QuickBooks is an accounting software package developed and marketed by Intuit. Their products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions. Voted #1 in accounting software for small business.
- Track income & expenses.
- Send custom invoices & quotes.
- Snap & store receipts.
- Connect with your bank.
- Manage pay-roll.
- The Self-Employed plan starts at US$15 per month.
More About Quickbooks
Find out what each expert had to say about Quickbooks
QuickBooks is by far the best software platform for businesses of any size. From freelance contractors to full-fledged enterprises, Intuit has provided all the tools necessary for business owners to keep track of all their financial information. At its most basic version, independent contractors can keep track of expenses and mileage. Ready to hire employees or pay vendors? QuickBooks offers built in payroll solutions and bill pay. Maybe your business needs to track inventory or expenses by project. QuickBooks has you covered too with inventory and billable expense tracking. QuickBooks parent company, Intuit, offers a full range of software solutions to cover all your business needs.
✓ QuickBook Desktop
I recommend QuickBooks Desktop for small businesses with a full-time bookkeeper. The software allows user-defined classes that can be used to customize the software for almost any business. Reports can be linked to Excel for further analysis. The data in Excel can then be updated from within QuickBooks Desktop, so you don’t have to redo your analysis every time an updated report is generated.
Finally, QuickBooks Desktop is much less expensive than a comparable version of QuickBooks Online, especially if you only update to a new edition every 3 years, which is my recommendation. QuickBooks Desktop is only for full-time bookkeepers because:
– It’s powerful software that takes time to master.
– Data input and navigation is much faster than cloud-based accounting software. This increased speed is a huge benefit to someone that spends all day in the software.
– Sharing your information with an external accountant is more difficult than with cloud-based software, so QuickBooks Desktop isn’t right for an inexperienced bookkeeper that will need a lot of outside help.
✓ QuickBook Online
I recommend QuickBooks Online to most small businesses where the owner or office manager is doing the bookkeeping. Your outside accountant can be given direct access to your account so they can view and correct things from the comfort of their own office, and without charging you for traveling to your location! It’s powerful software with good reporting capabilities. Because it’s cloud-based, it can be accessed from anywhere on the internet including with the mobile phone app. It’s especially good for people that need to issue invoices in the field. The big drawback to QuickBooks Online is the high price.
I had a client with a landscaping business that was not great when it came to technology. I met him while he was using QuickBook Desktop and when it was time to prepare his tax return he literally gave me his entire desktop computer! To be clear, that is not the preferred method of sharing your QuickBooks Desktop data with your CPA (use the Accountant’s Copy feature)! I set him up with QuickBooks Online and he still struggled, but I was able to login to his online account and see exactly what he was looking at to help solve his problems. He eventually liked QuickBooks Online, especially the mobile app, and got very good at emailing clients their invoices right on the spot!
I recommend Wave for self-employed people looking for free accounting software. The software does most things a small business needs:
– Connect checking and credit cards accounts to automatically load transactions
– Create invoices and track customer payments
– Input bills and track due dates
– Reports are a bit limited, but include the essentials: balance sheet, income statement, aged receivables, and aged payables
Wave is easy to use and completely adequate. For a fee, you can add payroll and accept credit card payments from your website.
At Hosting Data, an online web hosting comparison site for UK users, we use Quickbooks Online for all our accounting needs.
Quickbooks is a great, cloud-based service offering both accounts receivable and accounts payable features, with an easy to use mobile app, it can be accessed at the tip of your finger. Being able to create and issue an invoice from your phone is extremely useful as a small tech business working with other small to medium sized businesses.
QuickBooks offers a one-month free trial which was really great when trying out various accounting software options. As your business grows, QuickBooks offers a tier-based service plan to provide the level of support you require over the years, it’s great value and dependable which is paramount to a small business.
FreeAgent is aimed at freelancers and very small businesses meaning it has slightly fewer features compared to Quickbooks. FreeAgent can support tasks such as invoicing, time tracking, and expense management, all available via the cloud. It is slightly more expensive than Quickbooks with less functionality.
Wave Accounting provides a totally free option, offering high level invoicing, accounting, and receipt scanning, with additional services including payroll on a pay-as-you-need type basis. Wave Accounting was pretty good considering it’s free of charge, but it offers no reporting function with HMRC meaning there was some manual processing involved.
