In 1983, Tom Proulx and Scotts Cook founded Intuit in Mountain View in California. After the Quicken triumph with software for financial administration for individuals, the company came up with a closely related solution that owners of small enterprises could use. This software became common among the small entrepreneurs without reserved training in accounting.
Alone, the software achieved 85% of the accounting software share in the conglomerate market. It still command intense majority share in the market (Jones n.p.). However, the prior edition satisfied professional accountants although they cited the inefficiency in security controls of the software such as lack of audit trail as well as non-conformity that had been developed in the accounting standards.
The desire of Intuit was to close the gap with the accounting professional and to finally grant them full capacities in audit trail while doubling the entry of accounting tasks. They also wanted to increase functions. The firm had widened Pro and Basic accounts of this software as of 2000. In 2003, it started presenting versions that are specific to the industry amid workflow reports and procedures that were designed for different business varieties and terminologies that are associated with trades.
The available alternatives include versions for contractors, wholesalers, retailers, non-profit entities, manufacturers and professional service companies. There is also a version that is specifically designed for professional accounting companies that serve different conglomerate clients. The QuickBooks Enterprise Solutions was instigated by Intuit in the May of 2002 with its target being medium-sized businesses.
In September 2005, the market allocation of QuickBooks was at 74 percent. According to a Press Release by Intuit dated 19th June 2008, the allocation of QuickBooks from March 2008 in the retail sector business was at 94.2 percent according to NPD Group.
Additionally, the company also noted that more than 50,000 accountants, CPAs and independent consultants in the business industry were QuickBooks Pro Software’s affiliates (Intuit Press Release n.p). By then, Brad Smith was the new firm’s CEO. However, the former CEO, Steve Bennett almost tripled the profits for the company while quadrupling income over the last 8 years (Intuit Press Release n.p).
Intuit offers a hosting solution called QuickBooks Online. With this solution, customers are charged monthly subscription rather than upfront payment. This allows them software’s access via a secure login through their internet browser. Intuit hosts information about users while offering patches and upgrading the software frequently and routinely.
Till recently, the only browser via which QuickBooks Online could be accessed was internet explorer. Nevertheless, this solution can now be accessed through Safari and Mozilla Firefox. Google Chrome, Firefox and Safari are also supported on the Mac platform. QuickBooks can also be accessed through an Android, iPhone and Blackberry web app. All features of the desktop version of QuickBooks are not present in the QuickBooks Online version. Functioning of different features also vary from those of the desktop version.
In 2011, Intuit introduced an edition of QuickBooks Online that was designed specifically for the tax system and the VAT systems of the European countries. In 2009, Reckon Ltd came up with an online version designed for the Australian clients known as QuickBooks since 2009. Contrary to the other online products, this version provides a QuickBooks program with all features.
Currently, the most popular product by Intuit in the market is QuickBooks. This company established in 1983 was acknowledged for the first time for developing financial software that enabled individuals to manage their finances called Quicken. Following the success of this software, the firm turned to the establishment of another accounting resolution that could be used by small businesses. From the preliminary release, QuickBooks attained a solid allocation among the conglomerate clients in the accounting market.
This program had a remarkable reputation among small entrepreneurs who lacked recognized training in accounting. At first, learning about this program was easy. However, the first version to be released had bugs that had to be fixed for the program to be used effectively by accounting professionals. The Pro and Basic versions of QuickBooks were discharged in 2000 to satisfy both expert and learner users.
In 2002, the company released Enterprise Solutions. This was its newest version with the target being medium-sized enterprises. Currently, this program can be accessed by particular industries that include manufacturing, wholesales, professional services, contractors and non-profit organizations. Regardless of the release of other rivalry products from development companies such as Microsoft Dynamics, QuickBooks remains the leader in the provision of accounting solutions. Currently, it provides comprehensive web-based program in addition to the traditional out of the box versions.
