QuickBooks Online is a comprehensive web-based business accounting platform for individual accountants, as well as small and medium-sized business owner. The company provides a number of services including bank reconciliation, real-time tracking of expenses, the creation of invoices, and financial report generation. QuickBooks Online helps small businesses organize monthly expenses and income to create a precise profit/loss report. It also increases accountability and improves communication within an organization.
Is QuickBooks Online right for my business?
QuickBooks Online is a tailor-made solution for small business owners, and firms. It is available as a web-based and mobile app, so that it can be used anytime and anyplace. It provides a number of important features to organize your books, manage expenses, send invoices, and track inventory.
What features does QuickBooks offer?
- Ability to download and reconcile credit card transactions
- Efficient organization of weekly timesheets
- Accurate tracking of bank deposits
- Ability to upload screenshots of bills and submit them as expense proofs
- Customizable templates to generate invoices, bills, and reports
- Different permission levels for different individuals to maintain the security of financial data
- Ability to import data from integrated applications including PayPal, Square, and American Express
- Ability to create recurring invoices, send payment receipts online, and track receivables
How much does QuickBooks Online cost?
QuickBooks Online offers three different pricing plans, as well as a free 30-day trial so you can “try it before you buy it.”
- Simple Start – $10/month
- Track income, expenses, and profits
- Create, capture and organize receipts
- Track, calculate and manage your sales tax
- Works on PC, Mac, and mobile
- Only available for one user
- Essentials – $17/month
The Essential plan includes all the features of the Simple Start plan, as well as:
- Real-time management and payment of bills
- Transactions in multiple currencies
- Generation of sales quotes
- Up to three users can be registered to the account
- Plus – $30/month
The Plus plan includes all the features of Essentials plan, plus:
- Inventory tracking
- Creation of purchase orders
- Tracking job profitability
- Up to five users can be registered to the account
Pros of using QuickBooks
- QuickBooks Online provides a large variety of decision-making tools
- Customers are provided with the ability to pay their bills online
- Efficient inventory and payroll management
- Time-tracking feature implemented into invoicing
- Automated backup of data
- A wide variety of reporting options
- Interactive and user-friendly interface
- Ability to access and manage your financial task through the mobile app
- Batch send feature to send invoices
- Good integration with third-party software
Cons of using QuickBooks
- QuickBooks Online offers a large set of features and functions. It takes a considerable amount of time to completely understand each and every function.
- Most of the advanced features are only available at the highest pricing plan
- Even in the highest pricing plan, only 5 users are allowed
- No built-in feature to check for duplicate records, which leads to the creation of multiple records for a single client
- The mobile app lacks many features that are only available in the web version