Quickbooks...Why its the Industry Standard for Small Business
Rick Hahn | TrustRadius Reviewer
December 12, 2018

Quickbooks...Why its the Industry Standard for Small Business

Score 10 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with QuickBooks Enterprise Solutions

While in the legal field we need other supporting tools to address specific legal industry challenges, it is the primary accounting tool within the organization for a few reasons:
  • It is an industry standard when you are distributing financial information to others.
  • Outside accountants all know it and can easily be consulted when needed.
  • Finding new personnel who know the program is more cost affective than products with less market penetration.
  • It is supported both by Intuit and by a legion of professionals in every industry.
  • It has a clear system of integration for third party product developers who are in the market today creating products for the legal industry.
  • It has a very flexible reporting system for customizing what different levels of our organization need to see in their reports.
  • It has a great system for allowing offsite accountants to audit and make changes to the GL without disturbing the daily work.
  • The product update system needs some tweaks. If one user updates everyone has to update to read the books. But often the auto updates are too random and it disrupts work.
  • The install process can be confusing to users who don't do it frequently, not intuitive enough. (no pun intended)
  • The network program installed on the books server, when being updated, can often fail to properly scan and find current company files. It often takes several attempts. But due to that awesome support system, we always get it worked out.
  • Easy to hire people who know it.
  • Ease of use once regular tasks and procedures are setup.
  • Ease of finding support solutions when problems or the need for changes come up.
While each of these products address specific industry needs they can be difficult to use because they are so different from what people are used to (i.e. QuickBooks). Yes, QuickBooks cannot be compared to PCLaw for billing in the legal industry, but you get this feature at what cost? Why not use a legal specific billing product and keep QuickBooks as core accounting.
If your accounting needs are industry standard and not creative or off the rails, QuickBooks provides the best and most reliable solution available. If your needs are too industry specific and you have too many requirements that are non-standard to accounting, it may be more difficult to use but not impossible. For the legal industry it can often boil down to billing requirements as it relates to trust funds and automatic transactions. For nonprofits, and it can be something as simple as reporting requirements to meet IRS regulations.

QuickBooks Desktop Enterprise Feature Ratings

Accounts payable
10
Accounts receivable
10
Cash management
8
Bank reconciliation
10
Expense management
10
Time tracking
5
Fixed asset management
Not Rated
Multi-currency support
Not Rated
Multi-division support
Not Rated
Regulations compliance
3
Electronic tax filing
10
Self-service portal
Not Rated
Global Financial Support
Not Rated
Primary and Secondary Ledgers
Not Rated
Intercompany Accounting
Not Rated
Localizations
Not Rated
Journals and Reconciliations
10
Enterprise Accounting
10
Configurable Accounting
Not Rated
Centralized Rules Framework
Not Rated
Standardized Processes
10
Inventory tracking
10
Automatic reordering
Not Rated
Location management
Not Rated
Manufacturing module
Not Rated
Pricing
8
Order entry
10
Credit card processing
10
Cost of goods sold
Not Rated
Order Orchestration
Not Rated
End-to-end order visibility
Not Rated
Order exception Resolution
Not Rated
Pay calculation
Not Rated
Benefit plan administration
Not Rated
Direct deposit files
Not Rated
Salary revision and increment management
Not Rated
Reimbursement management
Not Rated
Dashboards
Not Rated
Standard reports
10
Custom reports
9
API for custom integration
Not Rated
Plug-ins
8
Role-based user permissions
10
Single sign-on capability
10