QuickBooks Online (QBO) is a cloud-based software owned by Intuit for managing small to medium-sized businesses. That helps business manage their income and perform advanced accounting. It allows user to track their income, expenses, and invoices, and payroll function.

If you want to set up QuickBooks Online first, you have to create an account and choose a business plan, create a company profile, and enter the basic details of your company, like name, logo, and select your industry.

Next, connect your business bank and credit card accounts to import transactions. Next, set up your chart of accounts and finally enter your product/service details, allowing customer information to complete the basic setup.

In this blog, we will discuss QuickBooks Online is, how to log into QuickBooks time login for time tracking integration and step by step guide to set up QuickBooks Online.

Here are the detailed steps to help set up your QuickBooks Online.

Sign up for an account

First, you go to the QuickBooks website and sign up for an account, selecting the plan that best fits your business needs.

Create a company profile

First, enter your company’s basic details, logo, and name and address, and select the business type and answer the initial setup question to create your company profile.

Connect your bank details and card accounts

Here, you set up your bank details and link your business bank to QuickBooks, so that you can import transactions directly to your QuickBooks. When you link your bank and credit card accounts to QuickBooks Online, recent transactions are automatically downloaded and categorized for your review. You’ll have up-to-date insight into your sales and expenses with virtually no data entry required.

Customize the Charts of accounts

The chart of accounts is an organized list of all accounts the company uses to record financial transactions. QuickBooks automatically sets up your chart of accounts. You can customize it according to your business needs, like you edit, cut, and paste. It helps to categorize your income and expenses correctly.

There are four types of accounts in the chart of accounts

Assets: In which money is spent on the vehicle, the house, and the equipment that are used for business.

Liabilities: In which Money you owe but haven’t yet paid, like loans, mortgages, or lines of credit.

Income: Money you earned or gained from your normal day-to-day business, like sales revenue or income from services rendered

Expense: Money you spend on things you do every day, like advertising, office supplies, or rent.

Add your product and services

Enter your products and services that your business offers. You can do it individually or import it into the spreadsheet. To add your products and services, go to the sales tab, select the product and service, and then click on New Item. After that, you have to choose the type of item, like inventory, non-inventory, or service. And fill in the details of the item, like name, description, price/rate, and link it to an income amount. If you want to track your inventory, enter the (SKU), which means stock keeping unit. You also upload an image of your product and service. Save the item, click save and close to add a product or service to your list, and it will be available for use on invoices and other sales forms.

Set up other features

Manage payments: Set up your preferred payment methods for your business. You can set up QuickBooks payment to receive online payment from your customer, and your customer receives the invoice via mail with a secure link to pay online using the accepted method.

Add user and permission: add a user and define their access levels and permissions within QuickBooks, which means adding another team member to the team. And set their specific permission.

Import Data: Import existing data from customer lists or products from a spreadsheet.

Use the Financial Report

Financial reports show your profit or loss in business. Once your transactions are categorized, you will generate your report that shows your profit or loss statement to monitor your business performance. Financial reports allow you to get a better handle on your accounting.

The benefits of using QuickBooks Online for your business

There are some benefits of using QuickBooks Online for your small or medium-sized business.

1 The best accounting software for financial management.

It’s the best accounting software that helps business owners maintain their financial records.QuickBooks is an extensively utilized accounting software that helps to monitor company income and expenses and other financial transactions.

2 pricing affordable

QuickBooks Online plans start with a discount rate for the first three months. Simple start plan for freelancers and solo businesses. Solopreneur is a less expensive enterprise, which is typically pricer than the reason QuickBooks.

3 QuickBooks Online is easy to use

As we discussed, all the steps of setting up QuickBooks Online its is very easy to use and easy to understand, and QuickBooks Online is one of the most accessible accounting software platforms to implement, providing users greater functionality than spreadsheets. The QuickBooks online platform provides a tutorial video that helps you use and set up an account on QuickBooks online, and it offers 24/7 customer support that guides you on how to use this platform.

4 provide trust that the financial data is safe

It protects your financial data with the help of 24/7 security monitoring. using cloud-based accounting software that helps your data be secure, even if your business computers are damaged. QuickBooks has multi-factor authentication and user permissions; only select users can access the data.

Conclusion

To set up QuickBooks Online for your business seems like a good idea to make your business secure, long-lasting, and reliable, with the help of a step-by-step process for business owner to easily set up their account on QuickBooks Online, which helps business owners to establish a company profile and maintain a precise financial record. You can easily connect your bank details and card account to QuickBooks Online, .in which you can easily add your products or services and maintain them also. You have the option to add a user or give them a specific permission with the help of the financial report, and you can see your profit or loss statement. If you really want to know how to set up QuickBooks Online, you must follow these steps, and you will easily create a setup for your business.