QuickBooks Online is one of the best accounting software programs available for businesses of all sizes. The number of options available with the QuickBooks Online software lets small businesses make the most of it. This software from Intuit is a great choice for micro-businesses, especially the ones that try to work with bookkeepers and accountants on a regular basis.
In this article, you will learn about QuickBooks Online in detail. Firstly, you will come across a general review of the software, and then you will understand why this software is a great option for small businesses in general. You will also learn a bit about the general workings of the software. Finally, we will give you some details of the features and pricing of the software. Hence, to learn in detail about the software, read on through to the end of the article.
QuickBooks Online – A General Overview Of The Software
One of the best things about QuickBooks Online is that you will get a thirty-day trial of the software to test, to test whether it works great for your business or not. Furthermore, if you want to purchase the software, you will get various options. In addition to that, there are also some essential add-ons with a higher level of functionality, scalability, and flexibility.
Regarding the software program and its capabilities, Forbes.com reviews –
“While QuickBooks Online is very popular among business owners, some have problems with the system. Problems stem from the complexity of making simple fixes, such as miscategorizations or duplicate entries. Support is limited, so users are left reading help articles rather than getting a live person to help.”
Basically, if you do a QuickBooks Online login, you will find out that this accounting software is based on the cloud and covers most of the necessary needs of accounting. You can avail of the services based on a monthly subscription.
The platform is comprehensive for accounting and consists of most of the accounting features a business organization needs in general. The platform has four tiers of pricing, which you can choose based on the needs and demands of your business. Basically, for the first three months, you will get 50% off on your purchase, and afterward, you will have to pay $30 for the next months onward.
The basic plan will provide you with all the necessary tools and offerings required for accounting, invoicing, monitoring of expenses, payment capability, tax deductions, and more. The QuickBooks payroll is also one of the best things you will come across on the software.
How Does The QuickBooks Online Platform Work In General?
Once you do a QuickBooks Online login and access the main dashboard of the app, you will get the option to import your existing files from other apps in your new account. Furthermore, the dashboard will also provide you with ample details about your QuickBooks Online account, which consists of all the profits and losses, expenses, invoices, and sales.
On the left of the dashboard, you will find the Banking tab, where you will be able to connect the credit cards and debit cards of your bank account. One of the best things that you will be able to see here is that QuickBooks Online automatically downloads all the transactions. However, you will get a prompt of security, which you need to cover.
Apart from that, you will also be able to customize your invoices and set up your sales tax tracking for automation as well. Furthermore, you will also get the option to edit every setting of your business account with the help of the software.
Furthermore, an official review from NerdWallet.com claims –
“If you want to invite your bookkeeper or accountant to your QuickBooks Online account, you can do so using the My Accountant tab or the Manage Users page in Settings — you can also search for an accountant if you don’t already have one.”
However, if you are not sure about how to use it, you can check videos online and also contact QuickBooks Online support to resolve your issues. One of the best things about the platform is that you can solve issues easily.
What Are The Benefits That You Will Get By Using QuickBooks Online?
According to Forbes.com,
“A popular add-on is the payroll feature where you can run payroll and access benefits in one convenient place. It does cost more to access this, which is approximately $22.50 more per month plus $5 per employee, per month. Computing taxes and using the correct forms are part of the plan.”
Comes With A Variety Of Features
QuickBooks Online is one of those software programs that comes with a great many features for small businesses to make use of for business growth. Some of the essential features include invoicing, reporting, inventory management, and the presence of every bookkeeping ability through a mobile app.
Good Bookkeeping And Reporting Features
The QuickBooks Online software lets you keep a detailed and thorough account of all your records. There are various numbers and data which can be of use to you while you are adding, for example, some expenses. The more detailed your records are, the more useful the reports on the software application will be.
Great Inventory Management
With the software, you will be able to keep track of the cost of goods and inventory and shall also be able to reorder points based on your needs. Furthermore, you also have syncing options with other major platforms like Shopify or Amazon.
Integrations With Other Software
The QuickBooks Online platform lets you access more than 750 apps through its portal. You can use those apps and integrate them with your bookkeeping data easily.
What Are The Major Pros And Cons Of QuickBooks Online?
When it comes to the best small business accounting software, QuickBooks online is one of the most popular ones. If your business deals with planning regularly with accountants and bookkeepers, this is one of the best software systems to choose. It comes with a variety of features that have the ability to support minute operations. It also comes with the ability to serve companies that need a variety of reporting tools to evaluate different areas of the business.
“Intuit QuickBooks Online’s powerful, cloud-based accounting solution helps businesses of all sizes manage their finances. It’s one of the highest-rated and most popular bookkeeping software services — and for good reason. Few accounting software programs are as fully featured as QuickBooks Online, which lets users track expenses, reconcile bank accounts, generate critical financial reports, and much more.”
Apart from that, with QuickBooks, there is also a learning curve, even though the software system is quite user-friendly. This can be really helpful for you if you want to learn the basic principles of accounting.
Furthermore, add-on features are available with QuickBooks online. However, if you add add-on features like payroll and time tracking, QuickBooks can be an expensive option for small businesses. There are certain competitors who are able to offer simple and more affordable alternatives.
The following are the major pros and cons of QuickBooks Online that you need to know:
Pros Of QuickBooks Online
Here are the major pros of QuickBooks online that will benefit your business a lot:
- You will get thorough record-keeping options as well as comprehensive reporting. You will get more than fifty reports for entry-level plans.
- With the Plus plan, as well as higher plans, you will get Robust inventory management options.
- There are options to choose from more than 750 app integrations. Apart from that, you will also have in-house bookkeeping and payroll options.
- It is easy to share information with your accountant. Furthermore, you can also find QuickBooks Online experts as well as other online resources when you are in need.
- You will get phone support all days of the week. Apart from that, you will also get live chat assistance in all plans.
Cons Of QuickBooks Online
Here are a few cons of QuickBooks online that you must be aware of:
- As compared to alternative software systems available in the market, the monthly plans are a bit expensive.
- With each plan you choose, there shall be a limited number of users.
- You will need to go through a learning curve if you want to start using the app.
If you want automatic time-tracking and other add-ons, the software will become quite expensive.
Hope this article was helpful for you in getting a better idea of the QuickBooks Online software platform and how it can be a great addition to your accounting processes. If you have a small business and you need software with payroll features and cloud systems, then QuickBooks Online is the best one for you. Have you tried the trial version of this software? Consider sharing your reviews in the comments section below.