Quickbooks Online Review

Introduction

Brand Quickbooks
Price From $15 per month
Website https://quickbooks.intuit.com/au/
Support Phone: 1800 046 038
https://quickbooks.intuit.com/au/contact/

Quickbooks Online is a feature-packed accounting solution, with robust features that can be customised to suit most businesses. You will likely find Quickbooks Online is able to grow with your business making it a great fit for anyone starting out in business with aspirations to grow. The system is able to handle accounts receivable, accounts payable, bank accounts and much more. If you want to take Quickbooks Online for a test run you can sign up for a no obligation trial before you purchase. Alternatively if your sure Quickbooks Online is the right fit for your business forgoing the trial will get you a time-limited discount on your subscription.

 

Getting Started

When you have successfully created your Quickbooks Online account and login you will be directed to the dashboard, from there you will have access to each area of the system including Banking, Sales, Expenses, Employees and Reports.

Getting Started Widget

Getting Started
The dashboard provides you with some tips when getting started.

On the dashboard is a widget to help get you started. You will be directed to make your first invoice, check how much you are making, connect with your accountant and add some additional information. Completing the suggested actions in the widget will have you on your way to getting started with Quickbooks Online.

Search Help Documents

Help Menu
The help menu provides quick links to help.

Clicking the help icon in the top right corner will give you a search for Quickbooks Online help, there are also some suggested help articles. Here you will also find links for contacting support or adding or finding an accountant.

Getting Started Guide

Quickbooks Online Help Article
Help articles can guide you through setting up Quickbooks Online.

Quickbooks have a series of snack-sized, task-oriented articles to help you understand workflows and the concepts behind them. The articles include videos and summaries of the goal. Quickbooks recommends watching all the videos in order so you become confident to complete the specific tasks.

Getting Started Conclusion

Quickbooks offers a number of pointers to get you started using the software. Help is always available through the help menu where you can search or contact Quickbooks. If needed Quickbooks can help you find an advisor to get specific accounting data setup in the system.

Bank Accounts

You can set up multiple bank accounts in Quickbooks Online. This allows you to keep track of the transactions in your bank account and match them against transaction you have entered into the Sales and Expenses area. Transactions can be imported into Quickbooks Online manually from bank statements or alternatively you can connect to your bank account and transactions will be automatically imported for you.

Connect Your Bank Account

Connecting a Bank Account
Quickbooks Online can connect to your bank account to import transactions.

To set up a bank account in Quickbooks Online search and select your bank from the list. After successfully connecting Quickbooks Online will set up the selected accounts in the system and begin importing your transactions ready to be reconciled. Connections to bank accounts will be read-only so Quickbooks Online will be able to access your transactions for importing but not other actions can be performed.

Bank Account Transactions

Quickbooks Online Bank Accounts
A list of bank transactions in Quickbooks.

Once you have a bank account set up in the system you can review the imported transactions. Quickbooks Online will show you transactions needing to be reviewed, as well as transaction already in Quickbooks Online.

Bank Accounts Conclusion

Whether you want to set up a bank connection or manually create a bank account and import transaction it is possible in Quickbooks Online. Setting up a bank account offers greater benefits due to the ability to automatically import transactions from your bank. Once you have transactions in your account they are ready to be reconciled.

Reconciling Transactions

Reconciling your bank account is a great way to help ensure your books are accurate. Once you have transactions imported into your bank accounts Quickbooks will try to categorise or match them based on previous transactions or similar transaction in the system.

Matching Existing Transactions

Matching Transactions
While reconciling you can match existing transaction with transactions from your bank account.

If there is a similar existing transaction in the system, Quickbooks will attempt to automatically match it with the transaction from your bank account. Alternatively, you can search through existing transactions and select one as the match for the statement line. If you do not want to match the statement line to an existing transaction you can simply select an account from the chart of accounts to categorise it.

Reconcile an Account

Reconcile an Account
Select and enter details for an account you want to reconcile.

To reconcile an account in Quickbooks Online you can select the account, enter the ending balance and date as well as any necessary finance charges. With your bank statement for reference, tick items off in Quickbooks until all the items are marked off your statement. The difference between the selected Quickbooks transactions and your bank statement balance should be zero. If the amounts match you can complete the reconciliation.

