QuickBooks – Best Accounting Software for Small Business

For small business, there is no software to match the value QuickBooks brings to the business operation. I used Sage software and its predecessor Quantum (Peachtree) for 20 years and still do to this day.  But QuickBooks is by far superior in all regards in comparison to Sage products. 

There are many reasons why QuickBooks is the best overall small business software. The primary group of reasons fall into the vast support system Intuit, the owner of QuickBooks, provides. In addition to the support system the software is easily integrated with outside resources including your bank and most accounting firms. Finally, and the main reason I like QuickBooks is the ability to report information. Any type of report you desire can be generated with the reporting tools that is included with the software. 

The following sections explain the support system, the easy integration ability and the reporting capacity. 

Vast Support System 

The number one reason this software is the best overall is directly related to the support system created by Intuit the maker of QuickBooks. Almost any question can be answered at their website via the knowledgebase or forums. But the real value is in the overall integrated education system Intuit has created nationwide that really benefits the small business owner. The following is a list of resources in order of cost (free to expensive) and a short description:

  • Intuit’s Resource Centerenter the system via the version of QuickBooks you are using
  • QuickBooks Support Tools some of the items are free, others require a subscription
  • ProAdvisor Program an independent agent that communicates with you directly, you may either pay a fee to QuickBooks or engage the Advisor independently
  • Real World Training an independent educational organization that teaches courses via seminars
  • Your Local CPA – just about every CPA uses QuickBooks because of the market share of accounting software Intuit claims 

In addition, there are multitude of books, CD’s and educational videos to learn more about the software.  

But the best value relates to the volume of trained individuals using the software today.  When it comes time to hire a bookkeeper or your own full time accountant; knowledge of this software will be on their resume’.  

For accountants, the beauty of the software relates to the easy integration to the tax software programs used. There is more. 

Easy Integration

The software has come a long way in the last 10 years. Today, you can easily upload your quarterly payroll reports to the IRS and many states using QuickBooks. In addition the software integrates with other resources: 

  • Many financial institutions allow downloading of the monthly or even daily transaction activity in your bank account; QuickBooks uses a Sync function to complete this task.
  • The same Sync function works with your credit card transactions too.
  • Automatic e-mailing of invoices generated allows instantaneous connection to your customers
  • Direct Deposit exists when paying employees
  • Creation of Accountant’s Version – allows your CPA to make adjusting journal entries and these entries can be imported at a later date
  • Attach the bill or vendor statement to the respective transactions for easy retrieval and viewing 

There is even more but it gets into the higher levels of sophistication and with experience you can experiment with the advanced tools. 

The key is that this software is easy to work with other software making it a valuable central hub of information for your company. But to me, the main reason I love this software is the reporting ability. 

Great Reporting Capacity 

To make really good decisions, one must have good reports. If you enter accounting data correctly you maximize the ability to get information out of the system; thus the opportunity to make good decisions.  

Well, QuickBooks allows you to adjust the reporting formats and the particular information coming out of the system. This is the real value of this software. SAGE has trouble allowing the report preparer flexibility in creating interesting and informative reports. You practically have to be an engineer. I can do it; but it takes an awful long time to get it right. Whereas with QuickBooks; it is simple and straight forward to get great reports. 

The software has a reporting section with standard build in reports. Better yet, in the accountant’s report section, the owner of business can create some really informative and comparative reports to increase profitability.  The system allows you to select the information you need and the time period restriction for the information. In addition, you can even limit the information to a division of the company (called ‘Classes’ in QuickBooks) or down to a particular function of business known as item codes. 

The customized reports you create can be memorized for future use and changing the restrictions or fields of data to display can be achieved with 3 to 4 clicks of the mouse. I’ll be direct about this; you play with the report writer for about an hour and you’ll be blown away by its simplicity and ease of use. Furthermore, you will practically be an expert with the report writer. It is that informal!

I use this section all the time for clients especially those needing information restricted to projects or limited to the revenue and cost of sales sections of the profit and loss statement. It is really easy. 

There are some drawbacks to this software which I hope Intuit will fix in the future. They include:

  1. You cannot change the title of certain sections of the reports; as an example Cost of Goods Sold cannot be changed to Cost of Meals Served or to Cost of Services Provided.
  2. If the data entry isn’t coded to a sub account of a Master Account, the value displays as ‘Other’. It does require the data entry clerk to be alert to selecting the proper sub account.
  3. QuickBooks forces you to upgrade your software at least every three years by not supporting any version older than 3 years. 

Although there are some downsides, no other software has such a vast support system, ease of integration and breadth of reports as QuickBooks has for the small business. Overall, it is indeed the best accounting software value for the small business entrepreneur. Act on Knowledge. 

Value Investing

Do you want to learn how to get returns like this?

Then learn about Value Investing. Value investing in the simplest of terms means to buy low and sell high. Value investing is defined as a systematic process of buying high quality stock at an undervalued market price quantified by intrinsic value and justified via financial analysis; then selling the stock in a timely manner upon market price recovery.

There are four key principles used with value investing. Each is required. They are:

  1. Risk Reduction – Buy only high quality stocks;
  2. Intrinsic Value – The underlying assets and operations are of good quality and performance;
  3. Financial Analysis – Use core financial information, business ratios and key performance indicators to create a high level of confidence that recovery is just a matter of time;
  4. Patience – Allow time to work for the investor.

If you are interested in learning more, go to the Membership Program page under Value Investing section in the header above. 

Join the value investing club and learn about value investing and how you can easily acquire similar results with your investment fund. Upon joining, you’ll receive the book Value Investing with Business Ratios, a reference guide used with all the decision models you build. Each member goes through three distinct phases:

  1. Education – Introduction to value investing along with terminology used are explained. Key principles of value investing are covered via a series of lessons and tutorials.
  2. Development – Members are taught how pools of investments are developed by first learning about financial metrics and how to read financial statements. The member then uses existing models to grasp the core understanding of developing buy/sell triggers for high quality stocks.
  3. Sophistication – Most members reach this phase of understanding after about six months. Many members create their own pools of investments and share with others their knowledge. Members are introduced to more sophisticated types of investments and how to use them to reduce risk and improve, via leverage, overall returns for their value investment pools.

Each week, you receive an e-mail with a full update on the pools. Follow along as the Investment Fund grows. Start investing with confidence from what you learn. Create your own fund and over time, accumulate wealth. Joining entitles you to the following:

  • Lessons about value investing and the principles involved;
  • Free webinars from the author following up the lessons;
  • Charts, graphs, tutorials, templates and resources to use when you create your own pool;
  • Access to existing pools and their respective data models along with buy/sell triggers;
  • Follow along with the investment fund and its weekly updates;
  • White papers addressing financial principles and proper interpretation methods; AND
  • Some simple good advice.

Value Investment Club

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