One of the simplest accounting solutions for your small business
May 13, 2021

One of the simplest accounting solutions for your small business

Charles Fashana, MBA | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with QuickBooks Online

As business grew, tracking revenue/invoices and expenses/payables through excel spreadsheets or other offline/manual methods quickly became challenging and a better solution was needed. However, as a small business, a robust and expensive accounting software wasn't what we needed. We were looking for a simple solution that would be easy to use and handle the basics of our accounting and finance needs, along with giving us some room to grow with the platform as our business grew. We used QuickBooks Online to do this, and the platform what used primarily by myself as COO, a part-time bookkeeper, and a tax professional at times.
  • Easy to link to bank accounts and credit cards.
  • Intuitive interface for most things.
  • Manageable chart of accounts that allows for good customization of products and services.
  • Basic customization of invoices and language to be used in customer facing invoices/emails.
  • All major financial reports are a few clicks away, most can be customized, filtered, saved, exported.
  • Allows for rules to be set for common, recurring revenue and expenses - with some limitations.
  • The budgets feature leaves a lot be desired - difficult and clunky to populate and maintain.
  • Reporting for Budget vs Actual is available but the ability to reforecast based on updated data is not.
  • The rules function to default common types of expenses isn't perfect and will get confused if like amounts or a number of similar items present.
  • Centralized the accounting function.
  • Consistent experience for invoicing clients and payments to vendors.
  • Improved sightline on income per customer, income per product/service.
  • Streamlined and improved cycle times for AR/AP.
  • Better reporting across all core areas of the business.
QuickBooks Online was recommended to us by our tax professional, so exhaustive research on other options wasn't conducted.

Do you think QuickBooks Online delivers good value for the price?

Yes

Are you happy with QuickBooks Online's feature set?

Yes

Did QuickBooks Online live up to sales and marketing promises?

I wasn't involved with the selection/purchase process

Did implementation of QuickBooks Online go as expected?

Yes

Would you buy QuickBooks Online again?

Yes

It really is a simple and easy software to use. I would say to be able to just use the software you need little or only basic financial or accounting knowledge, but to begin to do more customization through your ledgers and chart of accounts, services, reporting, etc. you will need to know your stuff in order to program it and get it working the way you want. But once it is fully set up to your business needs, it's largely on autopilot from there until something changes. The regular ongoing work is routine and simple.
I've only had to connect with QuickBooks Online once to inquire about their limitations on the budgeting and forecasting functionality. While the platform simple couldn't accommodating my preferences, the support team was responsive and did follow up as expected, so no real issues there.
It really is a perfect tool for small businesses that don't have a ton of complexity in their needs. It can easily handle a lot of customers, revenue and product types, etc. along with providing pretty good reporting. Where it will fall short is when you try to build out a more sophisticated account function that will look to more regularly report, budget, forecast.

QuickBooks Online Feature Ratings

Accounts payable
9
Accounts receivable
9
Cash management
5
Bank reconciliation
8
Expense management
9
Fixed asset management
Not Rated
Multi-currency support
Not Rated
Multi-division support
Not Rated
Regulations compliance
Not Rated
Electronic tax filing
Not Rated
Self-service portal
Not Rated
Global Financial Support
Not Rated
Primary and Secondary Ledgers
Not Rated
Intercompany Accounting
Not Rated
Localizations
Not Rated
Journals and Reconciliations
Not Rated
Enterprise Accounting
Not Rated
Configurable Accounting
8
Centralized Rules Framework
Not Rated
Standardized Processes
Not Rated
Inventory tracking
Not Rated
Automatic reordering
Not Rated
Location management
Not Rated
Manufacturing module
Not Rated
Pricing
8
Order entry
Not Rated
Credit card processing
8
Cost of goods sold
8
Order Orchestration
Not Rated
End-to-end order visibility
Not Rated
Order exception Resolution
Not Rated
Pay calculation
Not Rated
Benefit plan administration
Not Rated
Direct deposit files
Not Rated
Salary revision and increment management
Not Rated
Reimbursement management
Not Rated
Dashboards
8
Standard reports
9
Custom reports
8
API for custom integration
Not Rated
Plug-ins
Not Rated
Role-based user permissions
Not Rated
Single sign-on capability
Not Rated