QuickBooks Online (QBO) Plus

What is QBO Plus?

QBO plus is a cloud based bookkeeping software system. You can use the program 24/7 wherever you are – providing you have internet access. Do invoices, bills, reconcile from the ease of your mobile phone, tablet or computer.  There is a monthly subscription of £10 plus VAT for QBO Plus (if obtained through Tax Data Ltd and you are a Tax Data client). This is for the top version and lasts the life of the business. A license direct from the supplier starts at £15 per month for for the first 6 months increasing to £25 per month thereafter. With this subscription you have 5 users and online support from Intuit. As this is an online system the software is continually improving. Have a look at the sample company or enter some data on the demo company. This is pre-populated with data so you can investigate QuickBooks fully. It’s free to use, and can be used as often as you like. Don’t worry about mistakes or reversals as the second you close the window all the changes you made wipe leaving the original data set ready for you to use again if you wish. Check out some videos on the QuickBooks Academy site.

Please contact us if you have queries.

Online Plus Vs Desktop?

Both packages provide similar functionality. The benefits of the online version are that we as your accountants/bookkeepers can access the software for no additional licensing charge. The online version is constantly improving to meet the needs of customers. The program can be used on computers, macs and mobile devices. Pretty much all are clients are changing or starting with the online version.

How can QBO Plus help your business?

  • Customised invoices.
  • Do estimates and invoices on the spot.
  • Enter bills and expenses.
  • Have access to profit and loss, accounts receivables and accounts payable. This will help you keep on top of the financial health of your business.
  • Personalise reports by creating classes to see the profit on each job.
  • Manage employees’ time better by having them complete time sheets.
  • Stream your bank accounts, making reconciling bank faster and more accurate. Link invoices and bills to bank transactions.
  • Calculate your business’s VAT.
  • Manage CIS deductions.
  • Multi-currency can be switched on, with regular updates of the exchange rate.
  • Do your own payroll*.
  • Track cost by project, location or budget.
  • Create budgets and purchase orders.
  • Manage stock.
  • Additional apps can be purchased and integrated into the software so you can do more with your bookkeeping.

*The QBO Plus fee for the online payroll is £1 per employee per month. They recommended this for businesses with up to 50 employees. Our software of choice for payroll is  Moneysoft Payroll Manager. We process the payroll using this software and post the weekly/monthly totals onto QBO Plus. In our experience this method is more efficient and cost effective. Further details can be found here.

How can Tax Data help you understand QBO Plus and use it to it’s full potential?

We offer bookkeeping training at an hourly rate of £40 plus VAT. We can do this at our office or travel to you. We will discuss how much of the bookkeeping you want to do and what you want us to do, if any. We can show you how to do invoices, bills, expenses, reconcile bank and VAT returns. If there is any other additional features you can ask and we will let you know if it possible. Where you would like us to do any bookkeeping our hourly rate is £30 plus VAT. We will let you know what information we require.

Is QBO Plus for me?

Not all clients need all the functions provided by QBO. We do offer training on other software packages. If we feel you will not benefit from this software we will recommend alternatives. Please look at our page on FreeAgent if you think a simpler system will suit you better.

What about the other versions of QBO?

One of our clients is using the Self-Employed version at £6 per month and frankly my first impressions are that it is awful. It’s only redeeming feature is that  you can download transactions. There is no balance sheet or general ledger reports, you cannot create new categories or ledgers, the date range cannot be defined (you are stuck with defaults) there is no facility to close down periods and the search facility is difficult to understand. If you want a bookkeeping system at this level consider FreeAgent which is much better.

I have not looked at the “Essentials” version yet.

Check out the QBO website here.

Published 9 October 2017

Updated 22 October 2018