As a finance professional working on the front line with many startup business owners and entrepreneurs, these are two of the most common questions I get asked – a lot! And the short answer is – it depends. Whether or not QuickBooks Online is a good fit for your business will depend on the type of business you have and what you will need to get done with the software in order for your business to be fully functional. QuickBooks Online has many benefits on its own, and there are many third-party applications available that are designed to extend QuickBooks reach. However, there are instances where the Online version of QuickBooks will not be the best solution for your business. Let’s take a look at some of those instances.
When is QuickBooks Online not Right for My Business?
I operate a Manufacturing business and require various units of measure
My type of business require detailed job costing
I operate a business with very robust inventory needs
I need to have multiple users with very detailed user permissions
I need to be able to progress Invoice and receive partial purchase orders
I require rigorous, customized reporting capabilities
If your business does not fit into the above-mentioned list, and the below describes your business, then QuickBooks Online can definitely work for you.
When is QuickBooks Online Right for My Business?
I run a service-based business or a product-based business with light inventory needs
I want to work on the go and be able to access my information with my iPhone, iPad, Android, or other mobile device like a tablet
My business has one or more locations
I need to have multiple people access and use QuickBooks simultaneously
Anytime, anywhere access as long as there is an internet connection
Capacity to integrate with multiple third-party software applications
Automatic updates and upgrades
Data is backed up automatically
Easy data access from a tablet or smartphone
Automatic bank and credit card transactions download from multiple financial institutions
Capability that allows your CPA and/or bookkeeper to access your data
Multiple built-in business reports to help track business finances
Ability to accept payment for your products/services online via your Invoices
Free technical support
Are there any downsides to using QuickBooks Online?
Yes, although not many, there are downsides to using QuickBooks Online. Here are a few of the most common:
Accessing multiple screens at one time can be difficult. (You can use multiple windows in your browsers to keep what you are using open, but it will sign you out if left inactive for long periods.)
If your Internet goes out or Intuit’s servers go out, you will not be able to access your company file at all.
You cannot backup your data, and keep a copy of your file.
QuickBooks Online Interface is constantly changing, and although change is good, it can be a bit annoying. (You can use QuickBooks today and it’s one way with the navigations where they’re use to being, and you logon tomorrow and they are somewhere else. Maybe not such a big deal!)
Is QuickBooks Online Secure Enough to Protect My Information?
QuickBooks Online has the same security and encryption that banks have. According to the fine print on the QuickBooks Online website, it has 128-bit Secure Sockets Layer (SSL), which is the same encryption technology used by some of the world’s top banking institutions to secure data that is sent over the Internet. So as a matter of safety, it is safe to say QuickBooks Online is safe to use.
So the first thing you need to do is identify the specifics that you must have in a software, then decide if QuickBooks Online is right for you. You can test drive a QuickBooks Online company file for free which is a great way for you to try out QuickBooks Online before you make your purchase. Feel free to play around with the sample data as much as you want to, as you will not be messing anything up. Click on this QuickBooks Online Test Drive link and enter the security verification code as shown on the screen. Any data that you enter will not be saved after you close the browser, or refresh the page.
Also, it’s important to note that there are three subscription types of QuickBooks Online available; QuickBooks Online Simple Start, QuickBooks Online Essentials, and QuickBooks Online Plus. See comparison chart below (Double click image to view enlarged):
If QuickBooks Online will not do the tasks you require, and you cannot find a software application that will, then you should use one of the desktop versions of QuickBooks. Also, bear in mind that QuickBooks Online is constantly being updated, and although it may not be a good fit for your business now, you should keep checking back to see if it has caught up to what you are looking for. Technology is constantly changing, and so is QuickBooks Online.
Watch CPA Michelle Long break down the differences between QuickBooks products:
To print payroll checks in QuickBooks Online, you will need a payroll subscription in addition to having a QuickBooks Online subscription.
