Intuit QuickBooks Online Review – Accounting Software UK 2024

Choosing the right accounting software is crucial for small businesses. QuickBooks Online is a popular option known for its user-friendly interface and helpful features. This review will explore the pros, cons, and suitability of QuickBooks for your business needs, helping you make an informed decision. Our Intuit QuickBooks online review is based on real-life use for a Limited company with VAT and a self-employed small business.

As a qualified bookkeeper and a certified QuickBooks partner, I have used and recommended QuickBooks Online to clients.

What is Intuit QuickBooks Online?

QuickBooks Online is a cloud-based small business cloud-based accounting software that allows access from anywhere on the internet. It is for small business owners, whether you are a freelancer, self-employed, or in a limited company and are using VAT or CIS.

Five plans are available: self-employed, simple start, essentials, plus and advanced. It means that you should find a plan suitable for the size of the business.

Intuit was founded in 1983 and is one of the market leaders in accounting software for small businesses. The software is updated regularly and keeps up with all the requirements of HMRC and Making Tax Digital. It is why it is a market leader in the industry.

Advantages of Intuit QuickBooks Online Account

There are lots of advantages to why small businesses would choose QuickBooks online; these include:

Ease of Use:

• User-friendly Interface: QuickBooks’ design focuses on simplicity, making it intuitive for those without extensive accounting knowledge.
• Guided Setup: Step-by-step guidance during the setup process eases initial onboarding.
• Customisable Dashboard: Tailor the dashboard to highlight the most important metrics for your business.

Features and Functionality

• Core Accounting: Streamlines essential tasks like invoicing, expense tracking, bank reconciliation, and financial reporting.
• Integrations: Connects with numerous third-party apps for payment processing, CRM, e-commerce, and more.
• Automation: Automates recurring tasks like invoices and reports, saving time.
• Mobile Access: QuickBooks Online provides on-the-go management and updates through mobile apps.

Scalability and Support

• Multi-Tiered Plans: Options from simple to advanced suit different business sizes and needs.
• Cloud Accessibility: QuickBooks Online allows access from anywhere with an internet connection.
• QuickBooks Customer Support: Offers support resources like help articles, tutorials, and phone/chat support.
• Large User Community: Provides support forums and knowledge sharing among fellow users.

Additional Advantages

• Brand recognition: QuickBooks is a well-established brand with a reputation for reliability.
• Tax Preparation: Simplifies tax filing through income and expense records.
• Affordability: Pricing plans are competitive and suitable for small business budgets.

What are the Disadvantages of QuickBooks Online?

Here are a few disadvantages of QuickBooks Online:

• Limited users: Some plans limit the number to 5 users and 2 accounting firms in the UK unless you upgrade to the advanced plan (25 users).
• Dependence on the Internet: QuickBooks Online requires a stable Internet connection for accessibility.
• Learning curve: While user-friendly, QuickBooks still requires some time to master its full range of features.
• Scalability concerns: As businesses grow rapidly, they might outgrow QuickBooks’ capabilities and require more advanced enterprise-level software, but it is ideal for most small businesses

QuickBooks Online Pricing

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QuickBooks pricing plans are structured to grow with your business. As your accounting needs change, you can easily upgrade to a more feature-rich plan. This ensures you only pay for the tools and resources you truly need at each stage of your business journey.

Depending on the features required depend on the price; their levels are simple start, essentials and plus. All levels are online accounting packages.

The simple start package is excellent for small self-employed businesses. The essentials package suits most medium-sized businesses and limited companies. All prices quoted are per month.

The QuickBooks Online pricing structure is the same as most other packages; the main difference includes some extras that others charge for.

As with all software, it is worth evaluating to see if it suits business needs. The best way to complete this is to take out a 30-day free trial.

As a QuickBooks affiliate, we always offer a 90% discount for 7 months.

QuickBooks and Making Tax Digital

Quickbooks plays a crucial role in simplifying Making Tax Digital (MTD) compliance for businesses. MTD, an HMRC initiative, mandates the use of compatible software for digital tax record-keeping and submissions. QuickBooks is recognized by HMRC as MTD-compliant software, allowing you to directly submit VAT returns within the software while ensuring accuracy.

HMRC’s Making Tax Digital (MTD) initiative expands to include self-employed individuals and landlords earning over £10,000 in 2026. Plans for corporation tax are also underway. QuickBooks will be fully prepared to help you meet HMRC’s self-assessment tax return deadlines, ensuring compliance and peace of mind.

Ease of use

QuickBooks Online is designed with the user in mind. They have an easy-to-use dashboard allowing you to see the position of the business finances at a glance.

QuickBooks is easy to set up and simple, and it will guide you through the process from start to finish. They have made it easy to add any new transaction by using the ‘+’ sign on any page.

