Intuit’s QuickBooks Online is one of the most popular accounting software for small businesses. Read on to learn more about the features of QuickBooks online, including its affordability, flexibility, and payroll function. Then decide if it is the right software for you.
Intuit’s QuickBooks Online
QuickBooks Online is the industry standard for small-business accounting software. It offers a variety of plans and flexibility to suit any needs. However, it is expensive and can be difficult to use for a small business. Several competitors offer simpler, less complex solutions.
QuickBooks Online has a tabbed home screen that divides functions into subsets by tool. It also has a navigation bar at the top of the screen that highlights the most commonly used functions. This makes the program easy to navigate. The business overview and dashboard also feature links to frequently-used functions.
QuickBooks Online is available on the internet and has a free trial version. However, you will need to provide a credit card number to authorize your account. Once you’ve started, you’ll have to pay a monthly fee depending on the plan you choose.
QuickBooks offers three plans. The basic plan costs $80 per month and supports five users. Advanced plan costs $180 a month and supports 25 users. This plan includes Smart Reporting powered by Fathom, on-demand online training, a dedicated account team, automatic data backups and more.
Intuit’s QuickBooks Online offers multiple built-in reports, including projects, general ledger, profit and loss, trial balance, and inventory. You can set up user permissions and control the access of employees. The system also has an audit log to track user logins and logouts. With insights from these reports, you can make better business decisions.
QuickBooks Online also offers an option to import your bank accounts. This option makes account reconciliation easier and faster. The program automatically pulls up bank statements and individual transactions. This is great for businesses that don’t have a bookkeeper on staff. It also helps automate processes.
Intuit’s time-tracking software offers more advanced features. You can create different classes and geographical locations to categorize related transactions. The software also has a feature for tracking billable and non-billable time.
Its affordability
Whether you’re a newbie or an experienced accountant, the affordable features of QuickBooks are worth considering. Its online option is highly regarded by accountants, and its user interface is easy to use even for those with little or no experience in accounting. Nevertheless, you should consider the pros and cons before choosing a QuickBooks plan.
QuickBooks Online has a number of advantages, including on-demand training, advanced financial features, and an unlimited number of users. If you’re just starting out with a small business, the Simple Start plan is ideal. This plan lets you track sales and expenses, prepare tax returns, and run reports to analyze your business performance.
QuickBooks Online has a range of price plans, starting from $30 per month for one account user. Basic plans offer up to five users, while Essential plans offer unlimited users. If you need more features, you can upgrade to QuickBooks Online Advanced, which costs $180 per month. You can also upgrade to QuickBooks Live Bookkeeping for professional accounting assistance. However, if you’re a small business, QuickBooks Online subscription can be prohibitively expensive.
Its flexibility
QuickBooks’ advanced inventory management features enable you to manage your products and inventory more effectively. For example, you can set default markups for each item. The system also lets you track minimum and maximum quantities. You can also automatically generate purchase orders and batch purchases from item-based reports. QuickBooks also allows you to “explode” BOMs, allowing you to create a master bill without displaying individual items as received.
Users can name their projects and assign related customers and items to them. The software then automatically creates a separate homepage for each project. In addition, the software tracks income and expenses for the current project, and shows related transactions and time activities. You can also run reports based on project performance and profitability.
Intuit’s latest version of QuickBooks Online has a project profitability feature. This feature helps you track the profitability of every project. Unlike competitor Kashoo, QuickBooks Online offers the most comprehensive coverage of project profitability. Knowing the profitability of your projects will help you make better business decisions.
As an added benefit, QuickBooks is mobile-friendly and works on both Android and Apple mobiles. However, not all features are available on mobile devices. Users can log in to the QuickBooks mobile app using their online account credentials. Once logged in, users can review and use QuickBooks data from their mobile devices.
Intuit QuickBooks Online offers a range of subscription plans that are very affordable. These plans offer basic bookkeeping features, essential reporting, income and expense tracking, and advanced financial features. You can also upgrade to a professional plan if you need more advanced features.
Its payroll function
QuickBooks’ payroll function is an easy way to manage your employees’ paychecks and benefits. It also helps you maintain your records and comply with tax regulations. Intuit’s payroll software includes payroll tax reporting and filing features, as well as automatic completion of payroll forms. For companies with more than 30 employees, QuickBooks payroll full service is a good option.
The payroll function can be configured to automate and run the payroll of hourly and salaried employees. You can also set up direct deposit and bank verification. You can even opt for HR support with the Elite subscription plan. The experts are available for questions from six in the morning to six in the evening.
Once you’ve established your payroll settings in QuickBooks, you’ll need to input employee information and select where to process payroll. QuickBooks will then open a new tab. In the Employees Center, you’ll find a tutorial to help you navigate the Employees Center.
The payroll function in QuickBooks is recommended by the experts for SMBs for several reasons. First, it’s inexpensive. Enhanced Payroll, for example, costs $35 per month, plus $2 per employee per month. It also calculates withholdings and prints out paychecks. You can also direct deposit paychecks and e-pay taxes through the system.
Quickbooks’ payroll software also supports independent contractor payroll. It provides tools for contractors to track payments and prepare 1099s. It also has the ability to automate the creation of timesheets. In addition, QuickBooks Payroll also supports time tracking and project management. The program calculates the gross pay for a pay cycle, and the paycheck after deductions.
Quickbooks payroll service is available on the Internet. However, the subscription comes with a number of restrictions. For example, if you’ve got ten employees, you can’t use the S payroll service with it. However, for those with fewer than ten employees, QuickBooks’ payroll service is the best option.