QuickBooks Online is the best business accounting management software for all types of businessmen. The online version of QuickBooks is the complete business solution, which can create trades, billing, a strong chart of accounts as well as customizable invoices.
In this article, we will discuss the complete overview of QuickBooks Online; available plans of the version, pricing, system requirements to run it, features, etc. Read the complete article to find out the detail of QuickBooks Online. In the meanwhile, you can contact the QuickBooks certified experts through the toll-free number +1-844-405-0904 for further assistance.
To run the QBO, you just need to pay for software as a service (SAAS), rather than paying for upgrading software applications on the system. QuickBooks Online is built for compatibility with Desktop or mobile devices. It helps you to access or manage your data from anywhere.
Basically, SAAS is the hosting of software for the business on the web rather than on your server. If you do not afford to IT team to upgrade your servers, manage software licenses, or can’t able to focus on your team have the availability of all the software to serve the clients. For this reason, the company provides SAAS which handles all these terms.
Now let’s know, why you should choose the QuickBooks Online version
Table of Contents
Why Only QuickBooks Online
QuickBooks Online provides you remote access option. You just need a user ID and password to access QBO. Your all accounting data is organized in the cloud and you can see at any time how your business is running. This QuickBooks Online service is best for service-based businesses.
Some benefits provided by QuickBooks Online are:
- Better shared access to data with employees and accountant
- No software and local data to manage ( No upgrades and release updates)
- Easier app sync with nightly automatic downloads
- Your business reports are sent automatically
- Track inventory as First-in-first-out
- No installation required
- New features and fixes every week or fortnight
- Inexpensive to buy
- You can try QuickBooks Online demo
- Option to receive payments by credit cards and ACH electronic payments
New Features in QuickBooks Online
Read the following to know, what’s new in QuickBooks;
- Improved Speed:
If you get QuickBooks Online 2023 then you’ll get 12% faster speed in comparison to the older version of QuickBooks online. It allows you to get your accounting work done much faster which helps to save you time and helps you to do your work easier.
- The migration process is enhanced:
In QuickBooks Online 2023, you will be allowed to migrate your account easily. You can also create an account easily while the export process. In the New QuickBooks Online, the 2023 transaction limit is also raised from 350,000 to 750,000 which gives you the flexibility to do more transactions.
- New Integration
In QuickBooks online 2023, you will get advanced features that integrate with more tools as well like Centage, Panda Doc, and spreadsheet sync that help to boost allover productivity.
- Better Customer support:
Now Intuit has improved its customer supports due to the increase in the number of users using QuickBooks online. Due to the remote accessibility of QuickBooks online their popularity is increasing day by day. So, there is so much load on the customer support department, intuit increased their skilled staff who is expert in QuickBooks online.
Plans & Pricing
QuickBooks Online version is available on 4 different plans. See what are the plans, and what are the pricing for the plans;
QuickBooks Online Simple Start
Online Simple Start is best for Solopreneurs. In this version, there is only a single user and one accountant who pays their bills and sells the services (not products).
It connects your bank, manages expenses, tracks check numbers, and make the way easy to organize. It is a complete small business solution that included all the needed tools to manage your business.
Price: It comes at $ 30.00 per month. And provides a 50% discount for three months.
Here are some of the important features of QuickBooks Online Simple Start;
- Track income and expenses and see how much money you are making, it helps to make a general report.
- Send and track invoices.
- Bank transactions are done automatically
- Print checks and record transactions
- Strong security measures so only you access your information
- Access your data from anywhere by using the QuickBooks Mobile app
- Snap photos of receipts so you are ready for tax time
- You can give access to two accountants using QuickBooks Online multiple users features.
- Integrate with available applications
- Manage 1099 contractors
- 1 person can access QuickBooks Online20+ built-in business reports
QuickBooks Online Essentials
The QuickBooks Online Essentials is basically developed for service-based businesses. Any small business that wants to access their accounts from anywhere by internet connection and does not need to track inventory.
