Last Updated: July 24, 2021
- Free trial: Yes, 30 days
- IFRS compliant: Yes
- Tax management: Yes
- Bookkeeping : Yes
- Inventory management: Yes
- Invoice generation: Yes
- Payroll management: Yes
- Reports and analytics: Yes
- Unlimited client support
- Limited reports
- Steep learning curve
- Missing entries sometimes
QuickBooks was initially released by Intuit in 1983. It’s simple accounting software for any small business, yet has plenty of useful features.
The platform’s functions cover a broad scope of accounting operations; hence no need to invest in additional tools. It’s suitable for freelancers, independent contractors, and other solopreneurs.
The online version is cloud-based. Users also access it upon subscription from anywhere and on any internet-connected device.
To add on to that:
QuickBooks is compliant with the International Financial Reporting Standards (IFRS). The International Accounting Standards Board (IASB) set up the organization to address the following:
- Cost reduction
- Uniformity across different countries around the world
- Accountability and transparency
Quickbooks Software Features
Here are the functions that will make it easier for you to run your business finances:
Project Profitability Checks
If you need to follow up on different aspects of your project, QuickBooks is your best companion.
It’s the best for project accounting because it helps you figure out if a job is bringing in a good amount of cash or not. It does so by looking into invoices, expenses, payments, and bills.
Therefore, you can use it to estimate how much money you’ll get upon completion. You can also identify issues that may be causing you to lose money.
With this simple bookkeeping software, you can automate the process as you concentrate on other business areas.
It will also help you with:
- Data organization
- Transaction recording
Creating and Sending Invoices
QuickBooks for personal and business use is ideal for creating designated invoices. It tracks payments right from account receivables until the time you need to send a reminder for clients to make payment.
It takes a couple of minutes to build the document, and you can do this in different ways, namely:
- Using estimates
- Using sales orders
- Building from scratch
If you have customers that pay you on a regular basis, you don’t have to start from scratch every time. You can automate the QuickBooks online app to bill them in a recurring fashion.
One of the best things about this software is that it will send you automatic reminders every time the period approaches. In addition, you can send an unlimited number of invoices.
Tracking Incomes and Expenses
It’s not unusual to get so held up by work that you forget to check incoming versus outgoing income. And this can cause a huge mess in case there are any issues with your accounts.
Luckily, you can stay on top of things using the QuickBooks app.
For starters, it connects to different accounts that you use to receive income and make payments. Examples here include PayPal, Square, credit cards, or bank accounts.
It then puts your spending into different categories that you can edit at any time. From there, it tracks how you use all your money.
The software’s mobile app allows you to take photos of receipts to track your expenses. You can match every single document with incoming transactions for bank reconciliation.
People searching for QuickBooks online reviews usually want to know all about the payroll feature.
Here’s what it brings to the table:
You can automate the software to run this function for you so that your staff gets their salaries/wages on time.
Accounting and payroll software is perfect for managing staff and tracking their hours through timesheets. At the end of a pay period, you don’t have to do much. All you need to click on “approve” and voila!
Managing different sellers can be a taxing job if you don’t have the right solution. The platform not only allows you to add various suppliers but also lets you classify them into different categories.
It skillfully manages your accounts payable so that you always know how much you owe. Information that you can store on vendor records includes account numbers, opening balances, billing rates, and terms.
While researching for this QuickBooks online review, I quickly discovered that this is a reliable tax management software. It follows the Financial Accounting Standard Board’s (FASB) rules when entering records.
The US organization standardizes the reporting of financial data.
With this solution, you always have real-time data on your incoming and outgoing Value Added Tax (VAT) and sales tax.
If you need professional help, you can opt for assistance from the company’s tax experts. Alternatively, you can handle the process yourself.
Whatever method you choose, QuickBooks will ensure that you’re ready for the taxman when the time comes.
And here’s a kicker:
This program will pay up to $25000 if you accidentally enter the wrong tax details and receive a penalty.
Generating Estimates and Quotes
Another thing that you might be looking for when reading different QuickBooks online reviews is whether it can create estimates.
Well, this is the best solution for that function.
It has a template that you can use to make professional and customized documents approximating how much your products or services will cost. You can include your logo, brand colors, or play around with the layouts to get the exact look that you want.
- Payment terms
- Discounts or offers
- Available units
You can email quotes as soon as the client requires them to browse through and sign if you’re using QuickBooks products. If your customer is on WhatsApp, you can also deliver the estimates straight to their inbox.
How awesome is that?
Once customers accept the quotes, you can turn them into invoices when the right time comes.
And if you’re worried that this might be a time-consuming manual task, worry no more. Just give QuickBooks the date you need the invoice to go out, and it’ll do all the heavy lifting for you.
The worst thing that could ever happen to your business is to deplete its stock without warning.
This is why:
Clients will have to go to your competitor because they came to you, and you didn’t have what they needed.
QuickBooks small business is a fantastic platform to help you stay on top of your inventory at all times.
It will follow up on sales and alert you when supplies are running low. It also checks what products that have a high demand to help identify fast-moving goods and order more of those.
The tool also creates purchase orders, and you can send these out to different suppliers. That will ensure that you’re always ready for your customers.
Intuit QuickBooks makes it so much easier to collaborate with your clients and other team members.
For starters, you can access it from anywhere, from any smart device. You can schedule a video chat or call using the tool at any time. That eliminates the need to meet up in a physical office for discussions.
