Best Accounting Software for Small Business in 2020

In terms of accounting, QuickBooks Pro is one of the most developed solutions available, boasting a chart of accounts, journal entries, bank reconciliation, 130+ reports, and more. In addition to the desktop solutions for Windows, QuickBooks offers a solution for Mac users similar to QuickBooks Desktop Pro. This software works best for non-manufacturing small businesses.

If you’re using QuickBooks Online, you or your accountant can easily transfer all the needed tax information through a tax preparation program like TurboTax. Bookkeepers and accounting professionals using QuickBooks Accountant can simplify tax preparation through ProConnect, describe how credit cards affect the following: your personal budget a professional tax management solution. QuickBooks Online is available both as a desktop application and an online SaaS (software as a service) model. However, access to add-on services to the QuickBooks Desktop for Windows 2019 was discontinued after May 31, 2022. QuickBooks makes it easier for your business as it calculates your income and expenses automatically as they happen. As you accept payment for any item in the inventory, the right expense account is updated and reflected automatically in taxable income.

QuickBooks Online VS QuickBooks Pro Plus

But what QuickBooks Pro Plus sacrifices in mobility, it more than makes up for in its features, which are more developed than what you’ll find in QuickBooks Online. All QuickBooks Desktop Pro, Desktop Premiere, Mac, and Desktop Enhanced Payroll products, excluding QuickBooks Desktop Enterprise, will no longer be available to new users after September 30, 2024. Existing QuickBooks Desktop Pro, Premier, Mac, or Enhanced Payroll users will not be impacted. Security updates and product updates will still be released for all users who purchase a QuickBooks Desktop Plus or QuickBooks Desktop Payroll subscription before the cutoff date. On average, small business owners spend less than 30 minutes getting started in QuickBooks2.

QuickBooks Online Advanced

QuickBooks is the #1 accounting for small businesses.4 It offers the most comprehensive feature set that enables small business owners to manage more of their business. From automating accounting work and preparing for tax time, proactively manage cash flow, QuickBooks can do it all. QuickBooks is a widely used accounting software that helps businesses manage their income, payroll, and inventory more effectively. First introduced in 1992, this easy-to-use software streamlines business tasks by offering templates for spreadsheets, invoices, and financial reports. The user pays a monthly subscription fee rather than an upfront fee and accesses the software exclusively through a secure logon via a Web browser.

QuickBooks Online VS QuickBooks Desktop: 2024 Comparison

You can easily separate personal and business expenses, which is ideal for freelancers who don’t have separate business bank accounts. QuickBooks Online versions come with a free 30-day trial, so you can decide if this software is the best solution for your business. QuickBooks also regularly offers discounts on its products, such as 30% off for the first three months of use. These offers days receivables outstanding frequently change, so be sure to check its website for the latest information. To ensure you pay your employees accurately and on time, QuickBooks Payroll tracks employee time and then calculates and runs payroll automatically with the option for direct deposit. Payroll is available as standalone software or as an add-on module for other products.

While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. Intuit reports that 94% of accounting professionals feel QuickBooks Online saves them time and thus saves their clients’ money. While QuickBooks Online is very popular among business owners, some have problems with the system. Problems stem from the complexity of making simple fixes, such as miscategorizations or duplicate entries. Support is limited, so users are left reading help articles rather than getting a live person to help. It’s quite easy to learn QuickBooks given its user-friendly interface.

Quickbooks Solopreneur is an easy-to-use, cloud-based software with strong mobile apps. The Turbo Tax integration is one of the greatest parts of the software, making it easy to file your taxes. With QuickBooks, federal and state payroll taxes are automatically calculated, and you can instantly fill in your payroll tax forms. You can print your company’s financial statements from your account to share with bookkeepers and CPAs. Through QuickBooks Online, professional tax preparers can access your account directly to prepare your tax returns. For additional help with your business’s accounting needs, enlist the services of a certified QuickBooks ProAdvisor.

1. If you have a record of bills available, you can track upcoming payments easily to ensure timely payments of bills.
2. Lenders often require financial statements when you apply for a small business loan or line of credit.
3. This allows more users (up to 25) and increases analytics for users to assess the business’s health.
4. Send to clients for online payment or record when paid outside QuickBooks.

Larger or multi-entity product-based businesses with complex needs. Service businesses, retailers, and liability definition and meaning other SMBs that value offline accessibility and don’t need heavy inventory features. This covers the key ways QuickBooks aims to help small businesses manage their finances all in one place while eliminating tedious workflows. Intuitive design and automation remove much accounting complexity. Through the Solutions Marketplace, Intuit encouraged third-party software developers to create programs that fill niche areas for specific industries and integrate with QuickBooks. What’s more, you can set up scheduled bill payments in QuickBooks using QuickBooks Bill Pay, a new built-in feature that replaced the Bill Pay powered by Melio integration.

How To Choose The Right Version Of QuickBooks For Your Business

If you can’t decide between two programs, here’s how they stack up head-to-head to help you determine which version of QuickBooks is the best accounting solution for your business. Pricing varies based on the number of users and the level of customer support you need, and if you need to add QuickBooks Desktop Payroll. QuickBooks Premier is best for small to medium business with five users or fewer that need strong accounting and industry-specific accounting features. QuickBooks Desktop Pro is best for small to medium-sized businesses with three users or fewer looking for strong accounting or locally-installed software. Unfortunately, QuickBooks no longer offers this option for purchase online.

You can then share the invoice with clients through the mail or take a printout and send a hard copy. It allows you to run and view reports easily like the number of outstanding invoices, total amount due from clients and details of each invoice (paid or due). 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. Help us to improve by providing some feedback on your experience today. As with QuickBooks Pro, Premier will no longer be available for purchase by new users after September 30, 2024. Popular connected apps include Mailchimp, Gusto, RingCentral, DocuSign, Slack, HubSpot, Zapier and many more.