Different web-based aspects have been integrated into QuickBooks by Intuit including outsourcing and remote payroll, online banking and reconciliations, mapping aspects via incorporation of Google Maps, enhanced email functions via Microsoft Outlook and Outlook Express, electronic payment and capabilities for remote access. In its 2008 edition, this firm included Excel import, a feature for tracking extra time for the worker, electronic finances’ pre-authorization and Novel Help function. In the June of 2007, the company declared that QuickBooks Enterprise Solutions was compatible with Linux servers although previously it could only run on a Windows server.
Benefits of QuickBooks Software
Among the advantages of QuickBooks when compared to other accounting software including Peachtree is the convenience that it allows business owners. For instance, QuickBooks enable users to set up the profiles of their companies with ease while using this program. It also enables them to place transactions in their positions with ease. These advantages are made achievable by its pictures that guide users and user-friendly interfaces.
QuickBooks offers an “Interview” way of establishing an enterprise. This guides the user via 21 discrete and uncomplicated phases. Most of these phases require the user to provide a “no” or “yes” answer. You can also select your business’ industry from the provided list while answering the questions.
Additionally, QuickBooks works with forms’ applications conveniently. Such applications include purchase orders, tax documents and utility bills. The forms are found on the interface of the computer software and they are designed in a way that resembles the paper documents that one fills out without software closely. The interface makes the filling process easier and simpler.
QuickBooks is also less expensive when compared to hiring a bookkeeper or an accountant. As of 2010, the fundamental software cost was at $199.95. The cost of enrolling for the online edition was $9.95 monthly. Undersized enterprises with a small budget could use QuickBooks to minimize their expenses.
The QuickBooks’ prime version provides bookkeeping features that are required by virtually all small enterprises. Such features include receivable and payable accounts, inventory, invoices and payroll. Using the program one can also come up with checks and also process payments via credit cards.
Cons of QuickBooks Software
In the February of 2009, QuickBooks Online had an extended outage (Nedleman n.p). It also had an outage in the June of 2010 due to authority failures. Several users launched complaints on the company’s forum and they threatened to quit using the service and instead go for competitors such as Quicken Home Business and Sage. Brand Smith, the CEO of Intuit apologized for the outage sequence. There were about 60 hours during which the online products and tech support of Intuit were affected.
When an outage occurred later, Intuit CEO apologized again in reference to the new online product that was designed for sustained availability while allowing users to insistently migrate to novel data centers. This incidence implied that many users who were not previously using the software or data centers although the data centers were replicated as the standard practice in the industry in 2004.
QuickBooks 2009 designed for internet banking unit was faced with major problems that resulted in several comment in different discussion threads of the company. The production manager of QuickBooks applied the version as the official line in conferring the resolved problems. Database damage is likely to be encountered by QuickBooks 2013 in case the file opening is done during the crash of the system. Users added more posts on the support site on daily basis. QuickBooks 2013 has a slow speed when compared to the other versions.
Bugs were the major problem of the QuickBooks Pro 2014. An Apache server error appeared randomly while generating the credit cards. The software also crashed forcing the users to quit their program via the Task Manager. Webmail is the current feature that is currently used in sending emails. This feature also makes this system less user-friendly and harder.
Pinpointing cursor is more difficult because of the narrow bars for scrolling. There is a change of the array order of entering the details of the clients to worse. This change makes the window to close after each entry. From the Pro 2011edition, password modification which is required after 90 days causes random blanking of the details of the credit cards in the customers’ field. The software was doing this for the daily transaction only after closing the file while working properly in the following day.
Currently, the program seems to delete two or one months before modifying the password. Performing a complete verification of the file is also prevented by the bugs. In dealing with management of robust inventory, QuickBooks appear to be a problem. This implies that is inventory management is important for a business; this software might not meet its needs.
Comparison between Peachtree Complete and QuickBooks Pro
Peachtree Complete is suitable for inventory businesses. It uses the language of bookkeeping while offering comprehensive options for the installation process. However, this software offers more support in the help files. To export data from different accounting program, it must pass through excel, matched to the existing fields and then to Peachtree Complete.
