QuickBooks: Accounting Software for Small to Medium-sized

School: Colorado State University, Global Campus - Course: ACT 425 - Subject: Accounting

QuickBooks Report Intuit's QuickBooks is an accounting software, or accounting information system, that can be used for businesses of all sizes but is primarily geared towards small to medium sized organizations. An accounting information system is a combination of processes that handle various aspects of a business, such as taxation, cost accounting, auditing, and financial and managerial accounting (CSUG, 2021). It is one of the one commonly used application in this market, with various versions of QuickBooks include both desktop and online versions with a cloud database. QuickBooks online may be accessed across numerous devices such as a smartphone, tablet, or computer, while QuickBooks Desktop is only available on a computer which may only be downloaded one time to a single computer. Costs QuickBooks Online offers a variety of plans including "Simple Start", "Advanced", and "Plus" which are accessed by paying a monthly fee in the amounts of $25, $80, or $180 per month (QuickBooks, 2021). The payroll option is included for an additional monthly fee. The payroll packages include a variety of features, such as automatic payroll, 1099 processing, and 410k tracking. There is also a "Live Bookkeeping" feature, only available with QuickBooks Online, that adds the support of a bookkeeper to virtually maintain an organization's books year- round. QuickBooks Desktop is offered with a different pricing variation, which is paid as a yearly subscription, with the following plans available: "Pro Plus 2022" ($349.99), "Premier Plus 2022" ($529.99), or "Enterprise 22.0" ($1,147.50) (QuickBooks, 2012). Intuit offers many introductory rates including 50% off the first three months subscription of QuickBooks Online and 20% off an annual subscription for the first year when purchasing the "Enterprise 22.0" desktop version.

Functionality QuickBooks is a comprehensive software that includes a variety of features, such as bookkeeping, marketing, payroll, merchant services, training, and taxes. Its user-friendly interface makes it easy to use, with the added option to link an organization's bank account to automatically post transactions after a deposit or withdrawal is made. Additionally, users can track inventory, process payments, create and track budgets, and access the general financial health of the company. According to Simkin et al. (2018), QuickBooks one of the advantages of using this software to implement an organization's needs, is that as a company may grow, they are able to upgrade from a basic accounting package that is offered for a reasonable rate, to a higher end package that will fit a larger company's needs. This concept is considered scalability, which is significant because it gives small business the ability to grow their software as their organization needs, which out starting out with a high-end complex accounting software. QuickBooks also offers a trial version of "QuickBooks Premier- Accountant Edition 2021" for students, with proper verification of their enrollment at an institution that has signed up for this service. This is the software that will be utilized to create a series of tasks based upon a sample company.