QuickBooks is, without a doubt, one of the robust software that has eased financial tasks for individuals as well as businesses. It is used to keep track of the inventory, manage bills, business payments, and generate reports.
Should I Buy or Lease QuickBooks License?You can either buy the QuickBooks accounting software license or lease it depending upon your work requirements. Purchasing the license gives a sense of ownership while renting it can be a cost-effective solution. Hence, both of the arrangerments have their pros and cons.
Here are some insights that can help you decide whether to buy the QuickBooks license or lease it:
Buying QuickBooks License Pros:
Purchasing a QuickBooks license enables you to have the full authority of the product. There are no liabilities or dependency as with the renting of the software. The service provider might change some of the policies when you have rented the application, but there is no effect of these policy changes once you have bought the software.
There are no recurring subscription costs in case you buy the application, which will lead to lesser overall expenses in the long run.
You get additional support and setup benefits from the service provider in case you purchase the application in contrast to leasing it.
Cons:
There is a higher upfront cost for buying QuickBooks license.
In case a new update rolls out, you might have to pay additional charges to upgrade the features.
Purchasing QuickBooks license limits the access to a particular number of users that were once opted during the initial payment.
Who should buy a QuickBooks license? Large enterprises or settled businesses can buy the QuickBooks license as they don’t have fluctuating demands as compared to that of SMBs. It is a beneficial investment for these businesses in the long run.
Leasing QuickBooks License Pros:
Renting a QuickBooks license enables you to choose from flexible monthly pricing plans that can be scaled as per the business demands. Hence, you can add or remove users accordingly and even change the requirements to suit client needs.
Leasing QuickBooks license has a lower upfront cost. It further helps you to prioritize hardware and infrastructure expenses.
You get updated features of the accounting application with every update.
Cons:
When you lease the QuickBooks license, recurring costs lead to higher overall investment in the long run.
Renting the QuickBooks license implies that you have to comply with any policy changes during the time you are using the software. These changes can impact the usage of the accounting application and might cause disruptions in the workflow.
Who should lease a QuickBooks license? It is an optimum solution for startups and SMBs to lease QuickBooks license instead of purchasing it in their initial stages. It helps them to save for capital expenses and focus on improving customer experience.
Conclusion Deciding between buying or leasing a QuickBooks license can be tough. Therefore, it is crucial to analyze your requirements in order to make an informed decision.