Quickbooks Online - Getting Started and automate payments

QuickBooks Online is a cloud-based accounting software that helps small business owners manage their finances. With features like invoicing, expense tracking, and financial reporting, QuickBooks Online streamlines the financial management process and provides valuable insights into the health of a business.

As a small business owner, it is crucial to have a solid understanding of your finances. Accounting software like QuickBooks Online makes this task much easier, allowing you to focus on running and growing your business.

This article will guide you through the process of getting started with QuickBooks Online. From setting up an account to recording transactions and generating reports, we will provide a comprehensive overview of the software and its features.

Understanding Quickbooks Online

QuickBooks offers small business owners a wide range of features and benefits. Before diving into the setup process, it is important to have a comprehensive understanding of what QuickBooks Online has to offer.

Key features and benefits

QuickBooks Online offers several key features that are essential for small business accounting. These include:

Invoicing

QuickBooks Online provides an easy-to-use invoicing system that allows you to create, send, and track invoices from one central location. You can even customize invoices with your company logo and payment terms. From a business standpoint, this streamlines the invoicing process and keeps things organized. You can monitor unpaid and partially paid invoices, and receive payments faster. With QuickBooks, you can even send receipt notifications to customers to keep them updated on their payment status. All of this helps to ensure that invoices are paid quickly, reducing the amount of time spent chasing unpaid invoices.

Expense tracking

QuickBooks Online makes it easy to track and categorize your expenses, allowing you to quickly see where your money is going. You can even connect your bank and credit card accounts to QuickBooks Online to automatically import transactions. This makes it easy to categorize your business expenses and keep a record of where your money is going. With the built-in reporting options, you can easily create financial reports such as Profit & Loss Statements, Balance Sheets, and more. This allows you to stay on top of your business finances and make data-driven decisions. Also, QuickBooks Online also allows you to manage payroll, invoicing, and payment processing.

Financial reporting

QuickBooks Online provides a range of financial reports, including profit and loss statements, balance sheets, and cash flow reports. These reports provide valuable insights into the health of your business and can help you make informed decisions. For example, you can use the profit and loss statement to identify how much is being spent on overhead and how much you’re making in revenue. You can then use this information to decide which expenses are essential for your business and which need to be cut back. The balance sheet can be used to determine if you’re making sound investments and if your current assets will cover your liabilities. Lastly, the cash flow report can help you plan for future expenses and ensure that you’re able to meet your short-term obligations.

Bank and credit card connection

QuickBooks Online allows you to connect your bank and credit card accounts, making it easy to see all of your financial transactions in one place. This can help reduce the risk of errors and save time compared to manual data entry. Furthermore, by connecting your accounts, it enables you to set up automatic bank feeds, so you don’t have to worry about downloading transactions or manually entering them into the system. You can also use the bank feeds for reconciliation, which will help ensure accuracy in your financial records. Finally, QuickBooks Online has the ability to generate reports from your bank and credit card transactions, providing you with detailed insights into your finances.

In addition to these key features, QuickBooks Online also offers several benefits. For example:

Accessibility

QuickBooks Online is cloud-based, which means that you can access it from anywhere with an internet connection. This makes it ideal for business owners who are always on the go. Through QuickBooks Online, you can access real-time business data to help inform decisions and streamline processes. You can also capture expenses, review invoices, and generate reports, all from one convenient place. Plus, you can collaborate with your team in real time, without the hassle of emails or spreadsheets. With QuickBooks Online, you can save time and focus on what matters most - growing your business.

Automatic bank feeds

QuickBooks Online can automatically import transactions from your connected bank and credit card accounts, which can save time compared to manual data entry. It’s important to note that the data imported from your accounts is not editable and can only be used to generate reports. For example, if you delete a transaction from your connected account, it will no longer be imported into QuickBooks. It’s also important to double-check the accuracy of your data after it is imported, as errors can occur during the import process. You can easily resolve any discrepancies by manually entering transactions in QuickBooks.

Different plans and pricing options

QuickBooks Online offers several different plans to choose from, each with its own set of features and pricing options. The most basic plan, Simple Start, is suitable for businesses that need only basic accounting features, while the more advanced plans, Essentials and Plus, offer additional features such as time tracking and the ability to track inventory. It is important to choose the plan that best fits your business needs and budget.

Businesses with more complex operations, such as retail stores, may require the extra features of the Essentials or Plus plans. On the other hand, businesses with simpler operations may find that the Simple Start plan is sufficient. Whatever plan you choose, QuickBooks Online can provide your business with a powerful accounting tool to help manage your finances.

Quickbooks Online vs. other account software

QuickBooks Online is not the only accounting software option available, but it is one of the most popular. When compared to other accounting software, QuickBooks Online stands out for its ease of use, scalability, and range of features. Additionally, because it is cloud-based, there is no need to worry about hardware upgrades or software installations, making it a great choice for small businesses.

QuickBooks Online is also known for its exceptional customer support, providing users with access to a knowledgeable support team through phone, email, and live chat. Its wide range of features also makes it a great choice for companies of all sizes and in a variety of industries. Whether it is automation, report creation, inventory tracking, payroll services, or another accounting task, QuickBooks Online can handle it with ease. This makes it an invaluable tool for businesses that rely on accurate accounting data.

