Is QuickBooks Online Made For Your Small Business

QuickBooks Online Review: Is It the Best Accounting Tool for Your Business?

Ruchi
By Ruchi | Last Updated on December 2nd, 2024 8:26 am

As an ambitious small business owner, I embarked on a quest to find the perfect accounting software that would simplify my financial tasks. With this, I was searching for something that would empower me to make informed decisions and propel my business forward. That’s when my path crossed with QuickBooks Online, one of the best accounting software.

QuickBooks Online is a cloud-based accounting solution that promises to be my trusted financial companion. This platform has a reputation for being a game-changer in the world of small business accounting. QuickBooks Online integrations have allowed me to connect various aspects of my business smoothly.

Integrating QuickBooks Online with other applications has taken my financial management to a whole new level. From virtual bookkeeping to efficient payroll management, these integrations have simplified my life. QuickBooks Online is loved by a majority of people. The platform has a 4.5 rating on G2, and the reviews clearly show how useful and user-friendly QuickBooks Online is. This ultimate single tool has simplified the accounting for a lot of users, including me.

So let’s move further and explore everything about QuickBooks Online and my experience with this amazing platform.

Table of Contents

My Experience With The Features

product and features

I was thrilled to discover the extensive range of products and services offered by QuickBooks Online. It’s an incredible tool that empowers businesses like mine to streamline their financial operations and gain valuable insights. Let me share my journey and experiences with QuickBooks Online, highlighting the benefits and impact of its various products and features.

Products

  1. Accounting

    2. The core accounting product of QuickBooks Online is a game changer for any business owner. It provides a comprehensive suite of tools that make managing my business finances a breeze. With this product, I can effortlessly track income and expenses, generate financial reports, and stay on top of my cash flow. It’s an essential companion for any business, ensuring accurate financial records and a healthy financial foundation.

  2. Advanced Accounting

    3. As my business grew and my accounting needs became more complex, the ‘Advanced Accounting’ product stepped in to save the day. This product offers advanced features like enhanced reporting, budgeting tools, and advanced inventory management. It's like having a financial powerhouse at my fingertips, providing the tools I need to navigate the complexities of a growing business.

  3. Virtual bookkeeping

    4. QuickBooks Online’s ‘Virtual Bookkeeping’ product is a true lifesaver. With this product, I gained access to a team of certified bookkeepers who handle my bookkeeping tasks remotely. They take care of data entry, account reconciliation, and financial reporting. This ensures my books are always up-to-date and accurate. It’s like having a dedicated bookkeeping team without the overhead. And they provide me with peace of mind and accurate financial insights.

  4. Payroll

    5. Managing employee payroll can be a daunting task, but QuickBooks Online’s ‘Payroll’ product simplifies it all. With this product, I can easily process payroll, manage tax filings, and stay compliant with employment laws. It’s a seamless solution that saves me time and potential headaches. This ensures my employees are paid accurately and on time.

  5. Pay contractors

    6. Working with independent contractors is a common practice in my business, and QuickBooks Online’s ‘Pay Contractors’ product makes it easy. This feature allows me to manage payments to contractors, track their hours, and ensure compliance with tax regulations. It streamlines the process, making it efficient and hassle-free, and helps me maintain a professional relationship with my contractors.

  6. Time tracking

    7. The ‘Time Tracking’ feature is a valuable asset for my business, especially when it comes to managing projects and tracking employee hours. With this feature, I can easily track time spent on different tasks, monitor productivity, and generate accurate timesheets. It helps me allocate resources effectively and ensures that my projects stay on schedule and within budget.

  7. Payments and banking

    8. QuickBooks Online’s ‘Payments and Banking’ product is a one-stop solution for all my financial transaction needs. With this product, I can accept online payments, process credit card transactions, and manage my bank accounts in one centralized platform. It simplifies the process of accepting payments and provides a secure and efficient banking experience.

  8. Desktop Enterprise

    9. For businesses like mine that require advanced financial management capabilities and multi-user access, the ‘Desktop Enterprise’ product is the ultimate solution. This product offers enhanced features, including advanced reporting, strong security, and scalability. It’s designed to handle the unique challenges of enterprise-level businesses. This provides a powerful and reliable financial management system.

Features

what quickbooks cover

  1. Invoice

    2. The ‘Invoice’ feature is a cornerstone of my business operations with QuickBooks Online. It allowed me to create and send professional invoices to my clients with ease. I can track payments, set payment terms, and even accept online payments. This ensures a smooth and efficient payment process. It’s a powerful tool that helps me get paid promptly and maintain a positive cash flow.

  2. Track expenses

    3. Tracking expenses is crucial for any business, and QuickBooks Online’s ‘Track Expenses’ features make it a seamless process. I can easily record and categorize expenses, track mileage, and even snap photos of receipts for digital storage. This feature keeps me organized and ensures accurate expense reporting. Which in turn helps me stay on top of my business’s financial health.

