Do you ever wonder if Quickbooks is the right solution for your company or production? Well here’s a quick breakdown of the pros and cons:
Quickbooks offers an online platform, which means there isn’t a huge cost upfront to purchase their software. Instead, you can pay a fee each month to use the program, without any penalties for cancellation. Most companies can get away with the Plus version which costs about $40 a month, but less expensive plans are also available.
Quickbooks’ online platform allows multiple users to access the company database(s) from any computer, anywhere in the world. This flexibility is key as more employees work remotely, and this solution is more affordable for employers as it allows them to forgo the need for a dedicated desk and computer for their accountant.
It’s user friendly
Quickbooks may not be as powerful as software packages like Oracle and SAP, but it also requires a fraction of the training. Accountants will love the ease with which bills are entered, checks are printed, receivables are tracked, and credit and banking information is easily integrated. Reporting is also very customizable and efficient. The best part is the minimal learning curve.
Downtime can be frustrating
Quickbooks unfortunately experiences frequent outages and downtime. While usually short-term, these outages can still be massively inconvenient, especially when facing a tight deadline (isn’t that when everything seems to go down!?).
It’s not very production-friendly
Quickbooks is a surprisingly powerful and versatile program – especially for those using it to track a traditional set of corporate books. Production accountants, however, will likely find Quickbooks limiting in that it doesn’t allow budgeting, forecasting, variance analysis, etc. To get around this, many production accountants use Quickbooks to track actuals and then import the actuals into an Excel spreadsheet for reporting purposes.
The Bottom Line: Quickbooks
While Quickbooks works great as an affordable solution for most traditional accounting needs and smaller productions, we highly recommend that larger scale projects utilize an entertainment specific software to ensure data integrity and proper reporting.
Let us know if we can help you with your decision and / or software implementation!