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Quickbooks Review

9.2/10 (Tekpon Score)
Product is rated as #2 in category Accounting
QuickBooks was launched back in 1992 and is part of Intuit, a company started in 1983 by Scott Cook and Tom Proulx. Intuit QuickBooks' initial release was a DOS version based on a previous project developed by the mother company called Quicken.
UX/UI
9.5
Value for Money
9
Ease of Use
9
Features
8.5
Customer Service
10
PROS:
  • Both desktop & online versions
  • Software Complexity
  • Tutorials available
  • 24/7 Customer Service
  • Great Interface
  • 650 integrations
CONS:
  • A smaller amount of features online

Videos: QuickBooks


About QuickBooks

As some of you probably know, QuickBooks comes in two distinct versions QuickBooks Online and Desktop. We want to underline that while we will discuss both products, our focus will be mainly on the software’s cloud-based version. However, we will mention the QuickBooks desktop version but primarily to underline the features, the benefits and shine a light upon their online service. Still, you will find information regarding pricing and features on both; therefore, keep on reading.

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What is QuickBooks?

QuickBooks is an accounting SaaS product mainly developed for small and medium-sized businesses. There are two versions of the product developed by Intuit a cloud-based service and a desktop version. Intuit rebuilt the cloud-based service that we can enjoy now from the ground up back in 2013 to address some security concerns they had. Since then, QuickBooks online became an online accounting platform with the most subscribers and developed several versions of the software to match several countries’ accounting requirements worldwide.

Furthermore, QuickBooks also comes with payroll plans, one for each one of their segments desktop and online. If you want to read more about QuickBooks payroll pricing and packages check out the pricing section here.

If it’s not clear enough what QuickBooks read one while we look at – What’s the difference between QuickBooks Desktop and QuickBooks Online? – both in terms of features and purpose.


What’s the difference between QuickBooks Desktop and QuickBooks Online?

The two products are fundamentally different, and each one has features that work differently from the other.

On the one hand, QuickBooks Online helps businesses with basic accounting, manage their expenses, send and create invoices. While on the other hand, QuickBooks Desktop offers one of the most advanced accounting systems on the market. However, word has spread in the market since 2018 that Intuit will be dropping their Desktop version, and their focus goes on the cloud-based solution.

While there are indeed signs in that direction, we can not say that this surprised us, given the software industry’s actual trend. We haven’t found any official statement regarding this, so our main focus will be on the online solution.


Featured for QuickBooks Online vs. QuickBooks Desktop

So, lets take a closer look at the most obvious differences between the software online and desktop version.

Features

 QuickBooks Online

QuickBooks Desktop

Invoicing
Scheduling
1-click sales and tax reports
Track sales and expenses
Track Miles
Manage Accounts payable
Real-time collaboration with accountants
Connect to 650+ cloud-based apps
Support

$89 for 90 days or select products only

Cloud access $44-$200 monthly/user
Access for up to 25 users Pay per user
Latest product updates & features $299 annual repurchase
Automatically download bank transactions. Bank fees might apply.
Auto data encrypted backups $9.95/month or with premium packages
Restore company data
Smart device access
Calculate and rebill job cost
Calculate discount by customer

Amongst the most notable benefits of using the online version of QuickBooks is, as it can be noticed, the flexibility that it gives you. Also, you can access first-hand updates and new features without having to purchase the new product version.

With this being said, let’s take a closer look at all the features the Intuit QuickBooks cloud-based version comes with.


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Intuit QuickBooks Features

Let’s take it step-by-step and take a closer look at how to use QuickBooks, the features of the online version, and what each one of them can do to make taking track of your accounting and invoices.

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How to use QuickBooks?

Above all, the accounting software is easy to use, friendly and comes with dozens of tutorials that can help you master any feature in no time. For getting straight into using the product and without the need for any installation, we would recommend you the online product instead of the desktop version.

Create an account

So, to use QuickBooks online, all you have to do is sign up for the service and start with the 30 days trial version, which gives you more than enough time to learn all the features it comes with.

If you are new to the accounting software, the first thing you will be asked to do is fill out your company’s information, such as the legal name, the type of business you have, how long you have been in business, and how would you describe your business.

How to use QuickBooks-tekpon

The purpose behind these questions is to get an idea of what features might be the most suitable for your business which takes us to the second point. Choose what you want to do with Intuit QuickBooks.

