So You Think You’ve Outgrown Quickbooks…
Quickbooks is one of those company names that has become so well-known that the brand name itself evokes images of numbers, reports, and spreadsheets to the average person. Even if they’ve never used it, most people think they know everything there is to know about the software. For those who have used it lightly, or jumped in without much training and taught themselves how to keep their books, the novelty may also be wearing thin.
You may be ready to consider a different option for your small business. But do you really know what Quickbooks offers? Are you certain you’re maximizing its potential?
You’ve set yourself up to ensure you’re making and managing your money properly. This is the cornerstone of your business. So before you throw the cash-baby out with the bathwater, let’s bust a few Quickbooks myths and find out what you really need to drive your business forward.
- Quickbooks doesn’t fit the needs of my specific business.
This is probably the biggest myth surrounding Quickbooks. To finally put this one to rest: Quickbooks is based solely on GAAP, or Generally Accepted Accounting Principles, standard for all accounting in the United States. These standards are the same for any business, large or small, corporations to LLCs, and even for personal accounting. And if you happen to do business outside of the US, global versions and currency alterations are available.
- Quickbooks has to be upgraded every year.
This is patently untrue, and has turned many users away for many years. Yes, new versions are released yearly, but your functionality is not lost if you do not upgrade. However, it is important to note that every three years, Quickbooks does roll out an entirely new version. Your old version will still continue to work, but additional services like payroll will not.
- Quickbooks will store all of my data forever.
Yes, in theory, it can. However, it’s far safer to have a backup (or two!) in case of any issues. On that note, most people don’t realize that they also need to backup their data occasionally. The good news about this is that doing this makes Quickbooks run exponentially faster. If you’re finding the program is sluggish, try doing this now – you’ll be amazed!
- All of my data is stuck in this version of Quickbooks.
Busting this myth is twofold: one, it’s easy to pull all your data over to an upgraded version, and you won’t lose any of your information. Secondly, it’s also easy to export your data fully if you want to begin using an outsourced accountant to assist with your daily bookkeeping.
- Setting up Quickbooks is easy.
This may be the most dangerous myth about Quickbooks. Yes, it can be incredibly easy for an experienced user to set up a new business. But there are two important caveats:
Caveat One: Quickbooks must be set up properly from the start.
Caveat Two: all inputted data must be accurately managed.
Unfortunately, many small business owners take on setting up their Quickbooks system without any prior experience. And once it’s been established incorrectly, all of your bookkeeping will either be inaccurate or difficult to manage going forward. In addition, even a properly established system must still be managed correctly and data must be entered properly for the system to work.
After considering these points, it may become clear to many readers that Quickbooks is not the problem, but it’s not currently functioning as the solution either. It may be time to consider asking for expert help to establish and/or manage your Quickbooks management. An outsourced accounting team can help you get the most out of Quickbooks without having to swap to (and learn!) another software system.