In the small business world, Intuit’s QuickBooks accounting software continues to dominate. When QuickBooks first debuted in the early 1990s, it quickly claimed up to 85% of the market, and subsequent releases have maintained and even increased that impressive share, with an estimated five million companies using the program today.
Yet change is brewing, as a recent Forbes article indicated, with cloud-based software-as-a-service (SaaS) solutions overtaking traditional installed versions of QuickBooks. Intuit has responded by ramping up adoption and implementation of QuickBooks Online, but other competitors are entering the market. Xero recently raised $150 million, and Intacct has received multiple rounds of financing over the past few years, while FreshBooks and NetSuite are competing directly with QuickBooks Online. Some of these solutions are geared to the start-up or the mom-and-pop business, while others go after companies that have multiple users and need advanced tools like sales order processing, purchase order, inventory and warehouse management, workflows, automation, and more complex reporting for cash flow and consolidations.
So what’s the right accounting software decision for you? QuickBooks is still the gold standard, particularly for businesses that have used the program in the past. It’s kind of like the Windows 7 vs. Windows 8 vs. Windows 8.1 argument — depending on your comfort level with classic or modern infrastructure, and your long-term strategic goals, every business owner has a different decision to make. CMIT Solutions still recommends QuickBooks for the reasons outlined below.
1. QuickBooks leads the field in safely and securely adapting to cloud technology trends. Some have criticized Intuit for not jumping on the cloud accounting bandwagon sooner. But undertaking a task as massive as moving critical data off local servers and into the cloud-based ether calls for prudence and caution. That’s exactly what QuickBooks has done as it slowly but surely moves toward centralized storage of financial data and 24/7 access from any device with QuickBooks online.
2. Even as QuickBooks develops into a global juggernaut, Intuit keeps small businesses in mind. Intuit has pursued several high-profile small business outreach programs, including its Small Business Local Buzz program, which offers marketing guides, videos, consultations, weekly gift card drawings, and $5,000 marketing grants.
3. QuickBooks’ automatic recurring backup services keep your critical financial data safe and secure. No one understands the importance of remote, off-site backup better than CMIT Solutions. The key with QuickBooks’ version of automatic backups is setting them up correctly in the first place — and making sure you never import the wrong backups and lose recent data.
4. QuickBooks makes tax returns easy. Whether through its internal tax accounting capabilities, or its collaboration with TurboTax on the SnapTax app, QuickBooks has you covered when next year’s tax deadline looms.
5. QuickBooks 2014 includes several significant enhancements. Subtle enrichments to user interface, vastly improved email integration and Online Banking features, sophisticated inventory controls, and advanced pricing capabilities all combine to make the newest version of QuickBooks one of Intuit’s best.
6. Even as it grows, QuickBooks software still maintains a user-friendly philosophy. Designed to be intuitive and easy to understand — even for those business owners who lack an accounting or financial background — there’s a reason why QuickBooks regularly claims over 85% of accounting software market share.
7. Intuit’s 2020 goal is 10 million active small business customers — and their development processes value customer satisfaction. In a 2014 interview with Harvard Business Review, Intuit CEO Brad Smith said, “Our mission is to improve people’s lives so profoundly they can’t imagine going back.” QuickBooks has kept that goal in sight, even as it adds a new online subscriber every minute of every day.
8. Intuit encourages an engaging “learn-teach” culture to drive product innovation. Rather than discourage challenging questions or outside the box thinking, Intuit advocates for an open, question-first company culture. Founder Scott Cook and CEO Brad Smith encourage employees to ask challenging questions and advise senior leaders to simply start conversations or even speak last. This adventurous spirit is why Cook and many others consider Intuit a “30-year-old start-up.”
9. QuickBooks comes with several built-in efficiency-boosting tools. Countless shortcuts and workarounds exist to help users save time and increase performance while fulfilling key accounting needs. The online training and extensive support offered by Intuit is an invaluable tool for learning these tasks.
Whatever your accounting software needs, CMIT Solutions has them covered. From purchasing and installation to training, support, monitoring, and backup, we can handle it. If you have any questions or concerns not covered by this QuickTip, call us today to find out how technology truly can get your company’s financial house in order.