What is QuickBooks? A Complete Small Business Guide
QuickBooks Online offers more features on the go and is a better overall value than QuickBooks Desktop. If you don’t need the advanced features offered by the Desktop plan, the Online version will save you money. QuickBooks Desktop is a good choice if you need specialized features such as inventory tracking or forecasting, and you don’t mind paying more for them. However, QuickBooks Online will suffice for most small businesses. Access your account via the cloud for up to 25 users with the Online version, and pay an additional fee per user, up to 40 users, for cloud access with Desktop. What used to be a huge bulk of QuickBooks business is no longer so—it focuses mostly on its cloud version and actively encourages users to make the switch from Desktop to Online.
The mobile app for Online is robust, and Desktop’s mobile app is so limited, that it essentially functions as a receipt uploader. Working from the cloud means you need an internet connection, so a poor signal or an intermittent connection can be an issue. For $1,922 per year, get the Enterprise plan with advanced pricing, reporting and inventory. The higher your plan tier, the more reports and users you can add, although it’s important to understand concurrent users are each sold separately.
Bills & Expenses Tracking
Any business looking for long-term support and growth should consider Online plans over Desktop. You can create, send, and track your invoices, enter bills into QuickBooks as you receive them, and pay them online via bank transfer or check. QuickBooks accounting software is an excellent solution for small businesses looking to streamline their financial processes and stay organized. At SRJ Chartered Professional Accountants, we often recommend QuickBooks for small businesses because of its ease of use, comprehensive features, and cloud-based accessibility. Whether you’re new to accounting or looking to switch to a more efficient system, QuickBooks can help you manage your finances with confidence.
QuickBooks Online is a leader in the accounting industry with it being the bookkeeping software of choice for many accountants, certified public accountants (CPAs) and bookkeepers. When comparing it to other bookkeeping providers, such as FreshBooks and Xero, we note that all three have a 30-day free trial to test the system out. This is important to note since you’ll want to make sure that it is capable of doing what you need in a manner that you understand and can digest. Another cumbersome feature that users don’t like is the requirement that clients must establish their own accounts to pay an invoice.
Premium
When signing up for QuickBooks Online, it only gives options for paying monthly. However, once you’ve signed up, navigate to your account settings, and you can switch to annual billing to save 10%. All Online plans include receipt capture, QuickBooks support and more than 650 app integrations with apps such as PayPal, Square and Shopify. For $27.50 per month for the first three months, then $55 per month after that, get up to three users, manage and pay bills and what is gross monthly income track time with its Essentials plan, which is its most popular plan. While QuickBooks is the favorite of many small businesses, it may not have all the tools and industry-specific features you need to grow your business.
QuickBooks Online at a glance
- It’s a subscription-based service that is good for various industries and beneficial to those who regularly work with a bookkeeper or accountant because you can give them access to your files.
- While the Desktop version has app integrations, it doesn’t have near as many as the Online version.
- A Live Bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your first meeting.
QuickBooks accounting software works by automating and organizing financial data into easily accessible formats. The software allows users to input transactions, create invoices, reconcile bank accounts, and generate reports with just a few clicks. With its intuitive dashboard, users can quickly see the health of their business and manage daily accounting tasks with minimal effort. QuickBooks is a widely used accounting software that helps businesses manage their income, payroll, and inventory more effectively. First introduced in 1992, this easy-to-use software streamlines business tasks by offering templates for spreadsheets, invoices, and financial reports. A popular add-on is the payroll feature where you can run payroll and access benefits in one convenient place.
QuickBooks Desktop Enterprise
Intuitive design and automation remove much accounting complexity. Intuit reports that 94% of accounting professionals feel QuickBooks Online saves them time and thus saves their clients’ money. While QuickBooks Online is very popular among business owners, some have problems with the system.