Complete Information on QuickBooks Online

what is quickbooks online

What is QuickBooks Online – In today’s world, running a successful business can be very challenging. You have to perform various tasks such as making the sale, providing services, producing the product run, etc on a daily basis. Everyone needs bookkeeping and accounting to be as easy as possible when it comes to preparing taxes. This is the time when QuickBooks comes into existence. QuickBooks is a well-known accounting solution that comes in two versions; QuickBooks Online and QuickBooks Desktop. Today, we are here to highlight some exciting features of cloud-based QuickBooks Online software.
In case, you are not using QuickBooks Online but would like to understand more about the same to check whether it will be the right solution for your business. Then, you are in the right place. The following blog provides an overview of QuickBooks Online as well as pricing details of the same. Firstly, we would like to give you a small introduction to QuickBooks Online software.

What is QuickBooks Online?

QuickBooks Online is a small business accounting software that permits you to manage all your business activities from anywhere, anytime. You just need to have an internet connection to access your QuickBooks online accounts. Along with this, QuickBooks online also offers smart tools for your business, yet is easy to use. You will be able to organize books of accounts, manage expenses, track inventories, send invoices, & manage your payroll. Including these features, QuickBooks Online helps you to organize your accounts, save your time and efforts, and make your work easy by adding a payments feature. Best of all, you will be able to use QuickBooks Online for free for 30 days.
Hopefully, you have got some basic details about QuickBooks Online. Now, it’s time to go further to get some knowledge about QuickBooks online pricing. In addition to this, we have provided the process of how to setup QuickBooks online, later on.

You May Read Also: What is QuickBooks TLS 1.2 Update for Desktop?  

Features of QuickBooks Online

QuickBooks is a popular accounting software among its users. You can avail of lots of features and functionalities in QuickBooks Online. We have discussed all of them below:

Managing Bills and Expenses

QuickBooks accounting software automatically manages your bills and expenses by linking your credit and bank card accounts to QuickBooks so all of your expenses are categorized and downloaded. Also, you can add any cash or check transactions in this software if you want to track it.
You can also pay your bills by using Online QuickBooks when they’re outstanding. For instance, you can create an Accounts Payable Report to check whether the bills have been paid on time or not. In this report, you are required to add the details of your current and past due bills. By doing so, you can be sure to quickly address any issues.

Scanning Receipts

QuickBooks users can also avail of the feature of “Scan Receipts”. All subscribers of QuickBooks Online will be able to download the QuickBooks App for free and take a picture of a receipt. After that, they just need to upload it to QBO. QuickBooks permits its users to attach a receipt to the corresponding banking transaction. An unlimited number of receipts can be uploaded to QuickBooks Online along with your data. This will be a great feature for companies who have to track lots of expenses.

Managing income and sales

In QuickBooks, the user can easily keep track of income and sales by creating invoices to track sales by customer. Stay on top of what customers owe you (also known as your accounts receivable balance) by reviewing your Accounts Receivable Aging Report, which includes the details of both current and past due invoices.

Profit and Loss Report

QuickBooks users can easily run the Profit and loss report. This report indicates the exact position of your business and you can also know the profit earned by you (Profit = Income – Expenses). This indicates the final net income for a week, a month, or a quarter.

Track Inventory

You will be able to track the product sold by your company in QuickBooks, like unit costs and on-hand amounts. Once you entered the transaction, QuickBooks will automatically track and update this for you. Various reports are available to manage your inventory in QuickBooks.
If you are tracking in an Excel spreadsheet, that becomes very feasible and takes lots of time. The user can easily track inventory by using QuickBooks.

Accept Online Payments

The best way to improve the cash flow of your business is to provide the option of pay invoices online to the customers. With the help of QuickBooks, the user will be able to add the Intuit Payments feature just by clicking the button.
Once the user-activated this feature, all customer invoices that you send through email consist of a “Pay Now” option. The user just needs to click on it in order to pay the invoice by using a credit card or by entering their bank account information to authorize an ACH payment directly from their bank account.

Run Payroll

The main concern for any owner is to “run payroll”. If you have employees who work for your business, you cannot skip this feature. In case, you have made mistakes while calculating paychecks that can result in steep penalties. To get rid of such mistakes, QuickBooks has offered you a feature of “payroll”.
The best thing about utilizing QuickBooks payroll is that it is integrated with QuickBooks so the financial statements will always be up-to-date as of the latest payroll run. You need to purchase the QuickBooks payroll subscription to avail of the payroll feature in QuickBooks. After purchasing it, you will be able to run the latest payroll tax tables to calculate the employer payroll taxes and employee payroll taxes.

Benefits to run payroll with QuickBooks:
  1. QuickBooks helps in filing in the payroll tax forms.
  2. You will be able to e-pay directly from QuickBooks.
  3. Helps in organizing employee information.
  4. You can process payroll accurately and quickly.
  5. Pay employees with a check or direct deposit
  6. State payroll taxes and Federal will be calculated automatically by using QuickBooks Payroll.

