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Are you tired of using a desktop application for accounting? Is it so that you are looking for a pure accounting solution purely for your business instead of personal finance? In any of these situations, QuickBooks Online can be a flexible accounting solution for you. On offer by Intuit, QuickBooks Online is different from the other Intuit accounting programs such as Mint and Quicken, as it is totally geared for business accounting, not personal finance management.
Founded in 1983 by Tom Proulx and Scott Cook, Intuit has come up with its online version of QuickBooks with a refurbished interface for faster and more insightful performance. Designed for small business owners, the online program is easy to use and that there is no need to download and install on your desktop. It comes with all essential accounting tools while excluding highly advanced features to cater to the needs of small businesses.
The solution acts as an accounting, billing, and invoicing platform for controlling business accounts and coordinate financial data at one place. You have the complete control over all accounting activities and that you learn more from free online support. You can quickly create bills and invoices, profit and loss sheets, custom reports, and feeds that are print- and mobile-friendly. The platform can even track payments, users, invoices, and sales history.
Setup is simple and quick due to a few screens with clear instructions. You can choose your business type and customize the settings the way you like. Once this is done, you are taken to the dashboard or your account’s home page full of various options and how-to links to get started. For several tasks, you need not have an understanding of standard accounting procedures. They are recorded via online screens resembling paper forms like checks and invoices.
The interface is neat and intuitive with well-organized details and puts away complex features. The blue menu has all navigation options such as Vendors, Customers, Reports, Banking, and Employees. Quick links on the right side allow creating an invoice, sales receipt, bill, or check quickly for saving time. However, the interface is not multilingual.
QuickBooks Online comes with a few unique features that the desktop edition does not offer. These are payroll, inventory, sending invoices through email, accounts receivable/payable, managing customer, employee, and vendor data, third-party app integration, online banking, pay bills, print checks, and track expenses.
The software allows creating invoices with sales tax, based on expenses and time. You can even automate and schedule invoices, create estimates for future projects, and track sales or total revenue for sale of an item.
With the support for thousands of financial institutions, QuickBooks Online allows synchronizing your business checking account and credit cards daily by downloading transactions automatically into the software. It reconciles the bank account by analyzing each transaction and ensuring that the information in the online software account matches.
The security features including data encryption is quite similar to that of banks. Data backup is also possible on daily basis. You can even write and print checks, view deposit records and histories of credit cards, cash, and check payments across all accounts, and analyze expenses by transaction.
You can view several reports related to sales, tax, finance, P&L, reconciliation, inventory, and aging accounts receivable. You are also free to create your own reports through templates. There is also a balance sheet-like snapshot and a company scorecard for analyzing business performance. You can export these reports to MS Excel.
QuickBooks Online is compatible with Intuit GoPayment and QuickBooks Online Payroll. Apart from that, you can integrate it with the available apps such as CRM and marketing apps for a quick comprehensive analysis.
QuickBooks Online can be a perfect choice for small businesses and freelancers hoping to save both efforts and time by using a simplified and integrated accounting system. Although the software is primarily for small firms, its ability to integrate seamlessly with other business programs appeals to other firms.
However, these firms will be those that do not mind having full capabilities for any five users and following most GAAP standards (not all). The lack of all GAAP standards does not matter for small businesses, as they are more bothered about invoices and cash flows for which they need cash and accrual basis accounting standards.