QuickBooks is the reigning incumbent in the accounting software niche. It is primarily an entry-level solution for small and mid-sized businesses making a transition from manual to digital accountancy. However, QuickBooks has some serious loopholes that haven’t been plugged despite the parent company’s repeated efforts. With a flurry of QuickBooks alternatives readily available, users are shifting loyalty rapidly. The move is paying off for them, as these alternatives offer core bookkeeping capabilities and more at convenient price points. If you are still persisting with QuickBooks, it’s time to follow suit. Here’s an elaboration why.
One among the primary competencies of accountancy is to ensure smooth financial information flow for you to base your critical business decisions on. The audit trail has to be detailed and well documented to give you a clear picture of where your organization stands financially at any given time. QuickBooks does give you information on the majority of transactions but there is simply no audit trail available in certain cases. As such, your financial records are vulnerable to unauthorized changes that may impact your financial performance and growth prospects. On the contrary, many QuickBooks online alternatives like myBooks hedge you against such implications by providing end-to-end audit trails.
Missing Capital Asset Section:
Another loophole in QuickBooks that impacts the accounting experience is the missing capital asset section. Your organization might own a property, equipment, or production facility that’s wheeling in profits but QuickBooks fails to allow a section to it. Here too, competitors seem to be more mindful than QuickBooks’ parent company, Intuit, as they provide a separate section to cater to Capital Asset accountancy needs. In the hindsight, Intuit has also incorporated a report where an organization’s fixed assets can be listed in certain QuickBooks versions.
Too many features:
QuickBooks is equipped with an array of features, many of which may be altogether irrelevant or hard to understand and use. So, there’s a good reason for you to feel intimidated as a user. Take, for instance, the entry systems. As a small and mid-sized business, you are inclined to use the software for single-entry accounting while QuickBooks is more apt for double-entry. You are better off with a QuickBooks alternative that’s designed for SMEs with all core bookkeeping capabilities and intuitive interface. Thankfully, such options are easily available.
Well, there’s a general consensus that QuickBooks is a cost-effective option for manual accounting. However, when pitted against competitors, the picture is different. A standard QuickBooks plan costs $10 per month while the similar myBooks plan for a similar duration is available for $4.99. Likewise, for a basic QuickBooks online plan, you have to shell out $7.50 a month, whereas, the best QuickBooks online alternative can be had for much less. Additional outlays are also involved with QuickBooks in the form of pricey software upgrades and more.
Software is susceptible to glitches and snags and thus, requires technical support. With QuickBooks, the support is impersonal and slow. On the contrary, competitors like myBooks provide easy, direct, and prompt access to professional support to keep your accountancy operations up and running at all times.