Update: This article was last updated on 2nd Dec 2019 to reflect the accuracy and up-to-date information on the page.
QuickBooks is one of the most admired business accounting software in the world. Packed with a number of features delivering powerful performance, it can streamline even the most complex of accounting processes.
What makes QuickBooks even more popular among accountants is its different versions (Accountant, Pro, Premier, and Enterprise), designed to fit the specific needs of every type of business. The accountants can choose between theses versions according to the features required for their accounting process.
However, with the advent of cloud accounting, new and improved platforms, as well as products, have been developed, offering CPAs and accountants with multiple options to choose from.
There are multiple ways in which QuickBooks can be used, depending on the platform on which it is installed or the methods of access. Here are three major ways in which accountants can make use of the functionalities offered by QuickBooks.
As the name suggests, QuickBooks Desktop is designed for local desktop infrastructure. The accountants can install the desktops on their office computer systems like any other conventional software. Being an application running on the local machine, it works quite efficiently without any issues.
Every year, Intuit releases a new version of QuickBooks with new features. Recently, QuickBooks announced its latest version QuickBooks Desktop 2020, offering accountants with a more efficient accounting solution.
However, being an on-premise accounting software, QuickBooks Desktop faces some limitations with regards to the flexibility of operations and scalability of hardware. The accountants cannot access the software outside of the office premises. Hence, they have to sit behind a desk all day to complete their tasks.
Moreover, the users have to share data over emails due to the lack of a common data-sharing platform. Also, the accounting firms are responsible for the upgrade and maintenance of the on-premise hardware setup.
Citing the rise in cloud dependency among the businesses, Intuit (the makers of QuickBooks) developed its own cloud-based version of the application and named it QuickBooks Online. This application varies significantly from the desktop version in terms of UI and features.
QuickBooks Online is a SaaS-based version, where the users can access the accounting solution through a web browser with the help of the Internet. Like all cloud-based solutions, QuickBooks Online can be accessed with multiple devices from anywhere at any time.
There are four pricing to choose from – Simple Start, Essential, Plus, and Advanced, which are charged on a monthly basis.
Although QuickBooks Online comes with some advanced features, the accountants that have been using QuickBooks Desktop for a long time, sometimes, find it very difficult to transition to the Online version. They want the features of the cloud but are not comfortable switching to QuickBooks Online.
This is somewhat a union of QuickBooks Desktop and QuickBooks Online. The hosting of QuickBooks Desktop software on the cloud environment of a third-party provider is called QuickBooks cloud hosting or Hosted QuickBooks.
With QuickBooks hosting, you get all the features of QuickBooks Desktop, bundled with the capabilities of cloud computing. Hence, the accountants get the best of both worlds. So, it enables the benefits of cloud technology, such as – remote accessibility, multiple user collaboration, etc. while carrying all the advanced features of QuickBooks desktop.
Moreover, a competent cloud service provider would offer additional features like disaster recovery, advanced security, automated backups, and guaranteed uptime. What rides to its advantage is that QuickBooks Hosting carries the features of the QuickBooks Desktop along with the option to pick a reliable hosting cloud provider.
All these methods of using QuickBooks have their advantages, and you must make a choice depending on your particular needs. So, it is essential to analyze your current and futuristic requirements with the accounting solution, such as – the number of users, local storage, add-on needs, etc.
Another critical aspect you should keep in mind is the budget constraints. Choose the method that is the most cost-efficient, which means that it offers the best features at a price you can afford.
To know more about QuickBooks and to get a free consultation from a Solutions Consultant, call 855-375-4955.
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