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Start Hiring For FreeRunning a small business often means wearing many hats and handling all aspects of operations. Most business owners would likely agree that bookkeeping and accounting tasks can feel overwhelming amidst everything else.
Luckily, solutions like Intuit QuickBooks Online aim to simplify small business accounting and financial management. With QuickBooks Online, users can efficiently track income and expenses, generate financial statements, and monitor cash flow from anywhere.In this review, we'll explore how QuickBooks Online stacks up for growing SMBs in need of robust yet easy-to-use accounting software.
We'll overview key capabilities like invoicing, reporting, and integration features. We'll also discuss limitations to consider and ideal user profiles that can benefit most from QuickBooks Online. By the end, you'll understand if QuickBooks Online is the right cloud accounting choice as your business scales.
QuickBooks Online (QBO) is a cloud-based accounting software application launched by Intuit in 2008. It was designed to provide small and medium-sized businesses (SMBs) with an affordable, user-friendly option to manage key financial processes like invoicing, expense tracking, reporting, and more without needing to install complex desktop software.
Over the past decade, QBO has become one of the most widely-used SMB accounting platforms. Its intuitive interface, robust feature set, secure cloud access, and seamless integration with other business apps has fueled rapid adoption across a range industries.
As a cloud-based platform, QBO allows users to access their financial data from anywhere via desktop or mobile devices. Core capabilities include:
QBO connects to bank accounts, credit cards, POS systems, and other business apps to automatically import transaction data. This saves significant time by reducing manual data entry.
Robust reporting allows users to generate real-time insights into cash flow, profits & losses, sales tax liabilities, account reconciliation status, and more. These insights help inform better financial decisions.
Intuit launched QuickBooks Online in 2008 as demand grew for cloud-based financial tools accessible from anywhere, without needing desktop software installation.
Over the past decade, QBO has quickly become the #1 accounting platform for SMBs. As of 2022, QBO holds over 50% market share in the United States among small business accounting software.
Millions of small businesses now use QBO as their central financial hub to manage billing, get paid faster, track expenses, monitor cash flow in real-time, and simplify tax preparation.
The most notable upsides and value propositions of using QBO for small business finances are its accessibility, scalability, and integration capabilities.
QBO offers anytime, anywhere access to financial data and tools through its web-based platform and mobile apps. Key benefits include:
With cloud access built-in, QBO provides mobility and flexibility for business owners and finance teams to manage finances and accounting tasks conveniently.
As a cloud-based solution, QBO scales easily with business growth. Key scalability benefits:
QBO's scalability simplifies financial management for any stage of business growth. Usage and access can flex to match operational needs.
With over 750 third-party app integrations, QBO interoperates with many popular business platforms.
These native and third-party integrations streamline financial workflows and reduce manual data entry. QBO can serve as a central financial hub connected to everyday business platforms.
QuickBooks Online (QBO) provides robust tools for creating professional invoices and managing the invoicing workflow. Key features include:
With QBO, users can quickly generate invoices, send them to clients via email, and accept online payments seamlessly. The software tracks payments and automatically reconciles invoices when paid, keeping the books up-to-date.
QBO enables businesses to track various expenses for reimbursement, tax deductions, and cash flow analysis. Users can:
The tool simplifies expense tracking with automated data feeds and flexible categorization. Managers gain visibility into expenses and can better analyze spending over time.
Connecting business bank, credit card, and loan accounts to QBO allows for automated matching and reconciliation. Benefits include:
By reducing manual reconciliation tasks, QBO saves significant time and minimizes errors. The automated connections ensure accounting records mirror the real bank balances.
Reporting and analysis features are critical for businesses to gain insight into their financial data. Intuit QuickBooks Online provides several options to visualize information to inform decisions.
QuickBooks Online automatically generates commonly used financial reports, including:
These standard reports provide an overview of key financial metrics, updated in real-time as new transactions occur. The intuitive interface allows users to filter date ranges, compare periods, and export to Excel with one click.
In addition to standard reporting, QuickBooks Online enables users to create customized reports tailored to their business's specific needs. Options include:
With some SQL knowledge, advanced users can write custom queries to manipulate the data and display it as needed.
To help identify trends and opportunities, QuickBooks Online offers interactive visualizations of financial data, including:
The visualization tools make it easy to spot patterns, compare metrics over time, and share insights with stakeholders. Users can create multiple dashboards for different aspects of the business.
With robust reporting, customization, and data visualization, QuickBooks Online provides the actionable financial insights growing businesses need to make data-driven decisions. The intuitive tools allow users to analyze their data, identify opportunities for improvement, and track performance over time.
QBO offers many benefits, but it's important to consider some potential limitations before deciding if it's the right solution for your business.
Transitioning to any new accounting software can involve a learning curve. QBO has a user-friendly interface, but it still has a wide range of features that may take some time to fully understand and utilize effectively, especially for larger product catalogs. Setting up and customizing the software is fairly intuitive, but mastering advanced reporting and workflow automation capabilities can require more learning.
While QBO provides all the basic inventory tracking features most small businesses need, it lacks some advanced capabilities offered by higher-end solutions. For example, there is limited support for multiple warehouse/location tracking, lot and serial numbers, and advanced bill of materials features. If your business has complex inventory needs, traditional QuickBooks desktop or an industry-specific solution may be better suited.
Intuit offers 24/7 customer support via phone, chat, and self-help resources which is sufficient for most small business needs. However, direct 1-on-1 support options are primarily reserved for premium support plan subscribers. So businesses with more complex setups or specialized needs may require paying extra for priority service and access to senior support reps. Phone wait times can also be longer during peak tax seasons.
The Intuit QuickBooks Online (QBO) accounting software is best suited for small and medium-sized businesses (SMBs) in certain use cases where it can provide the most value.
QBO is easy to set up and use, making it a great choice for early-stage startups who need to get their financial tracking and reporting up and running quickly. Key benefits for startups include:
With QBO handling your books, you can focus energy on sales, marketing, product development and other startup priorities. It removes a common pain point so you can accelerate growth.
For companies frequently on the go like field services, QBO offers accessible cloud-based financial management accessible from any device. You get:
By centralizing financial data in the cloud, managers and accounting can access QBO to provide support no matter where employees are located. The flexibility and mobility gives mobile businesses an edge.
QuickBooks Online is a reasonably priced solution for small manufacturing firms that want better visibility and tracking across inventory, orders, shop floor activities, etc. Benefits include:
While QBO has limits in handling complex manufacturing needs, it provides a good foundation for light manufacturers to improve workflow, inventory management, and reporting accuracy.
QuickBooks Online is best suited for growing SMBs that need a scalable accounting platform optimized for small business growth stages. As an industry-leading cloud accounting software, it offers top choice for affordable and accessible accounting capabilities to manage financial operations.
QuickBooks Online provides the features and flexibility growing SMBs need as they scale their operations. Key advantages include:
With strong accounting capabilities tailored for SMBs, QuickBooks Online simplifies financial management through the various stages of business growth.
As a pioneer in cloud accounting software, QuickBooks Online is a top choice for an affordable, accessible, and modern platform to manage business finances.
For SMBs seeking a proven, user-friendly accounting solution, QuickBooks Online delivers essential financial tools with the convenience of the cloud.
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