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. This allows more users and increases analytics for users to assess the business’s health. There is workflow automation, data restoration, batch invoices and expenses and on-demand training. This plan also gives you a dedicated account team to help with training, troubleshooting and setup. We chose QuickBooks as the best small business accounting software because of its feature selection.
If you prefer getting support through email, then QuickBooks isn’t for you. We find QuickBooks Online to be relatively easy to use especially given how many features it offers. You can learn QuickBooks even without an accounting background, but it becomes much easier to use if you have some knowledge of basic accounting sales journal entry concepts. You can either get a 30-day free trial or purchase right away and receive a 50% discount for three months. Banking services provided by our partner, Green Dot Bank, Member FDIC. Simple Start runs basic reports, including cash flow statements, profit and loss (P&L) statements, and balance sheets.
Includes audit trails and easy accountant access; has millions of users so your accountant will likely be familiar with it. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. While QuickBooks Online is very popular among business owners, some have problems with the system. Problems stem from the complexity of making simple fixes, such as miscategorizations or duplicate entries.
- While the products share some commonalities, there are also a few unique features of QuickBooks Online.
- If you run businesses in multiple locations and you want to see which one is most profitable, an upgrade to Plus from Essentials is worth the price.
- What used to be a huge bulk of QuickBooks business is no longer so—it focuses mostly on its cloud version and actively encourages users to make the switch from Desktop to Online.
Match them to bills to stay organized and ready for tax season with everything in one place. Stay on top of your orders and quantities while managing your inventory in real-time. No, it is relatively easy to use, though corrections can be more challenging. However, so if you work with a professional accountant, they will likely have an in-depth understanding of the platform and can guide you through its functions. QuickBooks Online is cloud-based, while QuickBooks Desktop is installed locally.
Train team members on QuickBooks
To see what it can do for freelancers and solopreneurs, check out our review of QuickBooks Online Self-Employed. While setting up QuickBooks, you can connect your bank as well as credit card accounts to the software. Once done, QuickBooks tracks your bills and expenses automatically. Access your account via the cloud for up to 25 users with the Online version, and pay an additional fee per user, up to 40 users, for cloud access with Desktop.
How to Use Features and Functions in QuickBooks Online
Includes project tracking tools in higher tier plans; has transaction tracking tags; lacks industry-specific reports; users with multiple businesses must pay for separate subscriptions. Its range of features can support very small operations as well as growing companies that need granular reporting tools to assess different areas of their business. QuickBooks Online is cloud-based accounting software that covers all the accounting needs you may have.
When she’s not trying out the latest tech or travel blogging with her family, you can find her curling up with a good novel. There are several invoicing software on the market, so it’s a good idea to do some research before choosing one for your business. We’ve compared QuickBooks with its competitors to help your search. QuickBooks offers a separate and free invoice generator, which does not require a subscription, where you can easily download templates for Microsoft Word, Microsoft Excel and PDF.
Straightforward Inventory Management
With a little practice, it’s easy to record a bill, add a new vendor, record an expense without paying, and attach and send a copy of the receipt. All these transactions can be initiated conveniently from the + New button on your dashboard. You can create recurring transactions, record partial payments of an invoice, set up and track inventory items, and print checks instead of writing them manually. If you don’t need accounting just yet, our new money solution offers banking, payments, and 5.00% APY—all with no subscription or starting fees.
Unfortunately, you can’t assign billable expenses to customers unless you upgrade to Plus. QuickBooks offers a free one-on-one meeting with a QuickBooks ProAdvisor for new users. Your ProAdvisor will help you set up your company file, including adding your business information, setting up accounts, and connecting your bank accounts. With this feature, you have the ability to view databases from any web-enabled device. Importantly though, for this feature in QuickBooks desktop versions it requires additional server software.
We set up a sample company for you to try out all the productivity-boosting features of QuickBooks Online Advanced. Collaborate in QuickBooks with the accounting professionals that handle your books. When it comes to chart of accounts entries in Advanced, the sky’s the limit. Keep your team and business on track with pre-set or custom workflows you can set and forget.
Fortunately, remote access makes vital information readily available. This feature, in particular, makes QuickBooks Online uniquely functional for modern businesses. Both versions offer automatic syncing with your bank so you can categorize transactions. Add payroll to QuickBooks Online starting at $45 per month, or to Desktop starting at $50, plus $2 per employee, per month. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most.
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. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. Learn more about how we rate small-business accounting software.