Jan 5, 2024
Accounting software helps businesses manage their financial transactions and records. It simplifies tasks like bookkeeping, invoicing, and tracking expenses, making financial management more efficient and accurate.
QuickBooks, a widely used accounting software, has helped countless businesses manage their finances efficiently. But in 2023/24, it’s become apparent that many businesses and individuals are shifting to other Quickbooks alternatives, and rightfully so.
The platform can be pretty expensive to use at times, and between the accountant-focused operations and never-ending feature cuts, people are moving towards platforms that are easier to use, and more customer-centric.
Not to mention, the biggest downturn of using Quickbooks is that it’s built for more accounting professionals than the general public, and with a steep learning curve upwards, it’s pretty easy to get stressed.
However, QuickBooks alternatives matter because they offer businesses diverse features, pricing options, and user-friendly interfaces. Whether you're a small startup or a big enterprise, these alternatives can meet a broader range of demands.
In this article, we'll introduce you to the best QuickBooks alternative available for 2023/24. We'll show you how they can enhance your financial management, providing flexibility and performance that aligns perfectly with your business objectives.
Quickbooks - A Brief Overview
Quickbooks is a popular accounting software that has made its mark in the market. Many business owners choose Quickbooks primarily for their accountants, as it is a complex software designed specifically for accountants.
If you're not a certified accountant, you might find QuickBooks challenging, but your accountant will love it because it simplifies bookkeeping and accounting work.
As mentioned before, Quickbooks being centered more around accounting professionals is one of the main concerns of users online,
Features of QuickBooks
Quickbooks provides a wide range of features that simplify financial management. These include:
Robust reporting tools.
It's particularly useful for accountants leveraging its advanced capabilities to streamline their work.
Pricing of QuickBooks
Quickbooks often entices customers with low starting prices, but these costs can increase yearly. The software typically requires annual fees for assistance, and there are frequent price increases. Quickbooks Desktop, in particular, requires regular upgrades, which can be an additional expense.
Pros of QuickBooks
Comprehensive Features: Quickbooks offers a comprehensive set of tools for financial management, making it a go-to choice for many accountants.
Payroll Management: It simplifies payroll processing, a crucial aspect of business operations.
Invoice Generation: Quickbooks helps create professional invoices and track payments effectively.
Cons of QuickBooks
Frequent Price Increases: Quickbooks tends to increase its prices annually, which can catch users off guard.
UI Changes: The user interface undergoes frequent, unexpected changes, which can disrupt the workflow.
Support Costs: Customer support often requires users to pay high fees, and they may also try to upsell additional services.
API Access Costs: Accessing Quickbooks' API for automation can be expensive, making it less appealing for businesses with budget constraints.
Where Does Quickbooks Lack?
Complexity for Non-Accountants: Quickbooks can be overwhelming for those without a strong accounting background.
Annual assistance fee: Despite being an expensive accounting software, Quickbooks riddles its users with a bunch of additional fees that often drives users away.
Lack of options for smaller businesses: Though they market their accounting software as a one stop solution for businesses of all types, their increased price plans and lack of package plans and features for small businesses and startups makes them inefficient.
Freezing Accounts: Users have reported issues with Quickbooks payment processors, including account freezes and fund holds for extended periods.
Confusing and Expensive Payroll management: Often user report that Quickbooks payroll has a long list of bugs, and Quickbookks forces them to use assisted payroll, which comes with its own additional fees.
Invoicing Problems: Some users face difficulties with invoicing, leading to unpaid invoices and customer dissatisfaction.
Forced Transitions: Users are sometimes compelled to transition from the desktop version to the online version, causing frustrations.
Inefficient Customer Support: Quickbooks' customer support has been criticized for its unhelpfulness and lack of consistency.
However, Quickbooks offers powerful accounting tools, but it may not be the best solution for everyone. Its cost, frequent price increases, and complexity can be significant drawbacks, especially for smaller businesses. Many users find that there are alternatives with more straightforward pricing and better customer support. The decision to use Quickbooks or explore other options ultimately depends on your specific needs and preferences.
The Best Alternative To Quickbooks In 2023 - Fortune App
It is critical to keep on top of your game in financial management. Quickbooks has long been the go-to solution for businesses, but in 2023, Fortune App rivals Quickboons on equal grounds. Let's look at what makes Fortune App the greatest QuickBooks alternative.
Fortune App is intended to make financial management easier for enterprises. It has several features and benefits that set it distinct from Quickbooks.
