- 5 REASONS YOUR BUSINESS NEEDS A BUDGET In standard
We often get asked if we recommend QuickBooks Online (QBO). In many cases we say no.
In our last post, we talked about how QBO lacks many important features for growing businesses using their financial system for both analysis and keeping control over their finances.
In addition to not handling job costing and inventory well, there are many advanced features in QuickBooks Desktop that are not available in QBO.
Backup/ Restore Company File
Of all our pet peeves with QBO, the biggest for us is that you do not have the ability to make a backup copy. In our firm we use the backup feature a lot for testing. Before any major change to the company file, like reorganizing the chart of accounts, or doing big transaction uploads we find it is a best practice to make a backup copy so if you make a mistake, you can go back to your clean slate.
If you have a product or service you sell to multiple clients at different prices, you should be setting up different price levels in QuickBooks to facilitate invoicing. QBO does not have this feature available, which would require you to keep a master list somewhere to reference when doing invoicing.
Change Orders on Estimates:
Often our clients put together a proposal, sell it, and projects change. It’s important to keep track of changes to your original estimate to ensure that you are billing for all the work you are doing, as well as keeping a trail of adjustments made to the original plan. As important as it is to create a change order to that estimate, QBO does not have this function available.
Client Data Review tools:
Not everyone has an accountant on staff, and, as such, sometimes there are transactions that were booked incorrectly and need to be moved or reclassified. QBO does not give us accountants the ability to do some of the things that are needed to quickly move incorrect transactions.
For growing and complex companies, these tools are important, to help the company grow, adjust their accounting processes and make changes. While QuickBooks may not be the right solution for larger companies, the desktop version can take a company a long way before they have to do an expensive upgrade to a mid-market system.
While QBO offers great accessibility and better integrations with online apps, it just can’t hold a candle to the functionality and sophistication of QB Desktop.
If you aren’t sure if you are outgrowing QuickBooks, check out our previous articles on how determine if you Are You Outgrowing QuickBooks? Or if you need help deciding what version of QuickBooks is right for you, feel free to contact us.