QuickBooks Online (QBO) is a leading cloud-based accounting software designed to meet the diverse needs of small businesses. From managing finances to processing payroll, QBO offers a suite of tools to streamline business operations. This article provides a comprehensive overview of QuickBooks Online, detailing its key features, available offers, and important terms and conditions.
Key Features of QuickBooks Online
QuickBooks Online is packed with features designed to simplify accounting and financial management for businesses of all sizes. Here’s a breakdown of some of the core functionalities:
Financial Management Tools
- Annual Percentage Yield (APY): QuickBooks Checking offers an attractive APY on balances within your created envelopes, helping your money grow. Note that the APY is variable and applies only to envelope balances.
- Envelopes: Organize your funds by creating up to 9 envelopes within your QuickBooks Checking account for specific savings goals. Interest is earned automatically within these envelopes.
- QuickBooks Checking Account: Manage your business finances with a dedicated QuickBooks Checking account, designed to integrate seamlessly with your accounting software.
- Deposit Sweep Program: For larger balances, the Deposit Sweep Program automatically spreads funds over $250,000 across multiple FDIC-insured institutions, providing up to $5 million in FDIC insurance coverage.
- Instant Deposit: Get faster access to your funds with Instant Deposit, allowing deposits to your QuickBooks Debit Card linked bank account within 30 minutes at no extra cost.
Bookkeeping and Accounting
- QuickBooks Live Expert Assisted: Get expert guidance from QuickBooks-certified professionals to help manage your books. This subscription service provides ongoing support and answers to your accounting questions.
- QuickBooks Live Expert Full-Service Bookkeeping: For businesses needing more comprehensive support, this service offers both cleanup and ongoing bookkeeping services with a dedicated expert.
- Receipt Capture: Use the QuickBooks Online mobile app to easily capture and upload receipts, streamlining expense tracking and record-keeping.
- Collaborate with Your Accountant: Seamlessly share your QuickBooks Online data with your accountant for real-time collaboration and efficient financial management.
- Mileage Tracking: Track business miles automatically using the QuickBooks Online mobile app, simplifying expense reporting and potential tax deductions.
Payments and Invoicing
- QuickBooks Payments: Accept various payment methods from customers with QuickBooks Payments, integrated directly within your accounting software.
- Pay-Enabled Invoices: Simplify payments for your customers by including pay links directly in your invoices, enabling faster payments.
- Accelerated Invoicing: For businesses with high invoice volumes, QuickBooks Online Advanced supports uploading up to 1000 invoice lines at once, significantly speeding up the invoicing process.
- Get Paid Faster with Invoice Reminders: Utilize Intuit Assist within QuickBooks Online to send automated invoice reminders and get paid an average of 5 days faster.
Payroll and HR Features
QuickBooks Online Payroll offers various plans (Core, Premium, and Elite) to manage employee payments and payroll taxes efficiently.
- Auto Payroll: Automate your payroll process for salaried and certain hourly employees set up with direct deposit.
- Next-Day Direct Deposit: Pay employees quickly with next-day direct deposit, ensuring timely payments.
- Same-Day Direct Deposit: For even faster payroll processing, QuickBooks Online Payroll Premium and Elite offer same-day direct deposit for employees.
- Automated Tax Payments and Filings: Reduce tax compliance stress with automated tax payments and filings for federal and state taxes. Local tax automation is available with Premium and Elite plans.
- Tax Penalty Protection (Elite): QuickBooks Online Payroll Elite users are eligible for tax penalty protection, covering payroll tax penalties up to $25,000 under specific conditions.
- Expert Product Support: Access 24/7 chat support and phone support during business hours with your QuickBooks Online Payroll subscription.
- Expert Setup (Elite): Elite users benefit from expert setup assistance to ensure a smooth payroll implementation.
- Expert Review (Premium & Elite): Get your payroll reviewed by experts for accuracy and compliance.
