I'm currently using a 2009 version of QuickBooks Pro for my S-Corp accounting needs. They recently sent me a letter "suggesting" I upgrade to the 2012 version ($200+) as many of the features of the 2009 version will no longer work, such as downloading statements from my bank.
Are there any cheap/free alternatives out there? I've always had the opinion that QuickBooks is completely over the top for a small consulting business like mine. I will say that I do like these features of QuickBooks and would hope to find them in another package:
- Produce Profit and Loss statements and Balance sheets to give to the accountant at end of year.
- Download statements from bank in QuickBook format and automatically enter them into quickbooks. I still have to go through and pick categories for each item and do some work, but it's a lot easier than entering everyting by hand.
- I like the existing categories within Expenses, Income, etc. and the ability to create new ones.
There's tons of features in Quickbooks I don't use (payroll, generating invoices, check generation, etc.) I don't even do the double-entry bookkeeping. As far as I'm concerned, it's income, or it's an expense I pay right away (no liabilities). Even for payroll, I enter it as an expense, and have been told this is fine. I realize that bigger businesses need all of this but I don't.
I did see some info about GNUCash. Anyone have experience with this or something else? Or, if you have an urge to sream out, "Stick with QuickBooks dummy! $250.00 is nothing! All the free stuff is crap" feel free to do that too. I can take it :)