QuickBooks Online, known as the industry standard for small-business accounting software, is a strong choice for a wide range of enterprises, particularly those who plan to work with a bookkeeper or accountant on a regular basis. QuickBooks Online provides a high degree of capability, flexibility, and scalability with four plans and a variety of add-on services — you may personalise this programme to match the demands of your business.
Although QuickBooks Online is simple to use, there is a learning curve, especially if you are inexperienced with basic accounting principles. Furthermore, QuickBooks can be costly for many organisations, especially when time tracking and payroll are included. Competitors may provide simpler, less expensive options.
Pros of QuickBooks
- Accounting with two entries.
- Thorough record-keeping and reporting are required.
- Hundreds of third-party app integrations are available.
- QuickBooks Online Plus and Advanced provide inventory management.
- It’s simple to communicate information with your accountant, and it’s simple to discover QuickBooks specialists and online resources if you need them.
Cons of QuickBooks
- Monthly plans are more expensive than alternatives.
- Each plan has a maximum number of account users.
- To get started, there is a learning curve.
How does QuickBooks Online function?
After you sign up for QuickBooks Online, you’ll be able to access the main dashboard view by logging in to your account. If you’re switching from another accounting software to QuickBooks, you can import your previous files into your new account.
The primary dashboard will provide an overview of your QuickBooks account, including cash flow, invoices, costs, sales, and other information.
You can connect your bank and credit card accounts using the Banking (or Transactions) tab on the left side of the dashboard so that QuickBooks automatically downloads and categorises transactions for you. Later, when reconciling your books, you’ll be able to review these transactions under the Banking menu For Review tab.
Following that, you may personalise invoices, enable automated sales tax monitoring (if required), and learn how to enter mobile receipts and bills. Using the gear icon in the upper right corner, you can update all of your company’s account settings.
You can invite your bookkeeper or accountant to your QuickBooks Online account via the My Accountant tab or the Manage Users page—If you don’t already have an accountant, you can look for one.
Alternatives to QuickBooks Online
FreshBooks pricing starts at $15 per month for the Lite plan, which is an alternative to QuickBooks Online.
Pros: FreshBooks is a strong alternative for freelancers and independent contractors, as well as self-employed professionals on the go, thanks to its powerful mobile app. FreshBooks includes a client self-service interface as well as limitless estimates, invoices, time tracking, and costs in all plans. This software also includes mobile mileage monitoring, rudimentary inventory keeping, and customer service through phone and online.
Cons: FreshBooks’ Lite and Plus versions limit you to five and 50 billable clients, respectively. You must also pay to add team members to your account: $10 per person each month.