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Intuit's QuickBooks cloud-based accounting software, a respected industry leader, keeps pace with the times by supporting HMRC's MTD plan: all new portals with turnover exceeding the VAT registration threshold for 85000 UK companies will have to be used from April 2019.

There are three different QuickBooks subscription layers that cover the needs of most small and medium-sized businesses. At the entry level, the standard price is just £8 a month, while the self-employed level includes a range of tools specially built for contractors, such as tax self-assessment support with HRMC, mileage deductions and business transactions that integrate personal separation with imported bank information. It does not support MTD or multi-currency, which may be a problem for self-employed or high-turnover international customers.

However, in this review, we will focus on large and medium-sized enterprises, which means that we will focus on a higher level commensurate with the generation of tax figures. These are QuickBooks Essentials, which has up to three registered users, with a standard price of £18 a month, while QuickBooks Plus offers you five user seats for £27 a month (outside the special offer period).

In addition to MTD support for calculating and submitting VAT, higher levels of QuickBooks also provide billing and payment management, multi-currency support, employee time tracking, and payroll. All levels allow you to invite your accountant to read your book for free.

Like many international software as service providers, Intuit's primary data center is located in the United States and is protected by the EU- US Privacy Shield data export framework.

Intuit QuickBooks Review: setup and Navigation

QuickBooks will guide you in setting up your account, invite you to submit company details, and select the features you think you need-from tax tracking in the construction industry to retail sales management.

When you are done, you will see the main interface of the service and some suggestions to help you get started. These allow you to invite your accountant to access your account, set up invoices, contact your bank, customize your personal data and set VAT. If you want to record time-useful in legal, editing, and technical support majors-you can also add the Datasheet module to your account.

Once all configurations are complete, the QuickBooks dashboard provides a quick overview of your financial situation, including due invoices, total expenses, sales expenses, and profit and loss overview.

The main features are available anywhere in QuickBooks web applications. In the upper-right corner of the interface, the plus sign allows you to quickly access various interfaces for creating invoices, reminders, receipts, schedules, deposits, and so on. The help button in the upper right corner connects you to detailed tutorials and manual support.

Intuit QuickBooks comments: customization

There are many options for setting up accounts according to your business needs, which can be found in the "accounts and Settings" options-the company name at the top of the page can be displayed with a single click. On the sales tab, you can change invoice terms, add shipping data, set up a custom invoice numbering scheme, and enable inventory tracking for QuickBooks Plus customers.

Here, you can upload your logo and update your contact information, company type, tax number and company registration number. All of these will be automatically deposited in your invoice.

Using the Bank tab, you can import data from a bank account in many different ways. The most convenient way is through the QuickBooks account connection function, which will automatically link to your bank account.

Most of the major UK, European and US banks are represented, including some Digital Challenge banks, although recent banks, such as Shine and TransferWise, have not yet received support.

This includes personal accounts, even at the Essential and Plus layers of QuickBooks, which is useful for VAT registered independent traders or for tracking transfers to limited company status using traditional bank accounts. However, if you use two-factor authentication for your account, you must log in manually each time you import a transaction.

After setting up the link, accounts without 2FA can automatically provide their transaction data to QuickBooks. To connect to banks operating in foreign currencies, you must first enable multi-currency mode in the Advanced tab set by the company.

If your bank is not supported, you must manually add your account and import transactions. You can open your chart of accounts in the accounting section, click the "New" button on the right, and enter the details of the bank.

To add a deal, you must download it from the bank in CSV, QFX, QBO, or OFX format. With this file, you can go to the "Bank" tab, select "File upload" from the drop-down menu of the "Update" button, select the relevant files, and follow the clear instructions to correctly configure QuickBooks transactions. After completion, the account will be displayed under "Bank" so that you can easily complete the transaction.

This is by far the most obscure part of the QuickBooks experience. We are very grateful for providing a clearer account setting path for unlisted banks and users, who just don't want to connect directly to bank accounts and prefer to upload files manually.

Intuit QuickBooks comment: doing Business

After you set up your account and import the transaction, you will be prompted to view and check the bank transaction. Fast books can be very good.

Categorized content, especially when you are dealing with well-known companies such as Google, you may want to add some new categories and manually assign smaller customers and businesses to the appropriate categories.

To facilitate future transaction reconciliations, you can create rules based on your choice, for example, you can set all payments to your ISP to be automatically classified as telecommunications charges and enter the correct VAT category.

Once you have created some invoices, you can also check the collection with the amount due from the customer. You can also import invoices through QuickBook's import data function-as well as bills, bank data, customer and supplier contact information, your chart of accounts, etc. Provide template files to make the process as easy as possible, and you can also import contacts from your Gmail or G-Suite account.

Due to the guided setup process, you will be prompted to customize the invoice as soon as possible. You can choose from many different invoice templates and resize fonts, colors and logos, as well as optional elements such as detailed VAT summaries, deposits and discounts. You can also configure the appearance of emails sent to customers and set PayPal as your online payment processor for quick payments.

When QuickBooks created new goods in our invoices, we were particularly impressed by the clear distinction between products and services, which made it particularly suitable for the needs of the service industry.

Intuit QuickBooks comments: extensible features

Both the QuickBooks Essentials and Plus layers have complete payroll functions, including automatic taxation and calculation of employer's pension contributions to facilitate submission to HMRC.

There are two different payroll options, each paying employee costs £1 a month, but provides different functions. QuickBooks Payroll is the simplest, including a single payment plan for all employees-monthly or weekly-an auto-enrollment pension plan and automatic payroll data submitted to HMRC.

Replacing the PaySuite module requires more hands-on management, but supports multiple payment schedules and pension plans, court-ordered wage deductions and pension wage sacrifice plans, income given to you, circular work, and so on.

TSheets time tracking is an external Intuit product, you need to set up a separate account, but it integrates seamlessly with QuickBooks. It's free for individual users, but additional TSheets user accounts can be billed individually or as a block, so keep this in mind if you want your employees to track their time. Features include payroll, billing, scheduling and project management support.

QuickBooks also provides free and paid additional applications and module libraries that provide you with additional features or allow you to easily connect to third-party services. These include payment providers, online storefronts, planning and CRM suites.

There is a TSheets mobile application that can help you and your employees track time, as well as QuickBooks's own Android and iOS apps, as well as different versions of self-assessment registered self-employed users and VAT registered small businesses. They provide access to a variety of functions, allowing you to generate invoices, take photos of receipts, and control your business anytime, anywhere.

Live and on-demand education webinars can help you understand the methods of QuickBooks, including general training and specific topics, such as how to use to produce tax figures.

Intuit QuickBooks comment: judgment

QuickBooks is very elegant and comfortable to use. It has one of the best interfaces we've seen in the online accounting suite, doesn't provide any surprises, and has a wealth of features, many of which you can cleverly hide if you don't need them.

We are a little frustrated by the process of manually adding bank accounts without online links, and prefer clearer paths and more complete documentation to help solve this problem. Similarly, we would like to have more options to mix and match features, such as unique transaction self-evaluation support, MTD and multiple currency functions. British data centres are also an advantage.

Nonetheless, QuickBooks is definitely a first-class accounting suite. The higher tier is expensive, but the ease of use and wide range of features of the service make it an excellent investment, and new subscribers often enjoy a six-month discount.

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