Setup2 - tekpon

 

However, whatever you choose here will not set anything within the software it’s self it will only get everything settled for you the first time you get in there. So, nothing permanent there. After you completed that, you will be asked to take a quick tour to get acquainted with all the features.


Configuration

The third step is to start adding data to the accounting software. Start by connecting your bank account. Remember that you can check if all is ok by checking if the figures you have in QuickBooks match your bank account figures. You are not limited to one bank account so keep on adding all of them.

Bank account setup- tekpon

Fourth, you will need to go to the upper right corner, click the settings section, and start setting up all your company information and the advanced settings to set up the correct first month of the financial year. So, now you are all settled in and set up with Intuit Quickbooks, you can start setting up your income, creating invoices, track miles, and all the other aspects.

We hope this sets some light on using Quickbooks, and we advise you to check out their tutorial for more detailed information.

Now, let’s move on with our Quickbooks review and discuss the features.


Cloud Accounting

Cloud Accounting-Tekpon Quickbooks reviewThe benefit of working with cloud accounting is multiple, with one of the most important being flexibility.

First, you can access all your information from anywhere and any device. Second,  share and collaborate with accountants’ clients with no compromises in security.

Last, take your data with you anywhere you go and make decisions based on real-time data.


Invoicing

With QuickBooks invoice, you can: create custom invoices, estimate invoices, track payments in real-time, set up recurring invoices, reminders, taxes, discounts, and even shipping costs. Now, let’s take them one by one and see what they do for you.

To being with QuickBooks invoice allows you to customize your invoices by adding brand-related elements such as logo and signature. Furthermore, you can choose from the multitude of templates and make your invoice represent you. Nothing special so far, you would say, well, don’t throw in the towel just yet. This had plenty more to give.

Second, create quotes that include discounts, payment terms, prices, and many more to speed up your invoicing procedure and maximum optimization.

Third, track your payments in real-time. Meaning check from any of your devices customers that are late on their payments and set up automatic reminders to your payments speed. Apart from this, don’t forget the fantastic integrations that help you optimize the invoice payment process and make it as easy as possible for your clients to process your invoices.

Fourth, automate your invoicing process to gain time to focus on other essential aspects of your business. For example, you can send recurring invoices for customers you bill regularly.

Recurring invoices-tekpon

Last, QuickBooks invoice will automatically keep track of your taxes, discounts, and shipping if appropriately set. Also, it will provide you with a P&L, so you never have to be blind-sighted.


Import invoices into QuickBooks desktop

You can import invoices from your QuickBooks online to Quickbooks desktop. However, keep in mind that you can only import an IIF format into the software, so make sure you have one. Here is how it is done:

      • Sign in as an Admin to the company file
      • Switch to single-mode from the File menu
      • From the same menu, click Utilities
      • Select Import IIF files
      • Search & find the IIF file
      • Open & Click ok

See, not that hard after all. Now, let’s take a look at how it’s done the other way around.

Import invoices into QuickBooks Online from desktop

Even more straightforward than the other way around. Let’s take a look at how we do it step by step.

      • From QuickBooks Desktop, click Export Company File to Quickbooks Online.
      • Go to Quickbooks online and choose where you want to import your data
      • Chose the company where you want to import the list or create a new one
      • Get informed by email when the import is ready

Above all, this simple yet efficient feature applies to more importing tasks from desktop to online such as inventories.


Accounting Reports

QuickBooks Online comes with a unique, customizable accounting reports feature. The feature allows not only to review, relly, and check your financial data online at all times but also to create custom reports that fit your business.

So, thanks to all the data you shared with QuickBooks Invoice, banking information, and inventories, the tool will generate accurate profit and loss statements, customer balance sheets, and company snapshots.

The profit and loss statement is an excellent feature for any entrepreneur, business owner, and even freelancer to see how your business performs. Thus, the report will show you through an easy-to-use P&L report whether your business is operating on a profit or loss. Second, the custom balance sheets QuickBooks online feature will autogenerate based on the details gathered from all your financials, “the health check of your company.”

Last, amongst the features of QuickBooks, the company snapshot offers you a real-time overview of your business with graphs and year-over-year income and expenses reports.

