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 Quicken, the mother company.
Starting from: $15
Pricing Model: /month
Yes, has free trial
No free version
- Both desktop & online versions
- Software Complexity
- Tutorials available
- 24/7 Customer Service
- Great Interface
- 650 integrations
- Can become expensive
- Could be more transparent with their pricing model
- Small business
- Medium business
- Large enterprises
- Non-profit Organization
- Cloud, SaaS, Web-Based
- Mobile - Android
- Desktop - Windows
- Mobile - iPhone
- Mobile - iPad
- Desktop - Mac
- Desktop - Chromebook
- On-Premise - Windows
As some of you probably know, QuickBooks comes in two distinct versions QuickBooks Online and Desktop. While we discuss both products, we want to underline that our focus will be mainly on the software’s cloud-based version. First, however, we will mention the QuickBooks desktop version, underline the features and benefits, and shine a light upon their online service. Still, you will find information regarding pricing and features on both; therefore, keep on reading.
What is QuickBooks?
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 has developed several software versions to match several countries’ accounting requirements worldwide.
Furthermore, QuickBooks also comes with payroll plans, one for each segment desktop and online. Check out the pricing section here if you want to read more about QuickBooks payroll pricing and packages.
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.
About the company behind QuickBooks
Intuit is an American corporation founded in 1983 in Palo Alto, California. The founders of the company are Scott Cook and Tom Proulx. Today, the company makes most of its revenue from the US market through its financial services software: TurboTax, Mint, Credit Karma, ProConnect, and QuickBooks.
Furthermore, Intuit products are some of the most known and used by small and large businesses alike in the US.
QuickBooks is a cloud-based and desktop accounting system developed for small and medium-sized businesses. The tool also comes with a payroll solution and around 650 integrations.
TurboTax is a tax preparation tool that also comes with a free file version. The TurboTax free version was developed as a support for taxpayers.
Mint is a personal finance software developed to help you handle your income and expenses in your personal life.
Credit Karma is a tool that helps you check your credit score, monitor it, and get reports on that. Also, you can get recommendations on credits card and benefits that will suit you.
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.
While there are indeed signs in that direction, we can not say that this surprised us, given the software industry’s actual trend. Unfortunately, we haven’t found any official statement regarding this, so our main focus will be on the online solution.
How to use QuickBooks?
Create an account
If you are new to the accounting software, you will first be asked to fill out your company’s information, such as the legal name, business type, how long you have been in business, and how you would describe your business.
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.
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.
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, tracking 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.
Featured for QuickBooks Online vs. QuickBooks Desktop
So, let us take a closer look at the most obvious differences between the software online and desktop version.
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.
Time Saving Benefits of QuickBooks
Using Quickbook at its full potential comes with great potential to save time worth spending on developing and growing your business. So let’s take a look at this QuickBooks review what some of the most relevant benefits of using Quickbook online and desktop for their SMEs are.
- Synchronizing your QuickBooks to your payment gateways
This comes with the potential to save you about 45 minutes of your precious time every week. How does it do that? Well, sales transactions incur lots of data such as invoices, recipes, and other aspects. Therefore, for keeping things neat and organized sales tax filling, accounting and bookkeeping become a piece of cake.
- Have your customer history synced
To enjoy the full benefits of QuickBooks, integrate your CRM software so you can have a full overview of purchase history and full information of your customers. This will save you about 58 minutes per week.
Intuit QuickBooks Features
Let’s take it step-by-step and take a closer look at the features of the online version and what each one can do to make taking track of your accounting and invoices. Furthermore, this section of the QuickBooks review will give us a great overview of the software’s functionalities and technical aspects.
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.
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 checking from any of your device customers late on their payments and setting up automatic reminders to your payments speed. Besides 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. Last, QuickBooks invoice will automatically track 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, making 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 from desktop to QuickBooks Online
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.
Last, let’s look further into this Quickbooks review at reporting and another important feature for commerce and e-commerce: inventory.
QuickBooks Online comes with a unique, customizable accounting reports feature. The feature allows you to review, relly, and check your financial data online at all times and 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 freelancer to see how your business performs. Thus, the report will show you through an easy-to-use P&L report whether your business operates 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.
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 comes with a unique set of custom integration facilities.
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 review of functions and features section, let’s begging with keeping 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.
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.
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: Subscription
Free Trial: 30 days
Last, if you would like to pay your employees using Quickbooks, you would also need to opt for Quickbooks Online Payroll pricing plans. Payroll plan pricing starts at $45/month.
Some of the most popular alternatives to Intuit Quickbooks are:
- Zoho Finance
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.
Quickbooks online comes with many integrations as an old and versatile product, 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 have 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 remotely 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.
Quickbooks Review Conclusion
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 leave your 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.