QuickBooks Online caters to small businesses, freelancers and mid-sized businesses. This software’s capabilities include scalable sales tax, expense monitoring and accessibility as an app for iOS and Android devices.
An example of QuickBooks’ expense tracking feature.
Oversee Every Bill
Thanks to QuickBooks, all of your bills and payment deadlines are monitored. Recurring invoices are easy to set up so you can avoid missed payments and interest charges. You can connect the right bank accounts to QuickBooks so it can automatically record and track bills paid by check or direct deposit. The bill management tool also allows you to view all of your transactions and bill payments so they can be matched to the correct vendor bills. You can install automatic bill payments for electronic payments and pay multiple bills at once on a specific date.
Kiss drab invoices goodbye with QuickBooks’ invoice accessory. You can customize preset invoice templates with your preferred logos and colors. You can create and send payment reminders to your customers and you’re immediately notified when they make payments. The invoice accessory also links repeating invoices and billable hours with TSheets, QuickBooks Online time tracking or Google Calendar.
The reporting tool comes with a variety of reports to keep you in the know about your business. These reports include balance sheets, income statements, cash flow statements, customer balance summaries and receivable aging summaries. Customer balance and accounts receivable aging summaries can monitor open invoices, customer balances and past due amounts. You can pinpoint problem areas and make informed decisions from elaborate insights with the monthly KPI tracking component.
Measurable Sales Tax
When you add sales tax to your invoice, QuickBooks instantaneously calculates the rate. With QuickBooks’ Sales Tax Liability Report, you can review your sales tax information so you can determine taxable and nontaxable sales. The sales tax module allows you to oversee due dates for both local and state taxes as well as permit you to file manually or electronically.
The estimation element can forecast discounts, product stock-keeping units, payment terms and other line items. You can email estimates to a customer or they can be accepted and signed via an iOS or Android device. There are tailor-made estimate templates to design and you can even convert estimates into invoices to immediately track.
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Other Noteworthy Accessories
Here are more features that may tickle your fancy.
- Inventory Tracking: Stock shortages are a thing of the past, thanks to this feature’s automatic inventory tracking and quantity surveillance.
- Expense Tracking: All of your business expenses are monitored, tracked, sorted and organized in one place 24/7.
- Mobile Access: The Android and the iOS-friendly app lets you input transactions, document expenses, send invoices to customers and access and send reports. It automatically stores data to the cloud and syncs across all of your devices.
QuickBooks Online has a few limitations that you may want to review.
- This software has a lot of bugs
- Customer service isn’t always knowledgeable
- It does not include average day-to-pay reports that inform you about how long it takes customers to pay their invoices.