2014 Review of QuickBooks Online

Strengths

  • New friendly user interface is more consistent with the appearance of the desktop product, which makes it easier for accounting professionals to support both solutions.
  • Excellent ecosystem of add-on applications and services; Intuit-operated secure hosting platform keeps data for add-ons inside Intuit’s data centers.
  • Import from QuickBooks desktop software data file feature is attractive for those converting from the desktop version of the application.
  • Scorecard benchmarking tool can anonymously benchmark company performance against peers in the same industry.

Potential Limitations

  • Although the feature set is impressive for a SaaS application, QBO has a more limited feature set than the mature, on-premises product, which includes advanced features not available in QBO like job costing, combined financial statements, and multiple currencies.
  • The simplicity of the security model makes it difficult to restrict the tasks that active users can perform inside the company file.
  • Even though the product is called “QuickBooks Online," the application has significant differences in function and approach which may make its use confusing to those who have to work with both versions of the application.

Best Firm Fit

  • Service-based companies who need something more robust than a micro-business solution, yet do not require the full feature sets present in entry level solutions like Sage 50 US and QuickBooks Pro/Premier.
  • Small business owners who need an online accounting solution supported by many accounting professionals which integrates with many third party add-on solutions.
  • The entry level QuickBooks Online Simple Start is a possible alternative for users considering micro-business solutions for invoicing customers, managing cash, and tracking receivables.

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