Quickbooks
Status: No Set Up Yet
Overview
Intuit’s QuickBooks Online is an obvious choice when selecting accounting software for a startup. It’s both intuitive and powerful, while the software’s APIs can integrate with payroll software such as Rippling to manage employee salaries or Bill.com to help with bill payments as needed.
In addition, most accountants are already familiar with some form of QuickBooks or another; Intuit’s offering is one of the best-established brands of accounting software on the market. While some companies opt to use QuickBooks Desktop (now only available in the US), QuickBooks Online allows accountants and business owners unfettered access to the software from a mobile device. An increasingly useful ability.
The software’s business-friendly features make it one of the best pieces of accounting software.
Features
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Invoicing: QuickBooks Online allows users to create and send invoices to clients. The software also allows for automatic reminders to be sent to clients who have not yet paid their invoices.
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Expense Tracking: QuickBooks Online allows users to track expenses and categorize them for tax purposes.
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Bank Reconciliation: QuickBooks Online allows users to connect their bank accounts to the software, which automatically reconciles transactions.
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Financial Reporting: QuickBooks Online provides users with a variety of financial reports, including profit and
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Loss Statements, Balance Sheets, and Cash Flow Statements.
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Payroll: QuickBooks Online offers a payroll feature that allows users to manage employee salaries and benefits.
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Inventory Management: QuickBooks Online allows users to track inventory and manage stock levels.
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Tax Preparation: QuickBooks Online allows users to prepare and file their taxes.
Pricing
QuickBooks Online offers a variety of pricing plans, including:
- Simple Start: 1 User; $30 per month; For solopreneurs and director-only small businesses.
- Essentials: 3 Users; $55 per month; For small businesses with multiple users working with suppliers.
- Plus: 5 Users; $85 per month; For small businesses that need to track inventory and manage 1099 contractors, projects, and inventory/stock.
We will most likely be using the Essentials plan, as it offers the best value for money for our needs.
Integration
QuickBooks Online integrates with a variety of third-party applications, including the following accounts we already use:
- Relay: A modern banking platform that offers a variety of financial services.
- Bill.com: A platform that automates bill payments and invoicing.
- Rippling: A platform that automates employee management and payroll.
- Shopify: An e-commerce platform that allows users to create and manage online stores.
Conclusion
QuickBooks Online is a powerful and user-friendly accounting software that is well-suited for startups. The software’s features, pricing, and integrations make it an excellent choice for our business. We will be setting up QuickBooks Online in the near future to manage our accounting and financial operations.