QuickBooks

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QuickBooks

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.

The Good

  • Integrations and applications
  • Education

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:

  • PayPal
  • Concur Travel and Expense
  • Square
  • Shopify
  • Shoeboxed
  • And More

Education

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.

The Bad

  • Limitations
  • Tax fraud scandal

Limitations

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 Bottom Line

For all accounts and purposes, it's hard to go wrong with QuickBooks. Whether you're running a small to medium-sized business, or are an independent contractor, it's one of the most proven accounting softwares out there; however, if you're only looking to chart your personal day-to-day expenses, this software might not be for you.

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