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QuickBooks - A Flexible Accounting Solution

Table of Contents

  1. What is QuickBooks?
  2. Features
    a. Automation
    b. Invoicing
    c. Inventory
    d. Mobile App
    e. Reporting
    f. Third-Party Integrations
  3. Pricing
    a. Self-Employed Subscriptions - Ideal for Freelancers
    b. Small Business Subscriptions - Ideal for Small/Medium sized Businesses
  4. QuickBooks Live Full-Service Bookkeeping
    a. Cleanup/Setup
    b. Ongoing Bookkeeping
    c. Month-end Close
    d. Live Bookkeeping Pricing
  5. Pros and Cons
  6. Is QuickBooks Suitable for My Business?

What is QuickBooks?

QuickBooks was launched in 2001, by the development team Intuit. QuickBooks is a cloud-based platform targeted towards small and medium-sized businesses. It is now one of the largest accounting softwares on the market with more than 29 million small businesses relying on it in the U.S. alone.

The QuickBooks platform offers an all-in-one accounting solution and provides various features, including invoice creation, reporting, inventory management, and tax management.

This QuickBooks overview aims to take a comprehensive look at the QuickBooks platform, outlining the main features while helping you decide if it is suitable for your business.

Features

Automation

One of the most notable features of QuickBooks is the ability to automate repetitive tasks. Some automation features include:

  • Automatic import of your banking transactions
  • Automatic payment reminders for your clients
  • Automatic recurring invoices and bill payments

Invoicing

QuickBooks enables businesses to create and send professional invoices to customers. The platform even features an app that allows you to send invoices to customers directly from Gmail.

The platform provides a range of professional templates that can be customized to suit your needs. All of the templates are optimized to look great on all devices. If you set up online payments through QuickBooks Payments or one of the many supported third-party payment processors, you can also add a payment button to your invoices.

QuickBooks also allows you to create estimates, which can be converted into invoices after a customer approves the pricing.

Inventory

Some of the more expensive subscription levels allow you to manage inventory within the platform. You can add images of products and create sets of items frequently sold together, which is really helpful when creating invoices.

Mobile App

The QuickBooks mobile app is available on both Android and Apple devices. The mobile app features a great UI and all the same features as the desktop platform, making it easy to manage your business on the go.

Reporting

Report generation is one feature that distinguishes QuickBooks from some of the other accounting software on the market.

QuickBooks features a few different kinds of built-in reports, such as general ledger, profit/loss, and balance sheets.

Managing reports is very streamlined as you can add favorites to make them easy to find.

QuickBooks can also automatically send your reports via email on a schedule that you create, making it easier to gather insightful information about your business.

Third-Party Integrations

QuickBooks offers integration with many popular SaaS products, making it possible to connect platforms such as your POS system, E-Commerce platform, or CRM.

QuickBooks integrates with more than 600 apps, including Square, Shopify, and PayPal. If you can’t find the integration you are looking for, developers at DataCose are experienced with QuickBooks' vast API. Just complete the contact form at the bottom of this article to get in touch with our engineering team. We’re happy to see if the custom integration your business needs is possible with an existing tool or a custom programming solution.

Pricing

QuickBooks offers a range of subscription tiers, suitable for all business sizes from self-employed to large organizations. You can also add powerful payroll features that eliminate the complexity of maintaining a payroll for a reasonable monthly fee.

When considering QuickBooks, it's important to note that some features are only available on specific plans. Ensure that the features you need fall within your budget.

Here’s a brief overview of each plan:

Self-Employed Subscriptions - Ideal for Freelancers

The Self-Employed plan - $15 per month

  • Send and track invoices
  • Keep your business and personal finances separate
  • Maximize your Schedule C deductions
  • Calculate taxes
  • Track mileage

The Self-Employed Tax Bundle plan - $25 per month

  • All features in the Self-Employed plan
  • Ability to pay taxes online
  • Transfer information to TurboTax

The Self-Employed Live Tax Bundle - $35 per month

  • All features in the Self-Employed Tax Bundle plan
  • Ability to work with certified accountants

