CPA Andrew writes: If you know me, you know that I dislike QuickBooks. For a variety of reasons. What I learned this week is that I might be wrong. I’ve always known that I can be wrong, I’m wrong all the time. But I might be wrong about QuickBooks.
The new version of their online accounting software has been completely redesigned and the “test drive” I took was very cool.
It seems to me that QuickBooks just shifted their business to being an “eco-system” rather than a piece of software you use. This is a brilliant move on their part and all those other online software programs that I used to recommend should be scared, very scared. A couple high points, just from the few minutes I spent playing around with it:
-Mobile devices usage is awesome. It lets you fill spare moments with doing a little accounting work, instead of being idle. All those little moments add up to not much focused accounting work needing to be done, is my guess. A brilliant strategy and very reflective of the way people use their devices today.
-Linking up bank and credit card accounts in the background lets the computer gather the data for you to process. QuickBooks has had something like this for a while already, but it seems much more streamlined and easier to alter, making it is easier to start and stop that work, instead of having to find hours at a time to get accounting done.
-The “overdue” and “needs attention” warnings are awesome. By keeping small business owners (who by and large are accounting novices) focused on a couple issues, they can make meaningful impact on their business without knowing exactly how or why.
-Changing from a license billing model to a monthly fee model. This is the best part of the whole thing. Having the data in the cloud, with up to three simultaneous users (in the mid-tier version) eliminates the largest problem we have had with QuickBooks. They have really used all the best of currently available technology to really give the software a 21st century face lift.
All in all, I give this a solid thumbs up. I have talked a lot of Sh*t on Quickbooks and Intuit. This is me saying I was wrong, and BRAVO.
Look for more info on this later, as I start developing some guidebooks on how to run company on this software! I think this will be the backbone of how I tell business owners to run their business.
CPA Andrew Previously Wrote: WHY QUICKBOOKS WILL ALWAYS BE SUBPAR
Comments and questions
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The valuation is based on Net Present Value of the future cashflows, and thus factors in the likelihood that they will get 1,000,000 customers.
Just going to take the opportunity to anonymously gloat that I bought in at 79c. A 32 bagger!. Except that it is not in the bag as I can't bring myself to sell.
I suspect a lot of the shareholders are like me. It doesn't matter what the current price is - I don't want to sell as I enjoy being a part of it and am a believer in the potential for Xero being a global leader in a huge market.
I also suspect that most shareholders are also business owners and accountants. We use the product and understand how good it is compared with the incumbents. As business owners we also appreciate the excellent execution to date and the challenges they have overcome.
I also feel very well informed with my investment given the complete openness of the numbers and diatribes of management's inner thoughts on social media. It is an open book with no surprises and I don't know of any other company like it.
How the worm turns