & QuickBooks

FreshBooks is another cloud-based accounting platform that specializes in freelancers and small businesses. FreshBooks has a very simple and intuitive interface and is well-equipped with features for invoicing and time tracking. However, FreshBooks has fewer capabilities for complex accounting tasks such as tax reporting, inventory management, and budgeting. Additionally, FreshBooks limits the number of clients you can work with in each plan, whereas QuickBooks does not have such restrictions.

Wave & QuickBooks

Wave is a free cloud-based accounting platform designed to meet the needs of small businesses and freelancers. Wave offers basic accounting functions such as invoicing, cash transactions, and report generation. However, Wave lacks some of the advanced features boasted by QuickBooks, including automated tax tracking, integration with e-commerce platforms, project management, and employee management. Additionally, Wave charges a fee for each transaction conducted through its platform, whereas QuickBooks does not levy such fees.

 

When it comes to the competition, QuickBooks really stands out.

• We have been an industry leader for 40 years.
• Trusted by over 7 million customers globally.
• They offer different plans and features designed for businesses of all sizes and industries.
• Integrate seamlessly with a wide range of third-party apps and services.
• Free set up sessions with QuickBooks experts to help you get started with your account.
• 24/7 chat with a dedicated team.
• Access to a range of on demand webinars and video tutorials.

QUICKBOOKS IS TOUGH TO BEAT ON CUSTOMER SERVICE AND GREAT VALUE.

QuickBooks is a highly versatile product that comes with a variety of built-in integrations, including Amazon.com, Shopify, Gusto, Paypal, Stripe, Zapier, and many others. The number of integrations reaches an impressive figure of 650 third-party services. Nearly all new users encounter a product with such a plethora of third-party integrations at a reasonable price for the first time. You can be confident that every dollar allocated to this tool will pay off.

When it comes to the competition, QuickBooks really stands out.

	QuickBooks	Other financial software	Spreadsheets
Track income & auto-sort expenses	+	Some	Manual
Capture & organize receipts	+	+
Maximize tax deductions	+	+
Invoice & accept payments	+	+
Send estimates	+	+
Run reports	+	Limited	Manual
Forecast & manage cash flow	+	Limited	Manual
Track inventory	+	Limited	Manual
Enter time	+	Some	Manual
Auto-track sales & sales tax	+	Some
Track project profitability	+	Some
Auto-track business miles	+	Some
Multiple users	Includes 5 users
Manage 1099 contractors	+
Manage & pay bills online	+

 

GET ALL THE BREAKDOWN BETWEEN QUICKBOOKS ONLINE AND OTHER LEADING FINANCIAL SOLUTIONS AND SPREADSHEETS!

Creating marketing strategies for small businesses, we have often seen through our own experience that companies still use electronic spreadsheets like Excel spreadsheets and various free services. However, let’s consider the pros and cons of such work.

Pros

Economically advantageous. These tools are typically freely accessible and do not require additional financial expenditure. For example, you can use Excel with the software you already have, it easily integrates and interacts with other products.

Customization opportunities. You can use your own formulas and financial templates without complex configurations. Users can create simple accounting systems based on their own needs independently.

Cons

Limited automation capabilities for business processes. Manual data entry increases the likelihood of errors and consumes time. This issue is often encountered when summarizing sales figures.

Data security. Regular spreadsheet files lack the level of security specialized software products offer. This could potentially lead to the transmission of your personal data to third parties and its complete or partial loss.

Lack of specialized functions. This problem often arises when dealing with complex tax calculations and maintaining intricate financial reporting. For example, regular spreadsheets lack the functionality for automatically calculating complex tax liabilities or creating detailed balance sheets.

SEE WHY SMALL BUSINESS OWNERS LOVE QUICKBOOKS

Automation power. QuickBooks clients save up to 15 hours per week previously spent on manual data entry.

Time savings. User surveys of QuickBooks product users showed that 75% specifically saved more time with this solution than all other methods they had previously used.

Reporting and statistics. 65% of clients report that QuickBooks gives them confidence in making financial decisions in their business.

CONCLUSION

QuickBooks stands out as the ultimate choice for small business owners seeking a comprehensive solution to manage all aspects of their business efficiently. Its extensive feature set goes beyond basic accounting, offering smart tools that empower users to streamline tasks, automate processes, and proactively manage finances. With QuickBooks, businesses can confidently navigate through tax seasons, optimize cash flow, and scale operations seamlessly. Without a doubt, QuickBooks is the indispensable ally for businesses looking to thrive and grow in today’s dynamic market landscape.

To get started with QuickBooks, make sure to purchase using our link to receive an exclusive 30% discount for six months!

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