Intuit's QuickBooks

QuickBooks Online Review 2024

Intuit’s QuickBooks is a prominent name in the accounting software market. It offers a variety of products, with QuickBooks Online as its leading solution. QuickBooks Online delivers comprehensive accounting and bookkeeping functionalities and a range of optional add-ons, forming a complete financial platform for businesses.

Due to its extensive features, QuickBooks Online is particularly suitable for mid-to-large-sized businesses experiencing growth. However, it might be too complex for startups and small businesses that require only essential functions. In this QuickBooks online review, we will conduct an in-depth analysis, providing a detailed look at its pros and cons, features, user experience, pricing, and more. The following insights will assist you in deciding whether QuickBooks Online is the ideal accounting tool for your business.

Overview of QuickBooks Online

Overview of QuickBooks Online

QuickBooks Online is crafted for user convenience and is available through your web browser and mobile devices. As a cloud-based accounting platform, it enables you to manage your finances by monitoring income and expenses and tracking your business’s financial health. The software allows you to create invoices, generate reports, manage bill payments, and prepare taxes.

Developed by Intuit, QuickBooks Online includes web-based features such as remote payroll support, online banking integration, electronic payment capabilities, and enhanced email functions.

Designed with simplicity in mind, QuickBooks Online is suitable for a range of users, from freelancers to business owners, including those without a background in finance or accounting. It offers flexible access to financial data, easy-to-use templates, and a user-friendly interface, making financial management accessible and straightforward.

QuickBooks Online Review – Pros and Cons

Pros

  • Access financial data anytime, anywhere with internet connectivity​.
  • User-friendly interface suitable for non-accountants.
  • Multiple subscription levels that grow with your business​.
  • Includes tools for invoicing, payroll, and reporting​.
  • The dashboard provides up-to-date financial health monitoring​​.
  • Frequently offers significant discounts for new users​.

Cons

  • Costs can increase significantly after initial discounts end​.
  • It may not support the complex needs of larger enterprises as effectively.
  • Reports of long wait times and inadequate issue resolution​.
  • Occasional discrepancies in data syncing with banks and other platforms​​.
  • Some users find the customization options for reports and invoices lacking​.

What Are the Features of QuickBooks Online?

4.1 Stars

QuickBooks Online review 2024
  • Reporting

QuickBooks Online excels in report generation, surpassing many of its competitors. The software includes a comprehensive array of built-in reports such as general ledger reports, aged receivable reports, balance sheets, trial balance reports, and profit-and-loss statements. You can conveniently mark frequently used reports as favorites for easy access. Additionally, QuickBooks can automate report generation and send them to you via email according to a schedule you set.

Recently, QuickBooks has enhanced its reporting capabilities with a suite of budgeting and forecasting tools, an exciting addition that promises to help small business owners manage their finances more effectively. Plus, the software now allows for more visual elements in custom reports, offering deeper insights through data analytics to support better business decision-making.

  • Inventory

While QuickBooks Online’s inventory features are robust, offering perfect functionality could be enhanced if it allowed users to compare actual versus estimated inventory levels in the Plus Plan, not just in the Advanced Plan.

Despite this, the inventory management capabilities are outstanding. QuickBooks enables detailed tracking of stock items and quantities, automatic updates to inventory levels, creation and sending of purchase orders to vendors, and customizable alerts to notify when stock replenishment is needed.

  • Free Setup Session with a ProAdvisor:

When you set up your company file with QuickBooks Online, you may schedule a free, one-time virtual consultation with a QuickBooks specialist. The expert will walk you through creating your chart of accounts, linking your bank and credit card accounts, personalizing invoicing, and setting up reminders throughout this session.

It is noteworthy that this deal excludes desktop transfer, payroll setup, and other services and does not apply to those on a free trial.

  • Enhanced Migration Process:

Switching from any version of QuickBooks Desktop to QuickBooks Online is intended to be simple and effective. Using the online migration tool, you may decide whether to move all of your data or just the important components, like balances and particular listings. We also provide a free data migration service if you need it. A user ID is automatically included in the migration process, making account creation simple.

  • Tax Filing

QuickBooks Payroll handles the calculation and filing of your state and federal taxes starting from the most affordable plan. It manages all your staff’s withholdings, helping to prevent human errors and costly penalties, which is crucial for small businesses given that the IRS can impose fines exceeding $5,000 for inaccurate filings, significantly impacting your revenue.

Should you incur any penalties, QuickBooks commits to covering any fines resulting from their errors, up to $25,000 of your own penalties included.

QuickBooks Payroll is seamlessly integrated with its robust accounting and bookkeeping suite, ensuring compliance across all your financial accounts. Opting for higher-tier plans offers the added advantage of access to professional accounting services, reducing the risks associated with manual data transfers that are common with standalone software.

  • Artificial Intelligence

A standout feature in the latest QuickBooks tools is its AI functionality. Intuit Assist, an AI-powered chatbot visible on the right-hand side of the interface, helps analyze your business finances and answers accounting queries.

The software is designed to anticipate potential follow-up questions and provides actionable advice, such as sending reminders for unpaid invoices.

  • Mobile App

The QuickBooks Online mobile app provides a comprehensive overview of your business activities, enabling you to perform various accounting functions on the go. You can access dashboard data from the app, generate and send invoices, receive payments, capture and attach receipts to expenses, reconcile transactions, view customer details, and communicate with clients.

