How to Use Features and Functions in QuickBooks Online

QuickBooks Online made it to our Best Accounting Software for Small Business list because it is a comprehensive platform that checks all the boxes for accounting, invoicing and expense tracking. If you aren’t sure about the product, you can give it a 30-day test run with 100% capabilities of the Simple Start Plan to see if it meets your needs. Could you elaborate on which particular areas you would like assistance on, such as reports, vendors, customers, payroll, and so on?

  • With Plus, you can create projects and add income, expenses, and wages.
  • As you accept payment for any item in the inventory, the right expense account is updated and reflected automatically in taxable income.
  • POs are essential because they help you specify what products and services you need from your vendor or supplier and by when you need them.
  • Unfortunately, you can’t assign billable expenses to customers unless you upgrade to Plus.
  • These features can help you organize your finances and provide insights such as cost-cutting opportunities or sales trends that you can use to improve and grow your business.

There’s no separate video since QuickBooks Online’s inventory management is evaluated across the other categories. QuickBooks Online could have earned a perfect score if not for its inventory module, which we found a bit difficult to use. Fortunately, there’s a lot you can do in QuickBooks Online illinois income tax brackets 2023 in terms of managing unpaid bills and expenses. QuickBooks Online Advanced supports the upload of 1000 transaction lines for invoices at one time. 37% faster based off of internal tests comparing QuickBooks Online regular invoice workflow with QuickBooks Online Advanced multiple invoice workflow.

QuickBooks Pro Vs Premier: Which Is Better?

Some of the other 20-plus built-in standard reports available include P&L by month and customer, quarterly P&L summaries, and general ledger. If you want a dedicated expert to handle your ongoing bookkeeping work, you can sign up for QuickBooks Live Bookkeeping, available in Simple Start and all higher plans. Read our detailed QuickBooks Live Bookkeeping review to learn more about this assisted bookkeeping add-on. Our internal case study compares the four QuickBooks Online versions across major accounting categories and functions to help you decide which one fits your needs. QuickBooks Self-Employed is not included in the case study because it is not a full double-entry bookkeeping system.

  • It includes all 2021 versions of QuickBooks Desktop Pro, QuickBooks Desktop Premier, QuickBooks Desktop for Mac, and QuickBooks Enterprise Solutions v21.
  • Plus includes inventory accounting that allows you to monitor stock items and quantity—a necessity if you’re selling products.
  • However, QuickBooks Online will suffice for most small businesses.
  • Once suspended, you won’t have access to live technical support if you run into problems or any of the other Intuit services that can be integrated with QuickBooks Desktop.
  • QuickBooks Advanced provides greater flexibility in customizing reports than the other QuickBooks Online plans.

This feature is ideal for service-based businesses that charge work by the hour, such as lawyers and independent contractors. Users sometimes feel the online version of QuickBooks is very light in comparison. Running QuickBooks in your browser rather than its own application can have this effect. QuickBooks offers a 30-day free trial period with all its plans. However, if you opt for the free trial you lose the opportunity to save 50% on your first three months.

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You can find more information and download these templates here. Though QuickBooks Online has a handful of convenient features that can speed up your workflow and even automate some of it, the software can be complex. You’ll get the most out of it if you have some knowledge of basic accounting concepts. Whereas you might be able to use some software alternatives without explanation, it may take some time to get the hang of QuickBooks.

How many users (not including an external accountant) will need to access the company books?

However you work, no matter what your business does, QuickBooks has a plan for you. Get a feel for what QuickBooks can do and try out top features using our sample company. Advanced Inventory is included in the Platinum and Diamond subscriptions only. Advanced Reporting is included in all QuickBooks Desktop Enterprise subscriptions. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you.

QuickBooks Online Awards on Fit Small Business

As a business grows, users can easily upgrade to a more advanced plan with additional features seamlessly. QuickBooks is the platform most used by professional accountants so if you plan to work with an accountant, they will likely be very familiar with the platform, its features and capabilities. Service or project-based businesses should choose accounting software that can track project costs, revenues, and profits. The software must have tools to track time, record billable hours or expenses, send invoices for progress billings, or monitor project progress and performance. All QuickBooks Online plans have basic mobile accounting features, such as the ability to create and send invoices.

QuickBooks Online Pricing

We evaluated QuickBooks Online’s sales and income tax features across the other categories, so there’s no separate video. While other similar software is best for specific use cases, QuickBooks Online can be customized to nearly any type of business and industry, including farms, law firms, real estate, and trucking companies. Connect seamlessly with your current apps to keep your business running smoothly. Advanced Pricing / Control, customize, and automate pricing is included in the Platinum and Diamond subscriptions only. Yes, you can switch to another plan from any version of QuickBooks Online, QuickBooks Payroll, and QuickBooks Time. If you invoke the guarantee, QuickBooks will conduct a full n evaluation of the Live Bookkeeper’s work.

In our case study, we generated 16 different types of reports successfully, which isn’t possible in most other accounting software. QuickBooks Online can generate more than 100 reports, depending on your subscription. Whether you need standard reports, such as balance sheets, P&L statements, and cash flow statements, or sales reports by customer, location, or class, you can do it all in QuickBooks Online. If inventory accounting is a crucial part of your business, QuickBooks Online can be a great choice. However, QuickBooks Online doesn’t handle inventory assembly like QuickBooks Desktop Premier. QuickBooks Online’s score in this criterion took a hit because it can’t set up cost estimates for projects and compare them to actual costs, which is an important feature for contractors.