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Intuit QuickBooks Unveils New E-Commerce Management Tool to Boost Efficiency


Track transactions across business entities by assigning assets and liabilities accounts. Gain control with the power to approve or reject intercompany relationships and transactions. Reduce manual entry and simplify tracking by entering bulk transactions.

QuickBooks can help small businesses manage their sales tax obligations by calculating sales tax, preparing sales tax returns, and generating reports on sales tax liability. It can automatically calculate sales tax for transactions based on the tax rates and rules for the customer’s location. This can help ensure that the correct tax amount is charged on each sale. It can also track the sales tax collected on transactions and the sales tax owed to the various tax authorities. It’ll make tax time easier if your Chart of Accounts includes all the line items required on your tax return.

QuickBooks Desktop promises a lot, and makes good on those promises whether you are using a PC or Mac as your operating system. You’ll get the most value out of QuickBooks Online if you understand how to use its transaction tags and reporting capabilities. If you’re not sure whether you’re getting the most of these features, consider asking your accountant to review your chart of accounts and how you’re categorizing transactions. Though QuickBooks Online has a handful of convenient features that can speed up your workflow and even automate some of it, the software can be complex.

QuickBooks Online Simple Start costs $30 per month, includes only one account user (plus access for two accountants) and does not offer billable hours tracking, bill pay or inventory management. For multiple users, bill pay and the ability to add billable hours to invoices, you’ll need to upgrade to the Essentials plan, which costs $60 per month. For inventory management, you’ll need to opt for the Plus plan at $90 per month. A popular add-on is the payroll feature where you can run payroll and access benefits in one convenient place. It does cost more to access this, which is approximately $22.50 more per month plus $5 per employee, per month.

Small Business Trends

This provides project managers meaningful insights into what and how much work has been done and whether the project can be completed on time. Another useful feature is the ability to track employee time, assign it to customers and jobs, and then mark it as billable to add it to a customer invoice. Time tracking can be integrated with payroll through QuickBooks Time, which you can read about in our QuickBooks Time review. However, despite this minor issue, Pro offers almost all the A/P features we look for in accounting software.

  • Ability to accept credit card and ACH through Intuit Payment Network may require separate application.
  • Depending on your QuickBooks product and plan, you can use QuickBooks to create and send invoices, manage and track unpaid bills, handle inventory, keep track of project profitability, view financial reports, and more.
  • Get better insights on completed historical transactions with intercompany reports.

QuickBooks allows you to keep track of financial functions like income and expenses, employee expenses and inventory in real-time and fulfill tax obligations hassle-free. When you are free of financial worries, you can focus on driving business growth and revenue. With QuickBooks, it is very simple to track time as well as billable expenses incurred by employees or subcontractors. They can either enter it themselves using the QuickBooks mobile app or submit it manually and a bookkeeper on your end can enter the details in the app. Again, QuickBooks has many reports available to analyze your bills and expenses.

Business

Care plan is included with Standard, Plus and Enterprise subscriptions. Intuit Accountants offers a range of products and services to help tax and accounting professionals stay ahead of the curve. QuickBooks Desktop Pro is a powerful desktop accounting solution, particularly for companies with in-house bookkeepers.

Run your business from the cloud*

You’ll get the most out of it if you have some knowledge of basic accounting concepts. Whereas you might be able to use some software alternatives without explanation, it may take some time to get the hang of QuickBooks. You aren’t required to fill out every field in an expense or income entry, but the more detailed your records are, the more useful certain reports can be. For example, with QuickBooks Online Plus and Advanced, you can track inventory and do job costing — that is, you can figure out how much you spent to complete a certain project. After you sign up for QuickBooks Online, you’ll be able to log in to your account and access the main dashboard view.

See what’s making money

The QuickBooks product line includes several solutions to support different business needs, including QuickBooks Online, QuickBooks Desktop, QuickBooks Payroll, QuickBooks Time, and QuickBooks Checking. Speaking of QuickBooks Online Accountant, Intuit announced several improvements to this product as well. One is the ability to manage what their team can see and do on behalf of a client, choosing a role that limits access or views to banking, sales or expense data. Accountants also will be able to delegate highly sensitive tasks to more experienced employees, such as paying invoices or running payroll, to help avoid the risk of mistakes and liability. When an accountant connects a new client, they can add QuickBooks Payroll and QuickBooks Time, and soon will be able to add QuickBooks Bill Pay and QuickBooks Payments, so as to streamline workflows.

Large businesses that need access for up to 25 users will probably want to go with QuickBooks Advanced. QuickBooks Pro lets you set up inventory items so that you can track how to prepare and analyze a balance sheet what you have on hand and how much you’ve spent and earned with it. When you sell a product, the program records both purchase (COGS) and sales revenue in a single entry.

QuickBooks ProAdvisors are certified in QuickBooks, and they have extensive knowledge of the software’s features and capabilities. Also, any expense entered can be marked as billable and assigned to a customer. As with time, these billable expenses will be available to add to the customer’s next invoice.

Ways Small Businesses Use QuickBooks

However, performance may slow when processing files containing more than 250 employees. Larger businesses with substantial accounting teams may want to consider the QuickBooks Advanced plan. This plan significantly extends the functionality of the other plans by offering features such as a dedicated account team to help, workflow automation, data restoration, batch invoices, and on-demand online training.


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