I recommend QuickBooks Online to all my clients. It's cloud-based, holds a dominant share of the small-business market, and it's inexpensive — subscriptions start at $38/month. For a contractor in the $1 million to $5 million range, it's the platform you're least likely to outgrow.
Why QuickBooks Online
- It's cloud based. That means you don't need an office and desk for your bookkeeper; they can be remote.
- It has a dominant market share. Reports place it as the choice for 80% of small businesses. This means three things: there are literally millions of people using the product, so if your bookkeeper gets hit by a bus, you'll have millions of potential replacements; Intuit will maintain this product well into the future — it's not "going away"; and most stand-alone CRM systems have created interfaces to link to QuickBooks Online, due to its dominant market share.
- While it's not a construction-industry-specific accounting platform, it can do everything a contractor needs.
- It's inexpensive — subscriptions start at $38/month.
Real client pattern — Will's experience
A few years ago, I was CFO for a general contractor. We used QuickBooks Online. We grew from $3 million in annual sales to $42 million in annual sales in three years, and QuickBooks kept up just fine.
What About Industry-Specific Systems?
There are many industry-specific accounting systems for contractors to consider, each with their own unique strengths and weaknesses. For my money, QuickBooks Online is the best value. It's a choice a contractor will not regret.
Frequently Asked Questions
Why QuickBooks Online instead of an industry-specific system?
It's cloud-based, dominant in market share (so your bookkeeper is replaceable and the ecosystem of connected tools is large), inexpensive, and capable of everything a contractor needs — even though it isn't construction-specific.
Will I outgrow QuickBooks Online?
Unlikely. Will personally used it as CFO for a general contractor that grew from $3 million to $42 million in annual sales over three years, and it kept up.
How much does it cost?
Subscriptions start at $38/month.