QuickBooks Online vs Desktop: Which Is Right for You

However, automatic bill tracking does not mean you cannot do that manually. You can directly record a manual transaction easily, whether in cash or check. In this article, we will discuss what QuickBooks is and how it works so that you can understand the different ways in which it can help you save time and be on top of your financial statements. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. One of the best things about QuickBooks Online is that they have a user-friendly interface. All QuickBooks Online products have the same interface, and so do all the QuickBooks Desktop products.

  • If you can file taxes confidently on your own, Enhanced Payroll might be suitable.
  • You can upload an unlimited number of receipts to QuickBooks Online as the receipts are stored in the cloud along with your data.
  • But unlike full-fledged ERPs like NetSuite, QuickBooks still focuses on accessibility and ease of use ― which becomes apparent when you look at its extensive knowledge and support features.
  • QuickBooks hosting lets you access your desktop software anywhere through a remote server, and a good place to start would be our list of the best QuickBooks hosting providers.
  • Once your company starts to grow, the DIY payroll accounting strategy you started out with may no longer be viable.

Although journal entries are getting more into the “accounting” end of things you should still be familiar with them. If you come across transactions that you are not sure how to handle don’t let them stop you from reconciling and closing out your financials. Use the QuickBooks ask my accountant code on your chart of accounts. This will allow you to enter the transaction and reconcile all while keeping your questions organized in one spot. By memorizing a check you can have the payment automatically post to your checking account a certain number of days in advance.

Step 1: Select a payroll service

Tracking inventory can be tedious work, but it’s vital to running a business. Inventory management systems are designed to handle most of the administrative work, making it easy to put an important part of your business on autopilot. QuickBooks gives you flexibility as to how the statements are used and shared.

  • The application is free and you can access it online, by mail, or by phone.
  • Our proactive security approach ensures immediate identification and prompt resolution of any potential issues.
  • This is where Wise can step in and save you money by doing away with nasty hidden fees.
  • Its basic plan is in line with QuickBooks Simple Start, at $15 per month.
  • You can rest assured that we will work closely with you to create actionable business plans and accurate financial reporting.

You can also set up QuickBooks’ automated sales tax feature, which calculates sales taxes on invoices and receipts and notifies you about taxes due. They are all both different types of account management software (AMS), an important tool for both businesses and individuals that across various financial processes. For businesses, this can include processes that apply both internally and to their relationships with their customers. For individuals (and families), AMS can help keep track of every aspect of their financial life.

The right fit for all kinds of businesses

By centralizing financial data and automating various tasks, QuickBooks allows businesses to save time and improve overall efficiency. Again, QuickBooks has many reports available to analyze your bills and expenses. If you have a record of bills available, you can track upcoming payments easily to ensure timely payments of bills. QuickBooks Online is a cloud-based software that can be accessed anytime and anywhere from any internet-enabled device and has monthly subscription options. Meanwhile, QuickBooks Desktop is an on-premise software that needs to be installed on the computer where you use it and is available as an annual subscription.

The software caters to freelancers, small business owners, and even large enterprises, making it a versatile solution for various financial needs. QuickBooks offers six accounting products, but one of its online accounting plans will be the best choice for most small businesses. Freelancers and independent contractors may opt for simpler options, while larger small businesses might turn to QuickBooks products with advanced inventory, sales and reporting features. When you start setting up your chart of account, you want to set up distinct accounts for business and personal finances.


It is available as a desktop software for Windows, with several editions. If you plan on using the software for personal alone, the steps are very similar to using it for business use. Now that you understand the best QuickBooks software to use for personal or business use, let’s look at how we can use the software for business or personal finances. Let’s now look at the different QuickBooks softwares and how each can be used for business and personal use. Before you can determine if you should use QuickBooks for business and personal, it is important to understand what QuickBooks has to offer.

QuickBooks Online mobile access is included with your QuickBooks Online subscription at no additional cost. Data access is subject to cellular/internet provider network availability and occasional downtime due to system and server maintenance and events beyond your control. QuickBooks is the most popular small business accounting software used to manage income and expenses and keep track of financial health. You can invoice customers, pay bills, generate reports, and prepare taxes. Starting at $40 per month plus $6 per person per month, Gusto stands out as payroll software that puts an emphasis on HR and employees.

An Affordable Bookkeeping Alternative to a CFO

Throw in in-depth guides and demos, and you and your team should have no problem learning the ins and outs of QuickBooks. That makes QuickBooks Enterprise an accounting product you can actually use from the get-go ― which can make it more appealing than more complex options. Plus, QuickBooks Desktop integrates with over 200 third-party apps, so you can add extra accounting functionality that way too. Fortunately, QuickBooks offers a 30-day free trial, so you can test out all the features for yourself. Plus, QuickBooks Desktop Enterprise comes with a 60-day money-back guarantee.

Problem #3: Setting up payroll incorrectly or misclassifying employees

Its intuitive interface ensures that individuals can effectively manage their finances regardless of their accounting background. Customers of QuickBooks can also make the most of the many integrated tools and services that come with the software. what is federal tax withholding Each can help small-to-mid-sized business owners get a handle on their company’s accounting. QuickBooks is an accounting software package created by Intuit, which offers solutions for managing personal, business, and tax finances.

You can ensure that you pay your bills on time by creating an accounts payable (A/P) report. This report will provide you with the details of your current and past-due bills. The ability to pay bills and track unpaid bills is available in QuickBooks Essentials and higher plans. QuickBooks will record the income and track how much each customer owes you automatically. You can view the number of your outstanding invoices—known as your accounts receivable (A/R)—and how many days they’re overdue by running an A/R aging report. After you know each employee’s net pay, you can run payroll and deposit funds into their bank accounts or send them a check in the mail.

You can specify your accounting method in QuickBooks, making it easy to get a handle on your cash flow. Just as with a profit and loss, the standard balance sheet is fine, but I recommend pulling the balance sheet detail in QuickBooks to send to your tax preparer. A balance sheet is a statement of the assets, liabilities and equity of a business — essentially a snapshot of your business value at a specific point in time. Balance sheet items are calculated by subtracting your liabilities — what you owe — from your assets, cash or property — what you’re own or is owed to you.

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