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Full Quickbooks Online Tax Software Review – All You Need to Know About Quickbooks

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Quickbooks
Quickbooks

What is Quickbooks Online?

Accounting is an integral part of any organization that needs to monitor and keeps a record of all its financial information. It is something that has to be focused on if a company wants to ensure that its funds are utilized well.

To effectively and efficiently carry out the accounting functions, an IT-based solution can be your best ally. The most popular name in the field right now is Quickbooks, an online accounting solution.

Quickbooks, which can run both in Windows 7 and 10, needs 2.5 GB of available storage space and 2.4 GHZ of processor in order to be installed.

Quickbooks

Basically, this software helps companies’ with their accounting needs – from measuring and analyzing their financial data to managing and organizing them. It offers a wide range of functionalities to assist its users in delivering their accounting tasks with ease. New businesses, professionals (such as engineers and architects), enterprises (particularly sellers), and non-profit organizations (religious, foundations, charity institutions and others).

When using Quickbooks, you do not need to have an internet connection all the time. You may access it offline, except for the features that are payroll-related.

This business solution offers several products, which include the following: Quickbooks Online, Quickbooks Self Employed, Quickbooks Online Advanced, Quickbooks Desktop for Mac, Quickbooks Pro, Quickbooks Premier, Quickbooks Enterprise, Checks and Supplies, Quickbooks Point of Sale, and TSheets by Quickbooks.

Quickbooks Benefits

There are numerous benefits you can enjoy with Quickbooks. As an accounting software, you can surely say that its development indeed underwent careful planning.

Among the undeniable advantages of using Quickbooks are the following:

  1. One license for many devices. Unlike other business solutions, Quickbooks does not require you to buy a new license whenever you want to install it on another device. With just one license, you can already access it in five computers or devices and have it running even in different companies.
  1. Integration with other apps. If there are apps you want to add in your Quickbooks plan, you can do so because of its integration capability. It can be integrated with Shopify, Google, Square, Paypal, Insightly and Constant Contact.
  1. Automatic backups. Losing important files is among the fears of some users. And one of them could be you. We understand this concern. Who wants to lose an important file, especially a financial-related one, anyway? With Quickbooks, users can depend on its automatic backups feature in protecting the companies’ highly important files.
  1. Multiple files can be attached. The developer of this accounting software did not put a cap on the number of documents you can attach per transaction. Therefore, no matter how many attachments you will include in a specific that should not give you a headache anymore.
  1. Comprehensive reports. Considering the fact that your business operations rely on the financial standing, accounting must be doing a huge role. As such, not getting a whole picture of your company’s real situation in terms of monetary-related factors may mean losses later on. However, Quickbooks will help you generate a comprehensive overview of what is happening in your business. It can provide a report of all your banking transactions and income-generating activities. With just one click, you can already have an access to these reports.

Quickbooks

  1. Track and monitor transactions. As part of its accounting management features, tracking and monitoring of business-related engagements can be made. This includes bounced checks.
  1. User-friendly interface. There is no complication in navigating Quickbooks. It boasts of a user-friendly interface to ensure that even a not-so-techie individual can still manage it.
  1. While there are templates that you can use in setting up your Quickbooks account’s invoices, you can also make it more personalized by designing it on your own. You may likewise put your company logo to make it look more of your own identity.
  1. Automated check signing. If you are running a business that faces a lot of transactions each day, signing checks could be one of those that take so much of your time. Nevertheless, this is no longer the scenario when you use Quickbooks. You may use its automated check signing feature to save yourself from too much work.
  1. Tax management. Paying taxes late and not being able to pay the right amount are the most common problems that companies face. And one of the reasons behind these challenges is the bad accounting system of your office. With Quickbooks, your tax dues and income are monitored constantly.
  1. Regular updating. The software receives updates every now and then. This is done to make sure that bugs are addressed and improvements are incorporated.
  1. Improved productivity. The availability of reports can help you evaluate the state of your business. As a result, you can immediately plan out possible interventions to mitigate the negative impact of some challenges.

Quickbooks

Quickbooks Features

Quickbooks provides several features that will help you maximize the use of an accounting software. Among them are the following:

Manage Your Business on the Go

The main advantage of using QuickBooks is that it allows you to remotely access your QuickBooks files. Plus, you can also access other files saved on your desktop or laptop.

To have this kind of access, you will need the QuickBooks Access Tool which you can acquire for a monthly subscription fee. Using the remote access Web interface, you will be able to access your QuickBooks files.

You don’t need to worry about compatibility issues, as Remote Access Tool has identical system requirements with the latest QuickBooks editions. However, this does not include QuickBooks Pro for Mac.

Track Your Expenses

Do you have different accounts and are having difficulties in keeping track of them? QuickBooks enables you to seamlessly connect your accounts by automatically importing transactions from your bank, PayPal, credit cards, Square and others.

QuickBooks also lets you to automatically sort transactions into different tax categories. The beauty of QuickBooks is that you can edit your transactions, while the software learns from your activities as you continue to use it.

You are always in command when using QuickBooks. You can create your own customized rules, giving you the ability to categorize your expenses based on the categories you had set.

