QuickBooks is a software program that is used by small business owners to help them keep track of their money. It is capable of recording income, expenses, payroll, taxes, invoices and so on. Since it’s available online, you can access it anytime and anywhere. The big question however is: Is QuickBooks worth the investment for Small Businesses? In this blog, we’ll look at the pros and cons of QuickBooks so you can determine if it’s the right fit for your business.
Read Also: What Kind of Businesses Can Use QuickBooks Online?
QuickBooks comes in different versions:
- QuickBooks Online
- Self-Employed QuickBooks
- QuickBooks Desktop
Each variant has a different set of features and comes at a different price point. QuickBooks Online is preferred by most small businesses as it is user-friendly and does not require installation of any software.
What Does QuickBooks Cost?
Depending on which version you choose, QuickBooks has a monthly or yearly fee. Here is a basic idea:
- Simple Start: Great for freelancers and individual users and cost around $25/month.
- Essentials: Appropriate for small teams, while it costs around $50/month.
- Plus: A best bet for growing businesses with inventory or projects, costs $85/month.
- Advanced: Intended for bigger organizations, but it costs $200/month.
However, there might also be extra fees if you add payroll services or other features.
What are the Features that QuickBooks Offer?
Now, having established the cost, let’s consider what you get in return. QuickBooks is useful because of these features:
1. Time-Saving Tools
QuickBooks is an automation tool for multiple functions. For example:
- It categorizes expenses.
- It issues invoices and reminders.
- Moreover, it pulls transactions from your bank
Also, there’s no need to do these tasks manually anymore and this saves hours each week.
2. Easier Tax Filing
Throughout the year, QuickBooks keeps track of your income and expenses. When tax season comes around, you can easily share the data with your accountant, moreover, this makes it a lot easier for filing taxes and reduces the chances of errors.
3. Invoicing and Payments
It allows you to create and send professional invoices. Customers can even pay online for the delivery. QuickBooks tracks which invoices have been paid, and which are open.
4. Payroll Management and Employee Management
If you have employees, QuickBooks Payroll is available. It makes calculations about pay, manages taxes, issues pay checks. This also lessens stress and guarantees that your employees get paid on time.
Read Also: How You Can Scale Your Small Business Faster with QuickBooks?
The Costs and Benefits of Each Solution
Let’s compare what you spend versus what you gain. This will help you determine whether QuickBooks is worth the expense.
- Cost
If you opt for the Essentials plan at $50/month, that’s $600 per year. A $45/month payroll and you are in roughly $1,140/year.
- Benefits
If QuickBooks frees you five hours a week, that’s 260 hours a year. If we value our time at $30/hour, that is $7,800 in time saved.
Besides, preventing tax penalties could save you a lot of money. The cost is worth it many times over when you consider the time savings, greater accuracy, and simpler tax prep.
How does QuickBooks Help You Grow?
So, QuickBooks isn’t only timesaving while helping you expand your business.
- Better Business Decisions
You can easily track where your money is being spent with up-to-date financial reports. This so that you can make wise decisions on spending, hiring, and investing.
- Stay Organized
Now all the data such as income, expenses, receipts, payroll, etc. When there is some order, business operations become easy.
- Access from Anywhere
You can login to QuickBooks Online via your phone, tablet or laptop. And you don’t need to be in the office to keep a constant check at the numbers.
- Work with Your Team
You can also create QuickBooks accountant login access for your accountant or bookkeeper, this way you receive advice and support faster.
Who Should Use QuickBooks?
QuickBooks is great for a lot of small businesses:
- Freelancers and consultants
- Retail stores
- Service providers
- Contractors, construction workers
- The eCommerce shops and online sellers
If your business takes in money and spends money, you need QuickBooks.
Read Also: QuickBooks vs. Xero
To Conclude
QuickBooks is not just an expense, it’s a business investment. It helps to organize finances, saves time, avoid mistakes, and come up with smarter decisions. When you consider the time, it saves and its ability to enable you for better financial decisions, QuickBooks is often worth every dollar. Therefore, if you’re a small business owner who wants to take control of your finances, QuickBooks can provide you with the tools to succeed.
Get In Touch with Us
If you are interested to know more about the worth of QuickBooks as an accounting software tool that helps to scale small businesses, we are here to help you through our dedicated customer service team. Fill out the customer response form or feel free to reach to us at support@qbhelphub.com . Our highly competent team is here to solve all your queries regarding QuickBooks.
