1and1 online accounting is a software solution for freelancers, small and medium-sized businesses.
Izam, Inc. in 2012 founded this company. The software was initially designed to serve business people who were always on the move. These business people often needed instant tools for invoices and receipts.
The software has grown over the years now to accommodate even more robust features. You can now track payments and follow-up with overdue payments on this platform. In essence, the software takes out the tedious admin work of business accounting.
In this article, we’ll be reviewing the features, benefits, and cons of this software. By the end, you’ll know enough to decide whether it is a good fit for your business.
What is 1and1 Online Accounting Software?
The most significant pain of small and medium businesses is the lack of sufficient specialist staff. The owner(s) have to wear the shoes of an accountant, clerk, and founder. To reduce the stress involved in running the business and let them focus on growing, they can use tools like 1and1 Online Accounting Software.
The software comes in three packages.
One package focuses on invoice management. You can create dispatch and track invoices efficiently using this package.
Another is the accounting package. Using this package, you can file your expenses. You can also manage payments and cash flow for your business.
The third package handles inventory management. This helps you take stock of all your products and services. You can create and manage stocks and service sessions all from within the app.
This tool seeks to abstract all the hard work involved in filing and monitoring payments in your account. And it does it quite well too.
How 1and1 Online Accounting Software Works?
The core of the 1and1 online accounting software is automation. You can expect to automate almost all payments, inventory and accounting processes. This frees you to focus on other important business activities.
To use the 1and1 Online Accounting Software, you have to create an account with the platform. While creating an account, you must select your preferred plan. As soon as you are done with this process, you will see a new page requesting for further information about your business.
The next page after this will ask you if you want to include custom domains and local listing. These extra add-ons cost additional money too. So select them only if you need them.
Once you complete the sign-up process, you can log in to your account. Now you can begin processing payments and managing your inventory and invoices.
Benefits of 1and1 Online Accounting Software
1. Professional Quotes and Invoice Templates
For small businesses that seek to be serious contenders in their space, the need for professionalism is high. The 1and1 Online Accounting Software provides stellar templates for your quotes and invoices.
You never have to worry about a field being out of place on the document. These documents templates conform to the standards of the industry where you conduct business. So if you’re looking to impress your customers, clients, this tool is for you.
2. Detailed Dashboard Analytics
New business owners will always worry about your business’s health. It’s normal. But given the amount of information you have to study to arrive at a conclusive answer, most people abandon the research altogether.
1and1 Online Accounting Software takes away this stress from you. It presents a detailed overview of your business-critical indicators on your dashboard. The information gets shown on pretty and colorful charts that are easy to interpret.
3. Optical Character Recognition Software
Most freelancer and trade people on the run may not have the time to dash around the corner to make a photocopy. The folks at 1and1 Online Accounting Software understand this problem.
They have included an OCR in the software. You can use the OCR tool to scan invoices, quotes, and receipts using a mobile phone. Then it proceeds to extract this information for you. And saves you time!
4. Robust Warehouse Management Tool
The warehouse management tool is comparable to industry standard warehouse software. You can track and monitor stock and take inventory in an instant.
You can also monitor depletion rates and create purchase requests automatically. All these go a long way to cut down otherwise tedious admin work.
5. Efficient Support, Detailed Help Center
The support center is detailed with tutorials and help material. You can use information on this center to troubleshoot your problems and get solutions.
If you prefer, you can contact a live support agent. They are quick to respond and are very helpful too. They also have their phone number displayed all over their websites. So you can even call them for support too.
Cons of 1and1 Online Accounting Software
1. Pricing is Quite Prohibitive
Compared to other similar software in this niche, the pricing of 1and1 Online Accounting Software is on the high side. Although they provide deep discounts for the first 12 months, it is still quite expensive.
And after the first 12 months, prices for the software packages nearly doubles. For the features that it offers, the price points are prohibitive.
2. The Absence of Detailed Features Pages
Most modern businesses in this space provide a detailed page for their products’ features. Sadly, this is missing on the 1and1 Online Accounting Software website.
Although the site offers a beautiful user interface, there is no dedicated features page. New customers seeking to use their offering may be turned off. After all, we all want to know what we are paying for so that we can make sound decisions.
Features of 1and1 Online Accounting Software
1. Quotes & Invoice Creator and Templates
The quotes and invoice creator of the 1and1 Online Accounting Software provides standard professional templates for you to use. The templates feature enough information for your customer to understand the pricing. You are also allowed to edit it to suit your business type, scale, and brand identity.
2. Quotes & Invoice Tracking
After sending your quotes and invoices out, 1and1 Online Accounting Software begins tracking them. The tracking is dependent on the due date you assign to these documents. The tracking tool lets you know when the invoices get replied. It also lets you set a custom reminder feature for automatic follow-up.