Manage and Pay Your Bills

One of the concerns confronting small business enterprises is paying their bills on time. These include utility bills – light, water, gas – as well as phone, credit card and amortization bills.

With QuickBooks’ Built-in Pay Organizer, you can efficiently keep track of the due dates of your bills and consequently, settle them on time and avoid incurring huge penalty fees. Essentially, it’s a bill organizer where all your business data is stored in one place.

QuickBooks works best for business people on the go, as you will be able to pay almost all of your bills through an online payment system. You are given the option to pay your bills through card, cheque or online banking.

 

Create Invoices

All of the invoices you generate using QuickBooks has a built-in payment processing. This means that after creating an invoice, you can immediately forward it to your customer.

QuickBooks does all the work for you: process the payment, record the transaction in your company’s books and automatically transfer the money to your bank account. All your customers have to do is to choose their mode of payment by clicking on the “Pay Now” button.

Through QuickBooks’ Invoice Tracking system, you will immediately be notified that a customer has already made the invoice you issued. At the same time, your customers are also sent notifications reminding them to pay you on time.

Bank Reconciliations

If you want your financial data to be as accurate as possible, it is very important that you reconcile your bank statement. How do you do this? Just match the transactions in your banking statement vis-à-vis the transactions contained in your accounting records.

What you need to do is to synch QuickBooks to your bank, credit card, PayPal and Square. After you’ve done this, all your transactions will be imported by QuickBooks itself. By the time you receive your bank or account statement, you will only need a few minutes to reconcile your accounts.

Everything is made easy with QuickBooks, as you only need to choose the account you need to reconcile. Once you’ve received your bank statement, all you have to do is to check off the matching transactions by clicking on the corresponding boxes.

Sales Tax

QuickBooks features an accounting dashboard that will tell you how your business is performing. What it will do is to run a review of your balance sheet and then systematically go over your profit and loss reports.

Do you want to know how your business is performing as against your closest competitors? With over 50 built-in business and accounting reports at your disposal, you will easily determine if your enterprise is earning or in the red.

Through its built-in accounting reports, you will be able to closely monitor your customer balances, open invoices, and payables that you were not able to settle. By utilizing the Customer Balance Summary, you will be able to keep track of all of your customer’s open balances.

Quickbooks

Pricing

Quickbooks has four pricing plans that are based on the requirements of users, which are offered on a per month subscription.

Freelancer

Also categorized as self-employed, this plan costs $5 per month. This has the following inclusions:

  • Tracking of miles
  • Tracking of income and expenses
  • Generation of quarterly tax estimates
  • Generation of reports
  • Releasing of invoices and acceptance of payments

Small Business

Known as Simple Start, this Quickbooks plan is available for $7 per month. When you opt for this plan, you can enjoy the following:

  • Tracking of income and expenses
  • Maximizing tax deductions
  • Releasing of invoices and acceptance of payments
  • Generation of reports
  • Sending of estimates
  • Tracking of sales and sales tax

Essentials

This can be taken advantaged of for $17 per month. By getting this plan, you can already have the following features:

  • Tacking of income and expenses
  • Maximizing tax deductions
  • Releasing of invoices and acceptance of payments
  • Generation of reports
  • Sending of estimates
  • Tracking of sales and sales tax
  • Management of bills
  • Multiple users can use a single license
  • Tracking of time

Plus

This Quickbooks plan can be enjoyed for $25 per month, with the following inclusions:

  • Tracking of income and expenses
  • Maximizing of tax deductions
  • Releasing of invoices and acceptance of payments
  • Generation of reports
  • Sending of estimates
  • Tracking of sales and sales tax
  • Management of bills
  • Multiple users can use a single license
  • Tracking of time
  • Tracking of inventory
  • Management of 1099 contractors

All of these plans are offered together with a secure connection with your bank, customer support and integration with apps that you have been using already.

You may check Quickbooks free trial for 30 days to get a feel of the software. You can use it for a month before it completely stops working because of payment requirements. You may also check the developer’s official website for promotional offers and discounts.

Meanwhile, you may consider an add-on should you avail of a small business plan. This can be the Full Service Payroll or Enhanced Payroll options.

Quickbooks

Technical Support

Devices Supported

  • Linux
  • Windows
  • iOS (iPhone and iPad)
  • Android
  • MacOS
  • Web-based

Language Supported

  • English

Models in Pricing

  • Monthly-basis payment agreement
  • One-time payment
  • Annual

Types of Clients

  • Small enterprises
  • Medium businesses
  • Large companies

Deployment

  • On Premise
  • Hosted through cloud

Support Details

Email

This common way of communication can be used to reach Quickbooks technical support team. You can send a short narrative on the nature of your concern.

Phone

If sending an email is not the communication option you would like to tap, you can call them directly to ask about something or report a problem while using this accounting software.

Tickets

Filling out a ticket can be another way of making sure that your concern gets to the Quickbooks technical support team.

Live Support

By visiting their website, you may send a message to the assigned tech support in-charge. The person can give you a response as soon as your message reaches him or her.

Training

The developer may arrange a training for you to capacitate you in using the accounting software.

FAQ

Got some concerns about Quickbooks? You may check the webpage of frequently asked questions and find out if what you have in mind already has a published answer.