Price Range: $13 – 40/Month
Free Trial: Yes
Availability: Android, iOS, Web
Who it’s for: Freelancers, Small Business
Compatible with: BodeTree, Mavenlink, SOS Inventory, ProOnGo Expenses, American Express OPEN, ZenPayroll, Xpenditure, ZapStitch, Flint, GoPayment, Postcard Services, AgileShip, OneWay Commerce, Bill.com, Boomr
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“Ditch busywork and simplify your day”
QuickBooks was originally founded in 1983. The program quickly grew popularity and soon became the leading accounting software in the world. As technology developed QuickBooks soon released an online version that is run in the cloud, called QuickBooks Online. This service is provided by a subscription fee instead of the cost of purchasing the hard copy to run on a desktop. Quickbooks Online then became the leader of online accounting software and still is today. Their number of subscriptions doubles the closest competition in this industry.
QuickBooks Online is made to run small businesses in any type of industry or field of work. Their software is customizable to tailor to the needs of any business. This software will benefit most small business owners because of the features that QuickBooks Online has to offer.
What QuickBooks Online Does Well
QuickBooks Online has everything you need to run a business
The software is made to do just that. It can cover every aspect of your business from purchase orders, to sales, to invoices, to estimates, to payroll and so much more. Every feature can make your business run more smoothly. The benefit of using all of QuickBooks’s features is everything is in one place. There would be no need to integrate and merge information from different systems into QuickBooks Online at the end of the month. At any time you can see the complete current status of your business, not just one or two aspects.
Real time recording and reporting
QuickBooks Online also has the capability of keeping track of every dollar that comes in and goes out. The system is able to accept sales from a credit card swiper or accept payments online. There is no need to have an additional contract with a third party credit card company to own credit card readers. Then those sales go directly into your bank accounts and are recorded as revenue in the income section of your QuickBooks Online account.
When it is time to make a purchase order or just inquire an expense, QuickBooks Online can print a check from the system. The amount will be automatically deducted from your available balance on QuickBooks Online and later from your bank account when the vendor cashes it. This feature allows you to have a real time current balance of your account with the outstanding checks included. This saves you time that you would have spent recording the checks, and also helps you remember money has been assigned to that order already. No more over drafting or confusion when hand written files are lost or misplaced. It is all saved on QuickBooks Online and easy to access whenever you need it.
Free Support & Helpful Online Tutorials
When using new software, it is understandable that it may be hard to learn how to use all the functions and features. Fortunately, QuickBooks Online has videos and tutorials for learning how to get the most out of all the features. QuickBooks Online also has advice and discussions to answer any questions you may have about the back end of any business. If you are unable to find an answer to your question in the tutorials you are able to give their team or tech support a call. All the support is based in the U.S. and their call center will never be out sourced to an over seas country. QuickBooks Online makes it easy for you to get the help you need. You will have more time to run your business than to have your business run you.
Bank Relationships
QuickBooks Online controls so much of the market that it is easy for them to make relationship with banks. Banks want the business from companies and if those companies use QuickBooks then soon enough the banks come to QuickBooks for a partnership. Because of this chain QuickBook’s system and software can integrate with almost all the banks in Central America. It will allow money to flow through QuickBooks Online, coming in or going out. Also it allows all transactions to be matched with the statement in your bank account. Everything will be lined up and matched and no need to hunt down where charges or revenue came from.
Weaknesses of QuickBooks Online
Prices, Upgrades, and Additional Services
All the features and benefits listed above do come with a price. There are plans available that are fairly cheap like $7.99 per month, but the cheaper plans do not include all the features. For example, the first tier plan includes the basic accounting functions but the number of checks you can print and the amount of estimates are limited. An upgrade would be required to send and print unlimited numbers. Also in order to have more than one or two people access the account, another upgrade would be required. This obviously would cost more. The most basic plan only allows one user. QuickBooks Online does have a lot to offer but as you can see if you are looking for a cheap basic plan then you will receive cheap and basic software.
Network Security
The original QuickBooks ran on desktop and not in the cloud. The cloud allows all information to be saved online and there is no hard storage. Because it is online, network security is very important. If your business is not protected with network security or anti-virus software then your information and account may be at risk. Most often, QuickBooks information will not be stolen but there is still a small chance that it could happen. As long as a business has a security system then there shouldn’t be a worry.
Final Verdict
Overall, QuickBooks Online is the most commonly used cloud accounting software and it is great for small businesses for all of their needs. QuickBooks Online can be customized to exactly what you want to do with your business. All the features and upgrades make that possible but they all come with a price. To learn more about the different account types or to just more about QuickBooks Online in general, please visit their website, http://quickbooks.intuit.com/online. Or you can also download the free trial, http://quickbooks.intuit.com/signup/.
PROS:
- Accounting, invoicing, billing, estimates, and more – all in a single platform
- Has native mobile apps for Android devices, iPhones and iPads that allow users to keep track of the financial health of their businesses anytime and anywhere
- Allows easy collaboration with your accountant or bookkeeper
- Easy to set up and highly customizable
- Automatic syncing with your bank and credit card accounts
CONS:
- Security – this is an online tool so you’ll want to make sure that your network and computer are secure and protected by stringent anti-virus software
- Limited accounting processes
- Need to upgrade for more services