QuickBooks Bookkeeping Software Review

QuickBooks is software that helps you keep track of your finances. It's important to hire an accountant if you are using this software because it does not automatically create the necessary financial reports for tax purposes. However, if you don't have an accountant, QuickBooks can help you with payroll taxes and manage your bookkeeping.

QuickBooks makes it easy to enter transactions by categorising them in one click. You can also customise settings like what information appears on invoices, how many digits are shown after the decimal point when entering transaction amounts, whether to show audit trails or reminders for overdue tasks, etc.

We all know the feeling. You're a small business owner, and you have no idea what to do with your finances. You don't know where you stand financially, if you are making any money or not, and things just seem too complicated. That's why we created this blog post for people looking into QuickBooks bookkeeping software who want to understand their options better when it comes to managing their finances in an easy way that is designed specifically for them!

This blog post will be a review of the QuickBooks software. The software is for small businesses and offers features such as invoicing, customer management, inventory management, bank reconciliation, financial reporting and more. It also has an app that you can download on your smartphone to take care of business anywhere! So what are you waiting for? Check out this blog post now to get all the information you need about QuickBooks bookkeeping software!

Review of QuickBooks: Accounting Program for Your Company

When starting a new company, one of the things you should think about is the type of accounting software that you will use. QuickBooks, which is considered to be one of the most popular solutions for small businesses, is the subject of this article.

You've probably heard of Intuit QuickBooks if you're familiar with accounting at all. Intuit was established in 1983 on the premise that there ought to be a more effective and straightforward method of performing accounting tasks. Since the beginning of the 1980s, it has been consistently ranked as one of the most prominent names in the fields of accounting and personal finance. In 1984, the company released its first product, which was called Quicken. After that, in 2002, Intuit released QuickBooks, and then in 2004, Intuit released QuickBooks Online.

Since its inception, QuickBooks Online has amassed a user base of 2.2 million people, and the software has undergone a number of significant changes and advancements. One of the most recent of these was the addition of a long-awaited feature for project management, as well as a pricing plan for larger businesses.

The software provides a lot of benefits, but it also has some negatives, such as navigational challenges, a learning curve that is only somewhat high, and significant wait periods for customer service. Because Intuit has once again raised its prices, purchasing this software will now be a more financially burdensome option for some companies.

In spite of these shortcomings, QuickBooks Online boasts a number of wonderful features, including robust reporting, invoices that can be customised, inventory management tools, the ability to work with several currencies, and approximately 600 integrations. In addition, QuickBooks offers a one-of-a-kind lending platform known as QuickBooks Capital as well as an add-on known as QuickBooks Live Bookkeeping, which allows you to delegate your bookkeeping responsibilities to an experienced accountant.

In addition, QuickBooks Online provides a number of capabilities that are not available in the more conventional QuickBooks Desktop software. These features include: (such as automatic sales receipts, split transactions, scheduled invoices, and location and class categories). There are a lot of clients who think the upgrading to QuickBooks Online is totally worthwhile because of how mobile it is. And despite the fact that I said before that there were some minor challenges with navigation, the programme is still more simpler to understand and use than QuickBooks Pro.

Pricing

There are four different price tiers available for QuickBooks Online. In addition, the company has only just introduced a new plan known as the Extensive Plan, which is designed for enterprises of a medium to large scale that require support for up to 25 people and advanced reporting capabilities. Both a free 30-day trial of any subscription and a test drive account of QuickBooks Plus are available to customers of QuickBooks Online. There is no need to provide information about a credit card or enter into a contract, and the service can be terminated at any moment.

Intuit has just just implemented pricing increases, making it more vital than ever to take advantage of discounts. You are in luck because Intuit frequently runs deals and discounts; therefore, you should always check to see whether it is offering anything special.

Note that discounts are void if the consumer uses the free trial for the full 30 days before making a purchase.

