QuickBooks Online (QBO) Review

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QuickBooks Online (QBO) Review

QBO Review

Not sure which accounting software to use in your business? Not sure if QuickBooks Online (QBO) is right for you? Yeah, I’ve been there. That’s why I put together this QBO review, just for you.

Before we jump into what I think of QBO, let’s look at what it can do for you and how much it’s going to cost. Isn’t that the first question we have when the college student is knocking at our door trying to sell us a security system? How much is it?

General Features

Features that come with all QuickBooks Online packages:

Home Page

The QuickBooks Online home page gives you an overview of your income, expenses and profit and loss at a glance. If you mouse over each item, QBO displays items that make up each category. Clicking each item takes you to a page where you can see more detailed transactions.

Create Menu

This is the plus (+) sign at the top of the home page in QuickBooks Online. This feature allows you to create a majority of transactions types in 2 easy clicks.

Bank Syncing

You can automatically download and organize your bank and credit card transactions.

Track Income & Expenses

You can easily record EVERYTHING so that when tax time comes around you aren’t sitting there in panic.

Professional Invoicing:

Easily build custom invoices with company branding and any other fields you may need.

Mobile Access

Really, on any device, even your little Nokia phone (I hope not).

Multiple User Access

Give up to 5 people certain permissions and access to your financial information

Accounting Features

Let’s dive into a few accounting features that I love most about QuickBooks Online.

Accounting Basics

When I use any accounting software I always ensure it has these essential accounting basics; accrual accounting, the ability to make journal entries and create chart of accounts. QuickBooks Online has these basics covered and lots more. Having these accounting basics covered means you are able to produce accurate Profit and loss and balance sheet accounts.

Bank Reconciliation

Like all online accounting software, QuickBooks Online is able to automatically import bank and credit card transactions via bank feeds. If for any reason you can’t set up bank feeds, QBO allows you to upload a file containing your transactions.
QBO takes it a step further by automatically matching and categorizing bank transactions with entries already in QBO. Where no match is found QBO guesses the transaction type or treats it as uncategorized so you can easily categorize it by choosing from a drop down menu.

Batch Action

The tool I find most handy in the banking section is the Batch Actions tool. Say you agree with QuickBooks Online’s matching and categorization of your transactions, instead of individually clicking each transaction to accept the match, you can use batch action tool to accept multiple transactions. Thus saving you tons of time in reconciling your transactions.

Invoicing

QBO allows you to create and send professional looking invoices at the click of a few buttons. What I love most about QBO invoices is how it looks to a customer on the receiving end.
The customer gets an email with a link to the online invoice. The customer can print, save or even pay the invoice instantly by using the pay now button on the invoice. Please note you need to have previously setup payments for this button to work.

Messaging

Another cool feature about the online invoice in that a customer can send you a message right within the invoice. This allows QBO to keep a complete communication history about a particular invoice. This is pretty cool than email exchange if you ask me.
I don’t know about you, but these features were was enough for me to give QBO a try. QBO wanted to make sure I was positive about what I’m getting into. They let me start a 30 day FREE trial of a package that was fitting to my needs. Naturally, because it was free, I chose the best package. Here are the package details:

Pricing

Simple Start – $12.95/month

Features:

  • Print checks and record unlimited transactions
  • Import data from excel or QB Desktop version
  • Automatic online data backup
  • Same security and encryption as banks
  • Access your data from any device.
  • Invite up to 2 accountants to access your data
  • You’ll also be able to connect an unlimited amount of apps like Paypal, AMEX, and Square. It’s easy to access and even if you decide to dig a hole to China and do work there, you’ll still be able to sync and follow.

Essentials – $26.95/month

With this package you get all the features of the Simple start package in addition to the following:

  • Ability to setup invoices to automatically bill on a recurring schedule
  • Manage and pay bills from vendors
  • Enter bills and schedule payments for later
  • Ability to compare your sales and profitability with industry trends
  • Ability to control what each user can access in QBO.

Because QuickBooks wants you to succeed, they’ll also provide instant sales and profit reports at your request.

Plus – $39.95

At only a few bucks more than essentials, you’ll thank them, really. Now you can track all of your inventory in extreme detail. In addition to all the features of the simple start and essentials plan, you also get:

  • Ability to create and send purchase orders
  • Track inventory
  • Track billable hours by customer
  • Create budgets to estimate future income and expenses
  • Categorize your income and expenses using class tracking
  • Track sales and profitability for each of your locations

What Makes QuickBooks Online Stand Out?

I’ve been waiting for you to ask this. Customer service. QB outshines everyone in the industry here. Their customer service representatives are notorious for seeing problems to resolution. After reading some other people’s reviews I realized that they often spend hours making sure you know exactly what you’re doing and helping you make the best decision for your business. You can be sure you’re going to be treated the same way and shouldn’t you be? You work hard!

My Final Rating

QuickBooks Online gets an EASY 11 out of 10 stars from me. Nowhere else have I found a team so dedicated to my success. I’m sure you’re going to experience the same when you try it. QB earned my loyalty. The only question you should have now is, where do I sign up for my free trial?

By | 2017-12-25T10:56:29+00:00 November 4th, 2015|Uncategorized|0 Comments

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