Intuit QuickBooks Online Features

In this review section, we will look at some of the main features of QuickBooks Online. It is essential that when evaluating any software, you start by looking at the features that the business might require.

QuickBooks Review – Easy Set-Up

QuickBooks has an easy set-up interview; even if you do not know much about accounts, it is easy to follow the interview and answer some simple questions, including business details, business type, and whether you track stock?

From this interview, all the charts of accounts are set up and ready for use. You do not need to worry if you make a mistake; you can change it later.

How to Move to QuickBooks?

Moving your accounting data to QuickBooks is surprisingly easy. For a seamless transition, take advantage of tools like MoveMyBooks or their built-in import features.

MoveMyBooks allows you to directly migrate data from other popular accounting software, minimising manual input. If you prefer, QuickBooks lets you import your data as an Excel or CSV file.

You can also post opening figures from a manual system as opening balances.

Dashboard

The QuickBooks dashboard provides a snapshot of your business’s most important metrics. It offers customisable widgets for key insights like income and expenses, outstanding invoices, bank balances, and profit and loss reports. This real-time overview simplifies tracking financial health, identifying trends, and making informed business decisions.

The dashboard’s user-friendly layout helps you monitor cash flow, streamline tasks, and stay ahead with your finances.

QuickBooks Online Mobile Apps

QuickBooks mobile app is available for both Android and iOS.

The app includes all the features for the online version, enabling the completion of accounting tasks on the go. Some of the best features are:

• You can easily create and send professional invoices, and the client can pay immediately with the acceptance of credit card payments.
• Adding expenses by taking a photograph of the bill
• The mileage tracking feature simplifies expense monitoring
• Seeing a complete overview of the business finances at a glance

Bank Account

One of the best accounting software features is connecting your bank account and downloading transactions. Open banking provides a secure and efficient way to streamline your bookkeeping. By linking your bank account to QuickBooks through open banking, you unlock several advantages. Transactions automatically flow into QuickBooks, eliminating manual data entry and reducing errors. You gain a real-time view of your finances across multiple bank accounts and credit cards.

With some accounting software, this is an additional cost, but QuickBooks Online includes it in the pricing of all plans.

If you prefer to post transactions manually, you can easily add both receipts and payments. By completing a simple bank reconciliation at the month-end, you will know all your transactions are posted.

QuickBooks Review UK – Sales Invoices

QuickBooks simplifies invoice creation with its built-in templates. Choose from a variety of designs and easily customize them with your business details. It can take some time to get the template as you want, but it is worth the effort once it is done.

QuickBooks streamlines the process from estimate to invoice. Easily convert estimates into invoices for faster billing. For recurring income, set up automatic invoices to simplify regular transactions with the same customers.

You can create a sales invoice in the mobile app and email it directly to the customer. Although QuickBooks Online has no internal approval system for invoices, additional apps are available.

Accept payments online with ease! QuickBooks allows pay-enabled invoices through PayPal, Zettle, and direct debits via GoCardless.

It is easy to add new customers and new products and change item descriptions within the customer invoicing. To find out if the QuickBooks invoice feature suits your small business, take a look at their 30-day free trial.

Tracking Customers – Accounts Receivable

Quickbooks simplifies staying on top of customer payments and streamlines the follow-up process. Its robust tracking system clearly shows outstanding invoices and their due dates.

You can set up automatic payment reminders for overdue invoices, customising the messaging to maintain a professional tone. This proactive approach helps you get paid faster, improves cash flow, and saves you time chasing down late payments.

Expense Tracking

Expense tracking with QuickBooks helps you save time and maximize tax deductions. Its user-friendly features eliminate the hassle of manually sorting through piles of receipts. Snap and email receipts directly to QuickBooks, or use the mobile app for on-the-go tracking.

For even greater automation, integrate the Dext App to extract expense information and streamline posting of bills. By accurately claiming all eligible expenses, you’ll optimise your tax deductions.

Reports Review

One of the things I like is the amount and types of available reports and how easy they are to produce. A date range can be specified, and reports can be displayed, downloaded or printed.

QuickBooks includes all the main accounting reports management requires for sales invoices, purchases, inventory tracking, bank transactions, income and expenses and balance sheets.

QuickBooks Review – Stock Management

You will need the Plus edition to track stock or complete inventory management within your business. Inventory tracking is fast and easy, and many different reports are available. You can build in stock levels to know when to reorder, ensuring you do not run out of stock.

Inventory tracking allows the creation of purchase orders within the system and will enable you to see which products are selling well.

Cash Flow

Cash flow management is the lifeblood of any small business. QuickBooks helps you stay in control by providing a clear picture of your finances – what you have, what you’re owed, and what you owe.

