Several competitive online accounting software-as-a-service (SAAS) options are available including: Quickbooks Online Plus, Intacct, FreshBooks, and NetSuite. These services are not even close in pricing or service level, so testing them simultaneously makes little sense. In my opinion, the most appropriate choice for testing Quickbooks Online Plus is to compare it against Quickbooks for the PC. I am testing the two side-by-side this month with actual client data (with permission). The client is a manufacturing company. For companies considering making an upgrade from Quickbooks PC to a SAAS system, NetSuite or Intacct would be good choices and I may test those in the future.
1. First and most importantly, expect to run both the PC and Online versions until you confirm which version to use exclusively.
2. Expect to lose some settings, memorized reports, uploaded logos and customized invoice designs. Quickbooks Online will take you through interview questions that will restore many of the lost settings. It might be time for a new look anyway. Just plan to spend some time customizing and answering questions about your company, this will not be the same experience as upgrading from Quickbooks 2009 to 2010 for PC.
3. Price levels are unsupported in Quickbooks Online Plus. In order to support different price levels, the user must adjust each invoice individually or add more items to the list with the pre-set price levels already calculated. This would be a very easy work around for a service firm or a company with few items. Manufacturers, distributors or retails with hundreds of items and several prices levels will see their item list expand to a possibly unmanageable size.
4. Data entry is can be much slower. For instance, when posting a transaction to a sub account, Quickbooks Online will not allow pre-fill the data as you type. The same goes for selecting a sub item while invoicing. In order to select the sub account or sub item, the user must either click the menu and scroll through the entire list or type enough into the field to populate the top-level item then switch to pointing device to select the sub item or account. The down-arrow key will not work. This can add some extra time for your AP and AR tasks.
5. Reporting is top-notch. Although my client’s memorized reports from Quickbooks Premier were lost during the conversion to Online Plus, it was not difficult to create new memorized reports. Quickbooks Online Plus can export to Excel, email in HTML or simply print. The ability to view reports online and easily share them is part of what makes migrating to SAAS accounting programs worth the effort. It’s now possible and easy for accountants, bookkeepers and executives to view the same dashboard no matter whether they are on the same LAN or VPN.
6. The multi-user access makes separation of duties and data sharing easy, smart and safe. Users can have access to only the part of the accounting system necessary to do their jobs and no more. In my experience, Quickbooks Premier and Enterprise lack user permissions that allow for the proper internal controls to survive scrutiny of a full audit, but compensating controls can sometimes be implemented. Multi-user access with customizable permissions including (as quoted from the QB add user menu):
Regular or custom user
You specify which areas of QuickBooks Online Plus this user can access.
Company administrator
Company administrators have all access rights within QuickBooks Online Plus. They also have all access rights for every other service your company subscribes to.
Reports only
This type of user logs into a special version of QuickBooks Online Plus that shows reports only. A Reports only user can access virtually all reports, except payroll reports and those listing contact information of customers, vendors, or employees. This user does not count toward your current user limit.
Time Tracking only
This type of user logs into a special version of QuickBooks Online Plus that only has time sheets. A Time Tracking only user can fill out and change his or her own time sheets (but not other users’ time sheets). This user does not count toward your current user limit.
Payroll only
This type of user has access to time sheets, paychecks, and liability payments. You’ll be able to set up this user after you finish payroll setup. How do I get to payroll setup?
Payroll only
This type of user logs into a special version of QuickBooks Online Plus that only has access to time sheets, paychecks, and liability payments. What exactly can this user do?
7. Quickbooks Online Plus works well with the Intuit Merchant Service and the Quickbooks Payroll module.
For this client, I have decided not to recommend Quickbooks Online Plus. Although promising, QB Online does not yet have the robust features for complex pricing, inventory, or fast data entry that my client requires. This client will likely remain a Quickbooks user until we make the upgrade to NetSuite or Intacct which are pricier but allow for more complexity.
I would definitely consider recommending Quickbooks Online Plus for clients with less complex inventory or pricing needs. Quickbooks Online has come a long way since it was launched and I expect many continuous improvements.