The Best QuickBooks for Small & Medium Businesses

From the “Account and Settings” tab, click on “Advanced,” then “Accounting.” January is the usual start of a fiscal year since it is the beginning of the income tax year. However, since your business tax schedule might differ, QuickBooks enables you to designate its start date on your account. You can also select the time of the year when you want QuickBooks to close your books for the year. I evaluated basic financial reports (such as a balance sheet, income statement, and general ledger) and common management reports (like A/R and A/P aging). At the very least, we looked for software that could create multiple projects and separately assign income and expenses to those projects. We also searched for the ability to create estimates and assign those estimates to projects.

• I can see everything I need from within the software without running reports.
• If a specific version of QuickBooks stood out to you, we recommend taking the software for a test run to make sure you love using it.
• The inventory management and job costing features are more robust in QuickBooks compared to QuickBooks Online.
• If you’re searching for accounting software that’s user-friendly, full of smart features, and scales with your business, Quickbooks is a great option.
• GrowthForce accounting services provided through an alliance with SK CPA, PLLC.

In this comprehensive guide, we’ll walk you through the step-by-step process of setting up QuickBooks for your small business. We’ll also explore how small business bookkeeping, bookkeeping services, and outsourcing bookkeeping can complement your QuickBooks setup for long-term success. QuickBooks has several solid competitors, many of which offer similar accounting services at a lower cost.

How does QuickBooks work for small businesses?

QuickBooks guides users through the sales tax setup process, which includes entering information about your products and where you sell them. It will also help you identify customers and items that are tax-exempt. You can also set up QuickBooks’ automated sales tax feature, which calculates sales taxes on invoices and receipts and notifies you about taxes due. There are two main factors to consider when deciding which QuickBooks Online product is right for you. QuickBooks Simple Start is ideal for solo entrepreneurs, gig workers, freelancers, and businesses that only sell services. QuickBooks Online Essentials does everything that Simple Start will do and adds the ability to manage bills and track time.

Consider your necessity for features like inventory tracking, time tracking, and the number of users that will need access. Start with a free trial to explore the features and functionality QuickBooks offers without commitment. If you do most of your accounting on the go, QuickBooks Online is one of your best solutions. Of all our top accounting software picks, it has one of the highest-rated mobile accounting apps.

Small Business Tax Basics

Our commitment lies in enabling you to focus on what you do best by handling the complex financial tasks, employing tools like QuickBooks Online to facilitate this process. We’re here to support your business’s growth, helping you to not only meet but surpass your financial goals. The power of QuickBooks Online for small business lies in its ability to automate routine financial tasks. Customizing automation rules lets you focus more on strategic operations while ensuring transactions are categorized, invoices are sent, and bills are paid on time.

QuickBooks Online is easier to use than the desktop versions, but QuickBooks Desktop Pro, quickbook for small business Premier, and Enterprise have stronger features and accounting. This QuickBooks comparison explains the differences between each version. The software is incredibly expensive, and for the price you’re paying, certain features are fairly limited. Apart from being expensive, the other thing with QuickBooks Enterprise is that it really isn’t an enterprise solution — it’s best for large businesses. QuickBooks Desktop Pro is the software that put QuickBooks on the map.

Cloud-based software operates entirely in the cloud (on the internet), whereas locally-installed software is downloaded and installed on a single, on-premise computer. The first major deciding factor is whether or not you want cloud-based or locally-installed software. QuickBooks Mac Plus is best for small to medium-sized businesses looking for locally-installed software compatible with Macs. QuickBooks no longer offers pricing details or allows purchases of Premier online. The real thing that sets QuickBooks Premier apart from QuickBooks Online and QuickBooks Pro is the industry-specific features.

Track Project Profitability

From inventory and invoices, to projects and people, QuickBooks organizes it all in one place. Unfortunately, a one-size-fits-all solution is rarely a good one, and Quicken’s products are no exception. Just like not everyone can wear one size of shoe, not everyone can use the same software. Even though this might make you feel old, 2004 isn’t exactly recent history anymore. Technology changes so fast and Quicken has even more offerings in its product line today. Next, check out our articles on operating income vs. net income, cash flow vs. revenue, and how to do bank reconciliations.

• Find help articles, video tutorials, and connect with other businesses in our online community.
• We collaborate with business-to-business vendors, connecting them with potential buyers.
• To learn QuickBooks, check out any of the many resources available for users.
• Connect with our Solutions Consultants to find the right solution, set up cloud hosting, and ensure seamless operations without IT management hassles or downtime.
• Even though this might make you feel old, 2004 isn’t exactly recent history anymore.

Tax Deductions

The wide assortment of features and the affordable price make QuickBooks a great option for any small business. QuickBooks includes at least 20 types of prebuilt reports as well as custom reports in certain plans. QuickBooks is far and away the easiest bookkeeping software in the US for finding bookkeeping assistance.

Get real time help via live chat where you’ll get an instant reply from our support team. Easier bookkeeping means less stress—and less work—when you file your tax. Snap and save receipts from our mobile app to maximise deductions and stay compliant. QuickBooks will send a personalised reminder email when a customer’s due date is approaching. Schedule invoices to be sent automatically or send invoices in batches to increase efficiency. All QuickBooks plans—even plans limited to one user—include free accountant access.

Enterprise is more easily scalable than other QuickBooks Desktop products, offering four plans and the option to add remote access. Another important aspect of working with online accounting software is the ability to connect to a wide variety of third-party apps and business services. In fact, you may already be using them to help you get your work done.

Moreover, this one page, despite painting a rather bleak picture of the software, is more the exception than the rule. After all, nearly every other rating you’ll find rates the application at a 4 out of 5 or higher. QuickBooks includes a wide variety of reports that vary depending on your plan. Another option that may be useful (especially when on the go) is mobile expense capture. You can enter expenses from your phone, or even take pictures of your receipts, and QuickBooks will capture the data for you.

You can infer this from the plan’s name alone, but with a cost that high, Enterprise’s price is best suited to enterprises. Still, bear in mind that with only 40 users and a focus on accounting, Enterprise is far from a total enterprise resource planning (ERP) solution. As a cloud-based accounting solution, QuickBooks Online is ideal for small businesses that need remote accounting access.