#1 most frequent
United States of America
80.9%12,297 installations of 15,198
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
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Screenshot of the accounting and bank transactions interface
Top Performing Features
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 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
Standardized Processes
Centralize financial management to facilitate standardized financial processes
Category average: 8.2
Areas for Improvement
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
Who Buys & Uses QuickBooks Online
#1 most frequent
Professional, Scientific, and Technical Services
27.5%4,169 installations of 15,155
“From there, the system generates financial statements, such as the profit and loss, balance sheet, and cash flow statements.”
#2 most frequent
Other Services (except Public Administration)
8.9%1,355 installations of 15,155
#3 most frequent
Manufacturing
7.4%1,115 installations of 15,155
#2 most frequent
Canada
11.1%1,692 installations of 15,198
#3 most frequent
United Kingdom of Great Britain and Northern Ireland
1.8%276 installations of 15,198
Pros
- Generates professional custom invoices and manages payment terms effectively
- Provides robust, quick, and professional financial reporting
- Offers seamless bank feed integrations for efficient financial tracking
Cons
- Reporting customization is confusing and difficult beyond standard formats
- Interface and navigation can be challenging, especially on mobile
- Users desire more control over automatic bank feed suggestions and AI features
Good Software.
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
QuickBooks Online - Review
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
QuickBooks Online is for mid sized business
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
QuickBooks works great for my business
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
QuickBooks Online is Great
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
