Intuit Small Business QuickBooks Online Review: Best Accounting Solution for Businesses
It's no secret that behind every successful business is a stable accounting backbone. Whether it is a small or large enterprise, the strenuous accounting tasks are inevitable. From managing expenses to issuing invoices, up to overseeing projects – every financial concern is crucial. Thus, ensuring the accuracy of these processes is the only way to secure continuous business growth.
Accounting software has become one of the most in-demand platforms, even for small businesses. Through a competitive system at hand, small businesses can save loads of time and money when performing financial transactions. Hence, more time means better focus, and ample attention is given to other business concerns. Aside from that, having an accounting solution makes it easier to eliminate probabilities for erroneous records, that may impact the business operation at such time. For this reason, switching to an automated accounting system appears to be a beneficial investment.
QuickBooks Online has been one of the top choices of small businesses when it comes to accounting software. Acknowledged as one of the ideal systems for payments and payroll, Quickbooks effectively streamline back end processes. Including but not limited to; automated invoicing, bills payments, inventory, reporting, and third-party additions. Intuit Quickbooks also automatically performs bank transactions in a smart and safe integration. All data are automatically backed up in the cloud, for accessible business information pull up.
However, just how well does QuickBooks software matches the requirements of the clients? Read on to gain in-depth knowledge of Quickbooks' services and see our recommendation if Quickbooks is an essential solution for business growth.
WHAT IS QUICKBOOKS?
QuickBooks Online is a cloud-based accounting solution designed for small or large enterprises. Through it, businesses can easily manage accounts receivable and accounts payable. The Quickbooks app also lets users track projects while promoting collaboration among the team. It includes a centralized dashboard, enabling users to gain insights and produce intelligent decisions based on business trends.
Financial operations become simpler with features like digital copies of all receipts, or the automatic sorting of transactions based on tax categories.
Quickbooks Online also boasts its smooth integration with third-party applications such as RevenueBooks, Syft Analytics, Freedom Merchants, and more.
Aside from tiered services, Intuit also allows customization through hundreds of available apps to integrate into the system.
Full Support for Business Growth
Intuit Quickbooks Online is designed to support the success of every small business. As support for a growing team, its online plan grants 25 initial users with no additional cost. Custom roles are also available for specific work designation and data protection.
Priority Circle is also one of qbo online's key features. Transitioning to the new normal, on-demand online training for new Quickbooks users is available.
As a premier accounting software, Quickbooks help businesses run effortlessly with its unlimited chart of accounts entries. Money in and money outs are made easy to monitor.
Quickbooks reporting enables businesses to track multiple types of revenue by its unlimited tracked classes and locations offering. Running specific reports by category or location is possible.
Meet and collaborate with accounting professionals to ensure the accuracy of the books. Grant access to bookkeepers, CPAs, tax preparers, inventory specialists, or accounting professionals. Quickbooks provides up to three online accountant seats to double and triple check the entries. Plus, the preferred corporate accountant also gets a personal Quickbooks online account.
Customizable Towards Efficiency
Intuit Quickbooks Online stays flexible for various business needs such as custom roles, custom fields, and even workflows.
- Custom Roles and Custom Fields
While presenting the entire financial business status in a snapshot, custom fields are offered to support the minute but relevant details.
Furthermore, users can get immediate access to information needed with a quick search, sort, and filter options. The addition of customer and transaction details are also allowed. Multiple field types are beneficial for regulatory needs as well.
- Automation of Workflows
Quickbooks' customization extends to the automation of workflows. Automation such as the configuration of approvals, reminders, and more, built on top of the company policies or regulations. Workflow automation works best in regulating finance duties such as reminders for due invoices or notifications for received payments.
Quickbooks configuration feature dramatically reduces the risk of human errors, besides saving time in doing tedious tasks.
Speed Up Transactions with Accuracy
Manual entering of transactions can now be omitted. Thanks to Quickbooks, entering, editing, and batch transactions can be done with just a few clicks.
- Batch Invoicing
Sending multiple hundreds of invoices all at once is now achievable. In addition, duplication of similar invoices for numerous customers is also doable, accelerating almost 37% of invoice creation. Aside from invoicing tasks, batch editing and entering with checks, expenses, and bills can also be quicken.
- Track Business Expenses
Quickbooks has proven to be the right choice in expense tracking. It allows third party bank accounts and payment integrations such as PayPal, Square, and more. Thus, keeping your expenses controlled and supervised under one roof.
Quickbooks mobile app enables the snapping and matching receipts feature, bringing in more convenience. This means lesser hassle on keeping tabs for printed receipts while securing a digital proof of the transaction in the cloud.