Any actions on the data show up in real-time, one of the reasons QuickBooks is one of the best accounting software in the market. Plus, you and your customer can be on a document simultaneously for feedback and communication.
If you’re an international trader, QuickBooks is for you. It allows you to carry out operations in 145 countries.
The platform automatically converts into different currencies when buying and trading. And don’t worry about the day’s rates or accurate figures.
Creating a budget helps you plan on how much to allocate different running costs to avoid last-minute surprises. QuickBooks is one of the best accounting systems for any small business because you can use it to forecasts using data from the previous year.
Alternatively, you can build your budget from scratch. After that, the system shows you how it’s progressing via percentages.
Insights and Reports
QuickBooks’s customizable reports are the easiest way to know the health status of your company’s finances. They show you both strengths and bottlenecks, and that’s one sure way to avoid nasty surprises.
Users can edit report titles to personalize them. This makes it much easier to differentiate various documents: team-wise or other branches of a company. I found this pretty neat when testing it for my Quickbooks online review.
The software can:
- Profit and loss
Quickbooks Apps and Integrations
QuickBooks is a cloud accounting software with Android and iOS apps. You can also use it on Mac and desktop.
If you want to link other apps to this platform for maximum productivity, you can do so, and here are some examples:
If you take a look at QuickBooks online reviews. you’ll see it has 5-star customer service, and that is so true. You can reach the department via live chat or call.
The client support staff is available 24 hours, five days a week – Monday to Friday.
The process of connecting to an agent on the QuickBooks accounting chat was lengthy.
It required me to first fill a form with details like my name and email address. After that, a sub-window appeared asking for my business ID, and the agent wouldn’t help me without it.
I was surprised because that isn’t the norm with this kind of support.
So I had to find out why, and I asked the contact person after the system accepted my request.
She informed me that she needed the business identification number for security purposes.
All in all, I got the help that I needed.
The customer service representative referred me to the page where I could get the information that I needed.
The software also has an “Ask the Community” option. It’s ideal for you if you want to get answers from Quickbooks’ community.
You can get the accounting software free for 30 days. The trial is available for all its plans. After the period is over, the company has a couple of premium options for you to choose from, and here they are:
- Simple Start (for one user + accountant) – $12.50/month
- Essentials (for three users + one accountant) – $20/month
- Plus (for five users + one accountant) – $35/month
- Advanced (for twenty five users + one accountant) – $75/month
*As at the time of writing this QiuckBooks review, there’s a 50% offer, valid for 3 months.
Note that the company hasn’t shared how long it’ll last.
QuickBooks Online Review – Verdict
As you can see from this QuickBooks online review, it’s one of the best options in terms of flexibility and depth. With the software, you can accept payments, track cash flow, create invoices, manage inventory, accept payments, make budgets, amongst other things.
It also has a high adaptability level, and you’ll see this during setup when the software asks you a couple of questions. The main goal of this process is to tailor it to your specific needs.
Note that it customizes your dashboard in the background. Once this step is over, you’ll notice that it has the right workflows for your business regardless of your industry.
This solution has limited reports. However, you have to bear in mind that its creators had a small business environment in mind when making it. In that sense, the document still offers a substantial amount of information to its audience.
Truly speaking, it has a lot of features – you’ll notice when you take QuickBooks online for a test drive. Although it’s not hard to learn, the software requires users to put in a lot of hours when familiarizing themselves with it.
On the flip side, the functions have a lot to offer your organization once the training is over.
Yes, QuickBooks a quality small business bookkeeping software. It has powerful features, is easy to use, and affordable.
You can manage taxes, create invoices, run payroll, follow up on income, expenses, analyze project profitability, amongst other things.
Like with everything in this world, this software also has its strong and weak points.
- 24-hour client support
- Pocket-friendly pricing
- Lots of robust features
- Automation reminders
- Limited reporting capabilities
- Takes time to learn
- Entry missing sometimes
QuickBooks is one of the safest software in the market. It has top-notch security features that comprise digital certificates, high-grade encryption, RSA, Secure Socket Layer (SSL).
QuickBooks for business or home use provides everyone that accesses your company information with a unique password. The company also has a read-only connection to your bank, so no one can try to siphon money from your account.
The software also uses VeriSign, the world’s leading certificate authority provider. Whenever you access your account, you’ll need to provide a PIN and customer ID.
Plus that encryption that I mentioned earlier, not even back-end staff can be able to decode it. Only the rightful recipient can read and act on the information.
As you can see, QuickBooks provides layer upon layer of security and privacy. Therefore, with this platform, you can rest easy knowing that your financial data is safe.
Monthly QuickBooks online costs are as follows:
- Simple Start – $12.50/month
- Essentials – $20/month
- Plus – $35/month
- Advanced – $75/month
It is not challenging to learn. However, it has many features, so it might be overwhelming for your team to study them all in a short time span.
This is one question that people searching through QuickBooks online reviews ask. Yes, you can discontinue your QuickBook account at any time.
For the trial, just wait for the period to end. Your account will become inactive afterward. As for the paid plan, just fill a simple form.
This solution doesn’t have a free version. However, QuickBooks free trial is available to you for 30 days at $0.
QuickBooks is ideal for accountants and bookkeepers that work for small or growing businesses. It’s also perfect for self-employed individuals or freelancers.