Reconciling Conclusion

Quickbooks Online allows you to categorise, match and create transactions daily as they appear in your bank account. This streamlines the process at the end of the period when you receive a statement. Reconciling your account becomes easier as most of the work is already done.

Invoices & Income

The Sales area lists sales transactions you have created in Quickbooks, recording due dates and payments on sales transactions will allow you to keep invoices up to date and see when you need to follow up overdue invoices with customers.

List Invoices

Sales Transactions
A list of the sales you have entered into Quickbooks Online.

The Sales Transactions list shows transactions you have entered into Quickbooks. It provides information such as transaction date, type, number, customer, balance due, total and status. From the list view, you can perform actions including creating a new transaction, receiving payment or printing invoices.

Create New Invoice

Creating an Invoice
Create, save and send invoices to your customers.

Selecting to create a new invoice in Quickbooks will open a pop up to enter specific details about the transaction, this includes the contact, date, due date and the items that are being invoiced to the customer. Once complete you are able to print or preview it, save it or send it to the contact.

Send Invoice via Email

Email Invoices
Email invoices to your customers.

When sending an invoice to your customer you will enter details such as a subject for the email, a message, select payment options and see a preview before sending.

Receive Invoice Payment

Receive Payment
When you receive a payment, apply it to the invoice.

When you receive payment for an invoice from a customer you can create a Receive Payment transaction this includes information such as the customer’s name, the date of payment, a reference and the account it was paid to. You are then able to apply the payment to outstanding invoices from the contact.

Invoices & Income Conclusion

Quickbooks Online has great invoicing capabilities. With templating, recurring invoices and customer emails you will be able to operate a streamlined invoicing process. You will have professional invoices delivered to your customers as fast as you can create them, once received by your customer keeping track of payments is easy.

Bills & Expenses

The Expenses area shows bills and purchase invoices entered into Quickbooks Online. Entering due dates and payments made on the transactions will allow you to keep up to date with your bills and manage upcoming payments.

List of Bills

List of Bills
Quickbooks Online can help keep you up to date with your bills.

The Expenses area will allow you to view your expense transactions, including bills, entered into Quickbooks Online. This includes information such as date, type, number, contact, and totals. Depending on the transaction type you can enter payments against the transaction to keep up the balance up to date.

Create New Bill

Create a New Bill
Enter the bills you need to pay to keep on top of them.

Selecting to create a new transaction will show a pop up allowing you to enter details such as the supplier, terms, transaction date, due date and specific items for the bill. Once you have entered all the details and save the bill, it will be available from the Expenses list.

Payment of Bills

Apply Payment to Bill
Apply payments to bills to keep up to date on what you owe.

When you have made a payment on a bill you can create a new bill payment, this requires you to enter details about the payment including who the payment was made to, how much the payment was for and the account the payment was made from. You will also select the bills that were included in this payment and indicate the amount that was paid for each bill.

Bills & Expenses Conclusion

Quickbooks Online allows you to keep track of all your supplier bills, setting due dates will make it easy to know which bills to pay first and when they need to be paid by. When entering payments you will have the opportunity to email the contact you are paying so everyone is on the same page.

Reporting

The reports area contains a list of reports Quickbook can generate allowing you to review your businesses performance from different angles. Reports are available relating to your business, sales and customers, expenses and suppliers, tax and employees.

Report Dashboard

Reports Dashboard
A list of the reports available in Quickbooks Online.

From the dashboard, you can view the reports available in Quickbooks Online. If there are reports you access regularly you can star them to show them in your favourites.

Profit & Loss Example

Profit and Loss Report
An example of a Profit and Loss generated by Quickbooks Online.

Above is an example of the Profit and Loss report in Quickbooks Online, this report can be generated for a specific period and shows transactions in the income and expense accounts. The report is designed to give you an insight into business performance in regards to profit.

Business Activity Statements

Business Activity Statement
Keep on top of your Business Activity Statements with Quickbooks Online.

Once set up correctly, Quickbooks Online allows you to create Business Activity Statements and mark them as paid once you have completed payment. Quickbooks Online will also show you the next BAS that needs reporting and its current balance.

Reporting Conclusion

When it comes to understanding the performance of your business it is important to have accurate and relevant reporting. Quickbooks has you covered, with reports to gain insight into your operations from any angle you will be well on your way to reducing costs and increase sales and profits.

