Although QuickBooks Online is a great cloud-based accounting platform, it isn’t the only one. QuickBooks Self-Employed is suitable for freelancers and independent contractors who want to be able to track all their business expenses (such as rent or marketing) in one place. If you report income on Schedule C of your personal income tax return, this cost-effective option might be best for you. In order to accurately compare top accounting software, the Tech.co research team picked out the eight core categories to divide their efforts along, from help and support to accounts payable tools. With it, users can track their billable hours, categorizing them under the correct client and employee, while automatically adding them to invoices. These hours can be added by the manager manually, though the employee in question can also be given permission to add their hours themselves.
Core can also be packaged with either the Simple Start accounting plan for $75 plus $5 per employee, per month, or the Essentials plans for $100 plus $5 per employee, per month. The QuickBooks software offers dropdown menus for easy access to its many tools. QuickBooks Advanced is best for enterprise businesses with support for extra users and the new features which help businesses operate more efficiently at scale. Similarly, you can create a client database and track overdue client payments to keep on top of who owes you what. Simple Starts includes all the features from the Self-employed Plan but adds a range of helpful additions covering everything from basic bookkeeping to budgeting.
Opening a QuickBooks Checking account is free, with no monthly fees or account minimums. QuickBooks Online users can get access to QuickBooks’ lending service — QuickBooks Capital. QuickBooks Capital is a working capital loan to help small business owners run their operations, whether that’s covering new hires, ordering inventory, making payroll, etc. The QuickBooks Online Advanced plan is designed for larger businesses. QuickBooks Online Advanced costs $200/month and supports up to 25 users. A Live Bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your first meeting.
Also available from the service is a lending program called QuickBooks Capital. Those with QuickBooks Online accounts are potentially eligible, though they’ll still need to qualify on the strength of their accounting history. reorder points The QuickBooks Payroll software tracks employees by name, pay rate, pay method, and current status. Finally, you can start creating budgets and cash flow projections based on your client and supplier information.
Batch invoicing allows you to create multiple invoices at once rather than creating them one at a time. This can be useful if you have many customers who need to be invoiced for the same products or services. You just need to create a single invoice template and then apply it to all the customers who require the same invoice. QuickBooks will estimate quarterly tax payments and help you avoid late fees. If you’re already using QuickBooks as your accounting program, using the bookkeeping services is a natural transition for extra support.
Granted, the right plan for you will vary depending on your needs, and there are alternative accounting software options on the market that may also be a good fit. Still, QuickBooks Online offers an unbeatable range of features, packaged in a solid interface with good support. It also supports batch importing, to help a single user create, edit, and send multiple invoices, checks, expenses, or bills. You can also automate key accounting tasks such as setting reminders for invoices, payments, or deposits.
While maintaining the records is relatively straightforward, getting valuable reporting pertinent to your business may take some time working with your dedicated bookkeeper. While reports are easy to run, you may find that you need some reports and not others to best get a pulse on your business’s finances. Next, you’re ready to select your company logo and your default “net payment” invoice terms. For example, if you expect clients to pay invoices within one month of receipt, you would select Net 30. To get started with QuickBooks Online, you first enter your company’s information and the fiscal year. After that, you choose between two accounting methods — cash or accrual accounting — and select your primary currency.
Once you input the data, you can review your account balances and access your workflows and reports from the dashboard. The Business Overview tab is especially helpful as it offers a breakdown of your company’s cash flow, profitability, expenses, income and sales. QuickBooks Online offers more features on the go and is a better overall value than QuickBooks Desktop. If you don’t need the advanced features offered by the Desktop plan, the Online version will save you money.
Accurate Books Guarantee is only available for active customers of QuickBooks Live Monthly Bookkeeping who have provided their current business tax return. If your Live Bookkeeper makes an error that requires you to re-open your books for any month, we’ll correct the error in your books for the month that the error occurred at no additional charge. Between the QuickBooks Online monthly fee, monthly payroll cost, bookkeeping support, payment processing fees, and other integrations, the cost of QuickBooks Online can add up quickly. Here are our top tips for how to save money on QuickBooks Online. QuickBooks Online is an incredibly comprehensive financial solution that is easy to use and navigate. It provides a wide range of features that make it easy to track and manage finances, as well as generate reports.
Use the apps you know and love to keep your business running smoothly. Businesses with simple accounting needs and a smaller budget for software. All Self-Employed features, plus the ability to pay quarterly estimated taxes online through QuickBooks and transfer info to TurboTax. The custom price varies depending on the size of your business but should be somewhere between $200 and $600 per month. The Essentials plan is a great fit for growing small businesses that have an increased number of suppliers, employees, and clients. This is available for just $15 per month and supports a single user.
If you want a dedicated expert to handle your ongoing bookkeeping work, you can sign up for QuickBooks Live Bookkeeping, available in Simple Start and all higher plans. Read our detailed QuickBooks Live Bookkeeping review to learn more about this assisted bookkeeping add-on. Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. Our mission is to bring you “Small business success … delivered daily.”
Once you’ve recorded your billable time, you can add them to your invoice and then send it to your client. This feature is ideal for service-based businesses that charge work by the hour, such as lawyers and independent contractors. To use many features of QuickBooks Online on your mobile device, sign in from your web browser and download the QuickBooks app from the Apple Store or Google Play. Multiple users can be signed in at the same time without any complicated network setup or expensive hosting service.
Your receipts are inputted automatically with the “snap-and-store” function and the program tracks your miles for business-trip expense deductions. Your expenses are categorized automatically, so you will know what to deduct on your taxes when you are ready to file. Katherine Haan, MBA is a former financial advisor-turned-writer and business coach. For over a decade, she’s helped small business owners make money online.