- Electronic tax filing (12)10.0100%
- Dashboards (11)8.383%
- Standard reports (13)8.383%
- Expense management (13)7.979%
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Xero is an online accounting software product for small businesses and personal finance. Its features beyond general ledger and double-bookkeeping include quotable invoicing, bank reconciliation, purchase order and expense management, and tax management. Third party apps can extend its features…
FreshBooks is an accounting service for small businesses. The solution enables users to send and manage invoices, track billable time and collect online payments. The vendor’s value proposition this that their solution provides a straightforward service that simplifies the billing process.
QuickBooks Self-Employed | Is it right for you?
Provides for pay calculation and benefit plan administration, in addition to managing direct deposit, salary revisions and payroll tracking.
- 10Pay calculation(2) Ratings
Pay calculation provides for computation of employee pay with state and federal deductions.
- 5Benefit plan administration(2) Ratings
Benefit plan administration is administration of health insurance plans and 401k plans, and other benefits.
- 8Direct deposit files(3) Ratings
Direct deposit is the ability to electronically transfer pay to an employee’s personal bank account.
- 8Salary revision and increment management(2) Ratings
Salary revision is the ability to modify individual employee pay.
- 8Reimbursement management(3) Ratings
Reimbursement management provides cash reimbursement for employee expenses related to business travel or other.
This addresses a company’s ability to configure the software to fit its specific use case and workflow.
- 8.3API for custom integration(3) Ratings
An API (application programming interface) provides a standard programming interface for connecting third-party systems to the software for data creation, access, updating and/or deletion.
- 7Plug-ins(3) Ratings
A number of third-party plug-ins are available to expand the core functionality of the software.
This component helps a company minimize the security risks by controlling access to the software and its data, and encouraging best practices among users.
- 8.9Single sign-on capability(7) Ratings
The software system supports a centralized authentication mechanism allowing the user to access multiple systems with a single, centrally managed password.
- 7.7Role-based user permissions(4) Ratings
Permissions to perform actions or access or modify data are assigned to roles, which are then assigned to users, reducing complexity of administration.
Users can report on and analyze usage, performance, ROI, and/or other metrics of success.
- 8.3Dashboards(11) Ratings
Users can create, customize and share dashboards, which provide an overview of the most important metrics.
- 8.3Standard reports(13) Ratings
The software offers pre-built reports with metrics standard to the category.
- 5.1Custom reports(7) Ratings
Users can create custom reports.
Financial management solution, including capabilities for general ledger and configurable accounting
- 9Accounts payable(8) Ratings
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.
- 8.4Accounts receivable(9) Ratings
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.
- 9Cash management(8) Ratings
The software provides a complete picture of a company’s cash flows, streamlines payment processing, and includes cash forecasting.
- 8.4Bank reconciliation(9) Ratings
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.
- 7.9Expense management(13) Ratings
The software can log and track business expenses and reimbursements, including travel-related expenses, with the ability to tie them to particular projects.
- 7.9Time tracking(6) Ratings
The software can track billable and non-billable employee time by project.
- 6Fixed asset management(3) Ratings
This includes the ability to track fixed assets (e.g., laptops), including location, check-in and check-out, maintenance scheduling, audit history, specialized property tax period reports, cost and depreciation.
- 10Multi-currency support(1) Ratings
The software supports transactions across multiple currencies.
- 10Multi-division support(1) Ratings
The software is flexible and supports bookkeeping practices along multiple dimensions such as locations, branches or products.
- 9Regulations compliance(2) Ratings
The software helps users adhere to typical accounting standards and regulations such as IFRS, GASB, or GAAP.
- 10Electronic tax filing(12) Ratings
The software provides a full electronic interface for the filing of repeatable taxes, such as payroll or sales tax.
- 7Self-service portal(7) Ratings
The software provides online portals for certain stakeholders to find information relevant to them, such as employees, vendors and customers.
- 10Global Financial Support(1) Ratings
Account using multiple ledgers, multiple currencies, and multiple entities
- 10Primary and Secondary Ledgers(1) Ratings
Record and report across multiple currencies and accounting standards with primary and secondary ledgers
- 9Intercompany Accounting(2) Ratings
Automatically balance and reconcile GL for intercompany transactions
- 10Localizations(2) Ratings
Meet reporting requirements with country-specific localizations
- 8.9Journals and Reconciliations(5) Ratings
Automate and synchronize ledgers and processes
- 10Enterprise Accounting(1) Ratings
Create accounting for disconnected ERP and non-accounting source systems
- 8.9Configurable Accounting(3) Ratings
Configure accounting rules and segments for each chart of accounts
- 8Centralized Rules Framework(2) Ratings
Integrate disparate ERP and transactional systems into single ERP instance
- 8.9Standardized Processes(4) Ratings
Centralize financial management to facilitate standardized financial processes
The ability to track and manage the flow of goods or materials into and out of an inventory.
- 7Inventory tracking(2) Ratings
The software syncs orders and stock to maintain a real-time picture of inventory and supports multiple methods such as LIFO and FIFO.
- 5Automatic reordering(2) Ratings
The software can be set up to automatically reorder a good when it falls below a certain threshold.
- 7Location management(2) Ratings
The software can track multiple goods across multiple locations.
- 10Manufacturing module(1) Ratings
The software helps track and manage raw materials, work-in-progress items, and finished goods.
The ability to process orders, and track them from quote to cash.
- 7Pricing(3) Ratings
Users can set up complex and unique pricing requirements.
- 8Order entry(3) Ratings
Users can enter an order once, and the data flows to all the necessary units such as fulfillment and billing.
- 8Credit card processing(4) Ratings
The software facilitates credit card processing.
