Business accounting is an excellent source of frustration and complexity, with countless work hours and mental energy devoted to this otherwise vital process. Businesses who want to thrive cannot abstain from recording and analyzing the financial information that is generated day by day. After all, this undoubtedly forms the basis upon which financial targets are evaluated, and future business goals are cocooned.
The deeper the insight the better the data. The easier the job is done, and the fewer hours your finance department will have to spend on accounting. This is why the software category of accounting applications is so rich with possible candidates that want to become an integral part of your business, promising increased workflow and efficiency. Out of all options, QuickBooks Online is one that excels in the full spectrum of the expected functionality, offering a complete solution that is in sync with the current developments.
About QuickBooks Online
QuickBooks Online is the cloud spin of the QuickBooks software family, taking everything online while remaining compatible with the local standalone trims of the tool. Geared towards small and medium businesses, it brings features that take care of all things relevant to accounting, billing, and invoicing. Standing out for its versatility, it works on the fly to unite financial teams with other functional departments or clients, while syncing every action to the designated database, or simply your accountant.
QuickBooks Online features an intuitive and nicely designed dashboard that keeps everything tidy for you (and up to another four users’) convenience. It comes with a high ability to integrate with many 3rd party solutions, while it’s got your back in customization, localization (both language and specific tax systems), and banking reconciliation. There are five available plans that are currently heavily discounted, including the “Self-Employed” for just $5/mo, the “Simple Start” at $10/mo, the “Essentials” at $17/mo, the “Plus” at $30/mo, and finally. the Advanced at the cost of $75/mo. The medium-sized businesses can extend the software’s functionality by adding payroll add-ons at an additional recurring cost.
- Invoicing and Payments
With QuickBooks Online, you can send invoices on the go, and accept ACH payments and eChecks. All is done securely, with bank routing and cross-checking in place. You set the acceptable payment methods for each case (like Apple Pay or PayPal), and you can also create your own custom invoices, with colors, logos, and all the nifty details that will make them look even more professional.
- Bank Transaction Monitoring
Knowing what is going on with the recurring payments and the ongoing bills of the organization is of utmost importance; otherwise, you will lose track of what is going on soon. Thankfully, QuickBooks has a rich set of tools that help you track the incoming payments, as well as to manage bill payments with comfort. The clean interface and notification tags play a pivotal role in helping you get the picture with one glance.
- Payroll Management
Taking the payroll workload out of the picture is always great, relieving this burden from your accountant and freeing valuable resources to be put elsewhere. With QuickBooks Online, your payrolls are automatically generated, with the inclusion of the latest taxing legislation and direct deposits reaching multiple people at the designated time. The interface even gives the option to add overtime pay, sick pay, vacation pay, etc.
Integrating with other apps is critical for an application that sits on the most neuralgic position of a business. With QuickBooks, you can enjoy peace of mind on that part, as the Intuit Partner Platform has been launched precisely for the reason to simplify the creation of app integration add-ons that allow virtually anything to work with the accounting tool. No more fiddling around or endlessly entering data from one platform to the other!
Here’s where all the goodness for your business growth happens, as finding out what works and what’s not is enabling effective future business planning. QuickBooks Online offers graph reporting, customs data table creation, the team (and accountant) sharing, and even exporting capabilities that could potentially be used for presentations to investors and partners.
- Project Tracking
QuickBooks can track projects in the sense of monitoring the expenses that are connected to a specific project, and then correlate them with the dedicated work hours to that project. This determines the overall profitability, so it can also come handy when trying to make decisions during the first “decisive steps” of a project, or even before it begins, by adding estimates so as to pre-determine everything beforehand and be better prepared.
Besides your accountant who can access your books and logged information and even provide answers or advice, you can also provide access to other team members and set different user viewing permissions for each one. One of the highlights of the team play that is featured in QuickBooks is marking an entry for review by another team member or the accountant. This way, items that are unclear as to where exactly they belong can still be saved on the platform and get appropriately organized by the accountant on a later time.
