July 12, 2021

QuickBooks Online Review 2024: Features, Pros & Cons

With your bank and credit card accounts connected, easily E-pay payroll taxes through QuickBooks. Payroll is available as standalone software or an add-on module to other products. QuickBooks by Intuit is a well-known accounting software designed to help small to medium-sized businesses manage their finances. This easy-to-use software streamlines business tasks by offering templates for spreadsheets, invoices, and financial reports. These features help you save precious time and money, making it one of the most popular software products on the market.

  • You don’t need the payroll add-on to track employee time for billing purposes.
  • QuickBooks is one of the most popular accounting software for small businesses in 2024.
  • Payroll software such as QuickBooks Payroll is necessary to keep track of employee data when filing taxes.
  • With five plans available, including a plan specifically for self-employed individuals and independent contractors, there are several options from which to choose, depending on your needs.
  • Some of the accounting software we reviewed, such as Zoho Books and FreshBooks, have better customer service, with the option to initiate a call.
  • This allows more users and increases analytics for users to assess the business’s health.

Also, any expense entered can be marked as billable and assigned to a customer. As with time, these billable expenses will be available to add to the customer’s next invoice. You don’t need the payroll add-on to track employee time for billing purposes. You need at least QuickBooks Essentials to track billable hours and Plus to track billable expenses. Terms, conditions, pricing, special features, and service and support options subject to change without notice. QuickBooks Online also provides prebuilt reports that offer valuable insights into a business’s financial health.

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QuickBooks Online goes to $30 per month after that and is easily our most expensive option. However, automatic bill tracking does not mean you cannot do that manually. You can directly record a manual transaction easily, whether in cash or check.

If you want a free option, check out our top-recommended free accounting software. QuickBooks can help small businesses manage their sales tax obligations by calculating sales tax, preparing sales tax returns, and generating reports on sales tax liability. It can automatically calculate sales tax for transactions based on the tax rates and rules for the customer’s location. It can also track the sales tax collected on transactions and the sales tax owed to the various tax authorities. Its mobile app will use the GPS in your phone to sense every time you’re in a moving vehicle automatically. Then, you can review your trips, classify them as personal or business, and mark them as billable to a customer.

The QuickBooks Online mobile app allows you to execute various accounting tasks from your mobile devices. Available for Android and iOS devices, it lets you create and send invoices, accept payments online, and assign expenses to projects or customers. In addition to these features, QuickBooks Online also offers invoicing capabilities, allowing businesses to create professional invoices and streamline their billing processes.

With this option, you are guided through the setup process for a smooth start. QuickBooks Online is an ideal product for professional, retail, or service-based businesses. QuickBooks is a well-established accounting software that is widely used by businesses from a variety of industries. With five plans, each at different price points, users can choose the plan that best meets their business needs without paying for additional features that they don’t want. As a business grows, users can easily upgrade to a more advanced plan with additional features seamlessly. QuickBooks is the platform most used by professional accountants so if you plan to work with an accountant, they will likely be very familiar with the platform, its features and capabilities.

  • QuickBooks is an accounting software commonly used by small businesses and nonprofits to manage key financial tasks.
  • QuickBooks Online’s solid set of features (invoicing, inventory management, reporting, etc.) makes it a great solution for a variety of small businesses.
  • It allows you to run and view reports easily like the number of outstanding invoices, total amount due from clients and details of each invoice (paid or due).
  • Once this option is checked, pricing will appear on any barcode label printed for that item.
  • Although it has the lowest starting price, at $12 per month, it can be a little more difficult to navigate than QuickBooks or FreshBooks.

This allocation is a requirement for calculating taxable income and very cumbersome to do by hand. QuickBooks can also remind you to order inventory automatically when quantities are low. It’ll make tax time easier if your Chart of Accounts includes all the line items required on your tax return.

Is QuickBooks easy to learn?

QuickBooks Online is a cloud-based software that can be accessed anytime and anywhere from any internet-enabled device and has monthly subscription options. Meanwhile, QuickBooks Desktop is an on-premise software that needs to be installed on the computer where you use it and is available as an annual subscription. For more information about the differences between the two programs, read our QuickBooks Online vs QuickBooks Desktop comparison.

QuickBooks Desktop Pro Alternatives

Although QuickBooks has guaranteed users data protection using sophisticated measures, it may not be enough to secure your data, especially with technological advancement and cybersecurity risks. In addition, mark down meaning the costly structure of the software extends to its add-ons that require you to pay top dollar to access them. While working on any software, it is almost always impossible to avoid errors.

Remote Access

Another key feature of QuickBooks is its ability to track employee time and expenses, helping businesses streamline their payroll and billing processes. With QuickBooks, employees or subcontractors can easily enter their own time, eliminating the need for manual time tracking and reducing the chances of errors. Organizing and accessing all tax-related documents can be time-consuming, but QuickBooks streamlines this process. The software allows users to store and categorize receipts, invoices, and other relevant documents in one centralized location.

Level Up Your Business

A popular add-on is the payroll feature where you can run payroll and access benefits in one convenient place. It does cost more to access this, which is approximately $22.50 more per month plus $5 per employee, per month. When subscribing to this service, you’ll get a 1099 e-file of forms and a next-day direct deposit. QuickBooks Online has four pricing tiers and offers 50% off for the first three months when you purchase.

By tweaking reports to fit your requirements, you are able to manage your company’s books more consistently and simply. Reports are a part of your daily analysis that help you understand the business’ position and trends. With QuickBooks, you can customize these reports to meet your specific needs. For any business to succeed, it is important to ensure that the software used in various organization departments can work together to produce an integrated approach to all departments. With the QuickBooks Online Software banking integration feature your statements and transactions will automatically update.

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