  3. Manage bills

    4. The ‘Manage Bills’ feature is a lifesaver when it comes to keeping track of my business’s expenses. With this feature, I can easily record and pay bills, set up automatic payments, and track due dates. It simplifies the bill payment process, ensuring I stay on top of my financial obligations and avoid late fees.

  4. Expert tax prep help

    5. QuickBooks Online’s ‘Expert Tax Prep Help’ feature provides me with expert guidance and support when it comes to filing my business taxes. This feature simplifies the tax filing process, ensuring I meet all the requirements and deadlines. It’s a valuable resource that reduces the stress and complexity associated with tax season, giving me peace of mind.

  5. Get tax deductions

    6. QuickBooks Online’s ‘Get Tax Deductions’ feature is a money-saving tool that I can’t live without. This feature identifies potential tax deductions based on my business activities and expenses, helping me maximize my tax savings. It ensures I don’t miss out on many deductions. And this allows me to keep more of my hard-earned money and invest it back into my business.

  6. Run reports

    7. The ‘Run Reports’ feature is a powerful tool that provides me with valuable insights into my business’s financial performance. With this feature, I can generate numerous reports, including profit and loss statements, balance sheets, and cash flow reports. These reports help me make informed business decisions, track my financial health, and identify areas for improvement.

  7. Track miles

    8. As a business owner who travels frequently, the ‘Track Miles’ feature is a handy tool. It allows me to track mileage for tax deductions or expense reporting. This ensures I don’t miss out on any potential savings. With this feature, I can easily record and calculate mileage, making tax season and expense reporting a breeze.

  8. Manage projects

    9. The ‘Manage Projects’ feature is a valuable addition to my business, especially when it comes to managing multiple projects. With this feature, I can track project costs, monitor progress, and allocate resources effectively. It helps me stay on top of my projects, ensuring they stay on budget and meet deadlines.

  9. Manage E-Commerce

    10. QuickBooks Online’s ‘Manage E-Commerce’ feature is a must-have for my online business. This feature integrates seamlessly with popular e-commerce platforms, allowing me to manage my online store’s sales, inventory, and payments all within QuickBooks Online. It simplifies the process of running an e-commerce business, providing a centralized platform for financial management and ensuring a smooth customer experience.

  10. Get paid and pay bills

    11. The ‘Get Paid and Pay Bills’ feature is a convenient solution for managing my business’s financial transactions. With this feature, I can easily accept payments from customers, process credit card transactions, and pay my bills. It streamlines the payment process, ensuring a smooth and efficient financial flow, and helps me stay on top of my cash flow.

  11. Manage banking

    12. QuickBooks Online’s ‘Manage Banking’ feature is a centralized platform that simplifies my business’s banking needs. With this feature, I can connect my bank accounts, track transactions, and reconcile my books with ease. It ensures accurate financial records and provides me with a clear overview of my business’s financial health.

  12. Get a loan

    13. QuickBooks Online’s ‘Get a Loan’ feature is a valuable resource when it comes to financing my business. This feature connects me with lenders and provides a streamlined process for applying for business loans. It helps me find the right financing options and navigate the loan application process with confidence. This ensures I have the capital I need to grow my business.

QuickBooks Online has been an incredible partner in my business journey. It provided me with the tools and insights I need to thrive. Its products and features have smoothened my financial operations, saved me time and money, and empowered me to make informed decisions. With QuickBooks Online by my side, I feel confident and equipped to take my business to new heights.

The Highlights of QuickBooks Online

I loved this

  1. Ease of Use

    2. QuickBooks Online is an absolute joy to use. The platform is incredibly user-friendly, with an intuitive interface that makes navigating its features a breeze. Even as a non-accounting expert, I found it easy to understand and utilize. This platform saved me a lot of time and frustration.

  2. Reporting Features

    3. The reporting capabilities of QuickBooks Online are impressive. I could generate detailed financial reports with just a few clicks, gaining valuable insights into my business’s performance. These reports helped me make informed decisions and keep a close eye on my financial health.

  3. Invoice Management

    4. Managing invoices was a breeze with QuickBooks Online. I could create professional-looking invoices, track payments, and even send payment reminders to clients. The platform’s automation features made the entire process efficient and smooth, saving me valuable time and effort.

  4. Accessibility

    5. The accessibility of QuickBooks Online is a huge advantage. With its cloud-based nature, I could access my financial data from anywhere, at any time, as long as I had an internet connection. This flexibility allowed me to manage my business finances on the go, whether I was at a client meeting or traveling for work.

  5. Business Stability

    6. QuickBooks Online is designed with small businesses in mind, and it shows. The platform offers numerous features that cater to the unique needs of small businesses, from basic bookkeeping to advanced inventory management. It’s a comprehensive solution that grows with your business, providing the tools you need to succeed.

Some Popular QuickBooks Online Integrations

  1. QuickBooks Online and Stripe integration

    2. This integration is a powerful combination for businesses accepting online payments. Creating a QuickBooks Online and Stripe integration ensures accurate records and a smooth customer experience. With Stripe’s smooth payment processing and QuickBooks Online’s strong accounting features, you can easily manage your finances and track transactions.

