FastBooks Vs. QuickBooks: To offer an appreciation of how the FastBooks Solutions Service-Based Business Software differs from QuickBooks Financial Software; it is necessary to point out a few of the primary differences.
FastBooks Solutions Software enabled by the utilization of [Boolean-logic] can assimilate the “two-sided entry requirements of the cycle of accounting.” This 21st-century software functionality will create the same “chart of account” account balances as QuickBooks; while eliminating the necessity of completing the required process steps of the [two-sided entry accounting cycle], necessary in QuickBooks or similar relational based coded business software.
The business functionality included in the FastBooks Solutions Service-Based Business software would not be possible outside the design of the mathematical functionality embodied in the design of the incredible mathematical tool, Microsoft Excel.
First; within the relational based coding structure of QuickBooks includes a “vast amount of coding” to be able to offer the user the choice of selecting two different methods of accounting. The FastBooks Solutions Software is intended and designed for the use of only service-based businesses, who file annual business federal tax returns under the “cash method of accounting.”
Second; the “commonly used” top line menu of the QuickBooks business financial software program is structured to provide business functionality features which meet “all” the operational requirements of their vast and diverse customer base. This menu structure includes drill-down business software features such as product cost accounting, project cost accounting, and cost-plus contract accounting; to mention only a few.
Also; many non-business institutions also use the QuickBooks business financial software program, solely for budgetary and organizational purposes; thus, adding features to the already obscurely complicated top line menu structure of the QuickBooks business financial software program.
The fact is; most service sector companies have “no logical reason” to use most of the business functionality features offered in the QuickBooks top line menu structure. The only standard business functionality feature that FastBooks Solutions has with the QuickBooks business financial software program is that both business software solutions provide a mythology for generating monthly business financial statements.
Third: the only income statement the QuickBooks financial software program can create is in a traditional income statement format or a trial balance format. This traditional income statement format used by all publicly held businesses who are required to issue both quarterly and annual financial statements and operate under the rules and regulations required by all companies in the public sector of the economy.
The traditional “Revenue Minus Cost-of-Sales=Gross Profit” Income Statement format created in QuickBooks is not an appropriate Income Statement format, for any Service-Based Business. There is no logical reason for a service based business to classify and group business expenses in the manner required to determine a “Gross Profit subtotal” line within the structure of the income statement.
A subtotal calculation of “gross-profit” has no value for a service-based business and is not a requirement in any of the I.R.S. federal tax forms for businesses who file business annual federal tax filings under the “cash method of accounting.”
Also; the departmentalized expense classification format in traditional business income statements offers little help in making business decisions for a service-based business. In fact; it is more likely to be more misleading than add any informational value when utilized for making business decisions. In contrast; FastBooks Solutions Software creates three unique industry appropriately structured presentations of the income statement.
The three income statement software segments generated within the FastBooks Solutions Software also include simple to learn, easy to use preset “what-if” functionality designed to perform future forecasting and assist in making logically based mathematically sound business decisions.
Now more than ever; sound financial decision making, and strategic business planning has never been more important for businesses who play in this very competitive service sector marketplace. The three appropriate designed presentations of the income statements generated in FastBooks Solutions Software enables management to quickly understand and analyze the “financial drivers” which affects the profitability of the business and assist in “spotting unusual items” which may require further review.
One of the many unique features included in the FastBooks Solution Software is a metric which calculates the incremental W2 earnings compensation change for the business owners’ compensation for any “what-if” scenario entered in the model. In theory; this is the bottom-line question for any business owner would want to know for any business decision.
FastBooks Solutions Software offers service sector companies, another business solution other than using the QuickBooks business financial software program or other similar software programs to manage the financial side of their business. FastBooks Solutions Software simplified software structure will substantially reduce the time consumed on this “non-primary,” but a vital side of managing a successful Service-Based Business not offered in Quick-Books or other similar business solutions.
By allowing more time to focus on the more primary business tasks which are much more critical to the success of any serviced based business. Creating monthly financial statements and filing federal tax returns are both necessary business requirements, but they do not generate revenue; only selling service based product offerings generates business revenue. Beyond creating both useful and industry appropriate monthly financial statements;
FastBooks Solutions Software performs eight additional Key tactical or strategic business tasks relevant for Service-Based Businesses. This unique business software functionality provides both useful and meaningful business insight; that is crucial for service sector ventures.
Also; these software segments were designed and structured to provide critical “what-if” decision-making capabilities; to be “enabled” to address the extremely competitive challenges that exist in this business sector. These eight unique supplementary business software functionality features provide useful vital business information that is equal to; or offers unique business insight that is even more relevantly important for service sector companies, than the limited business information commonly structured in the not appropriate formatted traditional financial statements, generated by most business software.
The FastBooks Solutions Software becomes the organizational “Set of Books“, and places the company financial statements and other vital business information right where it should be; in one useful and secure, appropriately structured Microsoft Excel-based business software model exclusively designed for Service-Based Businesses.