3. Convert Quotes to Invoices
After your quotes get the approval from the customer, you must translate them into an invoice document. This is a tedious process, especially, when dealing with plenty approved quoted.
The software allows you to convert all the approved quotes into invoices. It only takes a few clicks of the button. This spares you and your team unnecessary admin work.
5. Customer Data
1and1 Online Accounting Software lets you store your customer data in a secure place on your account. This data includes their quotes and invoices and processed payments. You also get to store their contact information too for easy reach. In short, the customer data tool is a complete contact management solution.
6. Digital Sending & Filing of Documents via Smartphone
The 1and1 Online Accounting Software aims to provide a solution that is handy and effective. This suits businesses and clients that are always on the move. Since you won’t always be on your laptop or computer, there is an option to go mobile. You can use the dedicated mobile application to sign documents and send them immediately.
You can also fill these documents using your mobile phone. This allows you to write your invoices on the spot and dispatch them instantly.
7. Optical Character Recognition
This tool is also a favorite amongst mobile businesses. The tool lets you scan documents and financial records using your mobile phone.
The character recognition feature kicks in. It extracts all essential figures and images too. You can then proceed to file them for later use.
8. Online Accounting
The online accounting package does a neat job of organizing your financial information in one place. The tool lets you view and manage your expenses and payment details.
Depending on your preset rules, it can file and document them for you automatically. This makes it easy for you to reconcile your expenses quickly inside the software.
10. Online Cash Book Management
This is an extension of the online accounting package. It helps you monitor the cash flow pattern of your business. You can file your expenses, investments, profits, and payments on this online cashbook. This tool works together with the online accounting tool to reconcile financial records. It is a powerful bookkeeping software.
11. Costs Overview
This provides an in-depth analysis of your spending profile. It computes and presents this information on the Reports and Analytics dashboard. This way, you can understand and study your business spending pattern over time. It also allows you to study this cost pattern over a specified period. This information proves insightful during strategic planning.
12. Inventory and Warehouse Management
The inventory and warehouse management tools let you keep track of your stock level. They work in tandem to help you control, plan and monitor your stock. The tools show you the amount and prices of available stock. You can also filter and search for a stock at will.
13. Data Security
The 1and1 Online Accounting Software protects all your data and customer details. You don’t have to worry about malicious attack and hacks. The software offers top-notch data protection and security on their cloud platform.
1and1 Online Accounting Software offers three packages for small and medium business. These packages form the basis for the pricing. The different plans feature one or more of these packages.
So your choice of ‘Package’ is dependent on the scale of your business. The plans are:
This plan features only the invoice management package of the software. It supports robust invoice management tools. Some of them are invoice templates and the quotes-to-invoice conversion tool.
You also get automatic reminders for overdue invoices. This plan restricts the software to just one user. It costs a discounted price of $4.99 per month for the first 12 months. After that, it costs $9.99 to use.
This plan features both the invoice management package and accounting package. It has all the features of the invoicing plan together with top-notch accounting tools.
You can create cost-centers and impose role access and restriction for members. It also lets you manage your financial documents online. You can sign up only three users on this plan. It costs $9.99 per month for the first 12 months. After that, it costs $19.99 to use.
3. Inventory Management
This contains both invoice and accounting packages as well as their features. It goes further to add the inventory management package to the mix. The inventory package features a smart stock tracker.
Also, it features customer and vendor price comparator and delivery notes tool. You can have up to ten users in your account. It costs $19.99 per month for the first 12 months. After that, it costs $39.99 to use.
The 1and1 Online Accounting Software is available as a cloud-hosted solution. All the required server infrastructure is owned and maintained by the company. You don’t need to have any private server hardware to use the tool. Also, it isn’t available as an on-premises solution.
You can access this software with any device with an internet connection. As long as these devices have a modern browser installed in them, they’ll be able to use the platform.
Hence, it supports all mobile and desktop devices together. It is also independent of their different operating systems.
Customer support for 1and1 Online Accounting Software is pretty impressive. Their support page provides a ton of helpful materials to assist you in setting up your account. All categories are discussed thoroughly. If you need further support, however, you can contact their support staff directly. The software offers two options.
- You can call their dedicated phone lines for help. Note that only active customers with a customer ID should use this channel.
- Contact their online live support.
The support is sure to respond to you and help you resolve your problems speedily.
1and1 Online Accounting Software is an excellent online accounting solution. It can handle financial tasks for small and medium businesses like a breeze. The overwhelming array of feature frees enough time for your real business activities. The pricing may be a little steep compared to competitors, but it is still a great tool overall.