One company, two different accounting solutions. Both have great features and both have areas needing improvement. So, how do you decide which is best for you?
Consider these three things:
How much time you spend in the program;
How often you need assistance from an outside accountant; and
What features matter most to you.
Essentials, Plus and Advanced
Monthly subscriptions are $25, $70 and $150
Pros
Access from any location on any device
Share access with outside accountant
Most editions include multiple users
Input data from mobile devices
Program always up-to-date
Cons
Slower navigation and data input
Requires monthly subscription
Not as good with inventory or job costing
Best Features
Bank Feeds are automatically synced.
If an accepted bank feed transaction is deleted in the register, it reappears in Bank Feeds.
You can "Undo" accepted bank feed transactions, individually or in a group.
Accepted bank feed transactions are marked automatically in the reconciliation screen making reconciling super fast and easy.
If there were changes to reconciled transactions, there is an alert in the reconciliation screen and a link to a list of the transactions that were changed.
Easy to locate recent transactions.
Apps from the App Center sync seamlessly.
App Center provides solutions for almost any need.
Multiple A/R and A/P accounts can be used in the same Journal Entry.
Areas Needing Improvement
List items cannot be deleted, only inactivated.
It is difficult to apply customer and vendor credits.
There are limited restriction settings for users.
Sales Tax is difficult to manage.
Form customization is limited.
No Sales Orders.
Pro, Premier and Enterprise
Prices start at $299, $499 and $1213
Pros
Fast navigation and data input
May purchase for one-time fee and use for at least 3 years
One license can be used for an unlimited number of companies
Industry-specific editions available
Cons
Must be on computer or network where software is installed unless on an approved hosted site
Collaboration with outside accountant is difficult.
Must purchase new version to have access to new features.
Best Features
Workflow chart on Home page.
Lists are easy to manage (delete, arrange, edit).
User access can be very specifically defined.
Great form customization.
Better inventory system that includes Inventory Assemblies and Order Fulfillment Tracking
Job costing reports
Areas Needing Improvement
Bank Feeds do not automatically sync. They have to be manually updated.
Accepted bank feeds are not automatically checked in reconciliation screen.
Reconciling is a tedious process.
It is very difficult to locate recent transactions.
Only one A/R and/or A/P account can be used in a Journal Entry.
In Summary
Both QuickBooks Online and Desktop versions offer great flexibility, scalability, and security. Both will work for almost any industry. While QuickBooks Online offers better collaboration, QuickBooks Desktop is more robust with faster navigation and controls. The biggest factor affecting your decision? Personal preference. I have found most people make their choice based on which one they like working in the best. How can you find out which one you like? Give them both a try...for free! Then let me know what you think.
If you have any questions or need help exploring your options, just let me know. I'm happy to help.
Wendy