Is QuickBooks about to lose its market dominance?
QuickBooks has a dominant market position for small business accounting software, with all its competitors only getting a small fraction of its traffic. However, QuickBooks seems like an easy target for competitors like Xero and Wave Accounting. QuickBooks is the second most expensive option of the five small business accounting software options reviewed in the infographic. In addition to being expensive, QuickBooks does not have the best reviews, coming in dead last.
Who could replace QuickBooks?
With a price that cannot be beat, Wave Accounting could take significant market share for businesses with less than 5 employees. Wave Accounting is a free and high quality solution which gets rave customer reviews. Larger companies may find Wave lacking some important features.
On the higher end, Xero may start nipping at the heels of QuickBooks. While not a bargain, Xero has much higher customer satisfaction than QuickBooks. Click here for a detailed comparison of small business accounting software providers.
Why Quickbooks may have staying power?
Quickbooks has built an eco-system that will be difficult to replicate. Multiple generations of bookkeepers and accountants have used QuickBooks. Getting these users en-masse to change and become familiar with a new platform will take time.