QuickBooks Awards
QuickBooks won the Power of Payment Award. In 2022, the tool was also awarded the most innovative payment solution.
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QuickBooks Software
Small business owners are often met with a wide selection of accounting software. As one of the most robust and efficient accounting software solutions, QuickBooks is known to benefit organizations in a myriad of ways. The tool helps business owners invoice customers, pay bills, create reports, and prepare taxes more efficiently. The QuickBooks product line comes with multiple solutions to meet different business needs.
Software Overview
QuickBooks is a cloud-based accounting tool that supports excellent reporting, customizable invoices, inventory management, multiple currencies, and more than 650 integrations. Furthermore, the tool has several incredible features to improve accuracy and productivity. Although QuickBooks is a user-friendly software, it has a semi-steep learning curve, which may come with navigation difficulties.
Benefits of Using QuickBooks
Reporting and Analysis
Reporting and analysis helps you cover nearly all business accounting aspects, including generation and delayed checks. This functionality makes completing and viewing reports easier with a few clicks. QuickBooks comes with a powerful system that provides comprehensive and data-infused reports, providing you with essential information to make informed business decisions. The tool makes it easier for you to customize your report data entries, giving you the analysis you want.
Standard Accounting
QuickBooks has several incredible features, allowing you to track all facets of business accounting. With QuickBooks, you can easily manage your client data, track your inventory, monitor your employees and vendors, and track your banking operations.
Human Resource and Payroll
QuickBooks has an employee center module that lets clients monitor employee data, payroll, vacation, leaves, taxes, and deposits. The tool also allows the management of employees' timesheets, payroll transactions, and other payroll-related activities. Additionally, the tool helps users create custom fields for various information such as hire data, company ID number, etc. this promotes better payroll management.
Inventory and Service Management
The software features enterprise and premium features that help you track and update the inventory.
Banking
QuickBooks features dedicated windows and dialogue boxes to ease your banking transactions. This functionality allows you to drop deposits, write checks, order payments, and fund transfers. All these activities can be recorded through the window of the bank account registrar. Additionally, the software has a platform to ease bank account reconciliation with bank statements.
Integrations and Productivity
QuickBooks integrates with many third-party platforms. The tool can work across over 100 platforms and supports multiple activities such as receipt documentation and organization, data backup and storage, product management, and payroll management.
Expansion and Scalability
QuickBooks manages up to 14,500 items and can serve a maximum of three users, making it an ideal solution for small businesses. However, you can switch to the enterprise version if you need more functionalities. The enterprise version can serve up to 30 users and process up to 1 million items. It’s also easy to perform data migration with QuickBooks.
Product Features
Setting up QuickBooks helps you streamline your expenses and income. The software expedites and simplifies the process, thanks to the following features:
Invoicing is one of the important features required by small businesses, especially those that provide custom services like freelancers. With QuickBooks, creating invoices from scratch or generating estimates is easy. This functionality helps you create invoices for recurring payments.
While setting up the platform, you can link your bank account and credit cards to the software. Later, QuickBooks will automatically track your bills and expenses. However, the automation feature doesn’t mean you cannot perform bill tracking manually. You can still perform transactions manually, whether in cash or check.
QuickBooks also has multiple reports available to help you analyze bills and expenses. If you already have bill records, you can track the upcoming payments, ensuring on-time payments.
QuickBooks lets you track employees’ time and billable expenses with ease. Employees may enter the information themselves through the QuickBooks mobile app or submit it manually for the bookkeeper to enter the details in the application.
Business owners know the importance of maintaining a regular positive cash flow. The tool has a payment system (QuickBooks payments), that allows you to accept online payments when sending invoices from within the same app.
For those operating from international locations, the tool lets you receive payments in a variety of local currencies.
Payroll processing is one of the essential functionalities for any business. The tool features a payroll add-on, which calculates payroll automatically.
QuickBooks Pricing
QuickBooks pricing depends on the plan you choose:
EasyStart
$
11
/ Month
• Income and expense tracking • Sales and tax tracking • Capture and organize receipts • Auto mileage tracking • Run reports • Invoice and accept payments • Progress invoicing • Maximize tax deduction
Essential
$
22
/ Month
The Essential plan includes all the features in the EasyStart plan. The only difference is that the Essential plan can serve a maximum of 3 users and manages bills and payments. The plan also supports multi-currency and lets you track time.
Plus
$
33
/ Month
The Plus plan includes all the features in essential and EasyStart plans. Additionally, the plan includes the following: • Track project profitability • Track inventory • Create and manage budget • Track classes and location
Advanced
$
70
/ Month
• Unlimited classes and locations • Customize access and roles • Restore and back up data • Custom reporting field • 3 accountant seats • Premium support • Manage employee expenses • Workflow automation • Batch invoicing
The Bottom Line
QuickBooks is an award-winning software designed to automate various accounting processes. The tool comes with several incredible features to enhance business growth.