QuickBooks Online Accountant

What is QuickBooks Online?

Launched in 2001, redesigned in 2013 and now serving more than 683,000 users, QuickBooks Online is a web-based small business accounting software that saves users time while keeping their finances organized. Depending on the plan you’re subscribed to, it combines a number of features in one platform: estimates, invoicing, time tracking, accounts payable, bank/credit card reconciliation, reporting, inventory, contacts, sales tax, tax forms, location and class tracking.

It also has a user-friendly dashboard that emphasizes overdue and open invoices, account balances, cash flow, and other tasks, affording you the ability to see important activities at a glance.

Main Features

Invoice Creation

On the top middle section of the QuickBooks Online dashboard, there are three buttons that allow users to search for transactions, create invoices and other financial forms, and view recent transactions. To create a customer invoice, click on the plus (+) button and select Invoice from the drop-down menu. You will be taken to the Invoice page where you then will be required to input the invoice’s particulars such as customer name, email address, billing address, payment terms, invoice date, due date, and others.

Product/service line items can be manually entered or selected from pre-defined fields. Tax calculations and discounts are automatically deducted from the invoice amount shown in the top right corner of the screen. Invoices can be personalized by adding your company logo, a background image, choosing your own font and designating custom fields. Invoices can also be sent in batches or individually.

Online Banking Integration

With QuickBooks Online’s banking integration feature, you can securely connect your online bank to automatically download financial transactions, so you won’t have to manually input the necessary data. Once synced, using the information your bank stores with the money going in and out of your account, like amounts, transaction dates, the places where the transactions occurred, and such, you can either accept or delete transactions, and categorize and assign them to suppliers or customers.

To connect your bank with QuickBooks Online, you will need your online banking username and password ready. This allows QuickBooks Online to establish a secure connection with your bank or credit card company. From the QuickBooks Online dashboard, choose Transactions, then Banking. On the upper right hand side of the screen, you will see a blue button marked Add Account. You will be prompted to enter your bank or credit card company’s name or URL, or choose from a list of popular financial institutions. Once your login credentials are verified to be working, simply follow the prompts to continue.

App Integrations

Integration with other software systems is one way to enable a seamless information flow between applications, thereby reducing data entry requirements and simplifying the way companies run their businesses.

QuickBooks Online doesn’t only integrate with QuickBooks Online apps and other add-ons. Through the Intuit Partner Platform, it also allows third-party app developers to create custom application systems that can benefit its base of small business users.

Mobility

It happens even to the best of us. You purchase a spare part for your customer, and make a mental note that you need the receipt for later but end up losing it one way or another. With QuickBooks Online’s mobile apps, expense reporting is made easier through mobile receipt capture. You can even add photos and notes so you don’t forget the relevant details.

While the mobile versions are still lacking in terms of the full software’s functionality, QuickBooks Online’s mobile apps let you review your transactions even when on the go, see customer balances, and mark invoices as paid. Electronic signatures also enable you to immediately approve estimates.

Built-In Reports

QuickBooks Online has a long list of pre-built reports that show the overall financial health of your business. These reports fall into several different buckets: Business Overview, Manage Accounts Receivable, Manage Accounts Payable, Accountant Reports, Reconciliation Reports, Manage Products and Inventory, Review Sales, Review Expenses and Purchases, Manage Sales Tax and Manage Employees.

To run a report, go to Reports from the QuickBooks dashboard and select the type of report you want to run. Next, customize your reporting fields, if needed. Select a transaction date from a drop-down menu or specify your target date range. After clicking on Run Report, you are ready to print, email, export the report as an Excel file, or save customizations.

Integrations

Aside from easy integration with other QuickBooks applications such as QuickBooks Payments and QuickBooks Payroll, QuickBooks Online offers add-ons such as Method CRM, Time Tracking by TSheets, Bill.com, Jobber,Shoeboxed and Mavenlink.

And then, there’s the QuickBooks API that provides app developers the ability to integrate their products with QuickBooks Online and expose their products to a large pool of small business owners. The QuickBooks API client allows them access to their customers’ data via a REST-based API that works with QuickBooks Online. Also, Intuit’s Apps.com is a place where third-party apps can be published and found by businesses looking for systems to further simplify their processes.

Bottom Line

• Accounting, invoicing, billing, estimates, and more – all in a single platform
• Has native mobile apps for Android devices, iPhones and iPads that allow users to keep track of the financial health of their businesses anytime and anywhere
• Allows easy collaboration with your accountant or bookkeeper
• Easy to set up and highly customizable
• Automatic syncing with your bank and credit card accounts