The app’s well-organized and user-friendly layout makes mobile management of your business finances straightforward.

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QuickBooks Online: Ease of Usage

4.0 Stars

Once you register for QuickBooks Online, you can log into your account and view the main dashboard. You can import your data into your new account if you’re transitioning from another accounting software. The dashboard summarizes your QuickBooks activities, including profit and loss, invoices, expenses, and sales.

QuickBooks can download and automatically categorize transactions if you use the Banking option on the dashboard’s left side to link your bank and credit card accounts. You can then examine these transactions during book reconciliation by going to the Banking section’s For Review tab.

While QuickBooks’s feature-rich interface may initially appear somewhat cluttered, its layout is logically organized. Understanding GAAP accounting can be daunting for those who need accounting knowledge, yet QuickBooks helps simplify this with numerous data visualization tools. The dashboard displays various graphs showing your sales trends, expenses, income, and P&L statements. You can change the date range for each graph and interact with these images by clicking on them to learn more about each dataset.

Additionally, you can personalize invoices, implement automatic sales tax monitoring if necessary, and discover how to input mobile receipts and bills. The gear icon at the top right corner allows you to modify all your business settings.

Customizing forms and invoices is really simple with QuickBooks. The app offers a variety of accent colors, layouts, fonts, and font sizes. Additionally, you can upload and arrange your brand image or logo. You may also customize the content in the invoice header, choose and edit the body columns, change the names and widths of the columns, personalize the footer text, and include notes for your clients.

You can grant your bookkeeper access to your QuickBooks Online account through the Manage Users section via the My Accountant tab. Additionally, if you need to find an accountant, you can search for one using the same tools.

Pricing of QuickBooks Online

4.1 Stars

Pricing of QuickBooks Online

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QuickBooks Online offers five different versions: Simple Start, Self-Employed, Essentials, Plus, and Advanced. Each plan caters to different needs, from individual freelancers to large enterprises.

Simple Start Plan

Priced at $18 per month, the Simple Start plan is designed for individual users. It includes:

  • Sales tax tracking and reporting
  • Mileage tracking
  • Expense capture via the app
  • Invoice sending and payment receiving on the go
  • Management of Form 1099 for tax purposes
  • Price estimate delivery to customers

Essentials Plan

At $27 per month, the Essentials plan builds on the Simple Start by adding:

  • Bill management
  • Manual time tracking
  • Advanced reporting

This plan supports up to three users, making it suitable for small businesses with a compact accounting team and those seeking deeper financial insights.

Plus Plan

The Plus Plan, at $38 a month, allows up to five users and includes all features from the Essentials plan, with additional capabilities such as:

  • Location and class tracking
  • Inventory management
  • Purchase order organization
  • Budgeting assistance
  • Project organization

Advanced Plan

The top-tier Advanced plan is available for $76 per month and is ideal for enterprise-level businesses with complex accounting needs. It includes everything in the Plus plan, plus:

  • Custom fields
  • Workflow automation
  • Revenue recognition
  • 24/7 support
  • Support for up to 25 users

This plan helps established businesses streamline their finances and focus on growth.

Customer Support of QuickBooks Online

3.9 Stars

When it comes to customer service, QuickBooks stands out among the many cloud-based software providers by offering its users several channels for support. You can use the company’s website’s large knowledge base, the community forum, or phone or live chat support to get assistance. To better assist its users, QuickBooks also provides webinars, training sessions, and instructional films. The company posts content pertinent to small business owners on its blog every month, along with details on new software and features  updates.

If you would rather receive help in person, QuickBooks can connect you with trained QuickBooks ProAdvisors in your area who can offer specialized software assistance based on your company’s needs. In comparison to other less expensive choices we looked at, QuickBooks offers a significant amount of value in terms of customer support.

For less urgent inquiries, QuickBooks also offers an array of self-help resources, including blogs, setup guides, troubleshooting tips, and community forums, allowing users to resolve minor issues independently.

Conclusion

Overall 4.2 Stars

QuickBooks Online remains a versatile solution for businesses of varying sizes, offering convenient cloud-based access and a user-friendly interface. Its robust features, including comprehensive reporting and inventory management, cater to diverse financial needs. While it may pose complexities for startups and small businesses, mid-to-large-sized enterprises can leverage its extensive functionalities.

Notably, QuickBooks excels in customer support, providing multiple avenues for assistance and regular updates. Whether you’re a freelancer or a growing enterprise, QuickBooks Online streamlines financial operations and empowers informed decision-making.

Frequently Asked Questions

  1. What are the key features of QuickBooks Online in 2024?

    QuickBooks Online offers invoicing, payment processing, and advanced reporting, including profit-and-loss statements and balance sheets. It supports inventory management and integrates with over 750 apps​.

  2. How does QuickBooks Online’s pricing work in 2024?

    QuickBooks Online offers plans from $30 to $200 per month, with variations in features like inventory tracking and user support. Discounts are often available for new users​.

  3. How does QuickBooks Online compare to its competitors?

    QuickBooks Online is praised for its robust features and ease of use but tends to be more expensive than alternatives like Xero and FreshBooks. Free options like Wave cater to tiny businesses​.

  4. What are the common customer opinions and reviews about QuickBooks Online?

    Customers appreciate QuickBooks Online’s user-friendly interface and extensive features but mention issues with customer support and occasional software bugs. Overall, it maintains a strong reputation​.

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