Simple Start Plan

The QuickBooks Online Simple Start plan has a monthly fee of $25 and contains the following features:

• Unlimited invoices
• Unlimited estimates
• Expense tracking
• Live bank feeds
• Reports
• Integrates with 200+ apps
• One user

Essentials Plan

The QuickBooks Online Essentials plan has a monthly fee of $40 and contains everything that is included in the Simple Start plan, in addition to the following features:

• Accounts payable
• Time tracking
• Three users

Plus Plan

The QuickBooks Online Plus plan has a monthly fee of $70 and contains everything that is included in the Essentials Plan, in addition to the following features:

• Inventory
• Project management
• Class tracking
• Tax support
• Five users

Advanced Plan

The Advanced plan for QuickBooks Online costs $150 a month and covers everything that the Plus plan does in addition to the following:

• Fathom subscription for advanced reporting
• Import invoices
• Custom user permissions
• A dedicated customer success manager
• Priority Care
• QuickBooks training (five classes through Real World Training)
• 25 users

Extra Charges

Before you purchase QuickBooks Online, there are a few additional prices and services that you should be aware of, including the following:

Payroll: QuickBooks Online offers three distinct payroll plans, with prices ranging from $45 to $125 per month, in addition to $4 to $10 per employee, every month. You have the option of selecting Core Payroll, Premium Payroll, or Elite Payroll for your business. For more information, see our comprehensive review of Intuit QuickBooks Payroll. If you choose with Intuit's payroll solution, you'll also have the option to include worker's compensation insurance in your package, in addition to shopping for health, vision, and dental coverage.

QuickBooks Payments: With the help of this add-on, you'll be able to take payments from your clients. When a customer pays their online invoice with a card, the cost of payment processing is 2.9% plus $0.25 per transaction; when a customer swipes their card, the cost of payment processing is 2.4% plus $0.25 per transaction; and when a customer keys in their payment information, the cost of payment processing is 3.4% plus $0.25 per transaction. In addition, there is a fee of 1% applied to ACH transfers, with a maximum charge of $10.

A Custom Invoice Template: A personalised invoice template can be obtained for an additional fee of $4.99.

QuickBooks Live Bookkeeping: This service makes it possible for owners of small businesses to outsource the bookkeeping activities associated with their companies. These tasks may involve classifying transactions, reconciling accounts, analysing financial data, and closing up the books. When you join up for QuickBooks Live Bookkeeping, you will be matched with a personal Certified Advisor who is an accounting specialist, and you will be able to schedule a video conversation with this individual directly from within QBO. The cost per month might range anywhere from $270 to $670 and is determined by the total dollar amount of all of your monthly expenditures.

Intuit QuickBooks

QuickBooks provides a variety of accounting solutions for small businesses, including QuickBooks Online and QuickBooks for Self-Employed Professionals. QuickBooks Online is an accounting software suite that is hosted in the cloud and is geared towards use by small businesses. On the other hand, the QuickBooks Self Employed app is hosted in the cloud and is designed for use by self-employed individuals.

Within the realms of accountancy and bookkeeping, QuickBooks is a brand name that demands immediate recognition. It is owned by Intuit, a company that also offers various choices for large and small business owners alike through its extensive range of products, which includes TurboTax, Mint, and Proconnect, amongst others. QuickBooks is also available in a plethora of different flavours, ranging from desktop editions to the immensely popular online version of the software.

In addition, there are upgrades made often to the products in the QuickBooks portfolio. Users in the UK will have access to a plethora of new tools that will assist them in staying current on tax and other regulatory developments. Larger enterprises now have access to a more robust employee portal, an income tax calculator tool, and expanded tagging capabilities. New tools, such as a month-end review tool, have been made available to professional accountants. In essence, QuickBooks is continually undergoing development. A new digital payment option has been added for QuickBooks Business Accounts, and it is geared for proprietors of smaller companies.

Consequently, you have the option of selecting from QuickBooks Online, QuickBooks Self-Employed, QuickBooks Online Advanced, QuickBooks Live Bookkeeping, QuickBooks Desktop for Mac, QuickBooks Desktop Pro, QuickBooks Premier, and QuickBooks Enterprise, depending on the requirements that you need to fulfil. If you require a more tailored solution, the QuickBooks team is able to assist you in developing a customised solution through the creation of a custom package.

