Insight into QuickBooks Online and its Pros & Cons
We live in a tech-driven era, where every industry is exploring and incorporating technical advancements, and the accounting industry is not an exception. One of the recent technological advancement is QuickBooks. Though this technology is ruling for decades, it has gained popularity recently.
In other words, it can be said that businesses all over the world have understood the value of incorporating QuickBooks. No doubt, the progression of QuickBooks programs has been growing at an exceptional rate. This software has completely transformed the way entrepreneurs conducted their business operations earlier. QuickBooks has now become synonymous with better and simpler accounting.
From hundreds of users to million subscriptions, QuickBooks has marked its presence in this hi-tech world. Not only this, this software has witnessed some significant changes and advancements, one of which is QuickBooks Online. Regardless of the fact that whether you have a small business or your business is scaling up, it is very much important to understand which accounting software is best for you and your business. To make you familiar with the pros and cons of QuickBooks Online, we have come up with this comprehensive guide.
In this article, we will be dealing with notable features that separate QBO from top performers, such as ease of access, limited features, and many more.
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Steps for Pros and Cons of QuickBooks Online
QuickBooks Online usually differs from the standard PC version, where the users pay for the program once, and it is good to go for a few years. Also, with this, the users pay a monthly subscription. This is like a pay-as-you-go program. However, users can add additional features to the basic services, just like tax filing, payroll, and credit card acceptance.
QuickBooks Online offers three different programs to the users, and each program offers a different set of features. Let us have a look:
Talking about the Price of this pack, this pack is of $20 per month (but in this case they run promotions for introductory periods). This plan basically works well for freelancers and also for the ones running small businesses online or in-person. This pack includes a certain set of features such as:
- Create and send estimates
- Create, send, and track invoices
- Track sales and connect with your favorite POS
- 20+ built-in reports
- Import income transactions right from your payment processors, such as Square, PayPal, and your bank
- Integration with your bank account and third-party apps.
This is the second pack offered by QuickBooks Online. The price of this pack is $40 per month (but they run promotions for introductory periods). This pack is suitable for small businesses that look for a few more capabilities, as it offers numerous features including the features offered the pack discussed above.
- Create checks from any device and then save to print later
- Pay and keep track of bills and also set up recurring payments
- 40+ built-in reports
- Track employee time or billable hours with clients
- Set up auto-syncing so that everyone is on the same page.
The third and the last pack is the Plus pack (but they often run promotions for introductory periods). This pack is favorable for businesses with contractors or freelancers working for businesses. The features in the plus plan include all of the above features and in addition to that, the features listed below:
- 65+ built-in reports
- Inventory tracking, along with alerts when stock is low
- Also, keeping track of 1099 contractors, including payments made to them.
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Pros of QuickBooks Online
QuickBooks Online is the choice of numerous entrepreneurs all across the globe, and the reason behind this is the perquisites of QuickBooks Online. We have jotted down the pros of QBO, let us have a look:
1. Shared Access
The very first plus point of QuickBooks Online is that it allows users to work or access a single file at the same time. QBO collaboration feature permits multiple users to read and write into the company file at the same time.
2. Easy to set up
QuickBooks Online is just like a plugin and go setup. The users can easily configure the account and use the available templates for a basic account. Not only this, it is easy to use the software.
3. Remote Access
Remote accessing basically means that you can access your account from anywhere. The users can log in to the account and work from home or while traveling via PC or Smartphone.
4. Automatic interface with the bank
QuickBooks Online gives the option to the users to accept credit card details or any electronic payment form and automatically update bank transaction, ultimately minimizing the entry time.
5. Payroll integration
QuickBooks Online can be integrated with third-party app, in order to carry out online payroll transactions.
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6. Easy to manage users
QuickBooks Online allows easy access to more than one admin preferences, and the users can set the rights of each user in the employee online details.
7. Secure data
The confidential data of QuickBooks users are securely saved in the Intuit served in the cloud. They don’t have to do the manual data backup of the company files, along with that, it gives the users access to comprehensive storage services.
8. No software upgrades
9. Real-time information
Any transaction that is carried out is automatically updated to the QuickBooks account, providing the users with real-time access to the employees.
10. Automatically send transaction processing documents
Users can automatically send invoices, statements, as well as reports among other documents to customers and suppliers. They can also generate online reports and send them to other users online.
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Cons of QuickBooks Online
Checkout the cons of QuickBooks online:
1. Security Concerns
Though it is a rarely encountered concern, with the growing number of cyber-attacks, hackers can hack the network and tap some confidential information, such as customer bank details over the transmission medium.
2. Limited internet access
Another issue that may arise is that QBO requires high-speed internet access, and many users might have limited internet speed, ultimately slowing down access to online QuickBooks.
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3. Monthly fee
Another thing that might seem a con to many QuickBooks users is that it has a monthly licensing fee for a single company file. If the client has multiple businesses, he is required to pay a monthly fee for each of this company file, and this adds to the cost of using QBO.
4. Software bugs
Software bug is another con of QuickBooks Online that might annoy the users at times, but each of the issues that the users might face can be resolved easily. There can be a few annoying software bugs from the upgraded version you have to deal with when dealing with QuickBooks Online.
Everything has its pros and cons and talking about QuickBooks, it comes with a wide breadth of features and has complex accounting capabilities. Though it also has certain cons, but tackling them is not a big issue. This software offers an impressive number of integrations and is working on bettering the customer support. Recently, QuickBooks Online adds a much-needed project management feature along with other new features, along with other new features, just as progress invoicing.
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Frequently Asked Questions
Question – What is QuickBooks Online?
Answer – QuickBooks Online was launched in the year 2004, and this software offers a robust feature set, strong accounting, unique lending feature, and 500+ integrations. This software is also pretty easier to learn and use, as compared to other software. QuickBooks Online is supported on Chrome, Firefox, Internet Explorer 10, etc. In a nutshell, it is one of the finest accounting software preferred by a majority of entrepreneurs worldwide.
Question – How secure is QuickBooks Online?
Answer – In order to ensure that your data is secured, Intuit has put many features for security purpose. QuickBooks Online is one of the safest and secured accounting software that the majority of entrepreneurs prefer these days. QuickBooks Online protects the data and transactions with multiple layers of securities so that the confidentiality of the data of the users is not hampered in any case.
Question – QuickBooks Desktop vs QuickBooks Online, which one is better?
Answer – QuickBooks Desktop VS QuickBooks Online is one of the most common debate topics among entrepreneurs. The business owners generally get confused with the two options. Both QuickBooks Desktop and QuickBooks Online have their pros and cons. The biggest difference between the two is that QuickBooks Online requires no installation on a computer or Desktop. Also, the choice between the two depends on the type and requirement of the business. Thus, it is recommended to consult an expert before jumping onto any conclusion.
Question – How much time would it take to learn to operate QuickBooks Online?
Answer – QuickBooks Online is an easy program to learn. Majority of the times what the user sees on the screen is simple to figure out. It is not important to be an expert in accounting, to operate QuickBooks Online, but the person should possess the basic knowledge of accounting transactions or activities. QuickBooks Online doesn’t include any rocket science, as it can be easily operated with basic accounting awareness. Thus, learning QuickBooks Online is not as difficult as many people consider it to be.
We end this blog here, with the hope that it would help you in any way. However, if you seek for expert guidance, then feel free to dial our toll-free +1-844-405-0907, and find out solutions to all your queries.