Pros And Cons Of QuickBooks Online
- January 11, 2019
- Posted by: Olivia
- Category: Uncategorized
QuickBooks small business software is the most preferable accounting software developed by Intuit for small as well as mid-sized companies. In general, Intuit QuickBooks is probably a very good solution for your business in case an integrated accounting package is absent. QB can do well in all situations whether you are trying to make payment for your bills, collecting money from your clients, or you want to fetch complete financial reports to assess your company’s performance.
As per my experience, QuickBooks Online Support fits well for almost all QuickBooks versions for different companies from distribution and service companies for manufacturing or non-profit or for personal use. QBO offers cloud-based accounting program to small business owners making them take unlimited advantages including business payments, income, as well as reporting.
Getting initiated with QuickBooks Online is very easy like entering a little information about your company. In order to get the most out of the program, you need to make a proper plan to invest your time learning various features of QBO and the pros and cons of QuickBooks Online.
QuickBooks Online – A perfect way to see how your business is doing instantly.
QuickBooks Online: Features
QuickBooks Online though operates individually using internet connection but offers you more than basic accounting features. It is designed to help small business owners by simplifying the back-end of handling and running a business.
Have a look at QuickBooks online features:
- It allows you to share data with employees and your accountants.
- No burden of software or local data to manage.
- No upgrades or release updates.
- Robust assistance providing a core with online chat.
- App sync with nightly automatic downloads in an easy way.
- Creating and assessing financial reports
- Expense tracking
- Profit & loss statements
- Bank reconciliation
As the QuickBooks Online is reserved for small businesses and freelancers, so if you operate with very few employees handling complex transactions, it may work well for you.
QuickBooks advertises this program for medium and large-sized businesses also. It offers complex accounting features that may be required by these companies.
Pros And Cons Of QuickBooks Online
Easy to use interface and navigation: You know the best part of QuickBooks online is the color-coded interface that makes it easy to find all that you require instantly. You can get more detailed information by just clicking on each topic and creating filters and view everything on one page.
Easy invoice customization: It’s very important to creating a brand for your company and that’s the reason why we like the customization features in QuickBooks Online. Even you can easily import your company logo and it’s information to make one-of-a-kind invoices for your own business. You can modify the look of the email sent by the system at the time of sending invoices.
Unlimited invoices via email: Online invoice sending task may save your time and money on postage. It keeps everything in one place helping you get paid faster.
Mobile accessibility: Accessing your dashboard on your phone is now possible and easy to help you to manage your accounting from anywhere in the world.
Online banking: You can tie-up your bank accounts and credit cards to your QB online account. It eliminates the wastage of time by avoiding the manual entry of each transaction. It is possible as the system automatically downloads each transaction in no time.
Works well with third-party apps: If you need QB online to stop offering you particular functions, many third-party apps may offer the services you need. Now you might be thinking what is the benefit in working with partnered apps. It is the integration they offer for your accounting system.
Customize your dashboard: You can customize your preferences so that the dashboard only shows the required information if you have time. You need to activate each feature required by you that can do its best at the onset of setting up your account with QB online.
No software to install: Do you know why we love the cloud-based systems? The reason is that you get the automatic backup as well as you can export to programs like Excel. Along with this, you gain the ability to work on the system from anywhere at the time of sharing the details with max five other authorized users.
Always Up to Date: Like other online software, you enjoy here the most up to date version. You don’t need to pay separately to get the latest upgrade. When you purchase this version, you get multiple versions. Thus, you don’t have an extra expense of additional licenses.
Available Anywhere: QuickBooks Online is available anywhere, all you need is internet access. Your remote or part-time employees can also assess all your accounting functions from where they are. This version of QuickBooks makes it easy.
Easy Sharing to CPAs: You no longer have to do that with the Online version if making a CPA back-up copy to give to your CPA each year is required. You can permit special CPA access without having the need to purchase an additional user. It serves good because now the CPA can close your year or tax return while you continue to work.
Testing Modules: Working in an online version makes it very easy to test additional modules as you just have to click them to open up.
Strong Security: Intuit consists of a comprehensive set of security policies as well as procedures to protect your data. It includes continual risk assessments, authentication, as well as the audit logs. There is a secure connection to your browser using TLS technology for encryption. It stays encrypted using Intuit’s firewall. It is stored on dedicated machines that are protected using the process of tokenization per NIST guidance.
Doesn’t include payroll: You may want to consider a full-service program if you want to include your accounting system. QBO does offer payroll at an additional monthly cost along with a surcharge per employee.
It’s not for beginners: Beginners might feel profused at the user interface of QuickBooks Online. Definitely, there is a learning curve which requires your time and patience both.
No project management features: When you want project management software, you need to choose the best option out of the third-party apps that can merge with QuickBooks Online.
You need internet: In case the server is down, you can’t access QuickBooks Online. Now, you have two options, first is you can wait for the internet to come back and second is going to a public place for Wi-Fi access. However, it results in security issues.
Potentially more costly: You don’t have to pay individually for upgraded versions. You won’t need to buy multiple licenses with QuickBooks Online. But still, it can cost higher than simply buying the software. QuickBooks Online pricing is a regular monthly subscription cost instead of a simple one-time purchase price.
Relinquish Some Control of Data: Moving from the QuickBooks Desktop App to QuickBooks Online, you have to give up a little bit of control. It’s not like any purchased version where you need to just upload your current data to the QuickBooks Online servers. But you have to create files to send them to QuickBooks and then they load all those for you. This can be a bit dissatisfying because the accounting data is highly confidential and it is found to be fairly responsive.
QuickBooks Online provides many features that can be fruitful for small businesses. If your company has less than five employees having a fair knowledge of accounting, it can perfectly fit your needs. But if you need more handholding, you may want to look for another option.