QuickBooks Online is Intuit's cloud accounting product; bank feeds and bill pay on all four plans, projects and inventory on Plus and Advanced.
QuickBooks Online is the accounting service Intuit runs in the browser for small businesses and the bookkeepers who keep their files. It holds the ledger a company reports from: what came in, what went out, and what the accounts show at the end of a month. Intuit builds and sells it, and reaching it needs a browser or a phone rather than an install on one office machine. The problem it answers is the spreadsheet a growing company keeps until the bank lines and the totals stop agreeing. Bank and credit card accounts connect to the file, so transactions arrive on their own rather than being typed in from a statement. Supplier bills are recorded and then settled from the same screen, with Bill pay sending the money by ACH transfer. The reports are ready made: profit and loss, balance sheet and statement of cash flows, drawn from whatever has been posted. Higher plans add Project profitability, which reports income and cost against a single job, and inventory tracking for stock quantities. Classes and locations put a second label on each transaction, so a branch or a department can be reported on its own. The fit is a company small enough that one person keeps the books, usually the owner, an office manager or a bookkeeper working across several clients. Service businesses that deliver work job by job use the project side of it. Shops and distributors holding stock use the inventory side. A company trading from more than one site leans on classes and locations, because one report then splits by branch. It is sold as a monthly subscription in four plans, the larger ones opening up projects, stock and location reporting. In a normal week the work is short and repetitive: sorting the transactions the bank sent overnight, coding them, and settling what is owed to suppliers. At month end the same file produces the statements an accountant, a lender or a board asks to see. QuickBooks Online sits on the business side of Intuit, beside Mailchimp and the other services the company sells to small firms.
Features
- Included: General ledger with custom chart of accounts
- Included: Automatic bank feeds
- Included: Bank reconciliation with matching rules
- Included: Customer invoicing with online payment
- Included: Recurring invoices
- Included: Bill entry and vendor payments
- Included: Receipt capture by photo or email
- Included: Sales tax calculation and reporting
- Included: Financial statements out of the box
- Included: Budgets against actuals
- Included: Project or job cost tracking
- Included: Inventory tracking
- Included: Fixed asset register with depreciation
- Not included: Multi-currency ledger
- Included: Free accountant or bookkeeper seat
- Included: First-party payroll module
- Included: Location and department tagging
Additional Features
- Bank and credit card transaction syncing
- Bill pay by ACH transfer
- Profit and loss reporting
- Balance sheet reporting
- Statement of cash flows
- Project profitability on Plus and Advanced
- Stock quantity tracking on Plus and Advanced
- Classes and locations on Plus and Advanced
Best for
- Small businesses whose owner keeps the books
- Bookkeepers working across several client files
- Service firms that report profit job by job
- Shops and distributors holding stock
- Companies trading from more than one location
- Owners who want bank lines to arrive without typing
Use cases
- Importing bank and credit card transactions daily
- Paying supplier bills by ACH transfer
- Producing a monthly profit and loss statement
- Producing a balance sheet for a lender
- Reporting cash flow for a quarter
- Reporting profit on a single customer project
- Tracking stock quantities as items sell
- Splitting a report by branch or department
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