We are wanting to backup our quick books files in multi user mode to an external hard drive, is this possible?
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Sure. In the evening when noone is using it.
Pretty much that is it, or? At least it was last time I checked. It is file based, keeps locks around, you are likely to not get a consistent database image. If you have nigher uptime / people requirements, you need to move up financially to a system using a database server or some sort.

TomTom
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Yep, that's what we do for one of our locations that still uses Quickbooks. I have a simple script that copies the entire QB folder/files to another server at 2am daily when the file isn't in use. That second server gets backed up nightly via the normal backup policies. This ensures we have a local quick restore copy as well as something on the backup archives. – TheCleaner Jan 16 '13 at 16:42
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1Not to mention that Quickbooks has its own, scheduleable backup function. – joeqwerty Jan 16 '13 at 17:12