It provides a robust set of tools, including the ability to create tailored invoices, automate recurring billing, manage expenses, and handle transactions in multiple currencies. Compared to Solopreneur, QuickBooks Online offers a broader range of features, including class and location tracking, inventory management, and COGS calculations. It also allows users to record fixed assets and assign labor and inventory to projects. For those seeking comparable functionality, QuickBooks Desktop provides a similar suite of tools and capabilities. Manually consolidating multiple companies can be a hassle, but I’ve found that Sage 50 makes it incredibly easy.
Over time, it learns which projects/clients specific meetings and activities belong to and automatically sorts them into the right categories. Time tracking for professional services businesses can get very complex because employees may be spending time on multiple clients over the course of the day — and sometimes from minute to minute. In terms of features, it has all of the basic and more advanced features you need to manage hours and track your team’s time. Think of QuickBooks Online as a perfect tool for every finance-related in your small or mid-sized business. It handles more complex responsibilities like managing accounts payable and receivable, employee records, and tax filings. Users of Macs can utilize QuickBooks Mac, which is designed with the Mac operating system in mind.
Our QuickBooks Online Banking Video
Conversely, automated reconciliation features match bank activities to general ledger entries and flag discrepancies. QuickBooks Online is arguably one of the best accounting software programs for reporting. In our case study, I generated 16 different types of reports successfully, which isn’t possible in less expensive accounting software.
That said, Xero has weaknesses in customer service, as support is limited to a chatbot, email, and self-help resources. Its advisor network is smaller than QuickBooks’, and the setup process can be difficult for users without accounting knowledge. Additionally, the mobile app is limited to sending invoices and categorizing expenses, lacking functionality for receiving payments or generating reports. For a more robust mobile app and customer support, Zoho Books might be a better alternative. While Zoho Books does offer a free version, it comes with a $50,000 annual revenue limit, making Wave Starter the more appealing choice since it’s free with no revenue restrictions. Gusto’s time tracking application also offers a couple of more advanced features like project time tracking and geofencing.
For this reason, we appreciate how thoroughly QuickBooks handles invoice creation. Its invoicing features are more robust than those of many competitors we reviewed. When it comes to small business accounting solutions, QuickBooks stands apart as the clear market leader in the industry. It is a widely used brand that caters to small business owners who aren’t accountants or bookkeepers; QuickBooks provides straightforward accounting tools that meet their needs. Business.com aims to help business owners make informed decisions to support and grow their companies. We research and recommend products and services suitable for various business types, investing thousands of hours each year in this process.
QuickBooks Online offers an incredible number of features and automations. The software covers all the accounting bases as well as invoicing, expense tracking, accounts payable, contact management, project management, inventory, budgeting, and more. The solopreneur plan generates a profit and loss report but lacks a balance sheet—a crucial tool for providing a comprehensive view of your business’s financial health. Ease of use was a drawback, as the platform isn’t very intuitive and requires integration with accounting software for broader functionality. Since it’s strictly an invoicing tool, it lacks key accounting features like expense tracking and bank reconciliation.
On the positive side, its pricing is very affordable, and it includes helpful tools like invoice generation and tracking, as well as automatic mileage tracking. I included QuickBooks Solopreneur on this list because it’s an excellent option for self-employed individuals looking to track income and expenses for reporting on Schedule C of their tax returns. Although it’s a QuickBooks product, it’s entirely separate from QuickBooks Online and comes at a much lower cost. One standout feature is its ability to separate business and personal expenses, making it ideal for those who combine their business and personal expenses in a single bank account. That said, Wave falls short in accounts receivable (A/R) and accounts payable (A/P) functionality. It doesn’t support creating recurring transactions from a bill, managing recurring expenses, or issuing purchase orders—features readily available in QuickBooks Online.
Expert Assisted is a monthly subscription service that requires a QBO subscription and provides expert help to answer your questions related to the books that you maintain full ownership and control. An expert can guide you through QBO setup and answer questions based on the information you provide; some bookkeeping services may not be included and determined by the expert. For more information about Expert Assisted, refer to the QuickBooks Terms of Service. Clarify complexity with efficient inventory management and integrated payroll and time tracking. Plus, with access for up to 40 users, Enterprise can scale with your business as it grows. To determine our best picks for accounting software, we reviewed a slate of popular platforms.
Top 50 Accounting & Finance Product
This compliance ensures that QuickBooks handles personal data responsibly and provides users with control over their information. QuickBooks is not inherently HIPAA compliant, as it is not specifically designed to handle protected health information. Businesses in the healthcare sector should evaluate whether QuickBooks meets their compliance needs or consider additional measures to ensure HIPAA compliance.
