Why Choose Quickbooks over Free Accounting Software

Everyone has their reasons for choosing one type of accounting software over another. After all, no two businesses are the same, just like no two bookkeepers are. That being said, there are many options available, and it’s worth looking into all of them – free ones like Wave, ZipBooks or paid ones, such as Quickbooks or FreshBooks. Certainly, price is a factor, and free can sound like a pretty good deal, but as the saying goes – “there’s no such thing as a free lunch.”

Longevity

While some free software options have been around a long time and are reliable to a certain extent, some aren’t. Others may even fail in the coming years. When you’re looking for a tool to record, store and report on the financial aspects of your business, you need to trust that this tool will be around for the long term. No one wants to open their inbox and get the news that their software is shutting shop or merging with another software provider, changing everything.

Support

When you need help for your accounting software, whom do you turn to? Customer service. If you’re using a paid software like QuickBooks, you get much better customer service if you have an issue. They offer support via email, chat and phone. However, with free software, your best bet for help may be to ask around in your network or circle, and chances are they may not know the answer to your problems either.

If you use QuickBooks for your small business, you could even enroll in an online QuickBooks course to get good at it. There are many online resources, too. Free software may not.

Accounting Methods

Paid software like QuickBooks offers both cash basis accounting and accrual accounting, while free software may not be able to. With QuickBooks, users have the flexibility to make choices on the system that works best for them.

Features

Most free accounting software can handle essential functions like account management, invoicing, and sales etc., but when your needs are more complex, such as inventory tracking, or payroll, you will need a tool that can handle those additional tasks. 

Security

Since you’re dealing with sensitive financial information, you need your software to be secure. QuickBooks, for instance, stores data behind firewall-protected servers where the data is encrypted. If your software is entirely free, can you expect the vendor to provide any security?

Supported Apps

No single software can meet every need. Apps allow users to customise the accounting software to meet their specific needs that revolve around how their business operates. Quickbooks, for example, is supported by over 600 software application partners, while free software like Wave has 20 odd connected apps. Free software providers are unable to guarantee the same customisation that QuickBooks can. Additionally, there could be some fee to use these apps, which users may need to be aware of.

Extra Features

Similarly to apps, there are several additional features and add-ons supported by Quickbooks that allow for continued flexibility and customisation of the tool. These include things like CRM tools, inventory, point of sale tools, the ability to manage purchase orders and do project cost accounting. While free accounting software will allow for some add-ons, they won’t have the volume that Quickbooks can provide.

Language

Most free accounting software is available only in one language, English, whereas Quickbooks is available in both English and French for Canadian users.

Business Fit

The decision to use paid or free software depends on which tool is best for your business. Free software may be more suitable for smaller companies with sole proprietors, independent contractors with a handful of employees. However, for companies that are small to mid-sized and have complex accounting needs, a free tool may not serve the purpose.