It helps you to stay on top of your business performance. It automates your work, allows you to utilize detailed reporting, and ditches spreadsheets for easy business management.
Price: It comes at $55.00 per month. And provides 50% discount for three months with a free trial.
Check the list of features for Online Essentials;
- Set up invoices automatically on a daily schedule
- Manage and pay bills to vendors
- You can also schedule your payments and enter your bills for later
- Compare your profit and loss on the basis of industry trends
- You can also take control of users access
- Track billable hours by customers
- QuickBooks Online Multi-Currency
- 3 numbers of people can access QuickBooks Online
- 40+ built-in business reports
QuickBooks Online Plus
QuickBooks Online Plus is specially designed for contractors to manage projects, inventory. It is the right plan if you want to explore a greater view of your business. It refines reports by class, plans ahead by creating budgets, and tracks inventory to manage your work.
It also allows you to import all your credit card transactions into QuickBooks. Actually, it saves your time while bank transactions because you don’t need to store all your transaction information it will automatically store them.
Price: It comes at $85 per month. And provides 50% discount for three months with a free trial.
Here are some of the Online Plus features, have a look;
- You can create and send purchase orders
- Track inventory
- Give limited access to the employees and subcontractors to enter time worked
- For making estimates for future profits and expenses you can create the budgets
- Using Class tracking you can be categorized your profits and expenses
- Use Location tracking to ensure which location gives you profit or where you have to expense
- Track project profitability
- 5 people can access QuickBooks Online
- 65+ built-in business report
QuickBooks Online Advanced
QuickBooks Online Advanced is a financial hub for power productivity business. It works smarter, customizes to grow, protects your business data, and makes your all work easy to use.
Price: It comes at $200 per month. And provides a 50% discount for three months with a free trial.
- It helps in batching the invoice and expenses with workflow automation.
- You can make the dynamic presentation in an instant (Ready Report).
- Import or export 100s of invoices at one time.
- There is a security feature that you control who can see or access your sensitive data.
- You can also take help from a customer success manager.
- There is the facility of 5 online class credits that train your team.
- 25 people can access QuickBooks Online.
- 65+ built-in business reports.
System Requirements for QuickBooks Online
As you know QBO is cloud-based software, so it operates with nearly all internet browsers as long as you have internet access. Some of the supported browsers include:
- Windows PC: Windows 10, 4 GB RAM, Intel Core i5, Adobe Reader 11.0
- Windows Server: 2012 standard and essential as well R2, 2016, 2019, 2022 (essentials and standard)
- Mac: OS X “Panther” 10.13 or newer
- Processor: 2.4 GHz minimum
- RAM: 8GB but 16Gb recommended.
- Optical Drive: A 4X DVD ROM
- Screen Resolution: 1280 x 1024 resolution or higher up to two extended monitors.
- Internet Connection: 3 Mbps or higher speed
- System: Google Chrome, Mozilla Firefox, Microsoft Edge, and Safari 11 or newer (for Mac)
- Mobile: OS 11.1 or newer, Safari browser, Chrome, and Dolphin (for iPhone/iPad), Nougat 7.1.1 or newer, Chrome browser, Firefox, and Opera (for Android)
Why QuickBooks Online is Better than QuickBooks Desktop
The biggest difference is QuickBooks Online does not require installation on the system. Approximately 80% of new users choose QuickBooks Online rather than QuickBooks Desktop.
There are some points regarding why QuickBooks Online is better than QuickBooks Desktop. Read to know the hacks and tips of QuickBooks Online
- Invoice/ Sales Receipt Automation: There is a facility in the QuickBooks Desktop to store memorized data rather than having to send data to the customer manually. On the other hand in QuickBooks Online, transactions are done by mail automatically. Data transfer on a monthly basis to the customer automatically.
