QuickBooks Online for Beginners: The Step by Step Guide to Bookkeeping and Financial Accounting for Small Businesses and Freelancers

By Joseph Ratcliff

Start your journey to financial freedom today with "QuickBooks Online for Beginners: The Step by Step Guide to Bookkeeping and Financial Accounting for Small Businesses and Freelancers"

Unlock the potential of QuickBooks Online with this comprehensive handbook and revolutionize your financial management!

With this guide, you can expect to
• Streamline operations
• Uncover practical insights
• Collaborate with multiple users in real-time
• Gain step-by-step mastery of QuickBooks Online
• Simplify complex tasks and demystify accounting jargon

This guide provides everything you need to take control of your business's financial future! From setup to advanced reporting, navigate QuickBooks effortlessly with detailed instructions and visual aids. Plus, integrate over 650 apps for enhanced productivity. Don't let outdated methods hold you back.

Embrace QuickBooks Online and propel your business towards success. Buy now and embark on your QuickBooks Online mastery today!

• Language: English
• Publisher: Michael B. Byrd
• Release date: Feb 10, 2024
• ISBN: 9791223006115

Book preview

Introduction

With more than seven million consumers all over the world, QuickBooks has become one of the biggest and most popular COTS (commercial off-the-shelf) software for accounting options. Even if they have little background in accounting or finance, entrepreneurs can pick up the basics of QuickBooks fairly easily.

QuickBooks Desktop and QuickBooks Online are the two major QuickBooks products that are available from Intuit. QuickBooks Desktop can be set up on a PC and managed locally. On the opposing hand, QuickBooks Online can be used from a smartphone, tablet, or computer with a connection to the internet and is hosted on secure Intuit infrastructure in the cloud.

In comparison with QuickBooks Desktop, QuickBooks Online provides additional options for third-party integration. QuickBooks Pro functions best in a remote work environment and in cooperation with a third-party external bookkeeping solution for independent contractors, accounting firms, and freelancers/consultants.

6 Benefits of QuickBooks Online for Startups

1. The cost of QuickBooks Online is affordable

In the initial stages of execution, the majority of businesses possess limited financial resources, thus choosing a bookkeeping solution with an affordable cost every month is essential. One of the most affordable solutions is bookkeeping with QuickBooks, with pricing options offering complete accounting capacity starting at $12.50 per month.

It's straightforward to upgrade to a more costly plan without losing any of your information whenever the business grows and you have to add more individuals to your QuickBooks account. QuickBooks does not bind your business into a lengthy licensing agreement, as opposed to some COTS accounting software. You are not required to consent to paying an enormous sum in advance, and you have the option to modify or stop the subscription at any time.

2. A wide range of functions are offered with QuickBooks Online

QuickBooks provides affordable plans, but at the same time offers outstanding value for new companies. All of the essential bookkeeping functions that a lot of businesses need are available in QuickBooks, such as regular accounting tasks, monitoring earnings and expenditures, and essential reporting. Your monthly statements of finances (profit and loss statement, P&L, balance sheet, and cash flow statement) are all included in these reports.

By switching to the QuickBooks Online Pro plan, growing businesses with more complicated financial needs can quickly add additional capabilities and features like tracking of inventory, payment of bills (accounts payable), billing (accounts receivable), and sales reporting.

3. Several other financial tools have been incorporated with QuickBooks Online

To manage all the facets of their financial management, a vast majority of companies utilize several finance tools, among which are bank accounts, credit card accounts, payroll software, and platforms for invoicing and bill payment. As the business grows, you may need specialized financial solutions to handle the growing complexity of each function.

There are financial software options that constrain the other finance tools that are accessible to you to only interface with a handful of additional platforms. Bill.com, Expensify, Justworks, PayPal, and Gusto are merely a few among the over 650 business products that QuickBooks Online interfaces with and seamlessly synchronizes all of your data with in order to assist you in comprehending every aspect of the company's financial health and streamline your month-end close procedure.

4. QuickBooks Online is straightforward to use

Given its easy-to-use user interface, QuickBooks Online (QBO) is a favorite among both established and startup firms. It is considered the platform that is easiest to make use of for accounting software and provides greater functionality than spreadsheets. In addition, QuickBooks is not too hard for someone to figure out how to utilize it.

Depending on the amount of time your organization has been operating in business, complete data conversion and configuration with QuickBooks Online takes just a few days to complete, which means that you can start using the program on the very first day.

To assist you with getting started, QuickBooks Online additionally offers several templates which includes a sample chart of accounts.

5. Accounting firms, bookkeepers, and financial institutions use QuickBooks Online extensively

It's necessary to find out if the person who handles your books, accountant, or finance company you choose to work with for your business knows your accounting software. The accounting processes are more inclined to result in mistakes or miss chances if they are unfamiliar with the tool that you have selected.

It may be challenging for you to find financial professionals with sufficient expertise to effectively use the software and yet give your business the expert guidance that it requires, especially if you choose unusual or new accounting software.

6. All of your files are kept in a secure cloud by QuickBooks online bookkeeping

QuickBooks Online is an excellent choice for remote or global startup organizations as it offers you worldwide access to your accounting files. You can choose from a broader range of financial firms because your accountants will need only a login and password to gain entry to your company file instead of having physical access to your workplace.

Another secure approach to storing your accounting files is on the cloud: Your important information is stored remotely, ensuring it won't be damaged even if your computer breaks down or malfunctions. Dealing with physical software might involve periodic updates or reinstallations; nevertheless, cloud-based accounting programs receive updates remotely and constantly.

Having your books, invoices, receipts, and other significant paperwork hosted on the cloud makes simpler for your CPA to have access to them when it comes to tax time, no matter where in the world they are physically located.

Chapter 1 - Getting Started with QuickBooks Online

Intuit's QuickBooks accounting program was developed particularly for