QuickBooks Online Review 2024: Features, Pros & Cons

This content was produced in partnership with ZupRecruiter.Many businesses have learned in recent times that being able to hire remotely is a huge benefit. Rather than being limited to a local pool of potential employees or needing to persuade candidates https://www.quick-bookkeeping.net/ to move for a new job, remote employment means you have the flexibility of the world. By hiring people from any location and allowing them to work from home remotely, you instantly expand your horizons and the quality of the candidate you might find.

Small businesses can customize how they use the platform so that they only use the features they need. QuickBooks Online made it to our Best Accounting Software for Small Business list because it is a comprehensive platform that checks all the boxes for accounting, invoicing and expense tracking. If you aren’t sure about the product, you can give it a 30-day test run with 100% capabilities https://www.kelleysbookkeeping.com/ of the Simple Start Plan to see if it meets your needs. Using the Banking tab on the left side of the dashboard, you can connect your bank and credit card accounts so that QuickBooks automatically imports transactions and categorizes them for you. Later, when reconciling your books, you’ll be able to review these transactions in the For Review tab within the Banking menu.

1. QuickBooks Enterprise is the most customizable and powerful version of all the QuickBooks products, making it ideal for larger businesses with complex finances.
2. Small businesses can customize how they use the platform so that they only use the features they need.
3. Your Intuit ID is most likely the email address you use to log into your QBO or QBOA company.
4. QuickBooks Solopreneur can help both aspiring and current solopreneurs reach these financial goals, wherever they are in their business journey.
5. QuickBooks allows you to keep track of financial functions like income and expenses, employee expenses and inventory in real-time and fulfill tax obligations hassle-free.

Connect seamlessly with your current apps to keep your business running smoothly. One of the best things about QuickBooks is that it has a user-friendly interface. All QuickBooks Online products have the same interface, and so do all the QuickBooks Desktop products. There are also available free online training resources that you can use to get up to speed quickly. If you’re a startup with plans of expanding your workforce, QuickBooks Self-Employed won’t be the best fit as it cannot be upgraded to other QuickBooks versions. QuickBooks Desktop comes in four versions and offers a specialized edition for Mac users, QuickBooks Desktop for Mac Plus.

Add-on programs

It allows you to run and view reports easily like the number of outstanding invoices, total amount due from clients and details of each invoice (paid or due). According to the Intuit QuickBooks Entrepreneurship in 2024 Report, solopreneurs are increasing in numbers as more people take the leap to work for themselves. Nearly a quarter of U.S. consumers said they plan to start a new business in 2024, and two-thirds believe that starting a business is a better path to building personal wealth, even when compared to buying a house.

When customers no longer have an active, paid subscription, they will not be eligible to receive benefits. Support hours exclude occasional downtime due to system and server maintenance, company events, observed U.S. holidays and events beyond our control. Terms, conditions, pricing, service, support options, and support team members are subject to change without notice. QuickBooks Plus is the most popular plan for businesses since it includes features such as inventory tracking, project management and tax support.

In particular, QuickBooks Online comes with the ability to perform automatic online backups. You also get access to QuickBooks software that you can install onto your Mac or Windows PC, plus the QuickBooks Online mobile app for iOS and Android. Consider what the system’s interface looks like, how the navigation works and what setup entails. Your familiarity with accounting concepts and the availability of customer support is also worth weighing.

All your data is in one place so you’ll always have access to the latest data even with multiple collaborators like your bookkeeper or your accountant. This content was produced in partnership with Verizon.In today’s fast-paced business environment, being able to communicate quickly and reliably with coworkers, customers, partners and others is essential. That’s why many companies are turning to collaborative apps like Microsoft Teams to help workers more effectively connect and collaborate no matter where they are. Manage Users is split into two sections — Manage Users, where you list business users who will access the file, and Accounting Firms. Your business accountant will give you the email address to invite in that section, and that is how the firm accesses your file. This QuickBooks definition is an acronym for QuickBooks Online Accountant.

How many different versions of QuickBooks are there?

You have to purchase a QuickBooks Payroll subscription to run payroll, but you have several levels of service to choose from to fit your needs. Payroll is an area that you don’t want to skimp on and try to do manually. Mistakes made in calculating paychecks can result in steep penalties and unhappy employees. QuickBooks has its own payroll function that can calculate and run payroll as often as you need automatically.

If you think you’ll need more advanced features in the future, it’s important to make sure you choose an option that can accommodate those needs. QuickBooks Pro Plus is the most basic version of QuickBooks Desktop. This is a desktop product, meaning you download and install it on your computer.

However, to receive the deduction, you must keep a record of the date, miles, and purpose of your trip. Intuit’s Lacerte and ProConnect Tax Online tax preparation software for professional accountants who prepare tax returns for a living integrates with QuickBooks in this way. Even for payroll, which has a huge tax liability, taxes are calculated automatically every cycle. If you operate in multiple international locations QuickBooks allows you to accept payment in local currencies. Of course, it is safer to first check if QuickBooks accepts payment in the currency you deal with. You can then share the invoice with clients through the mail or take a printout and send a hard copy.

Clarity with custom accounting reports

Midsized businesses with several customers or clients might benefit from the ability to track profitability with QuickBooks Plus. Because the Plus plan enables users to view and track projects, including project expenses and labor costs, users can accurately track a project’s profitability and generate relevant reports on project progress. QuickBooks Online Simple Start costs $30 per month, includes only one account user (plus access for two accountants) and does not offer billable hours tracking, bill pay or inventory management. For multiple users, bill pay and the ability to add billable hours to invoices, you’ll need to upgrade to the Essentials plan, which costs $60 per month. For inventory management, you’ll need to opt for the Plus plan at $90 per month.

The inventory management and job costing features are more robust in QuickBooks compared to QuickBooks Online. Excel is a spreadsheet program that you can use for multiple functions like creating databases, project management and, yes, accounting. However, creating a solid accounting database in Excel requires a thorough knowledge of how to set up spreadsheets and all the formulas that may entail.

You can start with a single app, such as the accounting or payroll software, and add others as you expand. If you outgrow any service, you can choose to remove or upgrade it as needed. All these apps integrate seamlessly with each other and QuickBooks accounting software, thus building a well-rounded accounting and payments ecosystem for your small and mid-sized business. If you are a small business or a startup, consider QuickBooks Simple Start. Businesses that provide services, rather than goods, should consider the QuickBooks Essentials plan.

Why QuickBooks

QuickBooks is the platform most used by professional accountants so if you plan to work with an accountant, they will likely be very familiar with the platform, its features and capabilities. QuickBooks offers six accounting products, but one of its online accounting plans will be the best choice for most small businesses. Freelancers and independent contractors may opt for simpler options, while larger small businesses might turn to QuickBooks products with advanced inventory, sales and reporting features. 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.

The payroll add-on calculates payroll automatically as often as you want. Three plans give your business the scalability to grow over time and add features as necessary. The Core plan offers everything a small to midsize business would need to get started, while Premium and Elite plans enable options such as same-day direct deposit and expert assistance with setup. QuickBooks Online has four pricing tiers and offers 50% off for the first three months when you purchase.

Like a cloud-based software suite, QuickBooks Online is available to a whole team of users and everyone can contribute simultaneously without causing any hiccups. That means all of your support teams can be involved, vastly improving accounting and administrative workflows. https://www.online-accounting.net/ From mobile to desktop, you can access QuickBooks Online on virtually any device. More importantly, you don’t have to stay holed up in a back office to balance books and manage finances. For small businesses with a lot of personality, that’s a big deal.