Setting Up Quickbooks Online

Creating an account

Now that you have a good understanding of what QuickBooks Online has to offer, it's time to dive into the setup process. Setting up QuickBooks Online is a straightforward process, but there are a few key steps that you should follow to ensure a smooth and successful setup.

Step 1

To start using QuickBooks Online, you will first need to create an account. This can be done directly from the QuickBooks website and typically only takes a few minutes. You will be asked to provide some basic information, such as your business name and contact information.

Step 2

Once you have created your account, you will need to choose the plan that best fits your business needs and budget. As mentioned earlier, QuickBooks Online offers several different plans to choose from, so be sure to choose the one that is right for you.

Step 3

QuickBooks Online allows you to connect your bank and credit card accounts, making it easy to see all of your financial transactions in one place. To connect your accounts, simply follow the instructions provided in the QuickBooks Online setup wizard.

Step 4

The next thing to do is set up the chart of accounts. The chart of accounts is a list of all the accounts that your business uses to track its finances. QuickBooks Online provides a default chart of accounts, but you can also customize it to better meet your business needs.

Step 5

Once your chart of accounts is set up, it's time to start recording transactions. This can include things like invoicing customers, tracking expenses, and reconciling bank and credit card transactions. QuickBooks Online makes it easy to record transactions and provides helpful tips and guidance along the way.

Entering company information and preferences

After logging in, you will be prompted to enter your company information, including the company name, address, and contact information. You will also need to set up your tax preferences, including the type of entity you have, tax ID number, and sales tax settings.

Connecting bank and credit card accounts

QuickBooks Online allows you to connect your bank and credit card accounts so that your transactions can be imported directly into the platform. This can save you time and reduce the risk of errors when entering transactions manually. To connect your accounts, simply follow the prompts in the QuickBooks Online interface.

Navigating Quickbooks Online

By customizing the home screen, you can make QuickBooks Online work for you and your business. This will help you save time and be more productive, as you'll be able to quickly access the tools and features you need to manage your finances.

Understanding the dashboard and navigation bar

QuickBooks Online features a user-friendly dashboard that provides a comprehensive overview of your business's financial status. From the dashboard, you can see key metrics and statistics, such as your income, expenses, and profit/loss. This information is presented in a visual and easy-to-read format, making it simple for you to understand the financial health of your business.

The navigation bar is located at the top of the QuickBooks Online interface and provides quick access to all of the main functions of the software. From the navigation bar, you can access important sections, such as sales, expenses, banking, and customers. The navigation bar also allows you to switch between different companies if you have multiple businesses using QuickBooks Online.

Exploring the main menu and sub-menus

The main menu in QuickBooks Online contains all of the functions and features you need to manage your business finances. Each main function has its own sub-menu with additional options and tasks. For example, if you click on the "Sales" option in the main menu, you'll see sub-menus for invoicing, sales receipts, and sales reports.

By exploring the main menu and sub-menus, you'll be able to access all of the tools and features you need to manage your finances. This will help you get the most out of QuickBooks Online and make it easier for you to accomplish your accounting tasks.

Customizing the home screen for quick access

QuickBooks Online allows you to customize your home screen to quickly access frequently used tasks by adding or removing widgets. This means you can add a widget for sales reports or invoicing, for example, so that you can access these tasks with just one click from the home screen. You can also rearrange the layout of the home screen to meet your needs, making it simple for you to find what you're looking for.

By customizing the home screen, you can make QuickBooks Online work for you and your business. This will help you save time and be more productive, as you'll be able to quickly access the tools and features you need to manage your finances.

Recording Financial Transactions in Quickbooks Online

QuickBooks Online allows small business owners to record various financial transactions such as sales, expenses, payments, and invoices. The following are the key features of recording financial transactions in QuickBooks Online:

Recording sales and expenses

QuickBooks Online allows small business owners to record sales and expenses by creating invoices and bills. The software will also keep track of payments received from customers and payments made to suppliers.

Recording payment and invoices

QuickBooks Online makes it easy to record payments received from customers and payments made to suppliers. Small business owners can create and send invoices to customers and record payments received, and also create and record payments made to suppliers.

Creating and managing accounts

QuickBooks Online allows small business owners to create and manage their accounts, customers, and vendors. This includes the ability to track customer and vendor information, as well as create and manage customer and vendor accounts. The software also provides various tools and reports to help small business owners keep track of their customer and vendor relationships.

IntaSend…the Best Choice for Invoice Payments

While Quickbooks Online is an amazing, all-round accounting tool, if you’re all about invoice payments, it might be better to choose a platform that caters only to that need without opting for other packages that come with it, and in this case, IntaSend is the best option for you. IntaSend lets you create invoices with the right information that can help you get paid quickly. In your invoice, you can include your preferred payment method, alongside other necessary information. It is important that you know the right things to include in your invoice.

Another good thing about using IntaSend to receive payments is that it lets you create no-code payment links that help you collect payments in no time, especially if you’re a freelancer or run an unregistered business. These payments are generated when needed and include your preferred payment method, which you can then send to your customers in different ways, including email, social media, and many more. Thankfully, getting started with IntaSend is very seamless. You can create an account and get it ready in minutes, many thanks to its intuitive interface and feasible KYC.

Cover Photo by Brooke Cagle on Unsplash