QuickBooks Features: Invoicing, Expenses & Cloud Accounting

Published by

quickbooks online features

Protect sensitive data with user-level access to specific features and share reports with up to 5 log-ins. Automatically sort transactions from your connected accounts into tax categories for easy organization. Get a clearer view of project profitability for all your projects with user friendly dashboards and detailed reports. Use class tracking to sort transactions and categorize income and expenses.

If neither application catches your eye, why not take a look at some QuickBooks alternatives or check out The Ascent’s accounting software reviews. All QuickBooks Online plans include good reporting options, with the Advanced plan offering the most comprehensive reporting options, including key financial metrics such as revenue and cash flow. This is a tie since both QuickBooks Online and QuickBooks Desktop offer users the same support options. Whether you’re thinking operating income vs net income about converting to QuickBooks Online or switching from QuickBooks Desktop to QuickBooks Online, your first step should be to take a long look at both applications. When you do, you’ll notice the difference immediately as QuickBooks Online offers a streamlined user interface, while QuickBooks Desktop relies on a flow-chart based interface. While both provide easy access to a variety of features and functions, only you can decide which one will work best for you.

quickbooks online features

You can even photograph and save receipts with the QuickBooks Online mobile app. There is no need to download QuickBooks Online because it is connected to the cloud, which means you can access online accounting from any device with an internet connection. You can download the QuickBooks Online mobile app from the Google Play Store or Apple App Store.

Platforms, such as Zoho Invoice, Square Invoices and PayPal Invoicing, won’t necessarily have all of the tools that come with an Intuit QuickBooks subscription. However, they will allow you to easily create an invoice and keep track of your accounting for free. QuickBooks Online syncs with more than 750 different third-party business apps, ranging from point-of-sale apps to payment acceptance tools and beyond. Naturally, QuickBooks Online syncs with other QuickBooks products as well, including QuickBooks Time (formerly TimeTrex), TurboTax and QuickBooks Online Payroll. At $30 per month, Intuit QuickBooks Online has one of the highest starting prices of any accounting software.

Small Business Statistics

If you aren’t sure about the product, you can give it a 30-day test run with 100% capabilities of the Simple Start Plan to see if it meets your needs. 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. Once your bookkeeper receives all the necessary documentation, they’ll typically https://accountingcoaching.online/ complete your cleanup within 30 days. In some cases, your cleanup may take longer depending on timeliness of documentation and the complexity of your books. QuickBooks Online is better than QuickBooks Desktop if you prefer a cloud-based accounting software to a locally installed one. QuickBooks Online’s biggest advantage is its ability to be accessed from anywhere with an internet-enabled device.

Add-on services — including QuickBooks Payroll and QuickBooks Payments — will incur separate costs. Advanced is slightly better than Plus and the other QuickBooks Online plans in A/P and A/R because of its batch invoicing and expense management features. Batch invoicing allows you to create multiple invoices at once rather than creating them one at a time. This can be useful if you have many customers who need to be invoiced for the same products or services.

  1. It does cost more to access this, which is approximately $22.50 more per month plus $5 per employee, per month.
  2. We even consider it the best for tracking freelance income and preparing tax returns in our guide to the best accounting software for freelancers.
  3. This plan also gives you a dedicated account team to help with training, troubleshooting and setup.
  4. Our internal case study compares the four QuickBooks Online plans for small businesses across major accounting categories and functions to help you decide which one fits your needs.
  5. It is an advanced feature that lets you import and export data between QuickBooks and Microsoft Excel.

This allows you to compare the estimated costs and revenues of your projects against the actual numbers incurred throughout the completion of the project. This helps you identify potential problems and make adjustments once you determine that your projects are not profitable. To enter a new fixed asset, you need to provide important details, such as the asset name and depreciation details.

This plan gives you all the basics needed to run your business accounting, including income and expense monitoring, invoice and payment capability, tax deductions, receipt capture and mileage tracking. While QuickBooks Online isn’t the most inexpensive software, we awarded it an above-average score for pricing because it offers four scalable options, which can be ideal for growing businesses. You can either get a 30-day free trial or purchase right away and receive a 50% discount for three months and a free online session with a QuickBooks ProAdvisor to set up your account. When you have an account with QuickBooks, you can make and send invoices easily.

