QuickBooks Online - Ultimate Accounts Management Solution

 QuickBooks Online - Ultimate Accounts Management Solution

The Accounting Management Department is one of the business’s indispensable units, which helps them to grow by providing them with unparalleled internal analysis and profitable insights. Despite its name suggests, accounting management is not just limited to preparing internal financial reports, records, and accounts, but they also contribute to providing relevant cost analysis, audience targeting strategies, defining budgets, controlling, and planning for the overall growth of the business.

Though the majority of the business organization has realized its importance in achieving short and long-term business goals, most of them are unable to have an exclusive account management department because of high budgeted finance professionals. However, it in no way means that you would lose control over your finances in the absence of an organized accounting management department, as there is always the other way out.

Intuit- a well-known finance company, has introduced a revolutionary online solution for finance and accounting management launched with the name QuickBooks Online. This online software has made accounting easy and cost-effective.

About the product - QuickBooks Online

QuickBooks Online was launched in 2002, which was created exclusively for the small and mid-sized businesses operating worldwide. It lets organizations streamline their business process, establish a strong relationship with clients, and keep complete track of where the money is going and coming from that too with ease. This revolutionary software offers an organized accounting process and tax savings in less than $2 per day.

Available Versions of QuickBooks Online

Currently, there are five versions of QuickBooks Online available for purchase, including Simple Start, Plus, Advanced, Self-Employed, and Essentials.

1.     QuickBooks Online Self Employed – QuickBooks Online Self Employed is suitable for individual entrepreneurs who want to report their business income on Schedule C of their personal returns. Such business owners do not have any employees and contractors whom they pay over $600 on an annual basis. However, these Schedule C businesses may need an enhanced QBO version if they require inventory management or want to work in collaboration with more than one user along with the accountant. Users can acquire the benefits of QuickBooks Online Self Employed for $15 a month.

2.      QuickBooks Online Simple Start - QuickBooks Online Simple Start subscription includes features like Track income & expenses, Maximize tax deductions, Invoice & accept payments, Track sales & sales tax, Capture & organize receipts, and Manage 1099 contractors. Additionally, in this version of QuickBooks Online, access to one user is only available, and Users would only be able to perform tasks like generating profit and loss, expense, and balance sheet reports.

3.     QuickBooks Online Essentials- QuickBooks Online Essentials is assuredly the best for the small businesses that need to track income & expenses, manage accounts payable, and account receivable. QBO Essentials enables three users to access your QuickBooks company records with enhanced security. Furthermore, you can send customized invoices to your customers and get paid with the utmost ease.

4.     QuickBooks Online Plus- QuickBooks Online Plus is the most preferred version and is available only for $ 21 /month, which is undoubtedly very less amount paid for organizing the finances. In this version, up to five users can collaborate and work. Moreover, in QBO Plus, users additionally get features like Track inventory, Track project profitability, Track time, and Manage bills along with features that come with "Simple Start."

5.     QuickBooks Online Advanced- The advanced version of QuickBooks Online is ideal for businesses having complex business accounting needs and above the capabilities of QuickBooks Online Plus. It enables 25 simultaneous users, comprehensive performance reporting, and a dedicated account manager. This easy to use QBO version offers higher security to your crucial financial data and gives deeper insights with reduced time and effort. You can harvest the features of QuickBooks Online Advanced for just $150 a month.

Common Features Of The QuickBooks Online

QuickBooks Online is one of the most preferred versions of the QuickBooks accounting application that offers convenient remote access to the company’s financial records. You don't need to install it on your system, and your bookkeepers/accountants can log in to your application using any compatible web browser. You can get free trial access to QuickBooks Online for the first 30 days, and continue the services; you need to pay the standard cost. Below are some of the common features you may get in all the versions of QuickBooks Online:

Track your Income & Expenses- QuickBooks makes your income and expenses tracking easy so that you always know where your money is going. QBO allows seamless connection with your bank accounts, credit cards, PayPal, Square, and various others. You can create custom rules to categorize your expenses and run reports to see your spending. Furthermore, you can also snap and match all your receipt information to an existing transaction with the mobile app. With easy income and expense tracking, you can manage your cash flow effectively and pay your taxes on time.

