QuickBooks: The Tyrannosaurus Rex of Accounting Solutions
This series is dedicated to exploring a few different accounting solutions so that small business owners can make informed decisions for their business. To spice things up (not that accounting software isn’t exciting…), we’ve put a prehistoric twist on it.
When you ask any five-year-old boy what their favorite dinosaur is, your response is probably going to be the Tyrannosaurus Rex.
In a way, QuickBooks is the T-Rex of accounting software. It is hands down (even with little T-Rex hands) the most popular accounting tool in the world, and arguably the most maligned. That might seem contradictory, but bear with us for one Cretaceous period.
What if T-Rex was just misunderstood, hungry and maybe a little mad about his little arms? What if QuickBooks is just as misunderstood by small business users? QuickBooks is an extremely valuable tool, but it can sometimes seem big and complicated for people without basic accounting skills. Since it has the most users, it also makes sense that they would have some of the more vocal detractors. However, being the ‘big guy’ in the market also means that QuickBooks has some of the best partnerships and integrations offered within the industry (including one with Shoeboxed, of course). Here is our breakdown of QuickBooks’ strengths and weaknesses:
- Format designed to minimize accounting jargon and data entry for its users.
- Has most if not all features you could ever need for any type of business.
- Your accountant is 99% likely to be familiar with it.
- Streamlines your accounting processes through various upgrade options: payroll, invoices, credit card processing and many others.
- Desktop product (unless you use the more recent QuickBooks Online)
- Not the most intuitive or user-friendly accounting platform.
- It might require training or significant help from your accountant to learn it.
- Offering copious features can make it complicated or confusing.
Now, just because he was a hungry dino doesn’t mean that T-Rex ate just anything, and just because you own a business doesn’t necessarily mean that QuickBooks is right for you.
QuickBooks is probably best for business owners who:
- Understand the fundamentals of accounting
- Work closely with their accountants
- Want to run most or all financials through one program
- Are looking to grow their business (it’s very scalable)
- Are looking for access to tons of informational resources and people
Thinking about trying QuickBooks? Already use QuickBooks? Please share your QuickBooks experiences and let us know what you think in the comments below!