Settings

Clicking on the settings icon in the top right corner will open a menu with options for many areas. Quickbooks Online gives you many options for customising settings so the software can be altered to work for your business.

Settings Menu

Settings Menu
Access the settings menu from the icon in the top right.

The settings menu has options for many settings including your account, users, and chart of accounts. The Account and Settings option is where you will find many of the customisable options you can change to suit your businesses specific requirements.

Company Settings

Quickbooks Online Settings
Customise the settings in Quickbooks Online to suit your business.

In the company settings tab you can enter information specific to your business including company name, ABN, industry and contact details. Quickbooks Online will use this information to customise the software to suit your needs.

Advanced Settings

Advanced Features
Quickbooks Online has many advanced features you might find useful to your business.

In the advanced settings area, you can customise details like your financial year, accounting method, categories and other options relating to automation.

Settings Conclusion

Quickbooks Online has many options when it comes to settings, familiarising yourself with all the options will help as your business grows. Enabling or disabling particular features will improve workflow and potentially save you time.

Permissions

Quickbooks Online gives a number of options for setting permissions for users. Provided are some predefined types or you can choose custom and make selections to suit your requirements.

Create a New User

Quickbooks Online Pemissions
A number of roles exist to control who can do what in your subscription.

When adding a new user you will need to select a user type, the options available are custom, admin, reports or time tracking. Each of the types will allow a different level of access. If the types don’t seem relevant to your needs choosing custom will allow you to select the level of access you would like the user to have.

Choose Permissions

Custommise User Roles
Some options are available for customising user roles.

If you choose a custom user type Quickbooks will allow you to select from Customer and Supplier to give the user limited access to the system. With both options selected limited access will still restrict the user’s ability to manage accounts, view bank registers and view total income and expense amounts.

Permissions Conclusion

As your business grows and more people are required to do more tasks permissions will become very important. Controlling who has access to key business information is a concern for any business, Quickbooks has a number of options so you can customise user access to suit your needs.

Support

Support for Quickbooks Online is available a number of ways, from phone or chat support to help articles and the community. You can access help directly from the system while logged in, this is useful if you get stuck while completing your daily tasks. Alternatively, help can be accessed directly through the Quickbooks website.

Phone & Chat Support

Quickbooks Support
There are a number of ways to get in contact with Quickbooks Support.

Phone and chat support is available between 8:30AM and 6:30PM (AEST) Monday to Friday. Alternatively, you can email any support queries you have at any time and you will get a reply within 1 business day.

User Guides

Help Articles
A wide range of help articles are available in case you get stuck.

Quickbooks also offers video tutorials, webinars and user guides to help you complete common tasks within the system. If you require further help you can ask a question in the community forum.

Support Conclusion

When you have questions, getting the right answer and fast results in the ability to remain productive. Quickbooks can answer your questions via phone, chat or email. For any questions that are not urgent, the user guides and community forum are open 24/7 and only ever a few clicks away.

Pricing

Quickbooks offers a number of plans allowing you to choose one that suits your needs. Buying a subscription without a trial will give you a limited time discount. Alternatively, you can take a 30 day trial for the standard pricing.

Quickbooks Online Pricing

Quickbooks Online Plans
Choose the Quickbooks Online plan that best suits your needs.

The plans offered begin at $9.99 a month before any discounts, it is important to note that the Mobile App plan is separate from the rest of the Quickbooks Online offering and is not interchangeable.

Plans covering Quickbooks Online start at $15.00 per month and go up to $35.00 per month.

Pricing Conclusion

Quickbooks Online is available on a number of different plans, you can choose the plan that best suits your needs based on the inclusions. If you select a core plan (not the mobile app plan) you will be able to upgrade or downgrade as your needs change.

Quickbooks Online Review Conclusion

Quickbooks Online has the features you need to run your business smoothly, coupled with reasonable pricing and great support Quickbooks could be the right fit for your business. You will be able to keep on top of your sales, expenses and bank account transaction with ease. The ability to customise advanced features in Quickbooks Online means as your business grows the system can change to suit your needs. This makes Quickbooks a great solution for anyone with big ambitions when it comes to their business.