What Functionality Does Quickbooks Provide?

Both versions of QuickBooks come with a free trial period of thirty days, customer service that is available around the clock, and automatic backups (so there is no chance of losing your company's data). Due to the fact that the two goods are somewhat distinct from one another, it is rational to investigate each of them independently.

QuickBooks Online can be accessed from any device, including personal computers (Mac or PC), mobile phones, and tablet PCs (via browser or Android and iOS apps). The mobile apps do not provide access to each and every feature. Because this is cloud-based software, you do not need to have anything installed on a specific device in order to access your complete account; all you need to do is remember your login credentials. Even though there is a variety of QuickBooks Online plans from which to pick, all of them come included with the following features:

• Make your own personalised estimates and invoices, complete with a logo, colour scheme, and field layout of your choosing
• Download the transactions from all of your accounts, including your bank and credit card (depending on your bank)
• Take payments via PayPal as well as credit cards
• Keep a record of your digital transactions by scanning or photographing any receipts you receive
• Synchronises with various other business applications (including PayPal and Receipt Bank)
• Make accounting reports that you can give your accountant or bookkeeper access to so that they can assist you in getting ready for tax season (e.g. Profit & Loss, Balance Sheet)
• Complete BAS (Business Activity Statement)
• You can grant access to your data to your accountant if they are subscribers to QuickBooks Online Accountant or if they are a designated user (under the Essentials or Plus plan)
• Compatibility with Microsoft Excel
• Charge GST to your clients

It is not possible to access QuickBooks Self-Employed through a web browser, and your data cannot be imported into a QuickBooks Online account. As a result, Self-Employed Accounts cannot be upgraded to an online plan and cannot be accessed through a web browser. Included in QuickBooks's features for self-employed users are:

• Automatically monitor your mileage with the use of your phone's GPS
• Organize your financial dealings into the appropriate tax categories so that you can quickly maximise your income tax deductions
• Keeping tabs on both income and expenditures
• Keeping receipts in a digital format and attaching them to the history log of transactions
• You may use the app to create and send invoices, and it will keep track of when your customers read their invoices
• Support for customers using QuickBooks (via email)
• It establishes a connection to your bank, allowing you to monitor your income and expenses as well as pay bills directly from the application.

What Plans Are Available with Quickbooks Self-Employed?

Keeping the books balanced is essential to maintaining that dream lifestyle if you're living the dream of a self-employed profession. If you're living the dream of a self-employed career, keep that dream lifestyle on track by keeping the books balanced. As long as you do not need to comply with any GST regulations, the QuickBooks Self Employed product is appropriate for freelancers, contractors, sole traders, and other sorts of self-employed people. The service can only be accessed through a mobile application that is compatible with both iOS and Android.

There is only one plan available for the QuickBooks Self-Employed software, and the cost of that plan is $15 per month. However, there is an introductory deal where you may get the software for $10.50 per month for the first three months.

Features

The subscription plans for QuickBooks Online offer the benefit of being able to function on any platform by way of a web browser, and they also include interaction with the apps for iOS and Android, making them suitable for use on a smartphone or tablet. Those who favour the downloading programme will be happy to know that it is compatible with both the Windows and Macintosh operating systems; however, there is no support for mobile apps.

In addition to these benefits, the QuickBooks Online subscriptions include a number of extra advantages over the downloadable version. This includes photographing receipts using the camera on the user's smartphone, which may then be linked very quickly to the process of photographing expenses. Additionally, it connects smoothly with a variety of other programmes, such as PayPal.

QuickBooks now provides enhanced customer support, as well as a plethora of other assistance choices, which can be selected from in the event that you require assistance. This features a central support hub that can be accessed online and contains a large amount of documentation, videos, and other educational tools. In addition to that, there is a blog, a lively community, and a great deal of social media. Last but not least, you might also have access to a Pro Advisor, however this feature is only included in the package that has the same name as the feature itself. This access depends on the level of the package that you have purchased.

When we polled owners of small businesses to find out what the "ideal" accounting software should be capable of, the answer was unanimous: it should reduce the amount of time spent on bookkeeping. This requirement is readily satisfied by QuickBooks Online, which includes all of the following capabilities as part of its software package.