- 24/7 Expert Product Support (Premium & Elite): Premium and Elite plans include 24/7 access to expert customer support.
- HR Services (Premium & Elite): Access HR support from Mineral, Inc., including HR advisors for Elite users, to assist with HR-related questions and compliance.
- Health Benefits & Guideline 401(k): Offer employee benefits through integrations with Allstate Health Solutions for health insurance and Guideline for 401(k) plans.
- Workers’ Comp Administration: Manage workers’ compensation through integration with NEXT Insurance (not available in all states).
- Automated 1099 E-file & Delivery: Simplify contractor payments and tax reporting with automated 1099 e-filing and delivery services.
- QuickBooks Workforce: Employees can access pay stubs and W-2s online through QuickBooks Workforce.
- Garnishments and Deductions: Manage employee garnishments and deductions within QuickBooks Payroll.
Advanced Features in QuickBooks Online Advanced
QuickBooks Online Advanced offers enhanced capabilities for growing businesses:
- Unlimited Chart of Accounts, Tracked Classes, and Locations: Enjoy unlimited entries for chart of accounts and tracking categories.
- Priority Circle: Access priority customer support and account team benefits with a paid subscription to QuickBooks Online Advanced.
- Automatic Data Backup and Recovery: Benefit from automatic data backups and robust security measures to protect your financial information.
QuickBooks Online Offers and Trials
Intuit frequently provides offers and trials for QuickBooks Online to help new users get started:
- QuickBooks Online Free 30-day Trial: New QuickBooks Online customers can often access a 30-day free trial to explore the software and its features.
- QuickBooks Live Expert Assisted Free 30-day Trial: Combine your QBO subscription with a 30-day free trial of QuickBooks Live Expert Assisted for expert guidance.
- QuickBooks Online Discount Offers: Take advantage of limited-time discount offers on QuickBooks Online subscriptions, often for the first 3 months of service.
- QuickBooks Online Live Expert Assisted Discount Offer: New Expert Assisted subscribers can sometimes receive discounted rates for the first few months.
- Multi-Company Discount: Businesses managing multiple entities may be eligible for discounts on multiple QuickBooks Online subscriptions.
Important Notes on Offers and Trials:
- Offers are typically for new QuickBooks Online customers only.
- Free trials automatically convert to paid subscriptions after 30 days unless canceled.
- Discounts usually apply for a limited period, after which regular pricing applies.
- Offers cannot be combined with other QuickBooks offers.
- Terms, conditions, pricing, and features are subject to change.
Key Terms and Conditions
Understanding the terms and conditions is crucial for using QuickBooks Online effectively. Here are some important points:
- Cancellation Policy: You can cancel your QuickBooks Online subscription at any time through your account settings. Cancellation is effective at the end of the monthly billing period, and no pro-rated refunds are provided.
- Subscription Terms: QuickBooks Online subscriptions are typically monthly and automatically renew until canceled.
- Usage Limits: Different QuickBooks Online plans have varying usage limits, such as the number of chart of accounts or tracked classes (especially for Simple Start, Essentials, and Plus plans). QuickBooks Online Advanced generally offers unlimited usage.
- QuickBooks Payments and QuickBooks Checking Accounts: These services require separate applications and are subject to eligibility and approval. Merchant agreements and deposit account agreements apply.
- Mobile App Access: QuickBooks Online mobile apps are included with your subscription at no additional cost.
- Third-Party Apps: QuickBooks Online integrates with various third-party apps available on apps.com, which may have their own terms and fees.
Conclusion
QuickBooks Online is a powerful and versatile accounting solution for businesses seeking to streamline their financial operations. By understanding its features, available offers, and terms, businesses can leverage QBO to efficiently manage their finances, payroll, and overall accounting needs. Whether you’re a small startup or a growing enterprise, QuickBooks Online offers scalable solutions to support your business journey. Always review the most up-to-date terms and conditions on the official QuickBooks website before making any subscription decisions.
