QuickBooks Online is cloud-based accounting software that helps you create and send invoices, track cash flow, generate reports, and more. Its features include income and expense management, inventory tracking, and business analytics and insights. Prices range from $25 to $150 per month, and it’s best for small and midsize enterprises (SMEs) with up to 25 billable users that need easy-to-use accounting software.
QuickBooks Online Pros and Cons
Extremely easy to use even for beginners
A bit expensive
Has plenty of helpful features
Customer service team is reportedly not that proficient
Offers various types and levels of financial reports
Who QuickBooks Online Is Best For
- SMEs with up to 25 billable users that need an easy-to-use accounting software: QuickBooks Online is an ideal accounting tool for those who are just starting out because of its extremely user-friendly interface. Its features are customizable easily to fit your unique accounting needs, and its plans accommodate up to 25 billable users―both standard users and administrators.
QuickBooks Online Pricing
QuickBooks Online offers four plans with monthly fees that range from $25 to $150 per month. The main differences between the plans are the maximum numbers of users, levels of reports, and access to advanced features like bill management, inventory tracking, and business analytics and insights.
Pricing & Features
Maximum Numbers of Billable Users
Income & Expense Tracker
Sales & Tax Tracking
Business Analytics & Insights
Dedicated Account Manager
*You will be glad to know that all of the plans currently are offered at a 50% discount for the first three months of using the software.
QuickBooks Online also offers the following payroll processing add-ons: Payroll Core ($45 per month + $4 per employee, per month), Payroll Premium ($75 per month + $8 per employee, per month), and Payroll Elite ($125 per month + $10 per employee, per month).
This plan lets you track income and expenses and organize them into tax categories, monitor mileage, create and accept unlimited invoices, run general reports, such as profit and loss, expenses, and balance sheets, and send estimates, track sales and tax, and manage 1099 contractors.
The Essentials plan includes everything that is in Simple Start with the addition of bill management, time tracking, and more in-depth reports like basic profitability reports, inventory reports, and enhanced sales reports.
Plus contains all of the functionalities present in the Essentials plan, including a project profitability and inventory tracker.
Advanced has everything in Plus, as well as the following functionalities: business analytics and insights, batch invoice and expense management, customized role-based access, on-demand online training, online backup and restoration, automated workflows, and a dedicated account manager.
QuickBooks Online Alternatives 2020
eCommerce Accounting Software
Existing QuickBooks users looking for a less expensive alternative
Businesses with small budgets that want accounting software that can meet their needs
Freelancers looking to streamline invoicing and payment for repeat customers
Small businesses looking to simplify essential workflows, like invoice and expense management and project management
Businesses that need to automate complex financial processes and merge data across hundreds of entities in just minutes
In addition to industry-specific software, your business might be served well by general-purpose small business accounting software.
QuickBooks Online Features
QuickBooks Online offers plenty of features designed to help you create and send invoices easily, monitor income and expenses, receive payments online, and more. So, what is QuickBooks Online capable of? Check out some of its top features below to help you decide whether or not it is for you.
QuickBooks Online allows you to keep track of your products and alerts you when inventory is low. It also lets you track popular items, create purchase orders (POs), and manage your vendors. You may import product inventory information from your favorite ecommerce stores like Amazon, Shopify, and Etsy.
Income and Expense Management
QuickBooks Online lets you import transactions from your banks, credit cards, and integrated payment tools, such as PayPal and Square. You may also use its mobile app to capture photos of your receipts and then reconcile them automatically against your existing expenses.
Business Analytics and Insights
Available only for Advanced subscribers, this feature enables you to track both financial and nonfinancial key performance indicators (KPIs). You can create customizable reports as well as compare, rank, and benchmark clients, franchisees, and companies. You may check its website to view a sample report containing business analytics and insights.
Dedicated Account Manager
When you subscribe to the Advanced plan, you will get access to a dedicated account manager who will work closely with you to understand your business goals and assist you in any technical issues that may arise. Your dedicated account manager is available 24/7, and you may call, email, or set an appointment with that person.
Which Accounting Software Provider Is Right for You?
Most Helpful QuickBooks Online Reviews
Users who gave positive QuickBooks Online reviews like that it is straightforward to navigate and use. Some like that it offers a wide range of helpful accounting features while others appreciate that it provides different levels of reports. Meanwhile, those who left negative reviews commented that it’s a bit expensive and that its customer support is not that great.
Easy to use; offers plenty of helpful features
“It’s a perfect solution for small business owners or individuals who just started out because the learning curve is very steady. Even without any experience, you can handle accounting with no sweat. Its solutions help with bank reconciliation, tracking expenses, drafting invoices, and monitoring financial reports, among others.”
A bit costly
“QuickBooks Online’s pricing is a bit on the high side, but the service is known for its flexibility and good integrations. They seem to raise the price every year, and I’m not really happy about that.”
—Steven H. Fage
QuickBooks Online Frequently Asked Questions (FAQs)
What financial reports does QuickBooks Online generate?
Some of the financial reports you may create using QuickBooks Online include statements of cash flows, balance sheets, general ledgers, trial balances, and a transaction list.
What payment options does it accept?
QuickBooks Online accepts payments made through all major credit and debit cards, such as Visa, Mastercard, and American Express.
Is my data safe?
Yes, it is. QuickBooks Online implements industry-recognized security standards, such as password-protected logins, firewall-protected servers, and encryption technology of 128-bit secure sockets layer (SSL) to keep your data safe.
Can I try it out before purchasing it?
Yes, you can take advantage of its 30-day free trial.
Our Top Ecommerce Accounting Providers
In case you still aren’t sure if QuickBooks Online is right for you, then this article on the best ecommerce accounting software is a review of our top choices. In this guide, we looked at a variety of solutions. We narrowed our recommendations down based on cost and user-friendliness as well as their ability to import sales data from ecommerce websites, pay bills, invoice customers, and accept online payments from customers.