Features of Fortune
Fortune App is packed with features that make financial management a breeze:
Automatic Transaction Refresh
Personal AI Accountant
Daily Transaction Analysis
Real-Time Customer Support
Pros of Fortune
Fortune App comes with several advantages that make it an appealing choice for businesses:
Streamlined Finances: With multi-bank integration and automated updates, Fortune simplifies managing your finances in one place.
Effortless Transaction Search: Easily search and retrieve specific transactions across all your connected banks, making financial audits and inquiries a breeze.
Security: Fortune prioritizes the safeguarding of your financial data, providing both clarity and security in one package.
Informed Decision-Making: Empowered by precise financial insights, make decisions that lead to increased savings, improved revenue, and minimized risks.
Cons of Fortune
While Fortune App offers a multitude of advantages, it's important to recognize areas where it's still evolving:
Upcoming Features: Some features like forecasting monthly cash flow, multi-currency support, integration capabilities, and customizable reporting are in the pipeline but not yet available.
Why Fortune Is Better Than Quickbooks
Fortune App is quickly emerging as the preferred choice for businesses seeking an alternative to Quickbooks. Here's why Fortune has the edge:
Fortune's deep analytics provide more insights than Quickbooks, helping you make informed decisions.
While Quickbooks primarily caters to North American banks, Fortune connects with banks across the US, EU, and Canada, ensuring global accessibility.
Fortune's availability on iOS and Android means you can manage your finances on the go.
Fortune's upcoming feature for real ledger accounting with cash coding brings it closer to advanced software.
Fortune's focus on automating accounting tasks with AI sets it apart from Quickbooks, making financial management more efficient.
As a newcomer, Fortune actively incorporates user feedback, resulting in rapid improvements.
Comparison Table Of Quickbooks and Fortune
Made For Accountants
Has a steep learning curve and complexity that doesn’t work with ‘normal’ users or small business owners
Quickbooks is a robust, traditional accounting software for accountants and bookkeepers.
Quickbooks is an expensive platform to use, and mostly target bigger companies.
Frequent price increases
Frequent price increases, complex for non-accountants.
Limited bank integration across countries
Though they cater to a lot of countries, their banking reconciliation is still quite limited
No AI Usage
Quickbookks does not use AI for any personalized insights for businesses.
Users have often complained regarding the slow support harbored by Quickbooks
Made for businesses owners and high earners
Easy-to-use app and webview that works with everyone.
Advanced and Modern Features
Offers advanced features for streamlined financial management.
Fortune App is highly transparent with their pricing, not to mention extremely affordable as compared to Quickbooks.
Consistent pricing throughout
Fortune App sticks with a one-stop price throughout our software, with no hidden fees.
Extensive banking capabilities
Connects with more than 17000+ banks across the EU, CA and USA.
Personalized AI Insights
Fortune App uses AI in every single aspect to provide personalized insights and help forecast and manage cash flows.
24/7 Customer Concierge
Fortune's 24/7 customer service outshines Quickbooks slow support
In conclusion, as we dive into financial management software in 2023/24, it becomes evident that the landscape is evolving. QuickBooks, a stalwart in the field, continues to offer robust features tailored to accountants and bookkeepers. However, it is not without its challenges, including pricing fluctuations and complexities for non-accounting users.
In contrast, Fortune App emerges as a compelling alternative, with a focus on user-friendly interfaces and innovative features like multi-bank integration and real-time customer support. Fortune App's commitment to incorporating user feedback and its upcoming enhancements make it a dynamic contender in the financial management space.
Is there another program like QuickBooks?
Yes, there are several programs like Fortune App. These alternatives offer similar accounting and financial management features for businesses.
Is there anything cheaper than QuickBooks?
Yes, there are more affordable alternatives to QuickBooks, such as Fortune App. These platforms offer free or lower-cost plans for small businesses and freelancers looking to manage their finances on a budget.
Is there a way to get Quickbooks for free?
Unfortunately, QuickBooks doesn't offer a free version. However, you can explore more cost-effective alternatives like the Fortune App, which provides advanced financial management tools at a lower price point, making it an attractive option for budget-conscious users.
Do I Really Need Quickbooks?
Whether you need QuickBooks depends on your business's complexity and accounting expertise. It's a valuable tool for efficient financial management, but alternatives can be more suitable for simpler needs. Evaluate based on your specific requirements.