Automations

Small company owners will find that accounting is less of a time commitment and a source of less worry when they use QuickBooks Online because it automates activities. You can eliminate the laborious and time-consuming task of manually performing these actions for each and every transaction by using the software, which allows you to send recurring invoices and payment reminders, sync data from bank and credit card transactions, and reconcile and categorise expenses.

Built-in Reports

Thanks to QuickBooks's built-in reports, which include the trial balance, general ledger, and transaction detail reports that you'll need when it's time to file your taxes, you won't have to perform the laborious task of creating financial reports from scratch. Instead, the software will do it for you. You can make the reports that you utilise the most favourites, which will allow you to locate them more quickly at the top of the Reports page. You can also configure the software to automatically run reports and send them to you through email. These reports can be scheduled for a particular time of day as well as a defined frequency, such as once per day, once per week, once per month, or once every three months. We looked at a lot of different companies, and QuickBooks has some of the greatest reporting functions available.

Automatic Backups

Since QuickBooks creates backups of your data on a regular basis, you won't ever need to worry about whether or not your books are accurate and up to date.

Electronic Invoicing

Electronic invoicing is another time-saving function that is available. Through the use of the system, you may send customer invoices through email, keep track of them, as well as take online payments and electronic signatures. Other advantages for business owners using the invoicing function of QuickBooks include the following:

• Customers who read their invoice emails on their phones will have an easier time viewing them because the emails have been optimised for mobile devices.
• There is an app for QuickBooks Online that you can use if you have a Gmail account, and it will allow you to make and send invoices without ever leaving Gmail. After that, copies of the invoices are kept in Gmail as well as in QuickBooks.
• Progress invoicing is a component of the project tracking function that is included with the Plus plan. This feature enables you to bill customers in increments as you finish particular phases of the job or accomplish project milestones. This feature is only available with the Plus plan. The software will automatically compare the total amount that you have billed for the job to the initial estimate that was created.

Integrations

There are hundreds of third-party programmes that can be integrated with QuickBooks Online. These applications include those built for email marketing, e-commerce, customer relationship management, payment processing, time tracking, payroll services, and many more. This can help you save time by connecting the software to the business programmes that you are already utilising in your company. This gives you the ability to automatically import, export, and sync data in real time among the many services.

Mobile App

Your QuickBooks Online subscription comes included with support for mobile devices running the iOS and Android operating systems. Download them today! This is what they are capable of doing:

• Invoices can be created, customised, sent, and tracked here
• Take pictures of the receipts and upload them alongside the relevant expenses
• Transaction reconciliation
• You may view information about clients, add new customers, and even message existing customers right from the app
• Check out the dashboard information, including the profit and loss report and account balance. You can access both open and overdue bills
• Take payments both in person and through the Internet (after activating QuickBooks Payments)

It is not difficult to understand why QuickBooks is often regarded as the accounting software equivalent of the gold standard for businesses. Small businesses can take use of the company's excellent services at prices that are within their budget.

Final verdict

QuickBooks is an appealing alternative for small businesses who do not have a professional accounting department or even a single accountant to use in order to manage their financial matters. All of the essential elements of bookkeeping are included in this solution, including the ability to synchronise bank transactions, invoices, payroll, estimations, employee time tracking, sales tax, inventory monitoring, and more. It is very evident that the downloadable version does not compare favourably to the online versions' feature sets.

Our primary issue is that this comprehensive feature set comes with a price tag that is greater than that of some of the company's competitors, some of which are FreshBooks, Xero, Sage Business Cloud Accounting, Kashoo, Zoho Books, and Kashflow, to mention a few. When extra services like as payroll and time monitoring are added on top of the base package, the prices go up even higher. This problem is made even worse by the fact that the expenses go up even higher. Therefore, while it may be better for a business that is seriously cash strapped to look elsewhere for a more cost-effective bookkeeping solution, QuickBooks via the online subscription continues to be an appealing option for a small business that is able to make use of the broad range of bookkeeping features that are available to it.