Affordable accounting solution
October 03, 2022

Affordable accounting solution

Anonymous | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Overall Satisfaction with QuickBooks Online Advanced

We use QBO for all things accounting -- keeping track of our payables and receivables, producing the financial statements, bank reconciliations, etc. We do find that we need to have ancillary schedules and spreadsheets outside of QBO for more complex calculations (depreciation, cost accounting) but are able to post our journal entries in QBO and keep attachments within the system.
  • Payables management
  • Producing reports
  • Integrations with banks and credit card providers
  • Automated depreciation
  • Product line profitability
  • Providing alerts to users regarding past due items
  • Better payables management and relationships with vendors
  • Keeping track of receivables and reducing outstanding A/R time
  • More easily seeing where expenses may be reduced
The set up is fairly quick and there are import tools provided if you are looking to put historical information in. The import is not perfect so there may be some manual data entry involved. We were able to get it up and running within a couple weeks, and all of the historical information within a few months.
This has been excellent and I've been able to access the platform from all over the world. Being able to access this information while traveling has been extremely helpful and minimized disruptions in our workflow.
QBO addresses our business needs very well. Some of our specific industry needs are unaddressed as we need inventory management systems and cost accounting functionality that is not provided in this software, but we have been able to supplement with other programs. We are also in an emerging industry that lacks specific softwares for the most part, so we're working with what is currently available.
QuickBooks Desktop provides slightly more features and functionality, at the cost of disk space and the lack of cloud access. We chose the Online version of this software as the accounting and finance staff travel frequently and may access information remotely. QuickBooks provides significantly less features and functionality than Oracle NetSuite, but it comes at a fraction of the cost. As a smaller startup, NetSuite is not affordable for us at this time.

Do you think QuickBooks Online Advanced delivers good value for the price?

Yes

Are you happy with QuickBooks Online Advanced's feature set?

Yes

Did QuickBooks Online Advanced live up to sales and marketing promises?

Yes

Did implementation of QuickBooks Online Advanced go as expected?

Yes

Would you buy QuickBooks Online Advanced again?

Yes

QBO is excellent for small companies, startups, and any general business case where the accounting is not complex or the transaction volume is reasonably low. In a manufacturing environment or a larger company with a fuller schedule of fixed assets/many transactions on a daily basis, this software would be inadequate to support all of the needed accounting functions. QBO also does not support more complicated revenue recognition schedules for service contracts, requiring manual journal entries for any accruals -- I know several ERPs allow you to program a revenue recognition plan when entering an item nowadays.

QuickBooks Online Advanced Feature Ratings

Accounts payable
8
Accounts receivable
8
Cash management
Not Rated
Bank reconciliation
7
Expense management
7
Time tracking
Not Rated
Multi-currency support
Not Rated
Multi-division support
Not Rated
Regulations compliance
7
Electronic tax filing
Not Rated
Self-service portal
Not Rated
Primary and Secondary Ledgers
Not Rated
Intercompany Accounting
Not Rated
Journals and Reconciliations
8
Enterprise Accounting
Not Rated
Configurable Accounting
Not Rated
Centralized Rules Framework
Not Rated
Standardized Processes
Not Rated
Inventory tracking
Not Rated
Pricing
Not Rated
Order entry
Not Rated
Credit card processing
Not Rated
Dashboards
6
Standard reports
9
Custom reports
Not Rated
API for custom integration
9
Plug-ins
Not Rated
Role-based user permissions
7
Single sign-on capability
Not Rated