What Is QuickBooks Online & Is It Right for Your Business?
QuickBooks Online is a cloud-based bookkeeping platform designed to help small businesses track income, expenses, and financial reports in real time.
What It Helps You Do
Track income & expenses
Reconcile bank accounts
Generate financial reports
Prepare for tax filing
Who It’s Best For
Service-based businesses
Freelancers & contractors
Small teams
Common Misconception
“QuickBooks does my bookkeeping automatically.”
No — it records data, but accuracy depends on setup and review.
Choosing the Right QuickBooks Online Plan
Choosing the wrong QBO plan can mean overpaying — or missing key features.
Quick Breakdown
Simple Start: Solopreneurs
Essentials: Businesses tracking bills
Plus: Inventory or job costing
Pro Tip
Most small service businesses do not need Plus at startup.
Step 1: Enter legal business information
Step 2: Confirm fiscal year
How to Set Up Your Company File the Right Way
Step 3: Set accounting method
Step 4: Review default chart of accounts