The software offers a 24-month cash flow projection included in the price. You can connect your bank accountants to see how much is in each account, making it simple to see everything in one place.

Run Payroll System

As a business owner with employees, you’ll need a robust payroll system. QuickBooks offers integrated payroll solutions, making it easy to set up, manage, and submit HMRC-compliant returns directly within the software.

Their Core payroll plan costs £4 per month plus £1.30 per paid employee. For advanced features like timesheets, salary sacrifice, flexible payment frequencies, and an employee portal, opt for the Advanced plan at £8 per month plus £1.30 per paid employee. By consolidating payroll within your accounting software, you streamline processes and reduce the costs associated with standalone payroll services.

Self-Employed Income Tax Estimates

If you are self-employed, one of the main advantages of using Intuit QuickBooks is that it already includes a self-assessment estimate figure. This figure lets you understand how much money you must save for taxes and other expenses.

Time Tracking Review

Time tracking can be an invaluable feature if you invoice time to customers. Even if you are a small self-employed business, missing invoiceable time to a customer will cost money in lost revenue.

QuickBooks time tracking feature makes it easy and is available in the mobile app and the online version.

Time tracking is also used for the payroll service and scheduling work.

Time tracking charges £6 per month per user plus a £16 per month base fee. Although expensive, the time saved in administration means it could pay for itself.

Project

QuickBooks makes it simple to track project profitability and invoice clients for billable hours. Monitor income, expenses, labor costs, and track time to ensure your projects stay on budget and meet financial goals.

CIS

if your business is part of the construction industry scheme, the chances are that you are registered for CIS. Quickbooks Online has all the features needed to run CIS and file returns directly to HMRC.

VAT

QuickBooks simplifies VAT compliance and supports HMRC’s Making Tax Digital (MTD) initiative. The dedicated VAT features help you accurately calculate VAT on sales and purchases. It enables direct submission of VAT returns to HMRC, ensuring compliance and streamlining your tax filing process.

It supports all VAT schemes, including standard, flat rate, cash accounting, annual accounting, and reverse charge.

Additional Users Access

For greater control and security, you can customize user access within QuickBooks. This is ideal for scenarios where you want an employee to handle sales invoices without exposing them to sensitive financial data. Inviting new users is simple through the menu, and they’ll receive an invitation to join.

Most small businesses find the standard user limit (up to 5) sufficient. For larger teams, consider upgrading to the Advanced pricing plan to accommodate more users.

Working with an Accountant or Bookkeeper

With all plans, you can invite a bookkeeper or an accountant to your business on QuickBooks Online. It makes it much easier if you have a problem or at year-end. It allows the accountant to log in to the software, view all the transactions and make year-end adjustments as needed.

Most bookkeepers now work remotely, never seeing clients. I have supported clients over the telephone when they are unsure how to post or adjust a transaction.

QuickBooks Review – Customer Support

A good customer support team is in place and included in the pricing. Several options for support include a help search box on each page, getting started videos, live chat, training, webinars, QuickBooks online forums, and help articles.

Intuit has a list of Local advisors who can set up QuickBooks and show you how it works.

In the future, the government is looking to introduce making tax digital for self-assessment. QuickBooks UK will undoubtedly be on top of this well before the date. They work in line with any HMRC changes.

QuickBooks Add ons

If you are looking for something more from QuickBooks Online, premium add-ons are available.

A few of the most popular add-on apps are:

• Dext – Reads receipts and extracts the data
• Bill.com – Set up workflows for approvals
• QuickBooks Payroll – Run your payroll system within QuickBooks
• Qvinci – Improve the reporting in QuickBooks
• Time Tracking – An add-on within Quickbooks

QuickBooks Desktop

Intuit used to sell a desktop version of the software, which was very popular amongst business owners. With the introduction of the online version, QuickBooks removed support in 2021.

If you still use the desktop version, there are upgrade options available to QuickBooks Online.

QuickBooks Online Summary

QuickBooks is a popular accounting software that simplifies tasks like invoicing, expense tracking, and tax prep. It’s user-friendly, cloud-based, and offers a mobile app for flexibility. QuickBooks provides scalable plans to suit your business needs. Explore their 30-day free trial and take advantage of the current 90% discount for the first 7 months.

Other Accounting Software Reviews

If you are still not sure if online Quickbooks is right, we have written lots of accounting software reviews, including:

• FreeAgent – Free for businesses with a current account with NatWest, Royal Bank of Scotland and Ulster Bank NI.
• FreshBooks – Great accounting software for small companies.
• Pandle – Offers a free version.
• Xero – One of the most popular accounting software packages with excellent support.
• Zoho Books – Free for turnover up to £35,00. It is cheaper per month than other alternatives.