- Mobile App
For QuickBooks Online, it all comes down to mobility and using the relevant app. Snap invoices to automatically sort them into transactions, snap receipts to log them to your expenses, track mileage during business trips through your device’s GPS, and add notes or even photos onto items so you won’t forget something important while on the go. There’s literally no aspect of QuickBooks’ Online functionality that the user cannot access via the mobile app.
- Low-Cost: Surely the higher plans offer greater functionality, but even the lower-tier ones are still quite powerful and more than adequate for most of the small businesses and self-employed professionals out there. That said, QuickBooks is nicely priced, and with the current 50% discount offering it makes you want to grab the deal immediately.
- Ultimate Power: Having the power to monitor, control, manage, and make changes while on the go from the mobile phone or the laptop is invaluable. QuickBooks works on any platform, device, and operating system, so you’re taking the whole accounting aspect of your business with you, literally without any compromise.
- Teamwork: Having your accountant on your side at all times, providing help when needed and administrative actions when required is terrific. Not all applications of this type offer controlled transparency and data sharing features, so this is definitely a massive plus for QuickBooks.
- Integration: Besides the Intuit Partner Platform, QuickBooks offers official support and integration with popular tools like MailChimp, WordPress, Salesforce Cloud, PayPal, Procore, Shopify, Freshdesk, Zoho, Zapier, and a lot more. This level of integration is not always the case with accounting tools.
- Easy to Use: I liked the user interface, I liked the intuitive design, the strategic placement of the interaction elements, and everything that led me to figure out how to log things into the platform. Without being an accounting expert, I have found using QuickBooks to be a walk in the park, really.
- Prone to User Errors: Yes, QuickBooks monitors everything, and yes, it makes tracking a wide spectrum of accounting figures easier. However, if you mis-set something and start logging data, you may end up with a whole lot of messed up information without much options to roll things back or figure out what is wrong with your settings.
- Not for Large Businesses: Well, it does offer a limited set of expansion for medium-sized businesses, but larger organizations are out of reach for this tool. Not exactly a negative per se, but since other tools of this kind offer better scalability, it’s definitely a con.
- Buggy: There is a notorious OSx Yosemite dysfunction back in 2014, showing a lack of adequate testing and bug smashing on certain platforms. Supporting everything out there may come at the cost of bugs, and many people report various minor problems here and there. The development of the software is very active, rolling out updates frequently, but still, many things can go wrong.
- No Stress and No Mistakes on Taxes
Dealing with transaction taxes can be stressful for many, as that is one thing that can lead to trouble, fines, penalties, thorough checks, and a whole host of adverse outcomes. With QuickBooks though, you won’t have to worry about making such mistakes or neglecting to take into account something important. This is both time-saving and money-saving, while it also provides a valuable sense of security and certainty that lets you focus on other important aspects of your business.
2. Less Time Spent on Accounting
This is pretty obvious as it’s the primary utilization role of accounting software, but still, it’s the epicenter of its beneficial effects. QuickBooks Online is automating and streamlining all accounting and financing work items, so fewer resources and much less time is spent on them. This either reduces the running costs of a business or frees up resources to be utilized elsewhere. Oftentimes, it does both.
3. Do it all, Away from the Office
Some professionals do not have the convenience or the luxury of a stable workspace, so being able to access information, monitor processes, notify other members of the team of something important and perform or accept payments while on the go is the epitome of awesomeness. QuickBooks connects you with everything that is going on while allowing you to roam freely to where your next business stop is.
Simply put, QuickBooks is for all people who want to save time and resources from tedious accounting work. However, your considerations should also include the benefits that derive from accountant support, custom invoices, and data reporting.
That said, QuickBooks has the potential to have a measurable positive impact on your business, no matter how small it may be. If you are a self-employed freelancer, solopreneur, or a bookkeeper, it can fit your needs perfectly. If you have a medium-sized company, you’ll have to take the 30-day trial and figure out how it fills out the role of your accounting software. The 50% off offer that is running right now will go on for another three months, making this software an extraordinary bargain.
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