Manage Accounts Receivable- Accounts receivable is a promise for payment for goods or services that you provided to your customer. It is recorded as a current asset on your business’s balance sheet. Moreover, you can also manage your account payable, and keep track of your business expenses. Small businesses can get paid faster by sending customized invoices to their clients. To accelerate your payments, you can invoice your customers regularly, accept credit cards, and use discounts to encourage early payments.

Invite Your Accountant To Access Your Data-In QuickBooks Online, you can invite your Accountants to access your data and set the accessibility level of the users to view, access, and edit files in the folder. By granting different levels of access to your financial data, you can have better control over the flow of your crucial company records. Besides, better-shared access to the data can boost the efficiency of your day-to-day business operations, and the objective can be attained in reduced time and effort.

Download Your Bank & Credit Card Transactions- QuickBooks Online Banking is one of the most efficient features in the application that enables you to connect your bank and credit accounts to QBO and download recent transactions automatically. This time-saving feature can also categorize your bank and credit card transactions. Connecting bank and credit card accounts in QuickBooks is an effective way to keep track of your income and expenses.

Unlimited Customer Support- A paid user license for the QuickBooks Online subscription helps you to get fast access to the QuickBooks Online Help Desk in the hour of the need. On connecting, you can discuss your issue with a dedicated QuickBooks ProAdvisor and get all your queries resolved in no time. The issues may include the QuickBooks Online set up, Upgrade, and setting up the users for the company data. You can also get the troubleshooting assistance for other technical issues in QuickBooks.

Why Users Mostly Prefer QuickBooks Online?

QuickBooks Online is easier to learn and use than QuickBooks Desktop, and this is why business owners, accountants, and individual entrepreneurs are preferring this business accounting solution over the Desktop version. This cloud-based accounting solution helps you to manage your business on various devices, even on the go. Below are some other advantages of the QuickBooks Online you can reap on the activation of service:

·        Better shared access to the company data with your accountant and personnel.

·        You can manage your data on the hosted server without requiring to get upgrades or the latest updates.

·        QuickBooks Online Help Desk available for help for all the related issues, be it big or small.

·        The QuickBooks Online Banking feature can help you to download your bank and credit card statements automatically so that your money’s whereabouts.

·        You can send custom-tailored invoices to your customers and get paid faster by accepting the credit cards

·        Enhanced data security on the Intuit’s server without the requirement of backing up company records periodically

·        You can send comprehensive reports to the customers automatically

·        In QBO, you can see your quantities on hand, get a real-time evaluation of your inventory, and stay on the top of the purchase order.

Frequently Asked Questions:

1.     What are the system requirements to run QuickBooks Online smoothly?

Below is the list of the recommended system requirements to run QuickBooks Online:

·        Windows PC: 1 GHz computer with 256 MB of RAM running Windows XP or later

·        Apple Mac: Intel-based Mac running OS X 10.5 or later

·        Web Browser: Latest version of Internet Explorer, Firefox, Google Chrome or Safari for Mac

·        Stable and High-speed internet connection (DSL, cable, T1)

·        Fast broadband Internet connection is ideal for running QuickBooks Online with the utmost efficiency.

2.     Is it possible to use QuickBooks Online on my Apple Mac?

QuickBooks Online, being a cloud solution, can be accessed from all compatible browsers on Mac computers with a strong Internet connection.

3.     Can I use QuickBooks Online without an Internet connection (Offline)?

It is not possible to access QuickBooks Online without the Internet. You will need to establish a secure connection before getting started.

4.     How to subscribe to QuickBooks Online?

In the beginning, you can use QuickBooks Online software for a free trial period of 30 days. Once your trial period, it will redirect you to the payment page where you can make the payment to subscribe to QuickBooks Online. However, you can get it done even in the middle of the trial period with a few simple clicks.

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