QuickBooks Online (QBO) is a cloud based accounting software from Intuit (business & financial software). Compared with more mature desktop versions of QuickBooks, QuickBooks Online is entirely web based. This means you don't need to install it on your PC - you are able to access it from any device - through an internet browser or mobile app.
QBO is very useful for small businesses. Whether you're a service provider, contractor, freelancer or shop owner, QuickBooks Online Accountant tracks your revenue, expenses, invoices, bills and more.
Why Do Small Businesses Choose QuickBooks Online?
This is why Small Business in the U.S. Select QuickBooks Online:
Large numbers of small businesses in the US trust QuickBooks Online. This is why:
- Simple to use: You do not require an accounting background.
- Affordable: It offers various pricing plans for your business.
- Cloud-based: It is possible to access your data from anywhere.
- Time-saving: It handles invoicing, expense monitoring and bank reconciliations automatically.
- Tax ready: It helps you plan for tax season and works with numerous CPAs and tax software programs.
Features Which Make QuickBooks Online An Excellent Tool for Small Businesses
1. Invoicing Made Simple.
With QuickBooks Online it is possible to produce professional-looking invoices within minutes.
You can:
- Add your logo & brand colors.
- Set up recurring invoices.
- Send them via email.
- Track which invoices are paid, overdue or unpaid.
Additionally you receive alerts if an individual sees your invoice or makes a payment. This lets you monitor your cash flow and also prevent late payments.
2. Expense Tracking.
Among the most important functions of accounting is Tracking business expenses. You can use QuickBooks Online to:
- Connect your bank and credit card accounts to have expenses imported automatically.
- Classify expenses by office supplies, meals, travel, etc.
- Take pictures of receipts with your phone and match transactions.
When tax time comes, you will have a working log of your expenses - so it will be simpler to file taxes and also get deductions.
3. Bank Reconciliation.
Every month your bank mails you a statement with your account balance and all transactions. The bank reconciliation tool in QuickBooks Online matches your bank statement with your books.
This catches mistakes, identifies fraud, and also keeps your financial records correct. QuickBooks also flags non-matching transactions to help you repair them.
4. Sales & Income Tracking.
QuickBooks Online tracks all your incoming money like:
- Product sales revenue.
- Customer payments.
- Deposits.
- Refunds.
You can make reports on how much you make, what services or products sell best, and which consumers generate the most revenue.
5.Profit and Loss Reports.
The most helpful tool in QuickBooks Online is the Profit & Loss (P&L) report, or income statement. It shows:
- Your net income.
- Your total expenses.
- Your net income (or loss) for any time period.
This report reveals the way your business is performing financially. It may also be helpful for applying for loans, attracting investment or tax season.
6. Inventory Management.
You should know exactly how much inventory you have In case your company sells products. Inventory tools in QuickBooks Online Plus along with Advanced plans consist of :
- Track the amount of products in stock.
- See when it is time to reorder.
- Record inventory costs.
This minimizes stock outs or over-ordering and keeps your business running efficiently.
7. Payroll Integration.
While Payroll isn't offered in the base QuickBooks Online plans, you can add QuickBooks payroll to process forms, taxes, and employee paychecks. It helps you:
- Run payroll automatic.
- Pay taxes: Calculate and submit payroll taxes.
- Track employee hours.
This feature is worth considering if you have even one employee to avoid mistakes and penalties.
8. Mobile app Access.
QuickBooks Online offers a mobile App for iPhone & Android. You can:
- Invoices come out.
- Get pictures of receipts.
- Verify sales & expenses.
- Run reports - right from your phone.
This is wonderful for the business people that are constantly on the move and wish to be hooked up to their finances all the time.
9. Tax Preparation and Integration.
QuickBooks Online prepares for tax season using :
- Organizing income and expense data.
- Storing receipts and documents.
- Permitting you to share your books with your accountant.
It even integrates with TurboTax so you can transfer your financial info and file taxes accurately.
10. Multi-User Access & Accounting Tools.
Sharing your books with a Licensed Accountant or business partner? QuickBooks Online supports multi-user access. You can:
- Invite your accountant to look at or edit your books.
- Set permissions for some other users (like bookkeepers or employees).
- Keep your data safe and quickly manageable.
Who Should Use QuickBooks Online?
QuickBooks Online is perfect for :
- Freelancers / contractors.
- Retail / eCommerce businesses.
- Service providers (consultants, repair services, etc.):
- Home or mobile businesses.
- Start-ups and growing companies.
For easy, cloud based accounting which does not call for a finance history, QuickBooks Online is the best option.
Read Also | Why Choose QuickBooks for Accounting and Bookkeeping Needs?
Conclusion
QuickBooks Online is an effective yet easy accounting program which helps U.S. small businesses save time, lessen emotional stress and make better financial decisions. Whether you are getting started or expanding rapidly, QBO can handle your bookkeeping, invoicing, expenses and reports from your PC or telephone.
Rather than dealing with spreadsheets of receipts, QuickBooks Online gives you a live perspective of your finances. And with built in tools to help you manage your business - such as tax tracking, inventory management, along with internet access - it will make your life much simpler.