- 7Cost of goods sold(2) Ratings
The software calculates the direct costs attributable to a finished product, such as materials and labor, and includes roll-up pricing.
- 10Order Orchestration(1) Ratings
Define and execute order fulfillment processes for products as well as services on the same order.
- 7End-to-end order visibility(2) Ratings
Get updates on orders, inventory, shipments, planned supply, and invoices, and improve the quality of decisions through in-context analytics
- 10Order exception Resolution(1) Ratings
Monitor fulfillment tasks and resolve issues, view and evaluate varios options via what-if analysis and define and enforce change order rules
- Tech Details
- Create, send invoices and track online payments made from to clients on the go.
- Connect with your [online] business bank accounts so that it records all [transactions] and expenses making it easy to access accurate and current business data.
- Access information for Self-assessment purposes - making it easy and faster to submit your taxes.
- [For] those that drive as part of their business, Quickbook allows you to also [record] mileage and snapshot real receipts to save for your records.
- Reconnecting business account - I find it annoying as I find that I have to constantly reconnect QuickBooks with my business account to ensure it keeps my business data correct and update.
- The invoice design has its limitations - you can not create invoices on brand due to the basic areas of design.
- It's not a scaleable accounting software as it's geared towards small businesses, so at some point, a successful business that is growing will need to find alternative accounting software that meets their medium to large business accounting needs.
For businesses that operate on a larger scale and need to provide access to other users on their team, QuickBooks is limited. This type of business may also require more insights into the business outside of accounting, and QuickBooks won't be able to supply insights outside of that.
- Keeps track of my mileage
- Categorizes my expenses
- Let's me choice if a transaction was a personal or business transaction
- Syncing the data in real time
- Logging of expenses
- Tracking mileage
- Invoicing clients
- Providing detailed tax info for you or your accountant.
- Invoicing customization
- Client organization
- Great for small and medium-sized businesses.
- Expensive for larger organizations.
- Mobile app can be buggy.
- Syncs to bank to track all expenses and income.
- Automatically organizes expenses into predicted categories.
- Wish I could customize the appearance of my invoices.
- No place for me to track my hours worked.
- Track customers.
- Number of records allowed.
- Tracks mileage through phone app.
- Integrates with TurboTax.
- Add easier ability to send out invoices manually.
- Ability to track to see if invoice was delivered.
- Collaboration with TurboTax for tax submission.
- Linking to accounts to ensure all purchases are included.
- Allows for shortcuts for recurring expenses.
- Doesn't explain how taxes are calculated for newcomers.
- Sometimes automatically moves transactions to a different category.
- Tracking expenses is as simple as swiping left and right, it couldn't be easier.
- Running invoices through QuickBooks is simple and effective.
- Allowing clients to pay by card or check allows you to get paid faster and give the clients multiple ways of paying invoices, which helps everyone.
- Automatically tracking estimated quarterly taxes is very helpful and it keeps it top-of mind for each month.
- Automatic mileage tracking used to work a lot better than it currently does. I got a new phone, and now I have to manually input call tracking, because it just doesn't work anymore.
- When creating invoices, there should be a way to import data into an invoices from Excel, which would make the invoicing a lot faster. Additionally, being able to press ENTER to save a line item on an invoice would be nice. Currently it doesn't work that way.
- Editing invoices shouldn't require sending a reminder.
- QuickBooks Self-Employed does keep a running total of your income and estimated taxes. Of course, this requires that your entries are accurate.
- The mileage feature is particularly helpful. One just needs to either use the phone app in conjunction with QuickBooks Self-Employed, or keep a log of all mileage.
- When tax time comes around, it's easy to use TurboTax software and import your data from QuickBooks.
- Automatic entries could be improved. QuickBooks Self Employed requires you to login every day or two to check on your entries to ensure they are in the correct category. You can mark certain entries for certain categories
- I find the whole site to run a little slow. While going through and marking the entries to the correct category, the page will sometimes get stuck and entries won't update very quickly. It slows down the process.
- Overall, QuickBooks has a fairly steep learning curve. It does try to intuitively do some things for you, but if you have to go and correct them, I think you spend more time, and it defeats the purpose of the software.
- Cross-platform compatibility (Browser, Android) makes it easy to see how my business is doing almost anywhere.
- Smart enough to recognize and automatically categorize most of my transactions, so I don't have to fuss with spreadsheets at the end of the year.
- Updates automatically and notifies me when it needs help, so I don't have to spend too much time babysitting it.
- Integrated with TurboTax and automatically exports year-end tax info for easy filing.
- Doesn't integrate with Mint, which I use for my home expenses. I think this would be a nice addition to the program, so I could keep track of my whole financial situation.
- A Windows 10 app would be a nice addition to the program, so I could access it securely from my desktop.
- Easy to keep track of expenditures such as mileage, equipment purchases, equipment rentals, really anything we use for our business
- Helps keep track of our income and which clients paid what.
- It's inexpensive compared to hiring an accountant.
- I honestly don't have anything bad to say about QuickBooks. It does everything we need it to do and more.
- The expense tracking feature is outstanding. I'm prompted to reconcile new transactions whether on my laptop or my phone and can delineate them with the touch of a button.
- The ability to monitor and pay my quarterly estimated taxes is huge and by using this feature the tax headaches that many freelancers experience are taken care of.
- The linking to TurboTax makes doing one's taxes a very manageable endeavor.
- There are a number of unnecessary and ongoing prompts to do small tasks, like creating a rule for certain transactions. I could do without those.
- There are also occasional glitches with bank setup that produce duplicate transactions which can be a pain to deal with. I also haven't been able to find a way to effectively edit transactions.
- I also wish that QBSE integrated with software like Freshbooks, TripIt and Expensify.