No business can exist without finance. Whether it’s about your employees’ payout, paying taxes, or receiving or making payments to your business partners, you need finance to make your business running. But most of the time, it becomes difficult to manage these expenses and keep track of where your money is going.
To solve this huge problem, Intuit launched QuickBooks for small business software back in 2004. Since then, this accounting software has become a blessing in disguise for thousands and millions of small and medium firms worldwide. Do you want to know how? Well, in this article, let’s discuss the top features of this software along with its pros and cons in the latter section. Do check out best laptops for quickbooks.
Pricing of popular accounting software
Even after being popular accounting software,
QuickBooks Online is priced quite aggressively.
It is because the company that powers this software – Intuit – believes that
every small or medium business deserves to manage their finance more
effectively and efficiently than others. The software offers two subscription
plans, viz. Small Business and Self-Employed Subscriptions:
Here are the Self-Employed Plans:
- The Self-Employed Plan:
This plan costs you $1 per month. It is suitable for freelancers and independent consultants who are looking for an affordable plan. Under this, you can track your expenses, mileage, and income and keeps it separate then your business spending. You can also calculate your quarterly taxes through this plan.
- The Self-Employed Tax Bundle Plan:
For this plan, you will need to shell out $12 per month. Apart from having all the features and tools from the Self-Employed Plan, you also get additional benefits. You can pay your taxes and transfer this information to Turbo Tax.
- The Self-Employed Live Tax Bundle:
To avail of the benefits of this plan, you need a subscription for $17 per month. It includes all the features of the above two plans. With this, you can also work with certified public accountants of your choice.
Let’s have a look at Small Business Subscriptions
- The Simple Start Plan:
The Simple Start Plan costs you $8 per month and can be used for only one user. It comes with features like creating estimates, invoices, sales tax, and tracking income. You can also view and generate basic reports using this plan. Do note that it doesn’t have the mileage-tracking feature mentioned above.
- The Essentials Plan:
This plan costs you $12 per month and can be used by up to three users simultaneously. Apart from all the Simple Start Plan features, you also get tools for time-tracking and bill management.
- The Plus Plan:
To avail of the benefits of the Plus Plan, you need to pay $21 per month. Up to five users can access the software using this subscription. You can create and manage inventory, purchase orders, track projects, and make payments to independent consultants. It includes all the above features mentioned above.
- The Advanced Plan:
The full-fledged Advanced Plan of QuickBooks Small Business Software costs $45 per month and includes everything mentioned above. Up to 25 users can access the software using this plan. This plan comes with features like Smart Reporting powered by Fathom, access to superior customer support, live online training classes, and many more. This plan is not available for the 30-day trial.
Features of Quickbooks
Managing the finance of your business can be a tedious task. But with QuickBooks Online accounting software, you can make your worries go away and focus on important things. Let’s have a look at some of the top and powerful features of this software below:
- Invoice Management
The software has an invoice management feature that allows you to create and share invoices either from the browser or the mobile app. Through the app, you can do invoice management via your Gmail account as well. You can set up payments or integrate any third-party payment tools like Square or PayPal to let your customers pay easily on the go. Create recurring invoices, automate payment reminders, and track expenses, all through the software.
- Reporting
When it comes to reporting, the accounting software offers you several types of built-in reports. These include general ledger, receivables for aged people, trial balance, and profit and loss. As per your choice, you can make the frequently used reports in your favorites section. Through the software, your business runs smoothly by handling various activities related to reporting. Whether it’s about invoicing or reporting, the cloud-based accounting software is here to ease your way of handling your finance.
- QuickBooks Mobile App
Now, almost all the power-packed features of QuickBooks will come in your hands’ palm through the mobile app. You can quickly see your businesses’ activity and do many more things anytime and from anywhere. Available for both Apple and Android users, with the mobile app, you can create and share invoices, take receipts’ snapshots, accept payments, get in touch with customers, and do a lot more.
QuickBooks Online: Pros and Cons
It’s hard to find a product or software that is perfect in all aspects. And QuickBooks Online is no exception. It also has advantages and disadvantages. Let’s talk about the pros and cons of QuickBooks:
QuickBooks Online Pros
- QuickBooks accounting for small business is easy to set up and use. When you first install it, it will ask you a couple of basic questions about your business. Based on these questions, the software customizes as per your answers.
- The software’s dashboard is among the most interactive ones in the market. It is user-friendly and shows you visual graphs to get a detailed overview of your current business, profit and loss, and expenses.
- No matter your business is based at different locations, the software helps you keep up the business with your team. It’s ideal for small and medium businesses.
QuickBooks Online Cons
- If you choose the Self-Employed Plan, you won’t be able to upgrade to the Small Business Plans.
- In the Small Business Plan, you will not get the mileage-tracking tool. To use this feature, you need to integrate another mobile app.
- In case you run different businesses, you will need different subscriptions.
Conclusion
Weighing down all the pros and cons of QuickBooks Online, we can safely say that it is one of the most flexible and feature-packed accounting software globally. This is why most business owners consider it the best small business accounting software in 2020. So, if you’re thinking of managing your finance in the best possible way, get yourself QuickBooks Online software.
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