QuickBooks

QuickBooks is an accounting software product developed by Intuit, Inc. more...

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There are several different "flavors" of the software tailored to specific industries; however, the underlying program remains largely the same, the chief differences being industry customized pre-built reports, industry appropriate language (clients vs. customers, etc), and industry appropriate templates for invoices, P.O.'s, and estimates.

First launched in the early 1990s, QuickBooks quickly took hold as the market leader in small business accounting software. The software was popular amongst small business owners who had no formal accounting training. At the time, software packages were designed for use by accountants and cost $400 or more.

Today QuickBooks has the largest market share of accounting products for small businesses in the United States. Small businesses use it to track expenses, prepare and send invoices, prepare financial statements, track inventory levels, and many other tasks. It is available in a range of versions, from those suitable to startup businesses up to larger businesses with up to 20 simultaneous users. It also comes in customized versions for different industries such as contracting, professional services, manufacturing, wholesale, and even a specialized version for nonprofit entities. It is available as desktop software or a hosted online edition.

QuickBooks doesn't require its users to understand double-entry book-keeping or standard accounting procedures. Most transactions are recorded using on-line screens that closely resemble paper based forms such as invoices or checks. The system is readily adaptable to many different industries where there is no significant need for something industry specific.

Sage Software's Simply Accounting and Peachtree Accounting are competitors to QuickBooks. Microsoft's Small Business Accounting has also recently entered the market with limited success in its first year.

Positives

Low cost- single user pro version is less than $180 from most warehouse stores - cheaper with rebates during certain times of the year.; Simple to setup with many wizards and sample company files.; Many people know and use the software (easy to find a CPA or bookkeeper who is skilled with QuickBooks). Direct links from the company website to search for a Pro-Advisor by area or zip code for help.; While somewhat expensive to upgrade (~$200+ / year) - the ongoing costs are far, far less than more expensive software which can easily cost $2,000+ in annual maintenance for very similar functionality. Many add on features such as payroll processing, credit card payment processing, etc allow the user to only pay for and use the features they need. This also allows the product to grow with their business.; Exceptional features for the price. As an example - payroll users can print fileable 941, 940, etc -- a feat which many large accounting systems charging thousands more have yet to accomplish. Most of the accounting features are written with the non-accountant in mind and generally protect you from simple errors (though not always).; You never close or have to worry about any type of yearly/monthly maintenance with Quickbooks.; Their huge user base means the software will be around for many years.; Provides resources to connect with other QuickBooks users and Small Businesses at QuickBooks.com; An online version is available, allowing up to twenty users to have access at the same time from anywhere they have access to the internet.; A Peachtree conversion tool is available for consumers looking to move to QuickBooks. Free support available to customers converting from other programs.; An online forum available for support, callback support, competitive support plans available.; Multi-user licensing allows for access up to 20 users (Enterprise) at the same time.; Product patches are available at no charge with the ability to download automatically.;

Read more at Wikipedia.org