When entering expenses, Quickbooks automatically sorts them into tax categories. This efficient workflow prepares the business for the next taxation period.
- Pay Bills On Time
Fully integrated with Bill.com, Quickbooks' Bill Pay feature simplifies bill payments for clients. One-click is all that is needed to settle multiple vendors and contractors' transactions.
Automated workflows are easy to configure for payment reminders weekly, monthly, or yearly.
- Personalized Estimates
Create professional estimates for clients include discounts, product stock-keeping units, payment terms, and others. Businesses can leverage on the customizable templates through effective branding. In redefining convenience, Quickbooks features conversion of estimates to invoices. Invoices can then be paid right away through different channels such as credit card, debit card, ACH bank transfer, Apple Pay, and more.
Streamline Taxes and Manage Money Better
- Simplified Sales Tax
Keeping up with thousands, varying, and contradicting tax laws is difficult. Luckily, Quickbooks checks and tracks these tax laws on behalf of the enterprise. Quickbooks automatically calculates sales tax based on date, location, type of product or service, and customer. More than the automation, it secures that the precise rate is applied to each of the transactions. As additional assistance, a Sales Tax Liability report can be generated from the software, showing both taxable and non-taxable sales.
- Track Mileage Deductions and 1099 Contractor Management
Delivery expenses are made extra accurately by using a GPS and trip categorization. Thus, potential tax deductions and the exact breakdown of miles are detected and recorded in a report.
Quickbooks accounting software allows small businesses to send, track, and file 1099 forms correctly. The app is enabled to track each payment made to a contractor, and the creates furnished copies of 1099 forms for filing. Payments for supplies to either contractors or vendors are tracked and separated already by Quickbooks. Instruction on mapping out contractor payments during Quickbooks training is provided.
Maximizing Profits and Managed Inventory
- Project Profitability
Quickbooks assist businesses in controlling project costs through defined dashboards clear reports that show income and expenses. Moreover, it also indicates overall project information, where the profit is trending, and compare one project cost to another.
Immediate and real-time profitability insights can be obtained by linking the Quickbooks payroll to the Tsheets.
- Inventory Tracking
Intuit Quickbooks keeps track of the current stock plus the incoming orders. One if Quickbooks' advantage over other accounting software is its real-time updates on inventory quantities. The number of stocks is automatically updated while on the work so businesses can have explicit knowledge of what's on stock or what items are having shortages.
Coming handy is the alert for re-orders. A low stock alert triggers the process. Another smart feature of Quickbooks is the easy conversion of purchase orders to bills once the inventory arrives.
The intuitive reports on bestsellers, total sales, and total taxes are indeed useful for small businesses.
Stronger and Deeper Business Insights
Informed decisions drive definite business progress. Quickbooks online app is equipped with substantial and multiple built-in reports designed for better business intelligence. These include reports on general ledger, aged receivables, trial balance, profits, and losses. Frequently used reports are added to favorites, making them easier to find for the next utilization. Users can also configure automatic e-mail reports based on the preferred schedule.
The straightforward reporting tools obtain real-time insights with financial statements such as income statements and balance sheets. This results in actual value translation of business performance from time to time.
Furthermore, the management is guided by the spending roadmap to ensure that business goals are realized quickly. Aside from custom-built reports, accountants and other key personnel are included in the reporting loop with up to date e-mail alerts.
Powered by Fathom, businesses can expect deeper insights and smarter reporting. Examining the profitability, cash flow, and other key performance indicators (KPIs) is possible with Quickbooks' innovative tools, intuitive dashboards, and metrics. Monthly KPI tracking is also provided to compliment audits and reviews. Being a user-centered software, Intuit Quickbooks also allows customization on business intelligence, emphasizing reports that matter the most.
More importantly, Quickbooks lets small businesses keep an eye on vital revenues with its revenue streams dashboard. Comparison of accrual versus cash basis fiscal year, date range, classes, locations, and more can be made by dashboard configuration.
Not only revenues but Quickbooks also emphasize cash flow trends for swift comparison and benchmarking. Cash flow categories are extensive, can be altered and filtered in different time periods.
In order to present these available data and striking insights, an impressive collection of templates and beautiful pre-built report designs are made available. Presentation of data can now be extracted and designed in a way that the team, investors, or stakeholders can simply comprehend even with just one glance.
Beyond the available option for pre-built reports, fostering better collaborations has never been this ideal—Quickbooks online links effortlessly with Google sheets. Export reports from the software to google sheets can be done with just a click. The reports are also viewable and shareable with colleagues who have an existing Google account.