Custom Report Quickbooks online-tekpon

Inventory Management

Inventory management is one of the unique features of Quickbooks. It comes with the remarkable ability to synchronize with online sales platforms such as Amazon, BigCommerce, and Shopify. Each one of them coming with its unique set of custom integration facilities.

Stock management-tekpon

For example, Amazon has a master inventory list, while with Shopify, you can import all your orders and manage refunds.

Now, moving on to what you can do in this Quickbooks functions and features section, let’s begging with keep track of your quantifies on hand. This feature will ensure you are always aware of when your stock comes in and out with its auto-update function. This will make it a piece of cake to see what is selling and what’s not.

Inventory management - Tekpon

Second, the track stock value in real-time will update your balance sheet when the value of your stock changes. Third, with Quickbooks online, you can track your vendor orders and organize all the contacts to make restocking a piece of cake. Last, low stock alert. The software will alert you when you are running low on your inventories.

In conclusion, Quickbooks Online features are simple and straight forwards. It’s obvious for us at Tekpon that a lot of thought went into user experience when creating and updating the product.


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QuickBooks Pricing

QuickBooks’ online price is very competitive for the features and integrations it offers. The tool comes with a 30 trial for the ones that need convincing and making sure the tool does the trick for them. If that is not enough, enjoy 50% off for the first 3 months.

Starting from: $15/month
Pricing model: monthly or yearly
Free Trial: 30 days

Furthermore, the QuickBooks desktop pricing is slightly higher than the Quickbooks online pricing, and it starts from $199.99/year with a 50% discount. However, as mentioned above in the features for QuickBooks Online vs. QuickBooks Desktop section, several of the services offered and updates are charged separately.

For more details on the Quickbooks pricing, please visit the allocated section here.

Last, if you would like to pay your employees using Quickbooks you would also need to opt for one of the Quickbooks Online Payroll pricing plans. Payroll plan pricing starts at $45/month.


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QuickBooks Alternatives

Some of the most popular alternatives to Intuit Quickbooks are:

  • FreshBooks
  • Zoho Books
  • Xero
  • Sage
  • Wave Accounting
  • FreeAgent
  • Kashoo

There are surely many more Quickbooks alternatives, but we truly believe these are the most competitive of them all in their segment. Check out the alternatives section for more information and an in-depth Quickbooks review vs. competitors.


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QuickBooks Integrations

As an old and versatile product, Quickbooks online comes with many integrations, amongst the most popular ones being amazon.com, Shopify, gusto, Paypal, Stripe, Zapier, and many more. So many, in fact, that it is practically impossible for us to even touch the surface on this one, 650 apps, to be specific. Thus, we will go with you name it they have it for Quickbooks integrations. This is the first time we encountered software with so many available third-party integrations.

QuickBooks Online is on top of its game with its integrations and continues to surprise us. The software added in the last month two more interesting integrations to their almost overwhelming variety. Now, QuickBooks Online allows small businesses through their new DocuSign feature to sign estimates directly from the platform, eliminating unnecessary delays and becoming even remote work friendlier than it already is.

Moreover, QuickBooks released a new integration with Docyt an AI-powered software that enables entrepreneurs and companies to process bills, manage expenses, capture receipts, and run all reports from one location without the need to use several apps. The amazing part about this new integration is that it will reduce substantially the need for business owners to navigate through several apps to get their reports.


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Overview

To wrap up, we think that QuickBooks online and desktop deserves the title of the number one accounting software in the United States. Easy to use and with a great set of tutorials available meant to guide you step by step from the setup process to the switch at another product if necessary. Furthermore, the QuickBooks integrations leave little to no room for complaints. The inventory management features of QuickBooks make it the perfect software for any retailer to have, small or large. The automation options starting from invoicing and finishing with a balance sheet make your life easier and leaves you space to take care of other important aspects of your business.

We hope you enjoyed our QuickBooks review, and we invite you to live a review of your own and let us know what is or was your experience with the product.

Alina-Maria Stan

Alina is a vegetarian, yet she adores her hot dog, Sandy. But don't you worry, Alina's reviews will still be meaty. She is the team's peace before and after the brainstorm but pretty Viking when she has to sustain her ideas. Alina has lived in Denmark for eleven years, from there her state of being. Whenever she has some spare time, you would find her traveling, trying a new experience, exploring nature, naturally cuddling her dog and cat, or cooking something up whenever her husband is not near the kitchen.

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