QuickBooks is an accounting software program that allows you to track your financial transactions such as income and expenses for your business. One of the benefits of using QuickBooks is having access to key financial reports (such as profit and loss reports) so that you can see the overall health of your business at any time. Having access to these reports makes filing your taxes a lot easier. QuickBooks has been around for more than three decades and is the accounting software used by millions of small businesses around the globe.

QuickBooks Online (QBO) is a cloud-based program that is accessible from any mobile device or desktop computer with an internet connection. It is available in four editions and we’ll focus on discussing each edition in detail next.

QuickBooks Desktop Enterprise is also available for large businesses requiring more advanced features. It runs on a subscription model and includes advanced inventory management, support for...

As described, QBO comes in four editions:

• Simple Start
• Essentials
• Plus
• Advanced

Each edition varies in terms of price, number of users to whom you can give access, and features included.

The following figure gives a summary of the pricing and features for each edition of QBO at the time of writing:

Depending on the edition, QBO can be ideal for anyone from solopreneurs and freelancers all the way to mid-to-large-sized businesses. If you tend to hire 1099 contractors, also known as independent contractors, QBO can help you keep track of payments made to contractors throughout the year. Since contractors are not employees of the business, you must provide a 1099 form at the end of the year to any contractor you have paid $600 or more to in the calendar year. If you have questions about who qualifies as a contractor for 1099 filing purposes or need assistance with selecting the right QBO edition, please reach out to a qualified tax professional. A great resource to locate someone in your geographical area is Intuit’s Find An Accountant directory:

https://quickbooks.intuit.com/find-an-accountant/

The needs of your business will determine which edition of QBO is ideal for you. The following provides some additional insight into the ideal...

The first step to setting up your business in QBO is to create a QBO account. In this section, we will create a QBO account for Small Business Builders, LLC, a fictitious business we will use to demonstrate features and explain concepts taught throughout this book. Small Business Builders is owned by a partnership that provides consulting services in business plans, marketing plans, bookkeeping, tax planning, and website development to small businesses. Small Business Builders is in its first year of business and has no employees. However, the partners do hire a few contractors to help meet the demand during the peak months of the year.

To create a QBO account, go to the Intuit website and select a QBO subscription plan.

Follow these steps to create a QBO account:

1. Open your web browser and go to the Intuit website, www.intuit.com.
2. Click on Products and select QuickBooks, as shown in Figure 1.1:

Figure 1.1: Navigating to...

The QBO user interface is currently undergoing several changes as of the writing of this book. This means that screenshots in this section might vary slightly from what you see when you log in to your QBO account. There are a variety of ways you can navigate within the program, including via the following:

• Dashboards
• Left navigation menu
• The Shortcut icons on the Home tab
• Gear menu
• Quick Create menu

Let’s look at the dashboards and left navigation menu first.

QBO dashboards and the left navigation menu

To explore what the QBO dashboards look like, we will use our sample company, Small Business Builders, LLC:

Figure 1.19: QBO dashboards

There are three dashboards that can be accessed from the Dashboards tab located on the left menu bar: Home, Cash flow, and Planner. The following is a brief explanation of what you can find on each dashboard along with some snapshots:

• Home: When you...

In this chapter, we explained what QuickBooks is and introduced you to the QBO product line. We covered setting up your QBO account and basic navigation using dashboards, icons, and online menus in QBO. We also provided tips on how to choose the right software for your business. Having a good understanding of the QuickBooks product line will help you to choose the best product for your business. In addition, having a basic knowledge of bookkeeping helps you understand the accounting that takes place behind the scenes in QuickBooks when you enter an invoice or pay a bill.

In the next chapter, we will show you how to customize QuickBooks for your business. This will include setting up company preferences and other key information you will need in order to tailor QuickBooks to your business needs.

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