07 Mar Top QuickBooks Online Features You Should Know About
QuickBooks Online is more than just accounting software – it helps you track income, expenses, and so much more. Here at Siegel Solutions, we are a QuickBooks Solutions Provider and we’re excited to share with you the endless benefits of using QuickBooks Online as well as uncover features you never knew existed. Let’s dive in!
There are various tiers of QuickBooks Online plans to choose from based on your business goals. There’s Simple Start, Essentials, Plus, and Advanced plans that vary in features and pricing. Not sure which one to go with? That’s what we’re here for! In this blog we’ll cover features specific to each tier. Before we do that, here’s a pro tip. You can start your QuickBooks Online journey with a 30-day free trial to test the waters, but don’t worry, we think you’ll love them!
Universal QuickBooks Online Features
Let’s start by looking at features that are available on all QuickBooks Online versions. First, the ability to capture receipts on the road is a big one. Rather than holding onto your receipts until you finally get around to that expense report, you can snap a photo and upload it directly to the system right then and there. We all have enough clutter, who needs a stack of receipts in their wallet? Not us.
Next question – does your business operate in various 3rd party apps that don’t connect to anything? We’ve got you! QuickBooks Online integrates with several external applications streamlining your processes. This eliminates tedious, manual data entry by integrating apps you already use. Data flows automatically into your books, and you can review everything in one place. PayPal, Square and Amazon Business are just a few examples of seamless integration possibilities.
You can also connect sales channels to download orders off the web. QuickBooks Online connects to Amazon, Shopify, and eBay stores. Through this, you can match payouts with bank deposits automatically separated by revenue, taxes, and fees. You can also view cash flow, expense, and profitability trends at a glance. Cha-ching!
Next, we’re here to save you time. With QuickBooks Online, you can download transactions from your bank or credit card, reducing entry time. Straightforward and simple – like it should be!
Another time saver – send email invoices that allow your customers to pay with one click. Quick for you. Quick for them. Easy money in the door! You can also see when your customers have opened and viewed their invoices. It’s not nosey, it’s accountability, right?
Real-time Access and Reporting
Two more universal benefical QuickBooks Online features – real time access and downloadable reports. Through the platform, give your accountant real-time access to your file. Forget continuous updates, they can always see the most up-to-date information just by logging in. For reporting purposes, all QuickBooks Online reports can be downloaded to Excel and emailed as an Excel sheet or a PDF. Options!
Now let’s talk about multiple users. For this, you will need a plan higher than Simple Start. With Essentials, you can have up to 3 users, with Plus up to 5, and with Advanced up to 25. These tiers allow operating capabilities that make sense for your team.
In the Plus and Advanced versions, there are added tracking abilities, too. You can track project profitability by getting a bird’s eye view of all your projects in one place with clear dashboards and reports. You can also track inventory and receive notifications when inventory is low. This tracking allows you to see what’s popular, create purchase orders, and manage vendors. Food for thought.
Batch Invoices and Expenses
Time to jump into the Advanced plan. There are so many features in the Advanced plan that people have no idea about. We’re here to uncover them. In the QuickBooks Online Advanced plan, you can create batch invoices and expenses. It is 37% faster to create invoices with batch invoicing. You can import and send hundreds of invoices and expenses at once, as well as enter and edit multiple bills and checks in a few quick steps.
Employee Expense Uploads
Also, in QuickBooks Online Advanced, employees can submit their expenses directly, saving time and reducing errors. This allows you to review and track all expenses in one platform so it’s easy to find information you can rely on.
Workflows, Backups and Restores
The Advanced plan also offers automated workflows, backups, and restores, so that you always feel safe. To automate your key tasks, set reminders for transactions like invoices, payments, or deposits with a due date, notify customers when their payment has been received, and route invoices through pre-set approval flows. On the backup and restore side, you can restore to a specific date and time, track changes with history logs, as well as set up automatic and continuous backups.
Additionally, Advanced provides a bidirectional link to Excel, automatically syncing your spreadsheets. Through this, you avoid manual errors and have confidence in your data. Pre-made templates and consolidated reports are also benefits that allow you to work with your data how you want and create flexible workflows with familiar tools.
In case all of this isn’t enough, in Advanced you have the opportunity to customize your team’s access to various features in QuickBooks Online, ensuring each user is getting what they need out of the platform.
That’s QuickBooks Online in a nutshell! Did we spark your interest?
For more information, click here to get started with QuickBooks Online today or contact us directly at 781-512-7822!