Determine whether QuickBooks Online will satisfy your bookkeeping needs.
- [Instructor] QuickBooks Online and the QuickBooks desktop programs, Pro, Premiere and Enterprise all come from Intuit, but that's where the similarities end. The online and desktop programs look and behave differently, and they have their own pros and cons. Here's a quick overview of the major differences to help you decide whether QuickBooks Online is right for your business. The number one reason people choose QuickBooks Online is that several users can get to the QuickBooks data anytime and from anywhere.
That's because the software and your data are on Intuit computers in the cloud. Of course, you can access a QuickBooks desktop program from anywhere too. The only issue there is you need additional software like LogMeIn, TeamViewer or QuickBooks remote access to do that, and those services cost extra. The second point in QuickBooks Online's favor, you're always running the most up-to-date- version. No need to purchase new versions, and no annoying interruptions to upgrade your software and company files.
QuickBooks Online has some other features you won't find in the desktop programs. You can set up recurring invoices and sales receipts, so that QuickBooks Online emails them for you automatically. You can also tell QuickBooks Online to automatically create invoices for billable time and expenses. The online version can also automatically email reports and download bank transactions. If you track inventory, you'll need QuickBooks Online Plus.
It's the only online edition that tracks inventory. Even the Plus edition doesn't offer all the inventory bells and whistles available in the desktop programs. If you don't like QuickBooks Online's inventory features, another option is to subscribe to a third party inventory service. QuickBooks Online doesn't have a built in feature for tracking job costs and profitability. Although there are a few workarounds. And you can't create progress invoices, which are invoices that cover the completed portion of a job, an important part of job costing.
QuickBooks Online also doesn't offer sales orders. Of course, if you don't even know what you would use these forms for, then a QuickBooks Online edition would be just fine. Keep in mind Intuit releases new QuickBooks Online features and enhancements every month. So the differences between online and desktop are a moving target. To make sure QuickBooks Online will work for you, use it for 30 days. Conveniently the length of the free trial.
If it's missing features you need, stick with one of the desktop editions.
LinkedIn Learning (Lynda.com) is a PMI Registered Education Provider. This course qualifies for professional development units (PDUs). To view the activity and PDU details for this course, click here.
The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
- Choosing a QuickBooks Online edition
- Setting up customers and vendors
- Setting up billable expenses and time
- Paying bills
- Creating invoices
- Handling refunds
- Depositing payments
- Handling downloaded online banking transactions
- Running and customizing reports
- Automating recurring transactions