Margaret H. Geiger
As a small business, it’s important to stay organized with finances. I use Quickbooks Self-Employed. It’s only $9.99 a month and I utilize the mobile app every day for sending invoices, logging mileage, keeping up with tax deadlines, and logging all expenses and profits. I can also connect my accountant to the software through email, so she is able to see everything – making doing taxes a quick and easy process. (Your accountant will love you, too!)
Quickbooks Self-Employed is great for small businesses and freelancers because it’s inexpensive and very user-friendly. It breaks down your total profit for the year, income, expenses, mileage with potential deductions, invoices to be paid or overdue, tax deadlines AND connects directly to your business bank account. Track transactions and upload receipts through the app. No more receipt hoarding! I recommend this software for anyone. There are other programs and levels depending on your business’ needs. Quickbooks makes staying organized a piece of cake!
In my opinion, the ‘QuickBooks Pro’ is the best accounting software right now. This software provides my business with an easy-to-use, efficient accounts receivable, accounts payable and payroll function. All of this means I can effectively plan my invoicing and billing system, all of which has helped me to improve my money management.
We’ve used 2 platforms over the past 5 years for our accounting: Wave and Quickbooks.
I can give some pros and cons of each:
✓ Wave Accounting Software:
– Free to use & start
– Easy to use for those not familiar with accounting
– Easy automatic reminders for overdue invoices
– Some limitations for online management of past records
– No android app when we were using it (unsure of now)
– Missing some smaller features that Quickbooks makes standard like mileage tracking
✓ Quickbooks Online:
– Better record keeping options: detailed matching & reconciling of records to payments, online search options, etc.
– Due to it’s popularity, easier to find bookkeepers & accountants familiar with the system
– Plenty of features to dig into.
– No free model to start – can be discouraging for new businesses
– Bit of a learning curve & can be time consuming – learning how to reconcile payments, how products & services work, etc. Almost too many options.
– Recurring invoices can be a bit unusual / inconsistent.
I use and recommend all my clients use Quickbooks Self Employed. It’s incredibly affordable, it’s easy to make rules to automatically categorize expenses, it tracks mileage, and it allows you to invite your accountant to your team. It’s so easy to use and well worth the price so that you can quickly see auto-generated Profit and Loss reports and more.
✓ QuickBooks Simple Start
I originally was using QuickBooks Self-Employed in conjunction with my husband who is a freelancer, but it was difficult to separate out just my business’s transactions from our collective transactions, which was frustrating in terms of running reports. I switched to Simple Start with just my business accounts at the start of calendar year 2019 and had a much easier time reporting and tracking throughout the year. I also use the invoicing and payment features. I wish it was more intuitive to create invoices ahead of time to be sent at later dates, but I’m slowly figuring it out.
We would recommend Quickbooks for the following reasons:
1 – It’s low cost. We pay around £15 per month which makes it cheaper than the price we were previously paying for Sage Accounts 50.
2 – It integrates with other software such as Hubdoc. Hubdoc is a great time saver as we get most invoices via email and then forward them to Hubdoc. Hubdoc then scans the invoices and extracts all the data such as supplier, goods description, VAT rates and totals and with a single click publishes these to Quickbooks. It also uploads a copy to Quickbooks and also a backup copy to our cloud storage.
3 – It’s easy to fix errors. Everyone makes mistakes so it’s great that Quickbooks makes it so easy to make changes to past postings in order to fix any errors.
The downsides of Quickbooks would be:
1 – The support is not as good as it could be with long wait times for more difficult issues. In the past we’ve chased support after 6 days with no responses. On the plus side though it’s very rare that you have to contact support as it’s all pretty easy to use.
2 – You can’t export your data to back it up yourself which means you can’t restore a previous version of your data should things go wrong. However, they do have a good audit history feature should you need to manually undo errors.
On balance we’ve been very happy with Quickbooks Online and plan to continue to use it for the foreseeable future.
Quickbooks really is the best software available for a small business. The software is easy to use and can generate many different types of reports that are helpful to track and understand the financial health of the company. Quickbooks Pro costs $299.95 and can be downloaded on a single computer. Quickbooks Essentials is the online version that can be purchased for a monthly subscription fee of $40.
What is Quickbooks?
Quickbooks is a cloud accounting software.
Is Quickbooks any good?
Our experts voted for Quickbooks as the #1 accounting software for small businesses.
Is Quickbooks free to use?
Quickbooks offers a free 30-day trial.
What are the best features of Quickbooks?
Track expenses, customise invoices, run reports and even more all from one place.