Intuit QuickBooks Review

Intuit Inc.
Product:
Vendor:
Founded:
Headquarters:
QuickBooks
Intuit Inc.
1983
Mountain View, CA
Ownership:
Customers:
Deployment Model:
Free Trial:
Public
4,600,000+
Cloud, On-Premise
Yes
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QuickBooks At A Glance

Good: Free trial, attractive user interface, customizable report templates.
Bad: Adding transactions from bank feeds is time-consuming, no option to sync QuickBooks Online with QuickBooks Desktop and vice versa.
Bottom Line: Leading accounting software that helps businesses right-size their balance sheet, accept payments, get invoices cleared on time and much more.

Product Overview

QuickBooks is a robust accounting solution that enables businesses to lessen the effort and time they put into routine accounting tasks. Integrated tools help with drafting invoices, reconciling bank records, monitoring financial reports and tracking expenses. In addition, it allows users to import data from third-party apps, such as American Express, Square and PayPal, making it convenient to record and categorize all incoming and outgoing transactions.

QuickBooks offers both an online and on-premise version of its software.

QuickBooks Online lists four plans for self-employed consultants and companies: Self-Employed, Simple Start, Essentials and Plus. Each plan allows users to accept payments, send invoices, run reports and track income, expenses and miles.

In contrast, the on-premise version – QuickBooks Desktop – lists three plans: Pro, Premier and Enterprise. These desktop plans offer similar features to the cloud-based version of QuickBooks, plus add-on features like 24/7 support, upgrades and data backups (with each add-on requiring a separate fee payment).

Features

Here are several key features of the QuickBooks Online & QuickBooks Desktop solutions:

  • Income & Expense Tracking: Transactions are sorted into tax categories. Users edit or approve them, and QuickBooks learns from users’ actions over time. In addition, the tool allows users to create custom rules for how they want to categorize expenses.
  • Bill Management: This feature allows users to easily record and track bills they’ve cleared by direct deposit or check, set up recurring bills and automate purchase orders by creating customized rules. Moreover, users get the option to sync the software with Apple Pay and other third-party apps for easy invoicing and payments.
  • Comprehensive Reporting: QuickBooks lets users see how their businesses are doing through their profit-and-loss ledger, balance sheet and dashboard. In addition, users can create custom reports based on current trends to give potential investors the financial info they need to inject money into their businesses.
  • Invoicing & Payments: This feature enables users to automatically match payments to invoices, send payment reminders and track invoice status. Additionally, QuickBooks users get the option to create custom invoices with their logo that they can send from any device.

  • Billing and Invoicing?
  • Budgeting and Forecasting?
  • Core Accounting?
  • Expense Management?
  • Inventory Management?
  • Payroll Management?
  • Payment Processing?

Target Market

QuickBooks is intended for small to medium-sized companies and large enterprises in a variety of industries. Here’s a list of prominent customers:

  • Dental Solutions
  • University of Phoenix
  • Express Services, Inc.
  • Academy of Self Defense
  • Skyline Clean
  • Dang Foods
  • Mountain View General Store
  • ACI Alloys, Inc.
  • Beyond Beaute Day Spa
  • Greenbelt Land Trust

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Implementation/Integration

QuickBooks provides both cloud-based and on-premise solutions. Users can access QuickBooks Online via PC, Mac, smartphone and tablet. The Desktop version is available for both PC and Mac.

Customer Service & Support

QuickBooks users get access to a wide range of tutorials and resources that will equip them with the necessary skills and knowledge to get the most out of the software. QuickBooks also offers free webinars and training classes with a QuickBooks expert that include a money-back guarantee.

Those who upgrade to QuickBooks Plus get 24/7 support. Otherwise, users can get in touch with QuickBooks representatives via online chat, email or phone. Lastly, QuickBooks has an active community where QuickBooks veterans and other users provide answers to questions.

Pricing

QuickBooks Online offers four pricing tiers with monthly subscriptions.

QuickBooks Online

  • Simple Start: $20 per month ($10 per month for first three months)

Allows users to track income and expense, track sales and sales tax, send invoices, accept payments, estimate quarterly taxes and run reports.

  • Essentials: $40 per month ($20 per month for first three months)

Has all the features of the Simple Start, plus accommodating multiple users, tracking time and managing bills.

  • Plus: $70 per month ($35 per month for first three months)

Has all the features of the Essentials plan, plus 1099 contract management, project tracking and inventory tracking capabilities.

  • Advanced: $150 per month ($60 per month for three months)

Has all the features of the Plus plan, plus accelerated invoicing, smart reporting, custom user permissions and priority support.

Users also get an option to add Self-Service Payroll for $18 per month (for first three months) and an additional $4 per employee, per month or Full Service Payroll for $40 per month (for first three months) and an additional $4 per employee, per month.

There’s a Self-Employed plan that costs $10 per month ($5 per month for first three months) for self-employed individuals. It includes tracking business and personal expenses, tracking automatic mileage and automatic quarterly tax estimate calculations.

For those who want to test the software’s capabilities before making a purchase, QuickBooks offers a free 30-day trial.

For desktop users, there’s the QuickBooks Desktop Pro that’s available as a perpetual license (Pro 2019) or a subscription license (Pro Plus 2019). Both licenses cost $299.95, however, Pro 2019 is a one-time payment, while Pro Plus 2019 is an annual subscription. Intuit offers an add-on hosting service to the Pro Plus 2019.

QuickBooks Premier 2019 includes more advanced features, such as industry-specific reports, inventory tracking and the ability to create sales orders. Both the perpetual license (Premier 2019) and the annual subscription license (Premier Plus 2019) costs $499.95, however, Intuit offers a discount for each.

QuickBooks Enterprise’s annual subscription license costs $1,155.

Shortcomings

QuickBooks users have complained about the lack of functionality and flexibility in inserting transactions from bank feeds. Some users stated they had to visit a transaction twice to get all the data and coding in the correct order.

Also, there’s no way to sync QuickBooks Online with QuickBooks Desktop or the other way around. This makes it difficult for growing businesses who’ve been using QuickBooks Online to adapt to QuickBooks Desktop quickly.

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About

QuickBooks is the creation of Intuit, a company founded by Scott Cook and Tom Proulx in 1983. Intuit’s first software offering, Quicken, didn’t have the capability to serve as a double-entry accounting package. The initial version of QuickBooks was introduced in DOS form and was based on the codebase of Quicken. Today, the company’s portfolio of products includes TurboTax, Mint, QuickBooks and more.

Intuit serves 46 million customers in the U.S., Europe, North America, Brazil, India and Australia, with a net income of $971 million in its fiscal year 2017. It has over 8,200 employees with key offices in the United States, the United Kingdom, India, Australia, Canada and other countries. The company is headquartered in Mountain View, California.

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