Managing your payroll and accounts can be confusing for any business regardless of your knowledge. There are a few different ways to approach accounting but one method is increasingly popular: QuickBooks Online. But how does QuickBooks work and what is it used for? Is QuickBooks a good solution? Let’s take a look at this review!
What is QuickBooks Online?
QuickBooks Online is a web-based version of the popular accounting and payroll software. You might already be familiar with their application that was typically used for payroll management. With QuickBooks Online there are various tiers that you can sign up for depending on your specific needs. The tier features vary based on the number of users, bill management, project management, and more.
What is QuickBooks Used For?
Many people or businesses use QuickBooks to manage and monitor their financial accounts. It can be used as a database to keep track of sales, expenses, payroll, and more. The popular desktop software has been used for years by bookkeepers, accountants, and business owners for years. But the more recently added QuickBooks Online is a great alternative to the original.
How Does QuickBooks Online Work?
When you sign up to use QuickBooks online there will be a few different tiers to choose from. Here’s a breakdown of the features included with each tier:
Simple Start: This is the introductory tier and has the baseline features for QuickBooks Online. You can track income and expenses, track sales, send invoices, and maximize tax deductions with this version. It’s a great baseline if only one person will be using the account as well because it is a single user tier.
Essentials: If you want to manage bills or have multiple users then this is the tier for you. The Essentials plan will give you all the previous features but instead of a single user, you can have up to three. You’ll also be able to manage bills and track time.
Plus: QuickBooks claims this to be their most popular choice, which makes sense when compared to the Essentials and Advanced plans. If you’re looking for an inventory tracking system or need to create more advanced reports then this is for you. The Essentials option has advanced reporting options, inventory tracking, and project profitability tracking. For most small businesses this is one of, if not, the best choice for web-based accounting.
Advanced: Larger teams needing access to QuickBooks or just a team that needs everything the platform can offer will love this tier. Upgrading to the Advanced tier provides smart reporting, customer user permissions, premium customer care, and more. Many of the upgrades you’ll get in this tier are more “nice to have” than necessary, so the main draw here is the amount of users.
In addition to all the features included in these tiers, there is the option to add on other content. If you want to add self-service or full-service payroll then they can typically be added for a discounted price to the current plan. There are also some other options for self-employed users or accountants that have some different features. However, for the purposes of this article, we will be covering the most popular tiers which are those included in Small Business plans.
How much does QuickBooks cost per month?
As mentioned above, the pricing for QuickBooks Online is tiered depending on the features you’re looking for. You can also add two types of Payroll services which are an additional cost. Here are the prices for all of the QuickBooks Online options:
Simple Start: $10 per month for the first 3 months then $20 per month
Essentials: $20 per month for the first 3 months then $40 per month
Plus: $35 per month for the first 3 months then $70 per month
Advanced: $75 per month for the first 3 months then $150 per month
Self-Service Payroll: $18 per month for the first 3 months + $4 per employee per month, then $35 per month
Full-Service Payroll: $40 per month for the first 3 months + $4 per employee per month, then $80 per month
What is Good About QuickBooks?
If you’re looking for an affordable and easy-to-use software for accounting then QuickBooks Online is an obvious choice. The features for each tier are reasonable and helpful in managing a business of any size. Plus, using the software makes understanding accounting less stressful and more approachable. Staying on top of your financials is also made easier with the QuickBooks integrations. You can even integrate your ClockShark time tracking services to QuickBooks Online. Additionally, you can integrate programs like PayPal, Shopify, and more.
QuickBooks Online is a great solution for anyone looking to manage their accounts. By spending a bit of money every month on your accounting software you can save money down the road. Whether you need to keep things in check for tax season or just make sure you aren’t overspending, keeping your accounts in check will help! We love their integrations with ClockShark and think you’ll find it easy to combine your favorite time tracking software with your accounting.
Let us know in the comments, what do you use for accounting software?