Managing the finances of your business can be overwhelming, but with the right tools, it doesn’t have to be. QuickBooks Online Plus has become one of the most popular accounting software solutions for small businesses. It simplifies many aspects of financial management. You will track income and expenses, invoice clients, or handle payroll. QuickBooks Online Plus offers a comprehensive suite of functions to save you time and keep you organized.
In this article, we will explore the key features of QuickBooks Online Plus. How it can benefit your business, and it’s an indispensable tool for entrepreneurs and small business owners.
What is QuickBooks Online Plus?
QuickBooks Online Plus is an advanced version of the widely used QuickBooks Online accounting software. It is designed for growing small businesses that need more than just basic accounting features. While QuickBooks Online Simple Start offers limited functionality. QuickBooks Online Plus includes more robust tools to help you manage a wider range of financial tasks. From handling Job costing to tracking inventory, this plan is ideal for businesses that need extra features but don’t require the complexity of QuickBooks Desktop.
One of the main strengths of QuickBooks Online Plus is its cloud-based nature, which means you can access your accounting data anytime and anywhere. This approach allows the owner of the business to be on top of his or her finances even when away from the desk.
Key features of QuickBooks Online Plus
1. Advanced Job Costing
Job costing features are especially important to businesses with the nature of operations that fall under construction, consulting, or other sorts of project-based work. You can track costs associated with certain projects or jobs and ensure you’re operating within budget.
Job costing with QuickBooks Online Plus is easy by allowing you to attribute costs such as labor, materials, and overhead to specific projects. You can have real-time detailed reports about how much each job is costing and, therefore, get a clearer picture of your financial situation. This will be particularly important for business operations involving numerous projects simultaneously, as it becomes impossible without this feature to stay ahead of cost overruns and oversee every activity properly.
With QuickBooks Online Plus, you can also track how much time you spend on jobs, making it easier to bill the customers for labor hours. In addition, you can preset the customization of billing rates for different jobs or employees that way you can charge the right amount in every project.
2. Invoicing and Payments
QuickBooks Online Plus makes invoice creation a breeze, allowing you to easily generate and send professional invoices with a few clicks of the mouse. You can also customize your invoices to incorporate your logo on them and have a variety of templates to choose from. The tracking of paid invoices, outstanding invoices, and pending invoices by QuickBooks helps you keep up-to-date on accounts receivable.
In addition to invoicing, QuickBooks Online Plus offers integration with payment solutions like QuickBooks Payments, which enables clients to pay invoices online via credit card or bank transfer. This way, your cash-flowing clients will be able to pay you fast, thus improving your cash flow.
3. Expense Tracking
You can track all the expenses that your business would incur-from office supplies to travel costs into one place using QuickBooks Online Plus. The software can be connected to the bank account and the credit cards, allowing automatic imports and categorization of transactions. Organization is enhanced, and you are much better prepared for tax time since all your expenses are accounted for and categorized.
You can use QuickBooks to easily prepare and manage expense reports to reimburse your employees or contractors for business expenses, and also add receipts to transactions for higher accuracy and transparency.
4. Payroll Management
Payroll is one of the most complex and time-consuming tasks for small businesses. QuickBooks Online Plus streamlines the payroll process by offering integrated payroll services. You can pay employees via direct deposit, calculate and file payroll taxes, and generate pay stubs, all within the software.
This payroll feature also combines with QuickBooks Time where you can track employees’ work hours, control time off, and even calculate overtime. This means that the employee can be paid correctly at the right time with minimum chances of expensive payroll mistakes.
5. Track Inventory
If you sell products then managing stock is very tricky, but QuickBooks has incorporated an inventory tracking module, which can help you easily monitor stock levels, manage purchase orders, and track the cost of goods sold. Because QuickBooks automatically updates your inventory for you when sales are made, this also ensures that you should not overstock or run out of popular items.
You can also directly create purchase orders straight in the system, and QuickBooks will remind you when it is time to reorder. With this feature, you are guaranteed to maintain a steady supply of products without overspending due to excess stock.
6. Reports and Insights
QuickBooks Online Plus offers a number of different financial reports that offer critical insights into your company’s performance. From profits and losses to balance sheets, these help you get an overview of your company’s financial health. Reports can be adjusted for the needs of an individual whether tracking project costs, sales trends, or employee expenses.
QuickBooks Tool Hub: A Handy Resource
One such less-known feature in QuickBooks Online is QuickBooks Tool Hub. This collection of tools and resources helps users troubleshoot and resolve their most common issues with the software. Included in the QuickBooks Tool Hub are solutions for installation errors, data file issues, and system updates, for example. It’s a fabulous way for owners and accountants to resolve common technical issues without having to contact the customers’ helpline.
Why QuickBooks Online Plus Fits Your Business
QuickBooks Online Plus is an all-in-one business finance solution. It is mainly suitable for companies that require something more advanced than simple bookkeeping. It’s more appropriate for job costing or more elaborate payroll and inventory tracking. The flexibility and accessibility of the cloud-based system are simply unmatched. The extensive set of features ensure you have everything you need to keep your business running smoothly.
From job costing to reporting, QuickBooks Online Plus streamlines your operations, improves cash flow, and ensures accurate financial tracking. Be it a contractor, a retailer, or a service-based business. QuickBooks Online Plus is a tool that helps you get organized and concentrate on your goal of growing your business.
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Conclusion
If you are interested in a user-friendly accounting solution for your business, QuickBooks Online Plus is for you. Its features like Job Costing, Invoicing, payroll, and inventory tracking make it a vital utility for any small business. It also includes the support from the QuickBooks Tool Hub to solve technical issues and guide along the way.
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