Reliable Cloud Storage and Security
Running accounting software in the cloud creates a unified connection across all devices and users.
However, the top concern for cloud-based applications like Quickbooks online has always been security.
Thankfully, Intuit Quickbooks takes security with extreme effort.
- Work Wherever, Whenever
Cloud collaboration transforms the way of work. Businesses and their employees can now access internal data, whatever device they use, and wherever they might be. The ease of connectivity provides better and faster communication between the teams, accountants or bookkeepers and colleagues.
- Mobile App
Quickbooks mobile app provides an overview of the business and allows performing accounting tasks even on the remote. Compatible with android and apple devices, qbo intuit permits users to create and send invoices, accept payments, view customer information, and message clients.
Quickbooks online, entrusted by some of the largest corporations in the globe, uses bank-grade security for data protection. On top of that, internal data are all continuously backed up in the cloud, eliminating worries for lost information.
Using only industry-leading technology and practices, access to Quickbooks can be defined using it's custom roles and permissions configuration. As an added layer, in-house security specialists by Quickbooks are also on standby to protect its users' information, 24/7.
Quickbooks Online is set at a competitive and fair price, consisting of five service tiers for freelance and small business scale. A demo account is also available for trial should users need the on-hand experience of using the platform. Below are the breakdown and details of Quickbooks' pricing and plan inclusions.
- Self-Employed plan at $7.50 per month – Built for freelancers and independent workers, the self-employed plan lets customers track income expenses. In addition, it has capture and organize receipts access from the mobile app, able to estimate quarterly taxes, invoice and accept payments, track miles, and lastly, run necessary reports.
Small Business Subscription
- Essentials Plan priced at $12.50 per month – Has the same features of the self-employed plan. Also, users on this plan can track sales and sales tax, send estimates, and manage 1099 contractors. The essential plan has bills management and track time features. It supports up to three users.
- Plus Plan priced at $35 per month – The most popular Quickbooks subscription yet. Enabled to all features of the previous plan, plus track inventory and track project profitability functions. This plan includes five users.
- Advanced plan priced at $75 per month – The most comprehensive plan of Quickbooks subscription. It includes all the mentioned features of the Plus plan. Subscribers get powerful business insights and analytics by Fathom, batch invoices and expenses, access customization, automated workflows, and company data restoration. This plan also offers on-demand online training and is eligible for a dedicated account manager. The Advanced plan can support up to 25 users and does not have a free trial option.
Quickbooks online payroll feature is offered as an add-on at a minimal cost. Payroll Core, Premium, and Elite plans are the available options.
Moreover, a live bookkeeping expert assistance is also available as an add-on, for faster and customized set-ups.
All plans mentioned above include receipt capture feature, access to Quickbooks support, and entitled for app integrations.
Intuit offers several channels for service support. Existing and interested Quickbooks clients can contact the company through phone or live chat, directly from the website.
Support libraries and knowledge centers are also available should users opt to troubleshoot the problem firsthand. The support page has a substantial collection of articles, videos, and guides.
Personal assistance can also be obtained for further support and advisory. QuickBooks gives access to local certified QuickBooks Pro Advisors, to provide help on using the accounting software and business insights.
CAN QUICKBOOKS REALLY HELP SMALL BUSINESS GROW?
For a small business, it has never been imperative to obtain an overview of the company's current financial status – and Quickbooks can have it done in an instant.
Quickbooks online offers a variety of features and valuable tools essential for smooth operations. Furthermore, the software itself is scalable and available for customization in case of specific requirements.
One thing to rave about Quickbooks is its attractive interface that is user-friendly and accessible. The dashboard also displays graphs on sales, income, expenses, profits, and losses, for the complete business overview.
Finally, using an "accountant-approved" platform such as Quickbooks gives businesses the leverage and better control over the finances.
Access to the business' financial health anchored with accurate data means better outcomes.
Are you excited to try the "dream accounting software?" or currently using Quickbooks?
Let us know what do you think in the comment section below!
eCommerce Paradise was created by Trevor Fenner of Seattle, Washington in 2015 to help you, the entrepreneur, to start and scale your own eCommerce business. Trevor owns multiple 7-figure eCommerce stores and is a digital nomad, traveling the world while working remotely with the help of his team of virtual assistants from around the world. Trevor is currently located in Bali, Indonesia, and is a passionate skateboarder, surfer, scuba diver, photographer, environmentalist, outdoorsman, fitness and tattoo enthusiast.
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