  2. QuickBooks Online and Shopify integration

    3. For online retailers, setting up a QuickBooks Online and Shopify integration is a game changer. It connects your Shopify store with QuickBooks Online, allowing you to manage sales inventory, and financial data in one place. This integration streamlines your e-commerce operations, providing a centralized platform for efficient financial management.

  3. QuickBooks Online and Salesforce integration

    4. By creating a QuickBooks Online and Salesforce integration, you will get a powerful tool if you use Salesforce CRM. It syncs your financial data with Salesforce, providing a complete view of your customer and their transactions. This integration enhances your sales and accounting processes, ensuring a smooth flow of information.

  4. ConnectWise and QuickBooks Online integration

    5. Setting up a ConnectWise and QuickBooks Online integration is a valuable solution for IT service providers. It connects your ConnectWise with QuickBooks Online, automating billing, tracking expenses, and managing finances. This integration saves time and ensures accurate financial records, making business operations smooth.

  5. HubSpot and QuickBooks Online integration

    6. Creating a HubSpot and QuickBooks Online integration is a must-have for businesses using HubSpot CRM. It syncs your financial data with HubSpot, providing a comprehensive view of your sales pipeline and customer transactions. This integration enhances your sales and accounting processes, making it easier to manage your business’s financial health.

Areas of Improvement

  1. Expensive Plans

    2. One of the biggest drawbacks of QuickBooks Online is its pricing. While the platform offers numerous features, the cost can add up, especially for small businesses on a tight budget. The additional costs for advanced features like payroll and inventory management can be a significant expense. And this may not be feasible for all businesses.

  2. Missing Features

    3. Despite its comprehensive nature, there are some features that I felt were missing from QuickBooks Online. For instance, I would have liked to see more customization options to tailor the platform to my specific business needs. Additionally, certain advanced reporting features could be improved to provide even deeper insights.

  3. Learning Curve

    4. There is a learning curve associated with QuickBooks Online, especially for those who are new to accounting software. It took me some time to fully understand and utilize all the features, and there were moments of frustration along the way. A more comprehensive and user-friendly onboarding process would be a welcome addition.

  4. Data Management

    5. While QuickBooks Online excels in many areas, data management could be improved. I encountered some challenges when it came to importing and exporting data, especially when dealing with large datasets. The platform could benefit from more strong data management tools to make the process smoother and more efficient.

Despite these challenges, I believe that QuickBooks Online is a powerful and valuable tool for small businesses. By understanding its strengths and weaknesses, businesses can make an informed decision and use the platform to its fullest potential.

What Was the Pricing Plan?

pricing plans

I was thrilled to discover the options of pricing plans offered by QuickBooks Online. Although the pricing was a little too much for me, QuickBooks Online gives you options. Let me walk you through the pricing plans of QuickBooks Online:

  1. Simple Start

    2. The simple start plan was a game-changer for my small business. At $17.50 per month, it offers some fantastic features. These features include access to expert tax help, income, and expenses, banking with 5% APY, bookkeeping automation, invoice and payments, tax deductions, general reports, receipt capture, mileage tracking, cash flow, sales and sales tax, estimates, contractors, connect 1 sales channel, and bill management.

  2. Essentials Plan

    3. As my business grew and my financial needs became more complex, at $32.50 per month I upgraded to the essentials plan. It offered a comprehensive set of features that were a game changer. These features included all the simple start features. With this, I also got enhanced reports, can connect 3 sales channels, and multiple currencies, include 3 users, and can enter the time of your employee with the client to automatically add it to the invoices.

  3. Plus Plan

    4. As my business continued to scale, I knew I needed even more advanced features. So, at $49.50 per month, I subscribed to the Plus plan, which was the perfect fit for my growing business needs. In this plan, I received all the essential plan features. In addition to this, I received comprehensive reports and can connect all sales channels, including 5 users, project profitability, and financial planning.

  4. Advanced Plan

    5. For businesses with complex financial needs and a large number of users, the advanced plan is the ultimate solution. At $117.50 per month, it includes all the features of the Plus plan. With this, it also includes incredible additional features, namely, powerful reports, includes 25 users, auto-track fixed assets, data sync with Excel, batch invoices and expenses, custom access controls, workflow automation, data restoration, 24/7 support & training, and revenue recognition.

All in all, each plan has offered incredible value and helped my business grow. By understanding the features and benefits of each plan, I was able to choose the one that aligned perfectly with my business needs.

Wrapping Up

QuickBooks Online has been an absolute game changer for my business. It’s like having a financial superpower at my fingertips! With its comprehensive range of products and features, I’ve been able to streamline my financial operations and make smarter decisions.

From virtual bookkeeping to efficient payroll management, QuickBooks Online has simplified my life. Its intuitive interface and powerful tools, like advanced reporting and expense tracking, have saved me time and kept my finances in check. Despite a few areas for improvement, QuickBooks Online is a trusted partner. This platform empowers me to reach new heights and take my business to the next level.

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