QuickBooks Online by Intuit is a cloud-based accounting software that helps you easily create and send invoices, track cash flow, keep your books accurate, and more. Its features include income and expense tracking, inventory management, and business analytics and insights. Prices range from $25 to $150 per month, and it’s best for freelancers and small and mid-size enterprises (SMEs).
QuickBooks Online Pros & Cons
Very intuitive and easy to use
A bit expensive
Great expense management capability
Unresponsive customer support
Excellent financial reports
Who QuickBooks Online Is Best For
- Freelancers: QuickBooks Online enables you to separate your business and personal transactions. It lets you send invoices to clients, import transactions from your bank accounts and credit cards, and more.
- Startups and SMEs: QuickBooks Online is an ideal accounting tool for small business owners and those who are just starting out because of its extremely user-friendly interface. Its features, such as tracking expenses and invoice processing, are easily customizable to fit your unique accounting needs.
QuickBooks Online Pricing
QuickBooks Online’s pricing page shows four plans with 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 such as bill management, inventory tracking, and business analytics and insights.
Maximum Numbers of Users
Want to streamline customer invoicing and payment collection? Check out FreshBooks.
QuickBooks Online offers the following pay 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).
Designed for a single user, Simple Start’s features include income and expense management, unlimited invoicing and payments, estimates management, general reports, and a sales and tax tracker. Furthermore, it lets you capture and organize receipts, maximize tax deductions, and manage 1099 employees or individual contractors.
Essentials has all of the features in Simple Start, with the addition of enhanced reports, a bill management functionality, and a time tracker. This plan supports up to three users.
You can find all of Essentials’ functionalities in Plus and several advanced features, such as comprehensive reports, inventory management, and a project profitability tracker. This option is best for teams with up to five members.
If you need a subscription for up to 25 users, then Advanced is for you. It has everything in Plus as well as the following functionalities: 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
Solopreneurs and freelancers who need to streamline customer invoicing and payment collection
Businesses in the nonprofit, manufacturing & distribution, professional services, contracting, and retail industries
Businesses that use other Zoho products like Zoho CRM
QuickBooks Online Features
QuickBooks Online has plenty of features designed to assist you in sending invoices, tracking mileages, monitoring income and expenses, processing payroll, receiving payments online, and more. So, how does QuickBooks Online work? Check out its top features below.
Track and calculate the value of the miles you have driven for reimbursement and tax claims. QuickBooks Online’s built-in mileage tracker allows you to separate your business and personal trips in just a few clicks, as well as generate shareable reports of your business miles.
Income & Expense Tracking
Keep an eye on your income and expenditures and categorize them accordingly. QuickBooks Online lets you securely 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 automatically reconcile them against your existing expenses.
Business Analytics & Insights
Available only for Advanced subscribers, this feature helps you understand how your business is performing by tracking both financial and non-financial key performance indicators (KPIs). Its reports are customizable and come with comprehensive visuals, making them presentation-ready.
Dedicated Account Manager
When you subscribe to Advanced, you will also get 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.
Which Accounting Software Provider Is Right for You?
Most Helpful QuickBooks Online Reviews
Users who gave positive QuickBooks Online reviews like that its user interface is easy to navigate and learn. Others commented that its income and expense tracking capability is excellent, while some praised its excellent financial reports. Meanwhile, those who left negative reviews said that it is a bit expensive and that its customer support is not that responsive.
Modern & user-friendly interface
“It looks modern and easy to use, and they constantly keep it up to date. It’s a perfect solution for small business owners or people who just started out because the learning curve is very steady; even without any experience, you can handle the accounting with no sweat.”
— Gintare Bespalovaite
Unresponsive customer support
“There were several instances where the solutions came after the problem was self-solved. In one instance, we had a requirement to post journal entries in a special way. We could never get this done by the support team and ended up living with a workaround.”
— Arun Gopalaswami
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.
How does it ensure the security of my data?
To ensure the security of its customers’ data, QuickBooks Online implements industry-recognized security standards, such as password-protected logins, firewall-protected servers, and encryption technology (128-bit SSL).
What payment options does it accept?
QuickBooks Online accepts payments made through all major credit and debit cards, such as Visa, Mastercard, and AMEX.
Our Top Accounting Software Provider Picks
If you aren’t sure that QuickBooks Online is right for you, then this article on the 4 Best Accounting Software is a review of our top choices. In this guide, we looked at a variety of solutions and narrowed our recommendations down based on features such as detailed financial statements, invoicing, and bill tracking.