QuickBooks by Intuit, Inc. is the most commonly used accounting and financial management software for small businesses. Developed by Intuit, QuickBooks accounts for a sizable portion of the small business accounting software market, boasting nearly 1 million online subscribers.
- Integrations and applications
QuickBooks was initially released in 1994; consequently, its developers have spent the past two decades fine-tuning their software for all of your accounting needs, including expense tracking.
Integrations and Applications
QuickBooks has been optimized both both desktop and mobile applications. Now you can manage your expenses from your Android or iOS smart device and even snap photos of and catalog all of your paper receipts, thus eliminating the mounds of paperwork you would normally need to keep on hand during the tax and audit season. Quickbooks also integrates with several other money management apps that people already use:
- Concur Travel and Expense
- And More
QuickBooks prides itself on educating users with little or no accounting experience to be expert money managers. Its platform offers several helpful demos and tutorials, a live chat feature, blog, free customer support, an interactive online community, and the means to get in touch with over 20,000 qualified industry experts.
And unlike some other accounting softwares, QuickBooks offers a package for independent contractors which helps separate personal and business expenses.
- Tax fraud scandal
QuickBooks has some limitations. Unlike other expense tracking apps, QuickBooks is not equipped with a GPS-enabled travel expense monitor; such expenses must be entered manually. Additionally, QuickBooks leans a little on the expensive side, charging a monthly subscription fee for each of its packages. And though it offers a package for independent contractors that helps differentiate between personal and business expenses, other apps can keep track of your personal expenses for free.
Tax Fraud Scandal
In February 2015, Intuit was at the center of an alleged revenue-boosting scandal involving the mishandling of fraudulent tax returns. And while Intuit immediately refuted these claims, the damage these allegations have done to their goodwill resulted in a plunge in third-quarter profits for the year.
The QuickBooks pricing packages are as follows:
Independent Contractors ($9.99/month)
- Separates personal from business expenses
- Calculates quarterly estimates
- Maximizes tax savings deductions
Simple Start ($12.95/month)
- Tracks income and expenses
- Creates estimates and invoices
- Syncs with bank accounts and other apps
- All the same features as Simple Start
- Manages and pays bills
- Provides instant sales and profit reports
- All the same features as Essentials
- Tracks inventory
- Prepares and prints 1099 forms