Versions of QuickBooks Online

Self-employed: This will track miles, income & expenses, maximizing tax deductions, run reports and invoices and accept payments.
Simple Start: This helps its users in maximizing tax deductions, run reports, invoicing, tracking income & expenses, and accept payments. You can also send estimates, and managing sales & sales tax in this version of QuickBooks Online.
Essentials: By purchasing essentials, the user will be able to track income & expenses, sales, and sales tax, send estimates, run reports, invoice and accept payments, maximize tax deductions, manage bills, tracks time and provide the feature of multiple users.
Plus: In plus QBO, you can track income and expenses, send estimates, run reports, track sales and sales tax, multiple users, track inventory, manage bills, invoice and accept payments, maximize tax deductions, create and manage budgets and manage 1099 contractors.

QuickBooks Online Pricing

QuickBooks Online Versions Price
Self-Employed$5 per month
Simple Start$12.50 per month
Essentials$20 per month
Plus$35 per month

After knowing QuickBooks Online pricing, you need to go through to know the procedure of how to set up QuickBooks Online.

How to Setup QuickBooks Online?

Before setting up QuickBooks Online, you have required to set up your accounts. The process of setting up an Account has been mentioned below. You need to first go through all of them respectively. And then, perform the final steps:

  1. First of all, enter your company information and choose Save and Next.
  2. Choose your industry and again, choose Save and Next.
  3. Finally, you will be lead to the Home Page.
  4. Now, perform the steps written below in order to set up QuickBooks Online.
  5. Firstly, you are required to connect your bank accounts by entering your user id and password for each financial institution.
  6. After that, change your chart of accounts only when required.
  7. And then, you can add your bookkeepers by choosing the Invite Accountant option under the Activities Panel.
  8. Finally, you are free to manage your expense via your phone or tablet.

What is the Difference Between QuickBooks Online and Desktop?

As we know, QuickBooks Online & QuickBooks Desktop both are different versions of QuickBooks introduced by Intuit. One of the highlighted differences between both of the versions is “Remote Access”. You can only access QuickBooks Online remotely while QuickBooks Desktop can only be accessed via your desktop. Some other differences have been written below:
Customized Features: QuickBooks Online consists of some additional features that are not available in the QuickBooks Desktop. In our opinion, QuickBooks Desktop contains extra freedom to customize forms in comparison to QuickBooks Online.
Automation features: You are required to have an internet connection to access your company accounts in QuickBooks Online. On the other hand, QuickBooks Desktop doesn’t require an internet connection.
Monthly Fee: QuickBooks Desktop requires a one-time payment or you need to pay according to the plan you have purchased. While you are required to pay for a monthly subscription in QuickBooks Online.
Support: QuickBooks doesn’t have support. By the way, you can get support in the QuickBooks Pro Plus edition. On the other hand, QuickBooks Online comes with free support.
Initial Fee: You can use QuickBooks Online for free for 30 days. While you need to purchase the QuickBooks desktop upfront.

Final Thoughts…!

Hopefully, you have understood all about “What is QuickBooks Online?” via the above article. As we have concluded, managing your books of accounts via QBO solution is simple and can be done without having expertise. If you don’t have an Intuit QuickBooks Online account, we recommend you to pick an appropriate pricing plan for your business that suits your business requirements and sign up. In this way, you can avail of various exciting features added by Intuit to QuickBooks Online.
In case, you are interested to get some additional information about QBO or want some other guidance regarding your software, feel free to get in touch with our experts. For this, you are required to dial our toll-free QuickBooks Support Phone Number (1-855-857-0824).
See Also

Frequently Asked Questions
Q1: What is the main function of QuickBooks Online?

A: QuickBooks has both the versions Desktop and Online that can be used to manage financial activities including income tracking, managing customers’ sales.

Q2: Could you get QuickBooks Online for free?

A: Yes, you will be able to use QuickBooks Online for free for 30 days. After that, you have to pay according to the purchased plan.

Q3: What are the three accountant tools in QuickBooks Online?

A: You can get access to various sets of features in QuickBooks Online known as Accountant Tools. Following are the tools that can be availed after purchasing the QuickBooks Online:

1. Preparation of your taxes.
2. Write off Invoices.
3. Run Report Tools
4. Classify Transactions

Q4: Which one will be better; QuickBooks Desktop or QuickBooks Online?

A: In our opinion, QuickBooks Online will be better when it comes to handling your business from anywhere, anytime. QuickBooks desktop can be only accessed when you are on your desktop. On the other hand, QBO can be accessed from anywhere and at any time.

Q5: How many companies can be handled via QuickBooks Online?

A: Repentantly, you can manage only a single company profile per subscription in QuickBooks Online. If you are interested to access multiple company accounts, sign up for once QuickBooks account per company.

More to explorer