Quickbooks Online Review: What You Need To Know
In this QuickBooks Online review, we'll look at the scope, plans, features, add-ons, and price of the service. We'll also discuss the benefits and drawbacks of QuickBooks Online, as well as other top accounting software options.
QuickBooks Online Review: The Basics
QuickBooks Online is a cloud-based accounting program that assists small company owners with bookkeeping and accounting.
QuickBooks Online allows you to access your accounting platform from anywhere as long as you have internet access, as opposed to the classic QuickBooks Desktop, as well as from your mobile device.
QuickBooks Online is accessible via a variety of web browsers and the downloaded QuickBooks Mac or Windows program.
QuickBooks Online is available in four different pricing levels on a monthly subscription basis. Each QuickBooks Online plan has additional features and, as a result, a higher degree of capability.
QuickBooks Online Features
All QuickBooks Online plans have the following features and capabilities:
- Keep track of your income and spending
- Invoices should be sent and tracked
- Receipts should be captured and organized
- Organize and download bank and credit card transactions
- Connect your commercial bank account
- Create checks
- Execute basic reports
- Import data from Excel or QuickBooks Desktop
- Backup and security of data
- Integrate with third-party tools and other QuickBooks apps
- Customer service resources
- Two accountants have access
QuickBooks Online Review: Subscription Plans
QuickBooks Online membership options are divided into four categories: Simple Start, Essentials, Plus, and Advanced. The features included in your QuickBooks platform are determined by the package you select.
QuickBooks Online Simple Start
This is the most basic of the four designs. This plan enables you to execute basic accounting duties and is intended for sole proprietorships, extremely small firms, or new businesses.
The Simple Start plan costs $25 per month and is the cheapest QuickBooks Online subscription. However, you may save 50% on QuickBooks Self-Employed for a limited time.
Aside from the fundamental capabilities mentioned above, the Simple Start QuickBooks Online package allows you to:
- Automatically categorize transactions into tax categories
- Export documents for taxes
- Taxes can be calculated automatically from invoices
- Payments are instantly matched to invoices
- Reports like profit and loss statements, costs, and balance sheets may be run and exported
- Monitor cash flow and report on it using the QuickBooks dashboard
QuickBooks Online Essentials
At a larger monthly fee, this plan provides more features, notably for bill management and time monitoring.
The Essentials Plan is ideal for people who want more than the Simple Start plan offers, especially if they bill for their time.
The Essentials Package costs $50 per month and is twice as expensive as the Simple Start option. QuickBooks, like Simple Start, is giving a limited-time discount of 50% off the first three months of your membership.
The Essentials plan, in addition to the capability of the Simple Start plan, can:
- Track bill status, record payments and make recurring payments
- Pay several merchants and invoices all at once
- Create checks from anywhere and print them when finished
- Work with different currencies
- Allow people access to certain functionalities
- Share reports without revealing your login information
QuickBooks Online Plus
The Plus Plan is more expensive than the Essentials Plan, but it includes inventory and project management features to broaden the scope of your accounting software.
This plan may best suit small to medium-sized organizations, particularly those who wish to maintain inventories and handle a wide range of company operational duties in one location.
QuickBooks Online charges $80 per month for the Plus package. However, just like the Simple Start and Essentials Programs, the Plus plan is presently 50% discounted for three months.
All of the features of the previous two plans are included in the Plus plan, as well as the following opportunities:
- Keep track of labor costs, payroll, and expenses using job costing
- View all projects in one location
- Keep track of your inventory, items, and cost of goods
- Receive reminders when your inventory is running low
- Make purchasing orders
- Add up to five users to your account
QuickBooks Online Advanced
The Advanced package is the most comprehensive and expensive QuickBooks Online option.
QuickBooks Online Advanced has more in-depth tools and capabilities for automating and optimizing business processes, making it a better fit for growing or larger small businesses that require significant functionality from their accounting software and can afford a higher monthly cost.
The most costly of the four programs is QuickBooks Online Advanced, which costs $180 per month. With QuickBooks' limited-time offer, you may get the Advanced plan for 50% off for three months.
