We are switching over to QuickBooks Online, due to it is more versatile than our current system. The current system we use isn't geared to accounting, but educational aspects. Therefore, it doesn't perform the way you expect accounting software to work. And due to prior experience, using QuickBooks will give us more flexibility and customizable entries and reports.
Pros
Reports
Setup process
Importing Transactions
Customization with ease
Cons
Report naming
Likelihood to Recommend
For basic accounting entries and reports, works fantastic. For a large corporation with multiple entities, maybe a little bit simplistic. Overall, can be very useful from personal up to a corporate level. Depends mainly on what functionality you are needing.
VU
Verified User
General Manager in Finance and Accounting (Education Management company, 51-200 employees)
We use it to create estimates and invoices for prospective students that are planning on attending our school. All of our students use different payment methods, so it is nice having the ability to easily change payment types to each person and also create invoices to send them. Otherwise, we'd have to handwrite invoices and mail them to people, lengthening their enrollment process.
Pros
Ease of Use
Functional for all Users
Descriptive in terms of tuition and payment methods
Reliable
Cons
Addresses adding back on; for taxes some students in different states don't get taxed. We have to delete their shipping address to help this and in recent history, Quickbooks adds it back in after sharing the invoice link.
Likelihood to Recommend
For creating invoices for students to pay tuition, QuickBooks is well suited for this instance.
For students wanting to pay/apply right then on their school tours, there is a bit of an inconvenience, because we have to add in their estimate, which I'm not confident enough to do myself. I wish, and maybe there is this function, a way to let them pay then and then we could add in the details later on.
We use QuickBooks Online for managing our financial operations, including invoicing, expense tracking, and financial reporting. Its user-friendly interface makes it easy to navigate and I love how it helps streamline bookkeeping tasks and improving accuracy. Plus , it has great reporting to support decision making as well as provide real-time insights into our cash flow.
Pros
easy to use
quick and easy linking of billable expenses to invoices
simple to update customer info
Cons
I don't have any struggles with QuickBooks Online (QBO)
Likelihood to Recommend
We are are a small company and it fits our need for user friendly access since many of us wear multiple hats and need to be able to quicky navigate the system.
And, since we are all remote, the cloud based access is great because it allows us to have multiple users logging in from different locations.
VU
Verified User
Employee in Professional Services (Professional Training & Coaching company, 11-50 employees)
Quickbooks Online is one of those web-based accounting tools that, as a new business, you initially don't think you need until you start using it. Prior to understanding the importance of keeping records of expenses that my business incurred, I was using an Excel spreadsheet. I use to dread having to do my monthly and quarterly accounts as it was just so time-consuming and frustrating. Quickbooks literally gave me my time and sanity back.
Pros
Ability to import and export reports that you will need to help you do your self-assessment annual taxes.
Connect your bank accounts and set it to recognize different types of expense and total up your business profits.
The ability to take photos of your invoices and receipts and stores them for you.
Draft invoices that I'm then able to send to my clients.
Cons
The app is very limited in what it can really do when trying to manage your accounts on the go.
The connection with my bank accounts keeps getting disconnected and I'm constantly having to reconnect them which is time-consuming and annoying.
There's a learning curve with using QuickBooks Online if you've never used accounting software. I had to watch a lot of video tutorials online.
Likelihood to Recommend
Although I have a few annoyances with QuickBooks, I would still recommend it to any solopreneur or small business starting out. If you plan on doing your own accounting or simply lack the funds to pay for an accountant, I recommend learning how to set it up and use the features that help your business look more professional. For example, drafting invoices that you can customize to suit your business. I wouldn't recommend QuickBooks Online for those that need more customized, robust features for payroll and reporting.