Small Business Subscriptions - Ideal for Small/Medium sized Businesses

The Simple Start plan - $25 per month

  • For 1 user
  • Import transactions and organize your finances automatically
  • Accept credit cards and bank transfers in the invoice
  • Share your books with your accountant
  • Create and export reports
  • Take photos of your receipts and categorize them
  • Automatically track mileage
  • Get paid online or in person
  • Forecast cash flow
  • Accept credit cards anywhere
  • Connect to e-commerce tools
  • Calculate taxes automatically
  • Customize estimates, and convert them to invoices
  • Assign vendor payments to 1099 categories

The Essentials plan - $40 per month

  • Supports up to 3 users
  • Everything in the Simple Start plan
  • Time tracking
  • Bill management

The Plus Plan - $70 per month

  • Up to 5 users
  • Everything in the Essentials plan
  • Inventory management
  • Vendor management
  • Track project profitability

The Advanced plan - $150 per month

  • Supports up to 25 users
  • Everything in the Plus plan
  • Analytics and insights
  • Batch invoice creation
  • Customized user permissions
  • Exclusive premium apps
  • Dedicated account team
  • Workflow automation
  • On-demand online training
  • Data restoration
  • Task management

QuickBooks Live Full-Service Bookkeeping

QuickBooks full-service bookkeeping consists of three phases:

  • Cleanup/setup
  • Ongoing bookkeeping
  • Month-end close
  • Cleanup/Setup

    In this phase, your bookkeeper will assist you in setting up your chart of accounts. You will then connect your accounts and have a one-on-one session where you will learn how to make the most of QuickBooks . If you have already been using QuickBooks for a while, your bookkeeper will help organize all of your current information throughout the first month of the service.

Ongoing Bookkeeping

Your bookkeeper will have access to your QuickBooks account, allowing them to keep all of your transactions organized.

Month-end Close

At the end of each month, your bookkeeper will close your books and ensure that all of your figures are accurate. You will then receive copies of key financial reports, such as your profit and loss statement and balance sheet.

Live Bookkeeping Pricing

QuickBooks' live bookkeeping service is available to all QuickBooks users. There is an initial $500 charge for an accounting cleanup and onboarding. After that, you'll pay a monthly fee based on your average monthly expenses over a three-month period.

Average Monthly Expenses Price (Monthly)
Up to $25,000 $200
$25,000 - $150,000 $400
$150,000 or more $600

Customer Service

QuickBooks offers a range of customer support options, such as phone, email, or live chat.

The website also has a detailed knowledge base, where you can find answers to most common questions.

QuickBooks has also created a range of tutorial videos and run regular webinars alongside training sessions.

The community forum is also a valuable resource where you can interact with fellow users, making it possible to get support without contacting the official customer support team.

Pros and Cons

Pros

  • Great UI
  • Advanced API allows for a wide range of integrations
  • Visual representations of your finances
  • Great range of invoice templates
  • Affordable and transparent pricing
  • Live bookkeeping service

Cons

  • Can't upgrade from the Self-Employed plan to Small Business plan
  • Multiple subscriptions needed for each business you manage
  • Limited number of users for each plan
  • Additional payroll features come at an additional cost

Is QuickBooks Suitable for My Business?

All in all, QuickBooks is one of the best accounting products on the market. The modern user interface is straightforward to navigate and allows you to visualize your company's finances. This facilitates effortless data analysis to derive key business insights.

QuickBooks also allows for the automation of repetitive tasks, making it possible to set up recurring billing and receive up-to-date reports about your business.

Notable features such as invoice creation and inventory management add to the platform and make it much easier to bill customers and ensure you always have enough stock to fill orders.

The platform also has a robust API allowing for integration with other SaaS products, helping to bring all of your business tools together into the same platform.

Finally, another key selling point is that due to QuickBooks' large accounting software market share (80% in the U.S.), most bookkeepers and accountants are well-versed in QuickBooks. This simplifies generating reports and filing taxes, as everyone who needs to access accounting information will be familiar with the system and easily able to do so.

QuickBooks is currently offering a 30-day free trial alongside a 50% discount for the first 3 months of a new subscription.

If you are still unsure whether QuickBooks is suitable for your business, please fill out the contact form below and our team will be happy to see if it’s the best tool for your business and how you can integrate it into your other existing tools.

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