More payroll coverage

If you are a small business or a startup, consider QuickBooks Simple Start. Businesses that provide services, rather than goods, should consider the QuickBooks Essentials plan. Businesses with inventory will likely get the most benefit from QuickBooks Plus.

quickbooks online features

You set up recurring invoices and print and email them to your customers. However, you’ll be disappointed when you find out that Essentials can’t track inventory and project profitability. If you need more help deciding which plan to choose, read our comparison of QuickBooks Online plans. Don’t choose a QuickBooks Online plan based solely on the number of users you need. Let’s say you need to track inventory but only need three users, so you chose Essentials because it’s limited to three users—and is more affordable than Plus. To manage payroll through QuickBooks Payroll, you’ll need to pay a fee for this add-on service, with plans ranging from $45 to $125 per month, plus an additional $5 to $10 per employee per month.

How We Evaluated QuickBooks Online

Wave also is the easiest to use, but it falls short in nearly all the feature categories, which we anticipated since it’s free software. QuickBooks Self-Employed is suitable for freelancers and independent contractors who want to be able to track all their business expenses (such as rent or marketing) in one place. If you report income on Schedule C of your personal income tax return, this cost-effective option might be best for you. You’ll also be able to send recurring payments—for subscriptions, for example—as well as schedule when you’d like to send out your invoice. QuickBooks also makes customization easy, from logos and colors as well as the ability to preview these changes before sending it off to a customer. QuickBooks also has a feature called progress invoicing, which allows you to divide estimates into several invoices based on project milestones.

But aside from cloud access, there are other differences between the two applications that we’ll talk about next. Running a business isn’t just hard work — it takes a lot of organization and compliance, too. You need effective accounting in place to remain in good graces with the IRS, and most businesses choose Intuit QuickBooks Online for their accounting and other finance-related needs. After any initial trial period, you will be charged the standard rates for your product.

The plan offers up to three users all the features of QuickBooks Simple Start, plus the ability to track hours worked and manage bills. A key added feature of the QuickBooks Essentials plan is the ability to manage unpaid bills and allocate billable time and expenses to a specific customer. Additionally, QuickBooks Essentials will send reminders regarding upcoming bills to be paid so that you don’t miss a payment. Intuit QuickBooks’ invoicing capabilities are part of the larger QuickBooks ecosystem, a popular accounting software for small and large businesses. QuickBooks allows you to create and customize an invoice for clients, and then accept credit card, debit card or bank transfer payments within the invoice itself. QuickBooks Online’s invoicing feature is a great option for business owners who are already using QuickBooks for their business or plan to in the future.

We meticulously and objectively assess each software based on a fixed set of criteria—including pricing, features, ease of use, and customer support—in our internal case study. Since QuickBooks Online is priced as a monthly subscription, it doesn’t require a contract and you can cancel your account at any time. Additionally, the desktop products are only available as annual subscriptions, making them a bigger commitment than QuickBooks Online.

QuickBooks Online Simple Start costs $30 per month, includes only one account user (plus access for two accountants) and does not offer billable hours tracking, bill pay or inventory management. For multiple users, bill pay and the ability to add billable hours to invoices, you’ll need to upgrade to the Essentials plan, which costs $60 per month. For inventory management, you’ll need to opt for the Plus plan at $90 per month. The Plus Plan is $25.50 per month for the first three months, then becomes $85 per month, and adds up to five users. It also has inventory management and gives you the ability to project profitability with forecasting reports. The Advanced Plan is the final tier for $60 per month for the first three months, then reverts to $200 per month.

QuickBooks Contractor Payments

Although it has the lowest starting price, at $12 per month, it can be a little more difficult to navigate than QuickBooks or FreshBooks. Because there is an unlimited number of users that can use the program, you can maximize its use if you have a team of professionals who need access to your accounting software. For Xero’s Early plan ($13), the number of invoices that users can send each month is capped at 20, but for all other Xero plans, users can send unlimited invoices. Small businesses that are growing may want to use QuickBooks Essentials.

Categorised in:

This post was written by dgAdmin

Comments are closed here.

Back to top

Your List