- No Need to Transfer Data or Share Computer Time: As you can access your client’s account, being invited as an accountant user and signing up in the QuickBooks Online Accountant there is no need to transfer any data or Account copy files. You and your client can access the account at the same time without worrying about what others are doing and making any changes to it.
- Your Client Always has the Latest Version: If you are using QuickBooks Online then you don’t need to worry about up-gradation in the version. Because in QuickBooks Online the version is upgraded automatically. You don’t need to reinstall it again and don’t need to talk to your clients related to it.
- Delayed Customer Billing/ Charges: In the QuickBooks Desktop you have unbilled time and expenses but still users have to do all these things manually and have to bill the customer for this. In QuickBooks Online you can turn on preference and then the program will do this automatically. Any time activity is done on a daily, weekly, or monthly basis. This thing is reminded by QuickBooks Online and automatically creates an invoice for the unbilled time or expenses. Depending on your choice you can tell the customer through or not it’s your choice.
- Activity Log: One of the best things is Audit Trail, which tells us when the transaction has been created, modified or deleted. Audit Trail is best done by QuickBooks Online. Activity Log shows when the user login, logout, do any modification, vendor, item or account. It shows when the user login to access the data, or when bank transactions are completed when they are matched, added or registered. This can also help in finding any fraud users who do not access the account. Because it keeps all track of who is logged in or who modified the data.
- Automatic email reporting: One other great thing about QuickBooks Online is that it has the most customizable report templates. The users can be added to the report on a daily basis and send mail to clients and the user themselves automatically. Users can add to that group and set that group and mail it to themselves or their clients on a daily basis. If a user wants to send that mail to the client without logging into their account. The best thing about this online version is that users will just set them to send and at midnight QuickBooks Online sent them automatically to their addresses.
- Bank Transactions automatically downloaded nightly: In QuickBooks Online the process of downloading bank transactions is done manually and if we have to do this for our client then we need clients’ passwords. In QuickBooks Online the client set up the connection and the transactions are done automatically at midnight. We don’t need the user password or name for longer.
- QuickBooks Online has Class and Location Tracking: QuickBooks Desktop has the feature of Class tracking and other profit centers, but QuickBooks Online added a new feature to it location tracking. Both features are used when the user has business at different locations. And he wants to know about that location which provided him the biggest income. On the other hand, we can say that if a user wants to track his business on the location base or customer type base. Then he can use the Class and Location tracking option.
The major advantage of using QuickBooks Online service is you don’t need to worry about your data files, it is stored securely, and can get the backup any time from anywhere we only need an internet connection.
Frequently Asked Questions (FAQ)
Is QuickBooks Online right for any size of business?
It is ideal for nearly any type of small business. It also possesses advanced accounting features, payroll, and user permissions to support medium-sized businesses but other web-based software program does not. Although, large businesses may find that QBO’s feature set and amount of employees are too limited for their needs.
If you need more than 5 users, you should purchase QuickBooks Online Advanced. All plan includes receipt capture, expert support & integration with apps you already use ( like Paypal, Shopify, etc ).
What Integrations are available for QuickBooks Online?
Moving forward to integration, QuickBooks syncs with over 400 popular business apps. It offers an impressive number of integrations and partners with many reputable add-ons. Syncing apps with QuickBooks is easy; Apps> Select an App> click on ‘Get App Now‘
Many App developers can use the QB API to integrate their products with QBO and showcase them to small business owners. However, the QB API client gives developers access to their customers’ data via a REST-based API that works with QBO.
Do I need to pay for Intuit Mobile App?
No, you don’t need to do any payment for Intuit mobile apps, QuickBooks comes free with mobile apps. And you can access your account from anywhere or anytime with mobile apps.
Can I upgrade QuickBooks Online plans to Other plans?
Absolutely, you can upgrade between QuickBooks Simple Start, Essentials, Plus, or Advanced. But if you want to upgrade in QuickBooks Self-Employed, you need to create a new account to upgrade.