Intuit’s QuickBooks Online (QBO) was introduced in 2004, making it one of the first services as a software application for small businesses. Due to its web-based cloud functionality and design, the program is constantly being modified and enhanced to make it suitable for your business. It’s latest version launched in October 2013 with a revamped interface and on a more efficient performance level. With its timely accessibility, low monthly cost and fast, easy personalized setup, QuickBooks Online is the way to go for any business owner or individual.
Core Accounting Capabilities:
The product has a strong general ledger and features good tools for managing accounts receivable and accounts payable, including the ability to send invoices via e-mail from within the product. QuickBooks Online supports U.S. sales tax, and versions designed for other countries support alternate tax regimes like a value-added tax (VAT). There is not a native payroll calculation engine built into the product, but Intuit Online Payroll offers direct integration into the QBO general ledger.
QuickBooks Online has a tool called “Activity Log” which shows logins, changes to standing data as well as any changes to transactions. Results can be filtered based on criteria selected by the user.
Some Key Management Features:
The Dashboard- The product’s overview dashboard is called the Business Status Report, and offers benchmarking against other companies in the company’s peer group is available through the “Scorecard” report. The Scorecard report is powered by Trends for QuickBooks Online, and provides an overview of the company’s performance, as well as separate benchmarking analysis for the Company’s income and expenses. The dashboard highlights open and overdue invoices, cash flow, account balances, and important items that are in need of attention.
Invoicing – An overview page instantly alerts you to outstanding and overdue invoices, as well as unbilled expenses. You can filter and sort invoices by nearly any criteria, making it easy to find what you’re looking for. Invoice creation is straightforward, with a few nice perks like the ability to record shipping and tracking information and (with Essentials and Plus) to create recurring invoices.
Reporting- QBO also has a wide range of reporting capabilities, including memorizing customizations to standard reports, A “Company Snapshot” which is a year over year comparison of income and expense. Reports can be downloaded as xls files, emailed or printed.
Accessibility- QBO’s settings permit users to have access with different access levels (Admin, time tracking only, or reporting only), and a fourth type (a “standard” user) can have either full access or limited access to vendors and payables transactions. An accountant user setting is also available, which is how firms are able to access client accounts. The QuickBooks Online application is also readily accessible from your remote computer, tablet, and mobile device.