Advanced features included the ability to adjust inventory on hand for shrinkage with an automatic expense recorded and the option to choose from either FIFO or average cost to value inventory. Teamwork.com’s customizable reports give you a clear view of costs, revenue, and budget performance. If you’re looking for an easy way to manage finances while keeping projects on track, Teamwork.com is the solution. When your project management tool doesn’t sync with QuickBooks, you’re stuck manually copying data, wrangling spreadsheets, and double-checking numbers. Time Doctor is more of a productivity tracking tool than traditional time clock software, helping businesses that employ salaried knowledge workers keep a pulse on how employee hours are being spent.
By the end of this article, you’ll have a clearer understanding of which QuickBooks version will drive your business toward financial success. GrowthForce accounting services provided through an alliance with SK CPA, PLLC. Many small businesses, without a need for complex reports, will opt to use the online version. Startups also tend to use this version because of the low cost and accessibility.
- These apps can be used whether employees are connected to the internet or not, ensuring they’re able to clock in and out and track their time regardless of where they’re working.
- You also can have one to five users with QuickBooks Premier (instead of QuickBooks Pro’s three-user limit).
- Since your software for accounting is connected to the cloud, they can use their own login to access reports like the general ledger, balance sheet, or cash flow statement whenever they need.
Invoicera: Best Standalone Invoicing Software as an Alternative to QuickBooks
QuickBooks Online Plus also allows me to track income and expenses by class and location, as well as create and add custom tags to transactions. I can also set a closing date so that nobody accidentally changes the prior year’s information—which can create big problems if you’ve already filed a tax return using that prior year’s information. QuickBooks Online pricing ranges from $35 to $235 per month, depending on the number of users and features you need. If you’re interested in QuickBooks after reading my QuickBooks Online review, you can sign up for a 30-day free trial.
Best for Complex Accounting Demands: QuickBooks Desktop
The program tracks your income and expenses automatically and then sorts them into categories. Although this automatic organizing is increasingly becoming standard among accounting software platforms, we were impressed with this feature. QuickBooks also offers several desktop versions of its cloud-based accounting software, including QuickBooks Desktop Premier Plus and QuickBooks Enterprise. There are six main QuickBooks products for small, medium, and large businesses. The most popular cloud-based QuickBooks program is QuickBooks Online, a browser-based system for small-business owners who want a straightforward approach to bookkeeping and accounting. Along with its higher price, QuickBooks Premier Plus has the same drawbacks as QuickBooks’ other desktop software.
- Now, all QuickBooks Desktop plans renew on an annual basis—you do not have the option to pay just once for three years of use.
- Streamtime is a project management tool that helps teams stay organized.
- Track hours for employees and contractors, create schedules, and track mileage.
- I chose Zoho Invoice as the best free standalone invoicing software because it provides an impressive range of features essential for businesses, even without a price tag.
By focusing on these factors, you’ll find the perfect accounting software to empower your small business and streamline your finances. QuickBooks Online is a wise decision, especially with its user-friendly interface and features specifically designed for small businesses like yours. This blog will further focus on QuickBooks Online and its benefits for new small businesses. Intuit has developed various versions of QuickBooks, each designed to cater to different organizational needs, from small enterprises to large conglomerates. While QuickBooks Enterprise is a robust solution for larger enterprises, selecting the right version for small businesses can be challenging. In this guide, we’ll delve into the world of QuickBooks, focusing on which version is best suited for small business owners.
This automates payroll calculations, taxes, and deductions while offering direct deposit options for employees. Payroll taxes can be filed and paid automatically, and employees can access their pay stubs and W-2s online, saving time for both employers and staff. I chose it as the best option for businesses with infrequent transactions because of its transparent and predictable rates, even though they aren’t the lowest. Square Invoices also supports flexible payment options, including buy now, pay later (BNPL) and ACH payments, making it convenient for customers.
Overall, Clockify can be used as a combined time-tracking and project-management tool. You can create projects and tasks in Clockify, then when employees clock in, they can select which project/task they’re working on. This helps best quickbooks for small business you connect employee time to tasks and projects easily for accurate invoicing and billing.
Wave scored high for Value thanks to its completely free accounting and invoicing plan, unlike QuickBooks Online, which doesn’t offer a free version. Its straightforward interface makes it a great choice for businesses that don’t require complex accounting software, earning high marks for ease of use and general features. When I first started using Wrike, I was impressed by how it blends project management with financial tracking. Whether it’s syncing expenses or invoicing clients, Wrike offers a smooth way to manage both project tasks and finances in one platform.