On the other hand, new businesses are the target of QuickBooks. It aims at making bookkeeping apparent through graphical flowcharts. It also helps in maintaining a track of the forthcoming tasks. Bookkeeping data can be imported from Excel, Microsoft Office, Quicken and other QuickBooks editions.
Using Sage, one can track account on average outlay. One can see best sellers using comprehensive reports and also develop lucrative items. Transactions can also be grouped proficiently; merchant accounts disabled and check printing for payroll and payable accounts executed. Sage can also be accessed by many users with only one having a genuine license. It is also possible to purchase different single-user software for even 5 users or a multi-user version that allows for the accreditation of up to 5 users.
Clarity of calculations and dealings in Peachtree is advanced than in QuickBooks. This makes seeing them easier. This is not only good for saving time, but also in ensuring accurate finances monitoring.
Peachtree also has a better capacity for erasing the entire transaction record and particular companies’ data that the user might be working on together (Wilkins n.p). Although this advantage over QuickBooks might seem small, the ability to delete the information that one does not need saves time as compared to deleting each record and transaction at a time.
Peachtree and QuickBooks provide a wide range of accounting aspects. The two programs are able to execute complex tasks that include creation of budgets, customizable reports, recording approximations, purchase orders and executing resolutions from the bank. The programs also produce reports for evaluating productivity in the business that include financial statements’ assessment and comparison of budget and actual expenses.
The programs also enable users to track expenditures and proceeds in their preferred ways whether as per the client, task or unit. Peachtree and QuickBooks also offer tutorial information for the users while providing shore up that is required to handle problems.
Comparison between QuickBooks Pro and Quicken Home Business
Quicken Home and Business program presents an improved version of Quicken personal finance program. Quicken is capable of tracking the operation cost of a business and generate invoices. The accounting functions of Home and Business software on the other hand are inadequate. They include the ability to track receivable and payable accounts. The software can also track mileage log and customer jobs.
QuickBooks Pro lacks functionality for private finances. As such, it cannot be used in tracking personal money past the business. It also adds health reporting for business without more than 100 reports and extra receivable and payable modules in the accounts. QuickBooks provides tools for tracking inventories, supporting many users at a time and processing payrolls. Home and Business on the other hand supports double-entry accounting.
Quicken Home & Business may be suitable for small businesses in the service industry. However, it has imperfect functionality that hides what may be its larger gain. Its incorporation with the individual finances might also be supportive for businesses with daily earnings.
QuickBooks is currently a prerequisite for businesses that pay employees or those with inventories that have to be tracked. Businesses create invoices using the superior capabilities of this program. They also evaluate jobs and track bills. Looking at processes and commerce in a more profound and deliberate manner is also possible with this software due to its accounting features and business-class reporting.
“Intuit Press Release – Intuit Hits 50,000-member Milestone with QuickBooks ProAdvisor Program.” Intuit.com, June 19, 2008. Web. http://about.intuit.com/about_intuit/press_room/press_release/2008/0619qb.jsp
“Intuit Announces CEO Succession.” Intuit Press Release, August 22, 2007. Web http://about.intuit.com/about_intuit/press_room/press_release/2007/0822cr.jsp
Jones, Del. “Best job for customers wins, Intuit CEO says, Don’t be good loser; be a good learner,” USA TODAY, January 16, 2006. Web http://usatoday30.usatoday.com/educate/college/careers/Advice/1-16-06.htm
Needleman, Rafe. “QuickBooks Online goes offline for several hours,” News.cnet.com, February 3, 2009 web. http://news.cnet.com/8301-17939_109-10155708-2.html
Wilkins, Haether. “A Comparison of Peachtree Complete & QuickBooks Pro” Demand Media, n.d. Web. http://smallbusiness.chron.com/comparison-peachtree-complete-quickbooks-pro-64478.html
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