Item: QuickBooks Online Advanced
Rating: 10
Author: Daysi Aileen Lizardo Mosquea

Use Cases and Deployment Scope

I handle the company's accounting and bookkeeping, I register bills, match bank transactions through the feeds to have with our different banks, we also have integrated with Tipalti and WooCommerce. I create invoices and send them through QuickBooks Online. I generate financial reports, create recurring transactions for amortizations and depreciation. Something that I would like to see is to be able to import CSV files for large journal entries, so far I haven't seen that feature. I like the availability there is for training and certification, which I'm definitely looking forward to. I like how is easy to use, how it can connect to vendors and customers through every type of document that you create and how easily I can track transactions and run reports. Reconciliations a greatly fast given the match transaction options, which takes away the struggle for period closing. Overall I love this software and definitely recommend it.

Pros and Cons

Bank transactions matching
AR Tracking
Financial Reporting
Vendor and Customer management

Files importing for Journal Entries
International bank feed expansion
Filters in bank feeds specially for PayPal historical transactions

Return on Investment

Has allowed us to track AR due balances for better collection follow up
Has allowed us to integrate with other softwares to automate some billing processes
Has allowed us to connect bank feeds to the software which saves us reconciliation time

Implementation

I personally wasn't with the company at the time of implementation, but when I started, I've already had some experience with Quickbooks Desktop which made it easier to settle in. Nonetheless, it was really easy to pick up the pace with this program since it is very easy to use and understand.

Cloud-Based System

So far it's been great, I mean the company is located in the United States, but as the Accountant, I live in the Dominican Republic and geolocation has never been an issue for me to connect and use it. The experience has been great, I've been able to use all the features with no issues.

Industry-Specific Uses

For our specific industry, there's nothing that I could pinpoint, but for the things that we need like inventory tracking for our merch and transaction management overall it has been great. Also, the financial reporting is very easy and the dashboard is really helpful, although I wish they had more financial indicator features to generate more charts and compare with the industry we're in.

Alternatives Considered

I have used it in other places I've worked with Microsoft Dynamics GP, but I know this is a more complicated one, and unlike QuickBooks, it manages each module (AR, AP, Finance, Purchasing) separately, like the connection between modules is not as easy as it is in QuickBooks Online. That's why I like this program so much.

Key Insights

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

Yes

Are you happy with QuickBooks Online Advanced's feature set?

Yes

Did QuickBooks Online Advanced live up to sales and marketing promises?

I wasn't involved with the selection/purchase process

Did implementation of QuickBooks Online Advanced go as expected?

I wasn't involved with the implementation phase

Would you buy QuickBooks Online Advanced again?

Yes

Other Software Used

Paychex Flex, Tipalti, Asana

Likelihood to Recommend

It is well suited for AR and AP management, bank reconciliations, and financial reporting. I don't have experience yet in payroll or 1099 tracking but I've seen the option which is great whenever we consider using it. Transaction reports are very easy to generate and overall the system is very user-friendly.

Users and Roles

3 - CFO, Junior Accountant and Controller

Support Headcount Required

2 - Accountants with AP and AR management, knowledge in general accounting for bank reconciliations, inventory management and tracking. People that are able to generate and create reports for departments and can track budget execution.

Business Processes Supported

Financial Reporting
Expense Tracking
Revenue Recognition
Cash Flow tracking
Budget Tracking

Innovative Uses

Integration with Analytic Platforms
Exporting to Google Sheets
Integration with CRM platforms for Invoicing

Future Planned Uses

Budget/Actual Comparissons
Inventory Management
Time Tracking for Client Projects

Likelihood to Renew

10

Because this is the platform that has all of our company financial data and we trust that QBO will continue to grow and offer more features that can adapt with our company grow