What Is QuickBooks & How Does It Work?

If you don’t need accounting just yet, our new money solution offers banking, payments, and 5.00% APY—all with no subscription or starting fees. It only takes a few minutes to get up and running once you connect your bank account to QuickBooks. You can also sign up for a one-time expert setup with a Live Bookkeeper to get started on the right foot. A certified bookkeeper will help you set up your chart of accounts according to your needs, help connect your bank accounts, and show you how to automate the processes you perform most. The list of job duties VAs can perform is long and constantly growing, from bookkeeping and social media management to customer service and market research. Dedicated VA companies can help you integrate VAs into your team and help them learn your business processes faster.

The concept of virtual assistants (VAs) began with small companies in search of part-time help for specific tasks that can be performed remotely. Her writing has also appeared in NewsWeek and Huffington Post. Even for payroll, which has a huge tax liability, taxes are calculated automatically every cycle.

  • The payroll add-on calculates payroll automatically as often as you want.
  • Meanwhile, not all versions allow you to manage and track unpaid bills.
  • Terms, conditions, pricing, service, support options, and support team members are subject to change without notice.
  • However, if you only need to record expenses as you pay them, then Simple Start might be enough.
  • If you are self-employed and report income on Schedule C of your personal income tax return, the QuickBooks Self-Employed plan will likely make the most sense.
  • The features and settings that you choose in this lesson will affect every area of QuickBooks.

FreshBooks is great for self-employed individuals, sole proprietors and independent contractors. It is incredibly user-friendly and easy to navigate, so if you are a sole proprietor looking for basic accounting software, FreshBooks will meet your needs at a relatively low cost. Its basic plan is in line with QuickBooks Simple Start, at $15 per month.

Is QuickBooks easy to learn?

You can start a chat with us in the chat box on the right, if you want us to help you decide what is the best plan for you. There are multiple reasons why businesses are choosing to move to the cloud instead of using traditional methods to manage their businesses. I enjoy being able to work on business accounting blog our books from any computer or even a cell phone. Previously I could only access our bookkeeping records by physically going into our office. Having everything in one place will help you stay organized and ready for tax time. Get set for tax time with all your expenses organised in one place.

You can also connect with your accountant, making it easier at tax time. Payroll processing is an important function for any business. The payroll add-on calculates payroll automatically as often as you want.

Best QuickBooks Alternatives (Free & Paid)

You can download the QuickBooks Online mobile app from the Google Play Store or Apple App Store. QuickBooks Online mobile access is included with your QuickBooks Online subscription at no additional cost. QuickBooks allows you to keep track of financial functions like income and expenses, employee expenses and inventory in real-time and fulfill tax obligations hassle-free.

Insights and reports

This QuickBooks tutorial will teach you the importance of and how to print the profit and loss report, balance sheet report, statement of cash flows, and A/R and accounts payable (A/P) aging reports. This covers how to record your sales and track your income in QuickBooks Online. By the end of this lesson, you will be able to keep track of your credit sales by creating and emailing invoices to your customers as well as recording cash sales where no invoice is needed. You will also learn how to apply payments received to outstanding invoices so that your accounts receivable (A/R) is up to date and income is not counted twice. QuickBooks Plus is a substantial upgrade compared to Essentials.

Why QuickBooks

Midsized businesses with several customers or clients might benefit from the ability to track profitability with QuickBooks Plus. QuickBooks Simple Start is the easiest and quickest way for single users (freelancers, gig workers, solo entrepreneurs) to manage all of their income and expenses in one simple tool. With QuickBooks Simple Start, you can invoice customers, connect bank and credit card accounts, track sales tax, and run basic financial statements.

Meanwhile, not all versions allow you to manage and track unpaid bills. Retailers and wholesalers should choose Plus so that they can track the quantity on hand and the cost of inventory. Contractors should also select Plus to track the profitability of individual projects. Other businesses should consider whether tracking P&L by class and location is worth the extra $30 per month. Yes, you’re free to switch QuickBooks Online plans or cancel at any time.

All plans include

Run and export summary reports, including profit and loss, with an easy-to-use dashboard. Use your smartphone’s GPS to reliably track the miles you drive, making it easy to sort business trips. Simplify your books with the ability to track paper check numbers, right in QuickBooks.

QuickBooks Online is better than QuickBooks Desktop if you prefer a cloud-based accounting software to a locally installed one. QuickBooks Online’s biggest advantage is its ability to be accessed from anywhere with an internet-enabled device. Learn about all the differences in our comparison of QuickBooks Online vs Desktop. Simple Start runs basic reports, including cash flow statements, profit and loss (P&L) statements, and balance sheets. Some of the other 20-plus built-in standard reports available include P&L by month and customer, quarterly P&L summaries, and general ledger. With QuickBooks Essentials, you can track billable time by job and assign it to a specific customer—something you can’t achieve with Simple Start.

No, it is relatively easy to use, though corrections can be more challenging. However, so if you work with a professional accountant, they will likely have an in-depth understanding of the platform and can guide you through its functions. Find help articles, video tutorials, and connect with other businesses in our online community. Yes, you can switch to another plan from any version of QuickBooks Online, QuickBooks Payroll, and QuickBooks Time.