To Print Employees Paychecks in QuickBooks Online:
Click the Gear Icon at top right of screen (your company name) and select Payroll Settings under the Settings column to start configuring your pay checks. (You will only see this option if you have subscribed for payroll)
Next click Preferences then Paycheck Printing Settings option to configure how the checks will print.
Select the preprinted check option – if you are using preprinted checks from Intuit, and check the appropriate Print 1 stub or Print 2 stubs.
Click Ok, and you will be taken to the Printer Setup screen.
Next, setup your employees by adding them in the Payroll Setup under Employees. Here you can configure their hourly rates, and choose whether to pay via direct deposit or paper check. You can also configure their deductions, and see a sample view of their paycheck on the right of screen.
Click Done at bottom right. You will now be taken to the current pay period screen. In this section, you can enter the employee’s hours, and change the pay date. You can click the Preview button at bottom right to display the current pay period’s paychecks, total amounts, with employee taxes and net pay.
If all looks well, click the Submit payroll button at bottom right and the paychecks will now be ready to print.
Enter the check number(s) and click Finish payroll.
How to Locate and Reprint a Paycheck in QuickBooks Online
Click on Reports in left menu bar to take you to the report screen.
Click on the “Go to report” search bar, and type in Paycheck. The Paycheck List will now be generated.
Click on the Paycheck List to run the report. When it loads, go ahead and adjust the date range to display the period with the check(s) you need to print.
Now, checkmark the boxes to the left of the check(s) you need to print, then click the Batch action dropdown at top left and select Print.
You can also go to the individual employee to locate and print their paycheck. Just go to Employees in left menu bar, click the dropdown to the right of the employee and select Run report. Now, click the Customize button at top right, then Filter to choose date and Run report.
You probably had some checks that were marked “To Print” in the desktop edition, but were never printed. No worries though, this can be taken care of pretty simply by one of two methods.
There is a handy tool in the new QuickBooks Online that lets you remove the checks from the list. Simply select all the checks you want to have removed from the list, and check the box at Remove from list
The next method is to print to PDF which will get the checks out of the print list without wasting your ink or paper. After selecting “Print” choose Save as PDF at the bottom left of the Print screen. Name the file and choose a location to save it to. Click Save. (This method is the only one that can be used to clear checks in the desktop editions of QuickBooks.)
Either method can be used, and will not interfere with your data in any way, as printing checks has absolutely nothing to do with your direct financials.
How to Print Multiple Checks/Batch Print in QuickBooks
After you have recorded the bill payments in QuickBooks Online, they can be batched printed from the print checks page.
Click the Plus sign at the top center of a main page
Select Print Checks under Vendors
Check the boxes to the left of the checks you wish to print and click Preview and Print on the bottom
Click Print on the preview page to send the checks to the printer
QuickBooks Online interface is very different, and if you are use to the desktop versions, you probably will not like the Online version. It works differently and what can be easily done in the desktop version in a few, usually requires jumping through 2+ hoops in the online version. It is actually more expensive in the long run and clients who have more than one business will definitely find the desktop version more cost effective.
However, according to its maker – Intuit, QuickBooks Online will be the future and so it’s best to get on board sooner than later. Also, I have to say QuickBooks Online has improved greatly within the last three years, and prior to these improvements I was not recommending it at all to my clients.
As with everything else, QuickBooks Online has its advantages as well as disadvantages. The two (2) main advantages of QuickBooks Online being: 1) The ability to access it from anywhere with an internet connection on multiple devices, as well as host multiple users simultaneously. And 2) QuickBooks Online has a ton of third-party applications that can be integrated to make it do much, much more than it already does by itself.
The main disadvantage is that you have to pay a monthly fee which will undoubtedly be increasing over time, and something you will have no control over. Also, if you have multiple businesses, you will need to have a QBO account for each – unlike the desktop version where you could have as many companies in the one version as you like.
The world is becoming more pro “cloud” whether we like it or not, and so it is inevitable that we will need to be a part of that if we want to do any form of business. I say find the positives, and get with it.
Recent Comments