Over the past decade, technology has outgrown and brought substantial changes in everyone’s lives. Especially for businesses, it has brought so many opportunities and advantages.
With every new innovation, businesses are evolving and polishing their process. A lot of software is already available to help companies streamline their workflow.
And Quickbooks Online is yet another fabulous addition. It’s incredible features and easy to use interface has made it the preferred choice of small businesses.
So , let’s know what exactly this software is, what are its features, and a lot more with clarity in the Quickbooks review post.
What is Quickbooks Online?
Quickbooks is a cloud-based online accounting software developed for big and small enterprises, freelance bookkeepers, and independent accounting firms. It offers robust tools for tax calculation, invoice management, tracking, and sales monitoring.
Quickbooks launched in 2002, and then Quickbooks Online followed 2 years later. Since its inception, the software has grown enormously and currently has more than 2.2 million users. It is one of the prominent names in the field of accounting and personal finance.
The software offers a centralized dashboard to the users accessing which they can gain insights into the new business trends and organizational performance through KPIs (Key Performance Indicators).
With some significant advancements and changes, Quickbooks is also getting updated with more amazing features which include, Project Management and invoicing tools.
Pros and Cons
While Quickbooks offers so many advanced features, the product is still lacking in some areas. Navigational difficulties, long support wait time, and semi-steep learning curve are some of the drawbacks that come along with this software.
Also, Quickbooks Online has again revised its prices, making it a difficult choice for some businesses.
But apart from these drawbacks, Quickbook has also several features that small businesses can look up to. Its inventory capabilities, strong reporting, customizable invoices, multiple currencies, and approx 600 integrations are enticing enough to go for it.
Except for all these features, Quickbooks also has a unique lending platform, Quickbooks Capital, and the latest add-on Quickbooks Live Bookkeeping that can be used to outsource bookkeeping tasks to Quickbooks online accounting experts.
And the best of all, despite having some minor navigational issues, the software is still easy to learn and use.
Quickbooks Online Features
There are various plans of Quickbook Online, therefore features vary from plan to plan. A lot of deluxe features are reserve for the higher-priced plans. However, some common features are available in all the plans. Let’s have a look at them.
This feature of Quickbooks Online lets you track the tax amount for all the sales that had made. With the sales tax owed option, you can easily track all the relevant sales, taxable sales, and the assessed tax amount.
Apart from that, you can also track the payments, due amount, and also add an unlimited sales tax rate according to your requirement.
Suppose, if you are creating a new invoice, then you can also add a new tax.
Expenses feature to allow you to manage all your vendors and their bills so that you only pay the due amount. You can also save your time by scheduling recurring payments.
In addition to these, you are also allowed to print checks, sort your expenses by date, vendor, or status.
The accounting section is the place where you can manage all your accounts, reconcile all your credit card and bank statements.
Currently, with the standard Quickbooks online plan, you can add up to 250 accounts. So, in case you want to add more accounts, you should go for the upgraded plans.
Also, the reconcile feature makes the reconciliation process very easy and painless.
Using the sales feature, you can track your customers, post payments, and create a new invoice. You can also check the status of all the posted invoices, send a reminder for the due payment and also send the invoice link to your customers with an option of online payment. Overall, you can manage all customer information from the sales screen.
Quickbooks Online also enables you to see how your business is performing by generating customizable reports which can be categorized as,
- Business Overview
- Expenses and vendors
- Sales Tax
- What you owe
- Who owe you
- Sales and customers
- For my accountant
After generating, you can save the report, access them in the future, send them to your mails and also export it to Microsoft Excel or as a PDF.
The online banking integration feature of QuickBooks Online allows you to manage all your connected financial institutions, get an overview of each account, and auto-update your statements and transactions. Moreover, you can also connect additional accounts at any time as per your needs.
The best feature of Quickbooks is you can track both your employees and contractors. Plus, you can also have complete control over the roles and permissions of your books. Easily invite the person you want to access your book and enjoy seamless collaboration.
From bank feeds to product setup, Quickbooks online offers a variety of learning and support resources. Video Tutorials, training classes, and webinars are also available for free.
There is also an online Quickbooks community where you can ask your queries to the other users or even answer their questions based on your experience. Plus, you can also get the product support by directly connecting to an expert.
8. Time -tracking
This feature allows you to track your employees’ time and billable hours by creating single time activities or time-sheets. You can easily access billable hours of your employees or clients and get them automatically added to your invoices.
However, if you create an activity that is separate from your project, then it will reflect under sales.
- Quickbooks online is, no doubt, one of the best online accounting software for small and mid-sized businesses. It is easy to use, affordable, has all the features that an accounting solution should have. However, there are certain things to be aware of before choosing it for your business.
- Quickbooks online plans limit the number of users. It means when you choose a plan, you need to have a clear idea of how many people will access the software. Also, remember that your accountants will be considered as a user.
- If you are running multiple businesses, then you have to purchase different subscriptions. Quickbooks online don’t allow users to manage multiple businesses in one single subscription.
- Once taken, you cannot upgrade the plan. So choose the Small Business plan if your business is growing or you think you might recruit an employee soon.
- There is no mileage tracking tool in the Small Business plans, so if you need this functionality for your employees, you have to find an app that integrates with the system.
Pricing and Plans
QuickBooks Online provides flexible subscription plans to help you make the most of your investment. It offers two plans, one for small businesses and another one is specially curated for accountants. Both are packaged in compliance with the numerous accounting resources you may need for your company.
Moreover, their subscription packages already include regular software updates to ensure that your platform is always in tiptop shape.
Currently, they are offering 30% Off on their small business plan. For more detailed information about the plans and pricing, check out the site.
QuickBooks Online comes with a wide range of features and comprehensive accounting tools that small business owners need. The software offers an impressive number of integrations and amazing customer support that makes it a good option for small businesses.
However, many businesses may not be happy with the recent increase in their pricing, but overall the software is worth using.