When used correctly, QuickBooks can simplify accounting and bookkeeping tasks for small businesses. It integrates with other apps, tracks expenses, and helps business owners quickly see their business’s financial health.
For 1-person businesses that provide a very limited number of services or sell just 1-2 products, QuickBooks may be unnecessary and not worth the investment of time or money.
QuickBooks does not take the place of an accountant, although if used correctly, it can make tasks more efficient and easier for the accounting team, which saves time and money for business owners, too.
QuickBooks can grow with LLCs (at least to a point) since it can handle a large number of vendors, employees, and customers. QuickBooks can also be a smart accounting solution for C-Corps, S-Corps, 501(c)(3)s, and other business and organizational structures.
If your business is really small (1 person) and simple (1 or 2 products or services), you may want to try alternatives to Quickbooks, including Freshbooks, Zoho, Sage, HoneyBook, or Xero. You can also look for solutions based specifically on needs. For example, if you’re looking for an app that will invoice and accept payments, consider Square, Stripe, Wave, or Invoice Ninja. Want time tracking? Clockify, Toggl, Harvest, or Paymo. Most apps offer more than just a single service so read reviews and look for free trials so you can test them out.
Entrepreneurs Forever members are encouraged to discuss small business accounting, Quickbooks, and other solutions with their peer group and facilitator.
Not a member? View this free Forever Forward video with Mary Jo Watson of Balancing Act Accounting for advice on which businesses really need Quickbooks, how it works, why it can make a difference, and which businesses should look for alternatives.
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