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Excel vs QuickBooks

Excel vs QuickBooks

QuickBooks online - accounts

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Even for the most proficient Excel users this is an unfair contest! The introduction of Making Tax Digital has produced affordable options for cloud accounting software.
 
If you are still manually entering bank, sales and purchase information into Excel and using additional software to submit your VAT returns then QuickBooks could significantly improve your bookkeeping and save time. Bank feeds and scan and capture featues are optimising bookkeeping processes and should be considered even if you don't have many transactions.

Key advantages

01 - Easy access

  • Access from an internet browser (PC and MAC)

  • No installation required

  • Access your data on the move from the mobile app

02 - Bank feed

  • Bring in transactions directly from your bank, no need to key in any transactions

  • Automated transaction matching to open invoices

  • Create rules to help with coding

03 - Bank reconciliation

  • Automated bank reconciliation feature simplies the checking process for items arriving via the bank feed

04 - Customers

  • Customer database

  • Generate sales invoices and email directly to your customers

  • Automated reminders for unpaid invoices

  • Customer reporting inc aged debtors

05 - Suppliers

  • Supplier database

  • In-built scan and capture facility for bills and expenses

  • Supplier reporting inc aged creditors

06 - Financial reporting

  • Automated double entry ensures that financial reports always balance

  • Profit & Loss Account

  • Balance Sheet

07 - Making Tax Digital (MTD)

  • Submit VAT returns to HMRC

  • Will be compliant for MTDITSA, the next phase of MTD

08 - Collobaration

  • No need to send files

  • Multiple users can be added (managed permissions)

  • Direct access for your accountant so they can provide support and extract information as required for VAT, management and year end accounts

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