If you are looking for online account software, then there is nothing better than QuickBooks Online. It is a perfect account software for small and medium-sized businesses. So, here in this blog, we are going to give a detailed guide about QBO. Quickbooks is a cloud-based version of the software. So wherever you are in the world, you can access it. You can use it on Google Chrome, Mozilla Firefox, and Safari. However, you are using other browsers, then you need to check QuickBooks manually support them. Now, you are Using Quickbooks Online a quick book the first time, then do not worry. Anyone can use it.
How to begin
First, you need to go to QuickBooks’ online page. There You need to choose your country and then buy it. After you have bought QBO. There are three versions for you to choose from. They are a simple version which will cost you around $10 per month for one user. Then there are essentials version, which will cost about $17 per month with three users. However, there is a plus with the cost of $30. There is a self-employed version as well for $5 per month. Now, for using it, there are few things which you need to set up. We are going to discuss it below.
Things to do before Using QuickBooks Online
Now, the first thing you need to do is to enter the company information. To do it, the go-to gear icon. The icon is for settings, and there you will see the option called Company option. It is mandatory and necessary to enter every information related to business. It could be the name of your business, the phone number, the website address, Email address and Business address. If you feel there is more info you need to enter but cannot see it. Then you need to contact QuickBooks online to see what the issue is and how they can resolve it.
After it, you will have to enter the tax-related details. The types of tax form. Now we are done with the necessary thing.
The Accounting method and fiscal year
As we said, depending upon your country, the accounting method will change. You need to click on the gear icon; there you will see the setup. You can choose the cash method or the accrual method. After it, you need to enter the fiscal year to begin the tax process.
The company logo
It is essential to add a logo in your QuickBooks Online Login. In the option company, you will see the option to add your company logo. It can add the logo here. Make sure you are formatting it cleary. don’t want to waste time doing it.
Setting up payment terms
It is time to set up the default payment terms. For doing it, go to settings (The Gear icon), the in sales. There you can choose whether you want to select due on receipt or some days for getting the revenue.
Now, you are ready to create your first invoice and send it to the customer. It was quite easy. As you begin using it, you will gain experience with it. Now, we will talk about some of the best features of the QuickBooks online version.
What are the best features in QuickBooks Online?
There is a reason why millions of people use QuickBooks online. There are many features in it which makes it quite popular; let’s see what those features to use are.
Chart of accounts
Chart of accounts means having the list of company accounts and balances. There are four things in it: assets accounts, Liability account, Income accounts, and Expense accounts. The most significant benefit is that you will know the flow of income and expense.
One of the best benefits of using QuickBooks online. You can easily create an invoice to send it over to a customer.
As per the plan you choose, you can add different users to use. For example, you can add your accountant or the business partner to show the cash flow of the money.
The Automatic Transactions
Some transactions are done regularly every month. You can automate them. In case you ever forget to pay for it, there is no need to worry; you will get it done since it is done automatically. It is called a Memorized transaction.
So, we have told you about how to setup QuickBooks online and the best features of it. However, it is only the tip of the iceberg. As you will use it, you will know it. We are sure it will help in your business a lot.