QuickBooks Online is Not the Only Answer!

Are you tired of QuickBooks price increases? Well, brace yourself…another one is coming.

Effective July 2022, QuickBooks will be raising their prices.  For the most popular subscription      offerings, the rate increases will range 6% to 20% of the current price.   With over 80% of the market share, QuickBooks is now operating like the monopoly they are.   But there are some good alternatives.  Here a quick survey of some we are familiar with and like.

First, here are some general thoughts.  All accounting software in this class should import bank and credit card transactions as well as offer invoicing with payment links.  It should also be a stand-alone bank reconciliation function, not just a match-transaction function.   Cloud-based solutions, versus desktop solutions, take away a lot of the hassles of backup and recovery, but always be sure to have an alternative way to recreate your records.

Selecting accounting software is a decision with long term impact so don’t be swayed by upfront promotional rates or make a snap decision.  Look for software that is easy to use and supported by a stable company that will be around for the long term. If you are using your accounting software to directly invoice your customers, make sure that you like how your image is being presented to your customers.  Part of your evaluation process should also consider how you convert to another platform if you outgrow the software.

Sage Business Accounting is a cloud-based solution provided by a well-known and respected software company and costs approximately $25 per month.  It is feature-rich, offering many of the features only available in an $85 per month QBO subscription.   It does not have integrated payroll, so this offering is best for the solo-entrepreneur who wants to use class-accounting or different currencies.

For the owner who wants integrated payroll, Patriot Accounting and Payroll is available.  The premium accounting offering is $30 per month (with payroll available at an extra charge).  This software has easy to understand screen displays and menus and has some features only available at the higher cost QuickBooks subscriptions.  Avoid the basis ? basic levels of accounting and payroll; they are not worth the savings.  This offering is best for small S-Corps and other companies that      run a payroll.

For the company on a budget, consider Wave Accounting.  This software is owned by H&R Block and has a great privacy policy.  It makes money by offering payroll and payment processing services but offers the accounting functions at no additional cost.    Easy to use and understand, this is a great choice for the side hustle or small business on a budget.   However, the payment processing, especially for bank-to-bank transactions can be very expensive, so proceed with caution.

Would you like to know more? Schedule an Inspired meeting with us and we can go into more detail about what solutions work best for your Company’s needs!

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