I’ve been using Intuit QuickBooks Online for my online business for several years now. And, I definitely recommend it. It’s been a great way to keep all of my banking accounts together on one screen, generate invoices, study the cash flow and earnings, and finally get a handle on my business taxes.
QuickBooks Online is very easy to use, and it is a great online solution for small business owners.
Over 4 million customers use QuickBooks products around the globe. Intuit usually offers discounts and free trials for QuickBooks Online so new users can test out all of its features. The best part – this is a truly free trial. You don’t need a credit card to get started.
If you have any previous experience with other editions of QuickBooks, previous online or the desktop versions, QuickBooks Online is very similar. QuickBooks Online also has a great smartphone app that you can use with Apple’s iPad and iPhone or the Android operating system.
Features of QuickBooks Online
Track Income and Expenses
By far, my favorite feature and use for QuickBooks Online is to track income and expenses. I love being able to see all of my business checking, savings, credit cards, and PayPal accounts on one dashboard screen. The software links to your bank and automatically syncs your bank, credit card, PayPal, and other financial statements, letting you have all of the information in one place.
QuickBooks Online supports and lets you sync your accounts from over 18,000 different financial institutions. It is the same system that Intuit uses for its other brands, such as Mint.com. And, it works very well.
QuickBooks Online lets me easily look at profits and losses, and I can break it down by month, year-to-date, quarterly, or a host of other report options. I can also keep an eye on any open invoices that have not yet been paid.
You can easily track your expenses with QuickBooks Online too. You can take a photo of any receipt and link it to the transaction. After linking your bank accounts, credit cards, and even PayPal, you can categorize your expenses for tax purposes. And, the software learns from your previous entries and rules that you set up. When I first started using QuickBooks Online, the software started categorizing all of my business purchases based on the rules that I set up, and within minutes it had all the deductions categorized for my Schedule C, which previously took me hours by hand.
Before QuickBooks, filing my taxes was a pain. I always procrastinated and waited until the last minute because I had to go through bank statements for each month and manually categorize my expenses. I cannot even begin to tell you how easy tax time was this year. The automatic categorizing made this year’s tax filing a breeze.
It also helped having all of my receipts linked online to each transaction. QuickBooks makes it easy to give account access to a bookkeeper or accountant. The website also lets you email your files directly to your accountant if you use someone to prepare your taxes.
And if you prefer to do your own taxes, you can easily import your records directly into TurboTax, which is also owned by the same parent company, Intuit.
Sending Invoices, Billing Customers, and Receiving Payments
QuickBooks Online lets you send invoices directly to your customers. You can customize the invoices to match your brand and logo or add messages or payment instructions. Receiving payments is also a breeze, as QuickBooks lets your clients pay you with a credit card, debit card, or even an ACH bank transfer. This is much faster and more convenient than receiving a paper check.
Having the capability to invoice customers directly from QuickBooks Online allows you to see everything all in one place. There is no need to switch back and forth to another invoicing site or service. You can also add billable hours to your invoices and sync it with Google Calendar or TSheets.
Manage Your Employees Hours
You can enter the number of hours your employees or contractors worked or give them access to enter their hours in QuickBooks Online. Your employees will only have access to enter their work hours and nothing else.
Then, you can run your payroll with just a single click after you or the employees have entered the hours. QuickBooks Online allows you to prepare and file IRS Form 1099s to your contractors too.
If you sell a product, QuickBooks Online has you covered for inventory management. You can track the costs of goods sold, your inventory levels, and finished goods on the website. You can create purchase orders and manage your vendors right from the dashboard.
QuickBooks Online can sync with PayPal, Shopify, Square, and other services that you use to sell your products to make tracking everything a breeze. Tracking inventory and 1099s are not in the basic version of QuickBooks Online, but the site offers them in their Plus package for an additional monthly fee.
If you’re already familiar with QuickBooks’ desktop program, its online features are very similar with a few extra features for QuickBooks Online. Here are the features of QuickBooks Online’s basic plan, which is called QuickBooks Essentials, which costs $25 per month:
- Send invoices & accept payments
- Track income & expenses
- Separate business & personal expenses
- Manage & pay bills
- Track sales & sales tax
- Capture & organize receipts
- Run standard reports
For the site’s Plus plan, you receive all of the features in the Essentials plan, but you also have the ability to:
- Run enhanced custom reports
- Manage inventory
- Track time and attendance
- Manage 1099 contractors
- Allow access for up to 5 users.
The site’s Plus plan runs $70 per month.
You can also add payroll features for an additional monthly fee and per employee fees.
Intuit is currently running a special where new customers can save a percentage on their first purchase. The current offer is 50% off for the first 3 months! Visit QuickBooks Online for more information.
I love the online edition of QuickBooks. The site has great customer support. It’s very easy to use and has a great user interface. The dashboard is intuitive, and it’s very fast. The syncing and reconciliation of all my bank accounts, credit cards, PayPal, and other financial institutions is very easy and straightforward.
QuickBooks matches the needs of small business owners like me. The software has great features and rivals the desktop edition. If you already use Mint for your personal finance or the desktop version of QuickBooks, you will love using Intuit QuickBooks Online for your business.