QuickBooks Online

Score8.1 out of 10

2,225 Reviews and Ratings

What is QuickBooks Online?

QuickBooks Online is a SaaS version of the QuickBooks product. It contains all of the features found in the local version. Higher-priced plans include greater automation, payment management, inventory and time tracking, and analytics features.

Categories & Use Cases

Media

the accounting and bank transactions interface

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Bank reconciliation
The software connects to a company’s financial institutions in order to reconcile accounting records with checking, savings and credit card accounts. Often month and year closing capabilities are included.
Category average: 8.4
Accounts payable
This includes the automation and tracking of payment to vendors and suppliers, with features such as payment scheduling, check printing, open purchase order alerts, document management, direct ACH bill payment, and vendor records.
Category average: 8.3
Accounts receivable
This includes the management and automation of invoices and collections, with features like statements, invoices, receipts, payment reminders, customer records, auto billing, and refund checks.
Category average: 8.3

Global Financial Support
Account using multiple ledgers, multiple currencies, and multiple entities
Category average: 7.5
Inventory tracking
The software syncs orders and stock to maintain a real-time picture of inventory and supports multiple methods such as LIFO and FIFO.
Category average: 7.5
Manufacturing module
The software helps track and manage raw materials, work-in-progress items, and finished goods.
Category average: 6.6

James Alcantar

Director of Accounting Services in Finance and Accounting at Kruze Consulting (51-200 employees employees)

Use Cases and Deployment Scope

We use QBO to record all financial transactions for our clients on the platform. From there, the system generates financial statements, such as the profit and loss, balance sheet, and cash flow statements. With that information, we can help businesses report to investors and be audit-ready. The businesses can also use the information internally to guide decision-making and understand the runway.

Pros

Syncing with other platforms, such as Ramp, Brex, and Gusto. Those systems can push their information into QBO without issue.
Recording bills and expenses is easy.
Pulling financial statements is quick, easy, and the format looks professional.
QBO allows users to set rules that automatically classify transactions as they sync into QBO. This saves a lot of time when categorizing them.
QBO has a good system for mass reclassifications.

Cons

Tracking W9s for 1099 filing needs help.
There are no schedules to track balance sheet items. There also isn't a way to input an asset and have QBO make the depreciation or amortization entries automatically.
Inventory tracking is tough.
Revenue recognition is all manual.

Return on Investment

Financial reporting is required. Having a good, low-cost solution is invaluable to smaller companies. They can now be compliant.
Companies are able to report to their investor boards and on their covenants.
Companies can make business decisions in real time if the books are kept up to date.

Usability

Alternatives Considered

ONCE Campfire, Rillet, Xero and NetSuite ERP

Other Software Used

Brex, Ramp, Gusto, BILL, Stripe Billing

Brookelyn Winters View profile

Owner/CEO in Marketing at Social Innovations (1-10 employees employees)

Use Cases and Deployment Scope

I used it for quite a while for invoicing and expense tracking. Now I mainly use it for a couple clients who haven't switched over to my other system and are more comfortable with QuickBooks Online. It is convenient for receiving money from larger clients of mine. I may fully switch back in the future, but for now I'll keep using it for the couple clients who haven't switched.

Pros

Invoicing
Receiving payments from invoiced individuals
Keeping track of expenses

Cons

I feel that the app has become a little more confusing than it used to be
I wish it allowed for easier CRM, contracts, etc. - similar to honeybook
It was more of an all-in-one system. Maybe it does have these capabilities and I'm just unsure at the moment?

Return on Investment

It was a great starting software, but at the same time was somewhat confusing
I feel it needs more features to be fully worth a monthly or annual fee
It works well for the clients that I use with it

Usability

Alternatives Considered

HoneyBook

Other Software Used

HoneyBook, Vista Social

Mahima Asopa View profile

Assistant team leader in Finance and Accounting at Caramel advisors (51-200 employees employees)

Use Cases and Deployment Scope

It manages all our finance work, recording transactions, tracking invoices, managing vendor payments, and the reconciliation process. QuickBooks Online has a feature to end invite to vendor and payment inquiry for filling up their w9 online. It integrates tools like Excel, SAP, and keeps records accurate. QuickBooks Online solves problems like manual errors scattered data and delays in financial reporting. It delays in financial visibility and manage cash flow quickly as per our records. We can fetch report as per our needs as we need in percentage they can scattered that data accordingly. It helps tax filings and statutory compliance accurately and timely.

Pros

QuickBooks Online custom invoices in a very professional manner and their payment terms management
They can fetch the daily basis data and resolve it on daily basis
Automates repetitive tasks by making rules for freeing time for strategic work
It connects with tools like Excel, Shopify and Gusto

Cons

QuickBooks Online gives standard reports; customized them
QuickBooks Online have good tracking on inventory management
QuickBooks Online performs many multi currency tasks and global operations
QuickBooks Online have good options of directly tracking for tax compliance
QuickBooks Online have good role for audit trail and controls

Return on Investment

Saves time by automating bookkeeping and reconciliation
Limited inventory features for manufacturing businesses
Multi currency and global compliance is weak
Supports growth with scaling with transaction values
Reduces errors with bank feeds and expense Categorization

Usability

Alternatives Considered

Xero, SAP Business One, Sage Intacct, NetSuite ERP and QuickBooks Desktop Enterprise

Other Software Used

Xero, Sage Intacct, SAP Business One, NetSuite ERP

Rebekah Campo

Bookkeeper in Finance and Accounting at Jeff home improvements (11-50 employees employees)

Use Cases and Deployment Scope

We use QuickBooks Online to keep track of all our bookkeeping needs for our roofing business. It tracks all our expenses and customers and allows our accountant direct access to our account making taxes every year much easier. It also helps us keep track of all our customers. It is a great accounting tool.

Pros

Simple layout
Standard reports are great
Simple set up

Cons

Letting users know when new updates are coming and things are going to look different
Better place to attach documents for customers
Dashboard layout

Return on Investment

Been great for organization
Reduced mistakes
Time saver

Usability

Other Software Used

Buddy Punch, Clover, Indeed.com

Emma Fabbro

Accountant in Corporate at Fusion Accountants (1-10 employees employees)

Use Cases and Deployment Scope

QuickBooks Online is a great software for small business. Allows me to work from anywhere, automate invoicing and reminders and so much more.

Pros

Great bank feed data
Automation with my preferred payment gateway
Custom reporting

Cons

bank feeds
allow IAS and BAS
more reporting editing

Return on Investment

Allows me to work smarter not harder
Has enabled me to scale my business due to automation

Usability

Alternatives Considered

Xero

Other Software Used

Xero

NetSuite ERP

FreshBooks

Xero

QuickBooks Online

What is QuickBooks Online?

Categories & Use Cases

Media

Key Features

Top Performing Features

Bank reconciliation

Accounts payable

Accounts receivable

Areas for Improvement

Global Financial Support

Inventory tracking

Manufacturing module

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