What is QuickBooks Benefits, and How It Works for Businesses

Features include mileage tracking, basic reporting, income and expense tracking, capture and organize receipts and estimation of quarterly taxes. You have easy access to all the common financial statements like balance sheet, profit and loss (P&L) statement, cash flow statements and taxes filed. You can take a printout of these statements for your accountant and send it across to them at the time of filing or invite them to view these statements without needing a login ID or password. Currently, QuickBooks is offering two different specials; you can either try it free for 30 days or sign up and get a 50% discount on your first three months.

1. Additional inventory planning capabilities such as assemblies and serial numbers.
2. If you don’t need the advanced features offered by the Desktop plan, the Online version will save you money.
3. QuickBooks simplifies these universal small business financial workflows all in one connected system.
4. It also gives you bill management and collects employee time for invoices to add them for proper billing.
5. Any business looking for long-term support and growth should consider Online plans over Desktop.

To discover a few apps to add to your QuickBooks accounting software, explore the 7 Best QuickBooks apps for complete integration. While it offers a free trial period, after that, you will need to choose a paid subscription plan. The pricing is based on the features and services you need for your business. QuickBooks frequently runs promotions, so it’s worth checking their website for discounted rates.

A wealth of software integrations

This may signal future abandonment of its Desktop version as more people move to the cloud. If you make the switch from Desktop to Online, you can import your data and access your original company file at any time. Its highest-tiered plan is the Advanced option, which costs $100 per month for the first three months, then $200 per month after that. QuickBooks Online is the preferred product for most small businesses because of its ability to connect to any device with an internet connection. The Online version also has several features that the Desktop doesn’t offer, including a multicurrency tool for international businesses. In recent years, QuickBooks has been focusing on expanding its cloud-based products.

QuickBooks Online is cloud-based accounting software that covers all the accounting needs you may have. It’s a subscription-based service that is good for various industries and beneficial to those who regularly work with a bookkeeper or accountant because you can give them access to your files. Read our comprehensive QuickBooks Online review to decide if this popular accounting software is the best choice for your needs and budget. If you’re a freelancer, stick with its Self-Employed plan, which is $15 per month 9after the three-month discount at $7.50).

Employee Time and Expense Tracking

One of the most valuable features of QuickBooks is its ability to handle tax calculations. The software automatically calculates sales tax, income tax, and other deductions based on your financial data. It also ensures that your tax records are organized, helping you avoid mistakes that could lead to costly penalties. During tax season, QuickBooks generates reports that make it easy to file your taxes or share the necessary information with your accountant. QuickBooks accounting software helps businesses manage their entire financial lifecycle—from tracking day-to-day expenses to generating detailed financial reports.

What do accountants think of QuickBooks Online?

Make sure you or qualified staff actively use the capabilities for maximum ROI. Popular connected apps include Mailchimp, Gusto, RingCentral, DocuSign, Slack, HubSpot, Zapier and many more. Reporting – Run key financial reports like Profit & Loss, Balance Sheet, Accounts Receivable and Payable with one click. Multi-user access – Add employees or accountants to simplify collaboration. Midsize businesses with more robust needs around reporting, processes, and integrations. The desktop version installed directly on Windows or Mac machines.

Payroll

You can download and get started after spending a couple of hours browsing through the different screens. However, automatic bill tracking does not mean you cannot do that manually. You can directly record a manual transaction easily, whether in cash or check. You can then share the invoice with trade name vs business name clients through the mail or take a printout and send a hard copy. It allows you to run and view reports easily like the number of outstanding invoices, total amount due from clients and details of each invoice (paid or due). To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.