QuickBooks

Commentaires: As an ASL Interpreter, I met many self-employed freelancers in my field. I was very apprehensive about transitioning from staff employment to self-employment. Luckily, I decided to try the Self-Employed option through Quickbooks. It's been a great experience. As a "first generation freelancer", I depend daily on the tracking tools that QuickBooks provides. Before, I faced daily anxieties about whether or not I was documenting my expenses and mileage correctly. Now, I track this information confidently with Quickbooks, and am able to spend more of my cognitive and emotional energy on my actual work and passions.

Avantages: I mostly use the "QuickBooks:Self-Employed" features of this software. I love the versatility with the mileage tracker that allows me either to have trips automatically tracked or to add and delete trips on my own. Living in a metropolitan area, the mileage tracker will sometimes count rides on public transportation as a car ride. I'm easily able to delete that trip and also check on my transactions to make sure that the money spent on transportation is documented appropriately as business or personal.
One of my VERY favorite features are under the "Reports" section. I love the ability to get a preview of what kind of information I'll be sharing at tax time. I can download an excel spreadsheet that breaks down all of my Schedule C Transactions as a different page for each category (assets, meals, etc.). Before I started using Quickbooks, I didn't even know what most of these terms event meant! Now I'm able to work more freely and confidently as a "first generation freelancer".

Inconvénients: When manually adding a trip to the mileage section, you are able to input the beginning address and the end address. However, QuickBooks does not have a feature that will calculate the miles between those addresses. As of now, I have to go back to my Google Maps app to see what the number of miles were. It makes the experience less fluid.

Commentaires: The ability to track me financials allows me to identify my business's cash flow which is crucial to keeping my doors open. Automatic bank feeds are cutting down the time I need to spend doing manual data entry and gives me more time to focus on my main mission of my company.

Avantages: The ease of use allows just about anyone to successfully navigate and work in the software. No matter if you have an accounting or financial background. This is great news for business owners and accounting personnel, alike. With the ease of use, the training resources provide by Inuit, and their extensive list of available Pro-Advisers, you will be up and running and tracking your business's finances in no time. One other aspect I like is the ability customize the software to git your industry or company's needs. Custom reports, customized chart of accounts, etc are just a few examples how QB sets the standard for small/medium size business accounting softwares.

Inconvénients: The least favorable aspect of Quickbooks is the inability to prevent old transactions from back-posting into a closed period. For example, if I void a check or an invoice, I would like to be able to set an effective date of today and not the original date of the source document. Allowing this to happens, will throw off bank reconciliations, it would and could change past period financial statement information and could impact your tax liability as well.