QuickBooks has long been one virtual accounting friend helping businesses function smoothly without worrying about managing their accounts. QuickBooks has always tried to create better versions of its software and has done that quite well too. As we are getting shrunk more and more by technology, QuickBooks wants its users to be in complete control over their business irrespective of whether they are present at their workplace or not. Yes, you are right, QuickBooks online is what I am talking about and there will be brief description of how toswitch to QuickBooks Online.
QuickBooks Online is a compact software with an array of features that will provide you a bird’s eye view over your business. It has been developed to give you complete access of every minute detail of your accounts and transactions.
QuickBooks Online- What’s the difference?
QuickBooks Online comes with features that expand your business accounting horizon that too at the disposal of your fingers, you can get access to your accounts on your Smartphone or tablet.
With QuickBooks online you get :
- One click sales and tax reports.
- Can schedule and send invoices automatically.
- Can work using your PC, Mac, Smartphone or tablet anytime and anywhere.
- An instant file access for accountants.
- Can connect to more than 300+ cloud based apps.
- Can automatically download Bank transactions.
- Support for your phone with QuickBooks installed
- Automatic data-encrypted back- ups.
- Easy access to latest product and feature updates.
- Availability of cloud access (hosting).
- 5 user access
- For the same services you need to pay if you are using QuickBooks Desktop ranging from $10-$200. I think it is the right time to get online!
Types of QuickBooks Online
QuickBooks Online comes in two versions
- QuickBooks Essentials
- QuickBooks Plus
The Essentials pack doesn’t give you the option of managing and paying your bills and generating instant sales and profit reports whereas QuickBooks Plus does and the cost difference is minimal.
QuickBooks Online Essentials lets you
- Send and track the custom invoices
- Keep a Track of income and expenses
- Create and manage all estimates
- Synchronize bank accounts and apps
Whereas QuickBooks Online Plus lets you do the same but with additional options such as
- Management and payment of bills
- Availability of Instant sales and profit reports
- Enabling you to have, a larger possibility of effective management and control over your accounts
QuickBooks Online with Payroll Specifications
Equipped with the best in class payroll management system QuickBooks Online lets Businesses to be in complete authority over the very brain teasing Payroll management issue. You also get to choose from a Basic to an Enhanced Payroll plan. With QuickBooks online you can pay employees, pay contractors, file federal taxes, file state taxes and a lot more.
With QuickBooks Payroll management you have features like :
- Paying W-2 employees and 1099 independent contractors
- Generating Instant paychecks or using free direct deposit
- A Built–in payroll calculator for instant tax calculations
- Cost free support from payroll experts
- All Federal and state payroll tax forms completed for you
- Option of electronically filing and paying taxes
- The ability to print year-end W-2s
- Automated Email reminders
- Access payroll online or on your mobile phone
With QuickBooks payroll enabled you can be rest assured about the safe and informed transactions within your payroll giving you an edge you can count on.
How to Switch from QuickBooks Desktop to QuickBooks Online
As the differences have made it clear that switching to QuickBooks online is a must have, the next step is obviously getting shifted. In order to make it hassle free we have listed down the steps you need to follow
- Open QuickBooks Desktop.
- Click on Company > Export Company File to QuickBooks Online.
- Make sure your QuickBooks Online is up to date because if its not updated then you may not get the export company file option.
- Enter your login details for QBO and Submit.
- If you have an inventories in your company file you can import it into QBO but make sure that the last QuickBooks version was updated properly.
- Select the company file that you need to import and select create a new company file.
Important : After the import compare your Profit/Loss and Balance Sheet in QBO and QuickBooks Desktop.
Recent updates in QuickBooks Online
QuickBooks works with an aim of facilitating customers with advanced accounting solutions and that’s the reason they often come with updates. Recently they came up with the QuickBooks self employed expense (QBSE) finder which tracks down minute details of expenditure from every account linked to your business. It can help you in channelizing your expenses in a much productive manner and help you with tracking every single penny you spend on your business.
Frequently Asked Questions about QuickBooks Online
What makes QuickBooks a trustworthy business accounting software?
Whether you own a big or small business, have complete knowledge about various accounting terms and methodologies or not, QuickBooks is going to make your experience with it more like a business advisor. You can be rest assured that you don’t need to worry about operating or installing QuickBooks as it is quite simple but at the same it stands as a strong competitor against other accounting software’s because of its efficiency and high usability.
What happens to my existing data in QuickBooks desktop?
You don’t lose your precious data when you shift to QuickBooks online. As its suggested to check the profit/loss and balance sheet figures after exporting from QuickBooks desktop to Online, If you see any difference call QuickBooks customer service phone number to get you out of this problem. Moreover the data gets copied and adjusted in your QuickBooks online account and doesn’t lose its original shape in any manner.
How safe is it to have my data over the internet?
QuickBooks takes utmost care in dealing and managing precious customer data and has the latest technology used by most of the banks and financial organizations to safeguard their data. Your data security is the key to the sustenance of QuickBooks market and reputation.
What do I need to be able to use basic payroll?
You need to have internet access so that basic payroll can download the latest payroll tax rates. Every person or company that pays wages needs to have an employer identification number (EIN) according to the federal government. For more detailed information in this topic connect to QuickBooks Support for further inquiries.
Do I have to sign up separately to accept credit cards and bank transfers?
No, with QuickBooks you are at ease because it accepts all forms of payment in one account. You have the flexibility of using any service in any way you want and whenever you want.