QuickBooks Online Advanced plan includes all of the features of the previous three levels, as well as:
- Sync payments and generate checks from any location
- For the next two months, receive 20 free bank transfers
- Integrate with QuickBooks and improve the accuracy of your accounting data
- Receive easy-to-understand, personalized performance reports
- Profitability, cash flow, and other important performance metrics can be measured
- Enter data for many invoices at the same time
QuickBooks Online Review: Add-Ons
TSheets by QuickBooks is the second QuickBooks add-on worth mentioning. In contrast to QuickBooks Payroll, you must have at least the Essentials plan to use this QuickBooks add-on.
- The TSheets time-tracking app can operate on laptop, mobile device, or tablet
- TSheets integrates with QuickBooks and offers extra time-tracking features
- TSheets demands a monthly subscription charge of $5 per user
- Employees may use TSheets to log their time, clock in and out, and amend their timesheets. Timesheets can be checked and approved in real-time, establish timetables, manage PTO, and track statistics
QuickBooks Online Payroll
QuickBooks Payroll may be linked to any QuickBooks Online plan choices for a fee. There are two options:
Self-Service Payroll and Full-Service Payroll. Both these services allow you to conduct payroll on your timetable, pay employees and contractors via free direct deposit, and file federal and state payroll taxes.
- QuickBooks prepares, files, and pays payroll taxes on your behalf with the Full-Service subscription.
- Full-Service is $80 per month, plus a per-employee charge.
- Although you may pay and submit your taxes directly from QuickBooks, the Self-Service plan requires you to finish this procedure yourself.
- The monthly fee for Self-Service Payroll is $35, plus $4 per employee per month.
- QuickBooks is now providing a limited-time discount of 50% off any of their payroll plans for three months.
Pros of QuickBooks Online
Overall, QuickBooks Online boasts a comprehensive feature set—including everything from invoicing to taxes—as well as the flexibility to use their software wherever you go, making it a viable alternative for businesses of all sizes.
Although QuickBooks Desktop is a comparable software, one of the most significant benefits that QuickBooks Online has over this solution and Quicken is the ease of use. You may access your software using any online browser, as well as a desktop app, a mobile device, or a tablet.
Another significant advantage of QuickBooks Online is the ability to add-ons and integrate with third-party applications. You may link QuickBooks payroll choices to any of the QuickBooks Online plans, as well as hundreds of other third-party bookkeeping, productivity, and accounting applications.
Cons of QuickBooks Online
Don't get us wrong: QuickBooks Online is a rather simple accounting system. QuickBooks Online may be set up fast and easily, and many accountants and bookkeepers are already accustomed to the QuickBooks interface.
Aside from the cost discounts, QuickBooks Online isn't the most economical accounting software on the market. FreshBooks and Sage both provide comparable accounting services at a lesser cost. Furthermore, several suppliers, including FreshBooks, provide yearly savings that QuickBooks does not.
QuickBooks Online Review: Top Alternatives
Accounting software from Xero
Consider Xero accounting if you're seeking a web-based alternative to QuickBooks Online. Despite being a newcomer to the industry, Xero has swiftly established itself as one of QuickBooks' main rivals.
Xero, like QuickBooks, links to hundreds of third-party applications, has a mobile app, and many subscriptions to select from.
The functionality of the three Xero plans—Early, Growing, and Established—differ, with the Established plan having the most extensive capabilities. Depending on the plan, these plans are available for a monthly membership charge of $9, $30, or $60.
QuickBooks Desktop software
If you're searching for a locally hosted solution with even more capability for your business accounting and related procedures, QuickBooks Desktop is a viable option.
Furthermore, many QuickBooks Desktop solutions are offered for a one-time fee or on an annual subscription basis, which you may prefer to the monthly fee of QuickBooks Online.
The Bottom Line
QuickBooks Online can effectively service a wide range of organizations, and it is one of the most popular small company alternatives for a good reason.
With comparable software on the market, you may discover that Xero, Wave, FreshBooks, or another option is better for your company.
Finally, if you've gone through many QuickBooks Online reviews, as well as reviews for alternative accounting systems, and you're still unsure, take advantage of the available free trials.
You'll have a better feel of whether a certain accounting software will meet your business demands if you try it out for yourself.