QuickBooks Online vs. myGPCloud

Below is a comparison of QuickBooks Online to myGPcloud that highlights the differences and similarities of the two products. myGPcloud is an expansion of the popular Microsoft Dynamics GP 2010 software that has over 42,000 users world-wide. The comparison was generated based upon user input from QuickBooks and myGPcloud users. While we believe our comparison to be accurate, we recommend a 30-day trial of both so that potential users can draw their own conclusions.

QuickBooks
Online*
myGPcloud
(Plus)

Standard Monthly Hosting Fee

$24.95 (3 users) $195/$225 per user

Setup Fee

None None

Contract Duration

Monthly Monthly

Maximum Users

25 unlimited**

Live 24/7 Connectivity Support

None

99.5% Service Level Agreement

No guarantees

Point in Time Restore of Your Database

None

Customer Support, (Email, Phone, Chat)

IE and MAC Compatability

Online Help, Blogs, Training Videos

Full Data Backup Management

5 Gigs Free

Standard Reports

100 300+

Version Upgrades, Services Packs, and Patches included in Monthly Fee

Daily, Weekly, Monthly, Annual Backups

Ability to Move Databases On-premise

“Test” Company Installed

None

SEC Compliant Audit Trails in All Modules

Multiple Simultaneous User Access

Connection to External Systems

None

Export Financials to Excel

Preformatted Chart of Accounts

Preformatted Financial Statements

Multiple Segments in the Chart of Accounts

Consolidated Financials

Multicurrency

Batch or Live Posting Options

Deferred Income/Expense Capabilities

Recurring Journal Entries/Vouchers/Invoices

Fixed Assets

Grants/Encumbrance Capabilities

Payroll

Human Resources

Project Accounting

Serial and Lot Tracking

Multiple Inventory Locations

Manufacturing

Collections Management – (Letters, Reminders)

Contracts Management

Mobile KPI’s – (iPhone and Windows Mobile)

Free Connector to Microsoft CRM Online

* Online Essentials with Payroll

** myGPcloud Pro

As a simple starter package, QuickBooks Online (QBOL) is generally considered the easiest accounting software to implement for someone without an accounting background, and these are our general findings:

  • Similar to myGPcloud, QBOL is easy to log into, from anywhere, with internet access
  • No additional software is required of either package
  • QBOL is also very user friendly, with the Vendor and Customer Centers that show you the flow of any “Money In” and “Money Out” with an easy to follow chart
  • Users like the simple check writing features with the “Write Check” screen that looks exactly like a paper check from your checkbook, any beginning user can make payments easily
  • QBOL’s reports are simple to use and users can run reports that are already built into the system at the summary level and then simply click on the amount to view further detail
  • Exporting reports can be difficult if not impossible at times
  • While the reports are simple, they many times lack the detail data that management teams often require
  • For companies with aggressive expansion plans or more sophisticated needs, QBOL can be outgrown quickly
  • From a true accounting perspective, QBOL does not provide reliable and secure financial data that follows Sarbanes-Oxley guidelines for compliance. For example, users are allowed to make changes AFTER the end of the fiscal year or after a bank reconciliation has been performed
  • User security and roles are limited, and transaction audit trails do not exist outside of the General Ledger
  • QuickBooks Online does not provide batch processing that is useful in complying with the Sarbanes-Oxley Act and maintaining reliable checks and balances within an organization
  • Limited Purchase Order approval processes, which may expose a company to overspending
  • QBOL does not have the functionality to manage certain types of organizations such as manufacturing, not-for-profit, project accounting or companies with significant contract administration needs

myGPcloud, a true online ERP accounting software package, can really take companies to the next level by providing this enhanced functionality:

  • Rich financial and managerial reporting
  • Extended list of modules available to companies with growth needs – two suites to choose from; Business Essentials and Advanced Management
  • Microsoft Excel and Word are completely integrated into the application and are included in the monthly subscriber fee
  • Users can drop any data from myGPcloud to Excel and right to their desktops
  • Critical areas such as multi-company, multi-currency are also covered with myGPcloud
  • Companies that need full supply chain features such as serial and lot tracking and multiple inventory locations will find that these features are built into this online accounting software package
  • No additional monthly fees are charged to access these additional modules
  • With a 99.5% uptime money back guarantee, users can be assured that they will be able to access their company data at critical times
  • A strong backup system, not only daily, but weekly, monthly and annual backups that are kept for seven years, give users comfort that a data restore can be accessed at any time

If you’re considering which web based accounting software to use, please use our handy comparison chart to discover some of the differences and similarities of the two systems. Our 30 day free trial is always available – so find out for yourself if myGPcloud is the right online financial system for you!! Click here to download a PDF of our handy chart.